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Annual Report 2014

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Annual Report 2014 FOR MORE INFORMATION BAESYSTEMS.COM ANNUAL REPORT 2014 ANNUAL REPORT 2014 BAE Systems plc 6 Carlton Gardens London SW1Y 5AD United Kingdom Telephone: +44 (0) 1252 373232 www.baesystems.com Registered in England and Wales No. 1470151 © BAE Systems plc 2015. All rights reserved BAE SYSTEMS is a registered trade mark of BAE Systems plc. CONTENTS AT BAE SYSTEMS, STRATEGIC REPORT CONNECT WITH 2014 at a glance 01 WE PROVIDE SOME Outlook for 2015 03 BAE SYSTEMS Chairman’s letter 04 OF THE WORLD’S Our business at a glance 06 WWW.BAESYSTEMS.COM Group Strategic Framework 10 MOST ADVANCED, How our business works 12 Chief Executive’s review 14 TECHNOLOGY-LED Performance against our 2014 objectives 18 Financial review 22 DEFENCE, AEROSPACE Segmental performance 27 Electronic Systems 28 DOWNLOAD THE AND SECURITY Cyber & Intelligence 31 Platforms & Services (US) 34 BAE SYSTEMS IPAD SOLUTIONS. Platforms & Services (UK) 37 INVESTORS’ APP Platforms & Services (International) 40 BAE Systems Investor Relations App gives you all the latest investor and Responsible business 43 We employ a skilled workforce of 83,400 nancial media information you need people1 in 40 countries. Working with How we manage risk 48 in an iPad-optimised App. customers and local partners, we Principal risks 50 The Strategic Report was approved by the develop, engineer, manufacture and board of directors on 18 February 2015. support products and systems to deliver David Parkes, Company Secretary military capability, protect national GOVERNANCE security and people, and keep critical Governance summary 54 information and infrastructure secure. Board of directors 56 Corporate Governance Report 58 Audit Committee Report 61 Corporate Responsibility Committee Report 64 Nominations Committee 66 Remuneration Committee Report 67 Annual Remuneration Report 69 Preface to the Directors’ Remuneration Policy 83 Directors’ Remuneration Policy 84 Directors’ Report 93 Independent Auditor’s Report 98 FOR FURTHER FINANCIAL STATEMENTS INFORMATION Index to the nancial statements 101 VISIT INVESTOR RESOURCES BAESYSTEMS.COM Shareholder information 164 Cautionary statement: All statements other than statements of historical fact included in this document, including, COVER IMAGE: Taranis, the stealthy unmanned without limitation, those regarding the nancial condition, results, operations and businesses of BAE Systems and its combat vehicle demonstrator which successfully Printed by Park Communications on FSC®certied paper. strategy, plans and objectives and the markets and economies in which it operates, are forward-looking statements. Park is an EMAS certied company and its Environmental Management Such forward-looking statements, which reect management’s assumptions made on the basis of information available completed a second phase of ight testing in System is certied to ISO 14001. to it at this time, involve known and unknown risks, uncertainties and other important factors which could cause the 2014, with Typhoon, the advanced multi-role/ actual results, performance or achievements of BAE Systems or the markets and economies in which BAE Systems 100% of the inks used are vegetable oil based, 95% of press chemicals are operates to be materially different from future results, performance or achievements expressed or implied by such swing-role combat aircraft. recycled for further use and, on average 99% of any waste associated with forward-looking statements. BAE Systems plc and its directors accept no liability to third parties in respect of this report this production will be recycled. save as would arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue The papers are the combination of 100% virgin bre and 50% recycled bre or misleading statement or omission shall be determined in accordance with Schedule 10A of the Financial Services sourced from well-managed, responsible, FSC®certied forests. The pulp for and Markets Act 2000. It should be noted that Schedule 10A and Section 463 of the Companies Act 2006 contain limits each is bleached using an Elemental Chlorine Free (ECF) process. on the liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. 1. Including share of equity accounted investments. Designed and produced by Radley Yeldar. Strategic Report 2014 AT A GL ANCE Sales1 were £16.6bn. The year-on-year reduction of IN 2014, £1.5bn reected £0.6bn of adverse exchange rate translation, the expected volume reductions in Land & Armaments and the previous year’s benet from BAE SYSTEMS the one-off price settlement for Salam Typhoon. Underlying EBITA2 was £1,702m. The year-on-year DELIVERED position was broadly unchanged after allowing for exchange rate translation and the one-off 2013 price settlement. A SOLID Margin performance delivered a return on sales of 10.2%. OVERALL Underlying earnings3 per share increased from 37.6p to 38.0p after excluding the benet from the price PERFORMANCE escalation settlement in 2013. £925m returned to shareholders in 2014, from share repurchase programme and dividends. Large order backlog1,4 of £40.5bn. SALES1 KPI UNDERLYING EBITA2 KPI UNDERLYING EARNINGS3 PER SHARE KPI REPORT STRATEGIC £16,637M £1,702M 38.0P £18,180m (2013) £1,925m (2013) 42.0p (2013) ORDER BACKLOG1,4 OPERATING PROFIT BASIC EARNINGS PER SHARE5 £40.5BN £1,300M 23.4P £42.7bn (2013) £806m (2013) 5.2p (2013) GOVERNANCE OPERATING BUSINESS CASH FLOW6 KPI NET DEBT (AS DEFINED BY THE GROUP)7 KPI DIVIDEND PER SHARE £1,191M £(1,032)M 20.5P £147m (2013) £(699)m (2013) 20.1p (2013) KPI References to Key Performance Indicators (KPIs) throughout the Annual Report FINANCIAL STATEMENTS FINANCIAL 1. Including share of equity accounted investments. 2. Earnings before amortisation and impairment of intangible assets, nance costs and taxation expense (EBITA) excluding non-recurring items (see page 23). 3. Earnings excluding amortisation and impairment of intangible assets, non-cash nance movements on pensions and nancial derivatives, non-recurring items and, in 2014, a credit in respect of the re-assessment of existing tax provisions (see note 8 to the Group accounts). 4. Comprises funded and unfunded unexecuted customer orders, and is stated after the elimination of intra-group orders. 5. Basic earnings per share in accordance with International Accounting Standard 33, Earnings per Share. 6. Net cash inow from operating activities after capital expenditure (net), nancial investment and dividends from equity accounted investments. 7. Comprises cash and cash equivalents, less loans and overdrafts (including debt-related derivative nancial instruments) and cash received on customers’ account (see page 24). BAE Systems Annual Report 2014 01 Strategic Report 2014 AT A GLANCE CONTINUED OPERATIONAL AND STRATEGIC HIGHLIGHTS Further development Major milestone of the Typhoon aircraft achieved with naming platform, including and oat-up of European partner nation HMS Queen Elizabeth commitment to the full aircraft carrier. Over integration of the Captor £1bn of Royal Navy E-Scan radar and work contracts awarded on enhancing the aircraft’s capability Contract awards BAE Systems selected received for the to provide the integrated Armored Multi-Purpose ight control electronics Vehicle and on other and other systems land programmes for next-generation in support of the Boeing 777X aircraft, US combat vehicle building on positions industrial base across multiple major commercial aircraft platforms Further streamlining Reorganisation of of the US-managed industrial partner business to improve companies in the competitiveness, Kingdom of Saudi including a sector Arabia to support reorganisation, their future growth reduced administrative overhead and agreed sale of the Group’s 75% interest in Land Systems South Africa Successful acquisition Applied Intelligence, of SilverSky, to enhance the Group’s the Group’s commercial UK-headquartered cyber growth strategy, cyber security and of Signal business, delivered Innovations Group, organic sales growth to strengthen the of 10% and increased Group’s activity-based its order book by a intelligence capabilities further 37%, following the 60% increase achieved in 2013 BAE Systems 02 Annual Report 2014 Strategic Report OUTLOOK FOR 2015 Group outlook In 2015, the Group’s underlying earnings1 per share are expected to be marginally higher than in 2014, including some reliance on anticipated naval and aircraft orders. Segmental outlook* ELECTRONIC SYSTEMS PLATFORMS & SERVICES (US) PLATFORMS & SERVICES (INTERNATIONAL) Sales2 (in US$) are expected to be similar to Sales2 are expected to reduce by around Sales2 in 2015 are expected to be 2014, with growth from commercial business 10%, or 8% like-for-like excluding the disposal approximately 10% higher than in 2014, offsetting small reductions in defence. of the South African land business. including increased levels of support to the Salam Typhoon aircraft now in service and Margins are expected to be at the top end of Margins are expected to be in a 6% to 8% from higher volumes of weapon systems. a 12% to 14% guidance range. range, reecting continued margin dilution from sales trading on the Radford and Margins are expected to be similar to 2014. commercial shipbuilding contracts. CYBER & INTELLIGENCE PLATFORMS & SERVICES (UK) HQ COSTS REPORT STRATEGIC Comprising the US Intelligence & Security Sales2 are expected to increase by HQ costs are expected to be a little higher sector (2014 79% of sales) and approximately 5% with higher sales from
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