Cobham Plc Annual Report & Accounts 2003
Cobham plc Annual Report & Accounts 2003 Cobham’s principal activities are: the design, manufacture, sale and support • of fluid and air distribution components and systems, countermeasures, air refuelling equipment, aviation auxiliary mission equipment and life support equipment for the aerospace and defence markets the design and supply of antennas, aircraft • communication and navigation equipment, microwave sub-systems, radomes and composite structures for the aerospace, defence, homeland security, search and rescue and communication markets the operation, modification and maintenance • of aircraft in the aerospace and defence markets for military training, outsourced special mission flight operations, freight and passenger services FR-HiTEMP designs and manufactures the engine build up equipment for the Rolls Royce Trent engine family. By permission of Rolls-Royce. Contents Cobham at a Glance . 4 Group Financial Highlights . 5 Chairman’s Statement . 6 Chief Executive’s Review . 8 Business Review . 10 Financial Review . 24 Acquisitions . 28 Directors, Officers and Advisers . 29 Board of Directors . 30 Directors’ Report . 32 Directors’ Remuneration Report . 36 Statement of Directors’ Responsibilities . 45 Independent Auditors’ Report . 46 Accounting Policies . 48 Consolidated Profit and Loss Account . 51 Consolidated Balance Sheet . 52 Parent Company Balance Sheet . 53 Consolidated Cash Flow Statement . 54 Reconciliation of Net Cash Flow to Movement in Net Debt . 54 Statement of Total Recognised Gains and Losses . 55 Reconciliation of Movements in Shareholders’ Funds . 55 Notes to the Financial Statements . 56 Group Financial Record . 81 Shareholder Information . 82 National Air Support, a Cobham Flight Operations & Services company, provides the Coastwatch Service which sighted a novel alert sign on the north-west coast of Australia.
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