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Strategic Report 2021

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Strategic Report 2021 Babcock is an international aerospace, defence and security company. We have a leading naval business, and provide value-add services across the UK, France, Canada, Australasia and South Africa. We also operate in, and export to, additional markets. Our strategy is to focus on our core activities in the UK, using our capabilities to work on exports from the UK and to develop our international presence in our target countries. We operate in attractive markets and are positioning ourselves for future growth. Last year saw us begin a programme of significant change for the Group and this work will continue throughout the coming year. We now have a refreshed strategy, a more collaborative way of working and an emphasis on embedding a new culture and focus on ESG. This transformation is encapsulated in our purpose: to create a safe and secure world, together. Ruth Cairnie Chair David Lockwood David Mellors Chief Executive Officer Chief Financial Officer Contents Strategic report Governance Financial statements Financial highlights 2 Chair’s introduction 100 Independent auditors’ Babcock at a glance 4 Board of Directors 104 report to the members of Chair’s statement 6 Executive Committee 106 Babcock International Group PLC 162 Creating a new approach 8 Statement of compliance 107 Group financial statements: Chief Executive Q&A 9 Our governance framework 108 Group income statement 174 CEO review 12 Key areas of Board focus 112 Group statement of Strategy 16 Stakeholder engagement 114 comprehensive income 174 Market review 18 Nominations Committee Report 117 Group statement of changes in equity 175 Business model 20 Audit Committee Report 119 Group statement of financial position 176 People plan 22 Remuneration Committee Report 132 Group cash flow statement 177 Innovation & Technology 24 Additional statutory information: 154 Notes to the Group Key performance indicators 28 Directors’ responsibility statement 159 financial statements 178 Financial Review 30 Company financial statements: Operational review 50 Company statement of Marine 50 financial position 269 Company statement of Nuclear 52 changes in equity 270 54 Land Notes to the Company Aviation 56 financial statements 271 Stakeholder engagement 58 ESG strategy 62 Other information Environmental 67 Shareholder information 278 Social 71 Governance 77 Non-financial information statement and s172(1) statement 79 Compliance with GRI 80 Response to SASB 81 Principal risks and management controls 84 Going concern and viability statement 96 Babcock International Group PLC Annual Report and Financial Statements 2021 1 Financial highlights FY21 key financials Revenue Statutory Underlying operating loss operating (loss) / profit £4,183m £(1,643)m £(28)m 2020: £4,429m 2020: £(76)m 2020: £378m (Restated, see page 31) (Restated, see page 31) (Restated, see page 31) Statutory cash generated Underlying free Net debt / EBITDA from operations cash flow (covenant basis) (see page 28) £471m £170m 2020: £445m 2020: £56m 2.5x (Restated, see page 177) (Restated, see page 32) 2020: 2.3x (Restated, see page 43) Statutory to underlying adjustments Forward-looking statements The Group uses various alternative performance measures, Statements in this Annual Report, including those regarding including underlying operating profit, to enable users to the possible or assumed future or performance of Babcock or better understand the performance and earnings trends of its industry, as well as any trend projections or statements the Group. The Directors believe the alternative performance about Babcock’s or management’s beliefs or expectations, measures provide a consistent measure of business may constitute forward-looking statements. By their nature, performance year to year and they are used by management forward-looking statements involve known and unknown risks to measure operating performance and as a basis for and uncertainties as well as other factors, many of which are forecasting and decision-making. The Group believes they are beyond Babcock’s control. These risks, uncertainties and also used by investors in analysing business performance. factors may cause actual results, performance or This presentation allows for separate disclosure and specific developments to differ materially from those expressed or narrative to be included concerning the adjusting items. This implied by such forward-looking statements. No assurance is helps to ensure performance in any one year can be clearly given that any forward-looking statements will prove to be understood by users of the financial statements. These correct. The information and opinions contained in this alternative performance measures are not defined by IFRS and Annual Report do not purport to be comprehensive, are therefore there is a level of judgement involved in identifying provided as at the date of the Annual Report and are the adjustments required to calculate the underlying results. subject to change without notice. Babcock is not under any As the alternative performance measures used are not defined obligation to update or keep current any information in the under IFRS, they may not be comparable to similar measures Annual Report, including any forward-looking statements. used by other companies. They are not intended to be a substitute for, or superior to, measures defined under IFRS. For further details see the Financial review on pages 30 to 49. 2 Babcock International Group PLC Annual Report and Financial Statements 2021 Strategic report Governance Financial statements Key messages 1. Following extensive reviews, we now have a turnaround plan to restore Babcock to strength without the need for new equity. 2. We did not adapt our approach quickly enough to match the changing world around us and this led to underperformance. We are now aiming to put this right. See page 8 for details. 3. The contract profitability and balance sheet review has had a significant impact on our financials but the vast majority of the impacts are one-off. See page 33 for details. 4. We have established a more appropriate baseline for financials going forward. 5. Our strategy review has now been completed and we are focusing on being an international aerospace, defence and security company. 6. We are well placed in our markets for future opportunities. See page 18 for details. 7. We are aligning our portfolio and aim to generate at least £400 million of disposal proceeds over the next 12 months. 8. Our new operating model will help improve performance and control. See page 13 for details. 9. Babcock will be a better place to work. See page 22 for details. 10. ESG is becoming central to all that we do and we continue to make good progress, including a commitment to net zero for our estate, assets and operations, by 2040. See page 62 for our ESG report. Babcock International Group PLC Annual Report and Financial Statements 2021 3 Babcock at a glance What we do Babcock is an international The markets in which we operate aerospace, defence and Key security company with a leading naval business, Main markets and provides value-add Additional markets services across our main markets of the UK, France, Canada, Australasia and South Africa. We also operate in, and export to, additional markets. Revenue profile 44% Defence Non-defence 56% Canada 33% 3% of Group revenue UK International Defence • Submarine through-life support 67% Non-defence • Aerial emergency services International revenue 15% 37% Europe, excl. UK 12% South Africa 16% Australasia 20% North America Rest of world 4 Babcock International Group PLC Annual Report and Financial Statements 2021 Strategic report Governance Financial statements United Kingdom 67% of Group revenue Defence Non-defence • Ship and nuclear submarine lifecycle: • Energy and marine products design, build, maintain, life extend, • Civil nuclear services upgrade and decommission • Engineering support for police and • Defence infrastructure firefighting services • Products: equipment and systems • Training for police and firefighting • Engineering support for British Army services and Royal Air Force • Training for the British Army • Training for the Royal Air Force France 2% of Group revenue Defence Australasia • Air force training support • Navy search and rescue support 6% of Group revenue Defence Non-defence • Ship and submarine support • Aerial emergency services • Ship and submarine products • Defence infrastructure Non-defence • Aerial emergency services South Africa 6% of Group revenue Non-defence • Power generation and support • Commercial vehicle services Delivered across our four sectors: Marine, Nuclear, Land and Aviation See pages 50-57 Babcock International Group PLC Annual Report and Financial Statements 2021 5 Chair’s statement Returning Babcock to strength This has been a very challenging year for To allow a useful comparison to last year’s Babcock. We needed to mitigate the results, and as a better measure for the ongoing operational restrictions due to the future, our financial report this year COVID-19 pandemic that prevailed focuses on the Group’s underlying throughout the year. As a result of our operating profit excluding the one-off efforts, we have been able to maintain impacts of that review. progress delivering our customers’ critical On that basis, our underlying operating programmes and services. profit was £222.4 million in FY21, I am very proud of the extraordinary compared to £377.6 million the previous dedication demonstrated by our staff, and year (restated), mainly reflecting disposals also of our sustained focus on the care and and lost businesses as well as a significant wellbeing of all our teams. I know that our impact from COVID-19. customers and partners have appreciated The social distancing restrictions required in both our flexibility and our commitment. our operations led to less effective delivery, Looking to the longer term, we have faced such that the impact of COVID-19 on the very significant challenge of reviewing profitability has been materially greater our strategic direction, operating model than on revenue. These restrictions, as well and financial baseline and taking the steps as higher levels of employees working from needed to set the Company on a sound home, continue to date.
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