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Annual Report 2006

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Annual Report 2006 You are a private pilot. You’ve been at the controls of a Dallas-bound Lear jet for several hours. Storm systems forced a series of altitude changes. You are tired and looking forward to two things: rest and the welcome you’ll get from Sandy Henley. She’ll guide the jet expertly to a standstill and move your passengers across the airfield with the same care you placed in touching down. Then she’ll ensure that security checks on baggage are thorough and fast. And before you get a chance to ask, she’ll have told you the result of the Yankees game. Sandy is your air concierge. Read and see more on page 4 BBA Aviation Annual Report 2006 Financial Highlights Contents 1 Financial Highlights 62 Consolidated Cash Flow Statement 2 Executive Chairman’s Statement 63 Consolidated Statement of Recognised * 7 Directors’ Report Income and Expense Revenue Underlying operating profit • Overview 64 Accounting Policies • Board of Directors 68 Notes to the Consolidated • Business Review Financial Statements £950.1m £102.8m – Marketplace 93 Independent Auditors’ Report – Performance – Financial Matters 94 Company Balance Sheet – Corporate Social Responsibility 95 Accounting Policies £m (other than percentage and per share amounts in pence) 2006 2005 change • Additional Disclosures 96 Notes to the Company 38 Directors‘ Corporate Governance Report Financial Statements Revenue Continuing operations 950.1 875.1 9% 47 Directors‘ Remuneration Report 102 Principal Subsidiary Undertakings Underlying operating profit* 59 Independent Auditors’ Report 103 Five Year Summary Continuing operations 102.8 83.0 24% 60 Consolidated Income Statement 104 Shareholder Information Operating profit from continuing operations 94.8 59.2 60% 61 Consolidated Balance Sheet Underlying operating margin Continuing operations 10.8% 9.5% Net interest (24.6) (20.9) Underlying profit before tax from continuing operations 78.2 62.1 26% Restructuring costs, amortisation of acquired intangibles and non-recurring items (8.0) (23.8) Profit before tax from continuing operations 70.2 38.3 83% (Loss)/profit after tax from discontinued operations (76.2) 22.6 Profit on disposal after tax 16.5 21.5 (Loss)/profit for the period (10.2) 75.3 (114)% We are a world leader in the provision of services Earnings per ordinary share Basic to the Business and Commercial aviation markets. Continuing and discontinued operations: Adjusted† 14.9p 18.4p (19)% In addition to facts and figures, we have prepared a set Unadjusted (2.2)p 15.9p (114)% Continuing operations: of pictures and stories to bring BBA Aviation’s year to life. Adjusted† 11.4p 9.8p 16% Unadjusted 10.3p 6.6p 56% Diluted Continuing and discontinued operations: Our year in stories Adjusted† 14.9p 18.2p (18)% Unadjusted (2.1)p 15.8p (113)% Continuing operations: Adjusted† 11.4p 9.7p 18% Unadjusted 10.3p 6.5p 58% Dividends per ordinary share 8.5p 11.8p (28)% Cash generated by operations 128.3 183.7 (30)% Free cash inflow** 3.1 86.3 (96)% Net debt 356.9 527.1 4 Signature 12 Flight Support Business Flight Support Gearing (net debt to shareholders’ funds) 111% 72% Interest cover*** 4.2x 4.0x * operating profit from continuing operations before restructuring costs, amortisation of acquired intangibles and non-recurring items ** cash generated by operations plus dividends from associates, less tax, interest, preference dividends and net capital expenditure *** underlying operating profit divided by the net interest charge 21 Dallas Airmotive 27 APPH † earnings per share before restructuring costs, amortisation of acquired intangibles and non-recurring items Engine Overhaul Landing Gear The definitions as outlined above are consistently applied throughout the annual report. and Repairs and Hydraulics 16 ASIG Ground Flight Support Executive Chairman’s Statement 2006 was a pivotal year for BBA Aviation There have been a number of other changes to the We have continued to gauge the progress of Board during the year. Richard Stillwell resigned at the our CSR programme by participation in the annual end of October and joined the Fiberweb board just Business in the Community Corporate Responsibility before the demerger. Richard spearheaded our efforts Index. Our index score for 2005 showed continued on CSR and was also Chairman of the Remuneration year-to-year improvement. In November 2006 we Committee. We thank him for all his efforts over the again completed the Index survey and look forward last eight years and wish him all the best for the future. to receiving Business in the Community’s results Nick Land, previously Chairman of Ernst & Young LLP, and business rankings in 2007. joined the Board on 1 August and Mark Harper, CEO During 2006 we made considerable progress We completed the demerger of Fiberweb in November, and as a result of Filtrona plc, joined on 1 December. Subsequently, towards improving the safety performance of our have become a focused Aviation Services company concentrating principally Hansel Tookes became a non-executive director member companies. Two significant landmarks are on the Business Aviation market. As a result of the separation of the businesses on 19 February 2007. Nick, Mark and Hansel bring worthy of note. For 2006 we recorded a Company- we have renamed ourselves BBA Aviation plc. The Fiberweb and Aviation considerable experience to our Board and we look wide Recordable Incident rate which met the target businesses are now better placed to pursue their individual strategies and forward to working with them in the years ahead. we set at the start of the year and represented operational development as separate organisations. The share prices of both David Rough, who has served as a non-executive the lowest annual Rate for our current portfolio of companies have responded well since the demerger and we wish our former director since 1998, will retire from the Board at aviation businesses since we first started to compile colleagues in Fiberweb every good fortune in the future. the AGM on 26 April 2007. He will be succeeded such statistics some five years ago. In addition, our as Senior Independent Director by John Roques Company-wide accident Severity Index was markedly and as Chairman of the Remuneration Committee by better than in 2005, exceeding like calculations in Mark Harper, who will also assume responsibility for any prior year. While these are encouraging results, Results CSR matters. Nick Land will assume the chairmanship we realise that much work lies ahead. Our goal is to The results for our Aviation businesses in 2006 show Group. As a result of the review, the Board decided of the Audit Committee from John Roques on achieve an industry leadership role in safety practices good progress over the prior year with sales of our that it was appropriate to rebase future dividend 1 March 2007. Bob Phillips, who has been on the and performance. As the safety improvement continuing operations up 9% to £950.1 million (2005: payments and this was announced with our half-year Board since 2000, is also due to retire at the next programmes that are now embedded in our aviation £875.1 million) and underlying operating profit up results at the end of August. We maintained the AGM. We thank both David Rough and Bob Phillips service businesses continue to mature, we anticipate 24% to £102.8 million (2005: £83.0 million). Statutory interim dividend at 3.5p and this was paid on for their contribution. further improvement in the months and years to come. operating profit increased to £94.8 million (2005: 3 November. The Board is now recommending a In this report you will see what our people do £59.2 million). Our profit before tax rose to £70.2 final dividend payment of 5.0p (2005: 8.3p) bringing on a daily basis to deliver services to our customers. Outlook million (2005: £38.3 million) and there was a loss in the total dividend for the year to 8.5p (2005: 11.8p). We are very appreciative of the hard work of all of our The business aviation market is strong, underpinned the period of £10.2 million (2005: profit £75.3 million) The rebased total dividend for the year is 7.1p. employees who contribute so much to the success by increased OEM backlogs for business jets, the inclusive of a loss on discontinued operations of of BBA Aviation. continued success of the fractional operators and £76.2 million after absorbing restructuring costs and Board and People the anticipated introduction of Very Light Jets (VLJs) non-recurring items associated with the demerger We are continuing with the search for a new Corporate Social Responsibility during 2007. With our market-leading portfolio of of Fiberweb of £118.6 million. We continued to invest Chief Executive and once one has been appointed As BBA Aviation strives to meet the ever-increasing businesses we are well positioned to exploit this in our Aviation businesses with £50 million being I will become non-executive Chairman. We are expectations of our stakeholders, we are mindful strength and also to play our part in continuing spent on acquisitions and £47 million on capital for working hard to ensure that we appoint the right of balancing our efforts to meet those expectations to consolidate what remains a largely fragmented internal projects. We raised £28 million by selling person to undertake this key role. We are hopeful with our commitment to the fundamentals of market. With an increased order backlog and an Becorit, our rail friction business based in Germany. that the appointment will be completed in the Corporate Social Responsibility (CSR). Satisfying encouraging start to the year we expect to make next few months. the highest ethical standards, compliance with further progress on a constant currency basis in 2007.
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