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Strategies for Growth… …Driving Resilience Ultra Electronics Holdings plc Annual Report and Accounts 2009 strategies for growth… 09 …driving resilience Annual Report and Accounts 2009 Cautionary Statement This document contains forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. Ultra’s strategies for growth drive resilience in the Group’s financial performance. Ultra businesses constantly innovate to create solutions to customer requirements that are different from and better than those of the Group’s competitors. 1 Each US Navy MH-60R 6 Ultra supplies the cannon 11 Ultra is providing modern 10 anti-submarine warfare helicopter control electronics for the Chinese airports with advanced, has a digital sonobuoy receiver upgrade of the British Army’s integrated IT solutions 6 11 supplied by Ultra Warrior armoured vehicles 12 Ultra supplies modern high 3 7 12 2 Ultra supplies specialist sensors 7 Ultra is the world’s leading integrity nuclear reactor control and control equipment for US supplier of high capacity line of systems suitable for new build Navy warships sight tactical radio systems and upgrades to existing plant 1 4 8 13 3 Ultra is developing five separate 8 The Royal Navy’s new Astute 13 Boeing’s new 787 Dreamliner 25914 systems for the Airbus A400M class of submarines contains a aircraft relies on Ultra’s innovative military transport aircraft broad range of Ultra’s specialist wing ice protection system electrical and electronic systems 4 Ultra supplies ‘sensors-to-displays’ 14 Ultra supplies weapons ejection for long-range airborne 9 Ultra has a broad range of equipment and ice protection anti-submarine warfare operations systems and equipment that give systems for the new F-35 Joint modern naval ships an advantage Strike Fighter aircraft 5 Ultra supplies trackside electrical in the underwater battlespace power equipment for modern mass transit systems 10 US Navy P-3 and EP-3 aircraft are being upgraded with Ultra’s modern battlespace IT equipment and systems Annual Report and Accounts 2009 Contents 01 Financial highlights Financial highlights 02 Ultra at a glance 04 Chairman’s statement n o i t c u d o r t n I Revenue £m 651.0 05 Ultra’s objective 515.3 06 Key Performance Indicators s 08 Strategies for growth ’ 412.9 w e e 377.0 v i 10 Positioning in growing market sectors i v 342.4 t e 12 Strategies to develop Ultra’s people u r +26% c e c i x g £651.0m E e f t e a i 2005 2006 2007 2008 2009 r t (2008: £515.3m) h s C Headline operating profit £m 14 Ultra’s 2009 results 97.3 16 Aircraft & Vehicle Systems e 18 Information & Power Systems c n 77.1 20 Tactical & Sonar Systems a m 9 22 Ultra’s 2009 results (continued) r 0 62.9 o f 0 57.5 r 2 51.1 e p n i s +26% ’ 2006 a r £97.3m t l (2008: £77.1m) 2005 2006 2007 2008 2009 U 25 Management of risks and uncertainties y t d and corporate responsibility s i l k n i s a i b i Headline profit before tax £m r s s 89.5 f e n i o t o t n p i n s 72.2 a e e t r r m e e 61.1 e c t g n 54.9 a a r u n 47.4 o d a p r +24% n M o a £89.5m c (2008: £72.2m) 2005 2006 2007 2008 2009 32 Board of Directors 34 Executives and advisors 36 Directors’ report 40 Corporate governance e e c t n 46 Remuneration report a a Headline earnings per share p r n 96.4 o r p e r v o o 80.1 C g 65.4 58.4 96.4p 50.7 +20% 2005 2006 2007 2008 2009 53 Independent auditors’ report – Group (2008: 80.1p) 54 Consolidated income statement p 54 Consolidated statement of u o comprehensive income r 55 Consolidated balance sheet G – 56 Consolidated cash flow statement s l a 57 Consolidated statement of changes i Dividend per share p c 31.2 in equity n a 58 Notes to accounts – Group n i 26.0 86 Statement of accounting policies F 21.2 in respect of the Group’s 18.5 consolidated financial statements 15.9 +20% 94 Independent auditors’ report 31.2p – Company y n 95 Company balance sheet a 2005 2006 2007 2008 2009 p (2008: 26.0p) 96 Notes to accounts – Company m o 100 Statement of accounting policies for C the Company accounts – s l a i The proposed total dividend for the year is 31.2p (2008: 26.0p), an annual increase of c n a 20%, with the dividend being covered 3.1 times (2008: 3.1 times) by headline earnings n i per share. If approved, the dividend will be paid on 4 May 2010 to shareholders on F the register on 9 April 2010. 102 Shareholder analysis Footnote 103 Five year review headline operating profit is before amortisation of intangibles arising on acquisition and profit on disposal of property, plant and s r equipment net of property-related provisions. IFRS profit from operations £76.0m (2008: £64.1m). headline profit before tax and e d headline earnings per share are before amortisation of intangibles arising on acquisition, fair value movements on derivatives, profit l o on disposal of property, plant and equipment net of property-related provisions and loss on closing out foreign currency hedging h e r contracts. Basic EPS 115.1p (2008: 2.6p). operating cash flow is cash generated by operations, less net capital expenditure, R&D and a h LTIP share purchases. cash conversion is cash generated by operations, less net capital expenditure, R&D and LTIP share purchases as S % of profit from operations before amortisation of intangibles arising on acquisition and profit on disposal of property, plant and equipment net of property-related provisions. net debt comprises bank overdrafts and loans less cash and cash equivalents. organic revenue/profit growth is the annual rate of increase in revenue/profit that was achieved, assuming that acquisitions made during the prior year were only included for the same proportion of the current year. Ultra Electronics Holdings plc 01 Annual Report and Accounts 2009 Ultra at a glance The company Aircraft & Vehicle Systems Why Ultra is different Major systems and products Ultra Electronics is an internationally successful defence, security, Airframe ice protection systems; Active noise and vibration transport and energy company with a long, consistent track record control; Aircraft system electronics; Aircraft system test of development and growth, achieving 16% compound annual equipment; Consultancy and training solutions; High integrity growth of total shareholder return since flotation in 1996. data bus network nodes; Armoured vehicle electronic systems; High integrity software and systems; HiPPAG airborne Ultra businesses constantly innovate to create solutions to compressors; Human/machine interface equipment; Manned and customer requirements that are different from and better than unmanned vehicle control equipment; Portable oxygen those of the Group’s competitors. By applying these differentiated generating equipment; Specialist pneumatic sub-systems; Remote solutions to a wide range of international platforms and weapon station control equipment; Performance consultancy; programmes, Ultra has built an exceptionally broad range of niche Rugged aircraft harness systems; Specialist sensors; Structural market positions. health monitoring systems; Training solutions Ultra offers support to its customers through the design, delivery and support phases of a programme. Ultra businesses have a high degree Employees Locations in: United Kingdom, of operational autonomy so that they may provide exceptionally agile North America and and responsive support to customers and partners . the UAE Major market sectors 980 The major market sectors in which Ultra operates are: • battlespace IT systems and equipment Revenue • sonar systems • equipment for civil and military aircraft • specialist equipment for defence and security applications • specialist systems and equipment for the transport and £157 .6m • energy sectors 2008 £130.1m Revenue by sector Revenue by region 6 4 1 +21% 24% of Group revenue 3 5 2008 +30% 1 4 Headline operating profit* 3 2 2 1 Battlespace IT 37% 1 United Kingdom 26% £20.9m 2 Sonar 17% 2 North America 54% 2008 £19.7m 3 Civil equipment 12% 3 Middle East & Asia Pacific 11% 4 Defence equipment 4 Mainland Europe 9% & consultancy 13% 5 Civil aircraft equipment 8% +6% 21% of Group headline more information on page 09 6 Military aircraft equipment 13% i 2008 +22% operating profit* Major customers 2009 key events Ultra’s independence allows it to work with all of the world’s major • first flights of the Boeing 787, Airbus A400M and defence, security, transport and energy customers and prime Gulfstream G650 aircraft, on each of which Ultra has contractors including: equipment that will move to the production phase • BAE Systems • Boeing • British Energy (EdF) • EADS • GE • a contract, with production options, for final • Kongsberg • L3 • Lockheed Martin • Raytheon • Rolls-Royce development of the control electronics of the cannon • Thales • UAE Armed Forces • UK MoD • US DoD • UTC specified for the British Army’s upgraded Warrior and new FRES SV armoured vehicles Structure • progress through flight test of the F-35 Joint Strike Operationally, the Group is organised into three divisions: Fighter for which Ultra will supply engine and lift fan ice Aircraft & Vehicle Systems , Information & Power Systems protection systems and its HiPPAG pneumatic compressors and Tactical & Sonar Systems .
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