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Annual Report 2017 Strategic Report What We Do

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Annual Report 2017 Strategic Report What We Do Annual Report 2017 Strategic Report What we do Contents BBA Aviation plc is a market-leading, global Strategic Report aviation support and aftermarket services Capturing the value of the network 1 Financial Highlights 2 provider, primarily focused on servicing the Chairman’s Statement 3 Business and General Aviation (B&GA) market. Q&A with Interim Group Chief Executive 4 Our Operations 6 We support our customers through three principal businesses: Our Markets 8 Flight Support Business Model 10 Strategy 12 Signature Flight Support Measuring Success 13 is the world’s largest fixed base operation (FBO) network for B&GA Flight Support users with 198 locations covering key destinations in North America, • Signature Flight Support 14 Europe, South America, the Caribbean, Africa and Asia. Signature Aftermarket Services TECHNICAir™ offers certified technical support at 18 locations in the • Ontic 16 USA and UK. Aircraft management and charter services are provided • Engine Repair & Overhaul (ER0) 18 through the Gama Aviation Signature Aircraft Management partnership. Managing Our Risks 20 Aftermarket Services Corporate Responsibility 24 Our Markets in 2017 30 Ontic Group Finance Director’s Review 31 is a leading provider of high-quality equipment and cost-effective Financial Matters 34 solutions for the continuing support of maturing and legacy aerospace Flight Support 2017 Performance 37 platforms with locations in the USA, Europe and Asia. • Signature Flight Support 2017 Performance 38 Engine Repair & Overhaul (ERO) Aftermarket Services 2017 Performance 39 is a leading independent engine service provider to global B&GA • Ontic 2017 Performance 40 operators, the rotorcraft market and regional airline fleets with • Engine Repair & Overhaul 2017 Performance 41 locations in the USA, Europe, South America and Asia. Directors’ Report Our Vision, Mission & Values Corporate Governance Report 42 Board of Directors and Executive Management 44 BBA Aviation is a values-focused organisation, dedicated to being the Directors’ Remuneration Report 56 world’s leading provider of aviation support and aftermarket services Going Concern and Viability Statement 85 with the overarching objective to deliver exceptional, long-term, Additional Disclosures 86 sustainable value for all our stakeholders. Directors’ Responsibilities Statement 88 Our businesses are individually and collectively focused on: Consolidated Financial Statements • Consistently exceeding customer expectations; Independent Auditor’s Report 89 • Valuing and empowering our people in a zero incident, Consolidated Income Statement 95 safe environment; Consolidated Statement of Comprehensive Income 96 • Encouraging innovation; Consolidated Balance Sheet 97 • Working together for greater gain; Consolidated Cash Flow Statement 98 • Always behaving with integrity and respect. Consolidated Statement of Changes in Equity 99 Accounting Policies of the Group 100 Our Values – Performance, Safety, People, Service, Responsibility, Notes to the Consolidated Financial Statements 107 Integrity – align us in what we focus on and how we act and behave Company Balance Sheet 155 every day. Company Statement of Changes in Equity 156 Accounting Policies of the Company 157 Notes to the Company Financial Statements 159 BBA Aviation – enabling flight; Subsidiaries and Related Undertakings 166 Five Year Summary 173 expanding horizons Alternative Performance Measures 174 Shareholder Information 179 Strategic Report Capturing the value of the network Capturing the value of the network During the year we have: 2017 Revenue Splits Made significant progress on the commercial transition of the enlarged Signature network We have brought together the commercial arrangements of Signature and Flight Support 69% Landmark and started to utilise the wealth of data we capture as to how Aftermarket Services 31% our customers traffic the enlarged network. We have also explored the priorities of our different customer segments, whether it be ramp access, hangarage or line maintenance, to provide a full, cost-effective service Signature 69% offering across the network. Engine Repair & Overhaul 22% Invested to position the network for future growth Ontic 9% We have committed capital expenditure to enhance the Signature network through lease extensions, adding hangar space to satisfy customer requirements, and growing our non-fuel service offering. We have partnered with other strategic aviation players to combine expertise on B&GA 88% technology enabled means of global flight planning. We have invested in our people and systems to support further service led growth. Commercial 8% Continued to actively grow Ontic Military 4% We have added licences to our extensive range of maturing and legacy products and systems and grown our reputation as a trusted partner North America 85% for OEMs wishing to transition products. Rest of World 15% Achieved steady state at ERO We have delivered a much improved performance at ERO despite continuing challenging markets. The benefits have started to flow as we approach completion of our operational transformation and from our investment in our new, cost-efficient, multi-engine overhaul and test facility in Dallas. Determined the most appropriate capital structure for the Group Profit before tax going forward 2016: $(82.2)m An extensive review has been undertaken and, based on the strong and m robust cash flow fundamentals of the Group, an increase in our target $175.5 leverage range was deemed appropriate. This revised range gives flexibility Total Group 1 and headroom for the investment requirements of BBA Aviation and the ROIC , cyclicality of the B&GA market. % up 90bps 11 2016: 10.1% Revenue, Locations up 10% $2370.6m 2016: $2,149.1m 218 Underlying Employees operating profit1, m up 19% $360.6 2016: $302.6m >6,700 Figures are reported on a continuing operations basis unless otherwise stated. 1 Defined and reconciled to reported financials under Alternative Performance Measures (APMs). See pages 174 to 178. 1 Strategic Report Financial Highlights 2017 Financial Highlights 2017 2016 Change $m 20172 continuing 20162 continuing Change continuing Revenue 2,409.0 2,370.6 2,565.9 2,149.1 (6.1%) 10.3% Organic revenue growth1 2% 2% (2%) (2%) – – Underlying EBITDA1 447.9 447.9 414.7 384.5 8.0% 16.5% Operating profit 237.4 237.6 192.9 166.1 23.1% 43.0% Underlying operating profit1 360.4 360.6 330.1 302.6 9.2% 19.2% Underlying operating margin1 15.0% 15.2% 12.9% 14.1% – – Underlying profit before tax1 298.3 298.5 266.1 238.7 12.1% 25.1% Profit/(Loss) before tax 168.7 175.5 (164.6) (82.2) – – Profit/(Loss) for the period 119.3 141.8 (98.9) (19.3) – – Exceptional and other items including tax (127.0) (104.5) (316.0) (218.5) – – Earnings per ordinary share – basic Adjusted1 24.0¢ 24.0¢ 21.1¢ 19.4¢ 13.7% 23.7% Unadjusted 11.6¢ 13.8¢ (9.6¢) (1.9¢) – – Earnings per ordinary share – diluted Adjusted1 23.7¢ 23.7¢ 20.9¢ 19.2¢ 13.4% 23.4% Unadjusted 11.5¢ 13.7¢ (9.6¢) (1.9¢) – – Dividends per ordinary share 13.4¢ – 12.75¢ – 5.1% – Return on invested capital (ROIC)1 11.0% – 10.1% – 90 bps – Operating cash flow1 317.3 – 299.4 – 6.0% – Cash conversion1 134% – 155% – – – Free cash flow1 220.6 – 224.1 – (1.6%) – Net debt1 (1,167.1) – (1,335.3) – – – Net debt to underlying EBITDA1 2.6x – 3.2x – – – 1 Defined and reconciled to reported financials under alternative performance measures (APMs). See pages 174 to 178. 2 From continuing and discontinued operations. 2 Strategic Report Chairman’s Statement The Board Chairman’s On 2 January 2018 we were delighted to announce that Mark Johnstone will join the Board as Group Chief Executive on 1 April 2018. Mark has a deep understanding of the Group and the right strategic and operational Statement experience, having held a number of senior roles at BBA Aviation over the last ten years. Mark takes over from Wayne Edmunds, who stepped into the role on an interim basis on the departure of Simon Pryce in June 2017. I would like to thank Wayne and Simon for their respective contributions. Simon led BBA Aviation for a significant period and played a key role in 2017 was another successful year managing the Group through the downturn and in the transformation for the Group. that has taken place in recent years. Wayne will continue to be a member of the Board but will not be regarded as an independent director and will The US B&GA market grew strongly during the year and we have not be a member of Board Committees. David Crook joined the Board continued to lay the foundations for further growth and value as Group Finance Director on 1 June 2017, replacing Mike Powell. creation across the Signature network through investing in our infrastructure and customer offer and successfully negotiating On 1 January 2018 we welcomed two new non-executive directors, Amee revised commercial terms with many of our customers. Chande and Emma Gilthorpe, to the Board. Amee and Emma bring highly relevant experience for the next stage of the Group’s development and I We made further investments in Ontic’s IP-protected licence look forward to working with them. We also announced that Peter Ratcliffe portfolio in 2017 and the business performed very strongly, with will step down from the Board at the 2018 AGM. I would like to thank Peter good contributions from new licences and growth from military for his valuable contribution to the Board over the past nine years and parts programmes. There was a much improved operating thank each of our non-executive directors for their counsel during the year. performance at ERO despite challenging markets. Outlook During the year we undertook a comprehensive review of BBA Aviation’s capital structure and, as a result, have increased our The Board is pleased with the performance of the Group and progress targeted leverage range. This enables us to maintain a capital made in 2017.
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