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Cobham Plc Annual Report and Accounts 2009

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Cobham Plc Annual Report and Accounts 2009 Cobham plc Annual Report and Accounts 2009 The most important thing we build is trust Cobham plc Cobham Annual Report and Accounts 2009 Accounts and Report Annual The most important thing we build is trust www.cobham.com Cobham plc Brook Road, Wimborne, Dorset, BH21 2BJ England www.cobham.com T: +44 (0)1202 882 020 F: +44 (0)1202 840 523 Cobham’s products and services have been at the heart of sophisticated military and civil systems for 75 years, keeping people safe, improving communications, and enhancing the capability of land, marine, air and space platforms. The Group has four divisions employing some 12,000 people on five continents, with customers and partners in more than 100 countries. Front cover image Deployed to Iraq as a US military reserve helicopter pilot, Cobham employee Larry Kamps was protected from heat stress by wearing one of 15,000 military issue Micro Cooling Unit (MCU) systems supplied by Cobham Life Support, the Cobham business unit in which he is employed in civilian life. The MCU circulates cooling liquid through a vest worn under the uniform and has been shown to triple the effective endurance of helicopter pilots on operations. 1. Organic revenue growth is defined as revenue growth stated the integration activity originate from the Group’s strategy at constant translation exchange, excluding the incremental announcement in September 2005. The 2005 portfolio effect of acquisitions and disposals. restructuring is now substantially complete and restructuring 2. Cobham’s Technology Divisions comprise Cobham Avionics costs arising after 2009 are to be reported as part of the underlying and Surveillance, Cobham Defence Systems and Cobham result. All underlying measures include the revenue and operational Designed and produced by Addison www.addison.co.uk Mission Systems. results of both continuing and discontinued businesses up to the 3. To assist with the understanding of earnings trends, the Group point of sale of the operation. From 2010 transaction costs and Printed by Park Communications. has included within its published statements trading profit and changes to the initial estimate of contingent payments related to underlying earnings results. Trading profit and underlying earnings future acquisitions will also be excluded from trading profit and The paper used in this report is produced from 50% recovered waste Andy Stevens have been defined to exclude the impacts of certain acquisition underlying earnings. and 50% virgin fibre. The pulp is bleached using an Elemental Chlorine Chief Executive Officer related charges, portfolio restructuring impacts, the mark-to-market 4. Operating cash flow is defined as cash generated from operations 00:00:00 of currency instruments not realised in the period and impairments per the consolidated cash flow statement, adjusted for cash flows Free (ECF) process. The Forest Stewardship Council has given this paper of goodwill. Acquisition related charges excluded from trading from the purchase or disposal of fixed assets. Operating cash its Mixed Sources accreditation, acknowledging it has been produced profit and underlying earnings include the amortisation of conversion is defined as operating cash flow as a percentage from recycled fibre, well managed forests and other controlled sources. A recorded webcast of the results presentation, including slides, intangible assets recognised on acquisition, such as customer of trading profit, excluding profit from joint ventures. The paper mill and printer are certified to the ISO14001 environmental is available on www.cobhaminvestors.com relationships, technology, software and the like, the writing off 5. Throughout this document, PV (Private Venture or company of the pre-acquisition profit element of inventory written up funded Research and Development expenditure) for 2008 and the management standard. on acquisition and costs charged post acquisition, related to PV medium term target have been restated on a proforma basis acquired share options. Portfolio restructuring impacts comprise for the impact of Cobham Analytic Solutions, formerly SPARTA and When you have finished with this report, please pass it on to other exceptional profits arising on business divestments completed Argotek, where the vast majority of Research and Development is interested parties or remove the cover and dispose of it in your recycled in prior years which have funded exceptional costs associated funded by customers. These numbers are stated on the same basis with the Group’s site integrations. Both the divestments and as the 2009 results. paper waste. www.cobham.com Highlights 2009 Contents Business overview Highlights 2009 1 Our year 2 Cobham at a glance 4 Strong performance from defence Underlying EPS growth of 22%; 13% Chairman’s statement 6 and security businesses with organic at constant currency translation, with good growth1 of 7%; although decline in cost control.3 Chief Executive’s review commercial activities resulted in 1% organic Strategy and prospects 7 growth overall for Technology Divisions.2 Overview of the year 7 Our markets 9 Integration of 2008 acquisitions £214m of free cash flow with strong Our strategy 10 successfully completed; strong results operating cash conversion at 89% and Key performance indicators 11 from Lansdale, SPARTA and M/A-COM and gearing of 1.0 times net debt/EBITDA.4 Our capabilities 12 non-core M/A-COM Technology Solutions business divested. Business review Cobham Avionics and Surveillance 14 Solid £2.4bn order book does not include 10% increase in final dividend to 3.97p; Cobham Defence Systems 16 significant US$1.2bn VIS-X award. full year dividend of 5.45p (+10%). Cobham Mission Systems 18 Cobham Aviation Services 20 Total revenue Analysis of total revenue Financial review 22 £1,880.4m (2008: £1,466.5m) £m Principal risks 28 Corporate Responsibility and Sustainability 30 28% 2009 432 1,448 1,880 2008 425 1,042 1,467 Corporate governance R&D investment5 2007 329 732 1,061 5.3% (2008: 5.3%) Board of Directors 32 Non-defence/security Directors’ report 34 Defence/security 0.0pts Corporate governance 38 01 Directors’ remuneration report 42 | Business overview Business Trading profit3 Earnings per Ordinary Share – underlying3 Statement of Directors’ responsibilities 50 £337.0m (2008: £251.6m) pence Group financial statements 34% 2009 18.80 2008 15.42 Independent auditors’ report 51 Underlying profit before taxation3 2007 13.09 Accounting policies 52 £295.3m (2008: £243.8m) Consolidated income statement 59 Consolidated statement of comprehensive income 60 21% Dividend pence Consolidated balance sheet 61 Consolidated statement of changes in equity 62 Earnings per Ordinary Share – underlying3 18.80p (2008: 15.42p) 2009 5.450 Consolidated cash flow statement 63 2008 4.955 Notes to the Group financial statements 64 22% 2007 4.500 Group financial record 105 Parent company financial statements Earnings per Ordinary Share – basic 16.26p (2008: 8.38p) Independent auditors’ report 106 Parent company accounting policies 107 Parent company balance sheet 109 94% Reconciliation of movements in shareholders’ funds 110 Notes to the parent company financial statements 111 Other information The Annual Report contains certain forward looking statements with regard to the operations, performance Shareholder information 119 and financial condition of the Group. By their nature, these statements involve uncertainty since future Glossary 120 events and circumstances can cause results to differ from those anticipated. Nothing contained in this Annual Report should be construed as a profit forecast. Cobham plc | Annual Report and Accounts 2009 Our year Good growth in Cobham’s defence and security businesses in 2009. January February April May June 28 January 26 February 21 April 06 May 16 June US $26m weapons order AUD $90 resource industry Queen’s Award for Chief Executive, Allan Cook, High gain satellite antenna for pneumatic multi store orders for air services in surveillance export sales announces retirement in selected by Airbus for use carriage system for the Western Australia December 2009 on single aisle and long Small Diameter Bomb Image courtesy of the Queen’s range passenger jets Awards Office 30 April 21 May 29 June US $72m electronic warfare US $36m purchase of Ten year US $2.4bn VIS-X transmitter order to protect national security business vehicle intercom contract strike aircraft, ships, and specialising in information awarded to Joint Cobham ground troops assurance and Northrop Gruman team 02 Technology Divisions’ 2009 revenue growth Technology Divisions’ organic revenue growth 2005-2009 | Business overview Business £m £m 2,000 14.2% 18.0% 5.2% (4.6)% 2,000 4 year CAGR 7.4% 7% 224 1,654 0.6% 10.3% 16% 1,500 177 1,500 13.2% 5.8% 1,246 0.6% organic growth Full year Cobham Mission 1,000 Systems 1,000 0.6% 14.3% 7.8% 8.3% Cobham Avionics and Surveillance 500 500 Half year Cobham Defence Systems 0 0 2008 FX Translation Aquisitions Defence/ Commercial/ 2009 2005 2006 2007 2008 2009 security Other www.cobham.com July August September October November 07 July 06 August 15 September 07 October 30 November US Army personal cooling Andy Stevens appointed Successful ‘wet contact’ aerial US$40m contract for on Successful ‘wet contact’ system deal worth up to new chief executive officer refuelling trials of the F-35B, going supply of vehicle aerial refuelling trials of US$110 million from 01 January 2010 short-take-off-and-vertical intercom systems A330 Multi Role Tanker landing (STOVL) variant Transport (MRTT) Image courtesy
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