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Annual Report 2013

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Annual Report 2013 Annual Report 2013 Contents Strategic Report 01 Industry Acronyms Overview 01 Airbus Corporate Jet ACJ Boeing Business Jet BBJ Our Locations 02 Bureau of Economic Analysis BEA Financial Highlights 04 Business and General Aviation B&GA Revenue Splits 05 Corporate Social Responsibility CSR Chairman’s Statement 06 Engine Repair & Overhaul ERO Federal Aviation Administration FAA Board of Directors and Executive Management 08 Fixed Base Operation FBO Strategic Overview 10 General Aviation Manufacturers Association GAMA Our Vision, Mission and Values 12 Greenhouse Gas GHG Our Strategy 13 Maintenance, Repair & Overhaul MRO Major Periodic Inspection MPI Operating Model 14 Original Equipment Manufacturer OEM Our Markets 15 Recordable Incident Rate RIR Our Goals 17 Regional Turbine Centre RTC Key Performance Indicators 18 Request for Proposal RFP Zero Incident Philosophy and Process ZIPP Our Strengths 20 Our Risks 21 2013 Overview 22 Front cover Our Markets in 2013 23 Customers’ Dassault Falcon 50 Group Financial Summary 26 jets parked safely on Signature’s Flight Support 28 ramp at Boca Raton, Florida — Signature Flight Support 30 — ASIG 34 Aftermarket Services 38 — Engine Repair & Overhaul 40 — Legacy Support 44 — APPH 48 Corporate Social Responsibility 50 Financial Matters 56 Directors’ Report 58 Directors’ Corporate Governance Statement 59 Directors’ Remuneration Report 69 Going Concern 89 Additional Disclosures 90 Statement of Directors’ Responsibilities 92 Consolidated Financial Statements 93 Independent Auditor’s Report 93 Consolidated Income Statement 96 Consolidated Statement of Comprehensive Income 97 Consolidated Balance Sheet 98 Consolidated Cash Flow Statement 99 Consolidated Statement of Changes in Equity 100 Accounting Policies of the Group 101 Notes to the Consolidated Financial Statements 106 Company Financial Statements 141 Company Balance Sheet 141 Accounting Policies of the Company 142 Notes to the Company Financial Statements 144 Principal Subsidiary and Associated Undertakings 149 Five Year Summary 150 Shareholder Information 151 Strategic Report Overview Overview BBA Aviation plc is a market-leading provider of global aviation support and aftermarket services. Our Flight Support businesses provide specialist on-airport support services, including refuelling and ground handling, to the owners and operators of private, business and commercial aircraft. Our Aftermarket Services businesses are focused on the repair and overhaul of gas turbine engines and the service and support of aerospace components, sub-systems and systems. Our businesses have a common vision, mission and set of values. We focus on: consistently exceeding customer expectations; valuing and empowering our people in a zero incident, safe environment; encouraging innovation; working together for greater gain; and always behaving with integrity and respect. This performance is driven by our people who are the foundation of our success and in whom we seek to promote our values of: performance; safety; people; service; responsibility; and integrity, that are a vital and integral part of the way we do business. This consistent, Group-wide focus is fundamental to achieving our overarching objective of delivering exceptional, long-term, sustainable value for all our stakeholders. 01 BBA complete.indb 1 12/03/2014 12:10 Strategic Report Our Locations Our Locations We operate at over 220 locations on 5 continents, with over 12,000 employees worldwide. Where we operate BBA Aviation has significant operations in North America, with over 75% of its revenues generated there. North HPN, Westchester America is the primary County Airport, second FBO, business & general aviation signed in 2013 (B&GA) market with 68% CYUL, Montreal of the B&GA fleet based International Airport, acquisition of existing there. It is also the primary Signature Select ™ commercial aviation market location in 2013 with 32% of global commercial aviation movements. In addition to its North STS, Sonoma County American operations, Airport, added to Signature Select™ in 2013 BBA Aviation has VNY, Van Nuys Airport, operations in Europe, second FBO, added Asia, South America in 2013 and Africa. PAC, Panama Albrook International Airport, added in 2013 Location Key Key Facts Flight Support Signature Flight Support North America South America ASIG Signature Flight Support + ASIG 68% 9% of world’s business jets of world’s business jets Aftermarket Services Engine Repair & Overhaul 32% 10% Legacy Support of commercial aviation of commercial aviation movements movements Engine Repair & Overhaul + Legacy Support 02 BBA complete.indb 2 12/03/2014 12:10 Strategic Report Our Locations Flight Support (62% of Group) Flight Support has over 200 locations worldwide, covering geographies with EDDT, Berlin Tegel Airport added in 2013 large numbers of business jets and aircraft movements. Aftermarket Services (38% of Group) Aftermarket Services has 20 locations worldwide, distributed to support customer requirements. SIN, Singapore Legacy Support facility added in 2013 KDAB, Singapore Changi International Airport added in 2013 BQH, London Biggin Hill added in 2014 Source: B&GA distribution JetNet Jan 2014 (North America includes Mexico, Caribbean and Central America). Commercial aviation movements OAG Jan 2014 (South America includes Mexico, Europe Africa Asia Oceania Caribbean and Central America). 11% 4% 6% 2% of world’s business jets of world’s business jets of world’s business jets of world’s business jets 24% 3% 28% 3% of commercial aviation of commercial aviation of commercial aviation of commercial aviation movements movements movements movements 0303 BBA complete.indb 3 12/03/2014 12:10 Strategic Report Financial Highlights Financial Highlights $m 2013 2012 Change (restated)* Revenue 2,218.6 2,178.9 2% Organic revenue growth1 2% (1)% Go to page 18 Underlying EBITDA2 261.6 253.2 Key Performance Indicators Underlying operating profit3 200.1 192.7 Organic revenue growth demonstrated the Group’s Operating profit 169.4 160.0 6% outperformance against our key markets that remained Underlying operating margin4 9.0% 8.8% broadly flat. Underlying profit before tax5 170.5 157.8 8% Profit before tax 145.2 125.1 16% Profit for the period 138.1 110.3 25% Exceptional items6 (7.6) (23.2) Earnings per ordinary share – basic Adjusted† 30.5¢ 27.9¢ 9% Go to page 18 Unadjusted 28.9¢ 23.1¢ 25% Key Performance Indicators Earnings per ordinary share – diluted Adjusted earnings per share grew by 9% as a result of the Adjusted† 30.1¢ 27.5¢ 9% improvement in underlying operating profit and reduction Unadjusted 28.5¢ 22.7¢ 25% in net interest expense. Dividends per ordinary share 15.40¢ 14.65¢ 5% Return on invested capital7 10.0% 9.8% Cash generated by operations 260.5 212.1 23% Free cash flow8 146.5 121.2 21% Cash conversion9 101% 92% Go to page 18 Net Debt10 (478.5) (416.4) Key Performance Indicators Net debt to underlying EBITDA 1.8x 1.6x Continued good cash conversion of 101% supporting the Group’s significant 1 Organic revenue growth is calculated after adjusting for foreign exchange, fuel price inflation and acquisitions and disposals investment capacity. 2 Underlying EBITDA is calculated as underlying operating profit ($200.1m) before depreciation and amortisation charged through underlying operating profit ($61.5m) 3 Operating profit before exceptional items 4 Operating margin on underlying operating profit 5 Profit before tax excluding exceptional items 6 Exceptional items included within the income schedule are explained in the Financial Matters within the Strategic Report and in line with the Group’s accounting policies included within the financial statements 7 Underlying operating profit return on average invested capital including goodwill and intangibles amortised or written off to reserves 8 Cash generated by operations plus dividends from associates, less tax, interest, preference dividends and net capital expenditure (excluding expenditure on Ontic licences) 9 Cash generated by operations, excluding cash exceptionals, as a percentage of underlying operating profit 10 Book value of borrowings and finance leases less cash and cash equivalents † Earnings per share before exceptional items * Restated for IAS 19 as set out in the Accounting Policies of the Group on page 101. The definitions as outlined above are consistently applied throughout the Strategic Report and the Consolidated Financial Statements. 04 BBA complete.indb 4 12/03/2014 12:10 Strategic Report Revenue Splits Revenue Splits Revenue by business Signature ERO $968.4m $597.8m Aftermarket Flight Support BBA Aviation Services $1,375.9m $2,218.6m $842.7m Legacy $168.2m ASIG APPH $407.5m $76.7m Revenue by key markets B&GA CommercialCommercial MilitaryMilitary 68% 25%27% 7%6% Signature $968.3m ASIG $407.5m ERO $35.3m ERO $491.2m ERO $71.4m Legacy $70.9m Legacy $38.7m Legacy $58.6m APPH $44.1m APPH $17.3m APPH $15.3m Total $150.3m Total $1,515.5m Total $552.8m 05 BBA complete.indb 5 12/03/2014 12:10 Strategic Report Chairman’s Statement Chairman’s Statement Michael Harper Chairman BBA Aviation made good progress in 2013, continuing to demonstrate its key strengths. The Group delivered further market outperformance and an improvement in key operating metrics, as well as continuing to effectively execute the Group’s growth strategy. Results In 2013 the Group delivered a good financial performance with 2% revenue growth to Go to pages 18–19 $2,218.6 million, a 4% increase in underlying operating profit to $200.1 million and a 9% Key performance increase
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