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Interim Statement 2011

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Interim Statement 2011 BBA Aviation plc 2012 Final Results Results for the year ended 31 December 2012 For further information please contact: Simon Pryce, Group Chief Executive (020) 7514 3999 Mark Hoad, Group Finance Director BBA AVIATION PLC David Allchurch / Christian Cowley (020) 7353 4200 TULCHAN COMMUNICATIONS A video interview with Simon Pryce, CEO and Mark Hoad, FD is now available on www.bbaaviation.com and www.cantos.com A live audio webcast of the analyst presentation will be available from 09:00 today on www.bbaaviation.com and www.cantos.com FINAL RESULTS FOR PERIOD ENDED 31 DECEMBER 2012 Results in brief ($m) Underlying results1 Statutory results 2012 2011 % Change 2012 2011 % Change Revenue 2,178.9 2,136.7 2% 2,178.9 2,136.7 2% EBITDA 255.9 260.5 (2)% 230.8 250.1 (8)% Operating profit 195.4 198.9 (2)% 162.7 180.6 (10)% Profit before tax 163.0 170.2 (4)% 130.3 163.6 (20)% Earnings per share 2 29.0¢ 29.0¢ - 24.2¢ 32.5¢ (26)% Return on invested capital³ 10.0% 10.6% Free cash flow4 121.2 185.8 (35)% Net debt 416.4 403.6 Dividend per share 14.65¢ 13.94¢ 5% (1) Before exceptional items (as defined in the financial statements). (2) Basic earnings per share. (3) Underlying operating profit return on average invested capital including goodwill and intangibles amortised or written off to reserves. (4) Cash generated by operations, plus dividends from associates, less tax, net interest and net capital expenditure. These definitions as outlined above are consistently applied throughout this results announcement. Overview 2% revenue growth despite weaker than expected markets – key B&GA and commercial markets down 1-4%. Underlying operating profit adversely impacted by weak de-icing activity, strong operating improvement broadly offsetting market decline Progress in underlying PBT and EPS in H2 as anticipated Tax rate of 14.9% resulting in unchanged adjusted earnings per share Planned exceptionals delivering structural cost reduction Continued good cash conversion and invested capital discipline Full year dividend increased by 5% to 14.65¢ Operational highlights Flight Support (52% of Group EBIT) Organic revenue decline 4%, 1% decline ex de-icing and FBO exits, weak de-icing impacting margins Signature: substantial lease extensions secured and major capital projects underway, success in San Jose ASIG: good contract wins, addition of innovative technical services Aftermarket Services and Systems (48% of Group EBIT) Organic revenue growth of 3%, positive operating margin development ERO: expansion into Asia-Pacific region, continued focus on customer support Legacy Support: revenue increased 13% with successful integration of fuel measurement business APPH: operational improvements being delivered, organic sales growth of 9% Continued strategic progress Further expansion of Signature network via acquisition, greenfield investment and Signature SelectTM licensing ASIG enters Canada via C$27m acquisition of PLH Aviation Services and Dryden Air Services Additional engine authorisations and legacy licences signed Consolidated management structure to accelerate operational improvement and realisation of cross business opportunities Simon Pryce, BBA Aviation Chief Executive Officer, commented: “BBA Aviation had another year of operational improvement, structural cost reduction and strategic progress in 2012, together with good cash conversion against a backdrop of softer than anticipated markets throughout the year and a weak de-icing season. Our major markets are broadly stable despite the subdued, global macroeconomic backdrop. Although we have yet to see any material effect on B&GA flying, and the potential impact of sequestration is uncertain, the economic indicators in the US are slowly beginning to improve. We are also carrying good underlying momentum into this year which, together with the incremental contribution from acquisitions means we therefore continue to anticipate making good progress in 2013. Over the longer term, the underlying strengths of BBA Aviation’s market-leading businesses, the potential for further operational improvement, a strong balance sheet and the Group’s unique position in markets where leading indicators support medium-term recovery and structural growth potential, give us continued confidence in our ability to generate superior through-cycle returns.” 2 BBA Aviation plc – Final Results, 1 March 2013 FINAL RESULTS 2012 Overview Against a backdrop of softer than anticipated markets throughout the year and a weak de-icing season, BBA Aviation had another positive year, continuing to deliver operational improvement and good cash conversion, whilst making good strategic progress. In 2012 Group revenue increased by 2% to $2,178.9 million (2011: $2,136.7 million). Of this, $15.3m was the result of increased fuel prices and $56.5m came from acquisitions, net of disposals. On an organic basis (excluding the impact of fuel prices, acquisitions and disposals) therefore, Group revenue reduced by 1%. Underlying operating profit (excluding the impact of exceptional items) declined $3.5 million or 2% to $195.4 million, and Group operating margin declined to 9.0% (2011: 9.3%). Adjusting for higher fuel prices, underlying margins were 9.0% (2011: 9.2 %). The decline in operating profits and margins was principally due to weaker de-icing when compared to both a normal de-icing season and to 2011. The Group’s major structural cost reduction and operational initiatives for 2012 have been delivered to plan with good operational improvement achieved in 2012 and incremental benefit expected in 2013. We continue to see significant potential for further improvement in our businesses through additional operational synergies, increased cross business co-operation, and the sharing of best in class process and practice across the Group. With effect from 1 January, we have therefore consolidated the operational management of our Flight Support businesses under one management team headed by Michael Scheeringa who previously ran Signature, and our Aftermarket Services businesses under a team headed by Peg Billson who previously ran Legacy Support. This organisational change is expected to enhance our market and customer focus, to develop and deploy our human resources more effectively and to accelerate the delivery of these cross business and operational improvement opportunities. The net interest expense increased to $32.4 million (2011: $28.7 million) reflecting the cost of the new long- term bank and private placement debt facilities put in place in 2011. As expected the interest expense was lower in the second than first half when $2 million of cost was accelerated, principally due to closing out interest rate swaps as part of on-going treasury management. Interest cover reduced to 7.9x as a result (2011: 9.1x), and underlying profit before tax decreased by 4% to $163.0 million (2011: $170.2 million). The underlying tax rate of 14.9% (2011: 20.3%) was lower than originally anticipated due to favourable developments in the effectiveness and sustainability of our tax structure. Despite the reduction in underlying operating profit and increased net interest expense, adjusted earnings per share were therefore unchanged at 29.0¢ (2011: 29.0¢). Profit before tax declined by $33.3m to $130.3 million (2011: $163.6 million), with exceptional items increasing to $32.7 million (2011: $6.6 million) of which $12.0m was non-cash. As anticipated, exceptional items included $13.4 million of structural cost initiatives including the closure of APPH’s Basingstoke facility and consolidation of transactional processing in finance. We also incurred $6.6 million of acquisition costs relating in part to those acquisitions which we successfully executed during the year, but mainly in relation to a number of larger opportunities which we did not execute as they failed to meet our rigorous capital investment criteria. We continue to see good opportunities for further consolidation in the markets in which we operate, but will only execute acquisitions at prices where we see good opportunities for value creation. Non-cash amortisation of acquired intangibles totalled $7.6 million (2011: $7.9 million). Included within the prior year was an exceptional tax credit of $23.7 million relating to the settlement of an old outstanding tax claim in Germany together with $11.7 million of associated interest. Unadjusted earnings per share were 24.2¢ (2011: 32.5¢). Free cash flow was again good at $121.2 million (2011: $185.8 million) with the reduction from 2011 largely attributable to the inclusion in the prior year of a $35.4 million refund of tax and associated interest outlined above, together with increased capital investment related to growth projects and lease extensions in 2012. As anticipated, the increase in net capital expenditure to $55.4 million (2011: $29.3 million) reflected a number of large projects including the establishment of the Legacy fuel measurement facility in Cheltenham and the relocation of Signature’s FBO at Chicago O’Hare International Airport, as well as asset disposals in the prior 3 year including in relation to the Miami FBO. Tax payments increased to $4.9 million (2011: inflow $8.5 million) with the prior year benefiting from the German tax refund referred to above. Total spend on acquisitions and licences completed in the year amounted to $35.5 million, including the $27 million acquisition of the trade and assets of PLH Aviation Services and Dryden Air Services, $3.4 million acquisition of the FBO in Omaha, Nebraska, $2.8 million acquisition of the Sun Aircraft Services maintenance business at Washington Dulles and ERO’s $1.9 million acquisition of Consolidated Turbine Support, Inc. There was a net cash outflow of $13.6 million after paying dividends of $67.9 million. Net debt increased marginally to $416.4 million (2011: $403.6 million). Our balance sheet remains strong with net debt to EBITDA at 1.6x (2011: 1.5x). Return on invested capital reduced to 10.0% (2011: 10.6%), compared with our through cycle target of 12% pre-tax.
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