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Annual Report 2012 1 ANNE U FOR MORE A BAE Systems continues to build on its L R P INFORMATION O position as one of the world’s largest RT — 2012 and most geographically diverse defence, BAESYSTEMS.COM aerospace and security companies. BAE Systems is focused on delivering sustainable growth in shareholder value through its commitment to Total Performance. ANN E UAL R PORT 2012 Front cover: BAE Systems succeeds on the For BAE Systems at a glance see overleaf talent, commitment and dedication of every single employee. BAE Systems plc 6 Carlton Gardens Cautionary statement: All statements other than statements of historical fact included in this document, including, without limitation, those regarding the financial London SW1Y 5AD condition, results, operations and businesses of BAE Systems and its strategy, plans and objectives and the markets and economies in which it operates, are United Kingdom forward-looking statements. Such forward-looking statements which reflect management’s assumptions made on the basis of information available to it at this time, Telephone: +44 (0) 1252 373232 involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of BAE Systems or www.baesystems.com the markets and economies in which BAE Systems operates to be materially different from future results, performance or achievements expressed or implied by Registered in England and Wales No. 1470151 such forward-looking statements. BAE Systems plc and its directors accept no liability to third parties in respect of this report save as would arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance © BAE Systems plc 2012. All rights reserved with schedule 10A of the Financial Services and Markets Act 2000. It should be noted that schedule 10A and section 463 Companies Act 2006 contain limits on the BAE SYSTEMS is a registered trade mark of BAE Systems plc. liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. ANNE U FOR MORE A BAE Systems continues to build on its L R P INFORMATION O position as one of the world’s largest RT — 2012 and most geographically diverse defence, BAESYSTEMS.COM aerospace and security companies. BAE Systems is focused on delivering sustainable growth in shareholder value through its commitment to Total Performance. ANN E UAL R PORT 2012 Front cover: BAE Systems succeeds on the For BAE Systems at a glance see overleaf talent, commitment and dedication of every single employee. BAE Systems plc 6 Carlton Gardens Cautionary statement: All statements other than statements of historical fact included in this document, including, without limitation, those regarding the financial London SW1Y 5AD condition, results, operations and businesses of BAE Systems and its strategy, plans and objectives and the markets and economies in which it operates, are United Kingdom forward-looking statements. Such forward-looking statements which reflect management’s assumptions made on the basis of information available to it at this time, Telephone: +44 (0) 1252 373232 involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of BAE Systems or www.baesystems.com the markets and economies in which BAE Systems operates to be materially different from future results, performance or achievements expressed or implied by Registered in England and Wales No. 1470151 such forward-looking statements. BAE Systems plc and its directors accept no liability to third parties in respect of this report save as would arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance © BAE Systems plc 2012. All rights reserved with schedule 10A of the Financial Services and Markets Act 2000. It should be noted that schedule 10A and section 463 Companies Act 2006 contain limits on the BAE SYSTEMS is a registered trade mark of BAE Systems plc. liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. CONTENTS OVERVIEW GOVERNANCE 2012 summary and outlook 2 BAE Systems Board of directors 78 places great Chairman’s letter 4 importance on Chairman’s corporate governance letter 80 the way it Corporate governance report 83 conducts its Remuneration report 93 business. This section explains Other statutory and regulatory information 114 the Group’s Statement of directors’ responsibilities 117 STRATEGIC REVIEW approach to BAE Systems is Chief Executive’s review 8 governance. focused on Key Performance Indicators (KPIs) 13 The sections from Overview to Governance make delivering up the Directors’ Report for the purposes of the sustainable Our Strategy 16 Companies Act 2006. growth in Our business model 17 shareholder value. This section provides an overview of how we do it. GROUP PERFORMANCE REVIEW FINANCIAL STATEMENTS This section Financial Performance 30 This section Index to the accounts 120 provides a contains the Corporate responsibility review 39 Consolidated income statement 122 commentary on statutory the Group’s Risk management 44 nancial Consolidated statement of nancial and Principal risks 46 information for comprehensive income 123 the Group and non-nancial Notes to the Group accounts performance, and the Company, its approach to together with – income statement 124 the management important Consolidated cash flow statement 135 information for of corporate Notes to the Group accounts responsibility shareholders. and risk. – cash flow statement 136 Consolidated balance sheet 138 Consolidated statement of changes REPORTING SEGMENTS PERFORMANCE in equity 139 This section REVIEW Notes to the Group accounts – balance sheet 140 provides Reporting segments overview 54 summaries of Notes to the Group accounts Electronic Systems 56 the operational, – other information 163 nancial and Cyber & Intelligence 60 non-nancial Company balance sheet 176 Platforms & Services (US) 64 performance of Notes to the Company accounts 177 the Group’s ve Platforms & Services (UK) 68 Independent auditor’s report 183 principal Platforms & Services (International) 72 reporting Five-year summary 184 segments. Shareholder information 186 Glossary 188 Throughout the Annual Report we have used the Links to pages within following icons to help navigate to further information: this report Links to pages within our website For further information visit: www.baesystems.com Feedback If you would like to give us any feedback on this year’s Annual Report, please send your written comments to our investor relations team by e-mail to: [email protected] BAE Systems Annual Report 2012 1 13268 BAE069_AR2012_Summary&Outlook_vAW2 p1-3 Ev9.indd 1 14/03/2013 19:17 BAE SYSTEMS ONLINE GTEET THE LA ST INVESTOR INFORMATION ONLINE: BAE SYSTEMS AT A GLANCE WWW.BAESYSTEMS.COM For the latest information on: BAE Systems is a global defence, aerospace and security company with – Innovation approximately 88,200 employees1 worldwide. The Group delivers a wide range – Performance – Investor presentations of products and services for air, land and naval forces, as well as advanced – Corporate responsibility – News and events electronics, security, information technology solutions and support services. – Company videos Plus, features enabling you to: Group Electronic Systems Cyber & Intelligence Platforms & Services (US) Platforms & Services (UK) Platforms & Services – View on your laptop, tablet or phone – Stay connected with Twitter, Flickr, YouTube and Facebook (International) – Sign up for RSS feeds – Sign up for e-mail alerts Principal Electronic Systems comprises the US and Cyber & Intelligence comprises the Platforms & Services (US) comprises the Platforms & Services (UK) comprises Platforms & Services (International) – Contact us operations UK-based electronics activities, including US-based Intelligence & Security business US-headquartered Land & Armaments the Group’s UK-based air, maritime and comprises the Group’s businesses 1,2,3 Sales by reporting electronic warfare systems and electro- and UK-headquartered BAE Systems business, with operations in the US, UK, combat vehicle activities, and certain in Saudi Arabia, Australia, India and segment (%) optical sensors, military and commercial Detica business, and covers the Group’s Sweden and South Africa, together with shared services activities. Oman, together with its 37.5% interest in KPI digital engine and flight controls, next- cyber, secure government, and commercial US-based services and sustainment the pan-European MBDA joint venture. generation military communications and financial security activities. activities, including ship repair and 14 systems and data links, persistent munitions services. surveillance capabilities, and hybrid 8 electric drive systems. 22 25 31 ■ Electronic Systems ■ Cyber & Intelligence ■ Platforms & Services (US) ■ Platforms & Services (UK) ■ Platforms & Services (International) Operational key points – Sustained a leadership position in the – The US-based business continues to – Growth in US ship repair activities – 46 Typhoon Tranche 2 aircraft delivered – Salam price escalation negotiations airborne electronic warfare market perform well on existing programmes and to the partner nations ongoing Underlying EBITA1,3,4 by – Executing munitions infrastructure and secured strategic
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