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Annual Report 2016 Strategic Report What We Do

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Annual Report 2016 Strategic Report What We Do Annual Report 2016 Strategic Report What we do Contents BBA Aviation plc is a market-leading, global Strategic Report aviation support and aftermarket services A transformational year for BBA Aviation 01 provider, primarily focused on servicing the Financial Highlights 02 Chairman’s Statement 03 Business and General Aviation (B&GA) market. Q&A with Group Chief Executive 04 We support our customers through three principal businesses: Our Enlarged Operations 08 Our Markets 10 Flight Support Business Model 12 Signature Flight Support Strategy 14 is the world’s largest fixed base operation (FBO) network for B&GA Measuring Success 15 users with more than 200 locations covering key destinations in North Flight Support America, Europe, Caribbean, Africa and Asia. • Signature Flight Support 16 Aftermarket Services Aftermarket Services • Ontic 18 Ontic • Engine Repair & Overhaul (ER0) 20 is a leading provider of high-quality equipment and cost-effective Managing Our Risks 22 solutions for the continuing support of maturing and legacy aerospace Corporate Responsibility 26 platforms with locations in the USA, Europe and Asia. Our Markets in 2016 30 Group Finance Director’s Review 31 Engine Repair & Overhaul (ERO) Financial Matters 34 is a leading independent engine service provider to global B&GA Flight Support 2016 Performance 37 operators, the rotorcraft market and regional airline fleets with • Signature Flight Support 2016 Performance 38 locations in the USA, Europe, South America, Asia and the Middle East. Aftermarket Services 2016 Performance 39 • Ontic 2016 Performance 40 Our Vision, Mission & Values • Engine Repair & Overhaul 2016 Performance 41 BBA Aviation is a values-focused organisation, dedicated to being the Directors’ Report world’s leading provider of aviation support and aftermarket services Corporate Governance Statement 42 with the overarching objective to deliver exceptional, long-term, Board of Directors and Executive Management 44 sustainable value for all our stakeholders. Directors’ Remuneration Report 56 Our businesses are individually and collectively focused on: Going Concern and Viability Statement 79 • Consistently exceeding customer expectations; Additional Disclosures 80 • Valuing and empowering our people in a zero incident, Directors’ Responsibilities 82 safe environment; Consolidated Financial Statements • Encouraging innovation; Independent Auditor’s Report 83 • Working together for greater gain; Consolidated Income Statement 89 • Always behaving with integrity and respect. Consolidated Statement of Comprehensive Income 90 Our Values – Performance, Safety, People, Service, Responsibility, Consolidated Balance Sheet 91 Integrity – align us in what we focus on and how we act and behave Consolidated Cash Flow Statement 92 every day. Consolidated Statement of Changes in Equity 93 Accounting Policies of the Group 94 Notes to the Consolidated Financial Statements 101 BBA Aviation – enabling flight; Company Balance Sheet 150 Company Statement of Changes in Equity 151 expanding horizons Accounting Policies of the Company 152 Notes to the Company Financial Statements 154 Subsidiaries and Related Undertakings 161 Five Year Summary 168 Alternative Performance Measures 169 Shareholder Information 174 Strategic Report A transformational year for BBA Aviation A transformational year for BBA Aviation During the year we have: 2016 Revenue Splits Materially expanded the size of Signature and created a unique global network of FBO locations The acquisition of Landmark Aviation, additional expansion in Flight Support 67% the USA and Europe, and the continuing growth of the Signature SelectTM affiliate programme has significantly increased our already Aftermarket Services 33% market-leading footprint at key destinations for B&GA travel. We have created a unique and high-quality global network of FBO Signature 67% locations, with an unrivalled ability to satisfy the needs of our Engine Repair & Overhaul 25% customers at many more of the locations that they want to fly to. Ontic 8% Focused the Group on higher value-added, better IP-protected, strong ROIC and cash generative businesses In September, we announced the sale of ASIG, which completed on 31 January 2017. Coupled with the growth of Signature, this has significantly increased our focus on providing value-added services B&GA 88% to the attractive and growing B&GA market where we are a market leader. We have also continued to invest to grow Ontic’s IP-protected Commercial 7% portfolio of products, most recently through the GE Avionics Military 5% acquisition. As a result, we have enhanced our focus on areas which are highly cash generative and where we see the potential North America 86% to generate enhanced returns on capital on a through-cycle basis. Rest of World 14% Successfully integrated Landmark Aviation and delivered faster than anticipated cost synergies The Landmark Aviation acquisition brought 62 FBOs and nearly 3,000 new employees to BBA Aviation. Business performance has met all of our expectations and the detailed and complex integration ROIC, plan was executed effectively. Synergies have been delivered ahead down 90bps of schedule and we anticipate annualised cost savings of $39 million 10.1% from 2017. >220 Locations Revenue, Continents $2,149.1m up 25% 5 Underlying Employees operating profit, $302.6m up 67% >6,500 Figures are reported on a continuing operations basis unless otherwise stated. 1 Strategic Report Financial Highlights 2016 Financial Highlights 2016 2015 Change $m 2016 2 continuing 2015 continuing Change continuing Revenue1 2,565.9 2,149.1 2,129.8 1,714.0 20.5% 25.4% Organic revenue growth1 (2%) (2%) 2% 2% – – Underlying EBITDA1 414.7 384.5 273.1 241.2 51.9% 59.4% Underlying operating profit1 330.1 302.6 202.0 181.5 63.4% 66.7% Operating profit 192.9 166.1 130.8 112.7 47.5% 47.4% Underlying operating margin1 12.9% 14.1% 9.4% 10.6% – – Underlying profit before tax1 266.1 238.7 170.0 149.7 56.5% 59.5% (Loss)/Profit before tax (164.6) (82.2) 95.3 77.4 (273%) (206)% (Loss)/Profit for the period (98.9) (19.3) 83.1 69.7 (219%) (128)% Exceptional and other items including tax1 (316.0) (218.5) (61.2) (59.2) (416%) (269%) Earnings per ordinary share – basic Adjusted1 21.1¢ 19.4¢ 20.1¢ 18.0¢ Unadjusted (9.6¢) (1.9¢) 11.6¢ 9.8¢ Earnings per ordinary share – diluted Adjusted1 20.9¢ 19.2¢ 20.0¢ 17.9¢ Unadjusted (9.6¢) (1.9¢) 11.5¢ 9.7¢ Dividends per ordinary share 12.75¢ – 13.53¢4 – – Return on invested capital1 10.1% – 11.0% – – – Operating cash flow1 299.4 – 119.4 – 151% – Cash conversion 1 155% – 92% – – Free cash flow1 224.1 – 88.4 – 154% – Net debt1 (1,335.3) – 456.5 – – – Net debt to underlying EBITDA1 3.2x – 2.3x3 – – – 1 Defined and reconciled to reported financials under alternative performance measures (APMs). See pages 169 to 173. 2 From continuing and discontinued operations. 3 Historical net debt is no longer used as an alternative performance measure. The reason it was used in 2015 was because there was a timing difference between the raising of capital in 2015 and the issue of debt in 2016 for the Landmark acquisition. 4 Dividend per share is disclosed as historically reported. Adjusted for the new capital base, the restated dividend per share is 12.15¢. 2 Strategic Report Chairman’s Statement We announced at the end of 2015 that Nick Land would be leaving the Board at the 2016 AGM and that, from January 2016, Peter Edwards Chairman’s and Peter Ventress would join the Board as non-executive directors. I would like to again thank Nick for his contribution to BBA Aviation Statement and thank each of our non-executive directors for their counsel during the year. On 1 March 2017 we announced that Mike Powell was standing down from the Board on 31 May 2017. I would like to thank Mike BBA Aviation delivered a strong overall for his significant contribution to BBA Aviation and I am very pleased performance in 2016 and has made with the appointment of David Crook as his successor as Group Finance Director. excellent strategic progress. With the completion of the acquisition of Landmark Safety The Board values the skills, commitment and enthusiasm of all of Aviation, the sale at the beginning of 2017 our employees in what has been an exceptionally busy year for BBA of ASIG and continued investment in Ontic’s Aviation. Our dedicated teams around the world are at the heart of our success. This year we have been especially pleased with progress portfolio, the Group has transformed and is in the vital area of safety where we have delivered a significantly positioned strongly for the future. improved performance versus last year. Outlook Results The integration of Landmark Aviation has delivered more cost In Flight Support we saw excellent organic underlying operating profit synergies than anticipated, with annualised cost savings now expected progression of 7% despite modest market growth. The integration to be $39 million. Signature now comprises the majority of the Group of the new Landmark FBOs has been successfully completed. During and has a global network of over 200 FBOs that can meet more of the the year we also further extended the Signature network around the needs of our customers at most of the locations they want to fly to, world through acquisition and our Signature SelectTM licensing model enhancing our opportunity for continued market outperformance. and completed the transaction to form Gama Aviation Signature Ontic continues to see significant growth opportunities and has a Aircraft Management. strong pipeline and a good order book. Although ERO will continue to be impacted by reduced legacy mid-cabin fixed wing flying, our In Aftermarket Services, Ontic delivered another solid operating footprint reduction programme remains on track and should lead to performance with incremental contributions from new licences and further improved financial performance at lower levels of activity.
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