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Annual Report 2007 Registered in England Christopher Gonagle, Operations Supervisor Company Number: 53688 Signature Flight Support, Boston

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Annual Report 2007 Registered in England Christopher Gonagle, Operations Supervisor Company Number: 53688 Signature Flight Support, Boston BBA Aviation plc plc Aviation BBA “We’re driven by two things: passion for Registered Office aviation and a pride in serving passengers. 20 Balderton Street London, W1K 6TL When we have the opportunity we go Telephone. +44 (0)20 7514 3999 beyond the call of duty.” Facsimilie. +44 (0)20 7408 2318 2007 Report Annual Registered in England Christopher Gonagle, Operations Supervisor Company number: 53688 Signature Flight Support, Boston www.bbaaviation.com BBA Aviation Annual Report 2007 This Annual Report is addressed solely to members of BBA Accordingly, actual results may differ materially from those set Designed by sasdesign.co.uk Aviation is a buoyant market. More people are Aviation plc as a body. Neither the Company nor its directors out in the forward-looking statements as a result of a variety Photography by © Gueorgui Pinkhassov/Magnum Photos accept or assume responsibility to any person for this Annual of factors including, without limitation: changes in interest Board Photography by © George Brooks flying privately than ever before. Major airports Report beyond the responsibilities arising from the production and exchange rates, commodity prices and other economic Printed by St. Ives Westerham Press of this Annual Report under the requirements of applicable conditions; negotiations with customers relating to renewal are undergoing significant redevelopments. English company law. Sections of this Annual Report, including of contracts and future volumes and prices; events affecting This Annual Report is printed on Consort Royal Silk paper and the Chairman’s Statement, Directors’ Report and Directors’ international security, including global health issues and Challenger Offset, which carries FSC (Forest Stewardship Council) The breadth of our experience and the quality Remuneration Report contain forward-looking statements terrorism; changes in regulatory environment; and the outcome certification. It is made with ECF pulp (Elemental Chlorine-free), including, without limitation, statements relating to: future of litigation. The Company undertakes no obligation to publicly is acid free, has a natural pH and is fully recyclable. of the businesses we own puts us in a strong demand and markets of the Group’s products and services; update or revise any forward-looking statement, whether as a research and development relating to new products and services; result of new information, future events or otherwise. Pages 2 position to benefit. liquidity and capital; and implementation of restructuring plans to 56 inclusive consist of a directors’ report and directors’ The contract to carry out the full range and efficiencies. These forward-looking statements involve risks remuneration report that have been drawn up and presented and uncertainties because they relate to events and depend on in accordance with and in reliance upon applicable English of ground services at the new JFK Terminal 1, circumstances that will or may occur in the future. company law and the liabilities of the directors in connection with that report shall be subject to the limitations and the design and manufacture of landing gear for restrictions provided by such law. the new Eurocopter in the UK, an ever-expanding global network of quality FBO locations and a rapidly developing component overhaul business: we owe these successes to a combination of timely investment, committed individuals and a core of consistently upheld values. There’s no substitute for seeing these businesses first hand, but the pictures in this report do reveal our most important asset: the people driving BBA Aviation into the future. Contents 2 Directors’ Report hairman’s Statement 4 Business Review 4 Our Business 5 Our Marketplace 8 Our Strategy 10 Flight Support 20 Aftermarket Services and Systems 32 orporate Social Responsibility 36 Financial Matters 38 Board of Directors and Executive Management ommittee 40 Additional Disclosures 42 Directors’ orporate Governance Report 48 Directors’ Remuneration Report 57 Independent Auditors’ Report 58 onsolidated Income Statement 59 onsolidated Balance Sheet 60 onsolidated ash Flow Statement 61 onsolidated Statement of Recognised Income and Expense 62 Accounting Policies 65 Notes to the onsolidated Financial Statements 94 Independent Auditors’ Report 95 ompany Balance Sheet 96 Accounting Policies 97 Notes to the ompany Financial Statements 102 Principal Subsidiary UndertakingsBBA Aviation Annual 103 Report Five 2007 Year Summary 104 Shareholder Information 1 Financial Highlights Revenue Underlying operating profit* Earnings per share† m m p £979.4 £105.7 15.4 £m (other than percentage and per share amounts in pence) 2007 2006 change Revenue Continuing operations 979.4 950.1 3% Underlying operating profit* Continuing operations 105.7 102.8 3% Operating profit from continuing operations 130.1 94.8 37% Underlying operating margin Continuing operations 10.8% 10.8% Net interest (19.3) (24.6) Underlying profit before tax from continuing operations 86.4 78.2 10% Restructuring costs and amortisation of acquired intangibles net of gains on disposal of businesses 24.4 (8.0) Profit before tax from continuing operations 110.8 70.2 58% Loss after tax from discontinued operations – (76.2) Profit on disposal after tax – 16.5 Profit/(loss) for the period 87.2 (10.2) 955% Earnings per ordinary share Basic Continuing and discontinued operations: Adjusted† 15.4p 14.9p 3% Unadjusted 21.2p (2.2)p 1064% Continuing operations: Adjusted† 15.4p 11.4p 35% Unadjusted 21.2p 10.3p 106% Diluted Continuing and discontinued operations: Adjusted† 15.3p 14.9p 3% Unadjusted 21.1p (2.1)p 1105% Continuing operations: Adjusted† 15.3p 11.4p 34% Unadjusted 21.1p 10.3p 105% Dividends per ordinary share 7.6p 8.5p (11)% Cash generated by operations (continuing operations) 102.4 122.1 (16)% Cash generated by operations (total) 96.7 128.3 (25)% Free cash flow (continuing operations)** 41.8 48.1 (13)% Free cash flow (total)** 18.1 3.1 484% Net debt 375.2 356.9 Net debt to EBITDA*** 2.8x 2.7x * operating profit before restructuring costs and amortisation of acquired intangibles net of gains on disposal of businesses ** cash generated by operations plus dividends from associates, less tax, interest, preference dividends and net capital expenditure *** EBITDA being underlying profit* before depreciation and amortisation † basic earnings per share from continuing operations before restructuring costs and amortisation of acquired intangibles net of gains on disposal of businesses The definitions as outlined above are consistently applied throughout the financial statements. % 8Sales and underlying operating profit increased by 3% as reported but by 10% on a constant exchange rate basis. Organic sales growth was 8%. m £87.2Profit for the period recovered sharply from a loss of £(10.2)m in 2006. Director’s Report Chairman’s Statement 2007 was another year of good progress for BBA Aviation in its first year as a focused Aviation Services and Systems Support Group. 2 BBA Aviation Annual Report 2007 Results Corporate Social Responsibility I am pleased to say that this was another good set of results for our As BBA Aviation strives to meet the ever-increasing expectations of Group. Despite the weaker US dollar, revenue and underlying operating our stakeholders, we are mindful of balancing our efforts to meet those profit from continuing operations increased by % to £979.4 million expectations with our commitment to the fundamentals of orporate (2006: £950.1 million) and £105.7 million (2006: £102.8 million) respectively. Social Responsibility. Satisfying the highest ethical standards, compliance At constant exchange rates the increase in sales and underlying operating with the law, exercising appropriate sensitivity to the needs of our profit was 10%. Organic sales growth was 8% reflecting the strong market employees, the communities in which we work, and the environment conditions experienced during the year and market share gains. Operating must be integrated with our business goals in a complementary manner. margins for the Group were maintained at 10.8%. This balance cannot be achieved unless all of our employees are engaged There was a significant increase in profit before tax which rose by in this effort. 58% to £110.8 million from £70.2 million principally as a result of the We have made some further progress towards improving the safety profit on disposal of the businesses at Oxford Airport of £8.4 million. performance of our companies but we know there is much still to do to Adjusted earnings per share increased 5% to 15.4p (2006: 11.4p). attain our goal of achieving an industry leadership role in safety practices In the prior period there was a significant after tax loss from and performance. discontinued operations of £(76.2) million and this related to the results of Fiberweb prior to its demerger on 17 November 2006. onsequently Outlook there was a sharp recovery in the overall profit for the period which It is too early to assess the impact of slower economic growth on our increased to £87.2 million compared to a loss in 2006 of £(10.2) million. businesses although, in the first few weeks of trading in the current year, We continued to deliver strong free cash flow from continuing we have seen softer fuel volumes in Signature North America than in the operations of £41.8 million (2006: £48.1 million) after investing £9.8 same period in 2007 when we experienced strong growth. All of our other million on capital expenditure for internal projects. We continued to businesses are performing well and in line with our expectations. Assisted execute our strategy and in the year invested £76.0 million, principally by the significant developments in 2007 and the year to date, we still to extend the Signature network. These acquisitions were funded expect to make good overall progress in 2008. Looking further out our through free cash flow and by reinvesting the proceeds of the disposal long term prospects are exciting. of our businesses at Oxford airport for £71.1 million.
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