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Delivering Total Performance BAE Systems plc Report Annual BAE Systems plc Annual Report 6 Carlton Gardens 2009 London SW1Y 5AD United Kingdom Telephone +44 (0)1252 373232 CONTENTS Registered in England and Wales No. 1470151 Website details www.baesystems.com 1. Overview 2. Strategy 2009 Results in brief, highlights and outlook 1 Strategic review 10 Chairman’s letter 2 Market review 16 Chief Executive’s review 4 Global initiatives 20 Strategy in action 22 3. Group performance 4. Segmental performance Key Performance Indicators (KPIs) 26 Operating group performance summary 54 Financial review 30 Electronics, Intelligence & Support 56 Corporate Responsibility review 38 Land & Armaments 60 Risk management 46 Programmes & Support 64 Principal risks 48 International 68 HQ & Other Businesses 72 5. Governance 6. Financial statements Delivering Total Performance Board of directors 76 Independent auditors’ report 119 Corporate governance 78 Consolidated financial statements 120 Remuneration report 90 Notes to the Group accounts 124 Other statutory and regulatory information, Company balance sheet 171 including statement of directors’ responsibilities 112 Notes to the Company accounts 172 Five-year summary 180 Shareholder information 182 Financial calendar 183 Glossary 184 Sections 1 to 5 make up the Directors’ Report in accordance with the Companies Act 2006. YOU CAN VIEW THIS ANNUAL REPORT AND OTHER INFORMATION FOR SHAREHOLDERS ONLINE AT: WWW.BAESYSTEMS.COM Cautionary statement: All statements other than statements of historical fact included in this document, including, without limitation, those regarding the financial condition, results, operations and businesses of BAE Systems and its strategy, plans and objectives and the markets and economies in which it operates, are forward-looking statements. Such forward-looking statements which reflect management’s assumptions made on the basis of information available to it at this time, involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of BAE Systems or the markets and economies in which BAE Systems operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this document shall be regarded as a profit forecast. 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 with section 90A of the Financial Services and Markets Act 2000. It should be noted that section 90A and section 463 Companies Act 2006 contain limits on the liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. REAL PERFORMANCE. REAL ADVANTAGE. BAE Systems plc Report Annual BAE Systems plc Annual Report 6 Carlton Gardens 2009 London SW1Y 5AD United Kingdom Telephone +44 (0)1252 373232 CONTENTS Registered in England and Wales No. 1470151 Website details www.baesystems.com 1. Overview 2. Strategy 2009 Results in brief, highlights and outlook 1 Strategic review 10 Chairman’s letter 2 Market review 16 Chief Executive’s review 4 Global initiatives 20 Strategy in action 22 3. Group performance 4. Segmental performance Key Performance Indicators (KPIs) 26 Operating group performance summary 54 Financial review 30 Electronics, Intelligence & Support 56 Corporate Responsibility review 38 Land & Armaments 60 Risk management 46 Programmes & Support 64 Principal risks 48 International 68 HQ & Other Businesses 72 5. Governance 6. Financial statements Delivering Total Performance Board of directors 76 Independent auditors’ report 119 Corporate governance 78 Consolidated financial statements 120 Remuneration report 90 Notes to the Group accounts 124 Other statutory and regulatory information, Company balance sheet 171 including statement of directors’ responsibilities 112 Notes to the Company accounts 172 Five-year summary 180 Shareholder information 182 Financial calendar 183 Glossary 184 Sections 1 to 5 make up the Directors’ Report in accordance with the Companies Act 2006. YOU CAN VIEW THIS ANNUAL REPORT AND OTHER INFORMATION FOR SHAREHOLDERS ONLINE AT: WWW.BAESYSTEMS.COM Cautionary statement: All statements other than statements of historical fact included in this document, including, without limitation, those regarding the financial condition, results, operations and businesses of BAE Systems and its strategy, plans and objectives and the markets and economies in which it operates, are forward-looking statements. Such forward-looking statements which reflect management’s assumptions made on the basis of information available to it at this time, involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of BAE Systems or the markets and economies in which BAE Systems operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this document shall be regarded as a profit forecast. 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 with section 90A of the Financial Services and Markets Act 2000. It should be noted that section 90A and section 463 Companies Act 2006 contain limits on the liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. REAL PERFORMANCE. REAL ADVANTAGE. BAE SYSTEMS AT A GLANCE BAE SYSTEMS ONLINE BAE Systems, with 106,900 employees1 worldwide, delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. Get the latest information online: Group Electronics, Intelligence Land & Programmes International www.baesystems.com & Support Armaments & Support 1 – Sales increased by 21% 1,2,3 SALESSALES BY OPERATINGBY OPERATING GROUP GROUP (%) (%) 4 – Underlying EBITA increased by 17% KPI – £261m accounting gain on US pension International 19% Electronics, VISIT WWW.BAESYSTEMS.COM restructuring and £278m of regulatory 25% Intelligence & 4 penalties excluded from underlying EBITA Support FOR THE LATEST INFORMATION ON: – £973m of impairment charges largely – PERFORMANCE relating to the ex-Armor Holdings business – INVESTOR PRESENTATIONS – CORPORATE RESPONSIBILITY – Underlying earnings3 per share up 10% 27% Principal The Electronics, Intelligence & Support Land & Armaments designs, develops, Programmes & Support primarily International comprises the Group’s to 40.7p operations operating group designs, develops, produces, supports and upgrades comprises the Group’s UK-based air, businesses in Saudi Arabia and INTERACTIVE FEATURES ENABLE YOU TO: 29% – Dividend for the year increased by 10% Programmes Land & produces and services systems and armoured combat vehicles, tactical naval and security activities. Australia, together with a 37.5% interest – CUSTOMISE THE HOMEPAGE to 16.0p per share & Support Armaments subsystems for a wide range of military wheeled vehicles, naval guns, missile in the pan-European MBDA joint venture, – VIEW THE BAE SYSTEMS MOBILE SITE – SIGN UP FOR RSS FEEDS and commercial applications. launchers, artillery systems, munitions and shareholdings in Saab of Sweden – £500m market purchase of shares – SIGN UP FOR EMAIL ALERTS to commence and law enforcement products. and Air Astana. UNDERLYING EBITA3,4 BY OPERATING NUMBER OF EMPLOYEES1,3 BY OPERATING Electronic Solutions Global Combat Systems Military Air Solutions CS&S International GROUP (%) GROUP (%) Information Solutions Global Tactical Systems BAE Systems Surface Ships BAE Systems Australia KPI Platform Solutions Security & Survivability Submarine Solutions MBDA (37.5% interest) International Electronics, International Electronics, 19% 19% Support Solutions US Combat Systems Detica Saab (20.5% shareholding) 25% Intelligence & Intelligence & Support 30% Support Products Group Integrated System Technologies Air Astana (49% shareholding) CORPORATE REPORTING BENEFITS: WWW.BAESYSTEMS.COM/REPORTING/ Main 29% operating Notice of Annual General Meeting 2010 32% NOTICE OF ANNUAL GENERAL MEETING This year’s Annual General Meeting will be held at 11:00am on 5 May 2010 27% locations at The Queen Elizabeth II Conference Centre, 19% London SW1P 3EE Programmes Land & Programmes Land & & Support Armaments & Support Armaments This document includes the Notice of Meeting which sets out the It is good practice for companies to take a poll on all resolutions put to resolutions that shareholders are being asked to consider and vote on. shareholders and the Company has used such polls for a number of These resolutions are a very important part of the governance of the years. This allows all shareholders to have their votes recognised Company and all shareholders are urged to vote, whether they are able whether or not they are able to attend the meeting. to attend the meeting or not. The results of the voting on the resolutions will be posted on the The Board supports all of the resolutions to be put to the AGM. Company’s website after the meeting. You can vote on the resolutions
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