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Yout 1 14/3/07 15:12 Page 1 B BAE Systems plc A 6 Carlton Gardens E Annual Repo rt 2006 London SW1Y 5AD S y United Kingdom s t e Telephone +44 (0)1252 373232 m s p l Registered in England and Wales No. 1470151 c A n n www.baesystems.com u a l R e p o r t 2 0 Cover image: BAE Systems, 0 6 with its partners, is delivering the Type 45 anti-air warfare destroyer. The Group has responsibility for the design, development and delivery for the class. The through-life support arrangements are now under discussion, with initial packages on contract. See overleaf for an overview Shaping our business of our business today Information key Cautionary statement All statements other than statements of historical fact included in this document, including, without limitation, Cross reference those regarding the financial condition, results, operations and businesses of BAE Systems and its strategy, 67 within report 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 For more information visit available to it at this time, involve known and unknown risks, uncertainties and other important factors which www.baesystems.com 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. In particular, section 463 Companies Act 2006 limits the liability of the directors of BAE Systems plc so that their liability is solely to BAE Systems plc. REAL PERFORMANCE. REAL ADVANTAGE. B BAE Systems plc A 6 Carlton Gardens E Annual Repo rt 2006 London SW1Y 5AD S y United Kingdom s t e Telephone +44 (0)1252 373232 m s p l Registered in England and Wales No. 1470151 c A n n www.baesystems.com u a l R e p o r t 2 0 Cover image: BAE Systems, 0 6 with its partners, is delivering the Type 45 anti-air warfare destroyer. The Group has responsibility for the design, development and delivery for the class. The through-life support arrangements are now under discussion, with initial packages on contract. See overleaf for an overview Shaping our business of our business today Information key Cautionary statement All statements other than statements of historical fact included in this document, including, without limitation, Cross reference those regarding the financial condition, results, operations and businesses of BAE Systems and its strategy, 67 within report 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 For more information visit available to it at this time, involve known and unknown risks, uncertainties and other important factors which www.baesystems.com 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. In particular, section 463 Companies Act 2006 limits 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 is the premier global defence and aerospace company delivering a full range of products and services for air, land and naval forces as well as advanced electronics, information technology solutions and customer support services. Electronics, Land & Armaments Programmes Intelligence & Support Principal Provides a variety of military Provides design, development, Comprises the Group’s air systems, communications, electronic production and through-life support naval ships and submarines activities, operations identification, navigation and guidance and upgrade of armoured combat with the UK MoD its principal customer. systems, network-centric warfare vehicles, naval guns, missile solutions and a broad range of launchers, artillery systems and support solutions, including major intelligent munitions. ship repair activities for the US Navy. Main operating locations Major markets US, Global US, UK, Sweden, South Africa UK, Global Share of 2006 Group sales (before elimination £4,007m £2,115m £2,927m of intra-group sales) 28% 15% 21% Key points – Strong demand for electronic – Benefiting from high volume of reset – Good schedule and cost adherence warfare systems and upgrade activity – Programmes transitioning from from 2006 – Key support solutions business wins – Good progress in next-generation development to production – Group-wide capabilities combine technology programmes – Hawk and Nimrod production to win FastTrack contract – Accelerated rationalisation in the orders secured – Key Federal information technology UK business – UAV technology agreements secured solutions awards – Wheeled armoured vehicle successes 14 16 18 Group – Good financial performance – Continued growth from US businesses £13,765m 88,600 – Implementation of UK Defence Industrial Sales for 2006 Number of employees, Strategy underway including share of employees of equity accounted investments Customer Solutions Integrated Systems HQ and other businesses & Support & Partnerships Provides partnered, through-life A portfolio of high-technology defence Comprises the regional aircraft asset Principal support and capability solutions to the systems businesses comprising the management and support activities, UK MoD and manages the businesses wholly-owned Integrated System head office and UK shared services operations in Saudi Arabia and Australia. Technologies and Underwater Systems activity, including research centres businesses, together with a 37.5% and property management. interest in the pan-European MBDA joint venture, a 20.5% interest in Saab of Sweden and a 50% interest in the Gripen International joint venture. Main operating locations UK/Europe, Middle East, Australia UK/Europe UK Major markets Share of 2006 Group sales £3,180m £1,748m £295m (before elimination 22% 12% 2% of intra-group sales) – Tornado ATTAC agreement signed – European portfolio restructuring – Aerostructures sale completed Key points in the UK complete – UK pension funding deficit addressed – Kingdom of Saudi Arabia – Major Insyte communication system from 2006 modernisation programme underway wins in UK – Investment in Kingdom of Saudi – MBDA programme milestones Arabia continues achieved – Australian Hawk support – Saab’s acquisition of Ericsson contract secured Microwave Systems complete 20 22 24 22781 BAE001_p1.qxd:Layout 1 14/3/07 15:12 Page 1 Contents Operating and financial review 2 Highlights, outlook and results in brief 4 Chairman’s letter 6 Chief Executive’s review 10 Strategy 12 Markets 14 Electronics, Intelligence & Support 16 Land & Armaments 18 Programmes 20 Customer Solutions & Support 22 Integrated Systems & Partnerships 24 HQ and other businesses 25 Key Performance Indicators 26 Financial review including critical accounting policies 31 Risks and uncertainties 34 Resources 35 Corporate responsibility Corporate governance 42 Board of directors 44 Corporate governance 51 Remuneration report 66 Directors’ report 68 Statement of directors’ responsibilities Financial statements 71 Independent auditors’ report 72 Consolidated financial statements 76 Notes to the Group accounts 115 Company balance sheet 116 Notes to the Company accounts 124 Five year summary Shareholder information 126 Shareholder information 127 Financial calendar 128 Glossary 129 Shareholder feedback www.baesystems.com 1 22781 BAE001_p2_3.qxd:Layout 1 14/3/07 15:12 Page 2 Operating and financial review Highlights, outlook and results in brief Highlights – Good financial performance – Continued growth from US businesses – Implementation of UK Defence Industrial Strategy underway – European business portfolio restructuring completed – UK pension funding deficit addressed – Airbus sale completed – Underlying earnings3 per share up 29.3% at 23.8p – Dividend increased 9.7% to 11.3p per share for the year Outlook Looking forward to 2007 we anticipate a further year of good growth led by our US businesses, in particular from the Land & Armaments sector, and from further progress in the Programmes business. We anticipate good operating cash flow again in 2007. 2 BAE Systems Annual Report 2006 22781 BAE001_p2_3.qxd:Layout 1 14/3/07 15:12 Page 3 outlook and Highlights Results in brief Restated6 Results from continuing operations 2006 2005 Sales1 £13,765m £12,581m EBITA2 £1,207m £909m Operating profit £1,054m £761m Underlying earnings3 per share 23.8p 18.4p Basic earnings per share4 19.9p 13.9p Order book5 £31.7bn £30.8bn Other results including discontinued operations Dividend per share 11.3p 10.3p Cash inflow from operating activities £778m £2,099m Net cash/(debt) as defined by the Group £435m £(1,277)m 1 including share of equity accounted investments 2 earnings before amortisation and impairment of intangible assets, finance costs
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