2003 Interim Results2003 Interim Results
11 September 200311 September 2003
2003 Interim Results2003 Interim Results
11 September 200311 September 2003
Mike TurnerMike Turner
Chief ExecutiveChief Executive
Mike TurnerMike Turner
Chief ExecutiveChief Executive
Business PerformanceBusiness Performance
• Strong North America performance Strong North America performance
• CS&S delivering growth strategy CS&S delivering growth strategy
• Airbus performing well Airbus performing well
• UK MoD programmes being addressedUK MoD programmes being addressed
• Strong North America performance Strong North America performance
• CS&S delivering growth strategy CS&S delivering growth strategy
• Airbus performing well Airbus performing well
• UK MoD programmes being addressedUK MoD programmes being addressed
Military PlatformsMilitary Platforms
Commercial PlatformsCommercial Platforms
Electronics & SoftwareElectronics & Software
Support SolutionsSupport Solutions
30%
29%21%
20%
Highlights - UKHighlights - UK
• IraqIraq– Equipment performance endorsementEquipment performance endorsement
• CS&SCS&S– Continued good progress with DLOContinued good progress with DLO– Expanding in new marketsExpanding in new markets
• ProgrammesProgrammes– Nimrod and Astute on trackNimrod and Astute on track– Thales agreement on the CarrierThales agreement on the Carrier– Type 45 progressing wellType 45 progressing well– Sting Ray mod 1 contract award Sting Ray mod 1 contract award – Typhoon Type Acceptance achievedTyphoon Type Acceptance achieved– JSF development progressing to planJSF development progressing to plan– Hawk agreements for UK and IndiaHawk agreements for UK and India
• IraqIraq– Equipment performance endorsementEquipment performance endorsement
• CS&SCS&S– Continued good progress with DLOContinued good progress with DLO– Expanding in new marketsExpanding in new markets
• ProgrammesProgrammes– Nimrod and Astute on trackNimrod and Astute on track– Thales agreement on the CarrierThales agreement on the Carrier– Type 45 progressing wellType 45 progressing well– Sting Ray mod 1 contract award Sting Ray mod 1 contract award – Typhoon Type Acceptance achievedTyphoon Type Acceptance achieved– JSF development progressing to planJSF development progressing to plan– Hawk agreements for UK and IndiaHawk agreements for UK and India
Network Enabled CapabilityNetwork Enabled Capability
• NITEworksNITEworks– Optimise UK’s Network Enabled Capabilities Optimise UK’s Network Enabled Capabilities – UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead– Key to integration of future systemsKey to integration of future systems
• UK Missile Defence CentreUK Missile Defence Centre– Forum for missile defence collaborationForum for missile defence collaboration– Interface with US Missile Defence AgencyInterface with US Missile Defence Agency– UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead
• NITEworksNITEworks– Optimise UK’s Network Enabled Capabilities Optimise UK’s Network Enabled Capabilities – UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead– Key to integration of future systemsKey to integration of future systems
• UK Missile Defence CentreUK Missile Defence Centre– Forum for missile defence collaborationForum for missile defence collaboration– Interface with US Missile Defence AgencyInterface with US Missile Defence Agency– UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead
Highlights - USHighlights - US
• AJCNAJCN– Adaptive Joint C4ISR Node (AJCN)– DARPA aDARPA advanced technology demonstration programme
• WIN -T– Warfighter Information Network - Tactical
• GPCS / APCSGPCS / APCS– Selected for key C4ISR position on FCS Selected for key C4ISR position on FCS
• C-17C-17– Avionics upgradeAvionics upgrade
• AcquisitionsAcquisitions– MEVATEC and APTIMEVATEC and APTI
• AJCNAJCN– Adaptive Joint C4ISR Node (AJCN)– DARPA aDARPA advanced technology demonstration programme
• WIN -T– Warfighter Information Network - Tactical
• GPCS / APCSGPCS / APCS– Selected for key C4ISR position on FCS Selected for key C4ISR position on FCS
• C-17C-17– Avionics upgradeAvionics upgrade
• AcquisitionsAcquisitions– MEVATEC and APTIMEVATEC and APTI
Highlights - EuropeHighlights - Europe
• AirbusAirbus– Good order intakeGood order intake– Stable delivery outlookStable delivery outlook
• A400MA400M– 180 aircraft contract signed180 aircraft contract signed
• EuroSystemsEuroSystems– Memorandum of Understanding signedMemorandum of Understanding signed
• STN Atlas STN Atlas – Restructuring agreedRestructuring agreed
• AirbusAirbus– Good order intakeGood order intake– Stable delivery outlookStable delivery outlook
• A400MA400M– 180 aircraft contract signed180 aircraft contract signed
• EuroSystemsEuroSystems– Memorandum of Understanding signedMemorandum of Understanding signed
• STN Atlas STN Atlas – Restructuring agreedRestructuring agreed
Programme ManagementProgramme Management
• Programme management Programme management
– External benchmarkingExternal benchmarking
– Management team changes Management team changes
– New programme management assessment centreNew programme management assessment centre
– Incentives revisedIncentives revised
• Programme management Programme management
– External benchmarkingExternal benchmarking
– Management team changes Management team changes
– New programme management assessment centreNew programme management assessment centre
– Incentives revisedIncentives revised
Group Strategy FrameworkGroup Strategy Framework
To be the premier transatlantic defence company and a lead supplier of prime systems solutions
Integrated Business Plans
Grow leading sub systems position in
North America
Consolidate Defence
Electronics position in
Europe
Build an integrated support,
solutions and services
business in UK and
international markets
Develop a sustainable UK
programme prime position in Air, Sea and
Land
Become the UK’s system of systems architect
Manage “non-strategic”
business for optimal value
Achieve transaction(s) to secure a prime systems solutions position in
the US
Optimise the value of our business portfolio through being a leader in our
chosen markets
George RoseGeorge Rose
Group Finance DirectorGroup Finance Director
George RoseGeorge Rose
Group Finance DirectorGroup Finance Director
Financial HighlightsFinancial Highlights
• Profit before interest* £465mProfit before interest* £465m
• Fully diluted earnings per share*Fully diluted earnings per share* 7.2p 7.2p
• Dividend per share Dividend per share 3.7p 3.7p
• Operating cash flow Operating cash flow £273m £273m
• Net debt Net debt £1,254m £1,254m
• Order book £46.4bnOrder book £46.4bn
• Profit before interest* £465mProfit before interest* £465m
• Fully diluted earnings per share*Fully diluted earnings per share* 7.2p 7.2p
• Dividend per share Dividend per share 3.7p 3.7p
• Operating cash flow Operating cash flow £273m £273m
• Net debt Net debt £1,254m £1,254m
• Order book £46.4bnOrder book £46.4bn
* before goodwill amortisation, impairment and exceptional items
Profit and Loss AccountProfit and Loss Account
Sales (including share of JV sales)Sales (including share of JV sales)
Profit before interest *Profit before interest *
Interest Interest
Profit before tax*Profit before tax*
Exceptional itemsExceptional items
Sales (including share of JV sales)Sales (including share of JV sales)
Profit before interest *Profit before interest *
Interest Interest
Profit before tax*Profit before tax*
Exceptional itemsExceptional items
£ millions
5,7035,703
461461
(102)(102)
359359
(39)(39)
First halfFirst half20022002
First halfFirst half20032003
* before goodwill amortisation, impairment and exceptional items
5,6825,682
465465
(132)(132)
333333
(3)(3)
Balance SheetBalance Sheet
£ millions
5,7035,703
461461
(102)(102)
359359
(39)(39)
Fixed assetsFixed assets
Working capitalWorking capital Net cash / (debt)Net cash / (debt)
ProvisionsProvisions
Net assetsNet assets
Minority interestMinority interest
Shareholders’ fundsShareholders’ funds
Fixed assetsFixed assets
Working capitalWorking capital Net cash / (debt)Net cash / (debt)
ProvisionsProvisions
Net assetsNet assets
Minority interestMinority interest
Shareholders’ fundsShareholders’ funds
9,6529,652
(1,671)(1,671)
(1,298)(1,298)
(987)(987)
5,6965,696
(20)(20)
5,6765,676
31/12/0231/12/0230/6/0330/6/03
9,4809,480
(1,606)(1,606)
(1,254)(1,254)
(1,018)(1,018)
5,6025,602
(20)(20)
5,5825,582
FRS 17 - PensionsFRS 17 - Pensions
£ millions
Deficit in pension schemes at 1 January 2003Deficit in pension schemes at 1 January 2003
Actual return on assets in excess of expected returnActual return on assets in excess of expected return
Increase in liabilitiesIncrease in liabilities
Other movementsOther movements
Deficit in pension schemes at 30 June 2003Deficit in pension schemes at 30 June 2003
Related deferred tax assetRelated deferred tax asset
Net pension liabilityNet pension liability
Deficit in pension schemes at 1 January 2003Deficit in pension schemes at 1 January 2003
Actual return on assets in excess of expected returnActual return on assets in excess of expected return
Increase in liabilitiesIncrease in liabilities
Other movementsOther movements
Deficit in pension schemes at 30 June 2003Deficit in pension schemes at 30 June 2003
Related deferred tax assetRelated deferred tax asset
Net pension liabilityNet pension liability
(3,125)(3,125)
188188
(683)(683)
(12)(12)
(3,632)(3,632)
1,1221,122
(2,510)(2,510)
(3,125)(3,125)
188188
(683)(683)
(12)(12)
(3,632)(3,632)
1,1221,122
(2,510)(2,510)
Operating Cash FlowOperating Cash Flow
£ millions
(3,125)(3,125)
188188
(683)(683)
(12)(12)
(3,632)(3,632)
1,1221,122
(2,510)(2,510)
(3,125)(3,125)
188188
(683)(683)
(12)(12)
(3,632)(3,632)
1,1221,122
(2,510)(2,510)
Profit before interest*Profit before interest*
Less J/VsLess J/Vs
Less exceptional itemsLess exceptional items
Add depreciationAdd depreciation
Profit on disposal of fixed assetsProfit on disposal of fixed assets Mvt in liability provisionsMvt in liability provisions
Mvt in stocksMvt in stocks
Mvt in debtorsMvt in debtors
Mvt in creditorsMvt in creditors
Mvt in customer stage paymentsMvt in customer stage payments
Operating cash flow (FRS 1)Operating cash flow (FRS 1)
Profit before interest*Profit before interest*
Less J/VsLess J/Vs
Less exceptional itemsLess exceptional items
Add depreciationAdd depreciation
Profit on disposal of fixed assetsProfit on disposal of fixed assets Mvt in liability provisionsMvt in liability provisions
Mvt in stocksMvt in stocks
Mvt in debtorsMvt in debtors
Mvt in creditorsMvt in creditors
Mvt in customer stage paymentsMvt in customer stage payments
Operating cash flow (FRS 1)Operating cash flow (FRS 1)
465465
(103)(103)
(3)(3)
106106
(17)(17)
(62)(62)
(101)(101)
300300
(534)(534)
222222
273273
465465
(103)(103)
(3)(3)
106106
(17)(17)
(62)(62)
(101)(101)
300300
(534)(534)
222222
273273
First halfFirst half20032003
* before goodwill amortisation, impairment and exceptional items £ millions
Sector Cash FlowSector Cash Flow
Operating cash flow (FRS 1)Operating cash flow (FRS 1)
Capital Expenditure (net) & Financial InvestmentCapital Expenditure (net) & Financial Investment
J/V DividendJ/V Dividend
Sector cash flowSector cash flow
ProgrammesProgrammes
Customer Solutions & SupportCustomer Solutions & Support
International PartnershipsInternational Partnerships
AvionicsAvionics
North AmericaNorth America
Commercial AerospaceCommercial Aerospace
HQ and other businessesHQ and other businesses
Sector cash flowSector cash flow
273273
(63)(63)
77
217217
(35)(35)
302302
4141
(51)(51)
143143
(154)(154)
(29)(29)
217217
First halfFirst half20032003
£ millions
Free Cash FlowFree Cash Flow
£ millions
Operating cash flowOperating cash flow
Capital Expenditure (net) & Financial InvestmentCapital Expenditure (net) & Financial Investment
Dividend received from J/VsDividend received from J/Vs
Interest and Preference DividendInterest and Preference Dividend
TaxationTaxation
Free cash flowFree cash flow
Operating cash flowOperating cash flow
Capital Expenditure (net) & Financial InvestmentCapital Expenditure (net) & Financial Investment
Dividend received from J/VsDividend received from J/Vs
Interest and Preference DividendInterest and Preference Dividend
TaxationTaxation
Free cash flowFree cash flow
273273
(63)(63)
77
(66)(66)
7070
221221
273273
(63)(63)
77
(66)(66)
7070
221221
First halfFirst half20032003
Movement in Net DebtMovement in Net Debt
Opening Net DebtOpening Net Debt
Free cash flowFree cash flow
Dividends paidDividends paid
Acquisitions and DisposalsAcquisitions and Disposals
Exchange propertyExchange property
Foreign currency translationForeign currency translation
Proceeds of equity issuesProceeds of equity issues
Movement in cash on customers’ accountMovement in cash on customers’ account
Closing Net DebtClosing Net Debt
Opening Net DebtOpening Net Debt
Free cash flowFree cash flow
Dividends paidDividends paid
Acquisitions and DisposalsAcquisitions and Disposals
Exchange propertyExchange property
Foreign currency translationForeign currency translation
Proceeds of equity issuesProceeds of equity issues
Movement in cash on customers’ accountMovement in cash on customers’ account
Closing Net DebtClosing Net Debt
(1,298)(1,298)
221221
(168)(168)
(62)(62)
2525
1919
--
99
(1,254)(1,254)
(1,298)(1,298)
221221
(168)(168)
(62)(62)
2525
1919
--
99
(1,254)(1,254)
£ millions
First halfFirst half20032003
ProgrammesProgrammes
First halfFirst half20032003
£976m£976m
£18m£18m
1.8%1.8%
£11.7bn£11.7bn
£(35)m£(35)m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flow Cash flow
First halfFirst half20022002
£955m£955m
£3m£3m
0.3%0.3%
£11.7bn£11.7bn
£(222)m£(222)m
Customer Solutions & SupportCustomer Solutions & Support
First halfFirst half20032003
£1,018m£1,018m
£210m£210m
20.6%20.6%
£2.1bn£2.1bn
£302m£302m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flowCash flow
First halfFirst half20022002
£1,065m£1,065m
£220m£220m
20.7%20.7%
£2.2bn£2.2bn
£85m£85m
International PartnershipsInternational Partnerships
First halfFirst half20032003
£650m£650m
£8m£8m
1.2%1.2%
£6.1bn£6.1bn
£41m£41m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flowCash flow
First halfFirst half20022002
£658m£658m
£2m£2m
0.3%0.3%
£5.9bn£5.9bn
£39m£39m
MBDA (37.5%)
Saab (35%)
AMS (50%)
Atlas Elektronik (100%)
AvionicsAvionics
First halfFirst half20032003
£488m£488m
£4m£4m
0.8%0.8%
£2.5bn£2.5bn
£(51)m£(51)m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flowCash flow
First halfFirst half20022002
£459m£459m
£4m£4m
0.9%0.9%
£2.7bn£2.7bn
£5m£5m
North AmericaNorth America
First halfFirst half20032003
£1,365m£1,365m
£122m£122m
8.9%8.9%
£2.5bn£2.5bn
£143m£143m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flowCash flow
First halfFirst half20022002
£1,327m£1,327m
£115m£115m
8.7%8.7%
£2.4bn£2.4bn
£84m£84m
North AmericaNorth America
First halfFirst half20032003
$2,202m$2,202m
$197m$197m
8.9%8.9%
$4.1bn$4.1bn
$230m$230m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flowCash flow
First halfFirst half20022002
$1,917m$1,917m
$166m$166m
8.7%8.7%
$3.7bn$3.7bn
$121m$121m
Commercial AerospaceCommercial Aerospace
First halfFirst half20032003
£1,341m£1,341m
£88m£88m
6.6%6.6%
£22.9bn£22.9bn
£(154)m£(154)m
SalesSales
PBIT PBIT
Margin Margin
Order book Order book
Cash flowCash flow
First halfFirst half20022002
£1,389m£1,389m
£122m£122m
8.8%8.8%
£19.3bn£19.3bn
£(138)m£(138)m
Financial SummaryFinancial Summary
Profit before interest * Profit before interest * £465m £465m
MarginMargin 8.2%8.2%
Net debt Net debt £1,254m £1,254m
Operating cash flow Operating cash flow £273m £273m
Fully diluted earnings per share* 7.2pFully diluted earnings per share* 7.2p
Dividend per share 3.7pDividend per share 3.7p
Order book £46.4bnOrder book £46.4bn
Profit before interest * Profit before interest * £465m £465m
MarginMargin 8.2%8.2%
Net debt Net debt £1,254m £1,254m
Operating cash flow Operating cash flow £273m £273m
Fully diluted earnings per share* 7.2pFully diluted earnings per share* 7.2p
Dividend per share 3.7pDividend per share 3.7p
Order book £46.4bnOrder book £46.4bn
* before goodwill amortisation, impairment and exceptional items
Mark RonaldMark Ronald
President President
BAE SYSTEMS North AmericaBAE SYSTEMS North America
Mark RonaldMark Ronald
President President
BAE SYSTEMS North AmericaBAE SYSTEMS North America
Current Trends / Consequences of 9/11, Afghanistan and IraqCurrent Trends / Consequences of 9/11, Afghanistan and Iraq
• Asymmetric warfare, global War on terrorism
• Convergence between national and tactical Intelligence
• Persistent ISR and combat operations
• Time critical strike/ precision engagement
• Horizontal integration across stove-pipes
• Shift toward outsourcing non-combative roles
• Migration toward common real-time enterprise systems
• Asymmetric warfare, global War on terrorism
• Convergence between national and tactical Intelligence
• Persistent ISR and combat operations
• Time critical strike/ precision engagement
• Horizontal integration across stove-pipes
• Shift toward outsourcing non-combative roles
• Migration toward common real-time enterprise systems
Growing Leadership Positions in the US Growing Leadership Positions in the US
• Continued strong performance… award fees greater than 95%
• Winning key programs– Future Combat Systems Communications Integrator– Classified Intelligence Programs– DARPA Advanced Concept Technology Demos– Homeland Security Digital Mapping Systems
• Managing for Profitable Growth– Facilities consolidation & modernization– Engineering & Production process improvements– IT Infrastructure rationalization– eBusiness implementation
• Continued strong performance… award fees greater than 95%
• Winning key programs– Future Combat Systems Communications Integrator– Classified Intelligence Programs– DARPA Advanced Concept Technology Demos– Homeland Security Digital Mapping Systems
• Managing for Profitable Growth– Facilities consolidation & modernization– Engineering & Production process improvements– IT Infrastructure rationalization– eBusiness implementation
Optimizing Value of US PortfolioOptimizing Value of US Portfolio
Acquisitions expand capabilities in strategic areas:
• Analytical Solutions (MEVATEC) – $129 M Sales– Engineering and technical services company, with contracts in missile
defense, joint interoperability, aviation and outsourcing. Strengths include modeling and simulation and proprietary software tools.
– Over 500 employees in 14 locations, headquartered in Huntsville, Alabama.
– 20% annual growth over last three years.
• Advanced Technologies (APTI) – $25 M Sales– Research & Development engine with key discriminators in Network
Centric Warfare (NCW) and Information Warfare (IW) technologies. – Over 100 employees in 4 locations, headquartered in Washington, DC.
Acquisitions expand capabilities in strategic areas:
• Analytical Solutions (MEVATEC) – $129 M Sales– Engineering and technical services company, with contracts in missile
defense, joint interoperability, aviation and outsourcing. Strengths include modeling and simulation and proprietary software tools.
– Over 500 employees in 14 locations, headquartered in Huntsville, Alabama.
– 20% annual growth over last three years.
• Advanced Technologies (APTI) – $25 M Sales– Research & Development engine with key discriminators in Network
Centric Warfare (NCW) and Information Warfare (IW) technologies. – Over 100 employees in 4 locations, headquartered in Washington, DC.
Well Positioned for Growth in Homeland SecurityWell Positioned for Growth in Homeland Security
• Chemical, Biological, and Toxic Agent detection
• Geographic mapping for emergency response
• Thermal Imaging systems
• First responder’s communications vehicle
• Unified command suite
• Upgraded communications for US Coast Guard
• Physical security systems
• Chemical, Biological, and Toxic Agent detection
• Geographic mapping for emergency response
• Thermal Imaging systems
• First responder’s communications vehicle
• Unified command suite
• Upgraded communications for US Coast Guard
• Physical security systems
Mike TurnerMike Turner
SummarySummary
Mike TurnerMike Turner
SummarySummary
SummarySummary
• Contract risk addressed
• UK defence industrial strategy
• NITEworks
• Support for allied operations in Iraq
• Strategy implementation
– Systems
– Support solutions
– US growth
• Contract risk addressed
• UK defence industrial strategy
• NITEworks
• Support for allied operations in Iraq
• Strategy implementation
– Systems
– Support solutions
– US growth
HandoutsHandouts
Profit and loss accountProfit and loss account
Profit before tax *
Goodwill amortisation
Exceptional items
Profit before tax
Tax - excluding exceptionals
Tax - exceptional items
Minority interests
Profit / (loss) for the year
Diluted earnings per share*
Profit before tax *
Goodwill amortisation
Exceptional items
Profit before tax
Tax - excluding exceptionals
Tax - exceptional items
Minority interests
Profit / (loss) for the year
Diluted earnings per share*
£ millions
359
(279)
(39)
41
(115)
11
-
(63)
7.7p
First half 2003
First half 2002
333
(274)
(3)
56
(103)
1
(1)
(47)
7.2p
* before goodwill amortisation, impairment and exceptional items
Exceptional itemsExceptional items
Defence sector rationalisation
MES integration costs
Commercial aerospace
Total exceptional items
Defence sector rationalisation
MES integration costs
Commercial aerospace
Total exceptional items
(2)
(1)
-
(3)
(8)
(1)
(30)
(39)
First half 2003
First half 2002
£ millions
Profit incl. goodwill amortisation and exceptional items
Preference dividendsEarnings including goodwill amortisation and exceptional itemsAdd back - Goodwill amortisation
- Exceptional items - Tax on exceptional items
Earnings excl. goodwill amortisation and exceptional items
Weighted average ordinary shares in issue (millions)
Basic earnings per share :Including goodwill amortisation and exceptional itemsExcluding goodwill amortisation and exceptional items
Profit incl. goodwill amortisation and exceptional items
Preference dividendsEarnings including goodwill amortisation and exceptional itemsAdd back - Goodwill amortisation
- Exceptional items - Tax on exceptional items
Earnings excl. goodwill amortisation and exceptional items
Weighted average ordinary shares in issue (millions)
Basic earnings per share :Including goodwill amortisation and exceptional itemsExcluding goodwill amortisation and exceptional items
(63)
(10) (73)279 39
(11)234
3,048
(2.4)p7.7p
Basic EPS calculationBasic EPS calculation
2002
First Half
(47)
(10) (57)274
3 (1)219
3,056
(1.9)p7.2p
2003
First Half
Profit incl. goodwill amortisation and exceptional items
Preference dividendsEarnings including goodwill amortisation and exceptional itemsAdd back - Goodwill amortisation
- Exceptional items - Tax on exceptional items
Earnings excl. goodwill amortisation and exceptional items
Weighted average ordinary shares in issue (millions)Weighted average incl. options and preference shares(millions)
Basic earnings per share :Including goodwill amortisation and exceptional itemsExcluding goodwill amortisation and exceptional items
Profit incl. goodwill amortisation and exceptional items
Preference dividendsEarnings including goodwill amortisation and exceptional itemsAdd back - Goodwill amortisation
- Exceptional items - Tax on exceptional items
Earnings excl. goodwill amortisation and exceptional items
Weighted average ordinary shares in issue (millions)Weighted average incl. options and preference shares(millions)
Basic earnings per share :Including goodwill amortisation and exceptional itemsExcluding goodwill amortisation and exceptional items
(63)
(10) (73)279 39
(11)234
3,048n/a
(2.4)p7.7p
Diluted EPS calculationDiluted EPS calculation
2002
First Half
(47)
(10) (57)274
3 (1)219
3,056n/a
(1.9)p7.2p
2003
First Half
Performance by Sector - First Half 2003Performance by Sector - First Half 2003
ProgrammesProgrammes
Customer Solutions & SupportCustomer Solutions & Support
International PartnershipsInternational Partnerships
AvionicsAvionics
North AmericaNorth America
Commercial AerospaceCommercial Aerospace
HQ and other businessesHQ and other businesses
Intra GroupIntra Group
TotalTotal
976976
1,0181,018
650650
488488
1,3651,365
1,3411,341
147147
(303)(303)
5,6825,682
1818
210210
88
44
122122
8888
1515
--
465465
SalesSales PBIT *PBIT *
£ millions* before goodwill amortisation, impairment and exceptional items
Working Capital & Provision MovementsWorking Capital & Provision Movements
Stocks (A)Stocks (A) Debtors < 1 YearDebtors < 1 YearDebtors > 1 YearDebtors > 1 YearTotal debtors (B)Total debtors (B)
Creditors < 1 YearCreditors < 1 YearCreditors > 1 YearCreditors > 1 YearTotal creditors ** (C)Total creditors ** (C)
Customer stage payments (CSP’s)Customer stage payments (CSP’s)Total creditors excl CSP’s Total creditors excl CSP’s
Working cap per balance sheet ***Working cap per balance sheet ***Cash on customers’ accountCash on customers’ accountWorking capital per cash flowWorking capital per cash flow
Liability provisionsLiability provisions
Stocks (A)Stocks (A) Debtors < 1 YearDebtors < 1 YearDebtors > 1 YearDebtors > 1 YearTotal debtors (B)Total debtors (B)
Creditors < 1 YearCreditors < 1 YearCreditors > 1 YearCreditors > 1 YearTotal creditors ** (C)Total creditors ** (C)
Customer stage payments (CSP’s)Customer stage payments (CSP’s)Total creditors excl CSP’s Total creditors excl CSP’s
Working cap per balance sheet ***Working cap per balance sheet ***Cash on customers’ accountCash on customers’ accountWorking capital per cash flowWorking capital per cash flow
Liability provisionsLiability provisions
£ millions
Acq/DisFlowFRS 1
Cash Flow
926926
24062406903903
33093309
(5409)(5409)(444)(444)
(5853)(5853)
19501950(3903)(3903)
(1618)(1618)1212
(1606)(1606)
(1018)(1018)
31/12/0231/12/0230/6/0330/6/03
768768
26732673805805
34783478
(5489)(5489)(449)(449)
(5938)(5938)
17271727(4211)(4211)
(1692)(1692)2121
(1671)(1671)
(987)(987)
(158)(158)
169169
223223(308)(308)
(74)(74)99
(65)(65)
3131
6262
120120
(151)(151)
(28)(28)
1919
(58)(58)
(71)(71)
Other * *
* includes adjustments for non FRS 1 movements on tax , interest and dividends** includes cash on customers’ account*** equals A+B+C
(5)(5)
(8)(8)
(1)(1)(17)(17)
66
F/X
(101)(101)
300300
222222(534)(534)
(62)(62)
Top Related