19 Feb 2009 | Ref. 032/2009
Continued strong performance building on a good, consistent track record established over recent years
“In 2008 BAE Systems delivered another strong performance across the business. We have a well balanced global business with a large order book, good forward visibility and a strong balance sheet. We have a clear long term strategy to develop the Group in the defence, security and aerospace sectors. From this robust base we look to the future with confidence as we continue to deliver value for our customers, employees and shareholders.” Ian King, CEO BAE Systems
HIGHLIGHTS
• Strong results reflect progress against Executive Committee’s objectives
o Headline sales growth of 18% to £18.5bn
o Underlying EBITA up 30.9% to £1,897m (2007: £1,477m)
o Underlying earnings per share increased by 23.3% to 37.1p
o Dividend increased by 13.3% to 14.5p
o Large order book of £46.5bn
o Strong balance sheet, net cash of £39m
o Cashflow from operating activities at £2,009m
o Revised pension deficit funding plan agreed
• Well balanced global business
o Continued strong delivery of strategy focussed around multiple home markets
o 88% of Group sales made in home markets in 2008
o Long term programmes comprising a stable core
• Global strategy continues to evolve
o Security market seen as an evolving and growing business opportunity
o Increased emphasis to corporate responsibility as key component of total performance culture
o Leveraging our global capabilities:
• Global footprint in Land delivered - globalisation of Land sector activities
• Developing security business – Detica acquisition
• Readiness & Sustainment – increasing stream of through life support business
• Unmanned Air Systems – which provide the greatest opportunities over the short to medium term but also draw together technologies and capabilities from subsurface and surface systems across the Group
• Effective implementation of global strategy and recognition of the hard work of employees around the world – resulting in £524 of free shares for all employees
Earnings before amortisation/impairment of intangible assets, finance costs and taxation excluding profit/(loss) on disposal of business and uplift on acquired inventories
For further information, please contact:
Lindsay Walls, BAE Systems
Tel: +44 (0)1252 383074 Mob: +44 (0)7793 427582
Lindsay.walls@baesystems.com
John Neilson, BAE Systems
Tel: + 44 (0) 1252 384795 Mob: + 44 (0)7802 337704
john.neilson@baesystems.com
Issued by:
BAE Systems, Farnborough, Hampshire GU14 6YU, UK
Tel: +44 (0) 1252 384710 Fax: +44 (0) 1252 383947
24hr media hotline: + 44 (0) 7801 717739
www.baesystems.com
Ref: 032/2009
