BAE Posts 2009 Net Loss on Charges As Sales Jump 21%
Strong performance as proven strategy continues to deliver
"BAE Systems has again delivered a strong set of financial results. Our well-defined and proven global strategy is serving the business and our shareholders well. These results show growth underpinned by a strong balance sheet and a record order book. With our broad international business, and with opportunities to further develop our position in the key growth areas of combat aircraft, Readiness and Sustainment and security, we have a strategy focused on long-term sustainable growth.
"BAE Systems is a broadly-based and resilient business with a large order book, agile in developing the business and adapting its capabilities in anticipation of changing requirements."
Ian King, Chief Executive BAE Systems
Strong results reflect continued progress of Group strategy
--Headline sales up 21% to £22.4bn
--Underlying EBITA up 17% to £2,220m
--Underlying earnings per share up 9.7% to 40.7p
--Dividend up 10% to 16p
--Record order book of £46.9bn
--Strong balance sheet, net cash of £403m
--Cashflow from operating activities at £2,232m
--£500m market purchase of shares to commence
Well balanced global business
--Broad geographic spread of business provides resilience
--Addressing long-term sustainable markets by building local industrial positions:
*India identified as seventh home market
*Wide portfolio of products and capabilities with many of the Group's programmes subject to long-term contracts
Long-term sustainable performance
--Good track record in delivering growth and value to shareholders
--Focus on driving performance and efficiency in the business
--Agile in developing the business, adapting capabilities in anticipation of changing requirements
--BAE Systems has evolved to become of the world's leading defence companies and is well positioned to weather the pressures in its global markets.
--Effective implementation of global strategy and recognition of the hard work of employees around the world - resulting in £567 of free shares for all employees.
BAE Systems is a global defence, security and aerospace company with approximately 107,000 employees worldwide. The Company 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. In 2009 BAE Systems reported sales of £22.4 billion (US$ 36.2 billion).
(EDITOR’S NOTE: BAE’s preliminary results statement (see below) show the company posted a net loss of £67 million for 2009, compared to a profit of £1.77 billion in 2008, due to a 30% increase in operating costs and charges of £973 million pounds.)
Click here for the full statement (31 pages in PDF format) on the BAE website.