Five Year Summary

Five Year Summary

Income statement for the year ended 31 December

  2016
£m
20152
£m
20143
£m
20133,4
£m
2012
£m
Continuing operations
Sales1
Electronic Systems 3,282 2,922 2,415 2,466 2,507
Cyber & Intelligence 1,778 1,564 1,658 1,981 1,402
Platforms & Services (US) 2,874 2,779 2,689 3,170 4,539
Platforms & Services (UK) 7,806 7,405 6,623 7,174 5,717
Platforms & Services (International) 3,943 3,742 3,572 4,063 4,071
HQ 233 237 279 306 267
Intra-group sales (896) (745) (599) (980) (598)
  19,020 17,904 16,637 18,180 17,905
Underlying EBITA5          
Electronic Systems 494 437 373 346 356
Cyber & Intelligence 90 104 153 158 124
Platforms & Services (US) 211 177 117 186 394
Platforms & Services (UK) 810 721 772 915 695
Platforms & Services (International) 400 335 366 429 417
HQ (100) (91) (79) (109) (124)
  1,905 1,683 1,702 1,925 1,862
Non-recurring items          
(Loss)/profit on business transactions (12) (24)  -  6 103
Research and development expenditure credits relating to 2013 and 2014  -  50  -   -   - 
EBITA 1,893 1,709 1,702 1,931 1,965
Amortisation and impairment of intangible assets (87) (186) (354) (1,076) (312)
Finance costs including share of equity accounted investments (619) (409) (448) (392) (410)
Profit before taxation 1,187 1,114 900 463 1,243
Taxation expense including share of equity accounted investments (249) (171) (148) (287) (284)
Profit for the year 938 943 752 176 959
           
Balance sheet as at 31 December          
  20166
£m
20156
£m
2014
£m
2013
£m
2012
£m
Intangible assets 11,264 10,117 9,983 9,735 10,928
Property, plant and equipment, and investment property 1,999 1,772 1,718 2,071 2,407
Equity accounted investments and other investments 305 256 236 286 270
Inventories 744 726 690 680 655
Payables (excluding cash received on customers' account) less receivables (3,702) (3,921) (4,405) (4,874) (6,466)
Net other financial assets and liabilities 121 (43) (112) (23) (50)
Group's share of the net IAS 19 pension deficit (6,054) (4,501) (5,368) (3,509) (4,560)
Provisions (606) (655) (751) (794) (746)
Net tax assets and liabilities 935 661 865 405 951
Net (debt)/cash (1,542) (1,422) (1,032) (699) 387
Net assets/(liabilities) held for sale  -  12 53 140 (2)
Non-controlling interests (26) (13) (35) (37) (54)
Total equity attributable to equity holders of the parent 3,438 2,989 1,842 3,381 3,720
           
Movement in net (debt)/cash for the year ended 31 December          
  2016
£m
2015
£m
2014
£m
2013
£m
2012
£m
Net cash flow from operating activities7 1,229 808 821 67 2,343
Add back: Amounts already deducted from net (debt)/cash8  -   -   -   -  458
  1,229 808 821 67 2,801
Net capital expenditure9 (450) (284) 215 (153) (293)
Dividends received from equity accounted investments 38 41 63 95 94
Assets contributed to Trust  -   -   -   -  (25)
Add back: Taxation 187 116 92 138 115
Operating business cash flow 1,004 681 1,191 147 2,692
Acquisitions and disposals 6 16 (230) 4 96
Interest (200) (173) (145) (166) (147)
Tax and dividends (881) (811) (748) (787) (746)
Sale/(purchase) of equity shares 3 1 (281) (212) (16)
Foreign exchange adjustments (621) (165) (146) 3 92
Other movements10 571 61 31 (76) (146)
Net (decrease)/increase in net funds (118) (390) (328) (1,087) 1,825
Deduct: Cash classified as held for sale (2)  -  (6)  -   - 
Deduct: Movement in cash received on customers' account  -   -  1 1 1
Movement in net (debt)/cash (120) (390) (333) (1,086) 1,826
Opening net (debt)/cash (1,422) (1,032) (699) 387 (1,439)
Closing net (debt)/cash (1,542) (1,422) (1,032) (699) 387
           
Other information          
           
  2016 2015 2014 2013 2012
Continuing operations
Basic earnings per share - total (pence) 28.8 29.0 23.4 5.2 29.3
Basic earnings per share - underlying11 (pence) 40.3 40.2 38.0 42.0 38.7
Order backlog12 including the Group's share of equity accounted investments (£bn) 42.0 36.8 40.5 42.7 42.5
Dividend per ordinary share (pence) 21.3 20.9 20.5 20.1 19.5
Number of employees, excluding share of employees of equity accounted investments, at year end 76,000 75,000 76,000 78,000 81,000
Capital expenditure including leased assets13 (£m) 652 459 327 273 404
           

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  1. Revenue including the Group's share of revenue of equity accounted investments.
  2. Re-presented for the transfer of the GEOINT-ISR business from Cyber & Intelligence to Electronic Systems.
  3. Re-presented for the transfer of the Integrated Electronics & Warfare Systems activities from Platforms & Services (US) to Cyber & Intelligence.
  4. Re-presented for the transfer of the UK Munitions business from Platforms & Services (US) to Platforms & Services (UK) from 1 January 2014.
  5. Profit for the year before amortisation and impairment of intangible assets, finance costs and taxation expense (EBITA) excluding non-recurring items.
  6. Funding received from the UK government for property, plant and equipment at Barrow-in-Furness, UK, relating to the Dreadnought submarine programme included in payables in the Consolidated balance sheet is presented here in property, plant and equipment, and investment property.
  7. 2012 to 2015 have been re-presented to reclassify interest paid from operating to investing activities.
  8. Comprises the £428m contribution from Trust to the UK pension schemes and the £29.5m charitable contribution for the benefit of the people of Tanzania in connection with the global settlement with the UK's Serious Fraud Office in 2010, both made in 2012, as the amounts had been deducted from the Group's net (debt)/cash.
  9. Includes net expenditure on property, plant and equipment, investment property, intangible assets, and other investments, and equity accounted investment funding.
  10. Includes cash flows from matured derivative financial instruments, cash collateral and other non-cash movements.
  11. Basic earnings per share excluding amortisation and impairment of intangible assets, non-cash finance movements on pensions and financial derivatives, non-recurring items and, in 2014, a credit in respect of the re-assessment of existing tax provisions.
  12. Funded and unfunded unexecuted customer orders including the Group's share of order backlog of equity accounted investments. Unfunded orders include the elements of US multi-year contracts for which funding has not been authorised by the customer.
  13. Includes £168m (2015 £49m) relating to the Dreadnought submarine programme funded by the UK government.