Five year summary

Five year summary

Income statement for the year ended 31 December

  2015
£m
20141
£m
20131,2
£m
2012
£m
2011
£m
Continuing operations3
Sales including Group's share of equity accounted investments
Electronic Systems 2,638 2,415 2,466 2,507 2,645
Cyber & Intelligence 1,848 1,658 1,981 1,402 1,399
Platforms & Services (US) 2,779 2,689 3,170 4,539 5,305
Platforms & Services (UK) 7,405 6,623 7,174 5,717 6,258
Platforms & Services (International) 3,742 3,572 4,063 4,071 3,794
HQ 237 279 306 267 233
Intra-group sales (745) (599) (980) (598) (480)
  17,904 16,637 18,180 17,905 19,154
Underlying EBITA4          
Electronic Systems 396 373 346 356 386
Cyber & Intelligence 145 153 158 124 136
Platforms & Services (US) 177 117 186 394 478
Platforms & Services (UK) 721 772 915 695 658
Platforms & Services (International) 335 366 429 417 449
HQ (91) (79) (109) (124) (82)
  1,683 1,702 1,925 1,862 2,025
Non-recurring items          
(Loss)/profit on business transactions (24) - 6 103 (29)
Research and development expenditure credits relating to 2013 and 2014 50 - - - -
Regulatory penalties - - - - (49)
EBITA 1,709 1,702 1,931 1,965 1,947
Amortisation and impairment of intangible assets (186) (354) (1,076) (312) (348)
Finance costs including share of equity accounted investments (409) (448) (392) (410) (106)
Profit before taxation 1,114 900 463 1,243 1,493
Taxation expense including share of equity accounted investments (171) (148) (287) (284) (233)
Profit for the year - continuing operations 943 752 176 959 1,260
Loss for the year - discontinued operations - - - - (4)
Profit for the year 943 752 176 959 1,256
           
Balance sheet as at 31 December          
  2015
£m
2014
£m
2013
£m
2012
£m
2011
£m
Intangible assets 10,117 9,983 9,735 10,928 11,465
Property, plant and equipment, and investment property 1,818 1,718 2,071 2,407 2,626
Non-current investments 256 236 286 270 788
Inventories 726 690 680 655 716
Assets held in Trust - - - - 403
Payables (excluding cash received on customers' account) less receivables (excluding retirement benefit surpluses) (3,967) (4,405) (4,874) (6,466) (5,439)
Other financial assets and liabilities (43) (112) (23) (50) (219)
Retirement benefit obligations (net) (4,501) (5,368) (3,509) (4,560) (4,620)
Provisions (655) (751) (794) (746) (954)
Net tax 661 865 405 951 975
Net (debt)/cash (as defined by the Group) (1,422) (1,032) (699) 387 (1,439)
Assets/(liabilities) held for sale 12 53 140 (2) (3)
Non-controlling interests (13) (35) (37) (54) (59)
Total equity attributable to equity holders of the parent 2,989 1,842 3,381 3,720 4,240
           
Movement in net (debt)/cash (as defined by the Group) for the year ended 31 December          
  2015
£m
2014
£m
2013
£m
2012
£m
2011
£m
Cash inflow from operating activities 924 913 205 2,458 951
Add back: Amounts already deducted from net (debt)/cash (as defined by the Group)5 - - - 458 -
  924 913 205 2,916 951
Net capital expenditure6 (284) 215 (153) (293) (268)
Dividends received from equity accounted investments 41 63 95 94 88
Assets contributed to Trust - - - (25) (137)
Operating business cash flow 681 1,191 147 2,692 634
Acquisitions and disposals 16 (230) 4 96 (256)
Interest (173) (145) (166) (147) (176)
Tax and dividends (811) (748) (787) (746) (885)
Sale/(purchase) of equity shares 1 (281) (212) (16) (509)
Foreign exchange adjustments (165) (146) 3 92 (20)
Other movements7 61 31 (76) (146) 2
Net (decrease)/increase in net funds (390) (328) (1,087) 1,825 (1,210)
Less: Cash classified as held for sale - (6) - - -
Less: Movement in cash received on customers' account - 1 1 1 13
Movement in net (debt)/cash (as defined by the Group) (390) (333) (1,086) 1,826 (1,197)
Opening net (debt)/cash (as defined by the Group) (1,032) (699) 387 (1,439) (242)
Closing net (debt)/cash (as defined by the Group) (1,422) (1,032) (699) 387 (1,439)
           
Other information          
           
  2015 2014 2013 2012 2011
Continuing operations3
Basic earnings/(loss) per share - total (pence) 29.0 23.4 5.2 29.3 37.0
Basic earnings per share - underlying8 (pence) 40.2 38.0 42.0 38.7 45.6
Order backlog9 including the Group's share of equity accounted investments (£bn) 36.8 40.5 42.7 42.5 39.1
 
Including discontinued operations      
Dividend per ordinary share (pence) 20.9 20.5 20.1 19.5 18.8
Number of employees, excluding share of employees of equity accounted investments, at year end 75,000 76,000 78,000 81,000 87,000
Capital expenditure including leased assets (£m) 459 327 273 404 381
           

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  1. Re-presented for the reallocation of the Integrated Electronics & Warfare Systems activities from Platforms & Services (US) to Cyber & Intelligence.
  2. Re-presented for the transfer of the UK Munitions business from Platforms & Services (US) to Platforms & Services (UK) from 1 January 2014.
  3. For 2012 to 2015, the Regional Aircraft line of business is presented as a continuing operation. For 2011, the Regional Aircraft line of business is presented as a discontinued operation.
  4. Earnings before amortisation and impairment of intangible assets, finance costs and taxation expense (EBITA) excluding non-recurring items.
  5. 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.
  6. Includes net expenditure on property, plant and equipment, investment property, intangible assets, and other investments, and equity accounted investment funding.
  7. Includes cash flows from matured derivative financial instruments, cash collateral and other non-cash movements.
  8. Earnings 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.
  9. Order backlog comprises funded and unfunded unexecuted customer orders, and is stated after the elimination of intra-group orders.