BAE Systems Half Yearly Report.
Posted: July 30th, 2020, 7:07 am
Financial highlights
Financial performance measures as defined by the Group1
- Sales increased by 4% on a constant currency basis4 and excluding the impact of acquisitions5, to £9.9bn.
- Underlying EBITA of £895m decreased by 11% on a constant currency basis4 and excluding the impact of acquisitions5.
- Underlying earnings per share decreased by 15% to 18.7p, excluding the impact in 2019 of the one-off tax benefit. The Group's underlying effective tax rate for the first half of the year was 19%.
- Operating business cash outflow of £880m, including the impact of the £1bn injection into the UK pension scheme.
- Net debt at £2,038m (£743m at 31 December 2019) following the £1bn bond issuance to fund the UK pension deficit, and the acquisition of the Airborne Tactical Radios business for cash of £217m.
- Order backlog has increased in the first half of the year to £46.1bn. Trading on multi-year, long-term contracts in the Air sector was offset by a 7% increase in our US business and a foreign exchange benefit.
Financial performance measures defined in IFRS2
- Revenue increased by 6% to £9.2bn.
- Operating profit decreased by 10% to £808m.
- Basic EPS decreased to 16.7p, down 33%.
Dividend
- The directors have declared an interim dividend of 13.8p per share in respect of the year ended 31 December 2019, payable in September, being the value of the dividend proposed but subsequently deferred earlier in the year.
- In addition, the directors have also declared an interim dividend of 9.4p per share in respect of the half year ended 30 June 2020. This dividend will be payable in November assuming that there are no major additional or unforeseen pandemic-related disruptions.
More on dividends here;
The directors have declared an interim dividend of 13.8p per ordinary share in respect of the year ended 31 December 2019, totalling approximately £444m - that being the value of the dividend per share proposed but subsequently deferred earlier in the year. The dividend will be paid on 14 September 2020 to shareholders registered on 7 August 2020. The ex-dividend date is 6 August 2020.
In addition the directors have also declared an interim dividend of 9.4p per ordinary share in respect of the period ended 30 June 2020, totalling approximately £302m. This will be paid on 30 November 2020 to shareholders registered on 23 October 2020, assuming that there are no major additional or unforeseen pandemic-related disruptions. The ex-dividend date is 22 October 2020. This is in line with our usual dividend timetable.
The 2019 interim dividend was 9.4p per ordinary share, totalling £301m.
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