Financial performance measures as defined by the Group1
– Sales increased by £0.8bn to £20.9bn, a 4% increase, excluding the impact of currency translation5.
– Underlying EBITA increased to £2,132m, a 1% increase on a constant currency basis5.
– Underlying earnings per share increased by 2% to 46.8p, excluding the impact of the prior year
one-off tax benefit6.
– Free cash flow3 was £367m after the impact of the £1bn contribution into the UK pension scheme.
Excluding this contribution free cash flow was £1.4bn.
– Net debt increased to £2,718m, following the £1bn bond issuance to fund the UK pension scheme,
and the $2.2bn (£1.7bn) acquisitions of the Airborne Tactical Radios and Military Global Positioning
System businesses.
– Order intake4 increased to £20.9bn.
Order backlog4 of £45.2bn.
Financial performance measures defined in IFRS2
– Revenue increased by £1.0bn to £19.3bn.
– Operating profit increased by £31m to £1,930m, including the non-recurring credit of £19m
(2019 £27m charge).
– Basic earnings per share decreased by 12% to 40.7p. 2019 included the impact of the one-off tax
benefit of £161m.
– Net cash flow from operating activities decreased by £431m to £1,166m, including the effect of the
£1bn contribution to the UK pension scheme.
– Order book of £36.3bn (2019 £37.2bn).
Post-employment benefits and dividend
– Group’s share of the pre-tax accounting net post-employment benefits deficit was in line with the
prior year at £4.5bn.
– Final dividend of 14.3p per share making a total of 23.7p per share in respect of the year ending 31
December 2020. The total of 37.5p per share for the year includes an interim dividend of 13.8p per
share in respect of the year ended 31 December 2019, which was originally proposed as a 2019 final
dividend but subsequently deferred in the light of the COVID-19 pandemic.
Dividends
The Board has recommended a final dividend of 14.3p for a total of 23.7p in respect of the year ending
31 December 2020. The total of 37.5p per share for the year includes an interim dividend of 13.8p per
share in respect of the year ended 31 December 2019, which was originally proposed as a 2019 final
dividend but subsequently deferred in the light of the COVID-19 pandemic. Subject to shareholder
approval at the 2021 Annual General Meeting, the dividend will be paid on 1 June 2021 to holders of
ordinary shares registered on 23 April 2021.
https://investors.baesystems.com/~/medi ... cement.pdf
I topped up my holdings of these last October, and am topping up further next month.
RNS here; https://www.investegate.co.uk/bae-syste ... 00062670Q/
Ian.