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BAE SYS.

(BA. GB0002634946 GBX)

Value 274.500

Change Today +2.50

Updated17/05 16:35

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PROFILE

Registered Number	1470151
Registered Address	6 Carlton Gardens London SW1Y 5AD
Phone Number	+44 (0) 1252 373232
Fax Number
Website	http://www.baesystems.com
Activities	Develops delivers and manufactures aerospace and advanced defense products
Country of Register	GB
Currency	GBX
Short Name	BAE SYS.
First Day Traded	24/11/2003
Industrial Sector	Aerospace
Number of shares	3.59b

Key People

Richard Olver	Chairman
Ian King	Chief Executive Officer
Paul Anderson	Non Executive Director
Peter Lynas	Financial Director
Nick Rose	Non Executive Director
Linda Hudson	Director
Carl Symon	Non Executive Director
George Rose	Financial Director
Andrew Inglis	Non Executive Director

Major Shareholders

Invesco Asset Management Ltd.	11.96%
BlackRock Investment Management (UK) Ltd.	5.42%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	14,309	16,671	20,374	21,097	17,770
Cost of Goods Sold (COGS) incl. D&A	10,025	11,733	15,179.58	16,011.52	13,002
COGS excluding D&A	9,618	11,195	14,575.58	15,280.52	12,501
Depreciation & Amortization Expense	407	538	604	731	501
Depreciation	258	291	318	336	331
Amortization of Intangibles	149	247	286	395	170
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	4,284	4,938	5,194.42	5,085.48	4,768
Selling, General & Administrative Expense	0	0	0	0	1,340
Research & Development	1,460	1,044	1,153	1,298	1,149
Other Selling, General & Administrative	0	0	0	0	191
Other Operating Expense	3,215	3,469	3,606.42	3,453.49	1,766
Non Operating Income/Expense	269	1,416	-275	180	173
Non-Operating Interest Income	169	147	66	40	30
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	170	540	1,072	335	313
EBIT after Unusual Expense	0	0	-1,072	-335	0
Interest Expense	228	260	228	204	217
Gross Interest Expense	228	260	228	204	217
Interest Capitalized	0	0	0	0	0
Pretax Income	1,109	2,232	79	1,313	1,335
Income Tax	335	603	327	417	206
Income Tax - Current Domestic	132	331	124	147	-34
Income Tax - Current Foreign	160	218	254	237	166
Income Tax - Deferred Domestic	69	20	-19	5	44
Income Tax - Deferred Foreign	-26	34	-32	28	30
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	21	23	22	29	16
Equity in Affiliates	139	139	203	131	131
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	892	1,745	-67	998	1,244
Extraordinaries & Discontinued Operations	22	0	0	54	-4
Extra Items & Gain/Loss Sale Of Assets	22	0	0	52	14
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	2	-18
Net Income After Extraordinaries	914	1,745	-67	1,052	1,240
Preferred Dividends	13	0	0	0	0
Net Income available to Common	879	1,745	-67	998	1,244
Operational EPS	28.79	60.18	19.33	35.51	43.26
EPS (basic)	26.00	49.60	-1.90	29.00	36.40
EPS (diluted)	25.36	49.46	-1.89	28.75	36.78
EBITDA	1,476	2,007	2,192	2,363	2,163
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	407	538	604	731	501

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	3,327	3,298	4,120	3,362	2,218
Cash Only	3,062	2,624	3,693	2,813	2,141
Short-Term Investments	265	674	427	549	77
Total Accounts Receivable	2,747	3,582	3,525	3,295	3,161
Accounts Receivables, Net	2,192	2,942	3,027	2,737	2,620
Accounts Receivables, Gross	2,245	2,992	3,074	2,737	2,620
Bad Debt/Doubtful Accounts	-53	-50	-47	0	0
Other Receivables	555	640	498	558	541
Inventories	701	926	887	644	716
Finished Goods	112	132	124	112	189
Work in Progress	304	424	451	245	251
Raw Materials	285	370	312	287	276
Progress Payments & Other	0	0	0	0	0
Other Current Assets	254	263	259	330	302
Prepaid Expenses	2	3	0	0	0
Miscellaneous Current Assets	252	260	259	330	302
Total Current Assets	7,029	8,069	8,791	7,631	6,397
Net Property, Plant & Equipment	1,774	2,446	2,552	2,714	2,496
Property, Plant & Equipment - Gross	4,083	5,327	5,505	5,859	5,184
Buildings	1,298	1,617	2,062	2,410	2,436
Land & Improvements	0	0	0	0	0
Machinery & Equipment	2,027	2,422	2,475	2,604	2,547
Construction in Progress	156	462	209	144	201
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	602	826	759	701	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	2,309	2,881	2,953	3,145	2,688
Buildings	494	605	644	741	838
Land & Improvements	0	0	0	0	0
Machinery & Equipment	1,426	1,690	1,745	1,859	1,850
Construction in Progress	0	0	0	0	0
Leases	389	586	564	545	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	389	586	564	545	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	948	1,666	1,096	1,042	1,036
LT Investment - Affiliate Companies	781	1,034	846	787	783
Other Long-Term Investments	167	632	250	255	253
Long-Term Note Receivable	255	122	156	218	245
Intangible Assets	9,559	12,306	11,253	11,216	11,465
Net Goodwill	8,448	10,868	10,168	10,465	10,676
Net Other Intangibles	1,111	1,438	1,085	751	789
Other Assets	128	40	42	49	53
Deferred Charges	57	37	42	49	53
Tangible Other Assets	71	3	0	0	0
Total Assets	20,260	25,675	25,407	24,030	23,101
ST Debt & Curr. Portion LT Debt	299	173	453	920	518
Short Term Debt	41	35	15	11	5
Current Portion of Long Term Debt	258	138	438	909	513
Accounts Payable	913	1,004	1,063	1,114	966
Income Tax Payable	499	704	676	625	468
Other Current Liabilities	7,843	8,909	9,801	8,999	8,323
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	7,843	8,909	9,801	8,999	8,323
Total Current Liabilities	9,554	10,790	11,993	11,658	10,275
Long-Term Debt	2,197	2,608	2,840	2,133	2,682
Long-Term Debt excl. Capitalized Leases	2,177	2,600	2,839	2,133	2,682
Non-Convertible Debt	2,177	2,600	2,839	2,133	2,682
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	20	8	1	0	0
Provision for Risks & Charges	2,028	3,824	5,056	3,881	5,174
Deferred Taxes	-527	-946	-1,509	-1,154	-1,383
Deferred Taxes - Credit	40	80	8	6	26
Deferred Taxes - Debit	-567	-1,026	-1,517	-1,160	-1,409
Accumulated Minority Interest	36	55	72	71	59
Other Liabilities	439	1,084	783	949	645
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	439	987	740	775	598
Deferred Income	0	97	43	174	47
Total Liabilities	14,258	18,386	20,680	18,627	18,802
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	5,966	7,234	4,655	5,332	4,240
Common Stock Par/Carry Value	90	90	90	90	90
Additional Paid-In Capital/Capital Surplus	1,222	1,238	1,243	1,249	1,249
Retained Earnings	4,612	4,521	2,448	-1,477	2,109
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-160	1,183	598	0	580
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	74	0	10
Other Appropriated Reserves	202	202	202	5,470	202
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	5,966	7,234	4,655	5,332	4,240
Liabilities & Shareholders' Equity	20,260	25,675	25,407	24,030	23,101

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	900	1,768	-45	1,081	1,240
Depreciation, Depletion & Amortization	407	538	604	731	751
Depreciation and Depletion	258	291	318	336	331
Amortization of Intangible Assets	149	247	286	395	420
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	13	-854	723	-169	-526
Funds from Operations	1,320	1,452	1,282	1,643	1,465
Extraordinaries	0	0	0	0	0
Changes in Working Capital	753	287	491	-562	-863
Receivables	-271	-5	52	183	191
Inventories	-188	46	6	318	-85
Accounts Payable	1,212	246	433	-1,063	-969
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	2,073	1,739	1,773	1,081	602
Capital Expenditures	338	552	525	413	383
Capital Expenditures (Fixed Assets)	307	520	483	394	359
Capital Expenditures (Other Assets)	31	32	42	19	24
Net Assets from Acquisitions	-1,725	-1,076	-324	-198	-532
Sale of Fixed Assets & Businesses	108	115	38	87	239
Purchase/Sale of Investments	119	9	69	72	265
Purchase of Investments	-6	-12	-1	-23	-1
Sale/Maturity of Investments	125	21	70	95	266
Other Uses	0	0	-209	-40	0
Other Sources	343	164	0	0	156
Net Investing Cash Flow	-1,493	-1,340	-951	-492	-255
Cash Dividends Paid - Total	-406	-478	-534	-574	-606
Common Dividends	-396	-478	-534	-574	-606
Preferred Dividends	-10	0	0	0	0
Change in Capital Stock	603	-27	-20	-520	-509
Repurchase of Common & Preferred Stk.	-202	-43	-25	-526	-509
Sale of Common & Preferred Stock	805	16	5	6	0
Proceeds from Stock Options	741	0	0	6	0
Other Proceeds from Sale of Stock	64	16	5	0	0
Issuance/Reduction of Debt, Net	-817	-321	774	-266	152
Change in Current Debt	-10	3	0	0	0
Change in Long-Term Debt	-807	-324	774	-266	152
Issuance of Long-Term Debt	0	0	920	1,317	2,693
Reduction in Long-Term Debt	-807	-324	-146	-1,583	-2,541
Other Funds	-1	-345	20	-144	-56
Other Uses	-1	-451	-16	-155	-56
Other Sources	0	106	36	11	0
Net Financing Cash Flow	-621	-1,171	240	-1,504	-1,019
Exchange Rate Effect	3	334	11	39	6
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	-38	-438	1,073	-876	-666
Free Cash Flow	1,360	741	756	113	-363

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	17,492.57	13,287.83	12,888.08	11,837.10	10,229.39
Price/Earnings	19.15	7.60	0.00	11.38	7.83
Price/Sales	1.18	0.80	0.62	0.54	0.54
Price/Book Value	2.93	1.84	2.77	2.22	2.41
Price/Cash Flow	8.33	7.64	7.17	10.60	16.02
Enterprise Value/EBIT	15.40	8.73	7.53	6.87	6.43
Enterprise Value/EBITDA	11.16	6.39	5.45	4.75	4.94
Enterprise Value/Sales	1.15	0.77	0.59	0.53	0.60
Total Debt/Enterprise Value	0.15	0.22	0.28	0.27	0.30
Total Debt/EBITDA	1.69	1.39	1.50	1.29	1.48
EPS (basic)	26.00	49.60	-1.90	29.00	36.40
EPS (diluted) as stated	25.36	49.46	-1.89	28.75	36.78
Profitability
Gross Margin (%)	29.94	29.62	25.50	24.11	26.83
Operating Margin (%)	7.47	8.81	7.79	7.74	9.35
Pretax Margin (%)	7.75	13.39	0.39	6.22	7.51
Net Margin (%)	6.23	10.47	-0.33	4.73	7.00
Return on Assets (%)	4.64	7.60	-0.26	4.04	5.28
Return on Equity (%)	17.41	26.44	-1.13	19.99	25.99
Return on Avg. Total Capital (%)	11.53	18.89	-0.75	12.22	15.72
Return on Avg. Invested Capital (%)	12.02	19.38	-0.77	13.34	17.29
Efficiency
Revenue/Employee	0.16	0.18	0.21	0.23	0.20
Receivables Turnover	5.94	5.27	5.73	6.19	5.50
Days of Sales Outstanding (DSO) (%)	61.44	69.28	63.66	59.00	66.30
Inventory Turnover	18.29	14.42	16.75	20.92	19.12
Days of Inventory on Hand (DIO)	19.95	25.31	21.80	17.45	19.09
Total Asset Turnover	0.75	0.73	0.80	0.85	0.75
Working Capital Turnover	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	0.74	0.75	0.73	0.65	0.62
Quick Ratio	0.66	0.66	0.66	0.60	0.55
Capital Structure
Debt-to-Total Equity (%)	41.84	38.44	70.74	57.26	75.47
Debt-to-Total Capital (%)	29.50	27.77	41.43	36.41	43.01
Debt-to-Total Assets (%)	12.32	10.83	12.96	12.70	13.85
Interest Coverage	4.69	5.65	6.96	8.00	7.66

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,492.67	-0.84%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

BAE SYS.

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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