Details for (BBA) / Market data / Selftrade

BBA AVIATION

(BBA GB00B1FP8915 GBX)

Value 193.400

Change Today -3.10

Updated17/05 16:35

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PROFILE

Registered Number	53688
Registered Address	20 Balderton Street London W1K 6TL
Phone Number	+44 (0) 207 5143999
Fax Number
Website	http://www.bbaaviation.com
Activities	Manufactures aircraft parts and provides flight support services
Country of Register	GB
Currency	GBX
Short Name	BBA AVIATION
First Day Traded	17/11/2006
Industrial Sector	Business Support Services
Number of shares	477m

Key People

Michael Harper	Chairman
Simon Pryce	Chief Executive Officer
Nick Land	Non Executive Director
Peter Ratcliffe	Non Executive Director
Mark Hoad	Financial Director
Hansel Tookes	Non Executive Director
John Roques	Non Executive Director
Mark Harper	Non Executive Director
Andrew Wood	Financial Director

Major Shareholders

Aviva Investors Global Services Ltd.	9.41%
Harris Associates LP	8.04%

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	979.40	1,156.10	1,080.80	1,183	1,332.88
Cost of Goods Sold (COGS) incl. D&A	788.50	961.40	881.30	962.60	1,087.16
COGS excluding D&A	758.40	925.70	838.70	920.40	1,044.25
Depreciation & Amortization Expense	30.10	35.70	42.60	42.20	42.92
Depreciation	26.90	30.90	35.20	33.60	33.06
Amortization of Intangibles	3.20	4.80	7.40	8.60	9.86
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	190.90	194.70	199.50	220.40	245.72
Selling, General & Administrative Expense	87.20	90.90	103.90	117.80	130.06
Research & Development	1.50	1.60	1.20	2.30	2.06
Other Selling, General & Administrative	85.70	89.30	102.70	115.50	128.00
Other Operating Expense	0.40	0.40	0.70	0.10	0.62
Non Operating Income/Expense	42.60	10.50	-0.80	2.20	-0.94
Non-Operating Interest Income	39.20	32.40	7.90	4.20	6.67
Equity in Affiliates (Pretax)	1.10	1	1.10	0	0
EBIT	0	0	0	0	0
Unusual Expense	11.50	11	21.70	13.20	0.19
EBIT after Unusual Expense	-11.50	-11	-21.70	-13.20	0
Interest Expense	63.90	52.10	21.40	11.60	19.77
Gross Interest Expense	63.90	52.10	21.40	11.60	19.77
Interest Capitalized	0	0	0	0	0
Pretax Income	110.80	84.20	60	84.10	100.81
Income Tax	23.60	21.30	14.50	20.20	7.17
Income Tax - Current Domestic	16.80	16.60	12.20	7.90	0.62
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	6.80	4.70	2.30	12.30	6.55
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	-0.20	0.10	-2.40	-0.10	-0.19
Equity in Affiliates	0	0	0	1.10	1.25
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	87.40	62.80	47.90	65.10	95.07
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	87.40	62.80	47.90	65.10	95.07
Preferred Dividends	0	0	0	0	0
Net Income available to Common	87.40	62.80	47.90	65.10	95.07
Operational EPS	23.08	17.12	14.99	16.83	19.78
EPS (basic)	21.20	15.30	11.40	15.20	20.27
EPS (diluted)	21.13	15.25	11.38	14.74	19.75
EBITDA	133.40	139.10	137.50	144.70	157.95
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	30.10	35.70	42.60	42.20	42.92

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	99.20	98.40	115.40	107.70	80.50
Cash Only	99.20	98.40	115.40	107.70	80.50
Short-Term Investments	0	0	0	0	0
Total Accounts Receivable	189.10	281	194.40	197.90	227.72
Accounts Receivables, Net	124.80	183.80	134.80	141.30	147.74
Accounts Receivables, Gross	127.10	188.90	137.90	145.50	151.73
Bad Debt/Doubtful Accounts	-2.30	-5.10	-3.10	-4.20	-3.99
Other Receivables	64.30	97.20	59.60	56.60	79.98
Inventories	141.90	171.80	137.90	136.20	150.51
Finished Goods	35	36.20	29	29.70	34.43
Work in Progress	17.90	17.80	13.10	15.40	15.83
Raw Materials	89	117.80	95.80	91.10	100.25
Progress Payments & Other	0	0	0	0	0
Other Current Assets	0	0	0	0	0
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	430.20	551.20	447.70	441.80	458.72
Net Property, Plant & Equipment	310.40	407.70	334.70	327.50	332.93
Property, Plant & Equipment - Gross	529.80	713.50	632.70	651.30	672.74
Buildings	288.90	405.90	366.20	380.10	399.20
Land & Improvements	0	0	0	0	0
Machinery & Equipment	240.90	307.60	0	0	0
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	266.50	271.20	273.53
Accumulated Depreciation	219.40	305.80	298	323.80	339.81
Buildings	90.90	140.70	140.80	158.40	169.49
Land & Improvements	0	0	0	0	0
Machinery & Equipment	128.50	165.10	0	0	0
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	157.20	165.40	170.32
Total Investments and Advances	1.80	2.50	3.30	2	14.99
LT Investment - Affiliate Companies	1.60	2.50	1.90	1.90	2.70
Other Long-Term Investments	0.20	0	1.40	0.10	12.29
Long-Term Note Receivable	16.70	17.90	16.80	16.40	15.51
Intangible Assets	380.30	639.10	573	580	632.39
Net Goodwill	340.20	526.80	474.90	485	519.01
Net Other Intangibles	40.10	112.30	98.10	95	113.38
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	1,139.40	1,618.40	1,375.50	1,367.70	1,454.54
ST Debt & Curr. Portion LT Debt	26.20	18.80	34	99.60	16.22
Short Term Debt	21.90	14.80	31.70	29.40	14.99
Current Portion of Long Term Debt	4.30	4	2.30	70.20	1.22
Accounts Payable	73.50	104	99.90	104.60	115.50
Income Tax Payable	42.80	47.90	45.60	50.30	55.40
Other Current Liabilities	122	174.90	131.60	150.40	160.03
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	122	174.90	131.60	150.40	160.03
Total Current Liabilities	264.50	345.60	311.10	404.90	347.15
Long-Term Debt	441.60	634	473	322	336.27
Long-Term Debt excl. Capitalized Leases	416.70	600.20	469.40	319.20	334.41
Non-Convertible Debt	416.70	600.20	469.40	319.20	334.41
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	24.90	33.80	3.60	2.80	1.87
Provision for Risks & Charges	31.50	44	53.60	53.40	52.96
Deferred Taxes	20.20	29.40	29.90	42.20	47.36
Deferred Taxes - Credit	20.20	29.40	29.90	42.20	47.36
Deferred Taxes - Debit	0	0	0	0	0
Accumulated Minority Interest	0.70	0.80	-1.60	-2.60	-2.51
Other Liabilities	9.70	127.40	60.80	62.80	40.41
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	9.70	127.40	60.80	62.80	40.41
Deferred Income	0	0	0	0	0
Total Liabilities	767.50	1,180.40	928.40	885.30	824.14
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)	371.20	437.20	448.70	485	632.91
Common Stock Par/Carry Value	122.70	122.70	126	128.70	160.93
Additional Paid-In Capital/Capital Surplus	346.40	346.40	343.40	340.70	471.27
Retained Earnings	-86.50	-62.10	-51.60	-9	12.74
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-32.50	10.90	10.40	5.60	-35.91
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	17.20	18.80	19.80	20.90	25.22
Unappropriated Reserves	3.90	3.90	3.90	3.90	4.44
Treasury Stock	0	-3.40	-3.20	-5.80	-5.79
Total Shareholders' Equity	371.20	437.20	448.70	485	632.91
Liabilities & Shareholders' Equity	1,139.40	1,618.40	1,375.50	1,367.70	1,454.54

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	130.10	104.70	82.30	100.40	112.66
Depreciation, Depletion & Amortization	30.10	35.70	42.60	42.20	42.92
Depreciation and Depletion	26.90	30.90	35.20	33.60	33.06
Amortization of Intangible Assets	3.20	4.80	7.40	8.60	9.86
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	-89.70	-37.20	-27.30	-20.50	-13.79
Funds from Operations	70.50	103.20	97.60	122.10	141.79
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-15.50	3.80	57.90	15.90	-7.61
Receivables	0	0	0	0	0
Inventories	0	0	0	0	0
Accounts Payable	0	0	0	0	0
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	55	107	155.50	138	134.18
Capital Expenditures	39.80	52.80	27.80	27.80	27.38
Capital Expenditures (Fixed Assets)	36.30	29.50	14.20	20.40	24.02
Capital Expenditures (Other Assets)	3.50	23.30	13.60	7.40	3.37
Net Assets from Acquisitions	-75.90	-76.40	0	-3.60	-80.28
Sale of Fixed Assets & Businesses	71	1.50	4.40	5	11.17
Purchase/Sale of Investments	0	-0.20	0	0	-0.12
Purchase of Investments	0	-0.20	0	0	-0.12
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	-1	-4	-2	-1.30	-0.25
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-45.70	-131.90	-25.40	-27.70	-96.88
Cash Dividends Paid - Total	-30	-31.90	-21.90	-17.40	-39.74
Common Dividends	-30	-31.90	-21.90	-17.40	-39.74
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	1.50	-3.50	0	-2.70	88.52
Repurchase of Common & Preferred Stk.	0	-3.50	0	-2.80	0
Sale of Common & Preferred Stock	1.50	0	0	0.10	88.52
Proceeds from Stock Options	1.50	0	0	0.10	88.52
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-66.40	-65.70	-74.20	-102.90	-82.59
Change in Current Debt	-4	-84.20	31.60	-5.30	-12.23
Change in Long-Term Debt	-62.40	18.50	-105.80	-97.60	-70.36
Issuance of Long-Term Debt	0	19	0	0	187.14
Reduction in Long-Term Debt	-62.40	-0.50	-105.80	-97.60	-257.51
Other Funds	18.60	34.30	-1	-0.50	-25.70
Other Uses	0	0	-1	-0.50	-25.70
Other Sources	18.60	34.30	0	0	0
Net Financing Cash Flow	-76.30	-66.80	-97.10	-123.50	-59.51
Exchange Rate Effect	9.70	90.90	-16	5.50	-5.24
Miscellaneous Funds	0.00	0	0	0.00	-0.00
Net Change in Cash	-57.30	-0.80	17	-7.70	-27.45
Free Cash Flow	-11.30	45.60	119.40	100.20	70.43

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	846.45	284.63	694.21	958.19	848.76
Price/Earnings	9.68	4.51	14.39	14.58	8.78
Price/Sales	0.86	0.25	0.63	0.80	0.63
Price/Book Value	2.28	0.65	1.55	1.98	1.34
Price/Cash Flow	15.43	2.66	4.44	7.09	6.39
Enterprise Value/EBIT	11.79	8.12	11.38	12.59	9.79
Enterprise Value/EBITDA	9.13	6.03	7.86	8.92	7.13
Enterprise Value/Sales	1.24	0.73	1.00	1.09	0.85
Total Debt/Enterprise Value	0.38	0.78	0.47	0.33	0.31
Total Debt/EBITDA	3.51	4.69	3.69	2.91	2.23
EPS (basic)	21.20	15.30	11.40	15.20	20.27
EPS (diluted) as stated	21.13	15.25	11.38	14.74	19.75
Profitability
Gross Margin (%)	19.49	16.84	18.46	18.63	18.43
Operating Margin (%)	10.55	8.94	8.78	8.66	8.63
Pretax Margin (%)	11.31	7.28	5.55	7.11	7.56
Net Margin (%)	8.92	5.43	4.43	5.50	7.13
Return on Assets (%)	7.64	4.55	3.20	4.75	6.74
Return on Equity (%)	25.23	15.54	10.81	13.94	17.01
Return on Avg. Total Capital (%)	10.36	6.51	4.68	6.99	10.05
Return on Avg. Invested Capital (%)	10.71	6.67	4.81	7.53	10.70
Efficiency
Revenue/Employee	0.09	0.11	0.11	0.12	0.13
Receivables Turnover	5.43	4.92	4.55	6.03	6.26
Days of Sales Outstanding (DSO) (%)	67.27	74.21	80.27	60.52	58.28
Inventory Turnover	5.77	6.13	5.69	7.02	7.58
Days of Inventory on Hand (DIO)	63.23	59.55	64.13	51.97	48.13
Total Asset Turnover	0.86	0.84	0.72	0.86	0.94
Working Capital Turnover	5.91	5.62	7.91	32.06	11.95
Liquidity
Current Ratio	1.63	1.59	1.44	1.09	1.32
Quick Ratio	1.09	1.10	1.00	0.75	0.89
Capital Structure
Debt-to-Total Equity (%)	126.02	149.31	112.99	86.93	55.69
Debt-to-Total Capital (%)	55.76	59.89	53.05	46.50	35.77
Debt-to-Total Assets (%)	41.06	40.34	36.86	30.83	24.23
Interest Coverage	1.62	1.98	4.43	8.84	5.82

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,492.82	-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.

BBA AVIATION

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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