$206.2 B

BA Mkt cap, 15-Oct-2018

£8.2 B

Bae Systems Revenue H1, 2018
Bae Systems Net income (H1, 2018)485 M
Bae Systems EBIT (H1, 2018)792 M
Bae Systems Cash, 30-Jun-20182.1 B
Bae Systems EV208.2 B

Bae Systems Revenue Breakdown

Embed Graph

Bae Systems revenue breakdown by business segment: 20.2% from Platforms & Services (International), 37.5% from Platforms & Services (UK), 14.3% from Platforms & Services (US), 8.9% from Cyber & Intelligence, 17.7% from Electronic Systems and 1.4% from Other

Bae Systems revenue breakdown by geographic segment: 6.3% from Rest of Middle East, 17.0% from Saudi Arabia, 42.0% from US, 8.0% from Rest of Europe, 20.9% from UK and 5.9% from Other

Bae Systems Income Statement

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

16.9b15.4b16.8b17.8b18.3b

Revenue growth, %

(9%)9%6%3%

R&D expense

1.3b1.3b1.4b1.6b

Operating expense total

16.1b14.4b15.6b16.3b17.1b

EBITDA

2.2b

EBITDA margin, %

13%

EBIT

806.0m1.3b1.5b1.7b1.5b

EBIT margin, %

5%8%9%10%8%

Interest expense

659.0m653.0m1.3b762.0m

Interest income

241.0m241.0m713.0m416.0m

Pre tax profit

422.0m882.0m1.1b1.2b1.1b

Income tax expense

(246.0m)130.0m147.0m213.0m250.0m

Net Income

176.0m752.0m943.0m938.0m884.0m

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Revenue

8.0b8.3b9.0b8.2b

EBIT

700.0m776.0m865.0m792.0m

EBIT margin, %

9%9%10%10%

Interest expense

201.0m263.0m151.0m221.0m

Pre tax profit

508.0m528.0m714.0m571.0m

Income tax expense

110.0m110.0m155.0m86.0m

Net Income

398.0m418.0m559.0m485.0m

Bae Systems Balance Sheet

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

2.2b2.3b2.5b2.8b3.3b

Accounts Receivable

2.5b2.9b2.9b3.3b3.6b

Inventories

680.0m690.0m726.0m744.0m723.0m

Current Assets

6.2b6.0b6.3b7.0b7.7b

PP&E

1.9b1.6b1.7b2.1b2.2b

Total Assets

19.7b19.8b20.1b23.0b22.5b

Accounts Payable

651.0m6.7b6.2b6.5b6.3b

Short-term debt

482.0m237.0m14.0m

Current Liabilities

8.4b8.0b7.2b7.3b7.1b

Long-term debt

2.9b3.8b4.4b4.1b

Non-Current Liabilities

7.9b10.6b

Total Debt

402.0m3.4b4.0b4.4b4.1b

Total Liabilities

16.3b17.9b17.1b19.5b17.7b

Common Stock

87.0m87.0m87.0m87.0m

Additional Paid-in Capital

89.0m1.2b1.2b1.2b1.2b

Retained Earnings

(470.0m)(4.6b)(3.6b)(4.6b)(2.7b)

Total Equity

3.4b1.9b3.0b3.5b4.8b

Debt to Equity Ratio

0.1 x1.8 x1.3 x1.3 x0.9 x

Debt to Assets Ratio

0 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

5.8 x10.5 x6.7 x6.6 x4.7 x

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Cash

1.4b2.2b2.4b2.1b

Accounts Receivable

3.1b3.3b3.7b4.3b

Inventories

723.0m744.0m773.0m799.0m

Current Assets

5.3b6.5b7.0b7.9b

PP&E

1.6b1.9b2.1b2.2b

Total Assets

18.7b21.6b22.5b22.7b

Accounts Payable

6.3b5.9b6.5b6.8b

Short-term debt

485.0m4.0m758.0m

Current Liabilities

7.6b6.9b7.2b8.2b

Long-term debt

2.9b4.4b4.2b3.4b

Non-Current Liabilities

8.6b

Total Debt

3.3b4.4b4.2b4.2b

Total Liabilities

16.6b19.0b19.0b16.8b

Common Stock

87.0m87.0m87.0m87.0m

Additional Paid-in Capital

1.2b1.2b1.2b1.2b

Retained Earnings

(4.1b)(4.6b)(4.3b)(1.8b)

Total Equity

2.1b2.6b3.5b5.9b

Debt to Equity Ratio

1.6 x1.7 x1.2 x0.7 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x

Financial Leverage

8.7 x8.4 x6.5 x3.9 x

Bae Systems Cash Flow

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

176.0m752.0m943.0m938.0m884.0m

Depreciation and Amortization

657.0m460.0m345.0m728.0m

Accounts Receivable

197.0m60.0m(93.0m)(449.0m)

Inventories

(1.0m)(6.0m)95.0m(29.0m)

Accounts Payable

(622.0m)(542.0m)(263.0m)454.0m

Cash From Operating Activities

(110.0m)913.0m924.0m1.2b1.9b

Purchases of PP&E

(263.0m)(359.0m)(408.0m)(389.0m)

Cash From Investing Activities

55.0m(220.0m)(606.0m)(360.0m)

Dividends Paid

638.0m(642.0m)(655.0m)(670.0m)(692.0m)

Cash From Financing Activities

(918.0m)(638.0m)(189.0m)(465.0m)(995.0m)

Net Change in Cash

(1.1b)86.0m219.0m158.0m542.0m

Interest Paid

(152.0m)(180.0m)(200.0m)(204.0m)

Income Taxes Paid

(92.0m)(116.0m)(213.0m)(227.0m)

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Net Income

398.0m418.0m559.0m485.0m

Depreciation and Amortization

184.0m110.0m167.0m188.0m

Accounts Receivable

(248.0m)(155.0m)(411.0m)(462.0m)

Inventories

(36.0m)29.0m(74.0m)(56.0m)

Accounts Payable

(599.0m)(470.0m)(6.0m)(520.0m)

Cash From Operating Activities

(257.0m)143.0m341.0m(397.0m)

Purchases of PP&E

(134.0m)(166.0m)(166.0m)(140.0m)

Cash From Investing Activities

(72.0m)(159.0m)(169.0m)(164.0m)

Long-term Borrowings

(7.0m)

Dividends Paid

(389.0m)(397.0m)(404.0m)(415.0m)

Cash From Financing Activities

(453.0m)(137.0m)(568.0m)(596.0m)

Net Change in Cash

(940.0m)(326.0m)(396.0m)(1.2b)

Interest Paid

(98.0m)(107.0m)(107.0m)(107.0m)

Income Taxes Paid

(60.0m)(110.0m)(155.0m)(131.0m)

Bae Systems Ratios

GBPY, 2018

EV/EBIT

262.9 x

EV/CFO

-524.5 x

Debt/Equity

0.7 x

Debt/Assets

0.2 x

Financial Leverage

3.9 x
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Bae Systems Operating Metrics

Bae Systems's Backlog was reported to be £39.7b in H1, 2018.
FY, 2014H1, 2015FY, 2015H1, 2016FY, 2016H1, 2017FY, 2017H1, 2018

Backlog

£40.50 b£37.30 b£36.80 b£36.30 b£42 b£42.30 b£41.20 b£39.70 b

Order Intake

£15.10 b£14.92 b£7.05 bwdxefcqufszuzezftuxetqsqxt£22.44 b£10.65 b£20.26 b£9.70 b

Airplanes Delivered

219 236 232

Advanced Precision Kill Weapon System Sold

3.50 k5 k8 k

Hybrid-electric Propulsion Systems Sold

1 k

Countries

40 40 40 40 40 40 40 40
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