$200.2 B

BA Mkt cap, 03-Aug-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 EV202.2 B

Bae Systems Revenue Breakdown

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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

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

Revenue growth, %

(9%)9%6%3%

R&D expense

1.3 b1.3 b1.4 b1.6 b

Operating expense total

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

EBITDA

2.2 b

EBITDA margin, %

13%

EBIT

806 m1.3 b1.5 b1.7 b1.5 b

EBIT margin, %

5%8%9%10%8%

Interest expense

659 m653 m1.3 b762 m

Interest income

241 m241 m713 m416 m

Pre tax profit

422 m882 m1.1 b1.2 b1.1 b

Income tax expense

(246 m)130 m147 m213 m250 m

Net Income

176 m752 m943 m938 m884 m

Half Year

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

Revenue

8 b8.3 b9 b8.2 b

EBIT

700 m776 m865 m792 m

EBIT margin, %

9%9%10%10%

Interest expense

201 m263 m151 m221 m

Pre tax profit

508 m528 m714 m571 m

Income tax expense

110 m110 m155 m86 m

Net Income

398 m418 m559 m485 m

Bae Systems Balance Sheet

Annual

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

Cash

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

Accounts Receivable

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

Inventories

680 m690 m726 m744 m723 m

Current Assets

6.2 b6 b6.3 b7 b7.7 b

PP&E

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

Total Assets

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

Accounts Payable

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

Short-term debt

482 m237 m14 m

Current Liabilities

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

Long-term debt

2.9 b3.8 b4.4 b4.1 b

Non-Current Liabilities

7.9 b10.6 b

Total Debt

402 m3.4 b4 b4.4 b4.1 b

Total Liabilities

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

Common Stock

87 m87 m87 m87 m

Additional Paid-in Capital

89 m1.2 b1.2 b1.2 b1.2 b

Retained Earnings

(470 m)(4.6 b)(3.6 b)(4.6 b)(2.7 b)

Total Equity

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

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

1.4 b2.2 b2.4 b2.1 b

Accounts Receivable

3.1 b3.3 b3.7 b4.3 b

Inventories

723 m744 m773 m799 m

Current Assets

5.3 b6.5 b7 b7.9 b

PP&E

1.6 b1.9 b2.1 b2.2 b

Total Assets

18.7 b21.6 b22.5 b22.7 b

Accounts Payable

6.3 b5.9 b6.5 b6.8 b

Short-term debt

485 m4 m758 m

Current Liabilities

7.6 b6.9 b7.2 b8.2 b

Long-term debt

2.9 b4.4 b4.2 b3.4 b

Non-Current Liabilities

8.6 b

Total Debt

3.3 b4.4 b4.2 b4.2 b

Total Liabilities

16.6 b19 b19 b16.8 b

Common Stock

87 m87 m87 m87 m

Additional Paid-in Capital

1.2 b1.2 b1.2 b1.2 b

Retained Earnings

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

Total Equity

2.1 b2.6 b3.5 b5.9 b

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 m752 m943 m938 m884 m

Depreciation and Amortization

657 m460 m345 m728 m

Accounts Receivable

197 m60 m(93 m)(449 m)

Inventories

(1 m)(6 m)95 m(29 m)

Accounts Payable

(622 m)(542 m)(263 m)454 m

Cash From Operating Activities

(110 m)913 m924 m1.2 b1.9 b

Purchases of PP&E

(263 m)(359 m)(408 m)(389 m)

Cash From Investing Activities

55 m(220 m)(606 m)(360 m)

Dividends Paid

638 m(642 m)(655 m)(670 m)(692 m)

Cash From Financing Activities

(918 m)(638 m)(189 m)(465 m)(995 m)

Net Change in Cash

(1.1 b)86 m219 m158 m542 m

Interest Paid

(152 m)(180 m)(200 m)(204 m)

Income Taxes Paid

(92 m)(116 m)(213 m)(227 m)

Half Year

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

Net Income

398 m418 m559 m485 m

Depreciation and Amortization

184 m110 m167 m188 m

Accounts Receivable

(248 m)(155 m)(411 m)(462 m)

Inventories

(36 m)29 m(74 m)(56 m)

Accounts Payable

(599 m)(470 m)(6 m)(520 m)

Cash From Operating Activities

(257 m)143 m341 m(397 m)

Purchases of PP&E

(134 m)(166 m)(166 m)(140 m)

Cash From Investing Activities

(72 m)(159 m)(169 m)(164 m)

Long-term Borrowings

(7 m)

Dividends Paid

(389 m)(397 m)(404 m)(415 m)

Cash From Financing Activities

(453 m)(137 m)(568 m)(596 m)

Net Change in Cash

(940 m)(326 m)(396 m)(1.2 b)

Interest Paid

(98 m)(107 m)(107 m)(107 m)

Income Taxes Paid

(60 m)(110 m)(155 m)(131 m)

Bae Systems Ratios

GBPY, 2018

EV/EBIT

255.3 x

EV/CFO

-509.4 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 b£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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