Bae Systems (BA) Financials

$212 B

Mkt cap, 21-May-2018

£18.3 B

Revenue FY, 2017
Revenue growth (FY, 2016 - FY, 2017), %3%
Net income (FY, 2017)884 M
EBITDA (FY, 2017)2 B
EBIT (FY, 2017)1.5 B
Cash, 31-Dec-20173.3 B
EV212.8 B

Revenue/Financials

Income Statement

Annual

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

Revenue

15.4 b16.8 b17.8 b18.3 b

Revenue growth, %

(9%)9%6%3%

Operating expense total

14.4 b15.6 b16.3 b17.1 b

EBITDA

1.7 b1.7 b1.9 b2 b

EBITDA margin, %

11%10%11%11%

EBIT

1.3 b1.5 b1.7 b1.5 b

EBIT margin, %

8%9%10%8%

Interest expense

659 m653 m1.3 b762 m

Interest income

241 m241 m713 m416 m

Pre tax profit

882 m1.1 b1.2 b1.1 b

Income tax expense

130 m147 m213 m250 m

Net Income

752 m943 m938 m884 m

Half Year

GBPH1, 2015H1, 2016H1, 2017

Revenue

8 b8.3 b9 b

EBITDA

776 m849 m945 m

EBITDA margin, %

10%10%10%

EBIT

700 m776 m865 m

EBIT margin, %

9%9%10%

Interest expense

201 m263 m151 m

Pre tax profit

508 m528 m714 m

Income tax expense

110 m110 m155 m

Net Income

398 m418 m559 m

Balance Sheet

Annual

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

Cash

2.3 b2.5 b2.8 b3.3 b

Accounts Receivable

2.9 b2.9 b3.3 b3.6 b

Inventories

690 m726 m744 m723 m

Current Assets

6 b6.3 b7 b7.7 b

PP&E

1.6 b1.7 b2.1 b2.2 b

Total Assets

19.8 b20.1 b23 b22.5 b

Accounts Payable

6.7 b6.2 b6.5 b6.3 b

Short-term debt

482 m237 m14 m

Current Liabilities

8 b7.2 b7.3 b7.1 b

Long-term debt

2.9 b3.8 b4.4 b4.1 b

Non-Current Liabilities

10.6 b

Total Debt

3.4 b4 b4.4 b4.1 b

Total Liabilities

17.9 b17.1 b19.5 b17.7 b

Common Stock

87 m87 m87 m87 m

Additional Paid-in Capital

1.2 b1.2 b1.2 b1.2 b

Retained Earnings

(4.6 b)(3.6 b)(4.6 b)(2.7 b)

Total Equity

1.9 b3 b3.5 b4.8 b

Debt to Equity Ratio

0.9 x

Debt to Assets Ratio

0.2 x

Financial Leverage

10.5 x6.7 x6.6 x4.7 x

Half Year

GBPH1, 2015H1, 2016H1, 2017

Cash

1.4 b2.2 b2.4 b

Accounts Receivable

3.1 b3.3 b3.7 b

Inventories

723 m744 m773 m

Current Assets

5.3 b6.5 b7 b

PP&E

1.6 b1.9 b2.1 b

Total Assets

18.7 b21.6 b22.5 b

Accounts Payable

6.3 b5.9 b6.5 b

Short-term debt

485 m4 m

Current Liabilities

7.6 b6.9 b7.2 b

Long-term debt

2.9 b4.4 b4.2 b

Total Debt

3.3 b4.4 b4.2 b

Total Liabilities

16.6 b19 b19 b

Common Stock

87 m87 m87 m

Additional Paid-in Capital

1.2 b1.2 b1.2 b

Retained Earnings

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

Total Equity

2.1 b2.6 b3.5 b

Financial Leverage

8.7 x8.4 x6.5 x

Cash Flow

Annual

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

Net Income

752 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

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

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

Cash From Financing Activities

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

Net Change in Cash

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, 2017

Net Income

398 m418 m559 m

Depreciation and Amortization

184 m110 m167 m

Accounts Receivable

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

Inventories

(36 m)29 m(74 m)

Accounts Payable

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

Cash From Operating Activities

(257 m)143 m341 m

Purchases of PP&E

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

Cash From Investing Activities

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

Dividends Paid

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

Cash From Financing Activities

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

Net Change in Cash

(940 m)(326 m)(396 m)

Interest Paid

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

Income Taxes Paid

(60 m)110 m155 m

Ratios

GBPY, 2017

EV/EBITDA

105.3 x

EV/EBIT

143.8 x

EV/CFO

112.2 x

Revenue/Employee

219.4 k

Debt/Equity

0.9 x

Debt/Assets

0.2 x

Financial Leverage

4.7 x
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Operating Metrics

Bae Systems's Backlog was reported to be £41.2b in FY, 2017.
FY, 2014H1, 2015FY, 2015H1, 2016FY, 2016H1, 2017FY, 2017

Backlog

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

Order Intake

£15.10 b£14.92 b£22.44 b£10.65 b£20.26 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
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