BAE Systems plc - Changes to reporting segments
2 February 2015
Following a restructuring of its US operations in 2014 to reduce management and administrative overhead, some activities previously included in the Group's Platforms & Services (US) segment will, from 1 January 2015, be reported within the Cyber & Intelligence segment.
The changes are a result of the reallocation of the Integrated Electronics & Warfare Systems activities from the Platforms & Services (US) reporting segment to the Cyber & Intelligence reporting segment. For the purposes of comparison, the results for 2013 and the first half of 2014 have been restated as shown below. Guidance for 2015 will be provided on this new reporting basis at the time of the announcement of the 2014 full year results on 19 February 2015.
Composition as previously reported |
|
New reporting segment composition |
Cyber & Intelligence
· Intelligence & Security o GEOINT - ISR o Global Analysis & Operations o IT Solutions
· BAE Systems Applied Intelligence |
|
Cyber & Intelligence
· Intelligence & Security o GEOINT - ISR o Global Analysis & Operations o IT Solutions o Integrated Electronics & Warfare Systems · BAE Systems Applied Intelligence |
Platforms & Services (US)
· Land & Armaments o US Combat Systems o Weapon Systems o BAE Systems Hägglunds o FNSS (49%) · Support Solutions o Ship Repair o Integrated Electronics & Warfare Systems o Ordnance Systems o Protection Systems
|
|
Platforms &Services (US)
o US Combat Systems (Incl. Protection Systems) o Weapon Systems (Incl. Ordnance Systems) o BAE Systems Hägglunds o Ship Repair o FNSS (49%) |
The following tables 1 and 2 detail the changes, for sales and underlying EBITA, for the year ended 31 December 2013 and for the six months ended 30 June 2014 respectively.
Table 1: 2013 Full Year
|
|
Sales |
|
Underlying EBITA |
|
|
Old structure |
IE&WS transfer |
New structure |
|
Old structure |
IE&WS transfer |
New structure |
|
|
£m |
£m |
£m |
|
£m |
|
£m |
Electronic Systems |
|
2,466 |
|
2,466 |
|
346 |
|
346 |
Cyber & Intelligence |
|
1,243 |
738 |
1,981 |
|
115 |
43 |
158 |
Platforms & Services (US) |
|
3,912 |
(742) |
3,170 |
|
229 |
(43) |
186 |
Platforms & Services (UK) |
|
7,174 |
|
7,174 |
|
915 |
|
915 |
Platforms & Services (Int'l) |
|
4,063 |
|
4,063 |
|
429 |
|
429 |
HQ |
|
306 |
|
306 |
|
(109) |
|
(109) |
Intra-group |
|
(984) |
4 |
(980) |
|
|
|
|
|
|
18,180 |
|
18,180 |
|
1,925 |
|
1,925 |
Segmental results in $US |
|
$m |
$m |
$m |
|
$m |
$m |
$m |
Cyber & Intelligence |
|
1,945 |
1,153 |
3,098 |
|
180 |
67 |
247 |
Platforms & Services (US) |
|
6,120 |
(1,161) |
4,959 |
|
358 |
(67) |
291 |
Intra Group |
|
|
8 |
|
|
|
|
|
Table 2: 2014 First Half
|
|
Sales |
|
Underlying EBITA |
|
|
Old structure |
IE&WS transfer |
New structure |
|
Old structure |
IE&WS transfer |
New structure |
|
|
£m |
£m |
£m |
|
£m |
£m |
£m |
Electronic Systems |
|
1,108 |
|
1,108 |
|
143 |
|
143 |
Cyber & Intelligence |
|
529 |
285 |
814 |
|
47 |
13 |
60 |
Platforms & Services (US) |
|
1,662 |
(287) |
1,375 |
|
105 |
(13) |
92 |
Platforms & Services (UK) |
|
2,844 |
|
2,844 |
|
393 |
|
393 |
Platforms & Services (Int'l) |
|
1,576 |
|
1,576 |
|
157 |
|
157 |
HQ |
|
127 |
|
127 |
|
(43) |
|
(43) |
Intra-group |
|
(235) |
2 |
(233) |
|
|
|
|
|
|
7,611 |
|
7,611 |
|
802 |
|
802 |
Segmental results in $US |
|
$m |
$m |
$m |
|
$m |
$m |
$m |
Cyber & Intelligence |
|
883 |
476 |
1,359 |
|
78 |
21 |
99 |
Platforms & Services (US) |
|
2,774 |
(479) |
2,295 |
|
175 |
(21) |
154 |
Intra Group |
|
|
3 |
|
|
|
|
|
Issued by:
BAE Systems plc
London
