Segmental restatement

RNS Number : 7481D

BAE SYSTEMS PLC

02 February 2015

 



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

 

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