Cash flow BAE Systems plc

Equities

BA.

GB0002634946

Aerospace & Defense

Market Closed - London S.E. Other stock markets 16:35:03 14/01/2025 GMT			5-day change	1st Jan Change
1,187.00 ^GBX	+0.47%		+2.86%	+3.35%

01:58am	Astroscale Secures GBP5 Million Contract with BAE Systems for Space Program	MT
01-13	Sivers Semiconductors Signs CHIPS Act Contracts with the Northeast Microelectronics Coalition Hub	CI

9.YD9AkfeshVARmdR2vlF0XALXL6_cqqrt5mi2K5keEkc.EA4F9ID5qGN68oIwxCQkGWuyeeyxz9yXlRHkfLREJxYREhrzx9vAG3TxkQ

Published financial data: BAE SYSTEMS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	18.3B	19.28B	19.52B	21.26B	23.08B
Total Revenues	18.3B	19.28B	19.52B	21.26B	23.08B
Cost of Goods Sold, Total	6.5B	6.86B	7.05B	7.2B	7.98B
Gross Profit	11.8B	12.41B	12.47B	14.06B	15.1B
Selling General & Admin Expenses, Total	6.46B	6.68B	6.64B	7.43B	7.94B
Depreciation & Amortization - (IS)	511M	543M	513M	549M	564M
Amortization of Goodwill and Intangible Assets - (IS)	101M	128M	188M	215M	218M
Other Operating Expenses	3.09B	3.35B	3.28B	3.79B	4.01B
Other Operating Expenses, Total	10.16B	10.7B	10.62B	11.98B	12.73B
Operating Income	1.65B	1.71B	1.84B	2.08B	2.36B
Interest Expense, Total	-235M	-240M	-249M	-269M	-339M
Interest And Investment Income	27M	17M	30M	35M	131M
Net Interest Expenses	-208M	-223M	-219M	-234M	-208M
Income (Loss) On Equity Invest.	168M	69M	139M	180M	208M
Currency Exchange Gains (Loss)	154M	127M	35M	-524M	210M
Other Non Operating Income (Expenses)	-105M	-170M	-30M	400M	-290M
EBT, Excl. Unusual Items	1.66B	1.52B	1.77B	1.9B	2.28B
Merger & Related Restructuring Charges	-	-20M	-3M	-16M	-20M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	6M	-	7M	-
Gain (Loss) On Sale Of Assets	-18M	41M	350M	97M	10M
Asset Writedown	-12M	-4M	-19M	-3M	-5M
Other Unusual Items	-	57M	13M	-	60M
EBT, Incl. Unusual Items	1.63B	1.6B	2.11B	1.99B	2.33B
Income Tax Expense	94M	225M	198M	315M	386M
Earnings From Continuing Operations	1.53B	1.37B	1.91B	1.67B	1.94B
Net Income to Company	1.53B	1.37B	1.91B	1.67B	1.94B
Minority Interest	-56M	-72M	-154M	-83M	-83M
Net Income - (IS)	1.48B	1.3B	1.76B	1.59B	1.86B
Net Income to Common Incl Extra Items	1.48B	1.3B	1.76B	1.59B	1.86B
Net Income to Common Excl. Extra Items	1.48B	1.3B	1.76B	1.59B	1.86B
Per Share Items
Net EPS - Basic	0.46	0.41	0.55	0.51	0.61
Basic EPS - Continuing Operations	0.46	0.41	0.55	0.51	0.61
Basic Weighted Average Shares Outstanding	3.18B	3.19B	3.19B	3.11B	3.03B
Net EPS - Diluted	0.46	0.4	0.55	0.5	0.6
Diluted EPS - Continuing Operations	0.46	0.4	0.55	0.5	0.6
Diluted Weighted Average Shares Outstanding	3.2B	3.21B	3.21B	3.15B	3.07B
Normalized Basic EPS	0.31	0.27	0.3	0.36	0.44
Normalized Diluted EPS	0.31	0.27	0.3	0.35	0.44
Dividend Per Share	0.23	0.24	0.25	0.27	0.3
Payout Ratio	49.05	57.43	44.2	50.41	46.15
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	1.98B	2.06B	2.22B	2.52B	2.82B
EBITA	1.65B	1.75B	1.92B	2.19B	2.47B
EBIT	1.65B	1.71B	1.84B	2.08B	2.36B
EBITDAR	2.02B	2.09B	2.25B	2.55B	2.85B
Total Revenues (As Reported)	18.3B	-	-	-	-
Effective Tax Rate - (Ratio)	5.78	14.1	9.38	15.84	16.6
Current Domestic Taxes	180M	115M	18M	116M	111M
Current Foreign Taxes	-89M	118M	199M	369M	609M
Total Current Taxes	91M	233M	217M	485M	720M
Deferred Domestic Taxes	1M	-4M	-34M	-12M	23M
Deferred Foreign Taxes	2M	-4M	15M	-158M	-357M
Total Deferred Taxes	3M	-8M	-19M	-170M	-334M
Normalized Net Income	979M	876M	952M	1.11B	1.34B
Interest on Long-Term Debt	48M	44M	43M	48M	53M
Non-Cash Pension Expense	154M	26M	88M	47M	-1M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	1.51B	1.6B	1.6B	2B	2.3B
Net Rental Expense, Total	35M	26M	23M	30M	30M
Imputed Operating Lease Interest Expense	14.41M	8.51M	6.82M	9.57M	11.9M
Imputed Operating Lease Depreciation	20.59M	17.49M	16.18M	20.43M	18.1M
Stock-Based Comp., COGS (Total)	74M	74M	92M	101M	110M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	74M	74M	92M	101M	110M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.59B	2.77B	2.92B	3.11B	4.07B
Trading Asset Securities, Total	7M	9M	8M	23M	43M
Total Cash And Short Term Investments	2.59B	2.78B	2.92B	3.13B	4.11B
Accounts Receivable, Total	4.12B	4.27B	3.76B	5.06B	4.66B
Other Receivables	423M	582M	693M	726M	711M
Total Receivables	4.54B	4.85B	4.45B	5.79B	5.37B
Inventory	835M	858M	811M	976M	1.16B
Prepaid Expenses	937M	646M	444M	509M	933M
Other Current Assets, Total	338M	274M	186M	229M	204M
Total Current Assets	9.24B	9.41B	8.82B	10.63B	11.77B
Gross Property Plant And Equipment	6.97B	7.19B	7.6B	8.72B	9.08B
Accumulated Depreciation	-3.39B	-3.49B	-3.66B	-4.06B	-4.13B
Net Property Plant And Equipment	3.58B	3.71B	3.94B	4.66B	4.95B
Long-term Investments	558M	546M	744M	1.03B	1.02B
Goodwill	9.98B	10.85B	10.91B	11.82B	11.39B
Other Intangibles, Total	353M	863M	769M	775M	660M
Accounts Receivable Long-Term	91M	70M	54M	44M	33M
Deferred Tax Assets Long-Term	726M	972M	622M	338M	609M
Deferred Charges Long-Term	34M	36M	37M	50M	53M
Other Long-Term Assets, Total	1.06B	1.08B	1.24B	2.11B	1.59B
Total Assets	25.63B	27.53B	27.14B	31.46B	32.06B
Liabilities
Accounts Payable, Total	675M	697M	697M	1.9B	2.4B
Accrued Expenses, Total	2.35B	2.66B	2.66B	2.76B	2.72B
Short-term Borrowings	-	101M	-	-	-
Current Portion of Long-Term Debt	435M	411M	490M	132M	790M
Current Portion of Leases	238M	236M	212M	241M	147M
Current Income Taxes Payable	55M	72M	27M	103M	285M
Unearned Revenue Current, Total	3.54B	3.37B	3.01B	3.99B	3.93B
Other Current Liabilities	1.84B	1.83B	1.61B	724M	680M
Total Current Liabilities	9.13B	9.38B	8.7B	9.85B	10.94B
Long-Term Debt	3.03B	5.14B	4.73B	5.22B	4.49B
Long-Term Leases	1.12B	1.02B	1.08B	1.38B	1.27B
Unearned Revenue Non Current	527M	1.21B	1.33B	1.95B	3.1B
Pension & Other Post Retirement Benefits	4.76B	4.89B	2.61B	651M	575M
Deferred Tax Liability Non Current	-	-	77M	5M	10M
Other Non Current Liabilities	1.56B	959M	943M	1.01B	952M
Total Liabilities	20.12B	22.61B	19.47B	20.06B	21.34B
Common Stock, Total	87M	87M	85M	82M	81M
Additional Paid In Capital	1.25B	1.25B	1.25B	1.25B	1.25B
Retained Earnings	-1.88B	-2.41B	414M	3.13B	3.02B
Comprehensive Income and Other	5.95B	5.72B	5.68B	6.75B	6.2B
Total Common Equity	5.41B	4.64B	7.44B	11.22B	10.56B
Minority Interest	104M	278M	232M	185M	164M
Total Equity	5.51B	4.92B	7.67B	11.4B	10.72B
Total Liabilities And Equity	25.63B	27.53B	27.14B	31.46B	32.06B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.2B	3.21B	3.16B	3.07B	3.03B
ECS Total Common Shares Outstanding	3.2B	3.21B	3.16B	3.07B	3.03B
Book Value / Share	1.69	1.45	2.35	3.65	3.49
Tangible Book Value	-4.93B	-7.07B	-4.24B	-1.38B	-1.49B
Tangible Book Value Per Share	-1.54	-2.2	-1.34	-0.45	-0.49
Total Debt	4.82B	6.91B	6.52B	6.97B	6.7B
Net Debt	2.22B	4.13B	3.59B	3.84B	2.59B
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.83B	4.91B	2.35B	-1.41B	-683M
Debt Equivalent Oper. Leases	280M	208M	184M	240M	240M
Minority Interest, Total (Incl. Fin. Div)	104M	278M	232M	185M	164M
Equity Method Investments, Total	428M	409M	554M	787M	832M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	375M	459M	432M	535M	646M
Inventories - Work In Process, Total	348M	320M	312M	372M	437M
Inventories - Finished Goods, Total	112M	79M	67M	69M	73M
Land - (BS)	2.08B	2.06B	2.36B	2.62B	2.68B
Machinery, Total	3.22B	3.35B	3.48B	3.83B	3.94B
Full Time Employees	87.8K	89.6K	90.5K	93.1K	99.8K
Accumulated Allowance for Doubtful Accounts (Supple)	20M	36M	15M	20M	20M
Order Backlog	45.4B	45.2B	44B	58.9B	69.8B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.48B	1.3B	1.76B	1.59B	1.86B
Depreciation & Amortization - CF	547M	543M	513M	549M	564M
Amortization of Goodwill and Intangible Assets - (CF)	4M	37M	81M	107M	111M
Depreciation & Amortization, Total	551M	580M	594M	656M	675M
Amortization of Deferred Charges, Total - (CF)	97M	91M	107M	108M	107M
(Gain) Loss From Sale Of Asset	-18M	-41M	-350M	-96M	-10M
(Gain) Loss on Sale of Investments - (CF)	73M	152M	29M	-403M	267M
Asset Writedown & Restructuring Costs	12M	4M	19M	3M	5M
(Income) Loss On Equity Investments - (CF)	-168M	-69M	-139M	-180M	-208M
Stock-Based Compensation (CF)	74M	74M	92M	101M	110M
Other Operating Activities, Total	-201M	-1.23B	268M	736M	-168M
Change In Accounts Receivable	-481M	-	610M	-1.07B	-287M
Change In Inventories	-76M	24M	54M	-93M	-223M
Change In Accounts Payable	258M	122M	-615M	1.48B	1.64B
Change in Other Net Operating Assets	-	162M	20M	-	-
Cash from Operations	1.6B	1.17B	2.45B	2.84B	3.76B
Capital Expenditure	-360M	-385M	-366M	-599M	-826M
Sale of Property, Plant, and Equipment	21M	68M	271M	18M	19M
Cash Acquisitions	-12M	-1.71B	-30M	-162M	-14M
Divestitures	55M	5M	215M	124M	-8M
Sale (Purchase) of Intangible assets	-109M	-92M	-96M	-94M	-131M
Investment in Marketable and Equity Securities, Total	-6M	17M	-18M	-1M	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	9M	10M	10M	9M	10M
Other Investing Activities, Total	170M	46M	80M	283M	409M
Cash from Investing	-232M	-2.04B	66M	-422M	-541M
Long-Term Debt Issued, Total	-	2.67B	-	-	162M
Total Debt Issued	-	2.67B	-	-	162M
Long-Term Debt Repaid, Total	-1.02B	-742M	-584M	-636M	-292M
Total Debt Repaid	-1.02B	-742M	-584M	-636M	-292M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-368M	-788M	-561M
Common Dividends Paid	-724M	-746M	-777M	-802M	-857M
Common & Preferred Stock Dividends Paid	-724M	-746M	-777M	-802M	-857M
Other Financing Activities, Total	-217M	-205M	-527M	-107M	-640M
Cash from Financing	-1.96B	973M	-2.26B	-2.33B	-2.19B
Foreign Exchange Rate Adjustments	-48M	-22M	-7M	106M	-71M
Net Change in Cash	-645M	80M	250M	190M	960M
Supplemental Items
Cash Interest Paid	233M	227M	247M	269M	356M
Cash Income Tax Paid (Refund)	252M	251M	234M	365M	395M
Levered Free Cash Flow	714M	1.38B	1.42B	1.17B	1.57B
Unlevered Free Cash Flow	860M	1.53B	1.58B	1.34B	1.78B
Change In Net Working Capital	422M	-196M	-95M	132M	-374M
Net Debt Issued / Repaid	-1.02B	1.92B	-584M	-636M	-130M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.09	4.03	4.22	4.44	4.65
Return on Total Capital	10.16	9.66	8.86	7.99	8.24
Return On Equity %	27.53	26.28	30.38	17.56	17.54
Return on Common Equity	26.95	25.85	29.11	17.06	17.06
Margin Analysis
Gross Profit Margin %	64.48	64.39	63.87	66.15	65.41
SG&A Margin	35.27	34.66	34.01	34.96	34.4
EBITDA Margin %	10.82	10.69	11.39	11.86	12.23
EBITA Margin %	9.02	9.08	9.86	10.3	10.71
EBIT Margin %	9	8.89	9.45	9.79	10.23
Income From Continuing Operations Margin %	8.37	7.11	9.79	7.87	8.41
Net Income Margin %	8.06	6.74	9.01	7.48	8.05
Net Avail. For Common Margin %	8.06	6.74	9.01	7.48	8.05
Normalized Net Income Margin	5.35	4.54	4.87	5.21	5.82
Levered Free Cash Flow Margin	3.9	7.18	7.29	5.52	6.81
Unlevered Free Cash Flow Margin	4.7	7.96	8.09	6.31	7.73
Asset Turnover
Asset Turnover	0.73	0.73	0.71	0.73	0.73
Fixed Assets Turnover	6.16	5.29	5.1	4.94	4.8
Receivables Turnover (Average Receivables)	4.61	4.6	4.86	4.82	4.75
Inventory Turnover (Average Inventory)	8.08	8.11	8.45	8.05	7.49
Short Term Liquidity
Current Ratio	1.01	1	1.01	1.08	1.08
Quick Ratio	0.78	0.81	0.85	0.91	0.87
Operating Cash Flow to Current Liabilities	0.17	0.12	0.28	0.29	0.34
Days Sales Outstanding (Average Receivables)	79.18	79.61	75.05	75.75	76.89
Days Outstanding Inventory (Average Inventory)