BAE Systems Report

[idpickering]

Financial highlights

Financial performance measures as defined by the Group1

- Order intake increased by £8.0bn to £28.3bn.

- Order backlog increased by £9.7bn to £48.4bn following this year's record order intake.

- Sales decreased £0.1bn to £18.4bn with the expected reduction in Typhoon production activity being largely offset by growth in our US businesses.

- Underlying EBITA decreased by £46m to £1,928m. There was an adverse exchange translation impact of £34m.

- Underlying earnings per share increased by 2% to 42.9p.

- Operating business cash flow decreased by £759m to £993m.

- Net debt increased by £152m compared with 31 December 2017.


Dividends

The Board has recommended a final dividend of 13.2p for a total of 22.2p for the full year. Subject to shareholder approval at the May 2019 Annual General Meeting, the dividend will be paid on 3 June 2019 to holders of ordinary shares registered on 23 April 2019.

https://www.investegate.co.uk/bae-syste ... 00046723Q/

[StepOne]

Dividends

The Board has recommended a final dividend of 13.2p for a total of 22.2p for the full year. Subject to shareholder approval at the May 2019 Annual General Meeting, the dividend will be paid on 3 June 2019 to holders of ordinary shares registered on 23 April 2019.

Meaning an ex-divi date of the 18th, because of the Easter weekend.

StepOne

[idpickering]

BAE Shares Drop as Saudi Arms Deals Hit by German Export Ban

BAE Systems Plc fell the most since Britain voted to quit the European Union after saying German limits on arms exports to Saudi Arabia following the murder of Jamal Khashoggi threaten its ability to do business in the kingdom.

BAE, which counts Germany as a partner on the Eurofighter jet for which it’s chasing a big Saudi order, is working with the British government to minimize the embargo’s impact on earnings and relationships, it said Thursday.

“The company is reliant on the approval of export licences by a number of governments in order to continue supplies to Saudi Arabia,” the London-based company said. Germany’s current position on export licensing “may affect the group’s ability to provide the required capability.”

Full item here; https://finance.yahoo.com/news/bae-shar ... 29019.html

[bluedonkey]

Another company where the adjusted EPS is consistently higher than the basic EPS. It's the adjusted EPS that appears to get into the headlines and the P/E ratios etc.

2018 basic EPS 31.3p versus adjusted of 42.9p

This pattern is the same in each year going all the way back to 2013.

[Arborbridge]

Another company where the adjusted EPS is consistently higher than the basic EPS. It's the adjusted EPS that appears to get into the headlines and the P/E ratios etc.

2018 basic EPS 31.3p versus adjusted of 42.9p

This pattern is the same in each year going all the way back to 2013.

The discussion today about this shows why we are probably wise to look at cash flow cover - provided that can be calculated on a consistent basis. Even there, I believe there is room for some value judgements to be made.