REG - BAE SYSTEMS PLC - Final Results <Origin Href="QuoteRef">BAES.L</Origin> - Part 3
18/02/2016 07:10
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460 657
Profit on disposal of property, plant and equipment (28) (20)
Profit on disposal of investment property (41) (12)
Profit on disposal of non-current other investments (1) -
Loss on disposal of businesses 24 -
Fair value gain - (47)
Cost of equity-settled employee share schemes 44 42
Movements in provisions (139) (153)
Decrease in liabilities for retirement benefit obligations (234) (345)
(Increase)/decrease in working capital:
Inventories (6) (1)
Trade and other receivables 60 197
Trade and other payables (542) (622)
Cash inflow from operating activities 924 913
Interest paid (180) (152)
Taxation paid (116) (92)
Net cash inflow from operating activities 628 669
Dividends received from equity accounted investments 41 63
Interest received 7 7
Purchase of property, plant and equipment, and investment property (359) (263)
Purchase of intangible assets (54) (59)
Proceeds from sale of property, plant and equipment, and investment property 136 539
Proceeds from sale of non-current other investments 1 -
Purchase of subsidiary undertakings (5) (233)
Cash and cash equivalents acquired from purchase of subsidiary undertakings - 3
Equity accounted investment funding (8) (2)
Proceeds from sale of subsidiary undertakings 34 -
Cash and cash equivalents disposed of with subsidiary undertakings (13) -
Net cash (outflow)/inflow from investing activities (220) 55
Net sale/(purchase) of own shares 1 (281)
Equity dividends paid 7 (655) (642)
Dividends paid to non-controlling interests (40) (14)
Cash inflow from matured derivative financial instruments 12 8
Cash inflow from movement in cash collateral 3 10
Cash inflow from loans 1,625 679
Cash outflow from repayment of loans (1,135) (398)
Net cash outflow from financing activities (189) (638)
Net increase in cash and cash equivalents 219 86
Cash and cash equivalents at 1 January 2,313 2,222
Effect of foreign exchange rate changes on cash and cash equivalents 5 5
Cash and cash equivalents at 31 December 2,537 2,313
Comprising:
Cash and cash equivalents 2,537 2,308
Cash and cash equivalents (included within assets held for sale) - 6
Overdrafts - (1)
Cash and cash equivalents at 31 December 2,537 2,313
Notes to the accounts
1. Preparation
The consolidated financial statements of BAE Systems plc have been prepared on
a going concern basis and in accordance with EU-endorsed International
Financial Reporting Standards (IFRS) and the Companies Act 2006 applicable to
companies reporting under IFRS.
The consolidated financial statements are presented in pounds sterling and,
unless stated otherwise, rounded to the nearest million. They have been
prepared under the historical cost convention, as modified by the revaluation
of available-for-sale financial assets, and other relevant financial assets
and financial liabilities (including derivative instruments).
2. Segmental analysis
Sales and revenue by reporting segment
Combined sales of Less: Add: Revenue
Group and share of equity accounted investments sales by equity sales to equity
accounted investments accounted investments
2015 20141 2015 2014 2015 2014 2015 20141£m
£m £m £m £m £m £m £m
Electronic Systems 2,638 2,415 (72) (74) 72 74 2,638 2,415
Cyber & Intelligence 1,848 1,658 - - - - 1,848 1,658
Platforms & Services (US) 2,779 2,689 (101) (83) - - 2,678 2,606
Platforms & Services (UK) 7,405 6,623 (1,524) (1,207) 1,438 1,104 7,319 6,520
Platforms & Services (International) 3,742 3,572 (785) (793) - - 2,957 2,779
HQ 237 279 (237) (279) - - - -
18,649 17,236 (2,719) (2,436) 1,510 1,178 17,440 15,978
Intra-group sales/revenue (745) (599) - - 92 51 (653) (548)
17,904 16,637 (2,719) (2,436) 1,602 1,229 16,787 15,430
Reporting segment result
Underlying Non-recurring Amortisation of Impairment of intangible assets Reporting
EBITA2 items3 intangible assets4 segment result
2015 20141 2015 2014 2015 20141 2015 20141 2015 20141£m
£m £m £m £m £m £m £m £m £m
Electronic Systems 396 373 - - (18) (14) - (1) 378 358
Cyber & Intelligence 145 153 - - (57) (61) (78) (4) 10 88
Platforms & Services (US) 177 117 (24) - (13) (15) - (165) 140 (63)
Platforms & Services (UK) 721 772 50 - (11) (84) - - 760 688
Platforms & Services (International) 335 366 - - (9) (10) - - 326 356
HQ5 (91) (79) - - - - - - (91) (79)
1,683 1,702 26 - (108) (184) (78) (170) 1,523 1,348
Financial income/(expense) of equity accounted investments 3 (30)
Taxation expense of equity accounted investments (24) (18)
Operating profit 1,502 1,300
Finance costs (412) (418)
Profit before taxation 1,090 882
Taxation expense (147) (130)
Profit for the year 943 752
1. Re-presented for the reallocation of the Integrated Electronics & Warfare
Systems activities from Platforms & Services (US) to Cyber & Intelligence.
2. Earnings before amortisation and impairment of intangible assets, finance
costs and taxation expense (EBITA) excluding non-recurring items.
3. In 2015, Platforms & Services (US) comprises a loss on the sale of the
Group's 75% holding in BAE Systems Land Systems South Africa (Pty) Limited and
Platforms & Services (UK) includes research and development expenditure
credits relating to 2013 and 2014.
4. The reduction in amortisation of intangible assets primarily reflects
acquired intangible assets fully amortising in 2014 in the Group's Maritime
business within Platforms & Services (UK).
5. In 2014, HQ included a £30m benefit from re-assessment of a long-term
liability.
3. Finance costs
2015 2014
£m £m
Interest income 17 28
Gain on remeasurement of financial instruments at fair value through profit or loss 167 99
Foreign exchange gains 57 114
Financial income 241 241
Interest expense on bonds and other financial instruments (175) (177)
Facility fees (4) (4)
Net present value adjustments (29) (48)
Net interest expense on retirement benefit obligations (192) (147)
Loss on remeasurement of financial instruments at fair value through profit or loss (72) (75)
Foreign exchange losses (181) (208)
Financial expense (653) (659)
Finance costs (412) (418)
Additional analysis
2015 2014
£m £m
Finance costs:
Group (412) (418)
Share of equity accounted investments 3 (30)
(409) (448)
Analysed as:
Underlying interest expense:
Group (191) (201)
Share of equity accounted investments (3) (3)
(194) (204)
Other:
Group:
Net interest expense on retirement benefit obligations (192) (147)
Fair value and foreign exchange adjustments on financial instruments and investments (29) (70)
Share of equity accounted investments:
Net interest expense on retirement benefit obligations (8) (8)
Fair value and foreign exchange adjustments on financial instruments and investments 14 (19)
(409) (448)
4. Taxation expense
Reconciliation of taxation expense
The following table reconciles the theoretical income tax expense, using the
UK corporation tax rate, to the reported tax expense. The reconciling items
represent, besides the impact of tax rate differentials and changes,
non-taxable benefits or non-deductible expenses arising from differences
between the local tax base and the reported financial statements.
2015 2014
£m £m
Profit before taxation 1,090 882
UK corporation tax rate 20.25% 21.5%
Expected income tax expense (221) (190)
Effect of tax rates in foreign jurisdictions, including US state taxes (69) (46)1
Effect of intra-group financing 13 131
Expenses not tax effected (13) (12)
Income not subject to tax 41 321
Research and development tax credits and patent box benefits 7 29
Non-deductible goodwill impairment (15) (35)
Chargeable gains and non-taxable gains/non-deductible losses on disposal of businesses (7) -
Utilisation of previously unrecognised tax losses 4 3
Adjustments in respect of prior years2 115 61
Adjustments in respect of equity accounted investments 22 18
Tax rate adjustment (5) -
Other (19) (3)
Taxation expense (147) (130)
Calculation of the underlying effective tax rate
2015 2014
£m £m
Profit before taxation 1,090 882
Add back:
Taxation expense of equity accounted investments 24 18
Loss on disposal of businesses 24 -
Goodwill impairment 75 161
Adjusted profit before taxation 1,213 1,061
Taxation expense (147) (130)
Taxation expense of equity accounted investments (24) (18)
Exclude: Re-assessment of existing tax provisions2 - (51)
Adjusted taxation expense (including equity accounted investments) (171) (199)
Underlying effective tax rate 14% 19%
Adjusted profit before taxation (above) 1,213 1,061
Exclude: Research and development expenditure credits3 (77) -
1,136 1,061
Adjusted taxation expense (including equity accounted investments) (above) (171) (199)
Exclude: Adjustments relating to research and development expenditure credits3 68 -
Exclude: Adjustment of tax provisions2 (134) -
(237) (199)
Underlying effective tax rate, excluding research and development expenditure credits3 and adjustment of tax provisions2 21% 19%
1. Re-presented.
2. 2015 includes credits totalling £134m in respect of the adjustment of
certain UK and overseas tax provisions in the light of clarification and
rulings received. 2014 included a £51m credit in respect of the re-assessment
of existing tax provisions where information received in the year enabled the
estimate to be updated, which was excluded from the calculation of the
underlying effective tax rate.
3. In 2013, UK legislation changed so that UK government credits for research
and development spend are now accounted for as part of operating profit rather
than as part of taxation expense. This treatment was optional for the first
three years. During 2015, the Group exercised that option, effective from
2013, and has reflected this change in the 2015 accounts. The adjustment
reverses this treatment to show an underlying effective tax rate that is
comparable with the prior year.The £77m excluded from profit before taxation
comprises £50m included in non-recurring items relating to 2013 and 2014 and
£27m included in underlying EBITA relating to 2015, of which £12m relates to
the Group's share of equity accounted investments. The £68m includes £45m
relating to the £50m included in non-recurring items.
5. Earnings per share
2015 2014
£m Basic Diluted pence £m Basic Diluted pence
pence per share pence per share
per share per share
Profit for the year attributable to equity shareholders 918 29.0 28.9 740 23.4 23.3
(Deduct)/add back:
Re-assessment of existing tax provisions - (51)
Non-recurring items, post tax 19 -
Net interest expense on retirement benefit obligations, post tax1 158 126
Fair value and foreign exchange adjustments on financial instruments and investments, post tax1 12 72
Amortisation and impairment of intangible assets, post tax1 88 156
Impairment of goodwill 75 161
Underlying earnings, post tax 1,270 40.2 40.1 1,204 38.0 37.9
Millions Millions Millions Millions
Weighted average number of shares used in calculating basic earnings per share 3,161 3,161 3,165 3,165
Incremental shares in respect of employee share schemes 10 10
Weighted average number of shares used in calculating diluted earnings per share 3,171 3,175
1. The tax impact is calculated using the underlying effective tax rate,
excluding research and development expenditure credits and adjustment of tax
provisions, of 21% (2014 19%).
6. Retirement benefit obligations
UK US and Total
£m other £m
£m
Total IAS 19 deficit at 1 January 2015 (6,066) (746) (6,812)
Actual return on assets excluding amounts included in interest expense (335) (198) (533)
Decrease in liabilities due to changes in financial assumptions 1,348 202 1,550
Decrease in liabilities due to changes in demographic assumptions - 29 29
Experience gains/(losses) 224 (4) 220
Additional contributions in excess of service cost 177 - 177
Recurring contributions in excess of service cost 44 53 97
Past service cost - plan amendments (10) - (10)
Settlements - 4 4
Net interest expense (206) (32) (238)
Foreign exchange adjustments - (40) (40)
Movement in US healthcare schemes - 2 2
Total IAS 19 deficit at 31 December 2015 (4,824) (730) (5,554)
Allocated to equity accounted investments and other participating employers 1,053 - 1,053
Group's share of IAS 19 deficit excluding Group's share of amounts allocated to equity accounted investments and other participating employers at 31 December 2015 (3,771) (730) (4,501)
Represented by:
Retirement benefit surpluses 120 73 193
Retirement benefit obligations (3,891) (803) (4,694)
(3,771) (730) (4,501)
Certain of the Group's equity accounted investments participate in the Group's
defined benefit schemes as well as Airbus SAS (Airbus), the Group's share of
which was disposed of in 2006. As these schemes are multi-employer schemes,
the Group has allocated a share of the IAS 19 pension deficit to its equity
accounted investments and other participating employers.
In December 2015, BAE Systems, Airbus and the scheme trustees agreed to work
towards the creation of a separate Airbus section of the BAE Systems Pension
Scheme (Main Scheme) in 2016 with the allocation of the deficit to the BAE
Systems and Airbus sections based on each member's last employer. This
allocation methodology is considered to represent a better estimate of the
deficit allocation than the relative payroll contributions of active members
and has been reflected in the allocation of the IAS 19 pension deficit in the
Main Scheme at 31 December 2015. The impact of this change on the amounts
allocated at 31 December 2015 is an increase of £187m (£153m post-tax) in the
Group's share of the reported IAS 19 deficit. Currently, in the event that an
employer who participates in the Group's pension schemes fails or cannot be
compelled to fulfil its obligations as a participating employer, the remaining
participating employers are obliged to collectively take on its obligations.
The Group considers the likelihood of this event arising as remote. However,
following the creation of an Airbus section of the Main Scheme, the Group's
obligation in respect of Airbus is expected to be removed.
With the exception of the allocation of the Main Scheme deficit to Airbus, the
deficit allocation method for other employers of the Main Scheme and for all
other schemes is based on the relative payroll contributions of active
members, which is consistent with prior years and is intended to reflect a
reasonable approximation of the share of the deficit.
Funding
The majority of the UK and US defined benefit pension schemes are funded by
the Group's subsidiaries, equity accounted investments and other participating
employers. The individual pension schemes' funding requirements are based on
actuarial measurement frameworks set out in their funding policies.
For funding valuation purposes, pension scheme assets are included at market
value, whilst the liabilities are determined based on prudent assumptions set
by the trustees following consultation with scheme actuaries.
The separate actuarial valuations for funding purposes include assumptions
which differ from the actuarial assumptions used for IAS 19 accounting
purposes. The latest valuations of the Main Scheme and BAE Systems 2000
Pension Plan were performed as at 31 March 2014 and showed a funding deficit
of £2.6bn. The total net funding deficit in respect of all of the UK schemes
was £2.7bn. Deficit recovery plans agreed with the trustees of the relevant
schemes run until 2026.
The results of future triennial valuations and associated funding requirements
will be impacted by the future performance of investment markets, and interest
and inflation rates.
The total Group contributions made to the defined benefit schemes in the year
ended 31 December 2015 were £438m (2014 £548m) excluding those amounts
allocated to equity accounted investments and participating employers of £98m
(2014 £92m). This includes additional contributions of £33m into the UK
schemes relating to the share buyback programme (2014 £108m).
In 2016, the Group expects to make contributions at a similar level to the
recurring contributions and deficit funding as made in 2015.
The Group incurred a charge of £140m (2014 £125m) in relation to defined
contribution schemes for employees.
Principal actuarial assumptions
The assumptions used are estimates chosen from a range of possible actuarial
assumptions which, due to the long-term nature of the obligation covered, may
not necessarily occur in practice.
UK US
2015 2014 2013 2015 2014 2013
Financial assumptions
Discount rate (%) 3.9 3.6 4.5 4.5 4.1 4.9
Inflation (%) 3.2 3.2 3.4 n/a n/a n/a
Rate of increase in salaries (%) 3.2 3.2 3.4 n/a n/a n/a
Rate of increase in deferred pensions (%) 2.3/3.2 2.3/3.2 2.5/3.4 n/a n/a n/a
Rate of increase in pensions in payment (%) 1.8 - 3.6 1.8 - 3.6 1.9 - 3.7 n/a n/a n/a
Demographic assumptions
Life expectancy of a male currently aged 65 (years) 87 - 89 87 - 89 87 - 89 87 87 84
Life expectancy of a female currently aged 65 (years) 89 - 90 89 - 90 89 - 90 89 89 86
Life expectancy of a male currently aged 45 (years) 89 - 91 89 - 91 88 - 90 87 87 84
Life expectancy of a female currently aged 45 (years) 91 - 92 91 - 92 91 - 92 89 89 86
Sensitivity analysis
The sensitivity information has been derived using scenario analysis from the
actuarial assumptions as at 31 December 2015 and keeping all other assumptions
the same.
Financial assumptions
Changes in the following financial assumptions would have the following effect
on the defined benefit pension obligation before allocation to equity
accounted investments and other participating employers:
(Increase)/
decrease
£bn
Discount rate:
0.1 percentage point increase 0.5
0.1 percentage point decrease (0.5)
Inflation:
0.1 percentage point increase (0.5)
0.1 percentage point decrease 0.5
The sensitivity analysis does not allow for the impact of the Group's risk
management activities in respect of interest rate and inflation risk on the
valuation of the assets. Across all of its pension schemes, the Group is
hedged against approximately 35% and 40% of interest rate and inflation risk,
respectively, measured relative to the funding liabilities. The Group's US
schemes are not indexed with inflation.
The sensitivity of the valuation of the liabilities to changes in the
inflation assumption presented above assumes that a 0.1 percentage point
change to expectations of future inflation results in a 0.1 percentage point
change to all inflation-related assumptions (rate of increase in salaries,
rate of increase in deferred pensions and rate of increase in pensions in
payment) used to value the liabilities. However, upper and lower limits exist
on the majority of inflation-related benefits such that a change in
expectations of future inflation may not have the same impact on the
inflation-related benefits, and hence will result in a smaller change to the
valuation of the liabilities. Accordingly, extrapolation of the above results
beyond the specific sensitivity figures shown may not be appropriate. To
illustrate this, the (increase)/decrease in the defined benefit pension
obligation resulting from larger changes in the inflation assumption would be
as follows:
(Increase)/
decrease
£bn
Inflation:
0.5 percentage point increase (1.6)
0.5 percentage point decrease 1.6
1.0 percentage point increase (3.2)
1.0 percentage point decrease 3.0
Demographic assumptions
Changes in the life expectancy assumption, including the benefit of longevity
swap arrangements, would have the following effect on the total IAS 19
deficit:
(Increase)/
decrease
£bn
Life expectancy:
One-year increase (0.9)
One-year decrease 0.9
7. Equity dividends
2015 2014
£m £m
Prior year final 12.3p dividend per ordinary share paid in the year (2014 12.1p) 389 383
Interim 8.4p dividend per ordinary share paid in the year (2014 8.2p) 266 259
655 642
After the balance sheet date, the directors proposed a final dividend of 12.5p
per ordinary share. The dividend, which is subject to shareholder approval,
will be paid on 1 June 2016 to shareholders registered on 22 April 2016. The
ex-dividend date is 21 April 2016.
Shareholders who do not at present participate in the Company's Dividend
Reinvestment Plan and wish to receive the final dividend in shares rather than
cash should complete a mandate form for the Dividend Reinvestment Plan and
return it to the registrars no later than 10 May 2016.
8. Acquisition and disposal of subsidiaries
Subsidiaries acquired during 2015
In June, the Group completed the acquisition of Eclipse Electronic Systems,
Inc., a provider of advanced Intelligence, Surveillance and Reconnaissance
products and services, for cash consideration of $8m (£5m).
Subsidiaries disposed of during 2015
In April, the Group completed the sale of its 75% holding in BAE Systems Land
Systems South Africa (Pty) Limited for cash consideration of 655 million Rand
(£36m).
£m £m
Cash consideration 36
Transaction costs paid (2)
Cash proceeds 34
Net assets disposed:
Intangible assets (19)
Property, plant and equipment (9)
Inventories (7)
Trade and other receivables (9)
Deferred tax assets (3)
Cash and cash equivalents (13)
Trade and other payables 8
Deferred tax liabilities 2
Provisions 6
(44)
Non-controlling interest disposed 6
Cumulative currency translation loss (20)
Loss on disposal of businesses (24)
Subsidiaries acquired during 2014
In 2014, the Group acquired Perimeter Internetworking Corp., trading as
SilverSky; an additional 59% shareholding in Saudi Development and Training
Company; and Signal Innovations Group, Inc. For all acquisitions made during
2014, there were no adjustments made in 2015 to the provisional fair values.
9. Fair value measurement
Fair value of financial instruments
Certain of the Group's financial instruments are held at fair value.
The fair value of a financial instrument is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the balance sheet date.
The fair values of financial instruments held at fair value have been
determined based on available market information at the balance sheet date,
and the valuation methodologies listed below:
- the fair values of forward foreign exchange contracts are calculated by
discounting the contracted forward values and translating at the appropriate
balance sheet rates;
- the fair values of both interest rate and cross-currency swaps are
calculated by discounting expected future principal and interest cash flows
and translating at the appropriate balance sheet rates; and
- the fair values of loans and overdrafts have been estimated by
discounting the future cash flows to net present values using appropriate
market-based interest rates prevailing at 31 December.
Due to the variability of the valuation factors, the fair values presented at
31 December may not be indicative of the amounts the Group would expect to
realise in the current market environment.
Fair value hierarchy
The fair value measurement hierarchy is as follows:
- Level 1 - Quoted prices (unadjusted) in active markets for identical
assets or liabilities;
- Level 2 - Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices); and
- Level 3 - Inputs for the asset or liability that are not based on
observable market data (i.e. unobservable inputs).
Carrying amounts and fair values of certain financial instruments
2015 2014
Carrying amount Fair Carrying amount Fair
£m value £m value
£m £m
Financial instruments measured at fair value:
Non-current
Available-for-sale financial assets 6 6 7 7
Other receivables1 234 234 238 238
Other financial assets 107 107 38 38
Other financial liabilities (72) (72) (79) (79)
Loans (346) (346) (325) (325)
Trade and other payables1 (264) (264) (262) (262)
Current
Other financial assets 105 105 46 46
Other financial liabilities (130) (130) (107) (107)
Financial instruments not measured at fair value:
Non-current
Loans (3,429) (3,704) (2,543) (2,900)
Current
Cash and cash equivalents 2,537 2,537 2,308 2,308
Loans and overdrafts (237) (241) (482) (494)
1. Represents US deferred compensation plan assets and liabilities.
All of the financial assets and liabilities measured at fair value are
classified as level 2 using the fair value hierarchy. There were no transfers
between levels during the year.
Financial assets and liabilities in the Group's consolidated balance sheet are
either held at fair value or their carrying value approximates to fair value,
with the exception of loans, most of which are held at amortised cost.
The fair value of total loans and overdrafts estimated using market prices at
31 December 2015 is £4,291m (2014 £3,719m).
10. Related party transactions
Transactions occur with the equity accounted investments in the normal course
of business, are priced on an arm's-length basis and settled on normal trade
terms. The more significant transactions are disclosed below:
Year ended Year ended
31 December 31 December
2015 2014
£m £m
Sales to related parties 1,602 1,229
Purchases from related parties 379 209
31 December 31 December
2015 2014
£m £m
Amounts owed by related parties 75 92
Amounts owed to related parties 446 494
11. Annual General Meeting
This year's Annual General Meeting will be held on 4 May 2016. Details of the
resolutions to be proposed at that meeting will be included in the notice of
Annual General Meeting that will be sent to shareholders at the end of March
2016.
12. Other information
The financial information for the year ended 31 December 2015 contained in
this preliminary announcement was approved by the Board on 17 February 2016.
This announcement does not constitute statutory accounts of the Company within
the meaning of Section 435 of the Companies Act 2006, but is derived from
those accounts.
Statutory accounts for the year ended 31 December 2014 have been delivered to
the Registrar of Companies. Statutory accounts for the year ended 31 December
2015 will be delivered to the Registrar of Companies following the Company's
Annual General Meeting.
The auditors have reported on those accounts. Their reports were not
qualified, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying their report, and did not
contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
Cautionary statement:
All statements other than statements of historical fact included in this
document, including, without limitation, those regarding the financial
condition, results, operations and businesses of BAE Systems and its strategy,
plans and objectives and the markets and economies in which it operates, are
forward-looking statements. Such forward-looking statements which reflect
management's assumptions made on the basis of information available to it at
this time, involve known and unknown risks, uncertainties and other important
factors which could cause the actual results, performance or achievements of
BAE Systems or the markets and economies in which BAE Systems operates to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. BAE Systems plc and
its directors accept no liability to third parties in respect of this report
save as would arise under English law. Accordingly, any liability to a person
who has demonstrated reliance on any untrue or misleading statement or
omission shall be determined in accordance with Schedule 10A of the Financial
Services and Markets Act 2000. It should be noted that Schedule 10A contains
limits on the liability of the directors of BAE Systems plc so that their
liability is solely to BAE Systems plc.
This information is provided by RNS
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