REG - BAE SYSTEMS PLC - Segmental restatement <Origin Href="QuoteRef">BAES.L</Origin>

BAE SystemsAnnouncement

02/02/2015 10:11

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 Hgglunds
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 Hgglunds
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

This information is provided by RNS
The company news service from the London Stock Exchange
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