Bae Systems Plc.fin (1)

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BAE SYSTEMS PLC (BA.)

Exchange London Exchange(Main Country UNITED KINGDOM

CUSIP Sedol 0263494

Annual Balance Sheet

Assets

Cash & ST Investments 4,120.0 3,298.0

Cash 3,693.0 2,624.0

Short Term Investments 427.0 674.0

Receivables (Net) 3,525.0 3,582.0

Inventories - Total 887.0 926.0

Raw Materials 312.0 370.0

Work In Process 451.0 424.0

Finished Goods 124.0 132.0

Progress Payments & Other 0.0 0.0

Prepaid Expenses - 3.0Other Current Assets 256.0 260.0

Current Assets - Total 8,788.0 8,069.0

Long Term Receivables 156.0 122.0

Investment In Unconsolidated Subsidiaries 846.0 1,034.0

Other Investments 250.0 632.0

Property Plant & Equipment - Net 2,552.0 2,446.0

Property Plant & Equipment - Gross 5,505.0 5,327.0

Land - -

Buildings 2,062.0 1,617.0

Machinery & Equipment 2,475.0 2,422.0

Rental/Lease Property 759.0 826.0

Transportation Equipment - -PP&E - Other - -

PP&E Under Capitalized Leases - -

(Less) Accumulated Depreciation 2,953.0 2,881.0

Accum Depr-Land - -

Accum Depr-Buildings 644.0 605.0

Accum Depr-Machinery & Equip. 1,745.0 1,690.0

Accum Depr-Rental/Lease Property 564.0 586.0

Accum Depr-Transport Equip. - -

Accum Depr-PP&E Other - -

Accum Depr-PP&E Under Cap Leases - -

Other Assets 11,298.0 12,346.0

Deferred Charges 42.0 37.0

Tangible Other Assets 3.0 3.0

Intangible Other Assets 11,253.0 12,306.0

Total Assets 23,890.0 24,649.0

Liabilities

Accounts Payable 1,063.0 1,004.0

ST Debt & Current Portion of LT Debt 453.0 173.0

Accrued Payroll - -

Income Taxes Payable 676.0 704.0

Dividends Payable - -

12/31/2009GBP

12/31/2008GBP



Other Current Liabilities 9,801.0 8,909.0

Current Liabilities - Total 11,993.0 10,790.0

Long Term Debt 2,817.0 2,608.0

LT Debt Excl Capital Leases 2,816.0 2,600.0

Non-Convertible Debt 2,816.0 2,600.0

Convertible Debt 0.0 0.0

Capitalized Lease Obligations 1.0 8.0

Provision for Risks & Charges 5,056.0 3,824.0Deferred Income 43.0 97.0

Deferred Taxes (1,509.0) (946.0)

Deferred Taxes - Credit 8.0 80.0

Deferred Taxes - Debit 1,517.0 1,026.0

Deferred Tax Liability In Untaxed Reserves - -

Other Liabilities 763.0 987.0

Total Liabilities 19,163.0 17,360.0

Shareholders' Equity

Non-Equity Reserves 0.0 0.0

Minority Interest 72.0 55.0

Preferred Stock 0.0 0.0

Preferred Stock - Non Redeemable 0.0 0.0Preferred Stock - Redeemable 0.0 0.0

Common Equity 4,655.0 7,234.0

Common Stock 90.0 90.0

Capital Surplus 1,243.0 1,238.0

Revaluation Reserves 74.0 0.0

Other Appropriated Reserves 202.0 202.0

Unappropriated (Free) Reserves - -

Retained Earnings 2,448.0 4,521.0

Equity In Untaxed Reserves - -

ESOP Guarantees - -

Unrealized Foreign Exchange Gain(Loss) 598.0 1,183.0

Unrealized Gain(Loss) on Marketable Securities 0.0 0.0(Less) Treasury Stock - -

Total Shareholders Equity 4,655.0 7,234.0

Total Liabilities & Shareholders Equity 23,890.0 24,649.0

Common Shares Outstanding 3,537.4 3,527.0

D/E 4.117 2.400

Equity/ Toal Cap 0.195 0.293

Dept/Total Assets 0.802 0.704

Quick Ratio 0.637 0.638

Current Ratio 0.733 0.748

Inventory Turnover 16.432 12.090

Asset Turnover 0.853 0.676

Adjusted EPS -0.019 0.493

GPM 28.46% 32.85%

NPM -0.33% 10.47%

Long Term Debt 2,817.0 2,608.0



Interest Coverage Ratio -0.294 6.712

Book Value 1.316 2.051

Price/ BV 2.774 1.780

PE -192.709 7.399

Div per Share

0.501 0.493

ROA -0.28% 7.08%

ROE -1.44% 24.12%

CF/ share=(o/p cash flow-pref div)/commonshare



Industry Aerospace & Defense Market Cap 12,466.16

ISIN GB0002634946 Shares Outstanding 3,407.92

3,327.0 3,653.0 3,269.0

3,062.0 3,100.0 2,581.0

265.0 553.0 688.0

2,747.0 2,070.0 1,763.0

701.0 395.0 485.0

285.0 100.0 146.0

304.0 205.0 222.0

112.0 90.0 117.0

0.0 0.0 0.0

2.0 5.0 -252.0 181.0 134.0

7,029.0 6,304.0 5,651.0

255.0 496.0 912.0

781.0 671.0 1,721.0

167.0 185.0 74.0

1,774.0 1,746.0 1,922.0

4,083.0 3,997.0 4,173.0

- - -

1,298.0 1,165.0 1,357.0

2,027.0 2,010.0 2,070.0

602.0 606.0 548.0

- - -- - -

- - -

2,309.0 2,251.0 2,251.0

- - -

494.0 433.0 462.0

1,426.0 1,480.0 1,507.0

389.0 338.0 282.0

- - -

- - -

- - -

9,687.0 7,668.0 8,624.0

57.0 66.0 -71.0 7.0 407.0

9,559.0 7,595.0 8,217.0

19,693.0 17,070.0 18,904.0

913.0 638.0 606.0

299.0 334.0 905.0

- - -

499.0 417.0 316.0

- - -

12/31/2007GBP

12/31/2006GBP

12/31/2005

GBPrestated



7,843.0 6,553.0 6,824.0

9,554.0 7,942.0 8,651.0

2,197.0 2,394.0 3,372.0

2,177.0 2,363.0 3,302.0

2,177.0 2,287.0 3,224.0

0.0 76.0 78.0

20.0 31.0 70.0

2,028.0 2,770.0 4,476.0- - 15.0

(527.0) (1,062.0) (1,308.0)

40.0 15.0 23.0

567.0 1,077.0 1,331.0

- - -

439.0 726.0 732.0

13,691.0 12,770.0 15,938.0

0.0 0.0 0.0

36.0 17.0 16.0

0.0 242.0 240.0

0.0 0.0 0.00.0 242.0 240.0

5,966.0 4,041.0 2,710.0

90.0 81.0 80.0

1,222.0 841.0 782.0

0.0 0.0 0.0

202.0 202.0 202.0

- (229.0) (211.0)

4,612.0 3,378.0 1,717.0

- - -

- - -

(160.0) (232.0) 140.0

0.0 0.0 0.0- - 0.0

5,966.0 4,283.0 2,950.0

19,693.0 17,070.0 18,904.0

3,512.6 3,217.3 3,219.0

2.295 2.982 5.403

0.303 0.251 0.156

0.695 0.748 0.843

0.636 0.721 0.582

0.736 0.794 0.653

13.720 20.734 15.901

0.727 0.722 0.583

0.248 0.182 0.125

32.78% 33.59% 30.01%

6.14% 5.21% 4.01%

2,197.0 2,394.0 3,372.0



3.855 2.165 1.562

1.698 1.331 0.916

2.149 2.742 3.983

14.689 20.080 29.212

0.590 0.175 0.630

4.46% 3.77% 2.34%

14.73% 15.01% 14.98%



Scale 1,000,000








Exchange London Exchange(Main Country UNITED KINGDOM Industry

CUSIP Sedol 0263494 ISIN

Annual Income Statement

Income Statement

Net Sales or Revenues 20,374.0 16,671.0 14,309.0

Operating Expenses - Total 18,635.0 15,202.0 13,240.0

Cost of Goods Sold 14,575.0 11,195.0 9,618.0

Selling, General & Admin Expenses - - -

Depreciation, Depletion & Amortization 604.0 538.0 407.0

Depreciation 318.0 291.0 258.0

Amortization of Intangibles 286.0 247.0 149.0

Amortization of Deferred Charges 0.0 0.0 0.0

Other Operating Expenses 3,456.0 3,469.0 3,215.0

Operating Income 1,739.0 1,469.0 1,069.0Extraordinary Credit - Pretax 408.0 681.0 135.0

Extraordinary Charge - Pretax 1,892.0 1,221.0 305.0

Non-Operating Interest Income 66.0 147.0 169.0

Interest Expense On Debt 228.0 260.0 228.0

Pretax Equity In Earnings - - -

Reserves- Increase(Decrease) 0.0 0.0 0.0

Other Income/Expense - Net (14.0) 1,416.0 269.0

Interest Capitalized 0.0 0.0 0.0

Pretax Income 79.0 2,232.0 1,109.0

Income Taxes 327.0 603.0 335.0

Current Domestic Income Tax 124.0 331.0 132.0

Current Foreign Income Tax 254.0 218.0 160.0Deferred Domestic Income Tax (19.0) 20.0 69.0

Deferred Foreign Income Tax (32.0) 34.0 (26.0)

Income Tax Credits 0.0 0.0 0.0

Minority Interest 22.0 23.0 21.0

Equity In Earnings 203.0 139.0 139.0

After Tax Other Income/Expense 0.0 0.0 0.0

Discontinued Operations 0.0 0.0 -

Net Income Before Extra Items/Preferred Div (67.0) 1,745.0 892.0

Extr Items & Gain(Loss) Sale of Assets 0.0 0.0 22.0

Net Income Before Preferred Dividends (67.0) 1,745.0 914.0

Preferred Dividend Require 0.0 0.0 13.0

Net Income to Common Shareholders (67.0) 1,745.0 879.0

EPS Incl Extraordinary Items - 0.5 0.3

EPS - Continuing Operations - 0.5 0.3

Dividend Per Share 0.2 0.1 0.1

Common Shares Used to Calc Diluted EPS 3,532,000,000.0 3,528,000,000.0 3,466,000,000.0

12/31/2009GBP

12/31/2008GBP

12/31/2007GBP



Aerospace & Defense Market Cap 12,466.16 Scale

GB0002634946 Shares Outstanding 3,407.92

12,333.0 11,019.0

11,623.0 10,285.0

8,190.0 7,712.0

- -

335.0 327.0

230.0 250.0

105.0 77.0

0.0 0.0

3,098.0 2,246.0

710.0 734.0

262.0 218.0

352.0 572.0

143.0 123.0

297.0 283.0

- -

0.0 0.0

308.0 290.0

0.0 0.0

774.0 510.0

213.0 113.0

149.0 58.0

76.0 73.0

(52.0) (21.0)

40.0 3.0

0.0 0.0

3.0 2.0

113.0 74.0

0.0 0.0

- -

671.0 469.0

993.0 111.0

1,664.0 580.0

28.0 27.0

643.0 442.0

0.5 0.2

0.2 0.1

0.1 0.1

3,382,000,000.0 3,332,000,000.0

12/31/2006GBP

12/31/2005

GBPrestated



1,000,000




Exchange London Exchange(Main Country UNITED KINGDOM Industry

CUSIP Sedol 0263494 ISIN

Share price 365p

Annual Cash Flow Statement

Operations

Net Income / Starting Line (45.0) 1,768.0 900.0

Depreciation, Depletion & Amortization 604.0 538.0 407.0

Depreciation & Depletion 318.0 291.0 258.0

Amortization of Intangible Assets 286.0 247.0 149.0

Deferred Income Taxes & Investment Tax Credit 0.0 0.0 0.0

Deferred Income Taxes - - -

Investment Tax Credits 0.0 0.0 0.0

Other Cash Flow 723.0 (854.0) 13.0

Funds From Operations 1,282.0 1,452.0 1,320.0

Extraordinary Items 0.0 0.0 0.0Funds From/For Other Operating Activities 491.0 287.0 753.0

Dec(Inc) In Receivables - (5.0) (271.0)

Dec(Inc) In Inventories - 46.0 (188.0)

Inc(Dec) In Accounts Payable - 246.0 1,212.0

Inc(Dec) In Income Taxes Payable - - -

Inc(Dec) In Other Accruals - - -

Dec(Inc) In Other Assets/Liabilities - - -

Net Cash Flow - Operating Activities 1,773.0 1,739.0 2,073.0

Investing

Capital Expenditures (Addition to Fixed Assets) (483.0) (520.0) (307.0)

Additions To Other Assets (42.0) (32.0) (31.0)

Net Assets From Acquisitions (324.0) (1,076.0) (1,725.0)Increase In Investments (1.0) (12.0) (6.0)

Decrease In Investments 70.0 21.0 125.0

Disposal of Fixed Assets 38.0 115.0 108.0

Other Use/(Source) - Investing 209.0 (164.0) (343.0)

Other Uses - Investing (209.0) 0.0 0.0

Other Sources - Investing 0.0 164.0 343.0

Net Cash Flow - Investing (951.0) (1,340.0) (1,493.0)

Financing

Net Proceeds From Sale/Issue of Com & Pref 5.0 16.0 805.0

Proceeds From Stock Options 5.0 16.0 64.0

Other Proceeds From Sale/Issuance of Stock 0.0 0.0 741.0

Com/Pfd Purchased (25.0) (43.0) (202.0)

Long Term Borrowings 920.0 0.0 0.0

Reduction In Long Term Debt (146.0) (324.0) (807.0)

Inc(Dec) In Short Term Borrowings (4.0) 3.0 (10.0)

Cash Dividends Paid - Total (539.0) (478.0) (406.0)

Common Dividends (Cash) 534.0 478.0 396.0

Preferred Dividends (Cash) 5.0 0.0 10.0

Other Source (Use) - Financing 25.0 (345.0) (1.0)

Other Sources - Financing 36.0 106.0 0.0

Other Uses - Financing (11.0) (451.0) (1.0)

12/31/2009GBP

12/31/2008GBP

12/31/2007GBP



Net Cash Flow - Financing 236.0 (1,171.0) (621.0)

Effect of Exchange Rate On Cash 11.0 334.0 3.0

Inc(Dec) In Cash & Short Term Investments 1,069.0 (438.0) (38.0)



Aerospace & Defense Market Cap 12,466.16 Scale

GB0002634946 Shares Outstanding 3,407.92

646.0 -

335.0 333.0

230.0 -

105.0 77.0

0.0 0.0

- -

0.0 0.0

(754.0) 330.0

227.0 1,115.0

0.0 0.0

336.0 914.0

(187.0) (4.0)

28.0 54.0

495.0 872.0

- -

- -

- -

563.0 2,029.0

(419.0) (330.0)

(27.0) (17.0)

(12.0) (2,134.0)

(9.0) (17.0)

1,387.0 155.0

269.0 545.0

(177.0) (45.0)

(468.0) 0.0

645.0 45.0

1,366.0 (1,753.0)

53.0 373.0

0.0 0.0

53.0 373.0

(124.0) 0.0

66.0 1,005.0

(966.0) (446.0)

- -

(366.0) (336.0)

346.0 315.0

20.0 21.0

0.0 0.0

0.0 0.0

0.0 0.0

12/31/2006GBP

12/31/2005

GBPrestated



(1,337.0) 596.0

(9.0) (31.0)

583.0 841.0



1,000,000



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Bae Systems Plc.fin (1)