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BAE Systems

Coordinates: 51°16′25″N 0°46′00″W / 51.27361°N 0.76667°W / 51.27361; -0.76667
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51°16′25″N 0°46′00″W / 51.27361°N 0.76667°W / 51.27361; -0.76667

"BAE" redirects here. For other uses, see BAE (disambiguation).
BAE Systems plc
Company typePublic (LSE: BA.)
IndustryAerospace, security and defence
Founded30 November 1999
Headquarters
Farnborough
,
England, UK
Area served
Worldwide
Key people
Richard Olver
(Chairman)
Ian King
(CEO)
ProductsCivil and military aerospace
Defence electronics
Naval vessels
Munitions
Land warfare systems
ServicesMaintenance, consultancy, training etc.
Revenue£18.5 billion (2008)[1]
£1.7 billion (2008)[1]
£1.7 billion (2008)[1]
Total assets22,980,000,000 pound sterling (2016) Edit this on Wikidata
Number of employees
106,000 (2009)[2]
DivisionsSee below
SubsidiariesBAE Systems Inc.
Websitewww.baesystems.com

BAE Systems plc is a British [[defense t has been suggested that relations between Turner and Olver were tense.[3] On 16 October 2007 BAE announced that Mike Turner would retire in Augule = BAE's search for successor to Turner ends in its own backyard|work = Financial Times|date = 2008-06-28|accessdate =2008-06-30}}</ref>

Financial information

Financial information for the Company is as follows:[1][4][5]

File:BAE Systems revenue.PNG
BAE Systems revenue by division (2008).
Turnover (£ million) Profit/(loss) before tax (£m) Net profit (£m) Earnings per share (p)
2008-12-31 18,543 2,371 1,768 49.6
2007-12-31 15,710 1,477 1,177 26.0
2006-12-31 13,765 1,207 1,054 19.9
2005-12-31[a] 12,581 909 761 13.9
2005-12-31 15,411 845 555 22.5
2004-12-31 13,222 730 3 17.4
2003-12-31[b] 15,572 233 8 16.6
2002-12-31[b] 12,145 (616) (686)[c] 17.3
2001-12-31[b] 13,138 70 (128) 23.4
2000-12-31[b] 12,185 179 (19) 18.8
1999-12-31[b] 8,929 459 328 29.4

[a]: Restated to exclude Airbus contributions. Included for comparison.
[b]: Data prepared using UK GAAP guidelines. Recent data prepared using International Financial Reporting Standards.
[c]: Reflects £750 million charges for problems with Nimrod MRA4 (£500 million) and Astute class submarine (£250 million) programmes.

As of 18 February 2009 BAE listed the following as "significant" shareholders: AXA (9.02%), Barclays plc (3.98%), Franklin Resources, Inc. and affiliates (4.92%), Legal & General Group plc (4.07%), and BlackRock (4.96%).[6]

Corruption investigations

BAE Systems has been under investigation by the Serious Fraud Office, into the use of political corruption to help sell arms to Chile, Czech Republic, Romania, Saudi Arabia, South Africa, Tanzania and Qatar.[7][8][9] In response, BAE Systems' 2006 Corporate Responsibility Report states "We continue to reject these allegations...We take our obligations under the law extremely seriously and will continue to comply with all legal requirements around the world.[10] In June 2007 Lord Woolf was selected to lead what the BBC described as an "independent review.... [an] ethics committee to look into how the defence giant conducts its arms deals."[11] The report, Ethical business conduct in BAE Systems plc – the way forward, made 23 recommendations, measures which BAE has committed to implement. The finding stated that "in the past BAE did not pay sufficient attention to ethical standards in the way it conducted business," and was described by the BBC as "an embarrassing admission."[12]

In September 2009, the Serious Fraud Office announced that it intends to prosecute BAE Systems for offences relating to overseas corruption. The Guardian claimed that a penalty "possibly of more than £500m" might be an acceptable settlement package.[13] On 5 February 2010, BAE Systems agreed to pay £280 million in criminal fines to the US and UK authorities.[14]

Saudi Arabia

One of 24 Panavia Tornado ADVs delivered to the Royal Saudi Air Force as part of the Al Yamamah arms sales.
Main article: Al Yamamah

BAE (and British Aerospace previously) has long been the subject of allegations of bribery in relation to its business in Saudi Arabia. The UK National Audit Office (NAO) investigated the Al Yamamah contracts and has so far not published its conclusions, the only NAO report ever to be withheld.[15] The MOD has stated "The report remains sensitive. Disclosure would harm both international relations and the UK's commercial interests."[16] The company has been accused of maintaining a £60 million Saudi slush fund and was the subject of an investigation by the Serious Fraud Office (SFO). However, on 14 December 2006 it was announced that the SFO was "discontinuing" its investigation into BAE. It stated that representations to its Director and the Attorney General Lord Goldsmith had led to the conclusion that the wider public interest "to safeguard national and international security" outweighed any potential benefits of further investigation.[17]

In January 2007 BBC News highlighted concerns of arms campaigners regarding arms sales to South Africa, primarily in relation to the £2.3 billion deal which saw BAE supply Hawk trainers and Gripen fighters.[18]

Criticism

Espionage

In September 2003 The Sunday Times reported that BAE had hired a private security contractor to collate information about individuals working at the Campaign Against Arms Trade and their activities.[19]Cite error: A <ref> tag is missing the closing </ref> (see the help page).

See also

Template:Companies portal

References

  1. ^ a b c d "BAE Systems 2008 Preliminary results" (PDF). BAE Systems. 2009-02-19. p. 1. Retrieved 2009-03-07.
  2. ^ Cite error: The named reference about was invoked but never defined (see the help page).
  3. ^ Hope, Christopher (2005-06-14). "BAE chief admits clashing with chairman over Europe". Daily Telegraph. Retrieved 2005-12-05.
  4. ^ "BAE Systems 2005 Annual Report" (PDF). BAE Systems. p. 36. Retrieved 2006-03-13.
  5. ^ BAE Systems 2002 Annual Report p.76 BAE Systems. Retrieved on 1 March 2007.
  6. ^ "BAE Systems 2008 Preliminary Annual Report" (PDF). BAE Systems. 2009-03-30. p. 99. Retrieved 2010-02-09.
  7. ^ "Seven countries where BAE have been undec investigated - Bribing for Britain?". The Guardian. 1 October 2009. Retrieved 2009-10-24. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  8. ^ Leigh, David (12 October 2009). "BAE bribery case: MP urges Gordon Brown to intervene". The Guardian. Retrieved 2009-10-24. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  9. ^ "BAE in several corruption probes". BBC. 2007-02-07. Retrieved 2007-02-15.
  10. ^ "Corporate Responsibility Report 2006" (PDF). BAE Systems plc. Retrieved 2007-09-07.
  11. ^ "Lord Woolf to head BAE's review". BBC News. 2007-06-11. Retrieved 12 March 2009.
  12. ^ "BAE review seeks bribery controls". BBC News. 2008-05-06. Retrieved 12 March 2009.
  13. ^ "SFO seeks BAE prosecution over bribery claims". Guardian. 2009-10-01. Retrieved 2009-10-01.
  14. ^ "BAE Systems handed £280m criminal fines in UK and US". BBC. Retrieved 2010-02-05.
  15. ^ Burrows, Gideon (2003-08-08). "Out of arms way". The Guardian. Guardian Newspapers. Retrieved 2007-10-01.
  16. ^ Leigh, David (2006-07-25). "Parliamentary auditor hampers police inquiry into arms deal". The Guardian. Guardian Newspapers. Retrieved 2006-08-12. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  17. ^ "Saudi defence deal probe ditched". Guardian. 2009-10-01. Retrieved 2009-10-01.
  18. ^ "BAE South African deal 'probed'". BBC News. 2007-01-12. Retrieved 2007-01-12.
  19. ^ "How the woman at No 27 ran spy network for an arms firm". Sunday Times. Times Newspapers. 2003-09-28. p. 10. {{cite news}}: |access-date= requires |url= (help)
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