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BAE Systems plc
Buy, Hold or Sell?

Should you buy, hold or sell BAE Systems plc?

I guess you are interested in BAE Systems plc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

Let's analyse BAE Systems plc

Let's start. I'm going to help you getting a better view of BAE Systems plc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

  1. Company's Financial Health
    A deep dive into the books. How are the numbers doing? Is BAE Systems plc even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
  2. Market Valuation
    Finally, you now have an insight of how BAE Systems plc is doing in the market. If the company is worth buying. The latest step is to find out how other investors value BAE Systems plc. The closing price on 2023-03-31 was p982.60 per share. Is the company over- or underpriced?
  3. Key Performance Indicators
    A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.
BAE Systems plc Daily Candlestick Chart
BAE Systems plc Daily Candlestick Chart
Summary









1. Valuation of BAE Systems plc




Current price per share

p982.60

2. Growth of BAE Systems plc




Is BAE Systems plc growing?

Current yearPrevious yearGrowGrow %
How rich?$9.4b$6b$3.3b35.8%

How much money is BAE Systems plc making?

Current yearPrevious yearGrowGrow %
Making money$2.1b$1.6b$566m26.1%
Net Profit Margin9.0%6.7%--

How much money comes from the company's main activities?

3. Financial Health of BAE Systems plc




Comparing to competitors in the Aerospace & Defense industry




  Industry Rankings (Aerospace & Defense)  


Richest
#13 / 220

Most Revenue
#5 / 220

Most Profit
#3 / 220


Summary

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a profit.
Using its assets, the company is efficient in making profit.
Using its investors money, the company is efficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

1.1. Profitability of BAE Systems plc.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit BAE Systems plc earns for each 1 of revenue.

  • Above 10% is considered healthy but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • A Net Profit Margin of 9.0% means that 0.09 for each 1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of BAE Systems plc:

  • The MRQ is 9.0%. The company is making a profit. +1
  • The TTM is 9.0%. The company is making a profit. +1
Trends
Current periodCompared to+/- 
MRQ9.0%TTM9.0%0.0%
TTM9.0%YOY6.7%+2.3%
TTM9.0%5Y6.9%+2.1%
5Y6.9%10Y5.7%+1.2%
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ9.0%2.9%+6.1%
TTM9.0%2.5%+6.5%
YOY6.7%3.3%+3.4%
5Y6.9%3.3%+3.6%
10Y5.7%3.0%+2.7%
1.1.2. Return on Assets

Shows how efficient BAE Systems plc is using its assets to generate profit.

  • Above 5% is considered healthy but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • 6.5% Return on Assets means that BAE Systems plc generated 0.06 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of BAE Systems plc:

  • The MRQ is 6.5%. Using its assets, the company is efficient in making profit. +1
  • The TTM is 6.5%. Using its assets, the company is efficient in making profit. +1
Trends
Current periodCompared to+/- 
MRQ6.5%TTM6.5%0.0%
TTM6.5%YOY4.7%+1.8%
TTM6.5%5Y5.0%+1.5%
5Y5.0%10Y4.3%+0.7%
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ6.5%1.1%+5.4%
TTM6.5%0.8%+5.7%
YOY4.7%1.0%+3.7%
5Y5.0%1.1%+3.9%
10Y4.3%1.0%+3.3%
1.1.3. Return on Equity

Shows how efficient BAE Systems plc is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • 23.6% Return on Equity means BAE Systems plc generated 0.24 for each 1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of BAE Systems plc:

  • The MRQ is 23.6%. Using its investors money, the company is efficient in making profit. +1
  • The TTM is 23.6%. Using its investors money, the company is efficient in making profit. +1
Trends
Current periodCompared to+/- 
MRQ23.6%TTM23.6%0.0%
TTM23.6%YOY28.0%-4.3%
TTM23.6%5Y23.0%+0.6%
5Y23.0%10Y24.6%-1.6%
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ23.6%2.8%+20.8%
TTM23.6%2.5%+21.1%
YOY28.0%2.9%+25.1%
5Y23.0%2.8%+20.2%
10Y24.6%2.8%+21.8%

1.2. Operating Efficiency of BAE Systems plc.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient BAE Systems plc is operating .

  • Measures how much profit BAE Systems plc makes for each 1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • An Operating Margin of 11.6% means the company generated 0.12  for each 1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of BAE Systems plc:

  • The MRQ is 11.6%. The company is operating less efficient.
  • The TTM is 11.6%. The company is operating less efficient.
Trends
Current periodCompared to+/- 
MRQ11.6%TTM11.6%0.0%
TTM11.6%YOY9.5%+2.1%
TTM11.6%5Y9.7%+1.9%
5Y9.7%10Y9.3%+0.4%
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ11.6%5.3%+6.3%
TTM11.6%4.7%+6.9%
YOY9.5%3.6%+5.9%
5Y9.7%4.1%+5.6%
10Y9.3%4.3%+5.0%
1.2.2. Operating Ratio

Measures how efficient BAE Systems plc is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Aerospace & Defense industry mean).
  • An Operation Ratio of 1.24 means that the operating costs are 1.24 for each 1 in net sales.

Let's take a look of the Operating Ratio trends of BAE Systems plc:

  • The MRQ is 1.241. The company is inefficient in keeping operating costs low. -1
  • The TTM is 1.241. The company is inefficient in keeping operating costs low. -1
Trends
Current periodCompared to+/- 
MRQ1.241TTM1.2410.000
TTM1.241YOY0.909+0.332
TTM1.2415Y0.979+0.262
5Y0.97910Y0.954+0.025
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ1.2411.441-0.200
TTM1.2411.451-0.210
YOY0.9091.403-0.494
5Y0.9791.310-0.331
10Y0.9541.216-0.262

1.3. Liquidity of BAE Systems plc.

1.3. Liquidity
1.3.1. Current Ratio

Measures if BAE Systems plc is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Aerospace & Defense industry mean).
  • A Current Ratio of 1.01 means the company has 1.01 in assets for each 1 in short-term debts.

Let's take a look of the Current Ratio trends of BAE Systems plc:

  • The MRQ is 1.014. The company is just able to pay all its short-term debts.
  • The TTM is 1.014. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.014TTM1.0140.000
TTM1.014YOY1.002+0.012
TTM1.0145Y1.029-0.015
5Y1.02910Y0.925+0.104
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ1.0141.539-0.525
TTM1.0141.562-0.548
YOY1.0021.502-0.500
5Y1.0291.587-0.558
10Y0.9251.572-0.647
1.3.2. Quick Ratio

Measures if BAE Systems plc is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • A Quick Ratio of 0.94 means the company can pay off 0.94 for each 1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of BAE Systems plc:

  • The MRQ is 0.943. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.943. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.943TTM0.9430.000
TTM0.943YOY0.841+0.102
TTM0.9435Y0.876+0.067
5Y0.87610Y0.781+0.095
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ0.9430.796+0.147
TTM0.9430.850+0.093
YOY0.8410.842-0.001
5Y0.8760.864+0.012
10Y0.7810.813-0.032

1.4. Solvency of BAE Systems plc.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of BAE Systems plc assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare BAE Systems plc to Aerospace & Defense industry mean.
  • A Debt to Asset Ratio of 0.72 means that BAE Systems plc assets are financed with 71.7% credit (debt) and the remaining percentage (100% - 71.7%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of BAE Systems plc:

  • The MRQ is 0.717. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.717. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.717TTM0.7170.000
TTM0.717YOY0.821-0.104
TTM0.7175Y0.777-0.059
5Y0.77710Y0.815-0.038
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ0.7170.579+0.138
TTM0.7170.583+0.134
YOY0.8210.609+0.212
5Y0.7770.621+0.156
10Y0.8150.624+0.191
1.4.2. Debt to Equity Ratio

Measures if BAE Systems plc is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • A Debt to Equity ratio of 261.8% means that company has 2.62 debt for each 1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of BAE Systems plc:

  • The MRQ is 2.618. The company is unable to pay all its debts with equity. -1
  • The TTM is 2.618. The company is unable to pay all its debts with equity. -1
Trends
Current periodCompared to+/- 
MRQ2.618TTM2.6180.000
TTM2.618YOY4.869-2.252
TTM2.6185Y3.677-1.059
5Y3.67710Y4.928-1.251
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ2.6181.254+1.364
TTM2.6181.262+1.356
YOY4.8691.408+3.461
5Y3.6771.444+2.233
10Y4.9281.571+3.357

2. Market Valuation of BAE Systems plc

2. Earnings Per Share
2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every 1 in earnings BAE Systems plc generates.

  • Above 15 is considered overpriced but always compare BAE Systems plc to the Aerospace & Defense industry mean.
  • A PE ratio of 10.04 means the investor is paying 10.04 for every 1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of BAE Systems plc:

  • The EOD is 17.947. Very good. +2
  • The MRQ is 10.042. Very good. +2
  • The TTM is 10.042. Very good. +2
Trends
Current periodCompared to+/- 
EOD17.947MRQ10.042+7.905
MRQ10.042TTM10.0420.000
TTM10.042YOY12.079-2.037
TTM10.0425Y14.223-4.181
5Y14.22310Y22.368-8.145
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
EOD17.94720.052-2.105
MRQ10.04215.223-5.181
TTM10.04218.551-8.509
YOY12.07915.307-3.228
5Y14.22315.969-1.746
10Y22.36827.298-4.930
2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of BAE Systems plc.

  • Lower is better.
  • A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of BAE Systems plc:

  • The MRQ is 7.423. Seems overpriced? -1
  • The TTM is 7.423. Seems overpriced? -1
Trends
Current periodCompared to+/- 
MRQ7.423TTM7.4230.000
TTM7.423YOY13.763-6.341
TTM7.4235Y13.206-5.783
5Y13.20610Y64.740-51.534
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
MRQ7.42311.269-3.846
TTM7.42317.291-9.868
YOY13.76340.087-26.324
5Y13.20664.790-51.584
10Y64.74092.559-27.819

2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of BAE Systems plc is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Aerospace & Defense industry mean).
  • A PB ratio of 2.30 means the investor is paying 2.30 for each 1 in book value.

Let's take a look of the Price to Book Ratio trends of BAE Systems plc:

  • The EOD is 4.115. Neutral. Compare to industry.
  • The MRQ is 2.302. Good. +1
  • The TTM is 2.302. Good. +1
Trends
Current periodCompared to+/- 
EOD4.115MRQ2.302+1.812
MRQ2.302TTM2.3020.000
TTM2.302YOY3.188-0.886
TTM2.3025Y3.040-0.737
5Y3.04010Y4.094-1.054
Compared to industry (Aerospace & Defense)
PeriodCompanyIndustry (mean)+/- 
EOD4.1152.126+1.989
MRQ2.3022.061+0.241
TTM2.3022.110+0.192
YOY3.1882.120+1.068
5Y3.0402.338+0.702
10Y4.0942.678+1.416
2. Total Gains per Share

2.4. Latest News of BAE Systems plc

Does BAE Systems plc still have the same value as the quarterly reports suggest? Recent changes may be an indication that the value of the company is changing. Read the news from BAE Systems plc to keep up to date. Note: the news is often already included in the price.

DateTitleRead
2023-03-14
13:19
The Returns At BAE Systems (LON:BA.) Aren't GrowingRead

3. Summary

3.1. Key Performance Indicators

The key performance indicators of BAE Systems plc compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--85.50285.5020%-18.863+122%26.009+229%11.169+666%
Book Value Growth--1.5581.5580%0.893+75%1.198+30%1.107+41%
Book Value Per Share--238.804238.8040%153.302+56%178.025+34%137.374+74%
Book Value Per Share Growth--1.5581.5580%0.890+75%1.196+30%1.111+40%
Current Ratio--1.0141.0140%1.002+1%1.029-1%0.925+10%
Debt To Asset Ratio--0.7170.7170%0.821-13%0.777-8%0.815-12%
Debt To Equity Ratio--2.6182.6180%4.869-46%3.677-29%4.928-47%
Dividend Per Share--24.19824.1980%23.240+4%22.703+7%21.410+13%
Dividend Per Share Growth--1.0411.0410%1.027+1%1.028+1%1.031+1%
Eps--54.74954.7490%40.467+35%39.711+38%31.728+73%
Eps Growth--1.3531.3530%0.878+54%1.163+16%1.360-1%
Free Cash Flow Per Share--61.81961.8190%21.464+188%37.022+67%26.871+130%
Free Cash Flow Per Share Growth--2.8802.8800%0.610+372%1.502+92%3.284-12%
Free Cash Flow To Equity Per Share---8.440-8.4400%51.776-116%4.697-280%1.116-856%
Free Cash Flow To Equity Per Share Growth---0.163-0.1630%3.985-104%0.639-125%1.909-109%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%1.0000%
Intrinsic Value_10Y_max--866.012--------
Intrinsic Value_10Y_min--445.737--------
Intrinsic Value_1Y_max--67.352--------
Intrinsic Value_1Y_min--41.218--------
Intrinsic Value_3Y_max--217.171--------
Intrinsic Value_3Y_min--127.564--------
Intrinsic Value_5Y_max--384.844--------
Intrinsic Value_5Y_min--217.325--------
Net Profit Margin--0.0900.0900%0.067+34%0.069+31%0.057+57%
Operating Margin--0.1160.1160%0.095+22%0.097+20%0.093+25%
Operating Ratio--1.2411.2410%0.909+37%0.979+27%0.954+30%
Pb Ratio4.115+44%2.3022.3020%3.188-28%3.040-24%4.094-44%
Pe Ratio17.947+44%10.04210.0420%12.079-17%14.223-29%22.368-55%
Peg Ratio--7.4237.4230%13.763-46%13.206-44%64.740-89%
Price Per Share982.600+44%549.800549.8000%488.800+12%527.120+4%497.060+11%
Price To Total Gains Ratio8.957+44%5.0125.0120%111.672-96%32.963-85%26.389-81%
Profit Growth--1.3531.3530%0.880+54%1.163+16%1.347+0%
Quick Ratio--0.9430.9430%0.841+12%0.876+8%0.781+21%
Return On Assets--0.0650.0650%0.047+37%0.050+31%0.043+52%
Return On Equity--0.2360.2360%0.280-15%0.230+3%0.246-4%
Revenue Growth--1.0131.0130%1.053-4%1.020-1%1.011+0%
Total Gains Per Share--109.700109.7000%4.377+2406%48.712+125%32.579+237%
Total Gains Per Share Growth--25.06225.0620%0.227+10937%5.648+344%3.407+636%
Usd Book Value--9456177600.0009456177600.0000%6068577200.000+56%7029733280.000+35%5430642840.000+74%
Usd Book Value Change Per Share--1.0541.0540%-0.233+122%0.321+229%0.138+666%
Usd Book Value Per Share--2.9452.9450%1.891+56%2.195+34%1.694+74%
Usd Dividend Per Share--0.2980.2980%0.287+4%0.280+7%0.264+13%
Usd Eps--0.6750.6750%0.499+35%0.490+38%0.391+73%
Usd Free Cash Flow--2447902000.0002447902000.0000%849674800.000+188%1461342000.000+68%1062771760.000+130%
Usd Free Cash Flow Per Share--0.7620.7620%0.265+188%0.457+67%0.331+130%
Usd Free Cash Flow To Equity Per Share---0.104-0.1040%0.638-116%0.058-280%0.014-856%
Usd Price Per Share12.117+44%6.7806.7800%6.028+12%6.500+4%6.130+11%
Usd Profit--2167965600.0002167965600.0000%1601926800.000+35%1575289680.000+38%1257124080.000+72%
Usd Revenue--24073297200.00024073297200.0000%23772396400.000+1%22751553440.000+6%21671886840.000+11%
Usd Total Gains Per Share--1.3531.3530%0.054+2406%0.601+125%0.402+237%
 EOD+2 -3MRQTTM+0 -0YOY+34 -85Y+34 -810Y+33 -9

3.2. Fundamental Score

Let's check the fundamental score of BAE Systems plc based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1517.947
Price to Book Ratio (EOD)Between0-14.115
Net Profit Margin (MRQ)Greater than00.090
Operating Margin (MRQ)Greater than00.116
Quick Ratio (MRQ)Greater than10.943
Current Ratio (MRQ)Greater than11.014
Debt to Asset Ratio (MRQ)Less than10.717
Debt to Equity Ratio (MRQ)Less than12.618
Return on Equity (MRQ)Greater than0.150.236
Return on Assets (MRQ)Greater than0.050.065
Total6/10 (60.0%)

3.3. Technical Score

Let's check the technical score of BAE Systems plc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5066.104
Ma 20Greater thanMa 50944.130
Ma 50Greater thanMa 100900.956
Ma 100Greater thanMa 200862.384
OpenGreater thanClose974.200
Total4/5 (80.0%)



Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

 2017-12-312018-12-312019-12-312020-12-312021-12-31
Retained Earnings  -269,300,00042,200,000-227,100,00018,600,000-208,500,000-53,100,000-261,600,000282,800,00021,200,000
Minority Interest  4,300,0002,900,0007,200,0003,200,00010,400,00017,400,00027,800,000-43,200,000-15,400,000



Latest Balance Sheet

Balance Sheet of 2021-12-31. Currency in GBP. All numbers in thousands.

Summary
Total Assets27,135,000
Total Liabilities19,467,000
Total Stockholder Equity7,436,000
 As reported
Total Liabilities 19,467,000
Total Stockholder Equity+ 7,436,000
Total Assets = 27,135,000

Assets

Total Assets27,135,000
Total Current Assets8,818,000
Long-term Assets8,818,000
Total Current Assets
Cash And Cash Equivalents 2,917,000
Short-term Investments 194,000
Net Receivables 4,896,000
Inventory 811,000
Total Current Assets  (as reported)8,818,000
Total Current Assets  (calculated)8,818,000
+/-0
Long-term Assets
Property Plant Equipment 3,943,000
Goodwill 10,910,000
Intangible Assets 806,000
Other Assets 2,028,000
Long-term Assets  (as reported)18,317,000
Long-term Assets  (calculated)17,687,000
+/- 630,000

Liabilities & Shareholders' Equity

Total Current Liabilities8,696,000
Long-term Liabilities10,771,000
Total Stockholder Equity7,436,000
Total Current Liabilities
Short-term Debt 669,000
Short Long Term Debt 457,000
Accounts payable 4,636,000
Other Current Liabilities 3,364,000
Total Current Liabilities  (as reported)8,696,000
Total Current Liabilities  (calculated)9,126,000
+/- 430,000
Long-term Liabilities
Long term Debt Total 5,687,000
Other Liabilities 5,084,000
Deferred Long Term Liability 37,000
Long-term Liabilities  (as reported)10,771,000
Long-term Liabilities  (calculated)10,808,000
+/- 37,000
Total Stockholder Equity
Common Stock85,000
Capital Surplus 1,252,000
Other Stockholders Equity 7,139,000
Total Stockholder Equity (as reported)7,436,000
Total Stockholder Equity (calculated)8,476,000
+/- 1,040,000
Other
Capital Stock85,000
Cash And Equivalents1,171,000
Cash and Short Term Investments 3,111,000
Common Stock Shares Outstanding 3,211,000
Liabilities and Stockholders Equity 26,903,000
Net Debt 3,439,000
Net Invested Capital 12,497,000
Net Tangible Assets -4,280,000
Net Working Capital 122,000
Short Long Term Debt Total 6,356,000



Balance Sheet

Currency in GBP. All numbers in thousands.

 Trend2021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-311998-12-311997-12-311996-12-311995-12-311994-12-311993-12-311992-12-311991-12-311990-12-311989-12-311988-12-311987-12-311986-12-311985-12-31
> Total Assets 
2,741,600
3,277,100
4,329,000
6,494,000
9,176,000
9,291,000
10,168,000
10,882,000
10,834,000
7,839,000
7,645,000
7,725,000
7,820,000
9,050,000
17,434,000
17,375,000
17,206,000
15,604,000
15,362,000
16,262,000
20,235,000
18,147,000
20,260,000
25,675,000
25,489,000
24,030,000
23,101,000
22,274,000
19,681,000
19,788,000
20,083,000
22,976,000
22,453,000
24,746,000
25,630,000
27,530,000
27,135,000
27,135,00027,530,00025,630,00024,746,00022,453,00022,976,00020,083,00019,788,00019,681,00022,274,00023,101,00024,030,00025,489,00025,675,00020,260,00018,147,00020,235,00016,262,00015,362,00015,604,00017,206,00017,375,00017,434,0009,050,0007,820,0007,725,0007,645,0007,839,00010,834,00010,882,00010,168,0009,291,0009,176,0006,494,0004,329,0003,277,1002,741,600
   > Total Current Assets 
2,182,900
2,681,900
3,333,000
3,988,000
6,183,000
6,009,000
6,495,000
7,194,000
7,303,000
5,666,000
5,832,000
5,622,000
5,661,000
6,528,000
8,242,000
7,017,000
7,064,000
5,952,000
5,953,000
5,110,000
5,651,000
6,304,000
7,090,000
8,069,000
8,803,000
7,616,000
6,381,000
6,978,000
6,169,000
5,977,000
6,332,000
7,029,000
7,715,000
9,576,000
9,244,000
9,406,000
8,818,000
8,818,0009,406,0009,244,0009,576,0007,715,0007,029,0006,332,0005,977,0006,169,0006,978,0006,381,0007,616,0008,803,0008,069,0007,090,0006,304,0005,651,0005,110,0005,953,0005,952,0007,064,0007,017,0008,242,0006,528,0005,661,0005,622,0005,832,0005,666,0007,303,0007,194,0006,495,0006,009,0006,183,0003,988,0003,333,0002,681,9002,182,900
       Cash And Cash Equivalents 
116,300
77,800
203,000
197,000
472,000
366,000
181,000
382,000
331,000
306,000
235,000
149,000
204,000
308,000
811,000
1,475,000
1,505,000
930,000
780,000
1,651,000
2,581,000
3,100,000
3,062,000
2,624,000
3,693,000
2,813,000
2,141,000
3,355,000
2,222,000
2,308,000
2,537,000
2,769,000
3,271,000
3,232,000
2,587,000
2,659,000
2,917,000
2,917,0002,659,0002,587,0003,232,0003,271,0002,769,0002,537,0002,308,0002,222,0003,355,0002,141,0002,813,0003,693,0002,624,0003,062,0003,100,0002,581,0001,651,000780,000930,0001,505,0001,475,000811,000308,000204,000149,000235,000306,000331,000382,000181,000366,000472,000197,000203,00077,800116,300
       Short-term Investments 
526,000
922,800
924,000
610,000
2,020,000
1,493,000
1,492,000
1,255,000
1,118,000
1,162,000
1,278,000
1,730,000
1,851,000
1,066,000
1,643,000
1,159,000
1,069,000
776,000
883,000
763,000
634,000
503,000
164,000
674,000
211,000
260,000
35,000
32,000
15,000
5,000
58,000
53,000
12,000
166,000
210,000
189,000
194,000
194,000189,000210,000166,00012,00053,00058,0005,00015,00032,00035,000260,000211,000674,000164,000503,000634,000763,000883,000776,0001,069,0001,159,0001,643,0001,066,0001,851,0001,730,0001,278,0001,162,0001,118,0001,255,0001,492,0001,493,0002,020,000610,000924,000922,800526,000
       Net Receivables 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,539,000
3,033,000
3,183,000
3,219,000
2,550,000
1,763,000
2,070,000
2,747,000
3,582,000
3,525,000
3,295,000
3,161,000
2,614,000
2,814,000
2,606,000
2,690,000
3,054,000
3,560,000
4,233,000
4,622,000
4,851,000
4,896,000
4,896,0004,851,0004,622,0004,233,0003,560,0003,054,0002,690,0002,606,0002,814,0002,614,0003,161,0003,295,0003,525,0003,582,0002,747,0002,070,0001,763,0002,550,0003,219,0003,183,0003,033,0002,539,000000000000000000
       Inventory 
1,090,300
1,175,500
1,388,000
2,037,000
2,362,000
2,830,000
3,151,000
3,448,000
3,892,000
2,527,000
2,171,000
1,743,000
1,703,000
1,442,000
1,559,000
1,536,000
1,046,000
768,000
775,000
498,000
485,000
395,000
701,000
926,000
887,000
644,000
716,000
655,000
680,000
690,000
726,000
744,000
723,000
774,000
835,000
858,000
811,000
811,000858,000835,000774,000723,000744,000726,000690,000680,000655,000716,000644,000887,000926,000701,000395,000485,000498,000775,000768,0001,046,0001,536,0001,559,0001,442,0001,703,0001,743,0002,171,0002,527,0003,892,0003,448,0003,151,0002,830,0002,362,0002,037,0001,388,0001,175,5001,090,300
       Other Current Assets 
450,300
505,800
818,000
1,144,000
1,329,000
1,320,000
1,671,000
2,109,000
1,962,000
1,671,000
2,148,000
2,000,000
1,903,000
3,712,000
4,229,000
2,847,000
3,444,000
3,478,000
3,515,000
2,198,000
1,951,000
2,306,000
3,163,000
3,845,000
4,012,000
3,899,000
3,524,000
2,968,000
3,267,000
2,979,000
3,069,000
3,516,000
3,721,000
5,570,000
5,822,000
5,700,000
4,896,000
4,896,0005,700,0005,822,0005,570,0003,721,0003,516,0003,069,0002,979,0003,267,0002,968,0003,524,0003,899,0004,012,0003,845,0003,163,0002,306,0001,951,0002,198,0003,515,0003,478,0003,444,0002,847,0004,229,0003,712,0001,903,0002,000,0002,148,0001,671,0001,962,0002,109,0001,671,0001,320,0001,329,0001,144,000818,000505,800450,300
   > Long-term Assets 
558,700
595,200
996,000
2,506,000
2,993,000
3,282,000
3,673,000
3,688,000
3,531,000
2,173,000
1,813,000
2,103,000
2,159,000
2,522,000
9,192,000
10,358,000
10,142,000
9,652,000
9,409,000
11,152,000
14,584,000
11,843,000
13,170,000
17,606,000
16,686,000
16,414,000
16,720,000
15,296,000
13,512,000
13,811,000
13,751,000
15,947,000
14,738,000
15,170,000
16,386,000
18,124,000
18,317,000
18,317,00018,124,00016,386,00015,170,00014,738,00015,947,00013,751,00013,811,00013,512,00015,296,00016,720,00016,414,00016,686,00017,606,00013,170,00011,843,00014,584,00011,152,0009,409,0009,652,00010,142,00010,358,0009,192,0002,522,0002,159,0002,103,0001,813,0002,173,0003,531,0003,688,0003,673,0003,282,0002,993,0002,506,000996,000595,200558,700
       Property Plant Equipment 
538,700
571,900
956,000
2,322,000
2,785,000
2,894,000
3,243,000
3,257,000
3,106,000
1,717,000
1,533,000
1,446,000
1,424,000
1,604,000
2,167,000
2,356,000
1,776,000
1,709,000
1,699,000
1,901,000
1,922,000
1,869,000
1,887,000
2,558,000
2,663,000
2,848,000
2,626,000
2,285,000
1,936,000
1,589,000
1,698,000
2,098,000
2,230,000
2,365,000
3,575,000
3,708,000
3,943,000
3,943,0003,708,0003,575,0002,365,0002,230,0002,098,0001,698,0001,589,0001,936,0002,285,0002,626,0002,848,0002,663,0002,558,0001,887,0001,869,0001,922,0001,901,0001,699,0001,709,0001,776,0002,356,0002,167,0001,604,0001,424,0001,446,0001,533,0001,717,0003,106,0003,257,0003,243,0002,894,0002,785,0002,322,000956,000571,900538,700
       Goodwill 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,356,000
6,909,000
6,417,000
6,000,000
5,647,000
7,632,000
7,133,000
8,448,000
10,868,000
10,168,000
10,465,000
10,676,000
10,366,000
9,381,000
9,664,000
9,840,000
10,902,000
9,996,000
10,239,000
9,984,000
10,846,000
10,910,000
10,910,00010,846,0009,984,00010,239,0009,996,00010,902,0009,840,0009,664,0009,381,00010,366,00010,676,00010,465,00010,168,00010,868,0008,448,0007,133,0007,632,0005,647,0006,000,0006,417,0006,909,0007,356,000000000000000000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
286,000
246,000
311,000
512,000
407,000
562,000
791,000
0
0
00791,000562,000407,000512,000311,000246,000286,0000000000000000000000000000000
       Intangible Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
322,000
6,365,000
7,274,000
6,909,000
6,417,000
6,000,000
6,115,000
8,217,000
7,595,000
9,559,000
12,306,000
11,306,000
11,216,000
11,465,000
562,000
354,000
319,000
277,000
362,000
382,000
419,000
387,000
899,000
806,000
806,000899,000387,000419,000382,000362,000277,000319,000354,000562,00011,465,00011,216,00011,306,00012,306,0009,559,0007,595,0008,217,0006,115,0006,000,0006,417,0006,909,0007,274,0006,365,000322,0000000000000000
       Other Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20,000
13,000
11,000
0
0
2,308,000
1,697,000
1,050,000
1,812,000
1,956,000
1,661,000
1,947,000
1,798,000
1,555,000
2,003,000
1,625,000
2,115,000
1,667,000
1,617,000
1,916,000
2,161,000
2,028,000
2,028,0002,161,0001,916,0001,617,0001,667,0002,115,0001,625,0002,003,0001,555,0001,798,0001,947,0001,661,0001,956,0001,812,0001,050,0001,697,0002,308,0000011,00013,00020,000000000000000000
> Total Liabilities 
1,555,400
2,056,600
3,310,000
4,380,000
6,676,000
6,435,000
7,204,000
8,864,000
9,285,000
6,983,000
6,706,000
6,019,000
6,368,000
7,024,000
9,989,000
10,298,000
10,548,000
9,908,000
9,756,000
13,597,000
17,431,000
14,013,000
14,258,000
18,386,000
20,826,000
18,627,000
18,802,000
18,500,000
16,263,000
17,911,000
17,081,000
19,512,000
17,669,000
19,128,000
20,119,000
22,609,000
19,467,000
19,467,00022,609,00020,119,00019,128,00017,669,00019,512,00017,081,00017,911,00016,263,00018,500,00018,802,00018,627,00020,826,00018,386,00014,258,00014,013,00017,431,00013,597,0009,756,0009,908,00010,548,00010,298,0009,989,0007,024,0006,368,0006,019,0006,706,0006,983,0009,285,0008,864,0007,204,0006,435,0006,676,0004,380,0003,310,0002,056,6001,555,400
   > Total Current Liabilities 
1,049,600
1,512,900
2,332,000
2,945,000
4,619,000
4,625,000
4,522,000
4,393,000
4,961,000
3,276,000
3,527,000
3,696,000
3,615,000
4,333,000
6,896,000
7,140,000
6,537,000
6,559,000
6,625,000
7,555,000
8,921,000
7,942,000
9,554,000
10,790,000
12,139,000
11,658,000
10,275,000
8,917,000
8,445,000
8,045,000
7,153,000
7,299,000
7,106,000
9,307,000
9,133,000
9,383,000
8,696,000
8,696,0009,383,0009,133,0009,307,0007,106,0007,299,0007,153,0008,045,0008,445,0008,917,00010,275,00011,658,00012,139,00010,790,0009,554,0007,942,0008,921,0007,555,0006,625,0006,559,0006,537,0007,140,0006,896,0004,333,0003,615,0003,696,0003,527,0003,276,0004,961,0004,393,0004,522,0004,625,0004,619,0002,945,0002,332,0001,512,9001,049,600
       Short-term Debt 
526,000
922,800
924,000
610,000
2,020,000
1,493,000
1,492,000
1,255,000
1,118,000
1,162,000
1,278,000
1,730,000
1,851,000
1,066,000
1,643,000
1,159,000
1,069,000
1,070,000
779,000
951,000
905,000
334,000
299,000
173,000
453,000
920,000
518,000
21,000
402,000
482,000
237,000
0
14,000
785,000
615,000
703,000
669,000
669,000703,000615,000785,00014,0000237,000482,000402,00021,000518,000920,000453,000173,000299,000334,000905,000951,000779,0001,070,0001,069,0001,159,0001,643,0001,066,0001,851,0001,730,0001,278,0001,162,0001,118,0001,255,0001,492,0001,493,0002,020,000610,000924,000922,800526,000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,952,000
491,000
244,000
0
14,000
785,000
377,000
467,000
457,000
457,000467,000377,000785,00014,0000244,000491,0002,952,0000000000000000000000000000000
       Accounts payable 
412,200
441,300
566,000
1,188,000
1,680,000
1,725,000
1,993,000
1,635,000
1,807,000
1,135,000
1,260,000
1,023,000
949,000
1,309,000
1,709,000
1,538,000
1,396,000
998,000
482,000
507,000
606,000
638,000
5,785,000
5,846,000
6,975,000
6,343,000
5,574,000
5,409,000
4,906,000
4,597,000
4,013,000
3,960,000
2,933,000
911,000
675,000
697,000
4,636,000
4,636,000697,000675,000911,0002,933,0003,960,0004,013,0004,597,0004,906,0005,409,0005,574,0006,343,0006,975,0005,846,0005,785,000638,000606,000507,000482,000998,0001,396,0001,538,0001,709,0001,309,000949,0001,023,0001,260,0001,135,0001,807,0001,635,0001,993,0001,725,0001,680,0001,188,000566,000441,300412,200
       Other Current Liabilities 
111,400
148,800
842,000
1,147,000
919,000
1,407,000
1,037,000
1,503,000
2,036,000
979,000
989,000
943,000
815,000
1,958,000
3,544,000
4,443,000
4,072,000
4,444,000
5,322,000
5,897,000
7,094,000
6,553,000
2,971,000
4,067,000
4,052,000
3,770,000
3,714,000
3,002,000
2,558,000
2,442,000
2,433,000
2,822,000
3,615,000
7,147,000
7,665,000
7,375,000
3,364,000
3,364,0007,375,0007,665,0007,147,0003,615,0002,822,0002,433,0002,442,0002,558,0003,002,0003,714,0003,770,0004,052,0004,067,0002,971,0006,553,0007,094,0005,897,0005,322,0004,444,0004,072,0004,443,0003,544,0001,958,000815,000943,000989,000979,0002,036,0001,503,0001,037,0001,407,000919,0001,147,000842,000148,800111,400
   > Long-term Liabilities 
505,800
543,700
978,000
1,435,000
2,057,000
1,810,000
2,682,000
4,471,000
4,324,000
3,707,000
3,179,000
2,323,000
2,753,000
2,691,000
3,093,000
3,158,000
4,011,000
3,349,000
3,131,000
6,042,000
8,510,000
6,071,000
4,704,000
7,596,000
8,687,000
6,969,000
8,527,000
9,583,000
7,818,000
9,866,000
9,928,000
12,213,000
10,563,000
9,821,000
10,986,000
13,226,000
10,771,000
10,771,00013,226,00010,986,0009,821,00010,563,00012,213,0009,928,0009,866,0007,818,0009,583,0008,527,0006,969,0008,687,0007,596,0004,704,0006,071,0008,510,0006,042,0003,131,0003,349,0004,011,0003,158,0003,093,0002,691,0002,753,0002,323,0003,179,0003,707,0004,324,0004,471,0002,682,0001,810,0002,057,0001,435,000978,000543,700505,800
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,425,000
4,069,000
3,514,000
4,136,000
5,977,000
5,687,000
5,687,0005,977,0004,136,0003,514,0004,069,0004,425,0000000000000000000000000000000000
       Other Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,915,000
1,819,000
1,381,000
1,299,000
1,329,000
4,953,000
3,280,000
2,497,000
4,908,000
5,862,000
4,834,000
5,819,000
6,604,000
5,299,000
6,978,000
6,153,000
7,788,000
6,600,000
6,320,000
6,844,000
7,063,000
5,084,000
5,084,0007,063,0006,844,0006,320,0006,600,0007,788,0006,153,0006,978,0005,299,0006,604,0005,819,0004,834,0005,862,0004,908,0002,497,0003,280,0004,953,0001,329,0001,299,0001,381,0001,819,0001,915,000000000000000000
       Deferred Long Term Liability 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
42,000
28,000
32,000
34,000
36,000
37,000
37,00036,00034,00032,00028,00042,0000000000000000000000000000000000
> Total Stockholder Equity
1,186,200
1,220,500
1,019,000
2,114,000
2,432,500
2,788,500
2,896,500
1,950,500
1,481,500
788,500
871,500
1,638,500
1,384,500
1,958,500
7,377,800
7,009,500
6,591,200
5,609,200
5,525,000
2,655,000
2,788,000
4,117,000
5,966,000
7,234,000
4,591,000
5,332,000
4,240,000
3,720,000
3,381,000
1,842,000
2,989,000
3,438,000
4,741,000
5,546,000
5,407,000
4,643,000
7,436,000
7,436,0004,643,0005,407,0005,546,0004,741,0003,438,0002,989,0001,842,0003,381,0003,720,0004,240,0005,332,0004,591,0007,234,0005,966,0004,117,0002,788,0002,655,0005,525,0005,609,2006,591,2007,009,5007,377,8001,958,5001,384,5001,638,500871,500788,5001,481,5001,950,5002,896,5002,788,5002,432,5002,114,0001,019,0001,220,5001,186,200
   Common Stock
125,000
125,000
125,000
128,000
128,500
129,500
188,500
37,500
37,500
42,500
42,500
42,500
43,500
43,500
72,800
75,500
76,200
76,200
77,000
143,000
80,000
81,000
90,000
90,000
90,000
90,000
90,000
90,000
89,000
87,000
87,000
87,000
87,000
87,000
87,000
87,000
85,000
85,00087,00087,00087,00087,00087,00087,00087,00089,00090,00090,00090,00090,00090,00090,00081,00080,000143,00077,00076,20076,20075,50072,80043,50043,50042,50042,50042,50037,50037,500188,500129,500128,500128,000125,000125,000125,000
   Retained Earnings 
429,000
473,700
315,000
425,000
619,000
787,000
553,000
407,000
52,000
227,000
367,000
556,000
316,000
1,273,000
1,339,000
851,000
481,000
-341,000
-536,000
-3,223,000
-2,872,000
-1,211,000
23,000
-68,000
-2,141,000
-1,477,000
-2,480,000
-2,698,000
-2,825,000
-4,555,000
-3,624,000
-4,583,000
-2,693,000
-2,271,000
-2,085,000
-2,616,000
212,000
212,000-2,616,000-2,085,000-2,271,000-2,693,000-4,583,000-3,624,000-4,555,000-2,825,000-2,698,000-2,480,000-1,477,000-2,141,000-68,00023,000-1,211,000-2,872,000-3,223,000-536,000-341,000481,000851,0001,339,0001,273,000316,000556,000367,000227,00052,000407,000553,000787,000619,000425,000315,000473,700429,000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,249,000
1,249,000
1,249,000
1,249,000
1,249,000
1,252,000
1,252,0001,249,0001,249,0001,249,0001,249,0001,249,0000000000000000000000000000000000
   Treasury Stock000000000000000-717,00000-9,000000000000000000000
   Other Stockholders Equity 
632,200
621,800
579,000
1,561,000
1,685,000
1,872,000
2,155,000
1,506,000
1,392,000
519,000
1,605,000
2,004,000
2,017,000
1,785,000
7,967,000
8,615,000
8,273,000
5,807,200
5,918,000
5,735,000
5,502,000
5,171,000
5,853,000
7,212,000
6,642,000
6,719,000
6,630,000
6,328,000
6,117,000
6,310,000
6,526,000
7,934,000
7,347,000
7,730,000
7,405,000
7,172,000
7,139,000
7,139,0007,172,0007,405,0007,730,0007,347,0007,934,0006,526,0006,310,0006,117,0006,328,0006,630,0006,719,0006,642,0007,212,0005,853,0005,171,0005,502,0005,735,0005,918,0005,807,2008,273,0008,615,0007,967,0001,785,0002,017,0002,004,0001,605,000519,0001,392,0001,506,0002,155,0001,872,0001,685,0001,561,000579,000621,800632,200



Balance Sheet

Currency in GBP. All numbers in thousands.