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    Harry Breach

    Research Analyst at Stifel

    Harry Breach's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership

    Harry Breach's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership • H1 2022

    Question

    Harry Breach of Stifel asked for clarification on the accounting of MBDA's free cash flow. He also inquired about the potential for broader cooperation with Japan beyond the Tempest program and sought more detail on the company's strategic thinking for acquisitions in the space sector.

    Answer

    CFO Bradley Greve explained that BAE proportionately consolidates its 37.5% share of MBDA's free cash flow. CEO Charles Woodburn noted that as Japan increases defense spending, there are broader opportunities in maritime, electronics, and combat vehicles. On space, he stated that BAE has an active M&A pipeline and is not ruling out any specific areas, seeing a major opportunity in LEO satellites for sovereign capabilities.

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    Harry Breach's questions to BAE SYSTEMS PLC /FI/ (BAESY) leadership • H1 2015

    Question

    Harry Breach from Raymond James requested a breakdown of H1 revenue growth drivers, an update on non-Middle East Typhoon export campaigns, and an explanation for the slower backlog growth in the Applied Intelligence business.

    Answer

    CEO Ian King explained that Applied Intelligence had a very strong order intake at the end of 2014, making its H1 performance second-half weighted, and noted Typhoon prospects exist in the Far East and Europe. Group Finance Director Peter Lynas broke down the £900M revenue increase, attributing £200M to FX, over £300M to radar/DASS equipment trading, and the rest to normal business trading.

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