The Flight International Top 100 was compiled by aerospace experts at PricewaterhouseCoopers (PwC). The information used in preparing this report has been obtained solely from company annual reports, public filings and other publicly available information. PwC has not sought to establish the reliability of this information, and has not verified such information. Accordingly, no representation or warranty (whether express or implied) is given by PwC as to the accuracy of this information.
Company/Divisions The top line of the financial figures refers to consolidated results for the overall group, including non-aerospace businesses.
The divisional figures are for those businesses that are fully or largely concerned with aerospace. Groups have been ranked by their aerospace sales in 2009, calculated from those divisions that operate primarily in the industry.
Sectors involved with aircraft, aeroengines, avionics, missiles, space and aerostructures are largely straightforward, but telecommunications, network centric and C4I systems and some overhaul operations are included only where these are largely concerned with aerospace activities. Satellite services have been excluded wherever possible, as have companies and divisions that derive more than 50% of their revenues from services such as leasing.
Where acquisitions were made within the accounting period, pro-forma accounts have been used for the 12-month consolidated performance.Joint ventures have been included in the financials. Inter-segment sales have been excluded from operating results and profits for divisions where possible.
However, when not possible, each divisional result has been presented inclusive of inter-division sales, resulting in aerospace revenues greater than group sales. Where applicable, divisions of some companies have been re-appraised and removed as they are assessed as not having any aerospace content. In such cases 2008 revenues have also been restated.
- Exchange Rates - An average exchange rate for the period 1 January 2009 to 31 December 2009 has been used for all non-US companies, regardless of fiscal year definitions.
The percentage changes in financial figures are given in local currency terms to avoid unnecessary distortions.
- Country - All companies have been listed by country of headquarters or incorporation, independent of production or operating territories.
- Operating Results - Generally taken as the profit (or loss) before interest, tax and exceptional items and after deduction of depreciation, this measure gives a generally accepted guide to a business's operational performance. Discontinued or discontinuing operations are included where they fall in fiscal year 2009 for that business.
- Return on Capital Employed - ROCE is calculated as earnings before interest expense, taxes, unusual items and minority interests, divided by year-end total assets less year-end non-interest bearing current liabilities.
Source: Flight International
