Change in presentation currency - historical financial information restated in US dollars
22 November 2011
As previously announced at its interim results for the six months ended 30 June 2011, the Board of BBA Aviation plc (“BBA Aviation” or the “Group”) has decided to change the Group’s presentation currency from sterling to US dollars with effect from the 2011 year end results.
BBA Aviation’s revenues, profits and cash flows are primarily generated in US dollars and the change of presentation currency is being made in order to allow for greater transparency of the underlying performance of the Group. As a consequence of this change, future dividends including the final dividend for the year ending 31 December 2011 will be declared in US dollars, in accordance with the Group’s existing progressive dividend policy. Eligible shareholders will receive their dividends in sterling unless they complete and submit to the Company’s registrars an election form stating their wish to receive their dividends in US dollars. The sterling dividend will be translated at the prevailing exchange rate the day after the currency conversion election date, the date of which will be announced with the results.
The change in the Group’s presentation currency will be effective from the results for the year ending 31 December 2011 to be reported as part of the Group’s preliminary results announcement on 2 March 2012. These results and all subsequent financial information for the foreseeable future will be prepared using US dollars as the presentation currency. In accordance with relevant accounting standards, comparative information will be provided in US dollars.
Selected historical financial information for the financial years ended 31 December 2009 and 31 December 2010, and for the six month periods ended 30 June 2010 and 30 June 2011, together with key financial highlights for the financial years ended 31 December 2007, 31 December 2008, 31 December 2009 and 31 December 2010, (collectively, the “Restated Financial Information”), is re-presented in US dollars and is set out in the downloadable PDF for comparative purposes.
Please click here to download the PDF of the Restated Financial Information.
