Sales reduced by 7%
– Underlying EBITA reduced by 6% to £1,895m. Deferred recognition of sales and profit relating to the formalisation of price escalation on the Salam Typhoon programme
– Underlying earnings per share down by 2% (excluding the benefit in 2011 of the UK tax settlement)
– Order backlog increased by 8% to £42.4bn
– Non-US and UK order intake increased to £11.2bn from £4.8bn in 2011
– Total dividend increased by 4% to 19.5p
– Operating business cash flow6 increased to £2.7bn
– Net cash balance of £387m
– Three-year share repurchase programme of up to £1bn initiated
– Longevity risk on £2.7bn of pension scheme liabilities transferred to the insurance market
