10.09.2004, 09:47
Bae Systems will scheinbar ihre Schiffswerften doch nicht verkafen zumindest sind sie in Verhandlungen mit dem MoD über eine langfristige Schiffsbaupolitik.
Zitat:BAE in talks to save naval dockyards
BAE Systems is in talks with the Government over a new national strategy on shipbuilding that may convince the defence giant to drop plans to sell its naval dockyards.
Speaking at the half-year results yesterday, chief executive Mike Turner said: "We're working with the Ministry of Defence to see if a UK naval shipbuilding strategy can be created to avoid the peaks and troughs of the past."
Chairman Dick Olver added that the group would keep the business "if there is a higher value outcome, which will create more value for shareholders".
He said: "The good news is the Government is saying we can't go on like this."
The MoD has arranged to meet stakeholders next month to take discussions further. Currently, BAE does not expect to deliver "significant profits" in shipbuilding until 2008.
The group wants the MoD to think long term and to ensure industry has a greater share of the lucrative repair and maintenance market. BAE's naval business, which has two yards in Glasgow and a submarine yard at Barrow-in-Furness, announced 760 "potential redundancies" in April.
BAE continues to work on the Type 45 destroyer and remains in negotiations with the MoD over its aircraft carrier programme. Thales and VT Group have expressed interest in buying the yards.
Mr Turner also used yesterday's results to stress that relations with the Government have improved, following delays and cost overruns on the Nimrod maritime aircraft and Astute submarine programmes.
He said: "MoD work continues to be our priority and the actions taken over the last two years have improved things. We have significantly derisked the company . . . the Government has been very supportive in a number of areas."
He said progress was being made over the second tranche of the 236 Eurofighter jets the Government has ordered but declined to say whether an agreement would be completed this year.
Talks stalled over the technological capability of the new batch. "I have no doubt we will reach an agreement but it depends on the Government and whether the deal is good for our shareholders," Mr Turner said.
The group reported an increase in underlying pre-tax profits from £465m to £486m, before a goodwill impairment charge of £688m of which £420m related to the former Marconi avionics business bought in 1999. After the charge, BAE posted a pre-tax loss of £296m against profits of £56m last time.
It also revealed that changes in mortality rates meant the pension deficit rose from £2.1 billion to £2.6 billion, increasing the group's half yearly pension charge from £54m to £82m.
The order book dipped slightly to £45.2 billion because of a £1. billion translation hit as a result of the weak dollar.
The shares rose 1.5 to 213.25p.