QinetiQ Annual Report and Accounts 2009

Autonomy and Robotics

Sensors and Spectrum

Training and Simulation

Cyber Security and
Resilience

Chief Executive Officer’s review

“This has been another good year of all-round progress for the Group. We have delivered good organic growth, enhanced by targeted acquisitions, improved operating margins...”
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Chief Financial Officer's review

“2009 was a successful year for QinetiQ with strong revenue growth in North America, operating margin improvement in EMEA and excellent cash generation across the Group.”
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Directors’ Report – Business Review
2009 Highlights
What we do	Defence	Security and Intelligence	Energy and Environment
Our businesses	QinetiQ North America	Europe, Middle East and Australasia
Chairman's statement
Chief Executive Officer's review	Our performance	Our future priorities	Overview of operations	Our strategic vision	Our markets
Our global capabilities in action	Autonomy and Robotics	Sensors and Spectrum	Training and Simulation	Cyber Security and Resilience
Performance review – QNA
Performance review – EMEA
Chief Financial Officer's review	Underlying operating profit	Other Financials	Risk
Key performance indicators (KPIs)
Principal risks and uncertainties
Corporate Responsibility report	Our approach	Marketplace	Our people	Environment	Community

Directors' Report - Governance
Board of Directors
Corporate Governance report
Remuneration report
Other statutory information
Statement of Directors' Responsibilities

Financial Statements
Independent Auditors' Report to the Members of QinetiQ Group plc
Consolidated financial statements	Consolidated income statement	Consolidated balance sheet	Consolidated cash flow statement	Consolidated statement of recognised income and expense
Notes to the financial statements	1. Significant accounting policies	2. Revenue	3. Segmental analysis	4. Profit before tax	5. Gain/(loss) on business divestments and unrealised impairment of available for sale investments
	6. Finance income and expense	7. Taxation expense	8. Dividends	9. Analysis of employee costs and numbers	10. Earnings per share
	11. Goodwill	12. Intangible assets	13. Business combinations	14. Property, plant and equipment	15. Financial assets
	16. Equity accounted investments	17. Other non-current investments	18. Inventories	19. Trade and other receivables	20. Current asset investments
	21. Cash and cash equivalents	22. Trade and other payables	23. Provisions	24. Deferred tax	25. Financial liabilities – current
	26. Financial liabilities – non-current	27. Financial risk management	28. Cash flows from operations	29. Reconciliation of net cash flow to movement in net debt	30. Analysis of net debt
	31. Finance leases	32. Share capital	33. Changes in equity	34. Share-based payments	35. Operating leases
	36. Transactions with MOD	37. Directors and other senior management personnel	38. Contingent liabilities and assets	39. Post-retirement benefits	40.Capital commitments
	41. Subsidiaries	42. Post balance sheet events
Company balance sheet
Notes to the company financial statements	1. Accounting policies	2. Investment in subsidiary undertaking	3. Debtors	4. Share capital	5. Reserves
	6. Share-based payments	7. Other information
Five-year record

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Delivering customer-focused solutions

Chief Executive Officer’s review

Chief Financial Officer's review

2009 Highlights