DVO DEVRO PLC ORD 10P

DEVRO Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	241.07	227.72	213.63	220.41	183.13
Operating Profit/(Loss)	43.25	42.69	55.82	29.20	17.12
Net Interest	1.09	0.95	0.78	0.92	2.65
Profit Before Tax	40.82	43.03	54.01	26.94	15.34
Profit After Tax	33.11	34.23	41.52	20.22	12.45
Discontinued Operations
Profit After Tax	0.00	0.18	0.72	0.00	0.00
PROFIT FOR THE PERIOD	33.11	34.41	42.23	20.22	12.45
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	33.11	34.41	42.23	20.22	12.45

Continuing EPS
Earnings per Share - Basic	20.00p	20.80p	25.40p	12.40p	7.60p
Earnings per Share - Diluted	19.80p	20.50p	24.90p	12.20p	7.60p
Earnings per Share - Adjusted	20.00p	20.80p	17.00p	11.70p	8.20p
Continuing and Discontinued EPS
Earnings per Share - Basic	20.00p	20.78p	25.80p	12.40p	7.60p
Earnings per Share - Diluted	19.80p	20.48p	25.30p	12.20p	7.60p
Earnings per Share - Adjusted	20.00p	20.78p	17.40p	11.70p	8.20p

Dividend per Share	8.15p	7.50p	5.58p	4.45p	4.45p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	178.94	147.44	144.19	128.30	128.08
Intangible Assets	3.34	3.68	2.55	1.64	1.80
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	36.61	51.17	21.53	23.38	18.01
	218.88	202.28	168.27	153.32	147.89
Current Assets
Inventories	28.11	27.56	28.65	25.99	25.75
Trade & Other Receivables	36.70	35.60	33.49	29.19	33.67
Cash at Bank & in Hand	5.63	7.61	5.79	10.06	6.69
Current Asset Investments	3.21	0.57	1.00	0.46	0.71
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	73.64	71.34	68.92	65.70	66.82

Total Assets	292.52	273.62	237.20	219.02	214.71

Liabilities
Current Liabilities
Borrowings	-1.87	-2.21	-2.79	-0.32	-3.14
Other Current Liabilities	-34.15	-38.70	-37.97	-34.22	-33.32
	-36.02	-40.92	-40.76	-34.54	-36.45

Net Current Assets	37.63	30.42	28.16	31.16	30.37

Non-Current Liabilities
Borrowings	-29.85	-28.10	-15.17	-25.39	-27.53
Provisions	-18.68	-16.63	-13.98	-12.38	-11.56
Other Non-Current Liabilities	-61.05	-47.49	-14.28	-32.64	-27.85
	-109.58	-92.23	-43.43	-70.41	-66.94

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-145.60	-133.15	-84.20	-104.94	-103.39

Net Assets	146.93	140.48	153.00	114.07	111.32

Capital & Reserves
Share Capital	16.56	16.50	16.36	16.29	16.29
Share Premium Account	8.03	7.64	6.77	6.10	6.10
Other Reserves	80.75	79.92	85.61	78.69	81.28
Retained Earnings	41.58	36.42	44.26	13.00	7.65
Shareholders Funds	146.93	140.48	153.00	114.07	111.32

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	146.93	140.48	153.00	114.07	111.32

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	15.45	12.39	14.88	11.37	9.70
PEG - Adjusted	-4.01	0.55	0.33	0.27	0.34
Earnings per Share Growth - Adjusted	-3.85%	22.35%	45.30%	42.68%	28.13%
Dividend Cover	2.45	2.77	3.05	2.63	1.84
Revenue Per Share	145.68p	138.45p	130.71p	135.33p	112.44p
Pre-Tax Profit per Share	24.67p	26.16p	33.05p	16.54p	9.42p
Operating Margin	17.36%	19.26%	25.60%	12.60%	9.69%
Return on Capital Employed	16.55%	19.13%	27.99%	15.27%	10.03%

Continuing & Discontinued Operations
Dividend Yield	2.64%	2.91%	2.20%	3.35%	5.60%
Dividend per Share Growth	8.67%	34.53%	25.28%	0.00%	0.00%
Net Asset Value per Share (exc. Intangibles)	86.69p	82.91p	91.96p	69.04p	67.24p
Net Gearing	17.75%	16.16%	7.96%	13.72%	21.54%

Data is provided by Morningstar

DEVRO - Fundamentals