FPO FIRST PROPERTY GROUP PLC ORD 1P

FIRST PROPERTY Currency GBX

Income Statement (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
Revenue	9.34	7.11	6.46	11.23	15.57
Operating Profit/(Loss)	4.43	3.21	2.56	3.43	5.98
Net Interest	0.84	0.60	0.32	0.12	0.03
Profit Before Tax	3.97	2.95	2.61	3.86	6.29
Profit After Tax	3.44	2.33	2.17	3.22	4.66
Discontinued Operations
Profit After Tax	0.00	-0.06	0.08	0.00	0.00
PROFIT FOR THE PERIOD	3.44	2.27	2.26	3.22	4.66
Attributable to:
Minority Interests	-0.25	-0.11	-0.01	-0.18	-0.20
Equity Holders of Parent Company	3.20	2.16	2.24	3.04	4.46

Continuing EPS
Earnings per Share - Basic	2.88p	2.02p	2.00p	2.81p	4.04p
Earnings per Share - Diluted	2.73p	1.90p	1.90p	2.74p	3.81p
Earnings per Share - Adjusted	2.88p	2.02p	2.00p	2.81p	4.04p
Continuing and Discontinued EPS
Earnings per Share - Basic	2.88p	1.98p	2.07p	2.81p	4.04p
Earnings per Share - Diluted	2.73p	1.86p	1.97p	2.74p	3.81p
Earnings per Share - Adjusted	2.88p	1.97p	2.07p	2.81p	4.04p

Dividend per Share	1.07p	1.04p	1.01p	0.95p	0.33p

Balance Sheet (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Assets
Non-Current Assets
Property, Plant & Equipment	-20.09	-21.98	0.11	0.11	0.13
Intangible Assets	0.11	0.11	0.14	0.03	0.03
Investment Properties	20.16	22.06	0.00	0.00	0.00
Investments	1.40	1.09	0.44	0.15	-0.04
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.69	0.67	0.14	0.09	0.01
	22.44	24.01	0.82	0.37	0.12
Current Assets
Inventories	10.71	10.90	11.37	11.13	2.91
Trade & Other Receivables	1.31	1.76	2.90	2.87	8.16
Cash at Bank & in Hand	9.98	5.44	10.13	10.10	6.25
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	22.00	18.09	24.39	24.10	17.31

Total Assets	44.43	42.11	25.22	24.47	17.43

Liabilities
Current Liabilities
Borrowings	-0.61	-0.50	-0.03	-0.03	-0.04
Other Current Liabilities	-2.16	-1.90	-2.50	-3.28	-4.49
	-2.77	-2.40	-2.52	-3.30	-4.53

Net Current Assets	19.23	15.69	21.87	20.80	12.78

Non-Current Liabilities
Borrowings	-24.31	-22.95	-7.03	-7.45	-0.04
Provisions	0.00	-0.19	-0.01	-0.11	-0.80
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-24.31	-23.14	-7.04	-7.56	-0.83

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-27.08	-25.54	-9.56	-10.87	-5.37

Net Assets	17.36	16.57	15.65	13.60	12.07

Capital & Reserves
Share Capital	1.15	1.15	1.14	1.12	1.12
Share Premium Account	5.49	5.46	5.42	5.31	5.30
Other Reserves	-0.52	0.82	0.95	0.25	6.67
Retained Earnings	10.97	8.95	7.90	6.81	-1.10
Shareholders Funds	17.09	16.38	15.40	13.48	11.99

Minority Interests/Other Equity	0.27	0.19	0.25	0.13	0.08
Total Equity	17.36	16.57	15.65	13.60	12.07

Ratios - based on IFRS	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
PE Ratio - Adjusted	5.86	9.84	8.50	4.09	4.15
PEG - Adjusted	0.14	9.84	-0.29	-0.13	0.01
Earnings per Share Growth - Adjusted	42.57%	1.00%	-28.83%	-30.45%	392.68%
Dividend Cover	2.69	1.94	1.98	2.96	12.43
Revenue Per Share	8.41p	6.47p	5.97p	10.39p	14.13p
Pre-Tax Profit per Share	3.57p	2.68p	2.41p	3.57p	5.70p
Operating Margin	21.58%	31.34%	39.58%	30.59%	38.38%
Return on Capital Employed	11.40%	8.86%	12.99%	18.79%	48.85%

Continuing & Discontinued Operations
Dividend Yield	6.34%	5.23%	5.94%	8.26%	1.94%
Dividend per Share Growth	2.88%	2.97%	6.32%	192.31%	116.67%
Net Asset Value per Share (exc. Intangibles)	15.28p	14.68p	13.91p	12.44p	11.09p
Net Gearing	87.45%	109.94%	-19.94%	-19.43%	-51.47%

Data is provided by Morningstar

FIRST PROPERTY - Fundamentals