PNS PANTHER SECURITIES PLC ORD 25P

PANTHER SECS. Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
Revenue	11.94	10.09	9.25	9.30	9.52
Operating Profit/(Loss)	4.64	4.50	4.66	4.73	4.74
Net Interest	2.95	2.27	2.11	1.90	1.85
Profit Before Tax	-2.31	6.40	2.95	-14.33	9.09
Profit After Tax	-0.85	5.87	2.53	-9.66	7.44
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	-0.85	5.87	2.53	-9.66	7.44
Attributable to:
Minority Interests	-0.02	-0.01	-0.04	-0.03	0.07
Equity Holders of Parent Company	-0.87	5.86	2.49	-9.69	7.51

Continuing EPS
Earnings per Share - Basic	-5.10p	34.80p	14.70p	-57.30p	44.30p
Earnings per Share - Diluted	-5.10p	34.80p	14.70p	-57.30p	44.30p
Earnings per Share - Adjusted	-5.10p	34.80p	14.70p	-57.30p	44.30p
Continuing and Discontinued EPS
Earnings per Share - Basic	-5.10p	34.80p	14.70p	-57.30p	44.30p
Earnings per Share - Diluted	-5.10p	34.80p	14.70p	-57.30p	44.30p
Earnings per Share - Adjusted	-5.10p	34.80p	14.70p	-57.30p	44.30p

Dividend per Share	5.00p	19.00p	9.00p	12.00p	12.00p

Balance Sheet (£ m)	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Assets
Non-Current Assets
Property, Plant & Equipment	-136.00	-108.41	-96.56	-97.07	-101.18
Intangible Assets	0.01	0.01	0.01	0.00	0.00
Investment Properties	136.49	108.96	96.66	97.09	101.20
Investments	0.00	0.13	0.00	0.00	0.00
Other Financial Assets	0.00	0.00	0.00	0.00	0.57
Other Non-Current Assets	2.60	6.45	4.65	3.79	5.21
	139.59	116.10	101.41	100.91	107.01
Current Assets
Inventories	7.34	8.31	8.31	9.02	9.54
Trade & Other Receivables	3.82	2.78	2.38	3.28	2.99
Cash at Bank & in Hand	5.48	6.59	14.85	13.92	12.57
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
	16.63	17.67	25.54	26.22	25.11

Total Assets	156.22	133.77	126.95	127.13	132.11

Liabilities
Current Liabilities
Borrowings	-0.14	-42.64	-0.14	0.00	0.00
Other Current Liabilities	-7.48	-5.34	-4.28	-4.41	-8.57
	-7.62	-47.98	-4.41	-4.41	-8.57

Net Current Assets	9.02	-30.31	21.12	21.81	16.54

Non-Current Liabilities
Borrowings	-61.46	-2.53	-45.02	-42.50	-35.01
Provisions	-0.15	-2.65	-2.67	-2.29	-9.32
Other Non-Current Liabilities	-19.93	-9.29	-6.74	-12.02	-0.58
	-81.54	-14.47	-54.44	-56.81	-44.91

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-89.15	-62.45	-58.85	-61.23	-53.48

Net Assets	67.07	71.32	68.10	65.90	78.64

Capital & Reserves
Share Capital	4.22	4.22	4.22	4.22	4.23
Share Premium Account	2.89	2.89	2.89	2.89	2.89
Other Reserves	0.60	0.60	0.60	0.60	0.59
Retained Earnings	59.25	63.52	60.30	58.14	70.90
Shareholders Funds	66.96	71.22	68.01	65.85	78.61

Minority Interests/Other Equity	0.11	0.10	0.09	0.06	0.03
Total Equity	67.07	71.32	68.10	65.90	78.64

Ratios - based on IFRS	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
PE Ratio - Adjusted	-61.27	11.14	22.28	-4.41	8.45
PEG - Adjusted	0.53	0.08	-0.18	0.02	n/a
Earnings per Share Growth - Adjusted	-114.66%	136.73%	-125.65%	-229.35%	n/a
Dividend Cover	-1.02	1.83	1.63	-4.78	3.69
Revenue Per Share	70.78p	59.78p	54.84p	55.03p	56.12p
Pre-Tax Profit per Share	-13.71p	37.95p	17.51p	-84.83p	53.60p
Operating Margin	-57.98%	19.31%	107.44%	-90.26%	51.64%
Return on Capital Employed	0.50%	7.27%	4.37%	-11.23%	8.89%

Continuing & Discontinued Operations
Dividend Yield	1.60%	4.90%	2.75%	4.75%	3.20%
Dividend per Share Growth	-73.68%	111.11%	-25.00%	0.00%	n/a
Net Asset Value per Share (exc. Intangibles)	396.86p	422.16p	403.12p	390.34p	464.61p
Net Gearing	83.81%	54.18%	44.57%	43.40%	28.55%

Data is provided by Morningstar

PANTHER SECS. - Fundamentals