VP. VP PLC ORD 5P

VP Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
Revenue	163.56	140.96	134.16	157.47	149.27
Operating Profit/(Loss)	17.87	14.92	16.94	24.52	22.98
Net Interest	2.58	2.69	2.62	3.72	3.21
Profit Before Tax	15.33	12.23	14.34	20.84	19.86
Profit After Tax	12.23	9.78	10.25	15.13	15.40
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	12.23	9.78	10.25	15.13	15.40
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	12.23	9.78	10.25	15.13	15.40

Continuing EPS
Earnings per Share - Basic	29.63p	23.42p	24.68p	36.41p	36.09p
Earnings per Share - Diluted	28.26p	23.24p	24.36p	35.30p	34.26p
Earnings per Share - Adjusted	30.76p	26.09p	27.57p	37.99p	36.64p
Continuing and Discontinued EPS
Earnings per Share - Basic	29.63p	23.42p	24.68p	36.41p	36.09p
Earnings per Share - Diluted	28.26p	23.24p	24.36p	35.30p	34.26p
Earnings per Share - Adjusted	30.76p	26.09p	27.57p	37.99p	36.64p

Dividend per Share	10.80p	10.80p	10.80p	10.80p	8.80p

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	107.23	98.25	95.63	104.51	97.72
Intangible Assets	38.97	39.60	39.83	41.20	41.34
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	3.45	3.04	3.00	3.38	3.15
	149.65	140.89	138.46	149.09	142.20
Current Assets
Inventories	4.83	5.39	3.81	5.46	4.79
Trade & Other Receivables	35.00	33.31	27.33	32.86	32.77
Cash at Bank & in Hand	5.58	5.51	1.39	0.55	4.99
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
	45.41	44.20	32.53	38.87	42.55

Total Assets	195.05	185.09	170.99	187.96	184.76

Liabilities
Current Liabilities
Borrowings	-0.00	-20.02	-49.69	-0.68	-9.76
Other Current Liabilities	-49.13	-38.08	-25.76	-32.76	-43.27
	-49.13	-58.10	-75.45	-33.44	-53.03

Net Current Assets	-3.73	-13.89	-42.92	5.43	-10.47

Non-Current Liabilities
Borrowings	-46.00	-26.00	-0.02	-65.71	-48.68
Provisions	-7.81	-9.29	-10.21	-8.43	-7.83
Other Non-Current Liabilities	-1.05	-0.18	-1.13	-3.19	-1.43
	-54.86	-35.47	-11.35	-77.33	-57.94

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-103.99	-93.56	-86.80	-110.78	-110.96

Net Assets	91.06	91.53	84.19	77.18	73.79

Capital & Reserves
Share Capital	2.31	2.31	2.31	2.31	2.31
Share Premium Account	16.19	16.19	16.19	16.19	16.19
Other Reserves	-0.99	-1.67	-3.17	-3.61	-0.45
Retained Earnings	73.52	74.67	68.83	62.26	55.72
Shareholders Funds	91.03	91.50	84.16	77.15	73.77

Minority Interests/Other Equity	0.03	0.03	0.03	0.03	0.03
Total Equity	91.06	91.53	84.19	77.18	73.79

Ratios - based on IFRS	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
PE Ratio - Adjusted	8.19	9.01	6.60	3.82	8.38
PEG - Adjusted	0.46	-1.68	-0.24	1.04	0.17
Earnings per Share Growth - Adjusted	17.90%	-5.37%	-27.43%	3.68%	49.19%
Dividend Cover	2.85	2.42	2.55	3.52	4.16
Revenue Per Share	396.34p	337.42p	323.18p	378.88p	349.92p
Pre-Tax Profit per Share	37.14p	29.28p	34.54p	50.13p	46.55p
Operating Margin	10.92%	10.59%	12.63%	15.57%	15.39%
Return on Capital Employed	16.74%	13.89%	16.09%	21.54%	23.03%

Continuing & Discontinued Operations
Dividend Yield	4.29%	4.60%	5.93%	7.45%	2.87%
Dividend per Share Growth	0.00%	0.00%	0.00%	22.73%	27.54%
Net Asset Value per Share (exc. Intangibles)	129.67p	115.41p	98.59p	79.95p	70.22p
Net Gearing	44.40%	44.27%	57.42%	85.33%	72.46%

Data is provided by Morningstar

VP - Fundamentals