PWS PINEWOOD SHEPPERTON PLC ORD 10P

PINEWOOD Currency GBX

Income Statement (£ m)	31-Mar-12	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
Revenue	62.99	43.41	40.32	42.87	37.40
Operating Profit/(Loss)	2.67	9.13	7.62	8.36	7.10
Net Interest	2.02	1.54	1.65	1.64	1.08
Profit Before Tax	-1.89	5.82	4.45	5.93	5.28
Profit After Tax	-2.95	4.29	4.18	5.65	4.78
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	-2.95	4.29	4.18	5.65	4.78
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	-2.95	4.29	4.18	5.65	4.78

Continuing EPS
Earnings per Share - Basic	-6.30p	9.30p	9.10p	12.30p	10.40p
Earnings per Share - Diluted	-6.30p	8.90p	8.80p	12.00p	10.30p
Earnings per Share - Adjusted	14.60p	8.00p	6.30p	11.80p	10.10p
Continuing and Discontinued EPS
Earnings per Share - Basic	-6.30p	9.30p	9.10p	12.30p	10.40p
Earnings per Share - Diluted	-6.30p	8.90p	8.80p	12.00p	10.30p
Earnings per Share - Adjusted	14.60p	8.00p	6.30p	11.80p	10.10p

Dividend per Share	2.50p	3.50p	3.35p	3.35p	3.10p

Balance Sheet (£ m)	31-Mar-12	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Assets
Non-Current Assets
Property, Plant & Equipment	112.96	107.27	104.10	102.40	98.06
Intangible Assets	5.60	5.60	5.60	5.60	5.60
Investment Properties	6.20	6.36	6.34	6.12	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	0.73	2.10	2.13	2.60	4.19
	131.69	127.70	124.52	122.84	107.86
Current Assets
Inventories	0.49	0.49	0.34	0.41	0.41
Trade & Other Receivables	6.70	7.34	5.20	5.45	6.27
Cash at Bank & in Hand	0.41	0.50	0.00	0.00	0.83
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
	7.59	8.32	5.53	5.86	7.51

Total Assets	139.28	136.02	130.05	128.70	115.38

Liabilities
Current Liabilities
Borrowings	0.00	0.00	-0.94	-1.20	0.00
Other Current Liabilities	-14.17	-16.46	-9.51	-13.52	-14.26
	-14.17	-16.46	-10.46	-14.72	-14.26

Net Current Assets	-6.58	-8.14	-4.92	-8.86	-6.74

Non-Current Liabilities
Borrowings	-50.85	-43.19	-45.15	-41.43	-30.89
Provisions	-1.20	-1.31	-1.89	-2.56	-3.92
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-52.05	-44.50	-47.04	-43.98	-34.82

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-66.23	-60.96	-57.50	-58.70	-49.07

Net Assets	73.06	75.06	72.55	70.00	66.31

Capital & Reserves
Share Capital	4.73	4.62	4.61	4.59	4.59
Share Premium Account	43.85	43.69	43.69	43.69	43.62
Other Reserves	-0.25	-0.70	-0.44	-0.51	0.48
Retained Earnings	24.73	27.45	24.69	22.22	17.62
Shareholders Funds	73.06	75.06	72.55	70.00	66.31

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	73.06	75.06	72.55	70.00	66.31

Ratios - based on IFRS	31-Mar-12	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
PE Ratio - Adjusted	19.08	18.44	20.79	9.24	22.92
PEG - Adjusted	0.23	0.68	-0.45	0.55	n/a
Earnings per Share Growth - Adjusted	82.50%	26.98%	-46.61%	16.83%	n/a
Dividend Cover	5.84	2.29	1.88	3.52	3.26
Revenue Per Share	134.41p	93.96p	87.68p	93.33p	81.54p
Pre-Tax Profit per Share	-4.03p	12.59p	9.68p	12.92p	11.51p
Operating Margin	0.20%	16.95%	15.12%	17.67%	16.99%
Return on Capital Employed	0.10%	6.46%	5.30%	6.91%	6.65%

Continuing & Discontinued Operations
Dividend Yield	0.90%	2.37%	2.56%	3.07%	1.34%
Dividend per Share Growth	-28.57%	4.48%	0.00%	8.06%	n/a
Net Asset Value per Share (exc. Intangibles)	142.76p	150.23p	145.20p	140.16p	132.22p
Net Gearing	69.04%	56.88%	63.53%	60.89%	45.34%

Data is provided by Morningstar

PINEWOOD - Fundamentals