NTBR NORTHERN BEAR PLC ORD 1P

NORTHERN BEAR Currency GBX

Income Statement (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
Revenue	36.41	27.16	27.61	41.76	32.24
Operating Profit/(Loss)	1.47	1.34	1.21	3.62	3.21
Net Interest	0.45	0.52	0.53	0.79	0.61
Profit Before Tax	1.02	0.82	0.69	2.86	2.25
Profit After Tax	0.72	0.64	0.55	2.17	1.56
Discontinued Operations
Profit After Tax	0.00	-0.14	-0.10	0.00	0.00
PROFIT FOR THE PERIOD	0.72	0.50	0.45	2.17	1.56
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	0.72	0.50	0.45	2.17	1.56

Continuing EPS
Earnings per Share - Basic	4.00p	3.40p	2.90p	11.50p	10.30p
Earnings per Share - Diluted	4.00p	3.40p	2.90p	11.50p	9.40p
Earnings per Share - Adjusted	4.00p	3.40p	5.00p	12.20p	10.30p
Continuing and Discontinued EPS
Earnings per Share - Basic	3.10p	-1.20p	-7.20p	11.50p	10.30p
Earnings per Share - Diluted	3.10p	-1.20p	-7.20p	11.50p	9.40p
Earnings per Share - Adjusted	3.10p	-1.20p	4.50p	12.20p	10.30p

Dividend per Share	0.00p	0.00p	0.00p	3.00p	1.00p

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	2.22	2.26	3.13	3.71	2.18
Intangible Assets	21.35	21.35	23.62	25.26	20.79
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.01	0.01	0.01
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.03	0.00	0.00	0.00	0.01
	23.60	23.61	26.76	28.98	22.99
Current Assets
Inventories	0.81	0.85	0.92	0.93	0.31
Trade & Other Receivables	8.02	6.17	8.07	7.85	8.44
Cash at Bank & in Hand	0.24	0.28	0.36	0.75	0.71
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	3.52	0.00	0.00	0.00
	9.07	10.82	9.34	9.53	9.47

Total Assets	32.67	34.43	36.10	38.51	32.45

Liabilities
Current Liabilities
Borrowings	-5.19	-5.54	-5.75	-5.37	-3.78
Other Current Liabilities	-7.15	-7.93	-6.50	-7.15	-7.51
	-12.34	-13.47	-12.26	-12.52	-11.30

Net Current Assets	-3.27	-2.64	-2.91	-2.99	-1.83

Non-Current Liabilities
Borrowings	-2.47	-3.56	-3.81	-4.67	-3.40
Provisions	0.00	-0.10	-0.06	-0.05	0.00
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-2.47	-3.66	-3.87	-4.72	-3.40

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-14.81	-17.13	-16.13	-17.24	-14.70

Net Assets	17.86	17.30	19.97	21.28	17.76

Capital & Reserves
Share Capital	0.18	0.18	0.19	0.19	0.17
Share Premium Account	5.17	5.17	5.17	5.17	5.02
Other Reserves	10.38	10.38	12.59	12.59	10.94
Retained Earnings	2.13	1.57	2.03	3.33	1.63
Shareholders Funds	17.86	17.30	19.97	21.28	17.76

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	17.86	17.30	19.97	21.28	17.76

Ratios - based on IFRS	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
PE Ratio - Adjusted	2.84	3.68	5.50	4.75	9.37
PEG - Adjusted	0.16	-0.12	-0.09	0.26	0.01
Earnings per Share Growth - Adjusted	17.65%	-32.00%	-59.02%	18.45%	635.71%
Dividend Cover	n/a	n/a	n/a	4.07	10.30
Revenue Per Share	197.68p	145.53p	145.56p	221.95p	213.47p
Pre-Tax Profit per Share	5.54p	4.39p	3.62p	15.19p	14.91p
Operating Margin	4.00%	4.85%	4.31%	8.62%	8.61%
Return on Capital Employed	35.28%	25.98%	20.30%	59.70%	68.99%

Continuing & Discontinued Operations
Dividend Yield	0.00%	0.00%	0.00%	5.17%	1.04%
Dividend per Share Growth	n/a	n/a	-100.00%	200.00%	n/a
Net Asset Value per Share (exc. Intangibles)	-18.93p	-21.98p	-19.24p	-21.03p	-17.82p
Net Gearing	41.53%	50.96%	46.09%	43.67%	36.44%

Data is provided by Morningstar

NORTHERN BEAR - Fundamentals