LSL LSL PROPERTY SERVICES PLC ORD 0.2P

LSL PROP Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	243.85	218.38	206.61	157.70	161.77
Operating Profit/(Loss)	9.19	19.64	39.67	18.75	-1.19
Net Interest	2.13	1.50	1.63	1.64	3.78
Profit Before Tax	6.73	17.59	35.96	16.61	-6.18
Profit After Tax	7.02	13.24	34.54	11.75	-4.76
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	7.02	13.24	34.54	11.75	-4.76
Attributable to:
Minority Interests	-0.02	-0.02	-0.04	0.00	0.00
Equity Holders of Parent Company	7.00	13.22	34.50	11.75	-4.76

Continuing EPS
Earnings per Share - Basic	6.80p	12.90p	33.60p	11.40p	-4.60p
Earnings per Share - Diluted	6.80p	12.90p	33.40p	11.40p	-4.60p
Earnings per Share - Adjusted	23.80p	21.00p	21.00p	18.10p	9.50p
Continuing and Discontinued EPS
Earnings per Share - Basic	6.80p	12.90p	33.60p	11.40p	-4.60p
Earnings per Share - Diluted	6.80p	12.90p	33.40p	11.40p	-4.60p
Earnings per Share - Adjusted	23.80p	21.00p	21.00p	18.10p	9.50p

Dividend per Share	9.00p	8.20p	7.90p	0.00p	3.86p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	13.50	17.49	13.85	2.08	2.84
Intangible Assets	138.26	137.49	92.36	89.37	97.84
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	14.23	2.12	0.00	0.00	0.00
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.00	0.00	1.10	4.67	4.05
	165.99	157.10	107.30	96.12	104.73
Current Assets
Inventories	0.00	0.00	0.00	0.00	0.00
Trade & Other Receivables	31.79	28.68	25.14	20.05	14.18
Cash at Bank & in Hand	0.23	0.44	0.34	0.86	0.65
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	1.10	0.00	0.00	0.00	0.00
	33.12	29.12	25.47	20.91	14.83

Total Assets	199.11	186.22	132.78	117.03	119.55

Liabilities
Current Liabilities
Borrowings	-1.54	-2.25	-0.09	-0.36	-1.27
Other Current Liabilities	-50.97	-50.68	-45.93	-36.77	-28.76
	-52.51	-52.93	-46.02	-37.13	-30.03

Net Current Assets	-19.39	-23.81	-20.55	-16.22	-15.21

Non-Current Liabilities
Borrowings	-33.16	-43.58	-2.26	-25.07	-47.89
Provisions	-28.36	-14.12	-13.49	-8.44	-7.14
Other Non-Current Liabilities	-9.01	-3.20	-2.90	-0.53	-0.76
	-70.52	-60.91	-18.65	-34.04	-55.79

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-123.03	-113.83	-64.67	-71.17	-85.83

Net Assets	76.08	72.38	68.11	45.86	33.73

Capital & Reserves
Share Capital	0.21	0.21	0.21	0.21	0.21
Share Premium Account	5.63	5.63	5.63	5.63	5.63
Other Reserves	7.06	-1.84	-2.13	3.29	1.50
Retained Earnings	63.12	68.33	64.36	36.73	26.40
Shareholders Funds	76.01	72.33	68.08	45.86	33.73

Minority Interests/Other Equity	0.07	0.05	0.04	0.00	0.00
Total Equity	76.08	72.38	68.11	45.86	33.73

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	10.88	11.52	12.61	14.25	6.76
PEG - Adjusted	0.82	n/a	0.79	0.16	-0.11
Earnings per Share Growth - Adjusted	13.33%	0.00%	16.02%	90.53%	-59.40%
Dividend Cover	2.64	2.56	2.66	n/a	2.46
Revenue Per Share	236.94p	212.25p	201.02p	153.38p	157.30p
Pre-Tax Profit per Share	6.54p	17.10p	34.99p	16.15p	-6.01p
Operating Margin	2.64%	7.95%	15.22%	11.21%	-2.23%
Return on Capital Employed	1010.03%	-369.86%	-447.37%	-189.20%	30.87%

Continuing & Discontinued Operations
Dividend Yield	3.47%	3.39%	2.98%	0.00%	6.01%
Dividend per Share Growth	9.76%	3.80%	n/a	-100.00%	28.67%
Net Asset Value per Share (exc. Intangibles)	-59.76p	-62.56p	-23.31p	-41.77p	-61.55p
Net Gearing	45.35%	62.75%	2.96%	53.58%	143.83%

Data is provided by Morningstar

LSL PROP - Fundamentals