SFR SEVERFIELD-ROWEN PLC ORD 2.5P

SEVERFIELD 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	267.78	266.69	349.42	394.33	300.66
Operating Profit/(Loss)	8.34	12.03	45.11	45.22	38.09
Net Interest	1.58	0.98	1.15	3.89	1.14
Profit Before Tax	6.78	11.11	44.09	42.59	38.36
Profit After Tax	5.82	7.63	31.31	23.98	26.43
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	5.82	7.63	31.31	23.98	26.43
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	5.82	7.63	31.31	23.98	26.43

Continuing EPS
Earnings per Share - Basic	6.52p	8.58p	35.34p	27.06p	31.77p
Earnings per Share - Diluted	6.52p	8.58p	35.16p	27.02p	31.73p
Earnings per Share - Adjusted	8.05p	12.50p	41.11p	42.20p	35.74p
Continuing and Discontinued EPS
Earnings per Share - Basic	6.52p	8.58p	35.34p	27.06p	31.77p
Earnings per Share - Diluted	6.52p	8.58p	35.16p	27.02p	31.73p
Earnings per Share - Adjusted	8.05p	12.50p	41.11p	42.20p	35.74p

Dividend per Share	4.00p	10.00p	20.00p	23.25p	16.00p

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	75.63	78.95	78.77	92.91	79.42
Intangible Assets	72.94	75.21	77.96	84.85	93.75
Investment Properties	3.96	4.00	6.14	0.00	0.00
Investments	0.45	2.86	1.73	0.23	0.10
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.00	0.00	0.00	0.00	0.00
	156.94	165.01	170.73	177.99	173.28
Current Assets
Inventories	9.09	12.63	9.81	8.33	17.93
Trade & Other Receivables	89.16	71.86	54.66	60.96	65.61
Cash at Bank & in Hand	2.26	3.59	11.55	11.92	5.45
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
	100.51	88.08	76.01	81.20	88.99

Total Assets	257.45	253.10	246.74	259.19	262.27

Liabilities
Current Liabilities
Borrowings	-33.26	-18.63	0.00	-27.67	-53.50
Other Current Liabilities	-70.31	-81.19	-88.75	-86.89	-71.10
	-103.57	-99.82	-88.75	-114.56	-124.61

Net Current Assets	-3.06	-11.74	-12.73	-33.36	-35.62

Non-Current Liabilities
Borrowings	-0.25	0.00	0.00	0.00	0.00
Provisions	-11.78	-13.80	-17.12	-18.22	-14.09
Other Non-Current Liabilities	-9.55	-8.53	-8.41	-6.65	-6.75
	-21.58	-22.33	-25.52	-24.87	-20.84

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-125.15	-122.15	-114.27	-139.43	-145.44

Net Assets	132.30	130.94	132.48	119.76	116.83

Capital & Reserves
Share Capital	2.23	2.23	2.22	2.22	2.22
Share Premium Account	46.15	46.15	46.15	46.15	46.15
Other Reserves	0.47	0.17	1.07	0.44	0.74
Retained Earnings	83.45	82.39	83.04	70.96	67.72
Shareholders Funds	132.30	130.94	132.48	119.76	116.83

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	132.30	130.94	132.48	119.76	116.83

Ratios - based on IFRS	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
PE Ratio - Adjusted	20.68	24.64	4.31	3.90	12.87
PEG - Adjusted	-0.58	-0.35	-1.67	0.22	n/a
Earnings per Share Growth - Adjusted	-35.60%	-69.59%	-2.58%	18.07%	n/a
Dividend Cover	2.01	1.25	2.06	1.82	2.23
Revenue Per Share	300.03p	299.74p	394.34p	445.02p	361.28p
Pre-Tax Profit per Share	7.60p	12.48p	49.76p	48.07p	46.10p
Operating Margin	3.87%	4.99%	13.02%	11.31%	12.51%
Return on Capital Employed	7.32%	12.50%	56.52%	53.15%	40.55%

Continuing & Discontinued Operations
Dividend Yield	2.40%	3.25%	11.28%	14.13%	3.48%
Dividend per Share Growth	-60.00%	-50.00%	-13.98%	45.31%	n/a
Net Asset Value per Share (exc. Intangibles)	66.51p	62.45p	61.53p	39.41p	26.04p
Net Gearing	23.62%	11.49%	-8.72%	13.16%	41.14%

Data is provided by Morningstar

SEVERFIELD - Fundamentals