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A.B.FOOD

(ABF GB0006731235 GBX)

Value 1,196.000

Change Today -9.00

Updated17/05 16:35

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PROFILE

Registered Number	293262
Registered Address	Weston Centre 10 Grosvenor Street London W1K 4QY
Phone Number	+44 (0) 207 3996500
Fax Number
Website	http://www.abf.co.uk
Activities	Produces and markets food products
Country of Register	GB
Currency	GBX
Short Name	A.B.FOOD
First Day Traded	24/11/2003
Industrial Sector	Food Products
Number of shares	792m

Key People

Charles Sinclair	Chairman
George Weston	Chief Executive Officer
Michael Ewelme	Non Executive Director
Javier Ferran	Non Executive Director
John Bason	Financial Director

Major Shareholders

Wittington Investments Ltd.	54.51%
Capital World Investors	2.62%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/09/2007	30/09/2008	30/09/2009	30/09/2010	30/09/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	6,800	8,235	9,255	10,167	11,065
Cost of Goods Sold (COGS) incl. D&A	5,058	6,281	7,085	7,554	8,347
COGS excluding D&A	4,765	5,971	6,710	7,141	7,934
Depreciation & Amortization Expense	293	310	375	413	413
Depreciation	214	234	290	324	317
Amortization of Intangibles	79	76	85	89	96
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	1,742	1,954	2,170	2,613	2,718
Selling, General & Administrative Expense	1,223	1,386	1,565	1,801	1,923
Research & Development	16	21	23	22	24
Other Selling, General & Administrative	1,207	1,365	1,542	1,779	1,899
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	14	45	-36	4	8
Non-Operating Interest Income	20	18	14	12	9
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0	45	11	0	-5
EBIT after Unusual Expense	0	-45	0	0	5
Interest Expense	55	74	87	81	97
Gross Interest Expense	55	74	87	81	97
Interest Capitalized	0	0	0	0	0
Pretax Income	498	512	485	747	720
Income Tax	108	136	112	194	180
Income Tax - Current Domestic	30	43	66	82	96
Income Tax - Current Foreign	71	73	86	99	63
Income Tax - Deferred Domestic	19	29	8	-1	-4
Income Tax - Deferred Foreign	-12	-9	-48	14	25
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	31	34	24	23	36
Equity in Affiliates	10	15	10	16	37
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	369	357	359	546	541
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	369	357	359	546	541
Preferred Dividends	0	0	0	0	0
Net Income available to Common	369	357	359	546	541
Operational EPS	46.71	49.18	46.48	69.29	68.21
EPS (basic)	46.70	45.20	45.50	69.30	68.70
EPS (diluted)	46.71	45.19	45.50	69.29	68.65
EBITDA	812	878	980	1,225	1,208
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	293	310	375	413	413

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/09/2007	30/09/2008	30/09/2009	30/09/2010	30/09/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	428	411	395	378	367
Cash Only	411	348	340	345	341
Short-Term Investments	17	63	55	33	26
Total Accounts Receivable	726	1,194	1,099	1,065	1,240
Accounts Receivables, Net	616	827	847	835	939
Accounts Receivables, Gross	616	827	847	835	939
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	110	367	252	230	301
Inventories	818	1,122	1,363	1,338	1,537
Finished Goods	548	702	919	916	1,028
Work in Progress	10	15	14	19	35
Raw Materials	207	325	329	303	362
Progress Payments & Other	53	80	101	100	112
Other Current Assets	289	53	158	14	19
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	289	53	158	14	19
Total Current Assets	2,261	2,780	3,015	2,795	3,163
Net Property, Plant & Equipment	2,690	3,176	3,611	4,038	4,564
Property, Plant & Equipment - Gross	4,152	4,895	5,431	6,178	6,836
Buildings	1,328	1,553	1,767	1,951	2,144
Land & Improvements	0	0	0	0	0
Machinery & Equipment	1,927	2,208	2,435	2,779	3,162
Construction in Progress	78	196	183	296	177
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	819	938	1,046	1,152	1,353
Accumulated Depreciation	1,462	1,719	1,820	2,140	2,272
Buildings	231	275	280	341	366
Land & Improvements	0	0	0	0	0
Machinery & Equipment	1,038	1,192	1,235	1,431	1,482
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	193	252	305	368	424
Total Investments and Advances	79	98	162	168	210
LT Investment - Affiliate Companies	79	98	154	159	194
Other Long-Term Investments	0	0	8	9	16
Long-Term Note Receivable	2	75	132	182	187
Intangible Assets	1,570	1,815	1,913	1,925	1,893
Net Goodwill	1,023	1,220	1,291	1,350	1,358
Net Other Intangibles	547	595	622	575	535
Other Assets	308	106	16	0	35
Deferred Charges	308	106	16	0	35
Tangible Other Assets	0	0	0	0	0
Total Assets	6,980	8,151	9,033	9,288	10,202
ST Debt & Curr. Portion LT Debt	125	278	584	367	729
Short Term Debt	62	253	541	299	692
Current Portion of Long Term Debt	63	25	43	68	37
Accounts Payable	503	570	667	762	788
Income Tax Payable	82	89	113	132	133
Other Current Liabilities	733	905	1,096	866	892
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	733	905	1,096	866	892
Total Current Liabilities	1,443	1,842	2,460	2,127	2,542
Long-Term Debt	598	870	806	794	897
Long-Term Debt excl. Capitalized Leases	585	857	793	782	885
Non-Convertible Debt	585	857	793	782	885
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	13	13	13	12	12
Provision for Risks & Charges	45	146	295	205	184
Deferred Taxes	360	348	212	238	254
Deferred Taxes - Credit	430	449	396	418	404
Deferred Taxes - Debit	-70	-101	-184	-180	-150
Accumulated Minority Interest	220	290	328	451	427
Other Liabilities	0	0	0	0	0
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0	0	0	0	0
Deferred Income	0	0	0	0	0
Total Liabilities	2,516	3,307	3,957	3,544	4,027
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	2	2	2	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	2	2	2	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	4,242	4,552	4,746	5,293	5,748
Common Stock Par/Carry Value	45	45	45	45	45
Additional Paid-In Capital/Capital Surplus	0	0	0	0	0
Retained Earnings	4,074	4,088	4,121	4,471	4,816
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-50	246	407	-4	712
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	173	173	173	781	175
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	4,244	4,554	4,748	5,293	5,748
Liabilities & Shareholders' Equity	6,980	8,151	9,033	9,288	10,202

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/09/2007	30/09/2008	30/09/2009	30/09/2010	30/09/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	508	527	495	763	757
Depreciation, Depletion & Amortization	293	310	375	413	413
Depreciation and Depletion	214	234	290	324	317
Amortization of Intangible Assets	79	76	85	89	96
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	-195	-227	-227	-264	-314
Funds from Operations	606	610	643	912	856
Extraordinaries	0	0	0	0	0
Changes in Working Capital	55	-110	117	193	-199
Receivables	-58	-156	159	105	-138
Inventories	-38	-103	58	61	-176
Accounts Payable	151	149	-100	27	115
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	661	500	760	1,105	657
Capital Expenditures	427	575	579	726	843
Capital Expenditures (Fixed Assets)	420	505	555	694	794
Capital Expenditures (Other Assets)	7	70	24	32	49
Net Assets from Acquisitions	-132	-211	-268	-50	-53
Sale of Fixed Assets & Businesses	88	89	164	31	21
Purchase/Sale of Investments	-18	-3	-56	-74	-25
Purchase of Investments	-18	-3	-56	-74	-25
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	-10	0	0	-1
Other Sources	0	0	101	0	0
Net Investing Cash Flow	-489	-710	-638	-819	-901
Cash Dividends Paid - Total	-150	-156	-161	-171	-190
Common Dividends	-150	-156	-161	-171	-190
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-9	-3	-15	-4	-16
Repurchase of Common & Preferred Stk.	-9	-3	-15	-4	-16
Sale of Common & Preferred Stock	0	0	0	0	0
Proceeds from Stock Options	0	0	0	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	66	241	75	-271	447
Change in Current Debt	-351	59	175	-241	342
Change in Long-Term Debt	417	182	-100	-30	105
Issuance of Long-Term Debt	417	182	0	0	105
Reduction in Long-Term Debt	0	0	-100	-30	0
Other Funds	-26	-28	8	84	-22
Other Uses	-26	-28	-23	-31	-22
Other Sources	0	0	31	115	0
Net Financing Cash Flow	-119	54	-93	-362	219
Exchange Rate Effect	2	17	14	24	7
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	55	-139	43	-52	-18
Free Cash Flow	91	-161	44	240	-327

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-09-30	2008-09-30	2009-09-30	2010-09-30	2011-09-30
Valuation
Market Capitalisation	6,277.97	6,147.35	6,634.23	8,312.58	8,850.92
Price/Earnings	16.98	17.18	18.42	15.15	16.27
Price/Sales	0.92	0.74	0.71	0.81	0.80
Price/Book Value	1.48	1.35	1.40	1.57	1.54
Price/Cash Flow	9.48	12.27	8.70	7.49	13.41
Enterprise Value/EBIT	13.07	12.61	13.12	11.71	13.20
Enterprise Value/EBITDA	8.35	8.16	8.10	7.76	8.69
Enterprise Value/Sales	1.00	0.87	0.86	0.94	0.95
Total Debt/Enterprise Value	0.11	0.16	0.18	0.12	0.15
Total Debt/EBITDA	0.89	1.31	1.42	0.95	1.35
EPS (basic)	46.70	45.20	45.50	69.30	68.70
EPS (diluted) as stated	46.71	45.19	45.50	69.29	68.65
Profitability
Gross Margin (%)	25.62	23.73	23.45	25.70	24.56
Operating Margin (%)	7.63	6.90	6.54	7.99	7.18
Pretax Margin (%)	7.32	6.22	5.24	7.35	6.51
Net Margin (%)	5.43	4.34	3.88	5.37	4.89
Return on Assets (%)	5.48	4.72	4.18	5.96	5.55
Return on Equity (%)	9.00	8.12	7.72	10.88	9.80
Return on Avg. Total Capital (%)	7.66	6.69	6.06	8.67	7.82
Return on Avg. Invested Capital (%)	8.22	6.95	6.54	9.38	8.50
Efficiency
Revenue/Employee	0.08	0.09	0.10	0.10	0.11
Receivables Turnover	9.46	8.58	8.07	9.40	9.60
Days of Sales Outstanding (DSO) (%)	38.59	42.55	45.22	38.84	38.02
Inventory Turnover	6.53	6.48	5.70	5.59	5.81
Days of Inventory on Hand (DIO)	55.93	56.37	64.01	65.25	62.86
Total Asset Turnover	1.01	1.09	1.08	1.11	1.14
Working Capital Turnover	8.31	8.78	16.68	15.22	17.82
Liquidity
Current Ratio	1.57	1.51	1.23	1.31	1.24
Quick Ratio	1.00	0.90	0.67	0.69	0.64
Capital Structure
Debt-to-Total Equity (%)	17.04	25.21	29.28	21.93	28.29
Debt-to-Total Capital (%)	14.56	20.13	22.65	17.99	22.05
Debt-to-Total Assets (%)	10.36	14.08	15.39	12.50	15.94
Interest Coverage	9.44	7.68	6.95	10.02	8.20

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,507.12	-0.73%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

A.B.FOOD

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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