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BODYCOTE

(BOY GB00B3FLWH99 GBX)

Value 372.200

Change Today -7.20

Updated17/05 16:35

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PROFILE

Registered Number	519057
Registered Address	Springwood Court Springwood Close Tytherington Business Park Cheshire SK10 2XF
Phone Number	+44 (0) 1625 505300
Fax Number
Website	http://www.bodycote.com
Activities	Provides thermal processing services
Country of Register	GB
Currency	GBX
Short Name	BODYCOTE
First Day Traded	09/12/2008
Industrial Sector	Heavy Construction
Number of shares	191m

Key People

Alan Thomson	Chairman
Stephen Harris	Chief Executive Officer
Krishnamurthy Rajagopal	Non Executive Director
John Biles	Non Executive Director
David Landless	Financial Director

Major Shareholders

Standard Life Investments Ltd.	14.06%
Schroder Investment Management Ltd.	6.89%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	640.50	551.80	435.40	499.80	570.70
Cost of Goods Sold (COGS) incl. D&A	419.60	377	321.60	335.10	362
COGS excluding D&A	368	317.60	272	286.80	310.90
Depreciation & Amortization Expense	51.60	59.40	49.60	48.30	51.10
Depreciation	49.30	57.80	48.50	46.10	48.20
Amortization of Intangibles	2.30	1.60	1.10	2.20	2.90
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	220.90	174.80	113.80	164.70	208.70
Selling, General & Administrative Expense	136.40	109.60	109.30	115.80	127.40
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	136.40	109.60	109.30	115.80	127.40
Other Operating Expense	0	0.10	0.30	0	1.20
Non Operating Income/Expense	2.70	6.70	6.50	-2	0.50
Non-Operating Interest Income	3.30	4.90	1.50	0.30	0.20
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	11	122.90	58.20	0	3.80
EBIT after Unusual Expense	0	-122.90	-58.20	0	0
Interest Expense	11.10	9.10	8.50	2	1.20
Gross Interest Expense	11.10	9.10	8.50	2	1.20
Interest Capitalized	0	0	0	0	0
Pretax Income	68.40	-55.30	-54.50	45.20	75.80
Income Tax	14.70	-17.20	-3.40	11.70	19.80
Income Tax - Current Domestic	20.40	13.10	3.80	5	13.30
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-5.70	-30.30	-7.20	6.70	6.50
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	1	0.90	-1	0.10	0.20
Equity in Affiliates	0.10	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	52.80	-39	-50.10	33.40	55.80
Extraordinaries & Discontinued Operations	0	188.80	0	-5.80	0
Extra Items & Gain/Loss Sale Of Assets	0	177.40	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	11.40	0	-5.80	0
Net Income After Extraordinaries	52.80	149.80	-50.10	27.60	55.80
Preferred Dividends	0	0	0	0	0
Net Income available to Common	52.80	-39	-50.10	33.40	55.80
Operational EPS	20.30	15.11	-5.04	17.98	30.83
EPS (basic)	17.75	-8.80	-27.00	14.90	30.00
EPS (diluted)	17.72	-12.53	-27.00	17.98	29.43
EBITDA	136.10	124.50	53.80	97.20	131.20
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	51.60	59.40	49.60	48.30	51.10

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	37.70	260.20	20.20	23.50	18.10
Cash Only	37.70	258.40	19.60	23.50	18.10
Short-Term Investments	0	1.80	0.60	0	0
Total Accounts Receivable	146.40	128.80	72.30	85.70	94.40
Accounts Receivables, Net	133.60	107.10	71.90	85.30	92
Accounts Receivables, Gross	133.60	107.10	71.90	92.20	98.20
Bad Debt/Doubtful Accounts	0	0	0	-6.90	-6.20
Other Receivables	12.80	21.70	0.40	0.40	2.40
Inventories	19.80	14	11.60	14.40	16.70
Finished Goods	0.40	0.30	0.20	0.20	0.10
Work in Progress	8.20	2.40	2.40	4.10	4.20
Raw Materials	11.20	11.30	9	10.10	12.40
Progress Payments & Other	0	0	0	0	0
Other Current Assets	1.80	3.60	25.40	20.10	19.10
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	1.80	3.60	25.40	20.10	19.10
Total Current Assets	205.70	406.60	129.50	143.70	148.30
Net Property, Plant & Equipment	508.90	533.30	461.80	458	443.90
Property, Plant & Equipment - Gross	908.30	1,067.30	983.70	1,010.70	997.30
Buildings	167.20	200.80	198.70	207	205.50
Land & Improvements	0	0	0	0	0
Machinery & Equipment	645.70	771.40	697	723	710.40
Construction in Progress	27.50	40.60	28.30	24	28.70
Leases	30.40	16.10	23.30	21.70	19.90
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	37.50	38.40	36.40	35	32.80
Accumulated Depreciation	399.40	534	521.90	552.70	553.40
Buildings	34.60	58.40	66	69.90	71.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	324.30	438.90	416.40	443	443.80
Construction in Progress	0	0.70	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	27.30	30	29	28.70	26.60
Total Investments and Advances	0.70	8.20	0.60	0.50	0.80
LT Investment - Affiliate Companies	0.60	8.20	0	0	0
Other Long-Term Investments	0.10	0	0.60	0.50	0.80
Long-Term Note Receivable	27.60	3.70	3.50	2.60	1.90
Intangible Assets	227.30	154.40	118.80	118.10	111.50
Net Goodwill	213	141.60	107.90	107.70	102.60
Net Other Intangibles	14.30	12.80	10.90	10.40	8.90
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	999.90	1,158.70	771.10	771.20	758.70
ST Debt & Curr. Portion LT Debt	10.70	17.50	6.70	9.30	11
Short Term Debt	9	16.30	6	5.90	8.60
Current Portion of Long Term Debt	1.70	1.20	0.70	3.40	2.40
Accounts Payable	43.70	42.60	29.90	38.60	39.80
Income Tax Payable	13	33.60	11.40	9.60	11.40
Other Current Liabilities	100.50	139.20	94.10	95.80	97.80
Dividends Payable	8.80	9.40	5.50	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	91.70	129.80	88.60	95.80	97.80
Total Current Liabilities	167.90	232.90	142.10	153.30	160
Long-Term Debt	225.20	304.90	98.40	65.50	7
Long-Term Debt excl. Capitalized Leases	221.80	302.20	96.80	64.80	6.50
Non-Convertible Debt	221.80	302.20	96.80	64.80	6.50
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	3.40	2.70	1.60	0.70	0.50
Provision for Risks & Charges	26.10	30.40	11.70	24.40	24.90
Deferred Taxes	44.60	25.80	16.50	24.80	27.20
Deferred Taxes - Credit	74.30	78.30	73.40	73.10	79.50
Deferred Taxes - Debit	-29.70	-52.50	-56.90	-48.30	-52.30
Accumulated Minority Interest	6.60	4.90	2.30	1.70	1.30
Other Liabilities	9.80	14.60	22.90	4.10	4.70
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	9.80	14.60	22.90	4.10	4.70
Deferred Income	0	0	0	0	0
Total Liabilities	503.30	661.10	348.50	320.40	276.10
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0.70	0	0	0
Redeemable Preferred Stock	0	0.70	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	490	492	420.30	449.10	481.30
Common Stock Par/Carry Value	32.40	32.40	32.50	32.80	33
Additional Paid-In Capital/Capital Surplus	305	175.70	176	176.30	176.90
Retained Earnings	140.70	126.40	58.70	73.90	110.30
ESOP Debt Guarantee	-11	-10.90	-7.30	-8	-6.70
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0	0	0	0	0
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	16.90	31.10	160.40	174.10	167.80
Unappropriated Reserves	6	137.30	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	490	492.70	420.30	449.10	481.30
Liabilities & Shareholders' Equity	999.90	1,158.70	771.10	771.20	758.70

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	78.80	150.70	-51.10	27.70	56
Depreciation, Depletion & Amortization	51.60	60.70	50.90	48.30	51.10
Depreciation and Depletion	49.30	57.80	48.50	46.10	48.20
Amortization of Intangible Assets	2.30	2.90	2.40	2.20	2.90
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	-11.10	-134.50	3.70	6	10
Funds from Operations	119.30	76.90	3.50	82	117.10
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-20.40	17.60	3.10	8.10	-1.80
Receivables	-8.40	2.30	29.20	-4.70	-7.90
Inventories	-3.70	1.50	1.40	-2.70	-2.80
Accounts Payable	-2.90	-16.80	-21.60	15.50	8.90
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-5.40	30.60	-5.90	0	0
Net Operating Cash Flow	98.90	94.50	6.60	90.10	115.30
Capital Expenditures	73.50	79.50	36.50	37.20	46
Capital Expenditures (Fixed Assets)	72.50	77.10	35.30	35.20	43.60
Capital Expenditures (Other Assets)	1	2.40	1.20	2	2.40
Net Assets from Acquisitions	-32.70	-29.30	-0.50	-0.80	0
Sale of Fixed Assets & Businesses	6.60	404.70	11.20	1.40	1.50
Purchase/Sale of Investments	-0.20	-5.60	0	0	0
Purchase of Investments	-0.20	-5.60	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	-21	-1.50	0	-1.40
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-99.80	269.30	-27.30	-36.60	-45.90
Cash Dividends Paid - Total	-22.60	-154.30	-20	-20.90	-17.40
Common Dividends	-22.60	-154.30	-20	-20.90	-17.40
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	3.10	0.20	1.30	-0.10	-0.30
Repurchase of Common & Preferred Stk.	0	0	0	-0.70	-1.10
Sale of Common & Preferred Stock	3.10	0.20	1.30	0.60	0.80
Proceeds from Stock Options	3.10	0.20	0.40	0.60	0.80
Other Proceeds from Sale of Stock	0	0	0.90	0	0
Issuance/Reduction of Debt, Net	28	-0.30	-192.10	-31.90	-59.30
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	28	-0.30	-192.10	-31.90	-59.30
Issuance of Long-Term Debt	217	8.30	41.30	3.40	0.40
Reduction in Long-Term Debt	-189	-8.60	-233.40	-35.30	-59.70
Other Funds	-8.70	0	-0.10	-0.10	-0.10
Other Uses	-8.70	-0.10	-0.10	-0.10	-0.10
Other Sources	0	0.10	0	0	0
Net Financing Cash Flow	-0.20	-154.40	-210.90	-53	-77.10
Exchange Rate Effect	2	5.80	-1.60	0.80	-0.40
Miscellaneous Funds	-0.00	-0.00	0.00	0.00	-0.00
Net Change in Cash	0.90	215.20	-233.20	1.30	-8.10
Free Cash Flow	3.80	-136.90	-48.70	34	54.30

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	604.46	230.66	299.37	532.81	502.64
Price/Earnings	11.25	0.00	0.00	18.83	8.76
Price/Sales	0.93	0.69	0.68	1.04	0.86
Price/Book Value	1.23	0.47	0.71	1.19	1.04
Price/Cash Flow	6.02	4.05	44.73	5.78	4.32
Enterprise Value/EBIT	9.47	6.92	91.06	11.74	6.24
Enterprise Value/EBITDA	5.88	3.62	7.11	5.91	3.81
Enterprise Value/Sales	1.25	0.82	0.88	1.15	0.88
Total Debt/Enterprise Value	0.29	0.72	0.27	0.13	0.04
Total Debt/EBITDA	1.73	2.59	1.95	0.77	0.14
EPS (basic)	17.75	-8.80	-27.00	14.90	30.00
EPS (diluted) as stated	17.72	-12.53	-27.00	17.98	29.43
Profitability
Gross Margin (%)	34.49	31.68	26.14	32.95	36.57
Operating Margin (%)	13.19	11.80	0.96	9.78	14.04
Pretax Margin (%)	10.68	-10.02	-12.52	9.04	13.28
Net Margin (%)	8.24	-7.07	-11.51	6.68	9.78
Return on Assets (%)	5.59	-3.61	-5.19	4.33	7.29
Return on Equity (%)	11.24	-7.94	-10.97	7.68	11.99
Return on Avg. Total Capital (%)	7.70	-5.06	-7.47	6.37	10.91
Return on Avg. Invested Capital (%)	7.80	-5.16	-7.61	6.46	11.13
Efficiency
Revenue/Employee	0.06	0.05	0.07	0.09	0.10
Receivables Turnover	4.68	4.01	4.33	6.33	6.34
Days of Sales Outstanding (DSO) (%)	77.93	91.02	84.29	57.69	57.59
Inventory Turnover	25.05	22.31	25.13	25.78	23.28
Days of Inventory on Hand (DIO)	14.57	16.36	14.53	14.16	15.68
Total Asset Turnover	0.68	0.51	0.45	0.65	0.75
Working Capital Turnover	16.94	3.18	0.00	0.00	0.00
Liquidity
Current Ratio	1.23	1.75	0.91	0.94	0.93
Quick Ratio	1.11	1.69	0.83	0.84	0.82
Capital Structure
Debt-to-Total Equity (%)	48.14	65.44	25.01	16.66	3.74
Debt-to-Total Capital (%)	32.50	39.55	20.00	14.28	3.61
Debt-to-Total Assets (%)	23.59	27.82	13.63	9.70	2.37
Interest Coverage	7.61	7.15	0.49	24.45	66.75

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,502.05	-0.77%
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.

BODYCOTE

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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