Details for (CHG) / Market data / Selftrade

CHEMRING GROUP

(CHG GB00B45C9X44 GBX)

Value 321.000

Change Today -5.40

Updated17/05 16:35

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PROFILE

Registered Number	86662
Registered Address	Chemring House; 1500 Parkway Whiteley Fareham Hampshire PO15 7AF
Phone Number	+44 (0) 1489 881880
Fax Number
Website	http://www.chemring.co.uk
Activities	Manufactures energetic materials and marine safety products for the global defense and security
Country of Register	GB
Currency	GBX
Short Name	CHEMRING GRP.
First Day Traded	28/03/2011
Industrial Sector	Aerospace
Number of shares	195m

Key People

Kenneth Scobie	Chairman
David Price	Chief Executive Officer
David Price	Chief Executive Officer
Sarah Ellard	Director
Sir Peter Norriss	Non Executive Director
Peter Norriss	Non Executive Director
Paul Rayner	Financial Director
Ian Much	Non Executive Director
David Evans	Non Executive Director
Peter Hickson	Non Executive Director

Major Shareholders

Invesco Asset Management Ltd.	28.10%
Old Mutual Asset Managers (UK) Ltd.	5.13%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/10/2007	31/10/2008	31/10/2009	31/10/2010	31/10/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	254.70	354.20	503.90	597.10	745.30
Cost of Goods Sold (COGS) incl. D&A	162.40	233.10	325.60	403.80	548.10
COGS excluding D&A	151.60	216.70	297	372.80	504
Depreciation & Amortization Expense	10.80	16.40	28.60	31	44.10
Depreciation	6.80	9.70	13.30	11.60	17.20
Amortization of Intangibles	4	6.70	15.30	19.40	26.90
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	92.30	121.10	178.30	193.30	197.20
Selling, General & Administrative Expense	34.50	34.70	73.40	74.70	79.20
Research & Development	6.70	9.30	14.10	26.40	47.20
Other Selling, General & Administrative	27.80	25.40	59.30	48.30	32
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	-0.60	-10	-1.80	0.70	3.20
Non-Operating Interest Income	0	1.80	0.70	0.50	0.10
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0	8.70	-3	10.70	10.50
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	7.50	11.90	11.50	20.10	20.10
Gross Interest Expense	7.50	11.90	11.50	20.10	20.10
Interest Capitalized	0	0	0	0	0
Pretax Income	49.70	57.60	95.70	89	90.70
Income Tax	15.90	16.50	25.70	22.40	16.90
Income Tax - Current Domestic	14.90	15.20	26.50	19.50	14
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	1	1.30	-0.80	2.90	2.90
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	-0.10	0	0	0	0
Equity in Affiliates	0.10	0.10	0.10	0.10	0.10
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	34	41.20	70.10	66.70	73.90
Extraordinaries & Discontinued Operations	-1.90	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	-1.90	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	32.10	41.20	70.10	66.70	73.90
Preferred Dividends	0	0	0	0	0
Net Income available to Common	34	41.20	70.10	66.70	73.90
Operational EPS	20.81	28.22	38.20	41.59	43.30
EPS (basic)	21.00	24.60	39.80	37.80	39.80
EPS (diluted)	20.81	24.59	39.38	37.39	39.38
EBITDA	68.60	102.80	133.50	149.60	162.10
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	10.80	16.40	28.60	31	44.10

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/10/2007	31/10/2008	31/10/2009	31/10/2010	31/10/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	39.60	69.60	61.70	60.30	93.80
Cash Only	38.70	69.60	61.30	58.40	91.90
Short-Term Investments	0.90	0	0.40	1.90	1.90
Total Accounts Receivable	59.90	84.10	91.50	153.90	177.50
Accounts Receivables, Net	51.50	76	84	139.10	164.10
Accounts Receivables, Gross	51.50	77.20	85	141.10	165.50
Bad Debt/Doubtful Accounts	0	-1.20	-1	-2	-1.40
Other Receivables	8.40	8.10	7.50	14.80	13.40
Inventories	51.20	89.10	96.90	142.30	146.80
Finished Goods	14	22.60	23.20	20.80	26.90
Work in Progress	14.70	30.10	32	68.40	70.80
Raw Materials	22.50	36.40	41.70	53.10	49.10
Progress Payments & Other	0	0	0	0	0
Other Current Assets	2	3.70	7.30	12.40	13.30
Prepaid Expenses	0.20	0	0	0	0
Miscellaneous Current Assets	1.80	3.70	7.30	12.40	13.30
Total Current Assets	152.70	246.50	257.40	368.90	431.40
Net Property, Plant & Equipment	69.80	110.40	135	188.70	231.10
Property, Plant & Equipment - Gross	98.20	153.30	193.40	254.50	304.80
Buildings	37.20	60.30	69.10	98	118.40
Land & Improvements	0	0	0	0	0
Machinery & Equipment	61	93	124.30	156.50	186.40
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	0	0	0	0	0
Accumulated Depreciation	28.40	42.90	58.40	65.80	73.70
Buildings	4.40	7.20	10.60	10.50	13.30
Land & Improvements	0	0	0	0	0
Machinery & Equipment	24	35.70	47.80	55.30	60.40
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	0	0	0	0	0
Total Investments and Advances	1	1	1.10	1.10	1.50
LT Investment - Affiliate Companies	1	1	1.10	1.10	1.50
Other Long-Term Investments	0	0	0	0	0
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	131.90	213.80	239.90	431.80	458.50
Net Goodwill	94.80	128.80	149.50	236.40	243.40
Net Other Intangibles	37.10	85	90.40	195.40	215.10
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	364.50	581.40	651.10	1,007.10	1,144.20
ST Debt & Curr. Portion LT Debt	23.20	20.40	34.80	68.20	88
Short Term Debt	22.50	0	34.30	0	0
Current Portion of Long Term Debt	0.70	20.40	0.50	68.20	88
Accounts Payable	34.40	58.60	62.40	100.10	105.30
Income Tax Payable	3.30	6.30	14.60	8	5.60
Other Current Liabilities	37.40	59.50	55	123.10	111.10
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	37.40	59.50	55	123.10	111.10
Total Current Liabilities	98.30	144.80	166.80	299.40	310
Long-Term Debt	115	165.80	149.20	297.60	266.50
Long-Term Debt excl. Capitalized Leases	113.50	163.60	148.30	294.60	262.10
Non-Convertible Debt	113.50	163.60	148.30	294.60	262.10
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	1.50	2.20	0.90	3	4.40
Provision for Risks & Charges	14.60	18	33.30	26.10	27.60
Deferred Taxes	3	7.60	4.90	35.80	37.30
Deferred Taxes - Credit	12.10	17.30	22.60	52.40	59
Deferred Taxes - Debit	-9.10	-9.70	-17.70	-16.60	-21.70
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	0.40	4.80	5.50	8.30	5.60
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0.40	4.80	5.50	8.30	5.60
Deferred Income	0	0	0	0	0
Total Liabilities	240.40	350.70	377.40	683.80	668.70
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0.10	0.10	0.10	0.10	0.10
Redeemable Preferred Stock	0	0	0	0.10	0
Non-Redeemable Preferred Stock	0.10	0.10	0.10	0	0.10
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	124	230.60	273.60	323.20	475.40
Common Stock Par/Carry Value	1.60	1.80	1.80	1.80	2
Additional Paid-In Capital/Capital Surplus	60.50	119.80	120.30	120.40	230.60
Retained Earnings	49.90	103	145.90	196.70	254.70
ESOP Debt Guarantee	-0.10	-0.10	-0.10	-7.30	-6.70
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0.40	-2.60	-3.40	-2.70	-19.50
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	1.60	1.50	1.40	1.40	1.40
Other Appropriated Reserves	12.90	12.90	12.90	12.90	12.90
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	-2.80	-5.70	-5.20	0	0
Total Shareholders' Equity	124.10	230.70	273.70	323.30	475.50
Liabilities & Shareholders' Equity	364.50	581.40	651.10	1,007.10	1,144.20

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/10/2007	31/10/2008	31/10/2009	31/10/2010	31/10/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	57.80	68.40	98	107.90	107
Depreciation, Depletion & Amortization	10.80	16.40	28.60	31	44.10
Depreciation and Depletion	6.80	9.70	13.30	11.60	17.20
Amortization of Intangible Assets	4	6.70	15.30	19.40	26.90
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	-22.70	-11.40	-22.50	-38.10	-37.50
Funds from Operations	45.90	73.40	104.10	100.80	113.60
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-4.60	-11.20	-26.60	-25.30	-37.20
Receivables	-9	-14.10	-10	-44	-22.50
Inventories	-4.60	-18.80	-8.40	-19.20	-1.20
Accounts Payable	9	21.70	-8.20	37.90	-13.50
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	41.30	62.20	77.50	75.50	76.40
Capital Expenditures	16	34.20	38.20	48.70	61.70
Capital Expenditures (Fixed Assets)	14.60	31	33.40	40.90	48.80
Capital Expenditures (Other Assets)	1.40	3.20	4.80	7.80	12.90
Net Assets from Acquisitions	-46.90	-68.20	-27.60	-176.80	-58
Sale of Fixed Assets & Businesses	3.40	0	0	0	0.40
Purchase/Sale of Investments	0	0	0	0	0
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-59.50	-102.40	-65.80	-225.50	-119.30
Cash Dividends Paid - Total	-6	-9.30	-13.80	-18.70	-22.70
Common Dividends	-6	-9.30	-13.80	-18.70	-22.70
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-2.70	55.70	-0.50	-3.80	108.90
Repurchase of Common & Preferred Stk.	-2.80	-2.90	-1.50	-3.90	-1.50
Sale of Common & Preferred Stock	0.10	58.60	1	0.10	110.40
Proceeds from Stock Options	0.10	58.10	0.50	0.10	110.40
Other Proceeds from Sale of Stock	0	0.50	0.50	0	0
Issuance/Reduction of Debt, Net	52.50	23.40	-7.40	170.90	-4.60
Change in Current Debt	8.90	-13.30	0	0	0
Change in Long-Term Debt	43.60	36.70	-7.40	170.90	-4.60
Issuance of Long-Term Debt	50.70	73.10	14.90	213.30	110.60
Reduction in Long-Term Debt	-7.10	-36.40	-22.30	-42.40	-115.20
Other Funds	0	0	0	0	-4.80
Other Uses	0	0	0	0	-4.80
Other Sources	0	0	0	0	0
Net Financing Cash Flow	43.80	69.80	-22.20	148.40	76.80
Exchange Rate Effect	-0.30	1.30	2.20	-1.30	-0.40
Miscellaneous Funds	0.00	-0.00	-0.00	-0.00	0.00
Net Change in Cash	25.30	30.90	-8.30	-2.90	33.50
Free Cash Flow	20.70	21.90	30.30	15.90	4.90

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-10-31	2008-10-31	2009-10-31	2010-10-31	2011-10-31
Valuation
Market Capitalisation	719.48	560.09	934.02	1,057.95	996.93
Price/Earnings	21.06	12.93	13.29	15.86	12.81
Price/Sales	2.82	1.50	1.85	1.77	1.27
Price/Book Value	5.80	2.43	3.41	3.27	2.10
Price/Cash Flow	17.49	8.57	12.15	14.17	12.53
Enterprise Value/EBIT	14.21	7.52	10.14	11.60	10.32
Enterprise Value/EBITDA	11.97	6.32	7.97	9.19	7.51
Enterprise Value/Sales	3.22	1.83	2.11	2.30	1.63
Total Debt/Enterprise Value	0.17	0.29	0.17	0.27	0.29
Total Debt/EBITDA	2.01	1.81	1.38	2.45	2.19
EPS (basic)	21.00	24.60	39.80	37.80	39.80
EPS (diluted) as stated	20.81	24.59	39.38	37.39	39.38
Profitability
Gross Margin (%)	36.24	34.19	35.38	32.37	26.46
Operating Margin (%)	22.69	24.39	20.82	19.86	15.83
Pretax Margin (%)	19.51	16.26	18.99	14.91	12.17
Net Margin (%)	13.35	11.63	13.91	11.17	9.92
Return on Assets (%)	11.10	8.71	11.38	8.04	6.87
Return on Equity (%)	31.19	23.22	27.80	22.35	18.50
Return on Avg. Total Capital (%)	15.45	12.13	16.03	11.63	9.73
Return on Avg. Invested Capital (%)	16.79	12.96	17.11	12.78	10.84
Efficiency
Revenue/Employee	0.10	0.12	0.15	0.15	0.16
Receivables Turnover	5.20	4.92	5.74	4.87	4.50
Days of Sales Outstanding (DSO) (%)	70.20	74.20	63.60	75.01	81.15
Inventory Turnover	3.71	3.32	3.50	3.38	3.79
Days of Inventory on Hand (DIO)	98.28	109.84	104.25	108.11	96.26
Total Asset Turnover	0.83	0.75	0.82	0.72	0.69
Working Capital Turnover	4.68	3.48	5.56	8.59	6.14
Liquidity
Current Ratio	1.55	1.70	1.54	1.23	1.39
Quick Ratio	1.03	1.09	0.96	0.76	0.92
Capital Structure
Debt-to-Total Equity (%)	111.36	80.71	67.23	113.15	74.55
Debt-to-Total Capital (%)	52.69	44.66	40.20	53.08	42.71
Debt-to-Total Assets (%)	37.91	32.03	28.26	36.32	30.98
Interest Coverage	7.71	7.26	9.12	5.90	5.87

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,503.26	-0.76%
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.

CHEMRING GROUP

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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