Details for (LRD) / Market data / Selftrade

LAIRD

(LRD GB00B1VNST91 GBX)

Value 185.000

Change Today -2.50

Updated17/05 16:35

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PROFILE

Registered Number	55513
Registered Address	100 Pall Mall London SW1Y 5NQ
Phone Number	+44 (0) 207 4684040
Fax Number
Website	http://www.laird-plc.com
Activities	Operates electronics and technology businesses
Country of Register	GB
Currency	GBX
Short Name	LAIRD
First Day Traded	11/06/2007
Industrial Sector	Electric Compnts & Equipmt
Number of shares	266m

Key People

Nigel Keen	Chairman
Peter Hill	Chief Executive Officer
Martin Rapp	Managing Director
Anthony Reading	Non Executive Director
William Spivey	Non Executive Director
Paula Bell	Non Executive Director
Christopher Hum	Non Executive Director
Andrew Robb	Non Executive Director
Michael Kelly	Non Executive Director
Jonathan Silver	Financial Director

Major Shareholders

Artemis Investment Management LLP	11.00%
Mondrian Investment Partners Ltd.	8.65%

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	564.30	635.30	528.80	567.40	586
Cost of Goods Sold (COGS) incl. D&A	388.90	448.90	380.70	391.40	400.20
COGS excluding D&A	363.60	422	345.10	351.50	363.10
Depreciation & Amortization Expense	25.30	26.90	35.60	39.90	37.10
Depreciation	13.10	12.40	16.70	18.50	16.60
Amortization of Intangibles	12.20	14.50	18.90	21.40	20.50
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	175.40	186.40	148.10	176	185.80
Selling, General & Administrative Expense	105.60	129.30	127.80	142.70	140.50
Research & Development	21.20	34.80	37.90	41	31.10
Other Selling, General & Administrative	84.40	94.50	89.90	101.70	109.40
Other Operating Expense	0	0	0	1.30	1.60
Non Operating Income/Expense	0.10	1.20	0.10	-0.50	-0.80
Non-Operating Interest Income	2.80	0.50	0.60	0.10	0.40
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	10.70	22.70	8.60	34.40	138.70
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	10.50	9.60	7.80	5.80	6.30
Gross Interest Expense	10.50	9.60	7.80	5.80	6.30
Interest Capitalized	0	0	0	0	0
Pretax Income	51.50	26.50	4.60	-8.60	-101.70
Income Tax	11.80	12.20	6.20	7.40	17.30
Income Tax - Current Domestic	-3.90	-4.70	8.30	8.50	11.90
Income Tax - Current Foreign	17.40	17.40	0	0	0
Income Tax - Deferred Domestic	-1.70	-0.50	-2.10	-1.10	5.40
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	39.70	14.30	-1.60	-16	-119
Extraordinaries & Discontinued Operations	88	0	-3.80	0	0
Extra Items & Gain/Loss Sale Of Assets	88	0	-1.90	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	-1.90	0	0
Net Income After Extraordinaries	127.70	14.30	-5.40	-16	-119
Preferred Dividends	0	0	0	0	0
Net Income available to Common	39.70	14.30	-1.60	-16	-119
Operational EPS	21.81	14.70	2.08	3.04	-8.26
EPS (basic)	18.56	7.03	-1.70	-6.00	-44.80
EPS (diluted)	18.35	6.96	-0.75	-6.02	-44.84
EBITDA	95.10	84	55.90	71.90	80.80
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	25.30	26.90	35.60	39.90	37.10

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	32.80	47.40	53.70	55	76.60
Cash Only	32.80	46.90	53.70	54.60	70.60
Short-Term Investments	0	0.50	0	0.40	6
Total Accounts Receivable	158.70	124.90	118.60	133.30	132.90
Accounts Receivables, Net	131.80	110.20	105.50	119.90	122.50
Accounts Receivables, Gross	133.10	113.40	105.50	119.90	122.50
Bad Debt/Doubtful Accounts	-1.30	-3.20	0	0	0
Other Receivables	26.90	14.70	13.10	13.40	10.40
Inventories	55.40	80.20	49.60	60.90	57.30
Finished Goods	29.70	50.40	31.10	37	33.40
Work in Progress	1.90	0.90	0.90	2	1.40
Raw Materials	23.80	28.90	17.60	21.90	22.50
Progress Payments & Other	0	0	0	0	0
Other Current Assets	3.20	7	3.70	4.50	3.70
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	3.20	7	3.70	4.50	3.70
Total Current Assets	250.10	259.50	225.60	253.70	270.50
Net Property, Plant & Equipment	76.10	123.70	108.60	110.20	83.60
Property, Plant & Equipment - Gross	115.50	199.30	189.70	215.50	227.20
Buildings	22	33	28.90	31.30	31.20
Land & Improvements	0	0	0	0	0
Machinery & Equipment	93.50	166.30	160.80	184.20	196
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	39.40	75.60	81.10	105.30	143.60
Buildings	3.90	9.30	9.60	11.50	14.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	35.50	66.30	71.50	93.80	128.80
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	0	0	0	0	0
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	0	0	0	0	0
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	451	610	542.40	597.10	515.30
Net Goodwill	361.70	499.60	450.50	481.30	414.10
Net Other Intangibles	89.30	110.40	91.90	115.80	101.20
Other Assets	13	5	4.10	7.10	8.50
Deferred Charges	12.30	4	2.30	5.50	7.10
Tangible Other Assets	0.70	1	1.80	1.60	1.40
Total Assets	791.60	1,000.90	884.30	971.70	880.30
ST Debt & Curr. Portion LT Debt	9.40	7.60	8.50	4.10	4
Short Term Debt	0.60	7.60	8.50	4.10	1.90
Current Portion of Long Term Debt	8.80	0	0	0	2.10
Accounts Payable	87.90	73.40	73.90	84.10	77.10
Income Tax Payable	9.10	6.80	3.60	4.70	4.80
Other Current Liabilities	52	51.60	40.70	45.30	47.80
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	52	51.60	40.70	45.30	47.80
Total Current Liabilities	158.40	139.40	126.70	138.20	133.70
Long-Term Debt	108.80	178.80	90.60	154.10	190.10
Long-Term Debt excl. Capitalized Leases	108.80	178.80	90.60	154.10	190.10
Non-Convertible Debt	108.80	178.80	90.60	154.10	190.10
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0	0	0	0	0
Provision for Risks & Charges	7.90	7.90	9.40	10.10	11.10
Deferred Taxes	42.50	55.10	47.40	62.10	70.40
Deferred Taxes - Credit	43.90	57.80	51	65.70	72.80
Deferred Taxes - Debit	-1.40	-2.70	-3.60	-3.60	-2.40
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	24.10	31.70	27	28.70	32.20
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	23.70	31.50	26.80	28.70	31.60
Deferred Income	0.40	0.20	0.20	0	0.60
Total Liabilities	343.10	415.60	304.70	396.80	439.90
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	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)	448.50	585.30	579.60	574.90	440.40
Common Stock Par/Carry Value	49.80	49.90	74.90	74.90	74.90
Additional Paid-In Capital/Capital Surplus	268.90	269.70	269.70	269.70	269.70
Retained Earnings	128.40	113.40	145.90	121	-14.80
ESOP Debt Guarantee	-1.90	-0.20	-0.20	-1.40	-1
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	3.30	152.50	89.30	110.70	111.60
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	448.50	585.30	579.60	574.90	440.40
Liabilities & Shareholders' Equity	791.60	1,000.90	884.30	971.70	880.30

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	39.70	14.30	4.60	-16	-119
Depreciation, Depletion & Amortization	22.50	26.90	35.60	39.90	37.10
Depreciation and Depletion	10.30	12.40	16.70	18.50	16.60
Amortization of Intangible Assets	12.20	14.50	18.90	21.40	20.50
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	-15.50	-7.10	-5	20.20	125.10
Funds from Operations	46.70	34.10	35.20	44.10	43.20
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-21.60	5.40	12.60	2.30	1.50
Receivables	-41.50	56.30	-5.10	-2.70	5.50
Inventories	-19.60	-5.20	22	-5.20	4.70
Accounts Payable	39.50	-45.70	-4.30	10.20	-8.70
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	25.10	39.50	47.80	46.40	44.70
Capital Expenditures	27.90	30	28.20	27.30	21.10
Capital Expenditures (Fixed Assets)	27.90	30	17.10	17.80	12
Capital Expenditures (Other Assets)	0	0	11.10	9.50	9.10
Net Assets from Acquisitions	-81.40	-17.70	-1.80	-56.20	-19.30
Sale of Fixed Assets & Businesses	220.40	12.80	-1.90	0.10	0
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	-5.50
Other Sources	0	0	0	0	0
Net Investing Cash Flow	111.10	-34.90	-31.90	-83.40	-45.90
Cash Dividends Paid - Total	-120	-21.10	-14	-19.40	-18.40
Common Dividends	-120	-21.10	-14	-19.40	-18.40
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	3.20	1.30	82.90	-1.30	0
Repurchase of Common & Preferred Stk.	0	0	-0.10	-1.30	0
Sale of Common & Preferred Stock	3.20	1.30	83	0	0
Proceeds from Stock Options	0	0.40	83	0	0
Other Proceeds from Sale of Stock	3.20	0.90	0	0	0
Issuance/Reduction of Debt, Net	-31.90	16.40	-73.70	55.50	33.70
Change in Current Debt	0.40	-0.40	0	0	0
Change in Long-Term Debt	-32.30	16.80	-73.70	55.50	33.70
Issuance of Long-Term Debt	0	16.80	0	55.50	33.70
Reduction in Long-Term Debt	-32.30	0	-73.70	0	0
Other Funds	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-148.70	-3.40	-4.80	34.80	15.30
Exchange Rate Effect	1.30	12.90	-4.30	3.10	1.90
Miscellaneous Funds	0.00	0	-0.00	0.00	-0.00
Net Change in Cash	-11.20	14.10	6.80	0.90	16
Free Cash Flow	-122.80	-11.60	16.70	9.20	14.30

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	1,028.12	246.77	335.54	461.77	410.64
Price/Earnings	27.11	17.15	0.00	0.00	0.00
Price/Sales	1.91	0.39	0.50	0.81	0.70
Price/Book Value	2.29	0.42	0.58	0.80	0.93
Price/Cash Flow	43.37	6.27	5.59	9.94	9.16
Enterprise Value/EBIT	16.82	6.77	15.40	17.64	12.05
Enterprise Value/EBITDA	12.35	4.60	5.59	7.85	6.52
Enterprise Value/Sales	2.08	0.61	0.59	0.99	0.90
Total Debt/Enterprise Value	0.10	0.48	0.32	0.28	0.37
Total Debt/EBITDA	1.24	2.22	1.77	2.20	2.40
EPS (basic)	18.56	7.03	-1.70	-6.00	-44.80
EPS (diluted) as stated	18.35	6.96	-0.75	-6.02	-44.84
Profitability
Gross Margin (%)	31.08	29.34	28.01	31.02	31.71
Operating Margin (%)	12.37	8.99	3.84	5.64	7.46
Pretax Margin (%)	9.13	4.17	0.87	-1.52	-17.35
Net Margin (%)	7.04	2.25	-0.30	-2.82	-20.31
Return on Assets (%)	5.12	1.60	-0.17	-1.72	-12.85
Return on Equity (%)	9.26	2.77	-0.27	-2.77	-23.44
Return on Avg. Total Capital (%)	7.04	2.14	-0.22	-2.27	-17.40
Return on Avg. Invested Capital (%)	7.13	2.16	-0.22	-2.29	-17.51
Efficiency
Revenue/Employee	0.04	0.06	0.04	0.05	0.05
Receivables Turnover	4.04	4.48	4.34	4.50	4.40
Days of Sales Outstanding (DSO) (%)	90.30	81.47	84.04	81.02	82.90
Inventory Turnover	6.22	6.62	5.87	7.08	6.77
Days of Inventory on Hand (DIO)	58.66	55.13	62.22	51.52	53.90
Total Asset Turnover	0.73	0.71	0.56	0.61	0.63
Working Capital Turnover	6.15	5.29	5.35	4.91	4.28
Liquidity
Current Ratio	1.58	1.86	1.78	1.84	2.02
Quick Ratio	1.23	1.29	1.39	1.40	1.59
Capital Structure
Debt-to-Total Equity (%)	26.35	31.85	17.10	27.52	44.07
Debt-to-Total Capital (%)	20.86	24.15	14.60	21.58	30.59
Debt-to-Total Assets (%)	14.93	18.62	11.21	16.28	22.05
Interest Coverage	6.65	5.95	2.60	5.52	6.94

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,442.49(c)	-1.24%
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.

LAIRD

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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