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MELROSE

(MRO GB00B464F978 GBX)

Value 396.500

Change Today 0.00

Updated18/05 16:35

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PROFILE

Registered Number	4763064
Registered Address	Precision House Arden Road Alcester Warwickshire B49 6HN
Head Office	Leconfield House Curzon Street London B49 6HN
Phone Number	+44 (0) 1789 761020
Fax Number
Website	http://www.melroseplc.net
Activities	Provides engineering services
Country of Register	GB
Currency	GBX
Short Name	MELROSE
First Day Traded	09/08/2011
Industrial Sector	Steel
Number of shares	391m

Key People

Christopher Miller	Chairman
David Roper	Chief Executive Officer
Miles Templeman	Non Executive Director
Simon Peckham	Director
John Grant	Non Executive Director
Geoffrey Martin	Financial Director
Justin Dowley	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	11.33%
Threadneedle Asset Management Ltd.	7.36%

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	344	938.30	1,298.50	1,379.50	1,153.90
Cost of Goods Sold (COGS) incl. D&A	280.10	710.10	997	1,015.10	836.60
COGS excluding D&A	267.70	675.30	936.70	955.60	789.80
Depreciation & Amortization Expense	12.40	34.80	60.30	59.50	46.80
Depreciation	10.30	20.70	32.70	32	22.50
Amortization of Intangibles	2.10	14.10	27.60	27.50	24.30
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	63.90	228.20	301.50	364.40	317.30
Selling, General & Administrative Expense	41.40	142.10	178.50	193.70	160.20
Research & Development	0	1.80	2.40	2.40	2
Other Selling, General & Administrative	41.40	140.30	176.10	191.30	158.20
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	0	-3.40	-8.60	-6	-1.40
Non-Operating Interest Income	6.80	4.90	5.10	9.30	10
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	3.80	36.30	10.30	-11.30	40.10
EBIT after Unusual Expense	0	-36.30	-10.30	0	0
Interest Expense	4.30	25.20	27.60	29.60	28.20
Gross Interest Expense	4.30	25.20	27.60	29.60	28.20
Interest Capitalized	0	0	0	0	0
Pretax Income	21.20	26.10	81.60	155.70	97.40
Income Tax	5.60	10.10	27.30	14	-17.40
Income Tax - Current Domestic	6.60	21.10	26.20	28.80	-5.90
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-1	-11	1.10	-14.80	-11.50
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0.20	0.50	-0.20	0.20	0.10
Equity in Affiliates	0	-0.10	0.40	-0.40	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	15.40	15.40	54.90	141.10	114.70
Extraordinaries & Discontinued Operations	398.80	-63.50	24.60	0	171.70
Extra Items & Gain/Loss Sale Of Assets	199.40	-39.90	9.70	0	152.40
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	199.40	-23.60	14.90	0	19.30
Net Income After Extraordinaries	414.20	-48.10	79.50	141.10	286.40
Preferred Dividends	0	0.20	0	0	0
Net Income available to Common	15.40	15.20	54.90	141.10	114.70
Operational EPS	10.48	16.38	15.56	32.42	29.41
EPS (basic)	128.45	-3.39	17.82	36.15	29.40
EPS (diluted)	8.94	6.13	13.75	34.34	23.63
EBITDA	34.90	120.90	183.30	230.20	203.90
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	12.40	34.80	60.30	59.50	46.80

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	46.40	168.80	149.50	199.60	197.30
Cash Only	46.40	165.70	147.50	195.70	195.60
Short-Term Investments	0	3.10	2	3.90	1.70
Total Accounts Receivable	65.60	319.40	202	238	201.80
Accounts Receivables, Net	60.90	284.70	189.50	224.90	192.70
Accounts Receivables, Gross	60.90	295.80	197.60	231.50	195.90
Bad Debt/Doubtful Accounts	0	-11.10	-8.10	-6.60	-3.20
Other Receivables	4.70	34.70	12.50	13.10	9.10
Inventories	29.70	329.30	222.60	216.30	205.80
Finished Goods	10.10	103.30	79.90	82.40	74.60
Work in Progress	8.30	138.80	88.50	79.60	77.90
Raw Materials	11.30	87.20	54.20	54.30	53.30
Progress Payments & Other	0	0	0	0	0
Other Current Assets	1.40	109.30	11	19.70	14.50
Prepaid Expenses	1.40	16.40	11	19.70	14.50
Miscellaneous Current Assets	0	92.90	0	0	0
Total Current Assets	143.10	926.80	585.10	673.60	619.40
Net Property, Plant & Equipment	60.70	296.90	252.30	253.70	215.30
Property, Plant & Equipment - Gross	89.40	357.30	338.40	367.60	293.60
Buildings	16.40	123.30	112.60	117.50	102.90
Land & Improvements	0	0	0	0	0
Machinery & Equipment	73	234	225.80	250.10	190.70
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	28.70	60.40	86.10	113.90	78.30
Buildings	1.80	3.80	6.40	10.10	10
Land & Improvements	0	0	0	0	0
Machinery & Equipment	26.90	56.60	79.70	103.80	68.30
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	0.40	0.10	0.90	0	0
LT Investment - Affiliate Companies	0	0.10	0.30	0	0
Other Long-Term Investments	0.40	0	0.60	0	0
Long-Term Note Receivable	0	0	0	1.90	0.30
Intangible Assets	207.40	1,279.50	1,184.30	1,181.60	906.10
Net Goodwill	183.50	821.50	779.20	798.10	568.50
Net Other Intangibles	23.90	458	405.10	383.50	337.60
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	414.70	2,533.10	2,044.70	2,143.80	1,781.50
ST Debt & Curr. Portion LT Debt	0.90	0.70	1.30	0.30	28.80
Short Term Debt	0	0	0	0	1.10
Current Portion of Long Term Debt	0.90	0.70	1.30	0.30	27.70
Accounts Payable	43.30	222.70	126.80	160.50	144
Income Tax Payable	7.80	33.60	49.30	52.40	16.90
Other Current Liabilities	45.30	379.70	240.10	239	204.30
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	45.30	379.70	240.10	239	204.30
Total Current Liabilities	97.30	636.70	417.50	452.20	394
Long-Term Debt	13.10	709.80	467.90	482.80	457.50
Long-Term Debt excl. Capitalized Leases	12.30	708.70	467.90	482.80	457.50
Non-Convertible Debt	12.30	708.70	467.90	482.80	457.50
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0.80	1.10	0	0	0
Provision for Risks & Charges	28.70	239.80	268.70	202.40	180.10
Deferred Taxes	5	106.40	103.20	81.90	57.90
Deferred Taxes - Credit	8.10	136.20	125.30	114.90	98.30
Deferred Taxes - Debit	-3.10	-29.80	-22.10	-33	-40.40
Accumulated Minority Interest	1.20	2.30	1.70	1.40	0.10
Other Liabilities	-0.00	3.10	2.00	8.60	3.20
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	-0.00	3.10	2.00	8.60	3.20
Deferred Income	0	0	0	0	0
Total Liabilities	147.20	1,725.60	1,281.40	1,260.90	1,133.10
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	58.10	0.10	0.10	0.10	25.80
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	58.10	0.10	0.10	0.10	25.80
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	208.20	805.10	761.50	881.40	622.50
Common Stock Par/Carry Value	0.20	1	1	1	1
Additional Paid-In Capital/Capital Surplus	0	279.10	279.10	279.10	126
Retained Earnings	51.20	204.50	189.70	310.20	151.70
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	2.20	100.40	71.60	71	-2.60
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	154.60	220.10	220.10	220.10	346.40
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	266.30	805.20	761.60	881.50	648.30
Liabilities & Shareholders' Equity	414.70	2,533.10	2,044.70	2,143.80	1,781.50

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	31.40	99.60	149.70	196.90	180.80
Depreciation, Depletion & Amortization	10.40	34.80	33.60	32.90	23.10
Depreciation and Depletion	10.30	20.70	32.70	32	22.50
Amortization of Intangible Assets	0.10	14.10	0.90	0.90	0.60
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	-16.30	-54.20	-84.60	-105.40	-79.40
Funds from Operations	25.50	80.20	98.70	124.40	124.50
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-2.90	43	80.10	3.10	-23.30
Receivables	-0.50	53.80	66.10	-43.30	-16.90
Inventories	1.40	-23.20	79.80	11.20	-20.40
Accounts Payable	-3.80	12.40	-65.80	35.20	14
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	22.60	123.20	178.80	127.50	101.20
Capital Expenditures	18.70	31	23.80	30.70	39.20
Capital Expenditures (Fixed Assets)	18.10	30.50	22.90	29.50	37.60
Capital Expenditures (Other Assets)	0.60	0.50	0.90	1.20	1.60
Net Assets from Acquisitions	-8.70	-173.20	0	-9.10	-0.50
Sale of Fixed Assets & Businesses	441.30	0.60	49.60	0.20	374.70
Purchase/Sale of Investments	0	0	0	0	-3.20
Purchase of Investments	0	0	0	0	-3.20
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	-20	-4.30	-1.30	0	-4.60
Other Sources	0	0	0	0	0
Net Investing Cash Flow	393.90	-207.90	24.50	-39.60	327.20
Cash Dividends Paid - Total	-13	-37.10	-35.60	-43.80	-52.80
Common Dividends	-13	-37.10	-35.60	-43.80	-52.80
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0	279.50	0	0	-372.10
Repurchase of Common & Preferred Stk.	0	0	0	0	-372.10
Sale of Common & Preferred Stock	0	279.50	0	0	0
Proceeds from Stock Options	0	279.50	0	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-179	-22	-185.90	-1.60	0
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	-179	-22	-185.90	-1.60	0
Issuance of Long-Term Debt	0.30	0	0	0	0
Reduction in Long-Term Debt	-179.30	-22	-185.90	-1.60	0
Other Funds	-212.50	-20.60	-0.20	-0.20	-0.30
Other Uses	-212.60	-37.70	-0.20	-0.20	-0.30
Other Sources	0.10	17.10	0	0	0
Net Financing Cash Flow	-404.50	199.80	-221.70	-45.60	-425.20
Exchange Rate Effect	1.10	6.20	-1.80	5.90	-3.30
Miscellaneous Funds	0.00	-0.00	-0.00	0.00	-0.00
Net Change in Cash	13.10	121.30	-20.20	48.20	-0.10
Free Cash Flow	-8.50	55.60	120.30	54.20	10.80

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	211.19	431.66	895.65	1,547.49	1,329.27
Price/Earnings	1.55	0.00	12.86	10.95	11.56
Price/Sales	0.97	0.29	0.69	1.12	1.34
Price/Book Value	1.01	0.54	1.18	1.76	2.14
Price/Cash Flow	15.16	2.22	5.11	12.75	16.31
Enterprise Value/EBIT	16.42	9.50	10.05	11.20	12.51
Enterprise Value/EBITDA	10.59	6.76	6.74	8.30	9.64
Enterprise Value/Sales	1.07	0.87	0.95	1.39	1.70
Total Debt/Enterprise Value	0.04	0.87	0.38	0.25	0.25
Total Debt/EBITDA	0.40	5.88	2.56	2.10	2.38
EPS (basic)	128.45	-3.39	17.82	36.15	29.40
EPS (diluted) as stated	8.94	6.13	13.75	34.34	23.63
Profitability
Gross Margin (%)	18.58	24.32	23.22	26.42	27.50
Operating Margin (%)	6.54	9.18	9.47	12.37	13.61
Pretax Margin (%)	6.16	2.78	6.28	11.29	8.44
Net Margin (%)	4.48	1.64	4.23	10.23	9.94
Return on Assets (%)	2.89	1.04	2.40	6.74	5.84
Return on Equity (%)	5.92	2.87	7.01	17.17	15.00
Return on Avg. Total Capital (%)	4.22	1.71	4.00	10.87	9.18
Return on Avg. Invested Capital (%)	4.23	1.72	4.00	10.88	9.29
Efficiency
Revenue/Employee	0.10	0.07	0.12	0.12	0.12
Receivables Turnover	4.49	4.87	4.98	6.27	5.25
Days of Sales Outstanding (DSO) (%)	81.38	74.88	73.28	58.21	69.56
Inventory Turnover	6.29	3.96	3.61	4.63	3.96
Days of Inventory on Hand (DIO)	57.99	92.27	101.02	78.91	92.08
Total Asset Turnover	0.64	0.64	0.57	0.66	0.59
Working Capital Turnover	7.51	3.23	7.75	6.23	5.12
Liquidity
Current Ratio	1.47	1.46	1.40	1.49	1.57
Quick Ratio	1.17	0.94	0.87	1.01	1.05
Capital Structure
Debt-to-Total Equity (%)	5.26	88.24	61.61	54.80	75.01
Debt-to-Total Capital (%)	4.99	46.88	38.12	35.40	42.86
Debt-to-Total Assets (%)	3.38	28.05	22.95	22.53	27.30
Interest Coverage	5.23	3.42	4.46	5.77	5.57

Market data

Name	Latest	Var
FTSE 100	5,267.62(c)	+0.00%
FTSE 250	10,431.90(c)	+0.00%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,851.90	-0.53%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var

Name	Latest	Var

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

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.

MELROSE

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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