Details for (NVA) / Market data / Selftrade

NOVAE GROUP

(NVA GB00B40SF849 GBX)

Value 377.000

Change Today 0.00

Updated18/05 16:35

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PROFILE

Registered Number	05673306
Registered Address	71 Fenchurch Street London EC3M 4HH
Phone Number	+44 (0) 207 9037300
Fax Number
Website	http://www.novae.com
Activities	Provides insurance and reinsurance underwriting services
Country of Register	GB
Currency	GBX
Short Name	NOVAE GRP
First Day Traded	23/12/2010
Industrial Sector	Full Line Insurance
Number of shares	65m

Key People

John Hastings-Bass	Chairman
Matthew Fosh	Chief Executive Officer
Oliver Corbett	Financial Director
Peter Matson	Director
R. Henderson	Non Executive Director
Laurie Adams	Non Executive Director
David Pye	Non Executive Director
Jeremy Adams	Director
Allan Nichols	Director

Major Shareholders

M&G Investment Management Ltd.	14.23%
FIL Investments International	11.93%

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	264	303.70	332.50	450.70	563
Premiums Earned	221	258.40	303.60	430.60	532.40
Total Investment Income	41.30	43.50	27.80	18.70	28
Realized Gains (Losses)	0	0	0	0	0
Other Operating Income	1.70	1.80	1.10	1.40	2.60
Losses, Claims & Reserves	118.60	166.90	194.70	257.40	373.10
Losses, Benefits & Adjustments	118.60	166.90	194.70	257.40	373.10
Long Term Insurance Reserves	0	0	0	0	0
Selling, General & Administrative Expenses & Other	94.90	109.30	120.50	152.60	191.70
Selling, General & Administrative Expenses	100.40	115.80	88.10	123	142.90
Other Selling, General & Admin. Expense	16.90	23.60	17.30	22.90	17.40
Underwriting & Commissions	83.50	92.20	70.80	100.10	125.50
Other Operating Expense	-5.50	-6.50	32.40	29.60	48.80
Operating Income Before Interest Expense	50.50	27.50	17.30	40.70	-1.80
Interest Expense, Net of Interest Capitalized	15.40	9.40	0.50	8.70	7.70
Interest Expense (excl. Interest Capitalized)	15.40	9.40	0.50	8.70	7.70
Interest Capitalized	0	0	0	0	0
Operating Income After Interest Expense	35.10	18.10	16.80	32	-9.50
Non-Operating Income (Expense)	5.90	22.10	-12.60	4	4.70
Interest Income	0	0	0	0	0
Miscellaneous Non Operating Expense	5.90	22.10	-12.60	4	4.70
Equity in Affiliates (Pretax)	0	0	0	0	0
Reserves Increase (Decrease)	0	0	0	0	0
Unusual Expense	0	0	0	0.90	1.50
Pretax Income	41	40.20	4.20	35.10	-6.30
Income Taxes	8.30	3.10	-22.20	10.50	1.10
Income Tax - Current - Domestic	0	0	2.90	0.10	0.40
Income Tax - Current - Foreign	0	0	0	1.40	0.20
Income Tax - Deferred - Domestic	8.30	3.10	-25.10	9	0.50
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	32.70	37.10	26.40	24.60	-7.40
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	32.70	37.10	26.40	24.60	-7.40
Preferred Dividends	0	0	0	0	0
Net Inc. Avail. To Common - Basic	32.70	37.10	26.40	24.60	-7.40
Operational EPS	48.93	56.55	40.63	39.04	-10.21
EPS (basic)	50.62	58.16	41.40	38.40	-11.80
EPS (diluted)	48.93	56.55	40.63	38.07	-11.90

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 Only	298.30	546.10	218.40	322.40	192.80
Total Investment Assets	639.90	554.70	815	821.60	990.10
Total Fixed Income Securities Investment	570.70	477.90	736.70	728.80	862.90
Bonds	570.70	477.90	736.70	728.80	862.90
Redeemable Preferred Stock	0	0	0	0	0
Total Equity Securities Investment	0.50	0.40	0	0	0
Common Stocks	0.50	0.40	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Real Estate Assets	0	0	0	0	0
Mortgage, Policy & Other Loans	0	0	0	0	0
Other Investments	68.70	76.40	78.30	92.80	127.20
Premium Balance Receivables	160.10	172.70	163.40	207.30	218.20
Net Property, Plant & Equipment	0.80	1.10	1.10	1.50	1
Investment in Unconsolidated Subs.	0	0	0	0	0
Other Assets (incl. Intangibles)	50	49.30	56.30	72.60	125.80
Separate & Variable Account Assets	0	0	0	0	0
Deferred Charges	28.80	31.10	32.70	59.70	107.20
Tangible Other Assets	14.80	11.70	13.90	4.50	11.60
Intangible Assets	6.40	6.50	9.70	8.40	7
Total Assets	1,172.40	1,344.10	1,299.50	1,461.70	1,563.60
Insurance Policy Liabilities (Insurance)	733.20	867.10	821.30	972.80	1,132.80
Insurance Reserves - (Insurance)	0	0	0	0	0
Unearned Premiums	131.50	139.80	144.80	212.40	232.70
Policy Claims	601.70	727.30	676.50	760.40	900.10
Other Insurance Liabilities	0	0	0	0	0
Total Debt	130.60	110.50	91.50	91.70	90.80
ST Debt & Current Portion of LTD	10.20	0	0	0	0
Short Term Debt	0	0	0	0	0
Current Portion of LT Debt	10.20	0	0	0	0
Long-Term Debt	120.40	110.50	91.50	91.70	90.80
LT Debt excl. Capital Lease Obligations	120.40	110.50	91.50	91.70	90.80
Capitalized Lease Obligations	0	0	0	0	0
Provision for Risks & Charges	0	0	0	0	0
Deferred Taxes	-23.30	-20.20	-45.30	-36.30	-35.70
Deferred Taxes - Credit	0	0	0	0	0
Deferred Taxes - Debit	-23.30	-20.20	-45.30	-36.30	-35.70
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	42.20	66.00	73	70.70	73.30
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	41.70	65.70	72.90	67.50	69.90
Deferred Income	0.50	0.30	0.10	3.20	3.40
Total Liabilities	906	1,043.60	985.80	1,135.20	1,296.90
Non-Equity Reserves	0	0	0	32.90	0.80
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)	266.40	300.50	313.70	293.60	265.90
Common Stock Par/Carry Value	73.20	73.20	73.20	73.20	73.20
Additional Paid-In Capital/Capital Surplus	67.10	67.10	67.10	34.20	0
Retained Earnings	-29.10	160.20	173.40	186.20	192.70
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	155.20	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	266.40	300.50	313.70	293.60	265.90
Liabilities & Shareholders' Equity	1,172.40	1,344.10	1,299.50	1,461.70	1,563.60

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
Funds from Operations	22.80	106.60	29.10	112.50	107.50
Extraordinaries	0	0	0	0	0
Changes in Working Capital	0	0	0	0	0
Net Operating Cash Flow	22.80	106.60	29.10	112.50	107.50
Capital Expenditures	1.20	2.50	3.30	4.10	0.70
Capital Expenditures (Fixed Assets)	1.20	1.40	1	1.80	0.70
Capital Expenditures (Other Assets)	0	1.10	2.30	2.30	0
Net Assets from Acquisitions	0	0	0	0	0
Sale of Fixed Assets & Businesses	0	0	0	0	0
Purchase/Sale of Investments	-13.40	111.70	-292.30	19.50	-151.10
Purchase of Investments	-1,064.20	-1,106.90	-1,796.60	-1,083.20	-1,033.20
Sale/Maturity of Investments	1,050.80	1,218.60	1,504.30	1,102.70	882.10
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-14.60	109.20	-295.60	15.40	-151.80
Cash Dividends Paid - Total	0	-7.20	-10.50	-8.20	-10.80
Common Dividends	0	-7.20	-10.50	-8.20	-10.80
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0	-5.30	-9.70	-9.10	-8.50
Repurchase of Common & Preferred Stk.	0	-5.30	-9.70	-9.10	-8.50
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	57.90	-16.20	-13	0	0
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	57.90	-16.20	-13	0	0
Issuance of Long-Term Debt	97.30	0	0	0	0
Reduction in Long-Term Debt	-39.40	-16.20	-13	0	0
Other Funds	0	0	0	0	-32.70
Other Uses	0	0	0	0	-32.70
Other Sources	0	0	0	0	0
Net Financing Cash Flow	57.90	-28.70	-33.20	-17.30	-52
Exchange Rate Effect	0	68.40	-26.10	7.90	1.10
Miscellaneous Funds	0	0	-0.00	0	0.00
Net Change in Cash	66.10	255.50	-325.80	118.50	-95.20
Free Cash Flow	21.60	98	17.60	102.50	96

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	245.29	228.27	211.06	234.63	219.18
Price/Earnings	7.45	6.03	8.13	9.39	0.00
Price/Sales	0.92	0.74	0.65	0.51	0.37
Price/Book Value	0.92	0.76	0.67	0.80	0.82
Price/Cash Flow	11.05	2.16	7.51	2.07	1.95
Enterprise Value/EBIT	0	0	0	0	0
Enterprise Value/EBITDA	0	0	0	0	0
Enterprise Value/Sales	1.45	1.12	0.93	0.72	0.53
Total Debt/Enterprise Value	0.34	0.32	0.30	0.28	0.30
Total Debt/EBITDA	0	0	0	0	0
EPS (basic)	50.62	58.16	41.40	38.40	-11.80
EPS (diluted) as stated	48.93	56.55	40.63	38.07	-11.90
Profitability
Operating Margin (%)	19.13	9.05	5.20	9.03	-0.32
Pretax Margin (%)	15.53	13.24	1.26	7.79	-1.12
Net Margin (%)	12.39	12.22	7.94	5.46	-1.31
Return on Assets (%)	2.87	2.95	2.00	1.78	-0.49
Return on Equity (%)	13.06	13.09	8.60	8.10	-2.65
Return on Avg. Total Capital (%)	9.30	9.18	6.47	6.22	-1.99
Return on Avg. Invested Capital (%)	9.44	9.30	6.47	6.22	-1.99
Efficiency
Revenue/Employee	1.24	1.39	1.48	1.77	2.10
Total Asset Turnover	0.23	0.24	0.25	0.33	0.37
Capital Structure
Debt-to-Total Equity (%)	49.02	36.77	29.17	31.23	34.15
Debt-to-Total Capital (%)	32.90	26.89	22.58	23.80	25.46
Debt-to-Total Assets (%)	11.14	8.22	7.04	6.27	5.81
Interest Coverage	0.00	0.00	0.00	0.00	0.00

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	18,868.56	-0.44%
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.

NOVAE GROUP

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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