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PENNON GROUP

(PNN GB00B18V8630 GBX)

Value 718.000

Change Today 0.00

Updated18/05 16:35

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PROFILE

Registered Number	2366640
Registered Address	Peninsula House Rydon Lane Exeter Devon EX2 7HR
Phone Number	+44 (0) 1392 443401
Fax Number
Website	http://www.pennon-group.co.uk
Activities	Provides water and sewerage recycling waste management and renewable energy services
Country of Register	GB
Currency	GBX
Short Name	PENNON GROUP
First Day Traded	31/07/2006
Industrial Sector	Water
Number of shares	357m

Key People

Kenneth Harvey	Chairman
Gerard Connell	Non Executive Director
Dinah Nichols	Non Executive Director
David Dupont	Financial Director
Colin Drummond	Director
Christopher Loughlin	Director

Major Shareholders

Threadneedle Asset Management Ltd.	9.74%
Pictet Asset Management SA	7.06%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/03/2007	31/03/2008	31/03/2009	31/03/2010	31/03/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	748.30	875	952.90	1,068.90	1,159.20
Cost of Goods Sold (COGS) incl. D&A	268	229.60	300.90	365.90	433.50
COGS excluding D&A	152.50	100.40	167.70	230.50	291.80
Depreciation & Amortization Expense	115.50	129.20	133.20	135.40	141.70
Depreciation	113.70	127.90	132	135.10	141
Amortization of Intangibles	1.80	1.30	1.20	0.30	0.70
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	480.30	645.40	652	703	725.70
Selling, General & Administrative Expense	0	0	0	0	0
Research & Development	0.10	0.20	0.20	0.20	0.20
Other Selling, General & Administrative	0	0	0	0	0
Other Operating Expense	282.90	404.60	396.30	437.30	466
Non Operating Income/Expense	6.30	1.10	-5.10	-2.50	-0.10
Non-Operating Interest Income	7	21	21.10	11.90	15.70
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0	8.80	9.90	2.90	1.10
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	79.90	104.70	103.50	89.50	90
Gross Interest Expense	79.90	104.70	103.50	89.50	90
Interest Capitalized	0	0	0	0	0
Pretax Income	130.80	149.40	158.30	182.70	184.20
Income Tax	37.20	16	67.60	44.30	16.90
Income Tax - Current Domestic	23.90	25	30.70	43	38.60
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	13.30	-9	36.90	1.30	-21.70
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	0.30	0.20	0.80	1.10	4.30
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	93.90	133.60	91.50	139.50	171.60
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	93.90	133.60	91.50	139.50	171.60
Preferred Dividends	0	0	0	0	0
Net Income available to Common	93.90	133.60	91.50	139.50	171.60
Operational EPS	26.30	39.66	28.14	40.26	48.34
EPS (basic)	26.50	38.20	26.30	39.90	48.40
EPS (diluted)	26.30	37.91	26.16	39.69	48.12
EBITDA	312.90	370	388.90	401.10	401.40
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	115.50	129.20	133.20	135.40	141.70

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/03/2007	31/03/2008	31/03/2009	31/03/2010	31/03/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	143.90	369.30	353.30	497.30	563.30
Cash Only	127.90	14.70	10.20	493.90	136.10
Short-Term Investments	16	354.60	343.10	3.40	427.20
Total Accounts Receivable	87.80	122.40	135.10	132	154.20
Accounts Receivables, Net	83.70	113.40	111.80	123.90	136.90
Accounts Receivables, Gross	118	149.60	154.90	174.50	195.10
Bad Debt/Doubtful Accounts	-34.30	-36.20	-43.10	-50.60	-58.20
Other Receivables	4.10	9	23.30	8.10	17.30
Inventories	5.10	6.60	5.80	6.40	7.40
Finished Goods	0	1.30	0.40	0	0
Work in Progress	0.10	0.10	0	0	0
Raw Materials	5	5.20	5.40	6.40	7.40
Progress Payments & Other	0	0	0	0	0
Other Current Assets	34.70	42.30	43.20	62.90	66.40
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	34.70	42.30	43.20	62.90	66.40
Total Current Assets	271.50	540.60	537.40	698.60	791.30
Net Property, Plant & Equipment	2,559.40	2,663	2,774.20	2,822.70	2,927.50
Property, Plant & Equipment - Gross	3,289.70	3,514.20	3,751.80	3,915	4,097.80
Buildings	304	338.70	386.10	417.40	443.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	0	0	0
Construction in Progress	92.20	107.40	147.60	103.20	146
Leases	988	1,100.90	1,130.30	1,137.70	1,134.80
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	1,905.50	1,967.20	2,087.80	2,256.70	2,373.20
Accumulated Depreciation	730.30	851.20	977.60	1,092.30	1,170.30
Buildings	115.20	137.30	156.70	172.50	188.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	0	0	0
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	410.80	483.10	559.70	652.50	690.40
Total Investments and Advances	1.40	5.40	2.40	46.10	60.70
LT Investment - Affiliate Companies	1.40	1.40	2.20	46.10	58.10
Other Long-Term Investments	0	4	0.20	0	2.60
Long-Term Note Receivable	6.90	10.40	10.60	55.10	59.40
Intangible Assets	142.10	243.80	241.90	259.50	296.80
Net Goodwill	134.30	234.60	236.50	254.40	292.40
Net Other Intangibles	7.80	9.20	5.40	5.10	4.40
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	3,012.10	3,483.10	3,593	3,933.20	4,183.70
ST Debt & Curr. Portion LT Debt	85.80	89.20	262.90	229	99.20
Short Term Debt	20.60	20	218.70	196.80	53.40
Current Portion of Long Term Debt	65.20	69.20	44.20	32.20	45.80
Accounts Payable	84.80	89.80	77.20	82.10	92.70
Income Tax Payable	36.50	43.10	43.20	83.60	79.40
Other Current Liabilities	104.30	149.50	112	138.80	187.80
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	104.30	149.50	112	138.80	187.80
Total Current Liabilities	311.40	371.60	495.30	533.50	459.10
Long-Term Debt	1,599.40	2,032	1,982.40	2,160.20	2,390.10
Long-Term Debt excl. Capitalized Leases	566	908.20	795.20	955.10	1,200.90
Non-Convertible Debt	566	908.20	795.20	842.50	1,085.90
Convertible Debt	0	0	0	112.60	115
Capitalized Lease Obligations	1,033.40	1,123.80	1,187.20	1,205.10	1,189.20
Provision for Risks & Charges	127.50	107.60	145.20	186.10	166.50
Deferred Taxes	313.70	307.20	326.30	311.20	293.80
Deferred Taxes - Credit	344.50	327.10	352.80	362.40	341.80
Deferred Taxes - Debit	-30.80	-19.90	-26.50	-51.20	-48
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	2.10	4.50	20.20	30.10	46.70
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	2.10	4.50	20.20	30.10	46.70
Deferred Income	0	0	0	0	0
Total Liabilities	2,384.90	2,842.80	2,995.90	3,272.30	3,404.20
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)	627.20	640.30	597.10	660.90	779.50
Common Stock Par/Carry Value	144.90	144.50	144.50	145.30	147
Additional Paid-In Capital/Capital Surplus	11.70	11.70	11.70	10.90	9.20
Retained Earnings	318.20	343.90	319.90	375.60	494.30
ESOP Debt Guarantee	-7.20	-4.50	-3	-2.20	-2.20
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	15.80	3.10	-17.90	-12.90	-13
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	143.80	144.20	144.20	144.20	144.20
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	-2.60	-2.30	0	0
Total Shareholders' Equity	627.20	640.30	597.10	660.90	779.50
Liabilities & Shareholders' Equity	3,012.10	3,483.10	3,593	3,933.20	4,183.70

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/03/2007	31/03/2008	31/03/2009	31/03/2010	31/03/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	93.90	133.60	91.50	139.50	171.60
Depreciation, Depletion & Amortization	115.50	129.20	133.20	135.40	141.70
Depreciation and Depletion	113.70	127.90	132	135.10	141
Amortization of Intangible Assets	1.80	1.30	1.20	0.30	0.70
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	41.60	4.40	51	50.50	-48.30
Funds from Operations	251	267.20	275.70	325.40	265
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-9.30	-30.80	-78	-35.50	4.20
Receivables	-20.70	-29.90	-15.40	-32.40	-25.50
Inventories	-0.10	-0.60	0.80	0.30	-0.60
Accounts Payable	16.90	12.50	-24.50	9.30	30.30
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-5.40	-12.80	-38.90	-12.70	0
Net Operating Cash Flow	241.70	236.40	197.70	289.90	269.20
Capital Expenditures	251.40	219.20	245.90	195.20	190.30
Capital Expenditures (Fixed Assets)	251.40	219.20	245.90	195.20	190.30
Capital Expenditures (Other Assets)	0	0	0	0	0
Net Assets from Acquisitions	-37	-89	-3.40	-9.40	-25.10
Sale of Fixed Assets & Businesses	5	1.10	2.60	3.50	4.70
Purchase/Sale of Investments	0.60	0	0	-30.70	-9
Purchase of Investments	0	0	0	-30.70	-12.50
Sale/Maturity of Investments	0.60	0	0	0	3.50
Other Uses	0	0	0	0	0
Other Sources	0.10	0.10	0	0	0
Net Investing Cash Flow	-282.70	-307	-246.70	-231.80	-219.70
Cash Dividends Paid - Total	-61	-65.60	-69.10	-63.80	-56.80
Common Dividends	-61	-65.60	-69.10	-63.80	-56.80
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-3.90	1.30	1.60	1.90	1.60
Repurchase of Common & Preferred Stk.	-5.80	-0.30	0	0	0
Sale of Common & Preferred Stock	1.90	1.60	1.60	1.90	1.60
Proceeds from Stock Options	1.90	1.60	1.60	1.90	1.60
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	147.70	413.70	112.40	144.60	61.90
Change in Current Debt	0	7.70	-5.70	0	0
Change in Long-Term Debt	147.70	406	118.10	144.60	61.90
Issuance of Long-Term Debt	240.20	583.90	149.80	398	187
Reduction in Long-Term Debt	-92.50	-177.90	-31.70	-253.40	-125.10
Other Funds	-9.80	-156	93	-73.30	-30.80
Other Uses	-9.80	-156	0	-73.30	-30.80
Other Sources	0	0	93	0	0
Net Financing Cash Flow	73	193.40	137.90	9.40	-24.10
Exchange Rate Effect	0	0	0	0	0
Miscellaneous Funds	0	0.00	0	0.00	0.00
Net Change in Cash	32	122.80	88.90	67.50	25.40
Free Cash Flow	-70.70	-48.40	-117.30	30.90	22.10

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-03-31	2008-03-31	2009-03-31	2010-03-31	2011-03-31
Valuation
Market Capitalisation	2,081.54	2,258.17	1,415.23	1,839.50	2,231.06
Price/Earnings	22.06	16.95	15.40	13.10	12.91
Price/Sales	2.76	2.59	1.48	1.71	1.91
Price/Book Value	3.32	3.53	2.37	2.78	2.86
Price/Cash Flow	8.64	9.65	7.17	6.34	8.28
Enterprise Value/EBIT	18.38	16.75	12.94	14.03	16.00
Enterprise Value/EBITDA	11.60	10.90	8.51	9.30	10.35
Enterprise Value/Sales	4.85	4.61	3.47	3.49	3.58
Total Debt/Enterprise Value	0.46	0.53	0.68	0.64	0.60
Total Debt/EBITDA	5.39	5.73	5.77	5.96	6.20
EPS (basic)	26.50	38.20	26.30	39.90	48.40
EPS (diluted) as stated	26.30	37.91	26.16	39.69	48.12
Profitability
Gross Margin (%)	64.19	73.76	68.42	65.77	62.60
Operating Margin (%)	26.38	27.52	26.83	24.86	22.40
Pretax Margin (%)	17.48	17.07	16.61	17.09	15.89
Net Margin (%)	12.55	15.27	9.60	13.05	14.80
Return on Assets (%)	3.25	4.11	2.59	3.71	4.23
Return on Equity (%)	15.54	21.08	14.79	22.18	23.83
Return on Avg. Total Capital (%)	4.25	5.27	3.27	4.73	5.43
Return on Avg. Invested Capital (%)	4.39	5.45	3.48	5.17	5.73
Efficiency
Revenue/Employee	0.23	0.26	0.28	0.26	0.27
Receivables Turnover	9.53	8.33	7.40	8.00	8.10
Days of Sales Outstanding (DSO) (%)	38.31	43.84	49.32	45.60	45.06
Inventory Turnover	53.07	39.25	48.53	59.98	62.83
Days of Inventory on Hand (DIO)	6.88	9.30	7.52	6.08	5.81
Total Asset Turnover	0.26	0.27	0.27	0.28	0.29
Working Capital Turnover	0.00	5.18	22.63	6.47	3.49
Liquidity
Current Ratio	0.87	1.45	1.08	1.31	1.72
Quick Ratio	0.86	1.44	1.07	1.30	1.71
Capital Structure
Debt-to-Total Equity (%)	268.69	331.28	376.03	361.51	319.35
Debt-to-Total Capital (%)	72.88	76.81	78.99	78.33	76.15
Debt-to-Total Assets (%)	55.95	60.90	62.49	60.74	59.50
Interest Coverage	2.47	2.30	2.47	2.97	2.89

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	18,881.01	-0.37%
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%

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Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

PENNON GROUP

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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