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PREMIER FOODS

(PFD GB00B7N0K053 GBX)

Value 108.500

Change Today 0.00

Updated21/05 08:04

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ALERTS

PROFILE

Registered Number	5160050
Registered Address	Premier House Centrium Business Park Griffiths Way St Albans; Hertfordshire AL1 2RE
Phone Number	+44 (0) 1727 815850
Fax Number
Website	http://www.premierfoods.co.uk
Activities	Manufactures and distributes food and beverage products
Country of Register	GB
Currency	GBX
Short Name	PREM FOODS
First Day Traded	04/05/2012
Industrial Sector	Food Products
Number of shares	240m

Key People

David Knapier	Chairman
David Kappler	Chairman
Ronnie Bell	Chairman
Robert Schofield	Chief Executive Officer
Tim Kelly	Director
Louise Makin	Non Executive Director
David Wild	Director
David Beever	Non Executive Director
David Felwick	Non Executive Director
Charles Smith	Non Executive Director
Ian McHoul	Non Executive Director

Major Shareholders

Warburg Pincus & Co.	17.15%
Paulson & Co. Inc.	10.96%

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	2,247.60	2,603.60	2,661	2,438	1,999.50
Cost of Goods Sold (COGS) incl. D&A	1,635.80	1,819.50	1,863	1,690.90	1,520
COGS excluding D&A	1,520.80	1,692.10	1,732	1,558	1,389.80
Depreciation & Amortization Expense	115	127.40	131	132.90	130.20
Depreciation	48.80	50.70	52.30	50.70	46.30
Amortization of Intangibles	66.20	76.70	78.70	82.20	83.90
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	611.80	784.10	798	747.10	479.50
Selling, General & Administrative Expense	358	527.20	609.20	655.90	351.40
Research & Development	4.20	5.10	3.70	10.60	8.40
Other Selling, General & Administrative	353.80	522.10	605.50	645.30	343
Other Operating Expense	0	0	4.80	0.80	0
Non Operating Income/Expense	-4.60	10.50	60.10	-68	-31.70
Non-Operating Interest Income	26.80	41.60	11.30	12	7.20
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	204.10	543.80	41.70	46.90	299.50
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	145.40	169.10	167	85.80	63.20
Gross Interest Expense	145.40	169.10	167	85.80	63.20
Interest Capitalized	0	0	0	0	0
Pretax Income	-73.50	-403.90	46.70	-98.30	-259.10
Income Tax	-37.70	-30.60	6.80	-11.60	-29.10
Income Tax - Current Domestic	-10.20	-7.60	-4	-3	-1.50
Income Tax - Current Foreign	2.10	2.80	0.50	1.30	1.20
Income Tax - Deferred Domestic	-29.60	-25.80	10.30	-9.90	-28.80
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	-35.80	-373.30	39.90	-86.70	-230
Extraordinaries & Discontinued Operations	-27.50	-70.50	-14.70	-12.60	-109
Extra Items & Gain/Loss Sale Of Assets	-27.50	0	0	0	-14.60
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	-70.50	-14.70	-12.60	-94.40
Net Income After Extraordinaries	-63.30	-443.80	25.20	-99.30	-339
Preferred Dividends	0	0	0	0	0
Net Income available to Common	-35.80	-373.30	39.90	-86.70	-230
Operational EPS	118.79	7.47	33.23	-22.46	-8.49
EPS (basic)	-39.43	-450.00	17.41	-41.00	-135.30
EPS (diluted)	-39.72	-378.84	19.19	-36.16	-95.91
EBITDA	368.80	384.30	315	223.30	258.30
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	115	127.40	131	132.90	130.20

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	32.40	61.80	21.90	3.30	46.30
Cash Only	23.90	40.60	19.40	1.90	45.80
Short-Term Investments	8.50	21.20	2.50	1.40	0.50
Total Accounts Receivable	300.40	317.40	324.70	330.40	265.40
Accounts Receivables, Net	275.70	281.40	300.50	308.70	247.40
Accounts Receivables, Gross	275.70	282	308.20	317.80	274.90
Bad Debt/Doubtful Accounts	0	-0.60	-7.70	-9.10	-27.50
Other Receivables	24.70	36	24.20	21.70	18
Inventories	207.90	238.80	214	135.20	136.80
Finished Goods	118.40	144.60	130.20	83.10	82.80
Work in Progress	4.10	5.80	4.50	4.20	3.60
Raw Materials	85.40	88.40	79.30	47.90	50.40
Progress Payments & Other	0	0	0	0	0
Other Current Assets	59.50	144	24.10	432.20	66.30
Prepaid Expenses	28.90	19.60	22.30	25.90	32.50
Miscellaneous Current Assets	30.60	124.40	1.80	406.30	33.80
Total Current Assets	600.20	762	584.70	901.10	514.80
Net Property, Plant & Equipment	607.60	638.90	635.20	538.60	417.30
Property, Plant & Equipment - Gross	705.10	750.60	797.40	715.40	615.90
Buildings	145.10	140.60	146.90	133.40	101.30
Land & Improvements	0	0	0	0	0
Machinery & Equipment	518.10	570	610.60	542.60	404.30
Construction in Progress	0	0	0	0	68.40
Leases	41.90	40	39.90	39.40	41.90
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	97.50	111.70	162.20	176.80	198.60
Buildings	1.40	8.30	14	12	9.70
Land & Improvements	0	0	0	0	0
Machinery & Equipment	94.30	98.50	142	156.70	179.10
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	2,886.70	2,530.80	2,479.70	2,059.80	1,678.90
Net Goodwill	1,648.90	1,371.30	1,371.30	1,096.10	856.20
Net Other Intangibles	1,237.80	1,159.50	1,108.40	963.70	822.70
Other Assets	0	163.70	0	0	0
Deferred Charges	0	163.70	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	4,094.50	4,229.50	3,699.60	3,499.50	2,611
ST Debt & Curr. Portion LT Debt	112.70	174.80	152.50	190.10	113.60
Short Term Debt	0.10	6.90	152	30.60	23.70
Current Portion of Long Term Debt	112.60	167.90	0.50	159.50	89.90
Accounts Payable	453.60	431.60	386.20	399.60	327
Income Tax Payable	8.10	4.10	2.50	2	0
Other Current Liabilities	180	461.40	327.60	404.10	316.60
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	180	461.40	327.60	404.10	316.60
Total Current Liabilities	754.40	1,071.90	868.80	995.80	757.20
Long-Term Debt	1,529.70	1,632.60	1,232	1,091.80	927.30
Long-Term Debt excl. Capitalized Leases	1,526.40	1,631.50	1,231.10	1,080.10	926.80
Non-Convertible Debt	1,526.40	1,631.50	1,231.10	1,080.10	926.80
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	3.30	1.10	0.90	11.70	0.50
Provision for Risks & Charges	140.90	203.30	459.50	349.30	321
Deferred Taxes	208.10	193.10	64.70	56.10	10.90
Deferred Taxes - Credit	208.10	193.10	64.70	56.10	10.90
Deferred Taxes - Debit	0	-134.10	0	0	0
Accumulated Minority Interest	0.10	0.10	0.10	0.10	0.10
Other Liabilities	1.10	136.80	9.70	17	21.90
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	1.10	136.80	9.70	17	21.90
Deferred Income	0	0	0	0	0
Total Liabilities	2,634.20	3,237.70	2,634.70	2,510	2,038.30
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)	1,460.20	991.70	1,064.80	989.40	572.60
Common Stock Par/Carry Value	8.50	8.50	24	24	24
Additional Paid-In Capital/Capital Surplus	760.60	760.60	1,124.70	1,124.70	1,124.70
Retained Earnings	694.20	245.60	-73.80	-150	-566.80
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0	0	-10.10	-9.30	-9.30
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	-3.10	-23	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	1,460.20	991.70	1,064.80	989.40	572.60
Liabilities & Shareholders' Equity	4,094.50	4,229.50	3,699.60	3,499.50	2,611

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	76.10	-40.50	176.50	93.10	-176.30
Depreciation, Depletion & Amortization	115	127.40	131	126.50	113.80
Depreciation and Depletion	48.80	50.70	52.30	47.60	41.80
Amortization of Intangible Assets	66.20	76.70	78.70	78.90	72
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	-88.50	90.20	-176.70	-3.40	91.30
Funds from Operations	102.60	177.10	130.80	216.20	28.80
Extraordinaries	0	0	0	0	0
Changes in Working Capital	168.30	-113.20	-88.60	-54.50	-59.50
Receivables	102.50	-42.50	-8.90	-25.20	53.80
Inventories	-4.80	-38.80	24.40	6.50	-26.30
Accounts Payable	137.50	23.60	-53.20	25.10	-10.90
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-66.90	-55.50	-50.90	-60.90	-76.10
Net Operating Cash Flow	270.90	63.90	42.20	161.70	-30.70
Capital Expenditures	124.60	161	84.90	67.70	78.90
Capital Expenditures (Fixed Assets)	115.90	129.80	57.30	51.10	58
Capital Expenditures (Other Assets)	8.70	31.20	27.60	16.60	20.90
Net Assets from Acquisitions	-324.80	0	0	0	0
Sale of Fixed Assets & Businesses	69.80	26.40	54.60	5.20	400.20
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	1.10	0	0	3.90	0
Net Investing Cash Flow	-378.50	-134.60	-30.30	-58.60	321.30
Cash Dividends Paid - Total	-61.10	-54.70	0	0	0
Common Dividends	-61.10	-54.70	0	0	0
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-3.90	0	379.60	0	0
Repurchase of Common & Preferred Stk.	-3	0	0	0	0
Sale of Common & Preferred Stock	-0.90	0	379.60	0	0
Proceeds from Stock Options	-0.90	0	379.60	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	121.10	119.70	-411.20	-120.10	-239.50
Change in Current Debt	-5.20	6.80	27.60	-3.90	0
Change in Long-Term Debt	126.30	112.90	-438.80	-116.20	-239.50
Issuance of Long-Term Debt	1,882.70	291.60	0	0	124.10
Reduction in Long-Term Debt	-1,756.40	-178.70	-438.80	-116.20	-363.60
Other Funds	67.60	22.40	0	0	0
Other Uses	0	0	0	0	0
Other Sources	67.60	22.40	0	0	0
Net Financing Cash Flow	123.70	87.40	-31.60	-120.10	-239.50
Exchange Rate Effect	0	0	-1.50	-0.50	-0.30
Miscellaneous Funds	0.00	0	-0.00	0	-0.00
Net Change in Cash	16.10	16.70	-21.20	-17.50	50.80
Free Cash Flow	93.90	-120.60	-15.10	110.60	-88.70

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	1,729.32	257.60	856.09	462.34	139.33
Price/Earnings	0.00	0.00	20.51	0.00	0.00
Price/Sales	0.70	0.10	0.28	0.19	0.07
Price/Book Value	1.18	0.26	0.80	0.47	0.24
Price/Cash Flow	5.84	4.03	17.59	2.86	0
Enterprise Value/EBIT	12.58	7.80	11.44	19.26	8.85
Enterprise Value/EBITDA	8.66	5.21	6.68	7.80	4.39
Enterprise Value/Sales	1.42	0.77	0.79	0.71	0.57
Total Debt/Enterprise Value	0.51	0.90	0.66	0.74	0.92
Total Debt/EBITDA	4.45	4.70	4.40	5.74	4.03
EPS (basic)	-39.43	-450.00	17.41	-41.00	-135.30
EPS (diluted) as stated	-39.72	-378.84	19.19	-36.16	-95.91
Profitability
Gross Margin (%)	27.22	30.12	29.99	30.64	23.98
Operating Margin (%)	11.29	9.87	6.91	3.71	6.41
Pretax Margin (%)	-3.27	-15.51	1.75	-4.03	-12.96
Net Margin (%)	-1.59	-14.34	1.50	-3.56	-11.50
Return on Assets (%)	-1.30	-8.97	1.01	-2.41	-7.53
Return on Equity (%)	-3.73	-30.45	3.88	-8.44	-29.45
Return on Avg. Total Capital (%)	-1.70	-12.65	1.52	-3.67	-11.84
Return on Avg. Invested Capital (%)	-1.80	-13.30	1.62	-3.96	-12.85
Efficiency
Revenue/Employee	0.13	0.16	0.17	0.17	0.14
Receivables Turnover	9.69	8.43	8.29	7.44	6.71
Days of Sales Outstanding (DSO) (%)	37.66	43.30	44.04	49.04	54.38
Inventory Turnover	9.96	8.15	8.23	9.68	11.18
Days of Inventory on Hand (DIO)	36.65	44.81	44.36	37.69	32.66
Total Asset Turnover	0.81	0.63	0.67	0.68	0.65
Working Capital Turnover	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	0.80	0.71	0.67	0.90	0.68
Quick Ratio	0.52	0.49	0.43	0.77	0.50
Capital Structure
Debt-to-Total Equity (%)	112.48	182.25	130.02	129.56	181.78
Debt-to-Total Capital (%)	52.94	64.57	56.53	56.44	64.51
Debt-to-Total Assets (%)	40.11	42.73	37.42	36.63	39.87
Interest Coverage	1.75	1.52	1.10	1.05	2.03

Market data

Name	Latest	Var
FTSE 100	5,263.85	-0.07%
FTSE 250	10,415.32	-0.16%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,874.21	-0.41%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	76.85	+2.06%
VODAFONE GRP.	165.15	+0.52%
ICAP	339.90	+0.44%
BSKYB	688.50	+0.44%
CRODA INTL.	2,103.00	+0.43%

Name	Latest	Var
POLYMETAL INTL	769.50	-3.69%
RANDGOLD RES.	4,837.00	-1.16%
CARNIVAL	1,950.00	-0.96%
LEGAL&GEN.	107.60	-0.92%
EVRAZ	313.80	-0.92%

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.	165.15	+0.52%

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.

PREMIER FOODS

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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