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QINETIQ

(QQ. GB00B0WMWD03 GBX)

Value 143.100

Change Today +0.90

Updated21/05 08:10

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PROFILE

Registered Number	4586941
Registered Address	85 Buckingham Gate London SW1E 6PD
Head Office	Cody Technology Park Ively Road Farnborough Hampshire SW1E 6PD
Phone Number	+44 (0) 8700 100942
Fax Number
Website	http://www.qinetiq.com
Activities	Provides technology development and consultancy to the defense security and related markets
Country of Register	GB
Currency	GBX
Short Name	QINETIQ
First Day Traded	19/06/2006
Industrial Sector	Aerospace
Number of shares	660m

Key People

Mark Elliott	Chairman
Leo Quinn	Chief Executive Officer
Paul Murray	Non Executive Director
Noreen Doyle	Non Executive Director
Sir David Lees	Non Executive Director
Sir James Burnell-Nugent	Non Executive Director
Nick Luff	Non Executive Director
Michael Harper	Non Executive Director
David Mellors	Financial Director
Edmund Giambastiani	Non Executive Director
Colin Balmer	Non Executive Director
David Langstaff	Non Executive Director

Major Shareholders

Artisan Partners LP	15.00%
Ruane Cunniff & Goldfarb Inc.	11.00%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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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	1,149.50	1,366	1,617.30	1,625.40	1,702.60
Cost of Goods Sold (COGS) incl. D&A	299.10	404.80	1,018.50	1,112.70	1,192.80
COGS excluding D&A	252	348.80	952.60	1,040.20	1,121.40
Depreciation & Amortization Expense	47.10	56	65.90	72.50	71.40
Depreciation	31.70	33	33.50	35.10	33.60
Amortization of Intangibles	15.40	23	32.40	37.40	37.80
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	850.40	961.20	598.80	512.70	509.80
Selling, General & Administrative Expense	0	0	0	0	0
Research & Development	520.10	560.60	468.50	425.60	395
Other Selling, General & Administrative	0	0	0	0	0
Other Operating Expense	766.80	857.20	468.50	425.60	395
Non Operating Income/Expense	27.70	7.20	19.90	7.80	18
Non-Operating Interest Income	4.20	3.60	2.60	1.80	1.80
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	8.80	37.80	5.70	130.80	68.70
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	16.20	21.60	25.90	32.20	39.50
Gross Interest Expense	16.20	21.60	25.90	32.20	39.50
Interest Capitalized	0	0	0	0	0
Pretax Income	90.50	55.40	121.20	-66.30	26.40
Income Tax	20.30	4	20.40	-2.80	21.60
Income Tax - Current Domestic	0	0	0	0	0
Income Tax - Current Foreign	13.70	10.10	-2.90	7.90	0
Income Tax - Deferred Domestic	6.60	-6.10	23.30	-10.70	0
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	-1.20	-4	-7.20	0.20	0.20
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	69	47.40	93.60	-63.30	5
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	69	47.40	93.60	-63.30	5
Preferred Dividends	0	0	0	0	0
Net Income available to Common	69	47.40	93.60	-63.30	5
Operational EPS	11.26	11.20	14.89	4.32	8.03
EPS (basic)	10.50	7.20	14.30	-9.70	0.80
EPS (diluted)	10.34	7.19	14.28	-9.69	0.76
EBITDA	130.70	160	196.20	159.60	186.20
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	47.10	56	65.90	72.50	71.40

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	28	33.20	265.80	74	107.80
Cash Only	20	24.50	262.10	63.90	102.50
Short-Term Investments	8	8.70	3.70	10.10	5.30
Total Accounts Receivable	378.80	446.70	523.70	403.60	373.70
Accounts Receivables, Net	357	434.30	500.30	393.70	342.20
Accounts Receivables, Gross	359.50	440.50	506.20	402.50	348
Bad Debt/Doubtful Accounts	-2.50	-6.20	-5.90	-8.80	-5.80
Other Receivables	21.80	12.40	23.40	9.90	31.50
Inventories	39.50	56.90	68.30	79.80	45.40
Finished Goods	18.30	30.90	38.50	42.60	17
Work in Progress	17.70	19.90	26.40	32.80	2.80
Raw Materials	3.50	6.10	3.40	4.40	25.60
Progress Payments & Other	0	0	0	0	0
Other Current Assets	24.20	27.10	19.60	25.30	23.30
Prepaid Expenses	22.40	25.30	17.80	20.20	15.80
Miscellaneous Current Assets	1.80	1.80	1.80	5.10	7.50
Total Current Assets	470.50	563.90	877.40	582.70	550.20
Net Property, Plant & Equipment	341.50	332.40	332.40	285.50	260.90
Property, Plant & Equipment - Gross	466	486.30	525.70	527.30	517.20
Buildings	304	306.80	302.20	304.60	305.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	104.90	115.50	136.60	151.70	150.10
Construction in Progress	25.20	22	24.40	12.20	13.10
Leases	5.70	5.20	5.20	0	0
Computer Software and Equipment	26.20	36.80	57.30	58.80	48.20
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	124.50	153.90	193.30	241.80	256.30
Buildings	43.30	54.60	64.50	95.60	110.30
Land & Improvements	0	0	0	0	0
Machinery & Equipment	61.60	73.90	90.10	107.20	112.20
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	14.60	20.20	33.50	39	33.80
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	19.10	39.30	28	15.70	14.10
LT Investment - Affiliate Companies	0.30	9.30	0.70	0.90	1.10
Other Long-Term Investments	18.80	30	27.30	14.80	13
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	438.10	546.50	802.70	721.40	624.30
Net Goodwill	373.10	437.40	638.50	579.70	521.10
Net Other Intangibles	65	109.10	164.20	141.70	103.20
Other Assets	28.50	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	28.50	0	0	0	0
Total Assets	1,308.70	1,482.10	2,040.50	1,634	1,483.30
ST Debt & Curr. Portion LT Debt	15.90	11.80	2.10	5.30	96.80
Short Term Debt	5.30	9.20	0	0	0
Current Portion of Long Term Debt	10.60	2.60	2.10	5.30	96.80
Accounts Payable	31.30	51.30	71.30	48	37.50
Income Tax Payable	6.90	0	0	7.50	4.20
Other Current Liabilities	309.20	354.90	400.20	368.10	448.90
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	309.20	354.90	400.20	368.10	448.90
Total Current Liabilities	363.30	418	473.60	428.90	587.40
Long-Term Debt	327.70	410.90	789	529.20	277.40
Long-Term Debt excl. Capitalized Leases	313.80	398.10	777.60	519.50	269.50
Non-Convertible Debt	313.80	398.10	777.60	519.50	269.50
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	13.90	12.80	11.40	9.70	7.90
Provision for Risks & Charges	103.90	37.30	114	155.20	137.20
Deferred Taxes	19.90	30.80	8.90	-17.90	-33.80
Deferred Taxes - Credit	30.90	30.80	8.90	10.80	0
Deferred Taxes - Debit	-11	0	0	-28.70	-33.80
Accumulated Minority Interest	0.10	0.10	0.10	0.10	0.10
Other Liabilities	5.50	52.10	52.30	36.20	23.80
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	5.50	52.10	52.30	36.20	23.80
Deferred Income	0	0	0	0	0
Total Liabilities	831.30	949.10	1,437.80	1,160.30	1,025.80
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)	477.30	532.90	602.60	473.60	457.40
Common Stock Par/Carry Value	6.60	6.60	6.60	6.60	6.60
Additional Paid-In Capital/Capital Surplus	147.60	147.60	147.60	147.60	147.60
Retained Earnings	296.40	360.10	368.70	237.20	241.50
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-13.10	-21.30	39.80	42.30	21.80
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	39.80	39.90	39.90	39.90	39.90
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	477.30	532.90	602.60	473.60	457.40
Liabilities & Shareholders' Equity	1,308.70	1,482.10	2,040.50	1,634	1,483.30

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	69	47.40	93.60	-63.30	5
Depreciation, Depletion & Amortization	47.10	56	65.90	149.90	71.40
Depreciation and Depletion	31.70	33	33.50	59.10	33.60
Amortization of Intangible Assets	15.40	23	32.40	90.80	37.80
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	0.40	28.50	-10.30	0.80	2.70
Funds from Operations	116.50	131.90	149.20	87.40	79.10
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-22.40	-29.60	3.20	46.90	105.20
Receivables	-33.90	-49	4.40	89.90	45.60
Inventories	-15.50	-17.30	-2.90	-13.10	-5.10
Accounts Payable	27	36.70	1.70	-29.90	64.70
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	94.10	102.30	152.40	134.30	184.30
Capital Expenditures	46.90	43.60	33.60	31	22.10
Capital Expenditures (Fixed Assets)	34.80	23.70	30.30	24.80	19.70
Capital Expenditures (Other Assets)	12.10	19.90	3.30	6.20	2.40
Net Assets from Acquisitions	-134.30	-108.70	-89.20	-45.60	-15.80
Sale of Fixed Assets & Businesses	8.60	14.90	7.20	21.10	38.50
Purchase/Sale of Investments	-9.40	-7.30	7.90	-1.10	0
Purchase of Investments	-9.40	-7.30	-5.80	-1.10	0
Sale/Maturity of Investments	0	0	13.70	0	0
Other Uses	0	0	0	0	0
Other Sources	17.90	0	0	0	0
Net Investing Cash Flow	-164.10	-144.70	-107.70	-56.60	0.60
Cash Dividends Paid - Total	-22.70	-24.90	-28.90	-31.60	0
Common Dividends	-22.70	-24.90	-28.90	-31.60	0
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0	-12.80	-0.80	-0.80	-0.60
Repurchase of Common & Preferred Stk.	0	-12.80	-0.80	-0.80	-0.60
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	56.70	85.40	8	-235.10	-141.70
Change in Current Debt	7.10	-2.40	-5	-3.20	-0.30
Change in Long-Term Debt	49.60	87.80	13	-231.90	-141.40
Issuance of Long-Term Debt	136.10	91.10	16.30	-229.10	5.50
Reduction in Long-Term Debt	-86.50	-3.30	-3.30	-2.80	-146.90
Other Funds	-2.40	-0.50	208.90	-14.30	0
Other Uses	-2.40	-0.50	-1.50	-14.30	0
Other Sources	0	0	210.40	0	0
Net Financing Cash Flow	31.60	47.20	187.20	-281.80	-142.30
Exchange Rate Effect	-0.50	-0.30	5.70	-0.50	-1.40
Miscellaneous Funds	-0.00	-0.00	0.00	0.00	-0.00
Net Change in Cash	-38.90	4.50	237.60	-204.60	41.20
Free Cash Flow	36.60	53.70	93.20	77.90	164.60

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	1,236.07	1,274.72	873.48	885.04	803.80
Price/Earnings	17.83	26.81	9.25	0.00	152.13
Price/Sales	1.07	0.93	0.53	0.54	0.47
Price/Book Value	2.59	2.39	1.45	1.87	1.76
Price/Cash Flow	13.28	12.45	5.69	6.52	4.37
Enterprise Value/EBIT	18.73	15.99	10.69	15.34	9.33
Enterprise Value/EBITDA	11.98	10.39	7.10	8.37	5.75
Enterprise Value/Sales	1.36	1.22	0.86	0.82	0.63
Total Debt/Enterprise Value	0.22	0.25	0.57	0.40	0.35
Total Debt/EBITDA	2.63	2.64	4.03	3.35	2.01
EPS (basic)	10.50	7.20	14.30	-9.70	0.80
EPS (diluted) as stated	10.34	7.19	14.28	-9.69	0.76
Profitability
Gross Margin (%)	73.98	70.37	37.02	31.54	29.94
Operating Margin (%)	7.27	7.61	8.06	5.36	6.74
Pretax Margin (%)	7.87	4.06	7.49	-4.08	1.55
Net Margin (%)	6.00	3.47	5.79	-3.89	0.29
Return on Assets (%)	5.53	3.40	5.31	-3.45	0.32
Return on Equity (%)	16.41	9.38	16.49	-11.76	1.07
Return on Avg. Total Capital (%)	9.19	5.34	7.97	-5.27	0.54
Return on Avg. Invested Capital (%)	9.33	5.42	8.02	-5.29	0.58
Efficiency
Revenue/Employee	0.09	0.10	0.12	0.12	0.15
Receivables Turnover	3.37	3.31	3.33	3.51	4.38
Days of Sales Outstanding (DSO) (%)	108.26	110.29	109.50	104.12	83.32
Inventory Turnover	9.22	8.40	16.27	15.03	19.05
Days of Inventory on Hand (DIO)	39.60	43.46	22.43	24.29	19.16
Total Asset Turnover	0.92	0.98	0.92	0.88	1.09
Working Capital Turnover	10.72	9.36	4.01	10.57	0.00
Liquidity
Current Ratio	1.30	1.35	1.85	1.36	0.94
Quick Ratio	1.19	1.21	1.71	1.17	0.86
Capital Structure
Debt-to-Total Equity (%)	71.99	79.32	131.28	112.86	81.81
Debt-to-Total Capital (%)	41.86	44.23	56.76	53.02	45.00
Debt-to-Total Assets (%)	26.26	28.52	38.77	32.71	25.23
Interest Coverage	5.16	4.81	5.03	2.70	2.91

Market data

Name	Latest	Var
FTSE 100	5,259.49	-0.15%
FTSE 250	10,416.40	-0.15%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,854.11	-0.52%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	77.20	+2.52%
VEDANTA	968.00	+0.99%
REXAM	402.30	+0.83%
BSKYB	691.00	+0.80%
BR.AMER.TOB.	3,031.00	+0.56%

Name	Latest	Var
POLYMETAL INTL	776.00	-2.88%
CARNIVAL	1,945.00	-1.22%
CRH PLC	1,091.00	-1.18%
SHIRE	1,896.00	-0.99%
KINGFISHER	268.70	-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.	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.

QINETIQ

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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