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RENTOKIL INITL.

(RTO GB00B082RF11 GBX)

Value 79.450

Change Today +0.20

Updated21/05 08:10

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REG INV

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PROFILE

Registered Number	5393279
Registered Address	2 City Place Beehive Ring Road Gatwick Airport RH6 0HA
Phone Number	+44 (0) 1293 858000
Fax Number
Website	http://www.rentokil-initial.com
Activities	Provides building cleaning pest control and landscaping services
Country of Register	GB
Currency	GBX
Short Name	RENTOKIL INITL.
First Day Traded	18/09/2006
Industrial Sector	Business Support Services
Number of shares	1.82b

Key People

John McAdam	Chairman
Alan Brown	Chief Executive Officer
William Rucker	Non Executive Director
Jeremy Townsend	Financial Director
Andy Ransom	Director

Major Shareholders

Invesco Asset Management Ltd.	20.01%
Schroder Investment Management Ltd.	12.02%

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	31/12/2007	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	2,203.40	2,409.90	2,530.80	2,496.50	2,544.30
Cost of Goods Sold (COGS) incl. D&A	1,251.60	1,534.20	2,361	1,534.10	1,582.20
COGS excluding D&A	1,058	1,292.30	2,088.10	1,266.30	1,330.50
Depreciation & Amortization Expense	193.60	241.90	272.90	267.80	251.70
Depreciation	151.80	186.60	210.60	207.30	197.10
Amortization of Intangibles	41.80	55.30	62.30	60.50	54.60
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	951.80	875.70	169.80	962.40	962.10
Selling, General & Administrative Expense	0	0	0	0	0
Research & Development	1.70	1.70	1.70	1.90	2
Other Selling, General & Administrative	0	0	0	0	0
Other Operating Expense	753.30	775.80	1.70	741.10	782.50
Non Operating Income/Expense	10.90	2.50	5.30	-8.50	-0.10
Non-Operating Interest Income	16.20	29.90	6.20	4.70	2.70
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	2.40	22	53.20	155.20	186.80
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	83.20	90.10	64.70	51.90	50.20
Gross Interest Expense	83.20	90.10	64.70	51.90	50.20
Interest Capitalized	0	0	0	0	0
Pretax Income	140	20.20	61.70	10.40	-54.80
Income Tax	30.30	6.40	16.10	34.80	16.60
Income Tax - Current Domestic	-4.50	0	0.80	2.10	-10.70
Income Tax - Current Foreign	25.40	12.40	30.70	26.70	37.60
Income Tax - Deferred Domestic	9.40	-6	-15.40	6	-10.30
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	2.20	2.60	1.30	3.10	2.60
Equity in Affiliates	2	2.60	3.30	4.10	4.30
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	109.50	13.80	47.60	-23.40	-69.70
Extraordinaries & Discontinued Operations	546.80	10	0	0	0
Extra Items & Gain/Loss Sale Of Assets	546.80	5	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	5	0	0	0
Net Income After Extraordinaries	656.30	23.80	47.60	-23.40	-69.70
Preferred Dividends	0	0	0	0	0
Net Income available to Common	109.50	13.80	47.60	-23.40	-69.70
Operational EPS	6.15	1.62	4.69	4.72	3.37
EPS (basic)	6.06	1.04	2.63	-1.29	-3.84
EPS (diluted)	6.06	0.76	2.63	-1.29	-3.84
EBITDA	392.10	341.80	441	489.10	431.30
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	193.60	241.90	272.90	267.80	251.70

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	96.50	105.80	117.10	94.80	95.50
Cash Only	95.70	104.10	101.70	93	82.40
Short-Term Investments	0.80	1.70	15.40	1.80	13.10
Total Accounts Receivable	424.70	482.50	396.80	370.60	385.80
Accounts Receivables, Net	400.60	461.60	376.20	353.90	360.10
Accounts Receivables, Gross	417.40	492.90	399.20	375	380.20
Bad Debt/Doubtful Accounts	-16.80	-31.30	-23	-21.10	-20.10
Other Receivables	24.10	20.90	20.60	16.70	25.70
Inventories	38.40	53.40	47.30	44.70	49.60
Finished Goods	27.50	42.50	39.10	34.50	37.70
Work in Progress	3.80	1.60	0.80	0.50	1.50
Raw Materials	7.10	9.30	7.40	9.70	10.40
Progress Payments & Other	0	0	0	0	0
Other Current Assets	51.70	42.90	40.70	43.50	51
Prepaid Expenses	51.70	42.90	40.70	43.50	51
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	611.30	684.60	601.90	553.60	581.90
Net Property, Plant & Equipment	561.20	721.20	636.30	589.70	573.70
Property, Plant & Equipment - Gross	1,123.90	1,483.30	1,414.80	1,401	1,396.20
Buildings	182.50	221.30	206.50	191.60	184.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	266.20	329.10	308.50	282.50	275.20
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	463	673.20	661.30	683.90	693.50
Transportation Equipment	212.20	259.70	238.50	243	242.70
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	562.70	762.10	778.50	811.30	822.50
Buildings	35.50	47.40	49.60	50.80	51.50
Land & Improvements	0	0	0	0	0
Machinery & Equipment	166.80	199.80	198.50	184.30	187.90
Construction in Progress	0	0	0	0	0
Leases	251.40	381.90	399.50	434	438.30
Computer Software and Equipment	0	0	0	0	0
Leased Property	251.40	381.90	399.50	434	438.30
Transportation Equipment	109	133	130.90	142.20	144.80
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	8.80	44.80	42.10	61.20	73.10
LT Investment - Affiliate Companies	5.70	13.70	13.40	18.70	22.20
Other Long-Term Investments	3.10	31.10	28.70	42.50	50.90
Long-Term Note Receivable	24.20	26.90	26.50	29.60	26.30
Intangible Assets	683	754.90	668.20	552.10	390.40
Net Goodwill	430.80	486.30	470	388.90	289
Net Other Intangibles	252.20	268.60	198.20	163.20	101.40
Other Assets	63.90	154.40	0	5	144
Deferred Charges	63.90	154.40	0	5	144
Tangible Other Assets	0	0	0	0	0
Total Assets	1,960.30	2,396.90	2,001	1,801.50	1,798.90
ST Debt & Curr. Portion LT Debt	380.40	92.20	89.70	58.60	56.40
Short Term Debt	9.20	41.70	42	19.30	18.90
Current Portion of Long Term Debt	371.20	50.50	47.70	39.30	37.50
Accounts Payable	110.60	138.30	124.50	121.20	145.80
Income Tax Payable	103.10	90.50	102.40	96.50	81.10
Other Current Liabilities	439.80	510.40	488.90	446.70	426.80
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	439.80	510.40	488.90	446.70	426.80
Total Current Liabilities	1,033.90	831.40	805.50	723	710.10
Long-Term Debt	662.40	1,374.10	1,120.10	988	952.50
Long-Term Debt excl. Capitalized Leases	652.90	1,358.50	1,111.50	981.30	945
Non-Convertible Debt	652.90	1,358.50	1,111.50	981.30	945
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	9.50	15.60	8.60	6.70	7.50
Provision for Risks & Charges	87.70	110.50	133.30	103.70	95.30
Deferred Taxes	90.60	117.40	47.80	59.60	81.20
Deferred Taxes - Credit	98.50	127.50	73.80	69.90	90.70
Deferred Taxes - Debit	-7.90	-10.10	-26	-10.30	-9.50
Accumulated Minority Interest	7.40	9	9.30	10.50	5.50
Other Liabilities	19.50	15.30	18.40	42.10	54.50
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	19.50	15.30	18.40	42.10	54.50
Deferred Income	0	0	0	0	0
Total Liabilities	1,902	2,458.80	2,151.10	1,926.70	1,903.10
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)	50.90	-70.90	-159.40	-135.70	-109.70
Common Stock Par/Carry Value	18.10	18.10	18.10	18.10	18.10
Additional Paid-In Capital/Capital Surplus	6.80	6.80	6.80	6.80	6.80
Retained Earnings	1,765	1,713.80	1,604.10	1,597.90	1,627.30
ESOP Debt Guarantee	-11.10	-11.10	-11.10	-11.10	-11.10
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-16.20	-88.50	-64.80	-36	-40.20
Unrealized Gain/Loss Marketable Securities	0	0	0	0	1.70
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	-1,711.70	-1,710	-1,712.50	-1,711.40	-1,712.30
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	50.90	-70.90	-159.40	-135.70	-109.70
Liabilities & Shareholders' Equity	1,960.30	2,396.90	2,001	1,801.50	1,798.90

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	658.50	21.40	48.90	-20.30	-67.10
Depreciation, Depletion & Amortization	197.20	241.90	272.90	267.80	251.70
Depreciation and Depletion	153.70	186.60	210.60	207.30	197.10
Amortization of Intangible Assets	43.50	55.30	62.30	60.50	54.60
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	-596.10	-41.30	5.90	114.70	124.20
Funds from Operations	259.60	222	327.70	362.20	308.80
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-68.10	3.20	91.70	-32.80	-32.10
Receivables	-27.50	33.40	64.40	22.60	-12.50
Inventories	0.80	-5.30	3.20	4.10	-1.70
Accounts Payable	-41.40	-24.90	24.10	-59.50	-17.90
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	191.50	225.20	419.40	329.40	276.70
Capital Expenditures	219.30	230.80	182.50	192.60	210.20
Capital Expenditures (Fixed Assets)	206.60	222.60	176.20	183.20	191
Capital Expenditures (Other Assets)	12.70	8.20	6.30	9.40	19.20
Net Assets from Acquisitions	-193	-43	-11.20	-17.90	-29.80
Sale of Fixed Assets & Businesses	645.60	15.80	14.40	23	8.30
Purchase/Sale of Investments	3.40	0	-0.80	0	0.10
Purchase of Investments	0	0	-0.80	0	0
Sale/Maturity of Investments	3.40	0	0	0	0.10
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	236.70	-258	-180.10	-187.50	-231.60
Cash Dividends Paid - Total	-133.40	-106.70	0	0	0
Common Dividends	-133.40	-106.70	0	0	0
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0.60	0	0	0	0
Repurchase of Common & Preferred Stk.	0	0	0	0	0
Sale of Common & Preferred Stock	0.60	0	0	0	0
Proceeds from Stock Options	0.60	0	0	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-326	220.20	-225	-131.20	-30.70
Change in Current Debt	0	0	0.30	0	0
Change in Long-Term Debt	-326	220.20	-225.30	-131.20	-30.70
Issuance of Long-Term Debt	0	228.80	0	0	0
Reduction in Long-Term Debt	-326	-8.60	-225.30	-131.20	-30.70
Other Funds	-2	-1.60	-2.50	-2.60	-11.20
Other Uses	-2	-1.60	-2.50	-2.60	-11.20
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-460.80	111.90	-227.50	-133.80	-41.90
Exchange Rate Effect	0.30	-103.20	-14.20	5.90	-5.90
Miscellaneous Funds	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-32.30	-24.10	-2.40	14	-2.70
Free Cash Flow	-148.50	-104.10	243.20	146.20	85.70

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	2,194.13	798.53	2,089.39	1,758.57	1,136.99
Price/Earnings	19.95	42.31	43.95	0.00	0.00
Price/Sales	0.99	0.33	0.83	0.70	0.45
Price/Book Value	43.10	0	0	0	0
Price/Cash Flow	11.41	3.53	4.99	5.32	4.10
Enterprise Value/EBIT	15.81	21.67	19.00	12.26	11.44
Enterprise Value/EBITDA	8.00	6.33	7.24	5.55	4.76
Enterprise Value/Sales	1.42	0.90	1.26	1.09	0.81
Total Debt/Enterprise Value	0.33	0.68	0.38	0.39	0.49
Total Debt/EBITDA	2.66	4.29	2.74	2.14	2.34
EPS (basic)	6.06	1.04	2.63	-1.29	-3.84
EPS (diluted) as stated	6.06	0.76	2.63	-1.29	-3.84
Profitability
Gross Margin (%)	43.20	36.34	6.71	38.55	37.81
Operating Margin (%)	9.01	4.15	6.64	8.86	7.06
Pretax Margin (%)	6.35	0.84	2.44	0.42	-2.15
Net Margin (%)	4.97	0.57	1.88	-0.94	-2.74
Return on Assets (%)	5.84	0.63	2.16	-1.23	-3.87
Return on Equity (%)	0.00	0.00	0.00	0.00	0.00
Return on Avg. Total Capital (%)	11.67	1.11	3.89	-2.39	-7.70
Return on Avg. Invested Capital (%)	20.85	1.37	4.21	-2.58	-8.22
Efficiency
Revenue/Employee	0.03	0.03	0.04	0.04	0.04
Receivables Turnover	5.14	5.31	5.76	6.51	6.73
Days of Sales Outstanding (DSO) (%)	71.02	68.70	63.41	56.10	54.26
Inventory Turnover	29.35	33.42	46.89	33.35	33.56
Days of Inventory on Hand (DIO)	12.44	10.92	7.78	10.94	10.88
Total Asset Turnover	1.17	1.11	1.15	1.31	1.41
Working Capital Turnover	0.00	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	0.59	0.82	0.75	0.77	0.82
Quick Ratio	0.55	0.76	0.69	0.70	0.75
Capital Structure
Debt-to-Total Equity (%)	2,048.72	0.00	0.00	0.00	0.00
Debt-to-Total Capital (%)	95.35	105.08	115.18	114.90	112.20
Debt-to-Total Assets (%)	53.20	61.17	60.46	58.10	56.08
Interest Coverage	2.39	1.11	2.60	4.26	3.58

Market data

Name	Latest	Var
FTSE 100	5,256.90	-0.20%
FTSE 250	10,415.59	-0.16%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,852.51	-0.52%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	77.30	+2.66%
REXAM	402.20	+0.80%
VEDANTA	966.00	+0.78%
BSKYB	690.50	+0.73%
BR.AMER.TOB.	3,028.50	+0.48%

Name	Latest	Var
POLYMETAL INTL	776.00	-2.88%
CRH PLC	1,087.00	-1.54%
CARNIVAL	1,947.00	-1.12%
ANTOFAGASTA	1,025.00	-0.97%
SHIRE	1,897.00	-0.94%

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.

RENTOKIL INITL.

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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