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SMITH&NEPHEW

(SN. GB0009223206 GBX)

Value 582.000

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Updated21/05 08:30

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PROFILE

Registered Number	324357
Registered Address	15 Adam Street London United Kingdom WC2N 6LA
Phone Number	+44 (0) 207 4017646
Fax Number
Website	http://www.smith-nephew.com
Activities	Develops manufactures and markets technically innovative and advanced medical devices
Country of Register	GB
Currency	GBX
Short Name	SMITH&NEPHEW
First Day Traded	12/07/2001
Industrial Sector	Medical Equipment
Number of shares	894m

Key People

Olivier Bohuon	Chairman
John Buchanan	Chairman
David Illingworth	Chief Executive Officer
Pamela Kirby	Non Executive Director
Genevieve Berger	Non Executive Director
Brian Larcombe	Non Executive Director
Adrian Hennah	Financial Director
Ian Barlow	Non Executive Director

Major Shareholders

Newton Investment Management Ltd.	4.95%
BlackRock Investment Management (UK) Ltd.	4.55%

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	1,683.47	2,073.29	2,417.07	2,566.19	2,663.64
Cost of Goods Sold (COGS) incl. D&A	516.18	595.09	585.04	700.81	755.43
COGS excluding D&A	402.75	453.82	414.59	525.28	571.40
Depreciation & Amortization Expense	113.43	141.27	170.45	175.53	184.02
Depreciation	90.44	111.27	132.00	131.48	135.37
Amortization of Intangibles	22.99	30.00	38.45	44.04	48.66
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	1,167.28	1,478.19	1,832.02	1,865.38	1,908.21
Selling, General & Administrative Expense	907.94	1,083.28	1,308.50	1,248.77	1,338.68
Research & Development	70.96	82.91	99.32	97.80	104.18
Other Selling, General & Administrative	836.99	1,000.37	1,209.17	1,150.96	1,234.51
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	10.99	7.64	-3.84	-23.32	-9.36
Non-Operating Interest Income	5.00	2.73	1.28	1.94	2.50
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	20.99	59.45	66.00	11.01	26.20
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	19.99	38.73	26.91	4.53	7.49
Gross Interest Expense	19.99	38.73	26.91	4.53	7.49
Interest Capitalized	0	0	0	0	0
Pretax Income	234.36	307.09	428.05	579.69	528.98
Income Tax	76.45	102.00	126.88	181.36	165.93
Income Tax - Current Domestic	19.99	19.64	12.18	22.02	24.95
Income Tax - Current Foreign	74.45	94.36	121.11	154.15	133.49
Income Tax - Deferred Domestic	-17.99	-12.00	-6.41	5.18	7.49
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	0.55	1.28	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	157.90	205.64	302.45	398.34	363.05
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	157.90	205.64	302.45	398.34	363.05
Preferred Dividends	0	0	0	0	0
Net Income available to Common	157.90	205.64	302.45	398.34	363.05
Operational EPS	18.60	27.78	39.40	45.67	42.61
EPS (basic)	17.09	23.24	34.22	44.89	40.73
EPS (diluted)	17.02	23.11	34.18	44.81	40.56
EBITDA	372.77	536.19	693.98	792.14	753.55
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	113.43	141.27	170.45	175.53	184.02

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	85.40	100.85	118.90	132.21	118.40
Cash Only	85.40	100.85	118.90	132.21	118.40
Short-Term Investments	0	0	0	0	0
Total Accounts Receivable	418.97	625.28	546.18	612.53	624.80
Accounts Receivables, Net	380.79	546.69	492.93	562.71	579.11
Accounts Receivables, Gross	391.84	574.51	522.03	594.00	602.28
Bad Debt/Doubtful Accounts	-11.05	-27.82	-29.10	-31.30	-23.16
Other Receivables	38.18	78.60	53.26	49.82	45.69
Inventories	420.48	611.37	577.76	589.53	552.73
Finished Goods	340.10	498.00	463.20	473.29	447.20
Work in Progress	18.09	22.26	17.34	14.69	15.44
Raw Materials	62.29	91.11	97.22	101.56	90.08
Progress Payments & Other	0	0	0	0	0
Other Current Assets	32.15	43.12	39.63	41.52	42.47
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	32.15	43.12	39.63	41.52	42.47
Total Current Assets	957.00	1,380.63	1,282.47	1,375.79	1,338.40
Net Property, Plant & Equipment	373.25	504.26	466.30	502.67	503.83
Property, Plant & Equipment - Gross	838.44	1,183.79	1,164.81	1,278.06	1,360.27
Buildings	68.32	97.37	79.88	117.52	85.58
Land & Improvements	5.53	9.04	0	0	0
Machinery & Equipment	718.38	998.78	1,036.01	1,117.75	1,214.21
Construction in Progress	19.59	41.04	16.72	42.79	27.03
Leases	26.63	37.56	32.20	0	33.46
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	465.19	679.53	698.52	775.40	856.44
Buildings	22.10	30.60	17.96	42.16	27.67
Land & Improvements	0	0	0	0	0
Machinery & Equipment	434.04	635.02	666.94	733.24	811.40
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	10.05	13.22	12.39	12.14	10.94
LT Investment - Affiliate Companies	5.53	8.35	8.05	8.30	8.36
Other Long-Term Investments	4.52	4.87	4.33	3.83	2.57
Long-Term Note Receivable	0	0	0	14.05	0
Intangible Assets	827.39	1,088.51	931.98	975.31	977.41
Net Goodwill	601.83	826.99	676.84	703.22	705.23
Net Other Intangibles	225.56	261.52	255.13	272.09	272.18
Other Assets	0	0	8.67	0	80.43
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	8.67	0	80.43
Total Assets	2,235.51	3,135.45	2,826.89	3,023.03	3,054.50
ST Debt & Curr. Portion LT Debt	724.40	79.99	27.87	36.41	196.90
Short Term Debt	30.64	16.00	26.01	33.85	194.97
Current Portion of Long Term Debt	693.76	63.99	1.86	2.55	1.93
Accounts Payable	255.20	378.37	338.73	373.01	353.26
Income Tax Payable	102.48	133.54	103.42	129.66	110.03
Other Current Liabilities	58.78	81.38	64.40	44.71	59.84
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	58.78	81.38	64.40	44.71	59.84
Total Current Liabilities	1,140.86	673.27	534.41	583.78	720.03
Long-Term Debt	18.09	944.53	674.99	410.05	10.30
Long-Term Debt excl. Capitalized Leases	2.01	926.45	660.74	398.56	0.64
Non-Convertible Debt	2.01	926.45	660.74	398.56	0.64
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	16.08	18.08	14.24	11.50	9.65
Provision for Risks & Charges	109.01	278.91	232.22	213.97	213.63
Deferred Taxes	-36.17	-116.85	-105.89	-99.00	-101.02
Deferred Taxes - Credit	31.65	31.99	19.20	44.07	42.47
Deferred Taxes - Debit	-67.82	-148.84	-125.09	-143.07	-143.49
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	23.61	25.04	16.72	0.00	17.37
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	23.61	25.04	16.72	0.00	17.37
Deferred Income	0	0	0	0	0
Total Liabilities	1,323.22	1,953.75	1,477.54	1,251.88	1,003.80
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)	912.29	1,181.71	1,349.35	1,771.15	2,050.70
Common Stock Par/Carry Value	95.45	132.15	117.66	121.99	122.90
Additional Paid-In Capital/Capital Surplus	178.84	260.82	236.55	252.93	265.75
Retained Earnings	909.78	1,360.46	1,447.81	1,819.05	2,096.39
ESOP Debt Guarantee	-320.00	-572.42	-491.69	-496.92	-10.30
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0	0.70	0	0	0
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	48.23	0	39.01	74.09	58.55
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	-482.59
Total Shareholders' Equity	912.29	1,181.71	1,349.35	1,771.15	2,050.70
Liabilities & Shareholders' Equity	2,235.51	3,135.45	2,826.89	3,023.03	3,054.50

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	234.36	307.64	429.33	579.69	528.98
Depreciation, Depletion & Amortization	113.93	141.27	190.96	175.53	184.02
Depreciation and Depletion	90.44	111.27	190.96	131.48	135.37
Amortization of Intangible Assets	23.49	30.00	0	44.04	48.66
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	-64.46	-63.82	-154.43	-128.89	-152.21
Funds from Operations	283.83	385.09	465.86	626.33	560.80
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-64.96	-76.36	-5.13	-69.95	-35.56
Receivables	-17.49	-29.45	29.48	-64.77	-29.32
Inventories	-41.97	-63.82	-10.89	13.60	24.95
Accounts Payable	-5.50	16.91	0	0	-3.74
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	-23.71	-18.78	-27.45
Net Operating Cash Flow	218.87	308.73	460.73	556.37	525.24
Capital Expenditures	99.94	159.27	203.77	204.03	200.24
Capital Expenditures (Fixed Assets)	99.94	159.27	203.77	161.93	200.24
Capital Expenditures (Other Assets)	0	0	0	42.10	0
Net Assets from Acquisitions	-390.26	-8.73	-16.02	0	-20.59
Sale of Fixed Assets & Businesses	3.00	1.64	87.79	5.18	0
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	0	0	0	0	0
Net Investing Cash Flow	-487.20	-166.36	-132.00	-198.84	-220.83
Cash Dividends Paid - Total	-52.47	-59.45	-76.90	-85.50	-91.08
Common Dividends	-52.47	-59.45	-76.90	-85.50	-91.08
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-305.81	-92.73	10.89	11.66	11.23
Repurchase of Common & Preferred Stk.	-319.80	-105.27	0	-3.24	-3.74
Sale of Common & Preferred Stock	13.99	12.55	10.89	14.90	14.97
Proceeds from Stock Options	13.99	12.55	10.89	14.90	14.97
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	538.67	16.91	-226.84	-272.03	-244.53
Change in Current Debt	591.64	-26.73	-42.29	11.01	-157.20
Change in Long-Term Debt	-52.97	43.64	-184.55	-283.05	-87.33
Issuance of Long-Term Debt	0	604.37	337.06	179.41	57.39
Reduction in Long-Term Debt	-52.97	-560.73	-521.60	-462.46	-144.72
Other Funds	-7.00	2.73	-7.69	-1.94	-0.62
Other Uses	-7.00	0	-7.69	-1.94	-0.62
Other Sources	0	2.73	0	0	0
Net Financing Cash Flow	173.39	-132.55	-300.53	-347.82	-325.00
Exchange Rate Effect	4.00	-2.73	5.13	3.89	-0.62
Miscellaneous Funds	-0.00	-0.00	-0.00	0.00	0.00
Net Change in Cash	-90.94	7.09	33.32	13.60	-21.21
Free Cash Flow	66.46	90.00	180.06	308.95	233.93

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	5,477.68	3,932.62	6,084.26	6,367.51	5,589.64
Price/Earnings	33.83	19.16	18.70	14.89	15.36
Price/Sales	3.17	1.90	2.34	2.31	2.09
Price/Book Value	6.00	3.33	4.51	3.60	2.73
Price/Cash Flow	24.51	12.84	12.29	10.68	10.66
Enterprise Value/EBIT	23.22	12.37	11.93	10.14	9.99
Enterprise Value/EBITDA	16.15	9.11	9.00	7.90	7.55
Enterprise Value/Sales	3.58	2.36	2.58	2.44	2.14
Total Debt/Enterprise Value	0.12	0.21	0.11	0.07	0.04
Total Debt/EBITDA	1.99	1.91	1.01	0.56	0.27
EPS (basic)	17.09	23.24	34.22	44.89	40.73
EPS (diluted) as stated	17.02	23.11	34.18	44.81	40.56
Profitability
Gross Margin (%)	69.34	71.30	75.80	72.69	71.64
Operating Margin (%)	15.41	19.05	21.66	24.03	21.38
Pretax Margin (%)	13.92	14.81	17.71	22.59	19.86
Net Margin (%)	9.38	9.92	12.51	15.52	13.63
Return on Assets (%)	8.13	7.66	10.15	13.62	11.95
Return on Equity (%)	15.61	19.64	23.90	25.53	19.00
Return on Avg. Total Capital (%)	11.14	10.65	14.20	18.66	16.22
Return on Avg. Invested Capital (%)	15.41	13.46	14.57	18.94	17.12
Efficiency
Revenue/Employee	0.18	0.21	0.25	0.25	0.25
Receivables Turnover	4.54	3.97	4.13	4.43	4.31
Days of Sales Outstanding (DSO) (%)	80.32	91.92	88.45	82.40	84.78
Inventory Turnover	1.40	1.15	0.98	1.20	1.32
Days of Inventory on Hand (DIO)	260.48	316.44	370.94	303.98	275.95
Total Asset Turnover	0.87	0.77	0.81	0.88	0.88
Working Capital Turnover	0.00	2.93	3.23	3.24	4.31
Liquidity
Current Ratio	0.84	2.05	2.40	2.36	1.86
Quick Ratio	0.47	1.14	1.32	1.35	1.09
Capital Structure
Debt-to-Total Equity (%)	81.39	86.70	52.09	25.21	10.10
Debt-to-Total Capital (%)	44.87	46.44	34.25	20.13	9.18
Debt-to-Total Assets (%)	33.21	32.68	24.86	14.77	6.78
Interest Coverage	12.98	10.20	19.45	136.00	76.08

Market data

Name	Latest	Var
FTSE 100	5,281.90	+0.27%
FTSE 250	10,452.52	+0.20%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,914.56	-0.20%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	79.75	+5.91%
VEDANTA	984.00	+2.66%
IMI	872.00	+1.57%
REXAM	405.10	+1.53%
EVRAZ	321.50	+1.52%

Name	Latest	Var
POLYMETAL INTL	790.00	-1.13%
TESCO	310.60	-0.99%
LAND SECS.	712.50	-0.70%
CRH PLC	1,097.00	-0.63%
MORRISON (WM)	269.70	-0.55%

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.

SMITH&NEPHEW

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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