Details for (ULE) / Market data / Selftrade

ULTRA ELEC.

(ULE GB0009123323 GBX)

Value 1,621.000

Change Today +11.00

Updated21/05 09:05

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ALERTS

PROFILE

Registered Number	2830397
Registered Address	417 Bridport Road Greenford Middlesex UB6 8UA
Phone Number	+44 (0) 208 8134321
Fax Number
Website	http://www.ultra-electronics.com
Activities	Designs develops and manufactures electronic systems and software
Country of Register	GB
Currency	GBX
Short Name	ULTRA ELEC.
First Day Traded	31/10/2003
Industrial Sector	Aerospace
Number of shares	69m

Key People

Julian Blogh	Chairman
Douglas Caster	Chief Executive Officer
Robert Walmsley	Non Executive Director
Rakesh Sharma	Director
Andrew Hamment	Director
Ian Griffiths	Non Executive Director
Paul Dean	Financial Director

Major Shareholders

Schroder Investment Management Ltd.	6.51%
Mondrian Investment Partners Ltd.	5.27%

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	412.89	515.27	651.04	710.04	731.73
Cost of Goods Sold (COGS) incl. D&A	305.85	388.59	491.10	528.51	544.38
COGS excluding D&A	294.66	366.07	454.80	497.04	505.80
Depreciation & Amortization Expense	11.19	22.51	36.30	31.47	38.57
Depreciation	5.72	7.03	7.72	8.39	9.14
Amortization of Intangibles	5.47	15.49	28.57	23.09	29.43
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	107.04	126.68	159.94	181.53	187.36
Selling, General & Administrative Expense	53.01	62.76	82.92	93.04	92.87
Research & Development	26.04	31.92	34.16	38.95	40.55
Other Selling, General & Administrative	26.97	30.84	48.76	54.10	52.33
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	5.43	-0.88	-21.56	-3.93	-0.06
Non-Operating Interest Income	0.79	1.23	0.58	0.64	0.30
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0.56	62.07	-55.63	-6.73	2.52
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	3.10	5.09	3.77	3.17	3.81
Gross Interest Expense	3.10	5.09	3.77	3.17	3.81
Interest Capitalized	0	0	0	0	0
Pretax Income	56.60	-2.89	107.90	88.75	88.39
Income Tax	15.36	-4.65	29.42	24.98	25.02
Income Tax - Current Domestic	7.51	10.10	2.84	9.03	13.72
Income Tax - Current Foreign	7.94	7.17	14.09	20.15	16.59
Income Tax - Deferred Domestic	-0.65	-12.57	10.62	0.68	-1.47
Income Tax - Deferred Foreign	0.56	-9.34	1.87	-4.88	-3.83
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0.28
Equity in Affiliates	0	0	0	2.56	2.79
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	41.24	1.76	78.48	66.33	65.88
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	41.24	1.76	78.48	66.33	65.88
Preferred Dividends	0	0	0	0	0
Net Income available to Common	41.24	1.76	78.48	66.33	65.88
Operational EPS	61.08	66.17	57.83	89.41	97.94
EPS (basic)	60.90	2.60	115.10	96.80	96.20
EPS (diluted)	60.51	2.57	114.79	96.24	95.39
EBITDA	65.22	86.44	113.32	119.96	133.06
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	11.19	22.51	36.30	31.47	38.57

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	27.42	43.39	42.80	71.06	43.80
Cash Only	27.42	43.39	41.81	68.13	41.05
Short-Term Investments	0	0	0.99	2.93	2.75
Total Accounts Receivable	81.62	120.39	115.19	153.24	190.55
Accounts Receivables, Net	73.01	105.63	101.19	136.89	175.94
Accounts Receivables, Gross	73.53	107.54	102.30	137.85	177.68
Bad Debt/Doubtful Accounts	-0.53	-1.91	-1.11	-0.96	-1.74
Other Receivables	8.62	14.76	13.99	16.35	14.61
Inventories	42.42	52.83	50.61	49.37	47.67
Finished Goods	3.09	4.06	3.83	4.34	7.57
Work in Progress	12.80	15.78	15.77	15.78	10.05
Raw Materials	26.52	32.99	31.02	29.25	30.05
Progress Payments & Other	0	0	0	0	0
Other Current Assets	2.60	6.10	7.26	4.77	6.52
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	2.60	6.10	7.26	4.77	6.52
Total Current Assets	154.06	222.70	215.86	278.43	288.54
Net Property, Plant & Equipment	24.24	34.92	36.64	45.35	48.59
Property, Plant & Equipment - Gross	72.25	92.88	98.73	116.49	126.23
Buildings	6.07	7.61	14.30	17.77	17.93
Land & Improvements	1.57	1.24	1.96	1.96	2.45
Machinery & Equipment	57.48	68.01	72.94	83.94	91.15
Construction in Progress	0.41	7.93	0	0	0
Leases	6.71	8.09	9.52	12.82	14.70
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	48.01	57.96	62.08	71.13	77.65
Buildings	2.13	2.30	2.59	3.27	3.83
Land & Improvements	0	0	0	0	0
Machinery & Equipment	42.14	51.15	54.23	61.63	66.58
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	2.12	6.02	7.42	8.56
LT Investment - Affiliate Companies	0	2.12	1.11	3.67	6.61
Other Long-Term Investments	0	0	4.91	3.75	1.95
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	179.25	325.68	301.85	307.06	418.46
Net Goodwill	128.81	209.56	211.71	231.49	278.13
Net Other Intangibles	50.44	116.12	90.14	75.57	140.33
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	368.19	614.07	578.52	653.77	776.05
ST Debt & Curr. Portion LT Debt	0.03	0.11	70.49	50.12	78.98
Short Term Debt	0	0	0	0	0
Current Portion of Long Term Debt	0.03	0.11	70.49	50.12	78.98
Accounts Payable	42.93	61.35	54.88	70.57	76.57
Income Tax Payable	9.12	5.06	9.02	18.85	19.72
Other Current Liabilities	86.11	165.97	139.43	156.02	173.86
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	86.11	165.97	139.43	156.02	173.86
Total Current Liabilities	138.19	232.48	273.82	295.56	349.13
Long-Term Debt	41.64	107.22	0	0.18	8.22
Long-Term Debt excl. Capitalized Leases	41.61	107.21	0	0	8.15
Non-Convertible Debt	41.61	107.21	0	0	8.15
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0.03	0.01	0	0.18	0.08
Provision for Risks & Charges	43.02	60.86	84.42	82.82	92.93
Deferred Taxes	-8.02	-15.00	-3.44	-4.29	0.03
Deferred Taxes - Credit	2.62	13.65	14.72	11.22	11.94
Deferred Taxes - Debit	-10.63	-28.65	-18.16	-15.50	-11.91
Accumulated Minority Interest	0	0	0	0	0.41
Other Liabilities	0.83	55.79	22.09	20.85	28.67
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0.26	54.44	18.48	18.79	26.20
Deferred Income	0.58	1.35	3.61	2.06	2.46
Total Liabilities	226.29	470	395.06	410.63	490.89
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)	141.89	144.07	183.47	243.14	284.75
Common Stock Par/Carry Value	3.39	3.41	3.42	3.44	3.45
Additional Paid-In Capital/Capital Surplus	35.06	36.43	38.31	41.13	43.86
Retained Earnings	111.69	83.59	133.73	184.35	220.15
ESOP Debt Guarantee	-1.97	-1.97	-1.45	-2.65	-2.58
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-6.28	22.62	0	0	19.88
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	9.45	16.87	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	141.89	144.07	183.47	243.14	284.75
Liabilities & Shareholders' Equity	368.19	614.07	578.52	653.77	776.05

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	59.01	64.07	76.04	90.02	99.22
Depreciation, Depletion & Amortization	11.19	22.51	36.30	31.47	38.57
Depreciation and Depletion	5.72	7.03	7.72	8.39	9.14
Amortization of Intangible Assets	5.47	15.49	28.57	23.09	29.43
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	-14.20	-20.93	-21.56	-22.56	-37.87
Funds from Operations	56.00	65.66	90.77	98.93	99.92
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-5.65	4.67	11.86	0.99	15.79
Receivables	6.12	-13.96	-2.48	-28.83	-26.49
Inventories	-12.06	-0.23	0.03	4.23	5.38
Accounts Payable	0.29	18.86	14.31	25.59	36.90
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	50.35	70.33	102.64	99.92	115.71
Capital Expenditures	14.06	16.14	12.39	18.74	15.15
Capital Expenditures (Fixed Assets)	8.57	14.20	10.04	15.53	12.10
Capital Expenditures (Other Assets)	5.49	1.94	2.35	3.21	3.06
Net Assets from Acquisitions	-31.02	-78.84	-30.76	-13.07	-142.15
Sale of Fixed Assets & Businesses	0	1.23	3.06	3.81	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	-45.07	-93.75	-40.09	-28.00	-157.30
Cash Dividends Paid - Total	-12.98	-15.23	-18.75	-22.01	-24.47
Common Dividends	-12.98	-15.23	-18.75	-22.01	-24.47
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	1.90	1.38	1.90	1.27	2.32
Repurchase of Common & Preferred Stk.	0	0	0	-1.57	-0.42
Sale of Common & Preferred Stock	1.90	1.38	1.90	2.84	2.74
Proceeds from Stock Options	0	0	0	0	0
Other Proceeds from Sale of Stock	1.90	1.38	1.90	2.84	2.74
Issuance/Reduction of Debt, Net	6.54	48.60	-29.16	-26.42	38.40
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	6.54	48.60	-29.16	-26.42	38.40
Issuance of Long-Term Debt	6.55	48.68	0	0.36	39.35
Reduction in Long-Term Debt	-0.02	-0.08	-29.16	-26.78	-0.94
Other Funds	0	-1.20	-15.92	0	0.13
Other Uses	0	-1.20	-15.92	0	0
Other Sources	0	0	0	0	0.13
Net Financing Cash Flow	-4.55	33.55	-61.93	-47.15	16.39
Exchange Rate Effect	1.06	5.83	-2.20	1.56	-1.87
Miscellaneous Funds	-0.00	-0.00	0.00	0.00	-0.00
Net Change in Cash	1.79	15.97	-1.58	26.32	-27.08
Free Cash Flow	28.80	40.91	73.85	62.38	79.14

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	933.43	771.94	940.33	1,165.41	1,019.48
Price/Earnings	22.58	435.77	11.95	17.52	15.36
Price/Sales	2.26	1.50	1.44	1.64	1.39
Price/Book Value	6.58	5.36	5.13	4.79	3.58
Price/Cash Flow	18.61	11.01	9.16	11.70	8.82
Enterprise Value/EBIT	17.61	13.11	12.56	12.97	11.27
Enterprise Value/EBITDA	14.59	9.69	8.54	9.57	8.00
Enterprise Value/Sales	2.30	1.63	1.49	1.62	1.46
Total Debt/Enterprise Value	0.04	0.13	0.07	0.04	0.08
Total Debt/EBITDA	0.64	1.24	0.62	0.42	0.66
EPS (basic)	60.90	2.60	115.10	96.80	96.20
EPS (diluted) as stated	60.51	2.57	114.79	96.24	95.39
Profitability
Gross Margin (%)	25.93	24.59	24.57	25.57	25.60
Operating Margin (%)	13.09	12.41	11.83	12.46	12.91
Pretax Margin (%)	13.71	-0.56	16.57	12.50	12.08
Net Margin (%)	9.99	0.34	12.05	9.34	9.00
Return on Assets (%)	11.98	0.36	13.16	10.76	9.22
Return on Equity (%)	31.81	1.23	47.92	31.09	24.96
Return on Avg. Total Capital (%)	24.71	0.81	31.06	24.23	19.80
Return on Avg. Invested Capital (%)	24.71	0.81	36.10	31.08	24.57
Efficiency
Revenue/Employee	0.14	0.14	0.16	0.18	0.17
Receivables Turnover	5.07	5.10	5.53	5.29	4.26
Days of Sales Outstanding (DSO) (%)	72.00	71.55	66.04	68.99	85.74
Inventory Turnover	8.54	8.16	9.50	10.57	11.22
Days of Inventory on Hand (DIO)	42.73	44.73	38.44	34.52	32.53
Total Asset Turnover	1.20	1.05	1.09	1.15	1.02
Working Capital Turnover	26.01	0.00	0.00	0.00	0.00
Liquidity
Current Ratio	1.11	0.96	0.79	0.94	0.83
Quick Ratio	0.81	0.73	0.60	0.78	0.69
Capital Structure
Debt-to-Total Equity (%)	29.36	74.49	38.42	20.69	30.62
Debt-to-Total Capital (%)	22.70	42.69	27.76	17.14	23.44
Debt-to-Total Assets (%)	11.32	17.48	12.19	7.69	11.24
Interest Coverage	17.44	12.56	20.41	27.94	24.81

Market data

Name	Latest	Var
FTSE 100	5,300.34	+0.62%
FTSE 250	10,473.19	+0.40%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,922.32	-0.16%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	80.15	+6.44%
VEDANTA	999.00	+4.23%
ROYAL BANK SCOT	20.56	+2.85%
GKN	187.40	+2.68%
IMI	878.00	+2.27%

Name	Latest	Var
LAND SECS.	711.00	-0.91%
UTD. UTILITIES	620.00	-0.40%
BR.LAND	487.00	-0.35%
SAGE GRP.	248.50	-0.32%
POLYMETAL INTL	796.50	-0.31%

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.

ULTRA ELEC.

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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