Cobham 80th Anniversary, 1934 - 2014

Key Financials

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Underlying/Statutory Income Statement
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 
Revenue                      
Continuing operations £m 1,061.1 1,466.5 1,880.4 1,902.6 1,854.4 1,749.4 1,789.7  1,851.7  2,072.0  1,943.9
Discontinued operations £m - - - - - - -  -  -  -
    1,061.1 1,466.5 1,880.4 1,902.6 1,854.4 1,749.4 1,789.7  1,851.7  2,072.0  1,943.9
Underlying Operating/Trading Profit                      
Continuing operations £m 198.8 251.6 337.0 348.4 364.9 332.0 317.6  286.7  332.2  225.0
Discontinued operations £m - - - - - - -  -  -  -
    198.8 251.6 337.0 348.4 364.9 332.0 317.6  286.7  332.2  225.0
Underlying Net Finance Costs                      
Continuing operations £m 7.7 -7.8 -41.7 -42.3 -37.0 -31.8 -29.6  -29.7  -51.8  -49.8
Discontinued operations £m - - - - - - -  -  -  -
    7.7 -7.8 -41.7 -42.3 -37.0 -31.8 -29.6  -29.7  51.8  -49.8
Underlying Profit Before Tax                      
Continuing operations £m 206.5 243.8 295.3 306.1 327.9 300.2 288.0  257.0  280.4  175.2
Discontinued operations £m - - - - - - -  -  -  -
    206.5 243.8 295.3 306.1 327.9 300.2 288.0  257.0  280.4  175.2
Income Tax on Underlying Profit                      
Continuing operations £m -57.8 -68.2 -80.4 -79.5 -81.2 -58.5 -57.0  -52.0  -60.2  -39.6
Discontinued operations £m - - - - - - -  -  -  -
    -57.8 -68.2 -80.4 -79.5 -81.2 -58.5 -57.0  -52.0  -60.2  -39.6
Underlying Profit after Tax (inc. Minority Interests) £m 148.7 175.6 214.9 226.6 246.7 241.7 231.0  205.0  220.2  135.6
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 
Reconciliation of Underlying Profit After Tax to Profit after tax                      
Underlying profit before tax inc minority interests £m 148.7 175.6 214.9 226.6 246.7 241.7 231.0  205.0  220.2  135.6
Amortisation of intangible assets arising on business combinations £m -13.9 -46.8 -78.7 -63.3 -68.0 -68.9 -103.9  -113.6  -176.8  -161.2
Restructuring/integration costs (includes M&A related costs to 2011) £m -13.4 -16.8 -14.6 -23.4 -36.0 -37.9 -56.1  -52.2  -67.5  8.7
Non-underlying finance costs £m - - - - -1.9 -1.7 -2.6  -3.6  -  -19.0
Exceptional legal costs/settlement of commercial dispute £m - - - -28.8 6.0 - -  -0.8  -  -
Derivative financial instruments £m -5.7 -59.5 -42.9 -2.8 -5.4 11.1 2.2  -21.8  -18.8  -39.3
Impairment of goodwill and other intangible assets £m - - - - - - -63.0 -  -26.6  -573.8
Other exceptional items £m - - - - - - - - - -236.8
Revaluation gain arising on equity interests £m - - - - - 1.0 62.1  -  -  -
Business acquisition and divestment related items £m 5.8 2.9 - 1.5 11.7 0.2 -0.1  -40.7  -30.5  -1.7
Tax on reconciling items £m 10.5 40.1 21.4 43.0 34.9 26.3 44.9  56.7  62.3  92.4
Profit after Tax for the Year £m 132.0 95.5 185.9 152.8 188.0 171.8 114.5  29.0  -37.7  -795.1
                       
Comprising                      
Profit attributable to equity shareholders £m 131.7 95.4 185.8 152.7 187.9 171.7 114.3  28.8  -37.8  -795.2
Profit attributable to minority interests £m 0.3 0.1 0.1 0.1 0.1 0.1 0.2  0.2  0.1  0.1
    132.0 95.5 185.9 152.8 188.0 171.8 114.5  29.0

 -37.7

 -795.1
Per Share Data
  2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 
Dividend Per Share (DPS) on paid basis p 3.9
4.6
5.1
5.6
6.2
8.6
9.0
9.9
10.8  10.2
Underlying EPS (as restated) p 11.1
13.1
15.9
16.7
18.6
19.1
18.3
15.7
16.5 9.0 
Basic EPS p 9.8
7.1 13.8 11.2 14.2 13.6 9.1 2.2 -2.8 -52.8
Diluted EPS p 9.8
7.1 13.7 11.2 14.2 13.5 9.0 2.2 -2.8 -52.8
Dividends
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 
Dividend per share – declared basis p 4.5 4.96 5.45 6.0 8.0 8.8 9.68  10.65  11.18  2.03
Dividend cover (declared vs underlying eps)   2.9 3.1 3.4 3.3 2.8 2.6 2.2  1.7  1.7  4.4
Ordinary dividends – paid £m 43.8 52.7 58.2 64.6 69.4 92.5 96.6  108.3  122.1  126.1
Dividend cover (dividends paid basis) vs basic eps
3.0 1.8 3.2 2.4 2.7 1.9 1.2  0.3  n/a  n/a
Balance Sheet
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 

                   
Intangible assets £m 476.1 1,211.8 1,063.0 1,048.4 917.6 1,102.1 1,162.2  2,040.8 1,729.5   1,165.9
                       
Property, plant and equipment (including investment properties) £m 211.0 304.1 329.5 350.9 329.8 315.5 360.7  400.4  384.2  426.5
Investments £m 18.8 16.9 17.4 17.2 16.1 15.8 3.1  3.1  3.0  3.6
Other non-current assets £m 26.0 31.9 69.0 31.2 36.3 60.3 43.3  75.3 95.3   134.1
Current assets £m 858.9 994.9 963.2 1,123.2 983.7 877.9 849.9  1,098.3 1,105.6   1,062.9
    1,590.8 2,559.6 2,442.1 2,570.9 2,283.5 2,371.6 2,419.2  3,617.9 3,317.6   2,793.0
Current liabilities £m -560.7 -1,342.7 -903.7 -520.5 -749.0 -576.4 -574.8  -705.0 -797.2   -864.0
Non-current liabilities £m -188.8 -316.9 -474.9 -892.2 -444.2 -667.4 -712.9 -1,698.6  -1,554.0   -1,352.1
Net assets excluding retirement benefit obligations £m 841.3 900.0 1,063.5 1,158.2 1,090.3 1,127.8 1,131.5  1,214.3 966.4  576.9
Retirement benefit obligations £m -37.2 -51.2 -115.2 -82.0 -71.2 -73.4 -87.3  -102.0  -56.7  -87.0
Net assets including retirement benefit obligations £m 804.1 848.8 948.3 1,076.2 1,019.1 1,054.4 1,044.2  1,112.3  909.7  489.9
                       
Financed By
                 
                       
Ordinary share capital £m 28.4 28.5 28.6 28.9 28.9 28.9 28.9  30.4  30.4  44.6
Reserves £m 775.3 819.7 919.4 1,046.9 989.7 1,024.9 1,014.5  1,081.0  878.4  444.2
Shareholders' funds £m 803.7 848.2 948.0 1,075.8 1,018.6 1,053.8 1,043.4  1,111.4  908.8  488.8
Non-controlling interests £m 0.4 0.6 0.3 0.4 0.5 0.6 0.8  0.9  0.9  1.1
Net assets £m 804.1 848.8 948.3 1,076.2 1,019.1 1,054.4 1,044.2  1,112.3  909.7  489.9
Cash Flow Data
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 
Operating cash flow £m 156.6 260.5 293.2 271.4 337.1 339.3 268.5  207.9  234.6  181.8
Operating cash conversion £m 81.1% 106.1% 88.6% 79.3% 94.8% 104.5% 85.4%  72.6%  70.6%  80.8%
Free cash flow from business £m 133.9 202.9 213.6 205.2 250.9 241.1 155.0  114.4  105.5  50.7
Net Debt and Gearing Data
  2007 2008 2009 2010 2011 2012 2013 2014  2015 2016 
Net debt / (cash) £m -77.9 641.3 412.6 326.1 232.5 359.9 453.4  1,222.7  1,206.8  1,028.2
Net debt:Adjusted EBITDA Times n/a <2.0 1.0 0.8 0.5 0.9 1.2  2.6  2.9  3.0
Interest cover Times 29 30 9 9 10 11.6 11.9  10.5  6.8  5.1
Gearing £m n/a 75.6 43.5 30.3 22.8 34.1 43.4  109.9  132.7  209.9
Other Data
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 
Average number of employees in year   8,990 10,706 12,044 11,636 10,696 9,992 10,090  10,941  12,527  10,898
Market cap at balance sheet date £m 2,373 2,343 2,883 2,349 2,117 2,549 3,169  3,934  3,440  2,920
Investment Ratios
  2007 2008 2009 2010 2011 2012 2013 2014 2015  2016 
Margin % 18.7 17.2 17.9 18.3 19.7 19.0 17.7  15.5  16.0  11.6
DPS growth (dividends paid) % 10.0 19.8 10.1 10.0 10.2 39.3 5.1  10.0  8.6  -5.9
Underlying EPS growth % 12.3 17.8 21.9 4.7 12.0 2.6 -3.9  -14.4  5.4  -45.5