111125 FW Thorpe TFW F_Score

	A	B	C	E	F	G	H	I
1	Results ('000)	2011	2010		Factors	2011	2010	F_Score

2	Sales	52,833	46,950	1	ROA	12%	12%	1
3	Operating profit	23,198	21,227	2	^ROA			0
4	Adjusted net profit	8,412	7,746	3	CFROA	10%	14%	1
5	Current assets	48,931	47,601	4	CFROA:ROA			0
6	Total assets	70,683	62,780	5	^Leverage	0%	0%	1
7	Current liabilities	43,339	37,624	6	^Current ratio	1.1	1.3	0
8	Long-term debt	0	0	7	^Number of shares	11,894	11,894	1
9	Net cash from operations (+ int.)	7,190	8,616	8	^Gross margin	44%	45%	0
10	Number of shares	11,894	11,894	9	^Asset turn	0.7	0.7	0
11								4
12
13	etc.
14	DB pension obligation	22,993	21,472
15	DB pension surplus/(deficit)	483	(1,379)
16	Operating leases (2010)	126	172
17	Holding ratios:
18	Andrew Thorpe (ch, jce)	78	x annual remuneration
19	Mike Allcock (jce)	0
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