120120 Vp VP 10y

	A	B	C	D	E	F	G	H	I	J	K	L
1	(£'000/ps)	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	median/cagr

2	Sales	66,847	75,546	83,497	90,044	99,396	121,607	149,269	157,470	134,163	140,959
3	Net profit attrib to sh	4,508	5,387	6,339	7,073	7,602	10,439	15,395	15,134	10,245	9,783
4	Exceptionals	0	0	0	0	0	(84)	(295)	(909)	(2,285)	(1,551)
5	Dividend ps	4.2	4.5	5.0	5.8	6.6	8.3	10.5	10.8	10.8	10.8
6	Total assets	76,592	81,309	81,846	86,104	137,090	154,642	184,757	187,956	170,989	185,089
7	Total liabilities	31,543	31,361	30,016	30,674	76,767	89,092	110,963	110,777	86,802	93,561
8	Minority interests	0	0	0	0	0	27	27	27	27	27
9	Intangible assets	5,388	5,814	7,136	7,468	34,133	36,257	41,335	41,197	39,826	39,599
10	Num. ord/A shares	46,185	46,185	46,185	46,185	46,185	46,185	46,185	46,185	46,185	46,185
11	Net cash from ops inc int/divs from assocs	13,372	13,993	13,942	16,504	18,857	25,044	35,325	25,255	30,090	28,083	21,951
12	Net capital expenditure	(5,187)	(6,288)	(5,691)	(9,188)	(9,325)	(17,780)	(35,186)	(23,412)	(8,026)	(14,723)
13	Adjusted profit	4,508	5,387	6,339	7,073	7,602	10,523	15,690	16,043	12,530	11,334	9,063
14	Free cash flow	8,185	7,705	8,251	7,316	9,532	7,264	139	1,843	22,064	13,360	7,945
15	NAV	45,049	49,948	51,830	55,430	60,323	65,523	73,767	77,152	84,160	91,501
16	Profit/sales (%)	6.7	7.1	7.6	7.9	7.6	8.7	10.5	10.2	9.3	8.0	7.9
17	Sales/assets	0.9	0.9	1.0	1.0	0.7	0.8	0.8	0.8	0.8	0.8	0.8
18	Assets/equity	1.7	1.6	1.6	1.6	2.3	2.4	2.5	2.4	2.0	2.0	2.0
19	Basic return on equity	10%	11%	12%	13%	13%	16%	21%	20%	12%	11%	12%
20	Adjusted return on equity	10%	11%	12%	13%	13%	16%	21%	21%	15%	12%	13%
21	Net operating cash flow ROE	30%	28%	27%	30%	31%	38%	48%	33%	36%	31%	31%
22	Free cash flow ROE	18%	15%	16%	13%	16%	11%	0%	2%	26%	15%	15%
23	Tangible assets ps	86	96	97	104	57	63	70	78	96	112
24	Intangible assets ps	12	13	15	16	74	79	89	89	86	86
25	Cumulative dividend ps	4	9	14	19	26	34	45	56	66	77
26	Shareholder wealth	102	117	126	139	157	176	205	223	249	275	10%
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100