Vision and venture
UK professional services sector
May 2007
Commissioned by Noble & Company
Published by Edison Investment Research
Edison
investment
research
COMPANIES FEATURED
ACM Shipping*
Arden Partners
Aukett Fitzroy Robinson
Begbies Traynor
Braemar Seascope
Charles Russell (U/Q)
Christie
Clarkson
Cohort
Colliers CRE
DTZ
Fox Williams (U/Q)
Hyder Consulting
Irwin Mitchell (U/Q)
Jelf
Mattioli Woods
Moore Stephens (U/Q)
Mouchel Parkman
Murgitroyd
PHSC
RPS
RWS
Savills
Scott Wilson
SMC*
Tenon
Travers Smith (U/Q)
Vantis*
VEGA
Waterman Group
White Young Green
WSP
Companies denoted with * are a research client of Edison Investment Research Limited
UK Professional Services
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qÜÉ=ìéï~êÇ=ãçãÉåíìã=çÑ=áíë=ëÜ~êÉ=éêáÅÉ=ï~ë=áåíÉêêìéíÉÇ=Äó=~=TB=Ñ~ää=çå=íÜÉ=Ä~Åâ=çÑ=áíë=áåíÉêáã=
êÉëìäíë=áå=g~åì~êó=OMMTK=fêçåáÅ~ääóI=ÅìëíçãÉê=ÇÉã~åÇ=äÉÇ=íç=~=ÅÜ~åÖÉ=áå=íÜÉ=ÄìëáåÉëë=ãáñ=Ñêçã=äçï=
ã~êÖáå=ïçêâ=çìíëçìêÅÉÇ=íç=çîÉêëÉ~ë=é~êíåÉêë=íç=ÜáÖÜÉê=ã~êÖáå=áåJÜçìëÉ=ïçêâK=qÜáë=êÉëìäíÉÇ=áå=~=
Çêçé=áå=íìêåçîÉê=~äÄÉáí=ïáíÜ=ÜáÖÜÉê=éêçÑáíëK==
=
=
=
NU=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=Ó=sáëáçå=C=îÉåíìêÉ=ö=j~ó=OMMT=
`~ëÉ=ëíìÇó=OW=qÉåçå=Ô=íÜÉ=áãé~Åí=çÑ=éççê=~Åèìáëáíáçåë=
qÉåçåÛë=ÑáîÉJóÉ~ê=ëÜ~êÉ=éêáÅÉ=Üáëíçêó=áääìëíê~íÉë=íÜÉ=ÉÑÑÉÅíë=çÑ=~=éççê=~Åèìáëáíáçå=~åÇ=áåíÉÖê~íáçå=
ëíê~íÉÖóI=~åÇ=ëìÄëÉèìÉåí=êÉÅçîÉêó=ÑçääçïáåÖ=~=ÅÜ~åÖÉ=áå=ã~å~ÖÉãÉåí=~åÇ=êÉëíêìÅíìêáåÖ=
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qÉåçå=Ñäç~íÉÇ=áå=^éêáä=OMMM=ïáíÜ=~=ã~êâÉí=Å~éáí~äáë~íáçå=çÑ=ÅK¡RMã=~åÇI=éçëí=êÉëíêìÅíìêáåÖI=áë=íçÇ~ó=
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íìêå~êçìåÇ=áå=íÜÉ=Åçãé~åóÛë=ÑçêíìåÉëK===
bñÜáÄáí=NPW=qÉåçå=ÑáîÉJóÉ~ê=ëÜ~êÉ=éêáÅÉ=éÉêÑçêã~åÅÉ=
=
90
Trading statement:
Results will be below
expectations
80
70
Two acquisitions
made
60
50
40
Trading statement.
Results in line with
expectations
Full year results
and substantial
increase in dividend
Trading
statement.
Profifts ahead
of expectations
Resignation of
Chairman and CEO
30
20
Business
restructing
programme begins
10
0
Jan/2002
Jan/2003
Jan/2004
Jan/2005
Jan/2006
Jan/2007
=
pçìêÅÉW=_äççãÄÉêÖLokp==
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få=OMMN=~åÇ=OMMO=íÜÉ=Öêçìé=ã~ÇÉ=NO=~Åèìáëáíáçåë=ïÜáÅÜ=Ü~Ç=~=ÅçãÄáåÉÇ=íìêåçîÉê=çÑ=¡UMãK=få=
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20
18
Po sit ive
t rad ing
st at ement
16
14
12
10
8
Pro f it s w arning ,
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chang es
Reco rd s small
p ro f it f o r 2 0 0 3
A cq uires Fit zro y
R o b inso n in reverse
t akeo ver
Co mb ined
g ro up
anno unces
maid en result s
6
4
2
0
Jan/2002
Jan/2003
Jan/2004
Jan/2005
Jan/2006
Jan/2007
=
pçìêÅÉW=_äççãÄÉêÖLbÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ==
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ëÜáéÄêçâáåÖ=ÖêçìéI=_ê~Éã~ê=pÉ~ëÅçéÉK==^=ÜáÖÜÉê=ê~íáåÖ=Å~å=ÄÉ=É~êåÉÇ=çîÉê=íÜÉ=
ãÉÇáìãJíÉêã=~ë=íÜÉ=ÖêçìéÛë=èì~äáíáÉë=ÄÉÅçãÉ=ÄÉííÉê=ìåÇÉêëíççÇ=Äó=íÜÉ=ã~êâÉíK=
VSB=
=
^å~äóëí=
káÖÉä=e~êêáëçå=
MB=
MB=
^`j=pÜáééáåÖ=dêçìé=áë=~=êÉëÉ~êÅÜ=ÅäáÉåí=çÑ=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=iáãáíÉÇ=
QB=
=
MOM=TNVM=NTRU=
åÜ~êêáëçå]ÉÇáëçåáåîÉëíãÉåíêÉëÉ~êÅÜKÅçKìâ=
=
líÜÉê=
=
=
=
O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=ö=^`j=pÜáééáåÖ=dêçìé=
^`j=pÜáééáåÖW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë==
mÉêÑçêã~åÅÉ=
oÉîÉåìÉ=éÉê=ÉãéäçóÉÉW==¡OPUâ=
25
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡OOUâ=
oÉîÉåìÉW==`çëí=NKMñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
OMMTÉ
OMMUÉ
NPIUQU
QUB
NNIPPR
UOB
VVB
NNIOOP
UNB
N
ENMIUNQF
QNM
EOOQF
NUS
kL^
kL^
NPIRRO
EOBF
VIQTN
TMB
ENSBF
VIPOT
SVB
EOF
EUIURPF
QTO
EQRPF
NV
kL^
kL^
NQISSO
UB
VIRQP
SRB
NB
VIPVO
SQB
NMS
ERIOVTF
QIOMN
ENISOMF
OIRUN
NSKU
kL^
NSINMV
NMB
NMIQVO
SRB
NMB
NMIPPP
SQB
ORT
ERIUOUF
QITSO
ENITUVF
OIVTQ
NVKQ
NRB
NIPRR
PIQQN
EPIVUPF
EOIRVNF
ENITTUF
VQQ
QIQNU
EQIQRPF
ENIQONF
ERNOF
NIMNT
TISMR
EQIUPUF
ENIQVOF
OIOVO
2005
2006
2007
2008
=
-360%
-380%
2005
2006
2007
2008
-400%
ROCE
OMMS
5
-420%
-440%
-460%
-480%
=
NIMVT
VIPTV
ERIPNSF
ENIRSTF
PIRVQ
10000
300%
5000
200%
0
-5000
100%
2005 2006 2007 2008
0%
-10000
-100%
-15000
-200%
Interest cover
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
OMMR
15
10
0
Interest cover
vÉ~ê=íç=j~êÅÜ
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
_çåìë=é~óãÉåíë
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
20
Gearing
=
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
ENIUQOF
ESPRF
M
EUORF
ENIUQOF
ESRF
M
ENIPOSF
OIRST
ESUF
M
EQIOPPF
OIOPO
ETOF
M
ERISTQF =
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Other
4%
Freight
31%
Total
50%
Other spot
f reight
2%
Time Charter
14%
Sale and
Purchase
1%
=
=
UK
96%
Demurrage
2%
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
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oÉîÉåìÉ=
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NPKM=
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vÉ~ê==
båÇ=
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¡QRã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
190
185
180
NMLMTÉGG=
NRKV=
RKP=
NPKV=
SKT=
NPKN=
PKT=
NMLMUÉGG=
NSKS=
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175
170
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
165
160
fåîÉëíãÉåí=ëìãã~êóW==oÉä~íáçåëÜáé=ÄêçâáåÖ=
155
=
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ëí~íÉãÉåí=Ñçê=íÜÉ=ÅìêêÉåí=óÉ~ê=ï~ë=èìáÉíäó=çéíáãáëíáÅX=~=éçëáíáçå=êÉáåÑçêÅÉÇ=Äó=~=
éçëáíáîÉ=^dj=ëí~íÉãÉåíI=áå=Åçåíê~ëí=íç=ëçãÉ=çÑ=áíë=éÉÉêëK==fí=áë=äÉëë=êÉäá~åí=íÜ~å=ëçãÉ=
çå=fmlë=íç=ÇÉäáîÉê=çå=áíë=åìãÄÉêë=~åÇ=Ü~ë=ÖççÇ=çééçêíìåáíáÉë=íç=ÄìáäÇ=êÉîÉåìÉë=
ïáíÜçìí=ÅçãéêçãáëáåÖ=áíë=ÅÉåíê~ä=éêÉãáëÉ=çÑ=èì~äáíó=êÉëÉ~êÅÜK=
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qÜÉ=ÄìëáåÉëë=áë=ÄÉáåÖ=Äìáäí=ïáíÜ=~å=ÉóÉ=íç=ëìëí~áå~ÄáäáíóI=ê~íÜÉê=íÜ~å=ÑçÅìëáåÖ=çå=
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16
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡NRSâ=
oÉîÉåìÉW==`çëí=OKUñ=
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14
12
10
8
6
4
2
0
2004
OMMTÉ
OMMUÉ
NMIRNR
NTMB
PINUO
PMB
SQPB
PIMRS
OVB
EOPF
M
PIMPP
EVTTF
OIMRS
VKM
OINSTB
NQIOTQ
PSB
QISQM
PPB
QSB
QIQVR
PNB
NSU
M
QISSQ
ENIQUVF
PINTQ
NPKM
QQB
NRIVMM
NNB
RINTU
PPB
NOB
RIMPP
POB
ORO
M
RIOUR
ENISVNF
PIRVQ
NPKV
TB
NSISMM
QB
RIPVM
POB
QB
RIOQR
POB
PQM
M
RIRUR
ENITUTF
PITVU
NQKS
RB
ONV
NOITNS
EVIVRQF
M
OIVUM
PUU
NTIOOU
EVIUOUF
M
TITUV
PUU
ONIUTO
ENMIVQUF
M
NNIPNO
2005
2006
2007
2008
=
100%
0%
- 100%
ROCE
OMMS
2004
2005
2006
2007
2008
- 200%
- 300%
- 400%
- 500%
- 600%
- 700%
=
0%
140
120
PUV
ORITPU
ENNIQPMF
M
NQISVU
100
- 50%
80
60
- 100%
40
20
- 150%
0
- 20
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
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OMMR
Interest cover
vÉ~ê=íç=lÅíçÄÉê
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
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2004 2005 2006 2007 2008
- 40
- 200%
Interest cover
Gearing
=
`~ëÜ=cäçï
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QIPVV
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NVKP
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EUIOSMF
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=
RISMO
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M
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=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
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kL^=
=
Com m is s ion
& m arket
m aking
43%
=
=
Corporate
finance
57%
UK
100%
=
=
=
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
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20
18
16
14
12
10
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
8
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fåîÉëíãÉåí=ëìãã~êóW==_ìáäÇáåÖ=ìé=
4
2
=
0
A
^ìâÉíí=cáíòêçó=oçÄáåëçå=áë=åçï=ãçîáåÖ=áåíç=íÜÉ=åÉñí=éÜ~ëÉ=çÑ=áíë=Åçêéçê~íÉ=
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EPS normalised (p)
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oÉîÉåìÉW==`çëí=OKRñ=
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RUR
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ENOOF
M
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NMM
M
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NSB
PIMTR
NQB
QUB
OIUMM
NPB
NMM
M
OIVMM
ETMMF
OIOMM
NKR
QTB
1.0
0.6
0.4
0.2
0.0
2005
2006
2007
2008
=
35%
30%
25%
ROCE
OMMS
1.2
0.8
20%
15%
10%
5%
0%
2005
2006
2007
2008
=
10
60%
5
OIMOU
TIOOO
ERIQMMF
ENIROMF
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NIVQP
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ERIRVTF
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NIPUP
MKQ
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EOSRF
M
NUM
NKN
NISQV
EOMMF
M
ENIOMMF
NKN
OISQV
EPMMF
M
EOIOSMF
NKU =
40%
0
-5
2005
2006
2007
2008
- 10
20%
0%
- 15
- 20%
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
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Interest cover
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b_fqa^
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1.4
- 20
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- 25
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Interest cover
Gearing
=
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160
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140
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
fåîÉëíãÉåí=ëìãã~êóW==^=íóéáÅ~ä=Éñ~ãéäÉ=
120
=
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10
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡PSâ=
oÉîÉåìÉW==`çëí==OKOñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
OMMS
OMMTÉ
OMMUÉ
NSIMNM
kL^
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kL^
PIRUM
OOB
EORQF
M
PIPOS
EUSQF
OIQSO
RKN
kL^
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EQPOF
M
VIQTM
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UKQ
UB
QUITRM
UB
NOINTT
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NQB
NNIPSS
OPB
EPVOF
M
NMIVTP
EPIOPTF
TITPS
VKS
NQB
8
7
6
5
4
3
2
1
0
2005
2006
2007
=
25%
20%
15%
10%
5%
0%
2005
2006
2007
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
QNIPQT
OMIRTM
ENMISNQF
ENOIVPUF
PUIPSR
PUITVN
PRISPT
ENUIOPPF
ENOINSVF
QQIMOS
kL^
kL^
kL^
RIMOP
kL^
RITPM
ENINNOF
ETIQPRF
TIQQO
UKM
TIQNM
EUNNF
ERIVNOF
OIROU
VKT
Interest cover
OVIRMU
NPIRMO
ENMIUMQF
ERITMTF
OSIQVV
2008
=
35
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
2008
PSIOPR
PSIUNT
ENUIMSSF
ENNISVUF
QPIOUV
25%
30
20%
25
20
15%
15
10%
10
Gearing
OMMR
ROCE
vÉ~ê=íç=^éêáä
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
9
5%
5
0
0%
2005
2006
2007
Interest cover
2008
Gearing
=
NNINNQ
EUNNF =
EQIONMF
NITTO
=
NPKT =
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Inves tigative Corporate
s ervices
finance
6%
Solvent
6%
bus ines s
clos ure and
m is c advice
6%
=
=
Cons um er
debt s ervices
5%
=
Form al
general
ins olvency
adm in
77%
UK
100%
=
=
=
=
= =
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
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bmpG=
EéF=
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mb=
EñF=
váÉäÇ==
EBF=
MOLMR==
QRKO=
VKN=
PPKR=
NSKM=
NOKM=
QKM=
470
MOLMS=
SUKR=
NMKS=
PTKS=
NUKM=
NMKT=
QKR=
450
MOLMTÉGG=
NMPKM=
NMKQ=
PQKV=
NUKR=
NNKS=
QKS=
430
MOLMUÉGG=
NNMKM=
NMKT=
PRKT=
NUKR=
NNKP=
QKS=
410
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
390
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
fåîÉëíãÉåí=ëìãã~êóW==nì~äáíó=çÑ=É~êåáåÖë=
370
=
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ëÉÅíçêI=ïáíÜ=~=ëäáÖÜí=éêÉãáìã=ê~íáåÖ=ïÜáÅÜ=êÉÑäÉÅíë=íÜÉ=ÜáëíçêáÅ=ÅçåëÉêî~íáîÉ=å~íìêÉ=çÑ=
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Äó=íÜÉ=ïÉ~âåÉëë=çÑ=íÜÉ=rpAI=Ü~ë=ÜÉäÇ=Ä~Åâ=íÜÉ=ëÜ~êÉ=éêáÅÉ=áå=êÉÅÉåí=ãçåíÜëK=
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~ÅèìáëáíáçåëK==råÇÉêäóáåÖ=éêçÑáíë=áå=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=OMMSLOMMT=ïÉêÉ=ã~êÖáå~ääó=ÄÉäçï=
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~ë=É~êåáåÖë=Ñêçã=íÜÉ=ÇáîÉêëáÑáÅ~íáçå=~ÅíáîáíáÉë=ëí~êí=íç=ÄìáäÇK==^Åèìáëáíáçåë=Ü~îÉ=~ÇÇÉÇ=~=
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ÑìêíÜÉê=ëíê~íÉÖáÅ=ÇÉ~äë=Å~å=ÄÉ=ÉñéÉÅíÉÇ=çîÉê=íÜÉ=ãÉÇáìãJíÉêãK=
350
A
M
J
J
A
S
O
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D
J
F
M
A
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mL`c=
RKT=
NPKR=
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íÉåÇë=íç=ÄÉ=~=Å~ëÜ=çìíÑäçï=ÇìêáåÖ=eNI=ÑçääçïáåÖ=ëí~ÑÑ=Äçåìë=é~óãÉåíëK==kÉí=Å~ëÜ=çÑ=
bsLp~äÉë=
MKV=
MKU=
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¡UKNã=~í=^ìÖìëí=OMMS=ëìÖÖÉëíë=~ãéäÉ=ÑìåÇë=~êÉ=~î~áä~ÄäÉ=íç=Ñáå~åÅÉ=ÑìíìêÉ=
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eçïÉîÉêI=íÜÉ=Öêçìé=Ü~ë=~=Üáëíçêó=çÑ=ÄÉ~íáåÖ=`áíó=Éëíáã~íÉëI=ïÜáäÉ=íÜÉ=ïÜçäÉ=ëÉÖãÉåí=
áë=ê~íÉÇ=ëçãÉ=PMB=ÄÉäçï=íÜÉ=fåíÉêå~íáçå~ä=qê~åëéçêí~íáçå=ëÉÅíçê=~ë=~=ïÜçäÉK===
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NUB=
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=
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O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=^éêáä=OMMT=ö=_ê~Éã~ê=pÉ~ëÅçéÉ=
_ê~Éã~ê=pÉ~ëÅçéÉW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
mÉêÑçêã~åÅÉ=
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38
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡UNâ=
oÉîÉåìÉW==`çëí==OKSñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
37
36
35
34
33
32
31
2005
OMMR
OMMS
OMMTÉ
OMMUÉ
QRIOMP
QVB
VIMNV
OMB
NOMB
UITOO
NVB
EORF
PSR
VIMSO
EOISVVF
SIPSP
PPKR
kL^
SUIQVT
ROB
NMIRNS
NRB
NTB
NMINTT
NRB
NSM
OQP
NMIRUM
EPINNRF
TIQSR
PTKS
NOB
NMPIMMM
RMB
NMIMUV
NMB
EQBF
VITRM
VB
QMM
ORM
NMIQMM
EPINTOF
TIOOU
PQKV
ETBF
NNMIMMM
TB
NMIPPV
VB
OB
NMIMMM
VB
QRM
ORM
NMITMM
EPIOSQF
TIQPT
PRKT
OB
2006
2007
2008
=
60%
50%
40%
ROCE
vÉ~ê=íç=cÉÄêì~êó
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
30%
20%
10%
0%
2005
2006
2007
2008
=
400
0%
- 5%
OUITUS
ORITOU
EOSIOQOF
ENUPF
OUIMUV
PMINRR
PNIOVS
EOUINNOF
EQUOF
POIURT
OVIURR
QSITQT
EQOIMNPF
EQUOF
PQINMT
OVIRRR
ROIUSR
EQQIUOVF
EQUOF
PTINMV
NNIMQQ
ONV
ENIMOSF
ESIRPNF
SMKM
NPITSV
EPUMF
ERONF
ENPIQSUF
TNKM
SIMPS
EPPVF
ENINPOF
ENOIMQUF
OVKV
NMIQRS
EPPVF
M
ENRIUOSF
RNKQ =
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
- 10%
- 15%
200
- 20%
- 25%
100
- 30%
- 35%
0
- 100
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
Interest cover
300
2005
2006
2007
Interest cover
2008
- 40%
- 45%
Gearing
=
=
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Technical
shipping
support
8%
Bunker
trading
11%
Aus tralia
16%
Ship
agency,
f orw arding
& logistics
23%
ROW
2%
Shipbroking
58%
UK
82%
=
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
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E¡ãF=
bmpG=
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váÉäÇ==
EBF=
NOLMR=
TTKR=
QKQ=
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NKQ=
NOLMS=
UTKN=
SKO=
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QKM=
NRKQ=
NKS=
ORSKMé
¡SRã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
280
260
240
NOLMTÉGG=
VRKU=
SKR=
NTKO=
QKM=
NQKV=
NKS=
NOLMUÉGG=
NMRKQ=
TKO=
NVKT=
QKR=
NPKM=
NKU=
220
200
kçíÉW=m_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë==
180
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë==
160
fåîÉëíãÉåí=ëìãã~êóW=bìêçéÉ~å=Éñé~åëáçå=
140
120
=
100
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íÜÉ=ÄìëáåÉëë=Ñêçã=íÜÉ=çíÜÉê=éêçéÉêíóJÄ~ëÉÇ=mêçÑÉëëáçå~ä=pÉêîáÅÉ=Åçãé~åáÉëI=~ë=Çç=
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mLb=êÉä~íáîÉ=
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aÉîÉäçéáåÖ=~=Äêç~ÇÉêJÄ~ëÉÇ=ÄìëáåÉëë=
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Åçãé~åó=Ü~ë=ÄÉÉå=Äêç~ÇÉåáåÖ=áíë=ëÅçéÉ=ÄçíÜ=Äó=~Åíáîáíó=~åÇ=ÖÉçÖê~éÜóI=éêáåÅáé~ääó=
íÜêçìÖÜ=çêÖ~åáÅ=Éñé~åëáçåK==qÜÉ=áåîÉëíãÉåíë=áå=íÜÉ=ÇÉîÉäçéãÉåí=çÑ=íÜÉ=ëçÑíï~êÉ=
ÄìëáåÉëë=~åÇ=íÜÉ=ÖêçïíÜ=çÑ=íÜÉ=~ÖÉåÅó=êÉîÉåìÉ=ëíêÉ~ã=Ü~îÉ=~ÑÑÉÅíÉÇ=íÜÉ=éêçÑáí=ãáñ=
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fåîÉëíáåÖ=íÜÉ=Å~ëÜÑäçï=
^ë=ïáíÜ=çíÜÉê=ÄìëáåÉëëÉë=ÅçîÉêÉÇ=áå=íÜáë=êÉéçêíI=`ÜêáëíáÉ=Ü~ë=ëíêçåÖ=Å~ëÜÑäçï=
ÅÜ~ê~ÅíÉêáëíáÅëK==fí=ÇçÉëI=ÜçïÉîÉêI=Ü~îÉ=~=ÖêÉ~íÉê=áåíÉêå~ä=êÉèìáêÉãÉåí=íç=ÑìåÇ=íÜÉ=
ëçÑíï~êÉ=ÇÉîÉäçéãÉåí=Ñçê=íÜÉ=êÉí~áä=ëÉÅíçê=éêçÇìÅíëK==qÜáë=Ü~ë=íÜÉ=éçíÉåíá~ä=íç=É~êå=
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_ìçóÉÇ=Äó=jC^=
^=ëíêçåÖ=Ä~ÅâÖêçìåÇ=çÑ=Åçêéçê~íÉ=jC^I=é~êíáÅìä~êäó=ïáíÜáå=íÜÉ=ÅçêÉ=äÉáëìêÉ=ëÉÅíçêI=
s~äì~íáçåW=c~áê=
táíÜ=áåÅêÉ~ëáåÖäó=ÅçåÑáÇÉåí=ëí~íÉãÉåíëI=íÜÉ=ëÜ~êÉ=éêáÅÉ=Ü~ë=éÉêÑçêãÉÇ=ëíêçåÖäó=çîÉê=
íÜÉ=ä~ëí=óÉ~ê=~åÇ=áí=ã~ó=ÄÉ=íÜ~í=ÖêÉ~íÉê=îáëáÄáäáíó=çÑ=É~êåáåÖë=Ñçê=OMMU=áë=åÉÉÇÉÇ=íç=
ÇêáîÉ=íÜÉ=éêáÅÉ=ÑìêíÜÉê=Ñêçã=íÜáë=äÉîÉäK=
NMUB=
NNSB=
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=
=
dÉçÖê~éÜó=Ä~ëÉÇ=çå=êÉîÉåìÉë=
bìêçéÉ= =
=
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=
=
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=
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=
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=
=
=
=
=
=
O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=ö=`ÜêáëíáÉ=
`ÜêáëíáÉW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
mÉêÑçêã~åÅÉ=
oÉîÉåìÉ=éÉê=ÉãéäçóÉÉW==¡SRâ=
25
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡PUâ=
oÉîÉåìÉW==`çëí==NKTñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
vÉ~ê=íç=aÉÅÉãÄÉê
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
kçåJêÉÅìêêáåÖ=áíÉãë
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
OMMR
OMMS
OMMTÉ
OMMUÉ
TTIRMS
kL^
RITMN
TB
kL^
QIQRM
SB
EOUF
M
QIQOO
ENISVQF
OITOU
NMKV
kL^
UTIMVS
NOB
TIPTT
UB
OVB
SINOU
TB
TP
M
SIOMN
EOIMNVF
QINUO
NSKS
RPB
VRIUMS
NMB
TIRPU
UB
OB
SIOUU
TB
ONN
M
SIQVV
EOINQRF
QIPRQ
NTKO
QB
NMRIPUS
NMB
UINMN
UB
TB
SIURN
TB
PQN
M
TINVO
EOIOPMF
QIVSO
NVKT
NQB
20
15
10
5
0
2005
2006
2007
2008
=
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
350%
ROCE
300%
250%
200%
150%
100%
50%
0%
2005
2006
2007
2008
NNIOMR
ONIOPU
ENPISNUF
EVIMNNF
VITVR
NNIVRO
OSIPMT
ENTISVNF
EUIMPRF
NOIRPP
NNISRO
OVITUR
ENUITTQF
EUIOMMF
NQIQSP
NMIUMV
PRINVO
EOMISPVF
ETIVMMF
NTIQSO
SITTO
EOIRSUF
ETVF
EQIQROF
OT
NMIRTU
ENIRVTF
M
EUIVQOF
QP
TIUPV
ENIORMF
M
ENOIRUUF
PN
=
UIQPO
ENIORMF
=
M
ENSIUUUF
PP = =
200
0%
150
- 20%
100
- 40%
50
- 60%
0
- 50
- 80%
2005
2006
2007
2008
- 100
Gearing
=
Interest cover
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
400%
- 100%
- 120%
Interest cover
Gearing
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMRF=
kL^=
Other
1%
Stock and
inventory
services
26%
=
=
Professional
business
services
56%
=
Software
solutions
18%
Europe
99%
=
=
=
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
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POKM=
SKR=
MKP=
NOLMS=
NNTKT=
OMKT=
UPKN=
PSKM=
NNKN=
MKQ=
NOLMTÉGG=
NOTKN=
OPKV=
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MKQ=
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¡NSTã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
1100
1050
1000
950
NOLMUÉGG=
NPOKT=
ORKS=
VRKV=
QMKM=
VKS=
MKQ=
900
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
850
fåîÉëíãÉåí=ëìãã~êóW==råÇÉêî~äìÉÇ=
800
750
=
700
A
e~îáåÖ=Ñ~ääÉå=ëÜ~êéäó=áå=OMMSI=ïÜÉå=áí=ÄÉÅ~ãÉ=ÅäÉ~ê=íÜ~í=áíë=ÖêçïíÜ=êìå=Ü~Ç=ÅçãÉ=íç=
~å=ÉåÇI=`ä~êâëçåÛë=ëÜ~êÉ=éêáÅÉ=ê~ääáÉÇ=ëíêçåÖäó=áå=OMMTI=çåäó=íç=ÇêáÑí=Ä~Åâ=çå=ÑÉ~êë=
~Äçìí=oìëëá~å=äáíáÖ~íáçåK==táíÜ=íÜÉ=~ÇÇÉÇ=~ÇîÉêëÉ=áãé~Åí=çå=ã~êÖáåë=çÑ=~=ÅçåíáåìáåÖ=
ïÉ~â=rpAI=ÅçåÑáÇÉåÅÉ=áå=íÜáë=ÜáÖÜJèì~äáíó=ÄìëáåÉëë=êÉã~áåë=Ñê~ÖáäÉK==eçïÉîÉêI=íÜÉ=
ëíêçåÖ=Ä~ä~åÅÉ=ëÜÉÉí=~åÇ=ÅäÉ~ê=ãÉÇáìã=íÉêã=ëíê~íÉÖó=êÉáåÑçêÅÉ=çìê=ÅçåÑáÇÉåÅÉK=
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i~ëí=óÉ~êÛë=éêçÑáí=ëÉíÄ~Åâ=ï~ë=Ñìääó=Ñä~ÖÖÉÇ=íç=áåîÉëíçêë=~åÇI=ïáíÜ=~=ëíêçåÖ=ëÉÅçåÇ=
Ü~äÑ=êÉÅçîÉêó=~åÇ=áåÅêÉ~ëÉÇ=çêÇÉê=ÄççâëI=íÜÉ=çìíäççâ=áë=ÉåÅçìê~ÖáåÖ=ÇÉëéáíÉ=
éêÉëëìêÉ=çå=ã~êÖáåë=Å~ìëÉÇ=Äó=ìåÑ~îçìê~ÄäÉ=ÉñÅÜ~åÖÉ=ê~íÉëK==tÉ=äççâ=Ñçê=ëíÉ~Çáäó=
êáëáåÖ=éêçÑáíë=çîÉê=íÜÉ=åÉñí=íïç=íç=íÜêÉÉ=óÉ~êë=~ë=íÜÉ=áãé~Åí=çÑ=êÉÅÉåí=~Åèìáëáíáçåë=
ÅçãÉë=íÜêçìÖÜ=íç=íÜÉ=Äçííçã=äáåÉI=ê~áëáåÖ=íÜÉ=èì~äáíó=çÑ=ìåÇÉêäóáåÖ=É~êåáåÖëK=
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ÅÜ~êíÉêÉêë=Ü~ë=ÄÉÉå=ÉñíÉåÇÉÇ=~ë=Ü~ë=íÜÉ=íóéÉ=çÑ=îÉëëÉäë=ã~å~ÖÉÇ=Äó=íÜÉ=ÖêçìéK==tÉ=
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ÅçãéÉíáíçêëK==qÜÉ=éêçÖêÉëëáîÉ=áåÅêÉ~ëÉ=áå=èì~äáíó=çÑ=É~êåáåÖë=~Åêçëë=íÜÉ=ëÉÅíçê=áë=åçí=
óÉí=êÉÅçÖåáëÉÇ=Äó=áå=íÜÉ=ëÜ~êÉ=éêáÅÉI=ïÜáÅÜ=áë=ëíáää=ÑçÅìëÉÇ=ãçêÉ=ÜÉ~îáäó=çå=ÉñÅÜ~åÖÉ=
ê~íÉëI=íÜÉ=ëÜáééáåÖ=ÅóÅäÉ=~åÇ=ÑÉ~êë=~Äçìí=oìëëá~å=äáíáÖ~íáçåK
RTB=
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160
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡NRSâ=
oÉîÉåìÉW==`çëí==NKTñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
vÉ~ê=íç=aÉÅÉãÄÉê
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
kçåJêÉÅìêêáåÖ=áíÉãë
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kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
OMMR
OMMS
OMMTÉ
OMMUÉ
NNRIVMM
QNB
ORIRMM
OOB
NSB
OQIOMM
ONB
NIRMM
NINMM
OSIUMM
EUIVMMF
NTIVMM
NQNKV
QRB
NNTITMM
OB
NVIMMM
NSB
EORBF
NTINMM
NRB
OIRMM
NINMM
OMITMM
ESIVMMF
NPIUMM
UPKN
EQNBF
NOTIMSM
UB
OPINMR
NUB
OOB
ONIOMR
NTB
NIRVN
NINMM
OPIUVT
ETISVRF
NSIOMO
UVKM
TB
NPOITNM
QB
OQIUMS
NVB
TB
OOIVMS
NTB
NISNT
NINMM
ORISOP
EUINTQF
NTIQQV
VRKV
UB
140
120
100
80
60
40
20
0
2005
2006
2007
2008
=
100%
50%
ROCE
0%
- 50%
2005
2006
2007
- 150%
- 200%
- 250%
=
0%
VMITMM
NMRIVMM
ETMINMMF
ESNINMMF
SRIQMM
VOISMM
NMOISTP
ETRIOQRF
EQOISMMF
TTIQOU
VPISMM
NMUIOMN
ETUIPRNF
EPRIOMMF
UUIORM
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
PTIMMM
ERIVMMF
EPIOMMF
EQSIVMMF
OOR
NUIQMM
EOINMMF
ERIRMMF
EOPIMMMF
NMT
OSIUTT
EOIVMMF
M
EPRIUMMF
NQU
OTIRNV
EOIVMMF
M
EQTIOPRF
NRN =
Interest cover
QSIPMM
UMIUMM
ESTITMMF
ENNISMMF
QTIUMM
2005
2006
2007
2008
-4
- 20%
- 40%
-6
-8
- 60%
- 10
- 80%
- 12
- 14
Gearing
0
-2
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
2008
- 100%
- 100%
- 16
- 18
- 120%
Interest cover
Gearing
=
=
=
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
Container
chartering
3%
Other
10%
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
kL^=
Dry bulk
chartering
25%
Specialis t
products
chartering
9%
=
=
Gas
chartering
5%
Sale &
purchas e
broking
18%
=
Futures
broking
8%
=
=
Deep s ea
chartering
22%
=
=
=
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ÅçåëáÇÉê~Ääó=ÜáÖÜÉêK==táíÜ=íÜÉ=ÇáäìíáîÉ=áãé~Åí=çÑ=kçîÉãÄÉêÛë=êáÖÜíë=áëëìÉ=ïÉáÖÜáåÖ=
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O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=ö=`çääáÉêë=
`çääáÉêë=`obW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
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25
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW=¡SVâ=
oÉîÉåìÉW==`çëí==NKSñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
vÉ~ê=íç=aÉÅÉãÄÉê
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
OMMR
OMMS
OMMTÉ
OMMUÉ
TVIRTR
NVB
VISTO
NOB
NOB
UIPMV
NMB
EVMQF
RMO
TIVMT
EOIUQMF
RIMST
NRKU
ETBF
VOIMNP
NSB
NNISST
NPB
ONB
VIVPU
NNB
EUPSF
SSM
VITSO
EPINUPF
SIRTV
NUKR
NTB
NMTIQPM
NTB
NPIQOU
NOB
NRB
NOIMSR
NNB
ESMMF
SSM
NOINOR
EPISPUF
UIQUU
NTKU
EQBF
NNSIUSM
VB
NQIPOP
NOB
TB
NOIVSM
NNB
ENMMF
SSM
NPIROM
EPIVTRF
VIRQR
NVKP
UB
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
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kÉí=ÇÉÄíEÅ~ëÜF
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5
2004
2005
2006
2007
2008
SNIUQR
QVIVTV
EPRIRSTF
EVIMMMF
STISMT
VIRMV
EOIRPQF
ERVVF
VINVP
POKR
QITVO
EOIVMVF
ERITNSF
PITNV
NRKO
VIURV
EPIMMMF
M
OISOM
ONKT
30%
25%
ROCE
20%
10%
5%
0%
2004
SNIUQR
RRIPTP
EPTITUPF
ETIRMMF
TOIOUR
2006
2008
140
30%
120
25%
100
20%
80
15%
60
10%
40
5%
20
0%
2004 2005
2006 2007 2008
Interest cover
NOINQM
EPIMMMF
M
O
ORKS =
Gearing
=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
=
Other
14%
Agency &
investment
51%
UK
95%
2007
0
Spain &
Ireland
5%
=
2005
=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
Valuation
19%
15%
Gearing
SNIUQP
RNIOMM
EPRIRQPF
ENPIVRPF
SPIUSV
Building
consultancy
8%
=
10
0
Interest cover
RMIUNU
PTIPUU
EPNIVMMF
ENSIVQMF
PVIPSS
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
=
15
=
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cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
Property
management
8%
20
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
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båÇ=
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m_qG=
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bmpG=
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mb=
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EBF=
MQLMR==
NVQKQ=
OMKS=
OQKR=
TKR=
OQKR=
NKP=
MQLMS=
OPOKM=
OVKT=
PTKO=
VKU=
NSKN=
NKS=
MQLMTÉGG=
OTSKQ=
PSKQ=
QRKR=
NMKV=
NPKO=
NKU=
SMMKMé
¡PQQã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
900
850
800
750
MQLMUÉGG=
PMOKO=
QMKO=
RMKQ=
NNKV=
NNKV=
OKM=
700
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
650
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
600
fåîÉëíãÉåí=ëìãã~êóW==eáÖÜ=~Åíáîáíó=
550
=
jçêÉ=áåíÉêå~íáçå~ä=áå=áíë=çìíäççâ=~åÇ=ÇÉêáîáåÖ=ãçêÉ=çÑ=áíë=áåÅçãÉ=Ñêçã=íÜÉ=Å~éáí~ä=
ã~êâÉíë=íÜ~å=áíë=éÉÉêëI=aqw=áë=ÄÉåÉÑáíáåÖ=Ñêçã=ÜáÖÜ=äÉîÉäë=çÑ=~Åíáîáíó=áå=áíë=ÅçêÉ=
ã~êâÉíëK==fíë=ëéêÉ~Ç=çÑ=ÄìëáåÉëë=ëÜçìäÇ=ÖáîÉ=ëçãÉ=ÇÉÖêÉÉ=çÑ=êÉëáäáÉåÅÉ=~ë=íÜÉ=ÅóÅäÉ=
íìêåëK==cçê=åçïI=íÜÉ=ëÜ~êÉë=~ééÉ~ê=íç=ÄÉ=íê~ÇáåÖ=ÄÉäçï=~=äÉîÉä=àìëíáÑáÉÇ=Äó=íÜÉ=ÑáÖìêÉëK==
fåíÉêå~íáçå~ä=Éñé~åëáçå==
aqw=Å~å=íê~ÅÉ=áíë=Üáëíçêó=Ä~Åâ=íç=NTUQK===fí=Ñäç~íÉÇ=áå=NVUT=~åÇ=ÄÉÖ~å=áíë=áåíÉêå~íáçå~ä=
Éñé~åëáçå=éêçÖê~ããÉ=áå=bìêçéÉ=áå=íÜÉ=NVVMëI=ÑçääçïÉÇ=Äó=^ëá~I=íÜÉ=rpI=fåÇá~I=
g~é~åI=_~Üê~áå=~åÇI=ãçëí=êÉÅÉåíäóI=`Üáå~K==fíë=éêáã~êó=ã~êâÉí=êÉä~íÉë=íç=íÜÉ=
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çÑ=éêçéÉêíóJÄ~ëÉÇ=éêçÑÉëëáçå~ä=ëÉêîáÅÉëK=
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qÜÉ=ê~íáç=çÑ=ÉãéäçóÉÉ=êÉîÉåìÉë=íç=Åçëíë=áë=ëáãáä~ê=íç=íÜÉ=éÉÉêëI=ÇÉëéáíÉ=íÜÉ=Çáëé~ê~íÉ=
ÖÉçÖê~éÜáÉëI=êÉÑäÉÅíáåÖ=íÜÉ=ÜáÖÜÉê=î~äìÉ=~ÇÇÉÇ=çîÉê=~åÇ=~ÄçîÉ=íê~åë~ÅíáçåJÄ~ëÉÇ=
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RQB=EçîÉê=ÅìêêÉåí=H=ÜáëíçêáÅF=~åÇ=ïáíÜ=ëìÄëí~åíá~ä=éçëáíáîÉ=Å~ëÜ=Ä~ä~åÅÉëI=íÜÉ=Öêçìé=
500
A
M
J
J
A
S
O
N
D
J
F
M
A
=
pÜ~êÉ=ÇÉí~áäë=
=
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60
EPS normalised (p)
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oÉîÉåìÉW==`çëí==NKSñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
OMMTÉ
OMMUÉ
NVQIQQN
NTB
NVIPNU
NMB
kL^
OMIOTT
NMB
EOSTF
RVP
OMISMP
ETITUOF
NOIUON
OQKR
kL^
OPOIMRM
NVB
ORITQV
NNB
PPB
OTIUPV
NOB
PNU
NRMQ
OVISSN
EVIQSMF
OMIOMN
PTKO
ROB
OTSIQMM
NVB
POIVVP
NOB
OUB
PRIMUP
NPB
ENUTF
NRMQ
PSIQMM
ENMIUNNF
ORIRUV
QRKR
OOB
PMOIOMM
VB
PSISQN
NOB
NNB
PUITPN
NPB
EPRF
NRMQ
QMIOMM
ENNIPNSF
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RMKQ
NNB
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cáñÉÇ=^ëëÉíë
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EOQIORVF
QPIVNM
SPIVNV
VTIQQR
VTIQQR
NNQIPVN NQVIQUR NUMIUTO
EUUIRSSF ENMSIUPUF ENNSIQVVF
EOQIOMOF EQQIMQPF EQNITOTF
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VOINST NNSIOMV
`~ëÜ=cäçï
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EOISOVF
ETIPQRF
ENPIVUNF
RNKU
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EPIOSVF
EOIUMPF
EPMIOVNF
RQKO
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
QPIRQN
EOITNNF
EOMIRMUF
EPQIUVQF
UNKQ
40
30
20
10
0
2005
2006
2007
=
70%
60%
50%
40%
30%
20%
10%
0%
2005
2006
2007
250
0%
200
- 10%
150
- 20%
100
- 30%
50
- 40%
0
- 50
2005
2006
2007
Capital
m arkets
30%
Profes s ional
s ervices
16%
=
- 60%
Interest cover
=
=
=
Gearing
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
Am erica
3%
UK & Ireland
66%
Occupational
&
developm ent
m arkets
28%
- 50%
QQIQQQ
EOIRSSF
M
ERVIRUTF
TTKS =
EMEA
23%
Valuation
19%
2008
- 100
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
As ia Pacific
8%
2008
=
kL^=
Cons ulting &
res earch
7%
2008
Gearing
OMMS
ROCE
OMMR
Interest cover
vÉ~ê=íç=^éêáä
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
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=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
50
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
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eóÇÉê=`çåëìäíáåÖ=
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båÇ=
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m_qG=
E¡ãF=
bmpG=
EéF=
amp=
EéF=
mb=
EñF=
váÉäÇ==
EBF=
MPLMR==
NPS=
PKQ=
NMKV=
MKU=
QPKM=
MKM=
600
MPLMS=
NTN=
TKV=
NVKT=
NKO=
OPKU=
MKP=
500
MPLMTÉGG=
NVT=
VKQ=
ORKM=
OKM=
NUKU=
MKQ=
400
MPLMUÉGG=
OMS=
NOKO=
OVKM=
PKM=
NSKO=
MKS=
300
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
200
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
fåîÉëíãÉåí=ëìãã~êóW=^ÅèìáëáíáîÉ=ëíê~íÉÖó=
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=
eóÇÉê=`çåëìäíáåÖ=ëÜ~êÉë=Ü~îÉ=éÉêÑçêãÉÇ=ëíêçåÖäó=çîÉê=íÜÉ=ä~ëí=óÉ~ê=êÉÑäÉÅíáåÖ=ëíêçåÖ=
áåíÉêáã=êÉëìäíë=Eíç=pÉéíÉãÄÉê=OMMSF=ïÜáÅÜ=ïÉêÉ=~ÅÅçãé~åáÉÇ=Äó=~=éçëáíáîÉ=çìíäççâ=
ëí~íÉãÉåí=~åÇ=êÉáíÉê~íáçå=çÑ=íÜÉ=ÖêçìéÛë=ëíê~íÉÖáÅ=çêáÉåí~íáçå=íçï~êÇë=ÜáÖÜÉê=
ã~êÖáåÉÇ=ÄìëáåÉëë=îá~=~ÅèìáëáíáçåëK=
píê~íÉÖáÅ=ÑçÅìë=çå=ÜáÖÜÉê=î~äìÉ=~Çîáëçêó=ÄìëáåÉëë=
eóÇÉê=áë=ê~åâÉÇ=åìãÄÉê=NP=áå=kÉï=`áîáä=båÖáåÉÉêÛë=OMMS=ëìêîÉó=çÑ=rhJçïåÉÇ=
ÉåÖáåÉÉêáåÖ=Åçåëìäí~åÅáÉëK=j~å~ÖÉãÉåíÛë=ëí~íÉÇ=äçåÖJíÉêã=ëíê~íÉÖó=áë=íç=ÇÉîÉäçé=áíë=
ÉåÖáåÉÉêáåÖ=ÇÉëáÖå=~åÇ=éêçàÉÅí=ã~å~ÖÉãÉåí=ÄìëáåÉëëÉë=ÖÉçÖê~éÜáÅ~ääó=íÜêçìÖÜ=áåÑáää=
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NOIMRP
SB
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2006
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150%
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2005
2006
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- 80%
- 800
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Interest cover
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25
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ERIQUVF
NSIPOT
OSIUQR
OTIMUT
EOMIVUTF
ENNITMMF
ONIOQR
2006
2007
2008
2005
2006
2007
2008
18%
16%
14%
12%
10%
8%
6%
4%
2%
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2004
50
40%
30%
0
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POISNV
EONIMMMF
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OSIVSR
- 50
20%
2004 2005 2006 2007 2008
10%
0%
- 10%
- 100
- 20%
Gearing
OMMS
ROCE
OMMR
Interest cover
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=EB=ÅÜ~åÖÉF
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=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
2005
- 30%
- 150
- 40%
- 200
- 50%
Interest cover
Gearing
=
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
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NINUR
EPTUF
ENIMQVF
ENIUPVF
OVKR
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
OIRPR
ENINMUF
ENMIUNUF
ENIVUTF
OMKN
QIOMM
ETMMF
ESIMMMF
OISNP
NRKR
=
NIQPO
ERMMF =
M
PIMUN
QRKQ =
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
=
=
Wealth
management
31.4%
=
Insurance
41.9%
=
Commercial
finance
0.4%
Employee
benef its
14.6%
UK
100.0%
Healthcare
11.7%
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
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SKP=
OKM=
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kL^=
MRLMSGGG=
TKS=
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NMKR=
NKQ=
ORKV=
MKR=
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UKS=
OKU=
NNKQ=
OKQ=
OPKU=
MKV=
MRLMUɆ=
VKU=
PKQ=
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NVKT=
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¡QSã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
300
280
260
240
220
200
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãëX=GG=
^ÇàìëíÉÇ=çå=éêç=ê~í~=Ä~ëáëK==GGGamp=Ñçê=MRLMS=çå=éêç=ê~í~=Ä~ëáë=†ÅçåëÉåëìë=ÑçêÉÅ~ëíë=
180
160
fåîÉëíãÉåí=ëìãã~êóW=eáÖÜ=ê~íáåÖ=Ñìääó=àìëíáÑáÉÇ==
140
120
=
e~îáåÖ=ÇÉäáîÉêÉÇ=áå=áíë=Ñáêëí=óÉ~ê=~ë=~=éìÄäáÅ=Åçãé~åóI=j~ííáçäá=tççÇë=áë=çå=ÅçìêëÉ=íç=
ëìëí~áå=áíë=áãéêÉëëáîÉ=ãçãÉåíìã=ëíêÉíÅÜáåÖ=Ä~Åâ=ãçêÉ=íÜ~å=NR=óÉ~êëK==qÜÉêÉ=áë=~=
ÅäÉ~ê=ëíê~íÉÖóI=áåîçäîáåÖ=~=ÅçãÄáå~íáçå=çÑ=çêÖ~åáÅ=ÖêçïíÜ=~åÇ=ÄçäíJçå=~ÅèìáëáíáçåëK===
qÜÉ=ëÜ~êÉë=~êÉ=ÅìêêÉåíäó=~í=íÜÉáê=~ääJíáãÉ=ÜáÖÜI=Äìí=íÜáë=áë=Ñìääó=àìëíáÑáÉÇ=Äó=íÜÉ=
áåÅêÉ~ëáåÖ=èì~äáíó=çÑ=É~êåáåÖë=~åÇ=ìåÇÉêäóáåÖ=Å~ëÜ=ÖÉåÉê~íáîÉ=å~íìêÉ=çÑ=íÜÉ=ÄìëáåÉëëK=
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Ä~ëÉ=éêçÑÉëëáçå~ääóI=ïÜáäëí=ëáãìäí~åÉçìëäó=ÄìáäÇáåÖ=~åÇ=íê~áåáåÖ=~=ëíêçåÖ=ÜçãÉJÖêçïå=
Åçåëìäí~åÅó=íÉ~ãK==^=ÜáÖÜ=ESPBF=~åÇ=êáëáåÖ=äÉîÉä=çÑ=êÉÅìêêáåÖ=ïçêâ=áë=ëìééäÉãÉåíÉÇ=
Äó=~=Ñäçï=çÑ=åÉï=ÄìëáåÉëëI=áåÅäìÇáåÖ=êÉÑÉêê~äë=Ñêçã=~å=ÉñíÉåëáîÉ=äáëí=çÑ=éêçÑÉëëáçå~ä=
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ÅÜ~åÖÉë=éêçîáÇÉ=ã~åó=çééçêíìåáíáÉë=Ñçê=íÜÉ=ãçêÉ=~ÅíáîÉ=éÉåëáçåë=Åçåëìäí~åÅáÉëK==
qÜÉ=Åçãé~åó=Ü~ë=~=êÉéìí~íáçå=ïáíÜáå=áíë=áåÇìëíêó=Ñçê=âÉÉéáåÖ=áíë=ÅäáÉåíë=áå=íçìÅÜ=ïáíÜ=
íÜÉëÉ=çééçêíìåáíáÉë=Éå~ÄäáåÖ=íÜÉã=íç=ã~ñáãáëÉ=êÉíìêåëK==qÜÉ=ÅçåëáëíÉåí=áåîÉëíãÉåí=áå=
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100
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18
EPS normalised (p)
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16
14
12
10
8
6
4
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OMMS
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SIOUN
kL^
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NM
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PIQPS
PRB
NVB
PIPQP
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RT
M
PIQMM
ENIMOMF
OIPUM
NPKU
ONB
2005
2006
2007
=
70%
60%
50%
40%
30%
20%
10%
0%
2005
2006
2007
0
`~ëÜ=cäçï
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Interest cover
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QIVOM
QINQT
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OITPN
SIOQP
RIRQS
ENIVUSF
ENQQF
VISRV
SIONS
TIPSP
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ENRMF
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SIONS
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ENQNF
M
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EVPF
QKQ
OITNR
EVPF
M
ENITPVF
NRKV
PIQQR
EVPF
M
EPIVNOF
OMKO =
150%
2005
2006
2007
2008
100%
- 100
- 150
50%
- 200
- 250
Gearing
OMMR
ROCE
vÉ~ê=íç=j~ó
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
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0%
- 300
- 350
- 50%
Interest cover
Gearing
=
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=
=
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Tim e cos t
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43%
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Inves tm ent
planning
44%
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Property
s yndicate
13%
=
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UK
100%
=
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=
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500
480
460
440
420
400
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
380
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qê~ÑÑáÅ=póëíÉãë=~åÇ=t~íÉê=`çåëìäí~åÅóK==tÉ=ÉñéÉÅí=íÜÉ=Å~ëÜ=éçëáíáçå=íç=êÉÄìáäÇI=
Éå~ÄäáåÖ=ÑìêíÜÉê=Äêç~ÇÉåáåÖ=çÑ=íÜÉ=ÖêçìéÛë=Å~é~ÄáäáíáÉëK=
fåíÉêáã=êÉëìäíë=
s~äì~íáçå=
=
OMMS=
OMMTÉ=
OMMUÉ=
mLb=êÉä~íáîÉ=
NTRB=
NTMB=
NRSB
NPKR=
NMKV=
VKV
NKO=
NKN=
MKV
OUB=
ONB=
NVB
oÉÅÉåí=áåíÉêáã=êÉëìäíë=ïÉêÉ=áå=äáåÉ=ïáíÜ=`áíó=ÉñéÉÅí~íáçåëK=qìêåçîÉê=ÖêÉï=íç=¡OMSKQã=
mL`c=
Åçãé~êÉÇ=ïáíÜ=¡NTRKNã=íÜÉ=ë~ãÉ=éÉêáçÇ=OMMSI=ïÜáäÉ=~ÇàìëíÉÇ=bmp=áåÅêÉ~ëÉÇ=Ñêçã=
bsLp~äÉë=
TKVé=íç=VKPéK=páÖåáÑáÅ~åíäóI=íÜÉ=ÖêçìéÛë=Åçåíê~Åí=ïáå=ê~íÉ=ÖêÉï=Ñêçã=PPB=íç=QMB=~åÇ=
olb=
áíë=Ñçêï~êÇ=çêÇÉê=Äççâ=ëíççÇ=¡NKPRÄå=~í=éÉêáçÇ=ÉåÇK==
s~äì~íáçåW=sáëáÄáäáíó=áå=íÜÉ=éêáÅÉ=
^í=~=VB=éêÉãáìã=íç=áíë=åÉ~êÉëí=éÉÉêë=~åÇ=~=ORBH=éêÉãáìã=íç=íÜÉ=mêçÑÉëëáçå~ä=
pÉêîáÅÉë=ëÉÅíçêI=íÜÉ=ã~êâÉí=áë=ÅäÉ~êäó=êÉï~êÇáåÖ=jçìÅÜÉä=m~êâã~å=Ñçê=áíë=É~êåáåÖëÛ=
îáëáÄáäáíóK=qÜÉ=ëíçÅâ=äççâë=Ñìääó=î~äìÉÇK==
=
=
dÉçÖê~éÜó=Ä~ëÉÇ=çå=êÉîÉåìÉë=
rh=
=
=
líÜÉê=
VUB=
=
=
^å~äóëí=
cáçå~=lêÑçêÇJtáääá~ãë=
=
OB=
=
MOM=TNVM=NTRR=
ÑçêÑçêÇJïáääá~ãë]ÉÇáëçåáåîÉëíãÉåíêÉëÉê~ÅÜKÅçKìâ=
=
=
=
=
=
=
O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=ö=jçìÅÜÉä=m~êâã~å=
jçìÅÜÉä=m~êâã~åW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
mÉêÑçêã~åÅÉ=
oÉîÉåìÉ=éÉê=ÉãéäçóÉÉW==¡SPâ=
25
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡PQâ=
oÉîÉåìÉW==`çëí==NKUñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
20
15
10
5
0
OMMS
OMMTÉ
OMMUÉ
PMUIMON
kL^
OQIMPN
UB
kL^
ONINTQ
TB
EOQNF
M
OMIVPP
ESIQMTF
NQIROS
NPKS
kL^
PTQIMOM
ONB
OVIUUR
UB
OQB
OSITTQ
TB
RVO
M
OTIPSS
ETIVNQF
NVIQRO
NUKM
POB
QPOIUTM
NSB
PQIRVU
UB
NSB
PNIQUT
TB
QSU
M
PNIVRR
EVIPPTF
OOISNU
OMKP
NPB
QUMIVMM
NNB
PVISTV
UB
NRB
PSIRSU
UB
QUT
M
PTIMRR
ENMIUQOF
OSIONP
OPKR
NSB
2005
2006
2007
=
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2005
2006
2007
0%
80
- 10%
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
OPIMNP
ENUIVTMF
EPOF
ENUIQMMF
OOKN
SPIVQM
NPQISOV
ETTITPTF
ERNIPRUF
SVIQTQ
PQIUVQ
EUIPSNF
ERIMMMF
EPPIPSSF
POKU
NNOIOQM
NQPIPMO
EUVIUVMF
ERUIPMMF
NMTIPRO
QRIOVN
EPINNNF
EQUITMMF
ENSINMSF
QNKQ
Interest cover
60
SPIRUP
NNRIMRN
ETPIQVSF
ERQITUMF
RMIPRU
2008
=
100
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
2008
NNOIOQM
NUTIMSM
EVVIUMUF
ERUIPMMF
NQNINVO
40
- 20%
20
0
- 20
- 40
- 30%
2005
2006
2007
2008
- 60
- 40%
Gearing
OMMR
ROCE
vÉ~ê=íç=gìäó
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
- 50%
- 80
- 100
- 60%
Interest cover
QUIQMT
EPINNNF
M
EQSIUSMF
QQKO =
Gearing
=
=
=
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Other
2%
Regulated
industries
32%
Highw ays
46%
UK
98%
Government
services
22%
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
jìêÖáíêçóÇ=
vÉ~ê==
båÇ=
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
oÉîÉåìÉ=
E¡ãF=
m_qG=
E¡ãF=
bmpG=
EéF=
amp=
EéF=
mb=
EñF=
váÉäÇ==
EBF=
MRLMR==
NQKR=
NKQ=
NNKQ=
PKP=
QNKV=
MKT=
550
MRLMS=
NUKU=
NKV=
NQKQ=
QKT=
PPKO=
NKM=
500
MRLMTÉGG=
OPKM=
OKU=
OPKP=
TKQ=
OMKQ=
NKR=
450
MRLMUÉGG=
OQKU=
PKN=
ORKQ=
UKN=
NUKU=
NKT=
400
350
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë==
300
fåîÉëíãÉåí=ëìãã~êóW==lîÉêëÉ~ë=ÑçÅìë=
250
=
200
A
jìêÖáíêçóÇÛë=ÖêçïíÜ=Ü~ë=ÄÉÉå=ÇÉêáîÉÇ=Ñêçã=~=ãáñ=çÑ=çêÖ~åáÅ=Éñé~åëáçå=~åÇ=
ÅçåíêáÄìíáçå=Ñêçã=cáíòé~íêáÅâëI=éìêÅÜ~ëÉÇ=áå=gìåÉ=OMMSK=lîÉêëÉ~ë=Éñé~åëáçå=êÉã~áåë=
~=ÑçÅìë=ïáíÜ=åÉï=çÑÑáÅÉë=çéÉåáåÖ=áå=bìêçéÉI=~ë=ïÉää=~ë=~=ë~äÉë=çÑÑáÅÉ=áå=íÜÉ=rpK=
fãéêçîÉÇ=ãáñ=~åÇ=Åçåíêçä=
aìÉ=íç=áãéêçîáåÖ=Öêçëë=ã~êÖáåëI=íÜÉ=Öêçìé=Ü~ë=ÄÉÉå=ëìÅÅÉëëÑìä=~í=ãçîáåÖ=áíë=
çéÉê~íáåÖ=ã~êÖáåë=~ÜÉ~Ç=Ñêçã=TKOB=áå=OMMP=íç=~=ÑçêÉÅ~ëí=çÑ=NPKMB=Ñçê=OMMTK==qÜáë=
êÉÑäÉÅíë=~=ÇáÑÑÉêÉåí=ãáñ=çÑ=ÑÉÉ=áåÅçãÉI=ïáíÜ=ÜÉ~îó=íáãÉI=~åÇ=ÜÉåÅÉ=Öêçëë=ã~êÖáåI=ïçêâ=
áåëíêìÅíáçåë=êÉéêÉëÉåíáåÖ=~=ÖêÉ~íÉê=éêçéçêíáçå=çÑ=ë~äÉëK==jìêÖáíêçóÇ=Ü~ë=~äëç=ÄÉÅçãÉ=
ãçêÉ=ÉÑÑáÅáÉåí=~í=ÉåëìêáåÖ=íÜ~í=íÜÉ=Ñìää=î~äìÉ=çÑ=íÜÉ=ïçêâ=áë=êÉÑäÉÅíÉÇ=áå=íÜÉ=áåîçáÅáåÖK=
`çëí=áåÑä~íáçå=
pÜçêí~ÖÉë=çÑ=ëìáí~Ääó=èì~äáÑáÉÇ=éêçÑÉëëáçå~äë=~êÉ=~=éçíÉåíá~ä=áëëìÉ=áå=íÜáë=~êÉ~K==tÜáäëí=
íÜÉ=Öêçìé=ÇçÉë=~ÇÇêÉëë=íÜáë=íÜêçìÖÜ=áåíÉêå~ä=íê~áåáåÖI=ÉãéäçóãÉåí=Åçëíë=ïáää=ÅçåíáåìÉ=
íç=ÄÉ=~=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêK==^îÉê~ÖÉ=ï~ÖÉë=~åÇ=ë~ä~êáÉë=êçëÉ=Äó=VKNB=áå=íÜÉ=
óÉ~ê=íç=j~ó=OMMSK=qÜÉ=Å~ëÜ=ÄÉáåÖ=ÖÉåÉê~íÉÇ=Ü~ë=ÄÉÉå=ìëÉÇ=íç=ÑìåÇ=íÜÉ=áåíÉêå~ä=
ÖêçïíÜ=~åÇ=íÜÉ=~Åèìáëáíáçå=éêçÖê~ããÉI=ÅçåëÉèìÉåíäóI=ìåäáâÉ=ã~åó=çÑ=íÜÉ=Åçãé~åáÉë=
ÅçîÉêÉÇ=áå=íÜáë=êÉîáÉïI=jìêÖáíêçóÇ=Ü~ë=ãçÇÉëí=äÉîÉäë=çÑ=ÖÉ~êáåÖK=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
~ÅèìáëáíáçåI=ïáíÜ=íÜÉ=êÉÅÉåíäó=éìÄäáëÜÉÇ=Ü~äÑJóÉ~ê=ÑáÖìêÉë=ëÜçïáåÖ=~=éçëáíáîÉ=
QTTKRé
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J
J
A
S
O
pÜ~êÉ=ÇÉí~áäë=
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D
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F
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fåíÉääÉÅíì~ä=mêçéÉêíó=ëÉêîáÅÉëI=áåÅäìÇáåÖ=
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mL`c=
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NNKT
UKQB=ãçêÉ=~ééäáÅ~íáçåë=áå=OMMS=íÜ~å=áå=OMMRK==jìêÖáíêçóÇ=ÉñéÉÅíë=íÜÉ=ã~êâÉí=íç=
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s~äì~íáçåW=iáãáíÉÇ=ëÅçéÉ=Ñçê=ÑìêíÜÉê=çìíéÉêÑçêã~åÅÉ=
=
=
dÉçÖê~éÜó=Ä~ëÉÇ=çå=êÉîÉåìÉë=
rh=
bìêçéÉ=
rp=
^å=ÉñíêÉãÉäó=ëíêçåÖ=ëÜ~êÉ=éêáÅÉ=éÉêÑçêã~åÅÉ=çîÉê=íÜÉ=ä~ëí=ëáñ=ãçåíÜëI=ìé=çîÉê=TMB=
ëáåÅÉ=^ìÖìëíI=áë=~=êÉÑäÉÅíáçå=çÑ=íÜÉ=ÖççÇ=åÉïë=ÑäçïK==cìêíÜÉê=çìíJéÉêÑçêã~åÅÉ=Ñêçã=
ÅìêêÉåí=äÉîÉäë=áë=ÇÉéÉåÇÉåí=çå=É~êåáåÖë=ìéÖê~ÇÉëK
SOB=
NMB=
=
^å~äóëí=
cáçå~=lêÑçêÇJtáääá~ãë=
NQB=
líÜÉê=
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=
MOM=TNVM=NTRR=
ÑçêÑçêÇJïáäá~ãë]ÉÇáçëçåáåîÉëíãÉåíêÉëÉ~êÅÜKÅçKìâ=
=
=
===
=
=
=
O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=ö=jìêÖáíêçáÇ=
jìêÖáíêçáÇW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
mÉêÑçêã~åÅÉ=
oÉîÉåìÉ=éÉê=ÉãéäçóÉÉW==¡NNPâ=
30
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡QMâ=
oÉîÉåìÉW==`çëí==OKUñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
25
20
15
10
5
0
2004
OMMR
OMMS
OMMTÉ
OMMUÉ
NQIQRS
NUB
NISVS
NOB
QMB
NIRMO
NMB
ENOSF
M
NIPTS
EQPQF
VQO
NNKQ
QPB
NUIUPT
PMB
OIPMP
NOB
PSB
OINNQ
NNB
EOMNF
M
NIVNP
ESVTF
NIONS
NQKQ
OTB
OPIMMM
OOB
PIPVP
NRB
QTB
OIVSS
NPB
EONSF
M
OITRM
ETROF
NIVVU
OPKP
SNB
OQIUMM
UB
PIRPR
NQB
QB
PIOPV
NPB
ENTVF
M
PIMSM
EUUOF
OINTU
ORKQ
VB
2005
2006
2007
2008
=
14%
12%
10%
ROCE
vÉ~ê=íç=j~ó
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
8%
6%
4%
2%
0%
2004
2005
2006
2007
2008
=
20
40%
NNIPVN
SIORN
EQIQOTF
EOIURTF
NMIPRU
NMIVQT
SIRVS
EQINPSF
EOIQVVF
NMIVMU
NOIQUM
TIUUM
EQIPORF
EPISUUF
NOIPQT
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
NIPPN
ENSMF
ENIMVVF
PIOMV
NSKN
NITQM
EOMPF
ESVOF
PIQNT
ONKM
OIUPM
EOMPF
ENIVRQF
QIOTR
PPKV
NOIQUM
UIQNU
EQIRUVF
EPINNSF
NPINVP
30%
25%
10
20%
15%
5
10%
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
Interest cover
35%
15
5%
0
0%
2004
2005
2006
2007
Interest cover
2008
Gearing
=
PIPNM
EOMPF
=
EUTMF
PITMP
=
PVKT =
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
Canada Australia
1%
1%
Germany
Ireland 1%
2%
France
7%
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Other
5%
=
=
Japan
7%
=
USA
14%
UK
62%
=
=
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
mep`=
vÉ~ê==
båÇ=
oÉîÉåìÉ=
E¡ãF=
m_qG=
E¡ãF=
bmpG=
EéF=
amp=
EéF=
mb=
EñF=
váÉäÇ==
EBF=
MPLMR==
OKO=
MKRQ=
QKU=
MKM=
NMKT=
kL^=
MPLMS=
PKT=
MKRU=
QKP=
MKU=
NOKM=
NKS=
RNKRé
¡Sã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
62
60
58
MPLMTÉGG=
QKR=
MKSM=
QKP=
MKU=
NOKM=
NKS=
MPLMUÉGG=
RKP=
MKTR=
QKR=
MKV=
NNKQ=
NKT=
56
54
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EPS normalised (p)
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OMMTÉ
OMMUÉ
ONTIUPM
PMB
PMITQU
NQB
OMB
OSIVMM
NOB
EOISQTF
M
OQIORP
ESIQPSF
NTIUNT
UKU
ORB
OVSIUQP
PSB
QNISNO
NQB
PRB
PTIQUO
NPB
EOIUVOF
M
PQIRVM
ENMIRMUF
OQIMUO
NNKT
PPB
PONISVM
UB
QSIQNR
NQB
NOB
QOIOUR
NPB
ENIRRMF
M
QMITPR
ENOIPUPF
OUIPRO
NPKT
NTB
PQOIQRR
SB
RMIPRT
NRB
UB
QSIOOT
NPB
ETPOF
M
QRIQVR
ENPIRNOF
PNIVUP
NRKP
NOB
NTQIVUP
VMIPPN
ERRIVUOF
EQTIQSNF
NSNIUTN
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
OUINQV
EPITMUF
EOOITSOF
ORIVQM
NQKO
NVTITPU
NMPIOSM
ESRIROPF
EQUIRQNF
NUSIVPQ
QMISSP
EPITSVF
EOOIQMQF
PMINOV
OMKO
OMNIPPU
NNNIPRR
ESVIUTVF
EPPIPUTF
OMVIQOT
QOIMMU
EPIURMF
ESINQMF
NRISQP
OMKS
12
10
8
6
4
2
0
2004
2005
2006
2007
2008
=
30%
25%
20%
ROCE
OMMS
14
15%
10%
5%
0%
2004
2005
2006
2007
2008
=
OMNIUPU
NOVIRUO
ETPIRUSF
EOPIURUF
OPPIVTS
70
30%
60
25%
50
20%
40
15%
30
10%
20
5%
10
0%
0
- 5%
2004
2005
2006
2007
Interest cover
QTIQUQ
EPIURMF
ENIVQMF
ERIRPPF
OPKN =
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
OMMR
Interest cover
vÉ~ê=íç=aÉÅÉãÄÉê
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
16
2008
Gearing
=
=
=
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
RoW
17%
=
Energy
32%
=
Planning &
development
49%
Eurozone
28%
UK
55%
=
=
Environmental
management
19%
=
=
=
= =
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
otp=eçäÇáåÖë=
vÉ~ê==
båÇ=
oÉîÉåìÉ=
E¡ãF=
m_qG=
E¡ãF=
bmpG=
EéF=
amp=
EéF=
mb=
EñF=
váÉäÇ==
EBF=
MVLMR=
PRKV=
TKQ=
NOKS=
SKM=
OQKU=
NKV=
MVLMS==
QMKU=
VKM=
NRKT=
TKO=
NVKV=
OKP=
MVLMTÉGG=
QRKT=
NMKM=
NSKS=
TKR=
NUKU=
OKQ=
PNOKRé
¡NORã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
330
320
310
300
MVLMUÉGG=
RMKP=
NNKM=
NUKO=
UKP=
NTKO=
OKT=
290
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
280
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
270
fåîÉëíãÉåí=ëìãã~êóW==m~íÉåíäó=çÄîáçìë=
260
=
250
otp=Ü~ë=Äìáäí=~=ëíêçåÖ=ã~êâÉí=éçëáíáçå=ïáíÜáå=íÜÉ=íê~åëä~íáçå=çÑ=íÉÅÜåáÅ~ä=
ÇçÅìãÉåí~íáçåI=ëÉêîáåÖ=~=ÇáîÉêëÉ=áåíÉêå~íáçå~ä=ÄäìÉJÅÜáé=ÅäáÉåí=Ä~ëÉK==fíë=êÉëìäíë=íç=
pÉéíÉãÄÉê=OMMS=Å~ãÉ=áå=~ÜÉ~Ç=çÑ=íÜÉ=ã~êâÉíI=ÇÉëéáíÉ=~=íÉãéçê~êó=äìää=áå=íÜêçìÖÜéìí=
Ñêçã=~=ã~àçê=ÅäáÉåíK==táíÜ=ÇÉã~åÇ=êÉíìêåáåÖ=íç=åçêã~ä=äÉîÉäëI=ÅçãÄáåÉÇ=ïáíÜ=åÉï=
ÅäáÉåí=ïáåë=~åÇ=íÜÉ=ÅçåíáåìáåÖ=áåÅêÉ~ëÉ=áå=íÜÉ=åìãÄÉê=çÑ=é~íÉåíë=ÄÉáåÖ=ÑáäÉÇI=íÜÉ=
áåÅêÉ~ëÉÇ=éêçÑáí=ÑçêÉÅ~ëíë=~êÉ=ëìééçêíÉÇK==qÜÉ=ëÜ~êÉë=ëÜçìäÇ=Ü~îÉ=ëçãÉ=ÑìêíÜÉê=
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j~êâÉí=Éñé~åëáçå=
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ïÜÉêÉ=ÅäáÉåíë=~êÉ=~ÅíáîÉäó=ëÉÉâáåÖ=íç=éêçíÉÅí=ÉñíÉåëáîÉ=áåîÉëíãÉåí=áå=íÜÉáê=oÉëÉ~êÅÜ=
~åÇ=aÉîÉäçéãÉåí=éêçÖê~ããÉëK==qÜÉ=Öêçìé=ÅçåíáåìÉë=íç=ïáå=åÉï=Åçêéçê~íÉ=ÅäáÉåíë=
~åÇ=m~íÉåí=^ííçêåÉóë=äççâáåÖ=íç=çìíëçìêÅÉ=íÜÉáê=íê~åëä~íáçå=êÉèìáêÉãÉåíë=íç=~=ëáåÖäÉ=
A
M
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áë=ÖêçïáåÖ=~í=UB=ÅçãéçìåÇK==fÑ=ÚçåÉJçÑÑëÛ=~êÉ=ëíêáééÉÇ=çìíI=Åçêéçê~íÉ=~ééäáÅ~íáçåë=
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^Åèìáëáíáçåë=ïáíÜáå=íÜÉ=ÉñáëíáåÖ=ÄìëáåÉëë=ëíê~åÇë=~êÉ=äáãáíÉÇ=Äó=íÜÉ=ä~Åâ=çÑ=ëÅ~äÉ=
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s~äì~íáçå=
tÉ=êÉÖ~êÇ=íÜÉ=éçëëáÄäÉ=êÉÖìä~íçêó=êáëâë=~ë=ãçÇÉëí=~åÇ=ã~å~ÖÉ~ÄäÉK==dáîÉå=íÜÉ=
~ííê~ÅíáîÉ=Ñáå~åÅá~ä=ÅÜ~ê~ÅíÉêáëíáÅëI=ïÉ=~êÉ=ÅçãÑçêí~ÄäÉ=ïáíÜ=íÜÉ=ê~íáåÖ=ãçîáåÖ=íçï~êÇë=
íÜÉ=ÜáÖÜÉê=ÉåÇ=çÑ=íÜÉ=ëìééçêí=ëÉêîáÅÉë=ëÉÅíçêK===
olb=
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=
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=
=
===
=
=
=
O=ö=bÇáëçå=fåîÉëíãÉåí=oÉëÉ~êÅÜ=ö=mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=ö=otp=eçäÇáåÖë=
otp=eçäÇáåÖëW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
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20
EPS normalised (p)
`çëí=éÉê=ÉãéäçóÉÉW==¡PTâ=
oÉîÉåìÉW==`çëí==PKOñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
OMMS
OMMTÉ
OMMUÉ
PRIUTR
NRB
TIPTN
ONB
URB
TIMOV
OMB
QNO
M
TIQQN
EOIOSRF
RINTS
NOKS
NTB
QMITTV
NQB
UIUSP
OOB
OMB
UIRRS
ONB
QUP
M
VIMPV
EOIRMVF
SIRPM
NRKT
OQB
QRITMM
NOB
VITTS
ONB
NMB
VIROS
ONB
QTQ
M
NMIMMM
EPIMMMF
TIMMM
NSKS
SB
RMIPMM
NMB
NMISNQ
ONB
VB
NMIPSQ
ONB
SPS
M
NNIMMM
EPIPMMF
TITMM
NUKO
NMB
16
14
12
10
8
6
4
2
0
2004
2005
2006
2007
=
140%
120%
100%
80%
60%
40%
20%
0%
- 20%
2004
2005
2006
2007
- 60%
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
TINQO
EOPPF
EOIQPMF
ENNIVOVF
NUKT
TIORQ
OQIVTU
ENMIVVPF
M
ONIOPV
TIVST
EOMUF
M
ENRIVNOF
OMKS
SISOP
PNINVM
ENNIMVMF
M
OSITOP
NMIVTP
EORMF
M
EOOISTSF
OTKT
Interest cover
-5
TIVUQ
NVISOQ
ENMIQPTF
M
NTINTN
RIVVO
PSIRPT
ENNIPQQF
M
PNINUR
NNIVUN
EORMF
M
EOUITSQF
PMKO
2008
- 40%
=
0
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
2008
20%
2004 2005 2006 2007 2008
0%
- 20%
- 10
- 40%
- 15
- 60%
- 20
Gearing
OMMR
ROCE
vÉ~ê=íç=pÉéíÉãÄÉê
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
18
- 80%
- 25
- 100%
Interest cover
Gearing
=
=
= =
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
Inform ation
s ervices
7%
ROE
1.5%
Japan
8.1%
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
USA
0.5%
USA
12.4%
ROW
0.6%
UK
13.9%
Japan
6.1%
Trans lation &
localis ation
s ervices
93%
=
=
UK
89.9%
=
ROE
67.0%
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
p~îáääë=
vÉ~ê==
båÇ=
STOé
¡UURã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
oÉîÉåìÉ=
E¡ãF=
m_qG=
E¡ãF=
bmpG=
EéF=
amp=
EéF=
mb=
EñF=
váÉäÇ==
EBF=
NOLMR=
PTPKV=
RVKT=
PPKP=
NMKO=
OMKO=
NKR=
850
NOLMS=
RNTKS=
USKO=
QOKN=
NPKM=
NSKM=
NKV=
750
NOLMTÉGG=
RSOKV=
UMKQ=
QQKP=
NUKQ=
NRKO=
OKT=
650
NOLMUÉGG=
RURKQ=
URKT=
QTKR=
OMKU=
NQKN=
PKN=
550
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
450
fåîÉëíãÉåí=ëìãã~êóW=tÉääJÄ~ä~åÅÉÇ=éçêíÑçäáç==
350
=
låÉ=çÑ=íÜÉ=ïçêäÇÛë=äÉ~ÇáåÖ=áåíÉêå~íáçå~ä=éêçéÉêíó=~ÇîáëçêëI=p~îáääëI=Ü~ë=çÑÑáÅÉë=~åÇ=
~ëëçÅá~íÉë=áå=íÜÉ=rhI=bìêçéÉI=^ëá~=m~ÅáÑáÅ=~åÇ=^ÑêáÅ~K==^äíÜçìÖÜ=ÇêáîÉå=Äó=ëíêçåÖ=rh=
êÉëáÇÉåíá~ä=~åÇ=ÅçããÉêÅá~ä=éêçéÉêíó=ã~êâÉíë=çîÉê=íÜÉ=ä~ëí=ÑÉï=óÉ~êëI=êÉîÉåìÉë=~êÉ=
Äêç~Çäó=Ä~ëÉÇX=ÖÉåÉê~íÉÇ=Ñêçã=ÑáîÉ=ÅçêÉ=ÄìëáåÉëë=~êÉ~ëK==qê~åë~Åíáçå~ä=áåÅçãÉI=ëìÅÜ=
~ë=êÉëáÇÉåíá~ä=~ÖÉåÅó=ÑÉÉëI=áë=Ä~ä~åÅÉÇ=Äó=~êÖì~Ääó=ãçêÉ=îáëáÄäÉ=áåÅçãÉ=Ñêçã=
éêçéÉêíó=~åÇ=Ñ~ÅáäáíáÉë=ã~å~ÖÉãÉåí=ëÉêîáÅÉëI=Ñáå~åÅá~ä=ëÉêîáÅÉë=~åÇ=ÑìåÇ=
ã~å~ÖÉãÉåíK==qÜÉ=rh=ÅçåíêáÄìíÉÇ=SRB=çÑ=íìêåçîÉê=~åÇ=UMB=çÑ=çéÉê~íáåÖ=éêçÑáí=
ÇìêáåÖ=OMMSK=
bñÅÉéíáçå~ä=Äê~åÇ=áå=ìéã~êâÉí=êÉëáÇÉåíá~ä=éêçéÉêíó=
p~îáääë=Ü~ë=ÄÉåÉÑáíÉÇ=Ñêçã=ëíêçåÖ=êÉÅÉåí=rh=êÉëáÇÉåíá~ä=ÇÉã~åÇ=~åÇ=~=ÑçÅìë=çå=íÜÉ=
íçé=ÉåÇ=çÑ=íÜÉ=içåÇçå=ã~êâÉíK==^í=~å=~îÉê~ÖÉ=ë~äÉë=éêáÅÉ=çÑ=¡NãI=áíë=rh=êÉëáÇÉåíá~ä=
Çáîáëáçå=áë=íÜêáîáåÖ=~åÇ=ÅK¡VÄå=çÑ=`áíó=ÄçåìëÉë=ëìÖÖÉëí=íÜ~í=íÜÉ=ÉñéÉåëáîÉ=ÉåÇ=çÑ=íÜÉ=
içåÇçå=ÜçìëÉ=ã~êâÉí=áë=ìåäáâÉäó=íç=ÄÉ=çîÉêäó=ÅçåÅÉêåÉÇ=Äó=êáëáåÖ=áåíÉêÉëí=ê~íÉëK==
_êç~Çäó=Ä~ëÉÇ=êÉîÉåìÉë=
få=OMMSI=Åçåëìäí~åÅó=~åÇ=éêçéÉêíó=C=Ñ~ÅáäáíáÉë=ã~å~ÖÉãÉåí=~ÅÅçìåíÉÇ=Ñçê=~êçìåÇ=
QRB=çÑ=êÉîÉåìÉëI=ïáíÜ=íê~åë~Åíáçå=ÑÉÉë=QUBK==fí=ã~å~ÖÉë=¡OKOÄå=EOMMRW¡NKUÄåF=áå=
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EPS normalised (p)
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OMMS
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PVB
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NSB
PVB
TUIOMM
NRB
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EOSIMMMF
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OIRVS
POV
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QQKP
RB
RURIPUM
QB
USIOMM
NRB
RB
UNISOT
NQB
PITNV
POV
URISTR
EOOIUQNF
SOIUPQ
QTKR
TB
40
35
30
25
20
15
10
5
0
2004
2005
2006
2007
=
600%
500%
400%
300%
200%
100%
0%
2004
2005
2006
2007
-5
NTOIMMM
OVNIOMM
EONQINMMF
EPSIPMMF
OMUIRMM
NTMIRPR
PQMIUPT
EOOPIVSMF
EPRIUMMF
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NSVIMTM
PUTISPN
EOPOITOMF
EPRIUMMF
OUQIQUP
Interest cover
NNNIQNP
OUPIOVM
ENVQIVPTF
EPNIQROF
NSTITPV
0%
2004 2005 2006 2007 2008
QQIURV
ENMIMRSF
ETIMUNF
EVSIQVRF
PTKT
UTIQMM
QIQMM
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ENMQIUMMF
TMKN
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M
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M
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STKN =
- 10%
- 20%
- 10
- 30%
- 15
- 40%
- 20
- 50%
- 60%
- 25
- 70%
- 30
- 80%
- 35
- 90%
Interest cover
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Financial
s ervices
5%
Asia/Pacific
26%
Property &
facilities
m anagem ent
27%
Trans actional
advice
48%
=
UK
residential
28%
=
=
=
ROE
9%
Cons ultancy
19%
=
=
UK
commercial
37%
=
=
=
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
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310
290
270
250
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë==
230
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16
14
12
10
8
6
4
2
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2005
2006
2007
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SB
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NPKT
NQKO
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SB
PB
ONB
200%
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
2005
2006
2007
0%
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2008
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2008
- 20
- 20%
2005
2006
2007
2008
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- 40
- 60%
- 60
- 80%
- 80
- 100%
-100
- 120%
-120
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Interest cover
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=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
kçåJêÉÅìêêáåÖ=áíÉãë
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
18
Gearing
=
NRIVRO
EQIMMMF
=
EPITMMF
EUIPUSF
=
ONKM =
NOIOVU
EPIPUTF
EOSIQMMF
ETINUQF
NTKM
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Natural
res ources
10%
UK Central
21%
International
27%
Environm ent
10%
=
=
Property
17%
Transportation
63%
Scotland &
Ireland
6%
=
=
=
=
UK South
24%
UK Railways
22%
=
= =
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
j~êâÉí=`~é=
pj`=dêçìé=
vÉ~ê==
båÇ=
oÉîÉåìÉ=
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m_qG=
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bmpG=
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amp=
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mb=
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EBF=
NOLMQ==
UKN=
NKN=
PKS=
MKM=
OMKS=
kL^=
NOLMR=
NPKR=
OKT=
RKR=
NKM=
NPKQ=
NKQ=
NOLMS=
PMKV=
OKS=
PKS=
NKO=
OMKS=
NKS=
NOLMTÉ=
RNKR=
UKM=
NNKN=
NKQ=
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¡PQã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
250
200
150
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
100
fåîÉëíãÉåí=ëìãã~êóW=^ï~áíáåÖ=Åä~êáíó===
50
pj`=áë=íÜÉ=rhÛë=ä~êÖÉëí=~êÅÜáíÉÅíìê~ä=éê~ÅíáÅÉI=ïáíÜ=Äêç~Ç=ÅçîÉê~ÖÉ=çÑ=íÜÉ=rh=Äó=
0
ëÉÅíçê=~åÇ=ÖÉçÖê~éÜóK==qÜáë=Öêçìé=Ü~ë=Öêçïå=ê~éáÇäó=ëáåÅÉ=áíë=gìåÉ=OMMR=fmlI=
ÅçãéäÉíáåÖ=NO=~Åèìáëáíáçåë=áå=éìêëìáí=çÑ=~=ëíê~íÉÖó=ÇÉëáÖåÉÇ=íç=ÇÉêáîÉ=ÄÉåÉÑáíë=Ñêçã=
A
M
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EQQRF
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NINMR
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EPQVF
ENIRRNF
ENPIMVOF
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6
4
2
0
2004
2005
2006
2007e
=
30%
25%
20%
ROCE
OMMR
8
15%
10%
5%
0%
2004
2005
2006
2007e
=
PUIRQV
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EONIUNRF
ENVIMMMF
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7
600%
6
500%
5
400%
4
300%
3
200%
2
100%
1
0
0%
2004
2005
2006
Interest cover
TISTM
ETMMF
M
NTIPNR
NSKS =
Gearing
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Interest cover
vÉ~ê=íç=aÉÅÉãÄÉê
mêçÑáí=C=içëë
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10
2007e
Gearing
=
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=
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EB=p~äÉë=OMMSF=
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1%
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=
UK
99%
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80
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60
50
MSLMUÉGG=
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OMMPÓOMMQI=áë=ÄÉ~êáåÖ=ÑêìáíK=píêçåÖ=êÉëìäíë=Ñçê=íÜÉ=ëáñ=ãçåíÜë=íç=PN=aÉÅÉãÄÉê=OMMS=
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EPS normalised (p)
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pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
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OMMS
OMMTÉ
4
3
2
1
0
OMMUÉ
2005
2006
2007
=
VVIQPT NOPIRUO NOQINVR NPUINUR
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MB
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kL^
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NMB
NMB
VB
EOINVQF
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ENIMRMF
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M
M
M
M
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NMIROM
NMITUM
NOIQOT
ENIRSMF
EOITUMF
EOIURTF
EPIPRRF
SIQTV
TITQM
TIVOP
VIMTN
QKO
QKR
QKR
RKO
TB
NB
NQB
kL^
20%
18%
16%
ROCE
14%
12%
10%
8%
6%
4%
2%
0%
2005
2006
2007
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
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EPTIOTNF
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SKN
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ETTSF
ENIMMPF
NOINST
NRKS
NUINRM
ENIQMMF
EPMMF
NIPSR
NNKM
Interest cover
TMIQQR
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EPMIPMMF
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2008
=
30
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2008
RSIOTM
SQIOMU
EPUIPPNF
ENVISRTF
SOIQVM
60%
50%
25
40%
20
30%
15
20%
10%
10
0%
5
Gearing
vÉ~ê=íç=gìåÉ
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0
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2005
2006
2007
Interest cover
2008
Gearing
=
NRIOPS
ENIPMMF =
M
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VKO =
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
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EB=p~äÉë=OMMSF=
kL^=
Financial
s ervices (incl.
pers onal
taxation)
22%
Accounts &
audit
13%
Corporate
finance &
related advice
5%
=
=
=
Specialis t
taxation
15%
Bus ines s tax
& advis ory
26%
Recovery &
turnaround
13%
=
=
Outs ourcing
6%
UK
100%
=
=
= =
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
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280
270
MQLMTÉ=
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NOKU=
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260
250
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë======
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230
220
=
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s~åíáë=ÅçåíáåìÉë=íç=éÉêÑçêã=ïÉääI=ÇêáîÉå=ÄçíÜ=Äó=~=ÅçåíáåìÉÇ=ëíêáåÖ=çÑ=~Åèìáëáíáçåë=~ë=
200
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18
16
14
12
10
8
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VB
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NUINPT
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ENIOSPF
EQIPMVF
POIUQO
RKQ
TINNO
ENIPOSF
ERITMMF
QMIVQT
NRKQ
2006
2007
2008
14%
12%
10%
8%
6%
4%
2%
0%
2004
2005
2006
2007
2008
=
QMIQQR
SSIVVM
EQQIQMSF
EOQIUROF
PUIPQP
NOIONT
ENIPVOF
EOINMMF
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2005
=
ROCE
OMMS
12
140%
10
120%
100%
8
80%
6
60%
4
40%
2
Gearing
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vÉ~ê=íç=^éêáä
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qìêåçîÉê
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20%
0
0%
2004
2005 2006 2007
Interest cover
2008
Gearing
=
=
=
=
=
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=
Cons ultancy
33%
=
Core practice
49%
Corporate
recovery &
ins olvency
s ervices
18%
=
=
UK
100%
=
=
=
=
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kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
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pÜ~êÉ=éêáÅÉ=Öê~éÜ=
280
270
260
250
240
230
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=
220
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210
fåîÉëíãÉåí=ëìãã~êóW=`äÉ~êáåÖ=íÜÉ=~áê=
200
190
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2005
OMMS
OMMTÉ
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NVB
QIOVV
UB
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PIVVO
UB
EPOTF
M
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OISSU
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SINUP
VB
UB
RITQS
UB
NQ
M
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ENIQPUF
QIPOO
OMKS
NMB
2006
2007
2008
=
35%
30%
25%
20%
15%
10%
5%
0%
2005
2006
2007
2008
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100
20%
15%
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Interest cover
0
NRIVOT
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- 100
2005
2006
2007
10%
2008
5%
0%
- 200
- 5%
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Interest cover
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Science &
technology
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7%
Res t of
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8%
Governm ent
6%
Capability
acquis tion
33%
Technology
s upport
s ervices
22%
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technology
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14%
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15%
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9%
=
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43%
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TB
TB
QIUPS
SB
EPTPF
M
QIQSP
ENIQONF
PIMQO
NMKP
UB
OMMTÉ
ORIMMV
PUIVQP
EOSIMVUF
ETIVVOF
OVIQVU
OSISNM
PVIUQP
EOUITOVF
ETIVMOF
OVINVO
RITPN
ENIQOPF
ENIOMUF
PIUMO
OMKS
RIUVV
ENIMNVF
ENIURQF
OIUQS
OMKV
QIRNR
ENINMMF
ENISMMF
QIMTT
NRKT
`~ëÜ=cäçï
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë
`~éÉñ
^Åèìáëáíáçå=Å~éÉñ
kÉí=ÇÉÄíEÅ~ëÜF
`~ëÜ=É~êåáåÖë=éÉê=ëÜ~êÉ
6
4
2
2005
2006
2007
2008
=
VQIORM NMSITRM
NPB
NPB
SINNT
SIUON
SB
SB
QB
NOB
RIMNT
RITON
RB
RB
EOUQF
EOVSF
M
M
QITPP
RIQOR
ENISOPF
ENIVSQF
PINNN
PIQSN
NMKR
NNKS
OB
NMB
ORINOR
PTITTR
EOSIVUOF
ETIRMMF
OTITNQ
8
0
OMMUÉ
20%
18%
16%
14%
ROCE
OMMS
10
12%
10%
8%
6%
4%
2%
0%
2005
2006
2007
2008
=
OTIMSM
QQIPPV
EPNISVPF
ETITRMF
PNIPMR
25
16%
20
14%
12%
15
10%
8%
10
6%
4%
5
2%
0%
0
Gearing
_~ä~åÅÉ=pÜÉÉí
cáñÉÇ=^ëëÉíë
`ìêêÉåí=^ëëÉíë
`ìêêÉåí=iá~ÄáäáíáÉë
içåÖ=íÉêã=iá~ÄáäáíáÉë
pÜ~êÉÜçäÇÉêë=bèìáíó
OMMR
Interest cover
vÉ~ê=íç=gìåÉ
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
=EB=ã~êÖáåF
=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
líÜÉê
mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
kÉí=fåÅçãÉ
bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
12
- 2%
2005
2006
2007
Interest cover
2008
Gearing
=
QIVOT
ENINMMF
=
ETMMF
QIOUU
=
NTKM =
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
kL^=
Building
services
11%
Overseas
18%
båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMSF=
Overs eas
18%
=
=
Civils
30%
=
Structures
28%
=
UK
82%
Environmental
consultancy
13%
=
=
=
= =
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
=
mêáÅÉ=
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E¡ãF=
m_qG=
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mb=
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váÉäÇ==
EBF=
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NQPKV=
VKQ=
NSKS=
TKO=
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MSLMS=
NSTKR=
NNKT=
NVKN=
UKN=
OQKT=
NKT=
MSLMTÉGG=
ONMKS=
NRKU=
OPKT=
VKN=
NVKV=
NKV=
MSLMUÉGG=
OPSKV=
NUKO=
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¡OORã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
500
480
460
440
420
400
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë=====
GGÅçåëÉåëìë=ÑçêÉÅ~ëíë=
380
360
fåîÉëíãÉåí=ëìãã~êóW==qÉñí=Äççâ=Éñ~ãéäÉ=
340
320
=
300
tÜáíÉ=vçìåÖ=dêÉÉå=Ü~ë=~å=ÉñÉãéä~êó=êÉÅçêÇ=çÑ=ÄçíÜ=~Åèìáëáíáçå~ä=~åÇ=çêÖ~åáÅ=
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~åÇ=áíë=ÅäáÉåí=Ä~ëÉI=ïÜáäëí=ÄìáäÇáåÖ=ìé=áíë=Ñê~ãÉïçêâ=Åçåíê~Åí=ÉñéçëìêÉK==fí=áë=åçï=íÜÉ=
NO =ä~êÖÉëí=rhJçïåÉÇ=Åçåëìäí~åí=EkÉï=`áîáä=båÖáåÉÉêF=~åÇ=Ü~ë=çêÇÉê=Äççâ=îáëáÄáäáíó=
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ÖêçìéÛë=êÉéìí~íáçåI=ÜçïÉîÉêI=áë=ÅçåíáåìáåÖ=íç=~ííê~Åí=É~êåáåÖëÛ=ÉåÜ~åÅáåÖ=ÇÉ~äëK==
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A
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tÜáíÉ=vçìåÖ=dêÉÉåW=cáå~åÅá~äë=~åÇ=âÉó=éÉêÑçêã~åÅÉ=áåÇáÅ~íçêë=
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30
EPS normalised (p)
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oÉîÉåìÉW==`çëí==OKPñ=
pìãã~êó=Ñáå~åÅá~ä=í~ÄäÉ=
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NOITRS
EOIQSSF
ENIPTUF
NRIQOO
PNKV
5
2006
2007
2008
=
16%
14%
ROCE
12%
10%
8%
6%
4%
2%
0%
2005
2006
2007
2008
=
TVIUOQ NMQISNT NMQISNT
VPIQQN NMRIPTQ NNTINSR
ESNIQOVF ETPISUOF EUNIPSMF
EPSIQUPF EPQIRNVF EOVIQNRF
TRIPRP NMNITVM NNNIMMT
VIPTR
EOIMSRF
ENTIQRUF
OUIUPU
OOKO
10
2005
Interest cover
QUIVUN
TQINQR
EROIVSQF
ENVIPVMF
RMITTO
15
0
OMMUÉ
NQPIVMS NSTIQUT ONMISNR OPSIUTM
kL^
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ENIUSRF
ENISTMF
M
M
M
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NNISRM
NRITSP
NUIOPT
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EPIOOQF
EQIQNQF
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NVKN
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kL^
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20
14
45%
12
40%
35%
10
30%
25%
8
20%
15%
6
4
Gearing
vÉ~ê=íç=gìåÉ
mêçÑáí=C=içëë
qìêåçîÉê
=EB=ÅÜ~åÖÉF
b_fqa^
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=EB=ÅÜ~åÖÉF
b_fq=éêÉ=dt=~åÇ=ÉñÅÉéíDëK
=EB=ã~êÖáåF
kÉí=Ñáå~åÅá~ä=áíÉãë
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mêÉJí~ñ=éêçÑáí=EåçêãDÇF
q~ñ
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bmp=EåçêãDÇ=~åÇ=ÑÇF
=EB=ÅÜ~åÖÉF
25
10%
5%
2
0
0%
2005
2006
2007
Interest cover
2008
Gearing
=
OTIVRO
EQIMMMF
=
EVIMVNF
OQIURS
=
RUKT =
OTISMO
EQIMMMF
EOSISPSF
OVIOTS
RUKM
=
=
_ìëáåÉëë=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMRF=
dÉçÖê~éÜáÅ=ÄêÉ~âÇçïå=
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båÇJìëÉê=ã~êâÉí=ÄêÉ~âÇçïå=
EB=p~äÉë=OMMRF=
kL^=
Other
4%
The
environment
20%
=
ROE
18%
=
Engineering
48%
Ireland
13%
=
UK
65%
Management
services
32%
=
=
=
=
= =
=
=
mêçÑÉëëáçå~ä=pÉêîáÅÉë=j~ó=OMMT=
=
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NKO=
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PNKP=
PRKO=
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NOLMUÉGG=
ROVKM=
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¡QRQã
kçíÉW=mêáÅÉÇ=~í=OQ=^éê=OMMT=
=
pÜ~êÉ=éêáÅÉ=Öê~éÜ=
800
750
700
650
600
550
kçíÉW=Gm_q=~åÇ=bmp=~êÉ=åçêã~äáëÉÇI=ÉñÅäìÇáåÖ=ÖççÇïáää=~ãçêíáë~íáçå=~åÇ=ÉñÅÉéíáçå~ä=áíÉãë==
500
GG=ÅçåëÉåëìë=ÑçêÉÅ~ëíë=
450
fåîÉëíãÉåí=ëìãã~êóW=qê~Åâ=êÉÅçêÇ=çÑ=ÖêçïíÜ==
400
350
=
300
tpm=Ü~ë=~=äçåÖ=íê~Åâ=êÉÅçêÇ=çÑ=ÇÉäáîÉêáåÖ=~åÇ=Ü~ë=ëìÅÅÉëëÑìääó=Eíç=Ç~íÉF=Ü~åÇäÉÇ=
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ÜÉ~îáäó=íÜ~å=Äó=ëçãÉ=éÉÉêëI=íÜÉ=Å~ëÜ=ÖÉåÉê~íáîÉ=èì~äáíáÉë=çÑ=íÜÉ=Öêçìé=ãÉ~å=íÜ~í=íÜáë=
åÉÉÇ=åçí=ÄÉ=çÑ=ÅçåÅÉêåK==qÜÉ=ÜáÖÜÉê=ÉñéçëìêÉ=íç=éêáî~íÉ=ëÉÅíçê=ïçêâI=~í=íïçJíÜáêÇë=çÑ=
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