£924.5 M

Cobham Revenue H1, 2018
Cobham Gross profit (H1, 2018)209.9 M
Cobham Gross profit margin (H1, 2018), %22.7%
Cobham Net income (H1, 2018)165.4 M
Cobham EBIT (H1, 2018)208.8 M
Cobham Cash, 30-Jun-2018333.7 M
Cobham EV396.2 M

Cobham Revenue

Cobham revenue was £2.05 b in FY, 2017 which is a 5.6% year over year increase from the previous period.

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Cobham Revenue Breakdown

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Cobham revenue breakdown by business segment: 27.7% from Advanced Electronic Solutions, 34.1% from Communications and Connectivity, 17.8% from Aviation Services and 20.4% from Mission Systems

Cobham revenue breakdown by geographic segment: 13.1% from Rest of the World, 11.2% from Australia, 16.4% from Other EU, 9.2% from UK and 50.1% from USA

Cobham Income Statement

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.8 b1.9 b2.1 b1.9 b2.1 b

Revenue growth, %

3%12%(6%)6%

Cost of goods sold

1.2 b1.3 b1.4 b1.6 b1.5 b

Gross profit

568.8 m561.6 m663.8 m376.6 m594.6 m

Gross profit Margin, %

32%30%32%19%29%

Sales and marketing expense

84.7 m100.3 m130.1 m134.5 m

R&D expense

88 m96.9 m138 m123.9 m121.9 m

General and administrative expense

328.4 m403.9 m521.7 m1 b

Operating expense total

413.1 m504.2 m651.8 m1.2 b490.5 m

EBIT

158.8 m57.6 m12 m(779.1 m)104.1 m

EBIT margin, %

9%3%1%(40%)5%

Interest expense

37.5 m39.7 m57 m72.9 m43.3 m

Interest income

5.3 m6.4 m5.2 m4.1 m6.1 m

Pre tax profit

126.6 m24.3 m(39.8 m)(847.9 m)66.9 m

Income tax expense

12.1 m(4.7 m)(2.1 m)(52.8 m)11.9 m

Net Income

114.5 m29 m(37.7 m)(795.1 m)78.8 m

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Revenue

1 b916.7 m1 b924.5 m

Cost of goods sold

716.2 m648 m718.3 m714.6 m

Gross profit

332 m268.7 m285 m209.9 m

Gross profit Margin, %

32%29%28%23%

Sales and marketing expense

68.5 m67.2 m

General and administrative expense

233.8 m213.5 m

Operating expense total

302.3 m280.7 m250.3 m217.4 m

EBIT

29.7 m(12 m)34.7 m208.8 m

EBIT margin, %

3%(1%)3%23%

Interest expense

28.3 m28.1 m22.2 m35 m

Interest income

2.9 m1.7 m1.8 m5.5 m

Pre tax profit

4.3 m(38.4 m)14.3 m179.3 m

Income tax expense

6.5 m(13.4 m)(2 m)13.9 m

Net Income

(2.2 m)(25 m)16.3 m165.4 m

Cobham Balance Sheet

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

200.7 m225.6 m294.7 m236.2 m451.9 m

Accounts Receivable

238.3 m331.4 m286.3 m307.5 m329 m

Inventories

315.9 m431.4 m410.4 m405.3 m389.4 m

Current Assets

849.9 m1.1 b1.1 b1.1 b1.4 b

PP&E

350.8 m390 m379.9 m422.9 m380.9 m

Total Assets

2.4 b3.6 b3.3 b2.8 b2.8 b

Accounts Payable

116.4 m145 m145.9 m155.3 m448.2 m

Short-term debt

48.1 m1.5 m156.4 m60.9 m100 k

Current Liabilities

574.8 m699.1 m797.2 m864 m770.5 m

Long-term debt

606 m1.4 b1.3 b1.2 b835.3 m

Non-Current Liabilities

800.2 m1.8 b1.6 b1.4 b994.6 m

Total Debt

654.1 m1.4 b1.5 b1.3 b835.4 m

Total Liabilities

1.4 b2.5 b2.4 b2.3 b1.8 b

Common Stock

28.9 m30.4 m30.4 m44.6 m61.7 m

Additional Paid-in Capital

126.6 m301.9 m301.9 m778.3 m1.3 b

Retained Earnings

832.7 m736.4 m576.8 m(372 m)284 m

Total Equity

1 b1.1 b909.7 m489.9 m1 b

EPS

0.1 0 (0 )(0.5 )0

Debt to Equity Ratio

0.6 x1.3 x1.7 x2.6 x0.8 x

Debt to Assets Ratio

0.3 x0.4 x0.5 x0.5 x0.3 x

Financial Leverage

2.3 x3.2 x3.6 x5.7 x2.7 x

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Cash

224.1 m493.8 m482.5 m333.7 m

Inventories

420.6 m439.3 m415.8 m275.3 m

Current Assets

1.1 b1.3 b1.3 b1.1 b

PP&E

380.4 m406.7 m403 m375.8 m

Total Assets

3.4 b3.6 b2.9 b2.5 b

Short-term debt

51.7 m93.7 m57.9 m12.5 m

Current Liabilities

719.7 m747.1 m824.5 m734.8 m

Long-term debt

1.4 b1.3 b885.4 m374.8 m

Non-Current Liabilities

1.7 b1.6 b1.1 b523.8 m

Total Debt

1.5 b1.4 b943.3 m387.3 m

Total Liabilities

2.4 b2.3 b1.9 b1.3 b

Common Stock

30.4 m44.6 m61.7 m61.7 m

Additional Paid-in Capital

301.9 m778.3 m1.3 b1.3 b

Retained Earnings

649 m445.1 m(342.5 m)(73 m)

Total Equity

987.3 m1.3 b993.6 m1.3 b

EPS

(0 )(0 )0 0.1

Debt to Equity Ratio

1.5 x1 x0.9 x0.3 x

Debt to Assets Ratio

0.4 x0.4 x0.3 x0.2 x

Financial Leverage

3.4 x2.7 x2.9 x2 x

Cobham Cash Flow

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Depreciation and Amortization

235.1 m190.8 m254.4 m248.1 m223.9 m

Accounts Receivable

(26.2 m)(68.3 m)(19.1 m)(21.9 m)24.1 m

Inventories

(300 k)(11.9 m)34.6 m(50.8 m)(26.7 m)

Accounts Payable

(300 k)17.3 m38.6 m9.7 m71.1 m

Cash From Operating Activities

210.6 m167.9 m189.1 m134.7 m215.2 m

Purchases of PP&E

(58 m)(63.7 m)(97.8 m)(82.8 m)(69 m)

Cash From Investing Activities

(208.3 m)(950.8 m)53.9 m(86.5 m)(75.5 m)

Long-term Borrowings

(359.6 m)

Dividends Paid

(96.6 m)(108.3 m)(122.1 m)(126.1 m)(100 k)

Cash From Financing Activities

(39.1 m)839.4 m(160.1 m)(120.3 m)137.5 m

Net Change in Cash

(36.8 m)56.5 m82.9 m(72.1 m)277.2 m

Interest Paid

(41.6 m)

Income Taxes Paid

(32.2 m)

Half Year

USDH1, 2015H1, 2016H1, 2017H1, 2018

Depreciation and Amortization

126.9 m116 m113.8 m84.9 m

Accounts Receivable

(21.5 m)(24.5 m)(40 m)(10 m)

Inventories

(23.6 m)(1.1 m)(22.4 m)(16.4 m)

Accounts Payable

(4.9 m)(5.8 m)27 m(13.1 m)

Cash From Operating Activities

121.5 m120.6 m129.5 m30.2 m

Purchases of PP&E

(54.8 m)(35.7 m)(21.7 m)(20.6 m)

Cash From Investing Activities

(56.8 m)(36.3 m)(27.1 m)303.3 m

Long-term Borrowings

(469.9 m)

Dividends Paid

(87.7 m)(91.6 m)

Cash From Financing Activities

(58.3 m)109.2 m215.5 m(469.9 m)

Net Change in Cash

6.4 m156.7 m279.5 m(136.4 m)

Cobham Ratios

GBPY, 2018

EV/EBIT

1.9 x

EV/CFO

13.1 x

Debt/Equity

0.3 x

Debt/Assets

0.2 x

Financial Leverage

2 x

P/E Ratio

204.3
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Cobham Operating Metrics

FY, 2014H1, 2015FY, 2015H1, 2016FY, 2016H1, 2017FY, 2017H1, 2018

Order Intake

£1.91 b£914.60 m£2.15 b£1.17 b£2.08 b£915.80 m£1.92 b£1.03 b

Order Volume

£2.51 b£2.48 b£2.95 b£2.70 b

Twelve-month Backlog

£1.13 b£1.30 b£1.37 b

Book-to-bill Ratio

103%104%107%93%

Countries

100 100 100 100
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