£1 B

Morgan Advanced Materials Revenue FY, 2017
Morgan Advanced Materials Revenue growth (FY, 2016 - FY, 2017), %3%
Morgan Advanced Materials Net income (FY, 2017)113.9 M
Morgan Advanced Materials EBITDA (FY, 2017)196 M
Morgan Advanced Materials EBIT (FY, 2017)158.1 M
Morgan Advanced Materials Cash, 31-Dec-201750.4 M
Morgan Advanced Materials EV1.1 B

Morgan Advanced Materials Revenue Breakdown

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Morgan Advanced Materials revenue breakdown by business segment: 14.2% from Electrical Carbon, 42.9% from Thermal Products Division, 38.6% from Thermal Ceramics and 4.3% from Other

Morgan Advanced Materials revenue breakdown by geographic segment: 36.2% from USA, 18.9% from Other Asia, Australasia, Middle East and Africa, 13.9% from Other Europe, 6.8% from Germany, 9.1% from China, 5.6% from UK (the Group’s country of domicile) and 9.5% from Other

Morgan Advanced Materials Income Statement

Annual

GBPFY, 1996FY, 1997FY, 1998FY, 1999FY, 2000FY, 2001FY, 2002FY, 2003FY, 2004FY, 2005FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

897.5m890.7m900.4m862.4m1.1b1.0b880.3m849.6m795.9m745.7m677.8m693.2m835.0m942.6m1.0b1.1b957.8m921.7m911.8m989.2m1.0b

Revenue growth, %

(1%)1%(4%)22%(3%)(14%)(3%)(6%)(6%)2%20%13%8%8%(13%)(4%)(1%)8%3%

Operating expense total

787.3m773.4m798.4m793.7m952.5m967.9m911.2m881.8m807.3m712.1m622.6m615.9m740.0m881.9m923.5m967.8m868.2m867.4m828.9m881.9m863.4m

EBITDA

81.1m102.6m125.8m108.4m133.9m172.9m127.2m120.3m117.1m141.1m196.0m

EBITDA margin, %

12%15%15%12%13%16%13%13%13%14%19%

EBIT

110.2m117.3m102.0m68.7m98.6m56.6m(30.9m)(32.2m)(11.4m)33.6m55.2m77.3m95.0m60.7m93.6m133.2m89.6m54.3m82.9m107.3m158.1m

EBIT margin, %

12%13%11%8%9%6%(4%)(4%)(1%)5%8%11%11%6%9%12%9%6%9%11%15%

Pre tax profit

100.2m112.1m33.9m94.2m92.6m19.8m(58.7m)(78.0m)(78.4m)20.4m50.3m71.7m82.8m31.4m67.7m111.4m64.0m31.5m59.0m87.9m135.8m

Income tax expense

(31.0m)(34.2m)(29.0m)(32.7m)(30.5m)(12.5m)500.0k2.4m(2.9m)(8.8m)(10.6m)(15.2m)(20.1m)(8.7m)(19.7m)(32.6m)(19.3m)(19.2m)(20.9m)(29.4m)(21.9m)

Net Income

69.2m77.9m4.9m61.5m62.1m7.3m(58.2m)(75.6m)(81.3m)11.6m39.7m56.5m62.7m22.7m48.0m78.8m44.7m12.3m38.1m58.5m113.9m

Morgan Advanced Materials Balance Sheet

Annual

GBPFY, 1996FY, 1997FY, 1998FY, 1999FY, 2000FY, 2001FY, 2002FY, 2003FY, 2004FY, 2005FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

104.9m116.4m108.5m191.7m93.6m72.7m60.5m57.9m56.3m160.0m97.4m108.0m154.5m107.6m85.0m83.4m76.0m63.0m49.8m122.4m50.4m

Accounts Receivable

146.5m160.7m164.9m174.1m192.7m171.9m162.2m150.6m134.1m140.8m100.0k164.5m144.5m160.7m169.8m167.5m170.5m155.9m184.5m174.7m

Inventories

118.6m127.8m145.7m189.9m196.4m185.0m156.6m131.5m121.3m77.8m84.9m97.7m143.9m146.3m161.0m166.6m118.9m126.6m129.2m148.2m141.8m

Current Assets

426.7m465.8m475.5m613.3m542.8m480.9m428.2m396.1m367.0m378.7m318.3m345.5m494.9m421.6m431.4m446.9m384.8m394.0m355.4m478.4m393.8m

PP&E

352.2m389.0m440.6m495.4m511.9m513.4m440.8m392.6m331.9m269.1m230.2m246.6m319.6m276.2m269.2m259.8m241.4m241.0m256.7m303.7m297.8m

Goodwill

249.5m235.3m229.8m240.4m

Total Assets

778.9m854.8m941.0m1.2b1.2b1.1b999.5m900.9m792.7m694.4m652.1m737.2m1.1b1.0b1.0b1.0b911.9m889.0m857.0m1.0b929.7m

Accounts Payable

73.0m85.2m90.6m88.4m102.0m80.2m77.2m68.1m65.8m64.3m93.9m96.6m265.4m251.3m300.0k500.0k95.6m200.0k300.0k

Current Liabilities

273.9m326.7m337.3m324.8m400.8m321.6m331.5m253.1m250.5m284.5m274.3m271.1m305.0m285.1m300.4m286.8m252.0m250.8m204.1m386.8m264.7m

Non-Current Liabilities

213.1m249.1m287.6m477.1m319.5m379.0m327.9m397.6m312.5m227.6m191.1m289.9m595.9m571.5m517.8m525.2m421.8m487.0m503.1m531.7m469.8m

Total Debt

58.2m71.8m80.9m4.4m3.2m3.0m600.0k800.0k52.2m38.3m34.6m21.2m2.1m4.5m5.3m61.0m160.9m39.0m

Total Liabilities

487.0m575.8m624.9m801.9m720.3m700.6m659.4m650.7m563.0m512.1m465.4m561.0m900.9m856.6m818.2m812.0m673.8m737.8m707.2m918.5m734.5m

Additional Paid-in Capital

87.3m87.5m88.2m88.2m88.3m88.3m88.3m60.3m74.8m75.5m73.7m69.5m67.9m67.9m68.5m68.7m71.8m71.8m71.8m71.8m71.8m

Retained Earnings

32.3m29.7m(34.0m)21.7m21.4m(13.4m)(61.5m)(78.2m)(83.1m)51.9m29.5m33.9m42.5m9.3m23.6m52.1m44.7m(27.2m)(1.3m)16.7m66.4m

Total Equity

291.9m279.0m316.1m414.7m447.0m432.1m340.1m250.2m229.7m182.3m186.7m176.2m177.8m184.6m215.0m229.4m238.1m151.2m149.8m120.8m195.2m

Debt to Equity Ratio

0.2 x0.3 x0.3 x0 x0 x0 x0 x0 x0.3 x0.2 x0.2 x0.1 x0 x0 x0 x0.3 x1.3 x0.2 x

Debt to Assets Ratio

0.1 x0.1 x0.1 x0 x0 x0 x0 x0 x0.1 x0.1 x0 x0 x0 x0 x0 x0.1 x0.2 x0 x

Financial Leverage

2.7 x3.1 x3 x2.9 x2.6 x2.6 x2.9 x3.6 x3.5 x3.8 x3.5 x4.2 x6.1 x5.6 x4.8 x4.5 x3.8 x5.9 x5.7 x8.6 x4.8 x

Morgan Advanced Materials Cash Flow

Annual

GBPFY, 1996FY, 1997FY, 1998FY, 1999FY, 2000FY, 2001FY, 2002FY, 2003FY, 2004FY, 2005FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

69.2m77.9m4.9m61.5m62.1m7.3m(58.2m)(75.6m)(81.3m)11.6m39.7m56.5m62.7m22.7m48.0m78.8m44.7m12.3m38.1m58.5m113.9m

Cash From Operating Activities

140.2m147.8m126.4m101.9m114.8m109.4m75.2m45.3m66.7m48.5m(21.9m)53.1m50.5m64.9m90.5m81.7m69.8m70.3m90.6m84.2m59.4m

Dividends Paid

35.4m37.6m39.1m39.0m39.0m19.3m2.1m1.2m7.4m18.7m20.2m13.4m18.9m20.9m35.0m35.2m35.6m41.2m

Cash From Financing Activities

77.6m39.4m28.6m79.3m(120.2m)43.2m(27.0m)(24.3m)(47.4m)(128.2m)5.3m35.7m96.0m(48.2m)(63.7m)(46.4m)(40.3m)(32.6m)(46.8m)27.3m(156.0m)

Net Change in Cash

9.6m14.8m100.0k16.1m19.9m4.9m7.7m9.9m600.0k75.3m(56.9m)13.7m33.0m(26.7m)(25.8m)(3.1m)1.0m(13.2m)(12.9m)64.1m(61.4m)

Income Taxes Paid

(19.3m)(19.2m)(20.9m)(29.4m)

Morgan Advanced Materials Ratios

GBPY, 2017

EV/EBITDA

5.9 x

EV/EBIT

7.3 x

EV/CFO

19.3 x

Revenue/Employee

115.2k

Debt/Equity

0.2 x

Financial Leverage

4.8 x
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