Ultra Electronics (ULE.L) Financials

£1.3 B

Mkt cap, 31-Oct-2017

£775.4 M

Revenue FY, 2017
Revenue growth (FY, 2016 - FY, 2017), %(1%)
Gross profit (FY, 2017)230.2 M
Gross profit margin (FY, 2017), %29.7%
Net income (FY, 2017)48.9 M
EBIT (FY, 2017)61.5 M
Cash, 31-Dec-2017149.5 M
EV1.4 B

Revenue/Financials

Income Statement

Annual

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

Revenue

713.7 m726.3 m785.8 m775.4 m

Revenue growth, %

(4%)2%8%(1%)

Cost of goods sold

494.3 m499.5 m536.6 m545.2 m

Gross profit

219.4 m226.8 m249.2 m230.2 m

Gross profit Margin, %

31%31%32%30%

Sales and marketing expense

1.9 m1.6 m1.1 m1.1 m

General and administrative expense

137.7 m143 m144.9 m134.9 m

Operating expense total

195 m162.5 m161.2 m135.9 m

EBIT

39.5 m66.4 m89.7 m61.5 m

EBIT margin, %

6%9%11%8%

Interest expense

18.2 m15.4 m33.7 m13.3 m

Pre tax profit

21.5 m34.8 m67.6 m60.6 m

Income tax expense

15 m9.8 m9.4 m11.7 m

Net Income

6.5 m25 m58.3 m48.9 m

Half Year

GBPH1, 2014H1, 2015H1, 2017H1, 2017

Revenue

341 m331.7 m366.6 m366.4 m

Cost of goods sold

246.2 m

Gross profit

94.8 m

Gross profit Margin, %

28%

Sales and marketing expense

521 k

R&D expense

54 m

Operating expense total

56.4 m

EBIT

4.8 m50.4 m57.7 m57.6 m

EBIT margin, %

1%15%16%16%

Interest expense

5.2 m3 m

Pre tax profit

45.8 m47.4 m52.4 m52.3 m

Income tax expense

8.8 m10.8 m

Net Income

37 m36.6 m

Balance Sheet

Annual

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

Cash

41.3 m45.5 m74.6 m149.5 m

Accounts Receivable

91.6 m92.1 m97.7 m205.6 m

Inventories

73.7 m81.8 m78.2 m76.6 m

Current Assets

308.7 m343.6 m378.2 m443.3 m

PP&E

94.6 m68.2 m66.2 m59.2 m

Goodwill

461.5 m569 m415.6 m394.5 m

Total Assets

864.8 m1 b1.1 b1.1 b

Accounts Payable

92.9 m70.7 m68.3 m215.1 m

Short-term debt

51.8 m

Current Liabilities

268.1 m238 m229.7 m289 m

Long-term debt

170.8 m341 m331.3 m172.2 m

Non-Current Liabilities

279.6 m447.5 m478.1 m282.7 m

Total Debt

170.8 m341 m331.3 m224 m

Total Liabilities

547.7 m685.5 m707.9 m571.6 m

Common Stock

3.5 m3.5 m3.5 m3.9 m

Additional Paid-in Capital

56.1 m61.1 m64 m200.9 m

Retained Earnings

246.1 m238.7 m228 m262.6 m

Total Equity

317.1 m316.8 m363.5 m512.2 m

EPS

0.3 0.4 0.8 0.7

Debt to Equity Ratio

0.5 x1.1 x0.9 x0.4 x

Debt to Assets Ratio

0.2 x0.3 x0.3 x0.2 x

Financial Leverage

2.7 x3.2 x2.9 x2.1 x

Half Year

GBPH1, 2014

Cash

46.1 m

Accounts Receivable

78.5 m

Inventories

64.4 m

Current Assets

349.3 m

PP&E

63.1 m

Goodwill

318.2 m

Total Assets

899.7 m

Accounts Payable

89.9 m

Current Liabilities

279.4 m

Non-Current Liabilities

286 m

Total Liabilities

565.4 m

Common Stock

3.5 m

Additional Paid-in Capital

54.7 m

Retained Earnings

276.2 m

Total Equity

334.3 k

EPS

0.5

Financial Leverage

2.7 k x

Cash Flow

Annual

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

Depreciation and Amortization

43 m45.6 m49.5 m42.2 m

Accounts Receivable

74 m(2.3 m)(339 k)(15.4 m)

Inventories

(4.4 m)6.6 m8.3 m(2.1 m)

Accounts Payable

(57.3 m)(44.4 m)(19 m)24.4 m

Cash From Operating Activities

68.7 m47.8 m92.8 m77.6 m

Purchases of PP&E

8.4 m4.6 m(4.6 m)(7.1 m)

Cash From Investing Activities

(120.4 m)(171.2 m)10 m(12.2 m)

Long-term Borrowings

(68.3 m)(160.5 m)(114.4 m)(169 m)

Dividends Paid

(29.7 m)(31.3 m)(32.6 m)(35 m)

Cash From Financing Activities

63.4 m129.3 m(87 m)14.8 m

Net Change in Cash

11.7 m5.9 m20.8 m80.1 m

Half Year

GBPH1, 2014H1, 2015H1, 2017H1, 2017

Cash From Operating Activities

35.3 m15.8 m38.5 m30.5 m

Purchases of PP&E

(5.1 m)

Cash From Investing Activities

(111.9 m)

Dividends Paid

(20.5 m)

Cash From Financing Activities

93.1 m

Net Change in Cash

16.5 m

Ratios

GBPY, 2017

EV/EBIT

22.2 x

EV/CFO

17.6 x

Revenue/Employee

166.6 k

Debt/Equity

0.4 x

Debt/Assets

0.2 x

Financial Leverage

2.1 x

P/E Ratio

27.7
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Operating Metrics

Ultra Electronics's Backlog was reported to be £897.4m in FY, 2017.
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