On Friday 07 May 2004 20:32, robert holtzman wrote:
> On Fri, 7 May 2004, Michael Havens wrote:
> > Advise from a broker (cost me $80!):
> > Star Gas (sgu)
>
> There's always a reason for yields that high...usually because it's a
> crappy stock.
YOuy know, that got me to thinking that perhaps they are offering such a high
divedend because an investment was star gas but right now I am reafing a S&P
report and they say that institutional holdings are at 3% so I do not believe
that is the case. Yea.... standard and poor recommend: avoid.
but amerigas (APU) gives a 55 cent divedend and right now I'm waiting for the
S&P report but it costs 27/sh whereas united utilities(UU) costs around 20/sh
and pays out 53 cents. Further, their balance sheet says that they have no
long term debt and no short term debt and they have no deferred income taxes
(I think that means theyu pay their taxes). If I remember correctly that is a
very good sign. However, their Total Non-Current Liabilities are 7,941.5M.
What in the world are Total Non-Current Liabilities?
They OWWN much more than tey owe. I think that this is a good investment.
Comments? (please comment before I make a mistake)
--
<:-)Mike(-:>
1-
UNITED UTILITIES PLC
Company Financials
Latest Quarter Balance Sheet ($mil)
09/03
09/02
% Change
Assets
Current Assets
Cash and Equivalents
52.0
43.9
18.45
Receivables
844.4
698.2
20.94
Inventories
41.4
17.7
133.89
Other Current Assets
1,590.0
744.4
113.61
Total Current Assets
2,528.0
1,504.1
68.06
Non-Current Assets
Gross Fixed Assets
17,143.3
15,004.2
14.26
Accum. Deprec. & Depletion
4,836.7
4,339.0
11.47
Net Fixed Assets (Net PP&E)
12,306.5
10,665.2
15.39
Intangibles
109.4
102.8
6.42
Other Non-Current Assets
102.0
100.0
2.10
Total Non-Current Assets
12,518.0
10,868.0
15.18
Total Assets
15,046.0
12,372.2
21.61
Liabilities & Stockholder's Equity
Current Liabilities
Accounts Payable
1,931.8
2,153.6
(10.30)
Short Term Debt
0.0
0.0
NA
Other Current Liabilities
0.0
0.0
NA
Total Current Liabilities
1,931.8
2,153.6
(10.30)
Non-Current Liabilities
Long Term Debt
0.0
5,702.2
(100.00)
Deferred Income Taxes
0.0
473.7
(100.00)
Other Non-Current Liabilities
7,910.3
12.9
61,220.92
Minority Interest
31.1
25.2
23.41
Total Non-Current Liabilities
7,941.5
6,214.1
27.79
Total Liabilities
9,873.2
8,367.7
17.99
Shareholder Equity
Preferred Stock Equity
0.0
0.0
NA
Common Stock Equity
5,172.6
4,004.5
29.17
Retained Earnings
2,288.3
2,079.8
10.03
Total Equity
5,172.6
4,004.5
29.17
Total Liabilities & Equity
15,045.9
12,372.2
21.61
Shares Related
Total Common Shares Outstanding
307.0
278.0
10.46
Preferred Shares
0.0
0.0
NA
Treasury Shares
0.0
0.0
NA
Latest Quarter Income Statement ($mil)
09/03
09/02
% Change
Operating Revenue
832.4
699.9
18.93
Cost of Sales
448.5
375.2
19.50
Gross Operating Profit
383.8
324.6
18.27
Selling, Gen. & Admin. Expense
0.0
0.0
NA
Other Taxes
0.0
0.0
NA
EBITDA
383.8
324.6
18.27
Depreciation & Amortization
151.6
136.8
10.89
Operating Income After Depreciation
232.1
187.8
23.64
Other Income, Net
6.2
31.6
(80.37)
EBIT
238.3
219.3
8.66
Interest Expense
99.6
89.5
11.40
Minority Interest
0.8
0.9
(11.11)
Pre-tax Income (EBT)
138.6
129.8
6.77
Income Taxes
(7.9)
29.0
(127.24)
Special Income/Charges
0.0
0.0
NA
Net Income fr Continuing Ops
145.6
100.0
45.70
Net Income fr Discontinued Ops
0.0
0.0
NA
Extraordinary Income /Losses
0.0
0.0
NA
Net Income fr Total Operations
145.6
100.0
45.70
Income fr Cum. Effect of Acct. Chg
0.0
0.0
NA
Income fr Tax Losses Carryforward
0.0
0.0
NA
Other Gains (Losses)
0.0
0.0
NA
Total Net Income
145.6
100.0
45.70
Earnings and Distributions
Basic EPS fr Continuing Ops
0.47
0.36
30.55
Basic EPS fr Tax Loss Carryf'd.
0.00
0.00
NA
Basic EPS, Total
0.47
0.36
30.55
Diluted EPS fr Continuing Ops
0.47
0.36
30.55
Diluted EPS fr Tax Loss Carryf'd.
0.00
0.00
NA
Diluted EPS, Total
0.47
0.36
30.55
Dividends Paid per Share
1.05
0.00
NA
Preferred Dividends
0.0
0.0
NA
Annual Balance Sheet ($mil)
03/03
03/02
03/01
03/00
Assets
Current Assets
Cash & Equivalents
60.7
26.9
71.9
48.5
Receivables
360.7
390.2
618.0
775.2
Inventories
32.5
23.5
25.5
19.9
Other Current Assets
1,402.5
755.9
574.5
102.3
Total Current Assets
1,856.8
1,196.5
1,289.8
946.2
Non-Current Assets
Gross Fixed Assets (Plant, Prop. & Equip.)
16,037.5
13,467.0
12,700.5
13,673.0
Accumulated Depreciation & Depletion
4,836.7
3,945.3
3,649.5
3,808.8
Net Fixed Assets (Net PP&E)
11,200.7
9,521.7
9,051.0
9,864.0
Intangibles
109.4
115.6
125.5
19.0
Other Non-Current Assets
94.1
119.0
170.3
158.8
Total Non-Current Assets
11,404.4
9,756.4
9,347.0
10,042.0
Total Assets
13,261.0
10,953.0
10,636.9
10,988.0
Inventory Valuation Method
Other
Other
Other
Other
Liabilities, Stockholder's Equity, & Shares
Current Liabilities
Accounts Payable
96.6
102.8
52.0
196.3
Short Term Debt
477.3
336.2
564.0
1,144.9
Other Current Liabilities
1,676.5
1,476.9
1,564.4
1,411.4
Total Current Liabilities
2,250.6
1,915.9
2,180.5
2,752.6
Long Term Debt
5,944.1
4,957.5
4,027.1
3,508.5
Deferred Income Taxes
530.4
0.0
0.0
0.0
Other Non-Current Liabilities
504.0
443.0
397.8
715.7
Minority Interest
28.0
21.7
20.6
0.0
Total Non-Current Liabilities
7,006.5
5,422.2
4,445.7
4,224.2
Total Liabilities
9,257.0
7,338.1
6,626.2
6,976.8
Shareholder Equity
Preferred Stock Equity
0.0
0.0
0.0
0.0
Common Stock Equity
4,004.1
3,615.0
4,010.6
4,011.1
Retained Earnings
2,058.8
1,865.4
2,296.3
2,106.1
Total Equity
4,004.1
3,615.0
4,010.6
4,011.1
Total Liabilities & Equity
13,261.2
10,953.0
10,636.9
10,988.0
Shares Related
Total Common Shares
278.26
277.97
275.67
275.26
Preferred Shares
0.00
0.00
0.00
0.00
Treasury Shares
0.00
0.00
0.00
0.00
Revenue ($M)
Earnings Per Share ($)
Cash Flow ($)
Annual Income Statement ($mil)
03/03
03/02
03/01
03/00
Operating Revenue (Revenue/Sales)
2,969.3
2,552.6
2,406.1
3,754.5
Cost of Sales
713.0
605.5
1,238.0
1,396.0
Gross Operating Profit
2,256.1
1,947.1
1,168.1
2,358.3
Selling, Gen. & Admin. Expense
863.4
736.4
0.0
834.4
Other Taxes
0.0
0.0
0.0
0.0
EBITDA
1,392.8
1,210.8
1,168.1
1,524.0
Depreciation & Amortization
564.0
462.7
454.2
427.3
Operating Income After Depreciation
828.7
748.0
713.9
1,096.5
Other Income, Net
88.0
20.0
285.6
26.7
EBIT
924.2
768.0
999.5
1,074.0
Interest Expense
406.6
328.7
312.2
341.8
Minority Interest
3.6
2.3
0.0
0.0
Pre-tax Income (EBT)
517.5
439.2
687.2
732.0
Income Taxes
74.9
59.2
83.1
2.2
Special Income/Charges
7.4
0.0
0.0
(49.4)
Net Income fr Continuing Ops
439.0
377.7
604.0
729.7
Net Income fr Discontinued Ops
0.0
0.0
0.0
0.0
Extraordinary Income/Losses
0.0
0.0
0.0
0.0
Net Income fr Total Operations
439.0
377.7
604.0
729.7
Income fr Cum. Effect of Acct Chg
0.0
0.0
0.0
0.0
Income fr Tax Loss Carryf'd
0.0
0.0
0.0
0.0
Other Gains (Losses)
0.0
0.0
0.0
0.0
Total Net Income
439.0
377.7
604.0
729.7
Earnings and Distributions
Basic EPS fr Continuing Ops
1.58
1.37
1.16
2.65
Basic EPS fr Tax Loss Carryf'd
0.00
0.00
0.00
0.00
Basic EPS, Total
1.58
1.37
2.04
2.65
Diluted EPS fr Continuing Ops
1.57
1.36
1.16
2.64
Diluted EPS fr Tax Loss Carryf'd
0.00
0.00
0.00
0.00
Diluted EPS, Total
1.57
1.36
2.03
2.64
Dividends Paid per Share
0.57
1.46
1.48
2.60
Preferred Dividends
0.0
0.0
361.2
0.0
Annual Cash Flow ($mil)
03/03
03/02
03/01
03/00
Operating Activities
Net Income (Loss)
806.0
765.0
737.5
729.7
Depreciation & Amortization
564.0
462.7
454.2
427.3
Deferred Income Taxes
0.0
0.0
0.0
0.0
Operating (Gains) Losses
28.0
(324.3)
0.7
(1.1)
Extraordinary (Gains) Losses
0.0
0.0
0.0
0.0
Other Non-Cash Items
(341.5)
0.0
0.0
(54.7)
Changes in Working Capital
(Incr) Decrease in Receivables
(34.5)
4.8
(93.3)
9.9
(Incr) Decrease in Inventories
(18.6)
4.4
(8.6)
(1.0)
(Incr) Decrease in Other Curr. Assets
0.0
0.0
0.0
0.0
(Decr) Increase in Payables
0.9
(64.3)
104.6
(65.8)
(Decr) Increase in Other Curr. Liabs
0.0
(24.2)
(1.1)
0.0
Net Cash fr Cont. Ops
1,004.2
824.0
1,194.1
1,044.3
Net Cash fr Discont. Ops
0.0
0.0
0.0
0.0
Net Cash fr Operating Activities
1,004.2
824.0
1,194.1
1,044.3
Investing Activities
Cash Provided by
Sale of Property, Plant, & Equipment
23.9
17.4
50.5
11.0
Sale of Short Term Investments
12.3
18.2
4.8
0.0
Cash Used for
Purchase of Property, Plant, & Equipment
(1,142.6)
(874.9)
(564.5)
(1,086.0)
Purchase of Short Term Investments
(0.6)
0.0
(9.4)
0.0
Other Investing Changes Net
9.0
(10.0)
(271.8)
27.1
Net Cash fr Investing Activities
(1,098.1)
(849.2)
(790.5)
(1,048.0)
Financing Activities
Cash Provided by
Issuance of Debt
964.7
288.1
450.8
501.1
Issuance of Capital Stock
5.2
25.7
19.7
5.7
Cash Used for
Repayment of Long Term Debt
0.0
0.0
0.0
0.0
Repurchase of Capital Stock
0.0
0.0
0.0
0.0
Payment of Cash Dividends
(414.1)
(365.0)
(354.5)
(717.2)
Other Financing Charges, Net
(445.7)
19.1
(483.5)
(4.9)
Net Cash fr Financing Activities
110.3
(32.2)
(367.3)
(215.3)
Effect of Exchange Rate Changes
0.0
0.0
0.0
0.0
Net Change in Cash & Cash Eqivalents
16.2
(57.2)
36.2
(218.8)
Cash at Beginning of Period
44.5
84.1
71.9
267.5
Financial Ratios
Gross Margin (%)
Return on Equity
Debt to Equity
Profitability Ratios
03/03
03/02
03/01
03/00
Ind. Avg.
(12/03)
Return on Equity (ROE)
11.0
10.4
15.1
18.2
9.0
Return on Assets (ROA)
3.3
3.4
5.7
6.6
2.0
Return on Invested Capital
4.4
4.4
7.5
9.7
3.5
Pre-Tax Profit Margin %
17.4
17.2
28.6
19.5
8.3
Post-Tax Profit Margin %
14.8
14.8
25.1
19.4
5.4
Net Profit Margin %
14.8
14.8
25.1
19.4
4.9
Valuation Ratios
03/03
03/02
03/01
03/00
Ind. Avg.
(12/03)
Price/Book
1.32
1.37
1.21
1.45
1.74
Price/Earnings
12.1
13.1
15.3
8.0
17.2
Price/Revenue
1.78
1.94
2.02
1.55
0.94
Price/Cash Flow
5.3
5.9
7.0
5.0
7.0
Book Value per Share
14.39
13.00
14.55
14.57
16.60
Operating Ratios
03/03
03/02
03/01
03/00
Ind. Avg.
(12/03)
Asset Turnover
0.2
0.2
0.2
0.3
0.4
Inventory Turnover
25.4
24.7
54.5
71.4
14.3
Effective Tax Rate
14.5
13.5
12.1
0.3
34.0
Receivables Turnover
7.9
5.1
3.5
4.9
6.5
Receivables per Day Sales
43.74
55.02
92.45
74.33
53.34
Liquidity Ratios
03/03
03/02
03/01
03/00
Ind. Avg.
(12/03)
Current Ratio
0.8
0.6
0.6
0.3
1.1
Quick Ratio
0.7
0.5
0.6
0.3
0.6
Debt/Equity
1.48
1.37
1.00
0.87
1.55
Leverage Ratio
3.3
3.0
2.7
2.7
4.6
Interest Coverage fr. Cont Ops
2.3
2.3
3.2
3.1
2.2
Other Key Ratios
03/03
03/02
03/01
03/00
Ind. Avg.
(12/03)
Revenue per $ Cash
48.84
94.90
33.47
77.25
14.51
Revenue per $ Plant, Property & Equip.
0.27
0.27
0.27
0.38
0.69
Revenue per Common Equity
0.74
0.71
0.60
0.94
1.85
Inventory as a % of Revenue
1.1
0.9
1.1
0.5
5.1
Sales per $ Inventory
91.08
108.62
94.36
188.66
19.43
Sales per $ Receivables
8.23
6.54
3.89
4.84
6.75
# of Days Cost of Goods in Inventory
14
15
7
5
25
Data Provided by Thomson
© Copyright 2004 Thomson
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