Acorn Income

Acorn Income Fund Company Financial Information

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Company name:	Acorn Income
EPIC:	AIF	Trading Currency:	GBX
Market Sector:	SQQ3	ISIN:	GB0004829437
Market Segment:	SSQ3	Share Type:	DE
WWW Address:	http://www.ci.collins-stewart.com/	Description:	ORD 25P
Industry Sector:	GENERAL FINANCIAL

Price	Price Change [%]	Bid	Ask	Open	High	Low	Volume
301.00	0.0 [0.00]	299.00	303.00	301.00	301.00	301.00	13,261
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
26.26	8.72	1.03	12.33	12.00	24.41	3.99	308.50 - 167.50

Acorn Income Fund Key Figures

(at previous day's close)
Market Cap.	26.26	m
Shares In Issue	8.72	m
Prev. Close	301.00
PE Ratio	24.41
Dividend Yield	3.99	%
EPS - basic	12.33	p
Dividend PS	12.00	p
Dividend Cover	1.03
Cash Flow PS	5.86	p
Return On Equity (ROE)	4.72	%
Operating Margin	79.12	%
PEG Factor	0.49
EPS Growth Rate	50.18	%
Dividends PS Growth Rate	71.43	%
Net Debt	11.98	m
Gross Gearing	35.61	%
Quick Assets	1.04	m
Net Working Capital	0.93	m
Intangibles / Fixed Assets	-	%
Turnover PS	15.58	p
Pre-Tax Profit PS	12.33	p
Retained Profit PS	12.33	p
Cash PS	7.09	p
Net Cash PS	5.87	p
Net Tangible Asset Value PS *	261.25	p
Net Asset Value PS	261.25	p
Spread	4.00 (1.32%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Acorn Income Fund Balance Sheet

Acorn Income Fund Share Price

Sample Period ^†	High	Low
1 week	308.50	301.00
4 weeks	308.50	301.00
12 weeks	308.50	263.50
1 year	308.50	167.50

Acorn Income Fund Share Price (5 years)

Acorn Income Fund Historic Returns

Giorni da oggi ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	303.50	-2.50	-0.82	305.95	0.03		306.35
4 weeks	304.00	-3.00	-0.99	304.46	0.03		304.55
12 weeks	266.00	35.00	13.16	290.93	0.04		291.46
26 weeks	226.50	74.50	32.89	266.45	0.03		272.53
1 year	168.75	132.25	78.37	230.54	0.02		256.44
3 years	125.00	176.00	140.80	188.32	0.01		218.34
5 years	133.00	168.00	126.32	151.76	0.01		187.25
† periods calculated are whole weeks rather than calendar months

Acorn Income Fund Key Management Ratios

Acorn Income Fund Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	18.30
PE Ratio	24.41
Tobin's Q Ratio	0.83
Tobin's Q Ratio (excl. intangibles)	0.83
Dividend Yield	3.99	%
Market-to-Book Ratio	1.15
Price-to-Pre-Tax Profit PS	24.42
Price-to-Retained Profit PS	24.42
Price-to-Cash Flow PS	51.40
Price-to-Sales PS	19.32
Price-to-Net Tangible Asset Value PS	1.15
Price-to-Cash PS	42.47
Net Working Capital PS	10.66
Price Pct to Working Capital PS	28.22	%
Earnings Yield	4.10	%
Average PE	17.44
Years in average	5
PE to PE average	140.02	%

Acorn Income Fund Financial Ratios

(Leverage Ratios)
Debt Ratio	35.41	%
Debt-to-Equity Ratio	0.55
Debt-to-Equity Ratio (excl. Intgbl)	0.55
Debt-to-Equity Market Value	0.48
Net Gearing	33.86	%
Net Gearing (excl. Intangibles)	33.86	%
Gross Gearing	35.61	%
Gross Gearing (excl. Intangibles)	35.61	%
Gearing Under 1 Year	0.30	%
Gearing Under 1 Year (excl. Intgbl)	0.30	%
Assets/Equity	1.55
Cash/Equity	2.71
(Liquidity Ratios)
Net Working Capital to Total Assets	2.63	%
Current Ratio	9.75
Quick Ratio (Acid Test)	9.75
Liquidity Ratio	5.81
Cash & Equiv/Current Assets	59.64	%
(Solvency Ratios)
Enterprise Value	38.14	m
CFO/Sales	0.38
CFO/Attributable Profit	0.48
CFO/Assets	0.01
CFO/Debt	0.04
Total Debt/Equity Market Value	0.48
Total Debt/Sales	9.27
Total Debt/Pre-Tax Profit	11.72
Total Debt	12.60	m
Total Debt/Net Current Assets	13.55	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	24.30	%
5 yr Compound Earnings Growth	1.89	%
10 yr Compound Earnings Growth	3.24	%
Earn drops > 5% in 10yrs	7

Beta (60-Mnth)	Beta (36-Mnth)
1.0282	0.9398

Alpha (60-Mnth)	Alpha (36-Mnth)
0.0149	0.0204

Acorn Income Fund Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	3.05	%
Return On Assets (ROA)	3.38	%
Net Profit Margin	79.12	%
Assets Turnover	0.04
Return On Equity (ROE)	4.72	%
Return On Investment (ROI)	3.41	%
Dividend Payout Ratio	97.32	%
Plowback Ratio	2.68	%
Growth from Plowback Ratio	0.15	%
Net Income Of Revenues	79.12	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.07
Fixed Assets Turnover	0.05
Current Assets Turnover	0.38
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	23.41
Debtors-to-Sales	28.70	%
Debt Collection Period	104.75	Days

Acorn Income Fund Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
02 May 2013	Interim	GBX	2.00	12/31/2012	12/31/2013	05/15/2013	05/17/2013	06/28/2013	-
22 Feb 2013	Interim	GBX	3.00	12/31/2012	12/31/2013	03/06/2013	03/08/2013	04/02/2013	-
19 Nov 2012	Final	GBX	3.00	12/31/2011	12/31/2012	11/28/2012	11/30/2012	12/31/2012	12.00
22 Aug 2012	Interim	GBX	3.00	12/31/2011	12/31/2012	08/29/2012	08/31/2012	09/28/2012	-
28 May 2012	Interim	GBX	3.00	12/31/2011	12/31/2012	06/06/2012	06/08/2012	06/29/2012	-
14 Feb 2012	Interim	GBX	3.00	12/31/2011	12/31/2012	02/29/2012	03/02/2012	03/30/2012	-
17 Nov 2011	Final	GBX	1.75	12/31/2010	12/31/2011	11/23/2011	11/25/2011	12/23/2011	7.00
31 Aug 2011	Interim	GBX	1.75	12/31/2010	12/31/2011	09/07/2011	09/09/2011	09/30/2011	-
08 Jun 2011	Interim	GBX	1.75	12/31/2010	12/31/2011	06/15/2011	06/17/2011	06/30/2011	-
11 Mar 2011	Interim	GBX	1.75	12/31/2010	12/31/2011	03/23/2011	03/25/2011	03/31/2011	-
02 Nov 2010	Final	GBX	1.75	12/31/2009	12/31/2010	11/10/2010	11/12/2010	12/23/2010	6.25
01 Sep 2010	Interim	GBX	1.50	12/31/2009	12/31/2010	09/08/2010	09/10/2010	09/30/2010	-
07 Jun 2010	Interim	GBX	1.50	12/31/2009	12/31/2010	06/16/2010	06/18/2010	06/30/2010	-
22 Feb 2010	Interim	GBX	1.50	12/31/2009	12/31/2010	06/16/2010	06/18/2010	06/30/2010	-
04 Nov 2009	Final	GBX	1.50	12/31/2008	12/31/2009	11/11/2009	11/13/2009	12/23/2009	6.00
26 Aug 2009	Interim	GBX	1.50	12/31/2008	12/31/2009	09/02/2009	09/04/2009	09/30/2009	-
23 Apr 2009	Interim	GBX	1.50	12/31/2008	12/31/2009	04/29/2009	05/01/2009	06/16/2009	-
13 Feb 2009	Interim	GBX	1.50	12/31/2008	12/31/2009	02/25/2009	02/27/2009	03/31/2009	-
28 Apr 2008	Final	GBX	2.00	12/31/2006	12/31/2007	12/19/2007	12/19/2007	12/28/2007	8.00
17 Apr 2007	Special	GBX	1.00	12/31/2005	12/31/2006	-	-	-	-
17 Apr 2007	Final	GBX	-	12/31/2005	12/31/2006	-	-	-	8.00
06 Dec 2006	Interim	GBX	2.00	12/31/2005	12/31/2006	12/13/2006	12/15/2006	12/22/2006	-
11 Sep 2006	Interim	GBX	2.00	12/31/2005	12/31/2006	09/20/2006	09/22/2006	09/29/2006	-
05 Jun 2006	Interim	GBX	2.00	12/31/2005	12/31/2006	06/21/2006	06/23/2006	06/30/2006	-
10 Mar 2006	Interim	GBX	2.00	12/31/2005	12/31/2006	03/22/2006	03/24/2006	03/31/2006	-
06 Dec 2005	Final	GBX	2.00	12/31/2004	12/31/2005	12/14/2005	12/16/2005	12/23/2005	8.00
06 Dec 2005	Special	GBX	1.00	12/31/2004	12/31/2005	12/14/2005	12/16/2005	12/23/2005	-
13 Sep 2005	Interim	GBX	2.00	12/31/2004	12/31/2005	09/21/2005	09/23/2005	09/29/2005	-
13 Jun 2005	Interim	GBX	2.00	12/31/2004	12/31/2005	06/22/2005	06/24/2005	06/30/2005	-
10 Mar 2005	Interim	GBX	2.00	12/31/2004	12/31/2005	03/16/2005	03/18/2005	03/24/2005	-
08 Dec 2004	Final	GBX	2.00	12/31/2003	12/31/2004	12/12/2004	12/16/2004	12/24/2004	8.00
13 Sep 2004	Interim	GBX	2.00	12/31/2003	12/31/2004	09/22/2004	09/24/2004	09/30/2004	-
09 Jun 2004	Interim	GBX	2.00	12/31/2003	12/31/2004	06/16/2004	06/18/2004	06/25/2004	-
10 Mar 2004	Interim	GBX	2.00	12/31/2003	12/31/2004	03/17/2004	03/19/2004	03/26/2004	-
08 Dec 2003	Final	GBX	2.00	12/31/2002	12/31/2003	12/17/2003	12/19/2003	12/24/2003	7.00
08 Sep 2003	Special	GBX	2.00	12/31/2002	12/31/2003	10/15/2003	10/17/2003	10/25/2003	-
08 Sep 2003	Interim	GBX	2.00	12/31/2002	12/31/2003	09/17/2003	09/19/2003	09/24/2003	-
10 Jun 2003	Interim	GBX	1.50	12/31/2002	12/31/2003	06/18/2003	06/20/2003	06/25/2003	-
05 Mar 2003	Interim	GBX	1.50	12/31/2002	12/31/2003	03/12/2003	03/14/2003	03/26/2003	-
05 Dec 2002	Final	GBX	3.00	12/31/2001	12/31/2002	12/11/2002	12/13/2002	12/18/2002	12.00
09 Sep 2002	Interim	GBX	3.00	12/31/2001	12/31/2002	09/18/2002	09/20/2002	09/25/2002	-
10 Jun 2002	Interim	GBX	3.00	12/31/2001	12/31/2002	06/19/2002	06/21/2002	06/26/2002	-
04 Mar 2002	Interim	GBX	3.00	12/31/2001	12/31/2002	03/13/2002	03/15/2002	03/27/2002	-
06 Dec 2001	Final	GBX	3.25	12/31/2000	12/31/2001	12/12/2001	12/14/2001	12/19/2001	12.00
10 Sep 2001	Interim	GBX	3.25	12/31/2000	12/31/2001	09/19/2001	09/21/2001	09/26/2001	-
11 Jun 2001	Interim	GBX	2.75	12/31/2000	12/31/2001	06/20/2001	06/22/2001	06/27/2001	-
08 Mar 2001	Interim	GBX	2.75	12/31/2000	12/31/2001	03/14/2001	03/16/2001	03/27/2001	-
27 Nov 2000	Final	GBX	3.00	12/31/1999	12/31/2000	12/04/2000	12/08/2000	12/13/2000	11.00
11 Sep 2000	Interim	GBX	3.00	12/31/1999	12/31/2000	09/18/2000	09/22/2000	09/27/2000	-
09 Jun 2000	Interim	GBX	2.50	12/31/1999	12/31/2000	06/19/2000	06/23/2000	06/28/2000	-
21 Mar 2000	Interim	GBX	2.50	12/31/1999	12/31/2000	03/27/2000	03/31/2000	04/05/2000	-
08 Feb 2000	Final	GBX	2.50	12/31/1998	12/31/1999	02/14/2000	02/18/2000	02/23/2000	8.50

Acorn Income Fund Fundamentals

	31 Dec 2009 (GBP)		31 Dec 2010 (GBP)		31 Dec 2011 (GBP)		31 Dec 2012 (GBP)
turnover	0.84	-	0.83	-	1.00	100.00%	1.36	100.00%	m
pre tax profit	0.60	-	0.57	-	0.75	74.73%	1.08	79.12%	m
attributable profit	0.60	-	0.57	-	0.72	71.69%	1.08	79.12%	m
retained profit	0.07	-	0.01	-	0.72	71.69%	1.08	79.12%	m
eps - basic	6.73		6.42		8.21		12.33
eps - diluted	6.73		6.42		8.21		12.33
dividends per share	6.00		6.25		7.00		12.00

Acorn Income Fund Balance Sheet

	31 Dec 2009 (GBP)		31 Dec 2010 (GBP)		31 Dec 2011 (GBP)		31 Dec 2012 (GBP)


	31 Dec 2009 (GBP)		31 Dec 2010 (GBP)		31 Dec 2011 (GBP)		31 Dec 2012 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	16.35	91.82%	20.71	96.02%	22.07	78.09%	34.36	97.07%	m
current assets - other	0.11	0.61%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	0.39	2.18%	0.31	1.43%	0.36	1.28%	0.42	1.18%	m
cash & securities	0.96	5.39%	0.55	2.55%	5.83	20.63%	0.62	1.75%	m

TOTAL	17.80	100%	21.57	100%	28.26	100%	35.40	100%	m

LIABILITIES
creditors - short	0.07	0.41%	0.11	0.52%	0.38	1.35%	0.11	0.30%	m
creditors - long	6.00	33.70%	4.35	20.16%	11.64	41.18%	12.50	35.31%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	6.07	34.11%	4.46	20.69%	12.02	42.53%	12.60	35.61%	m

EQUITY
ord cap, reserves	11.73	65.89%	17.11	79.31%	16.24	57.47%	22.79	64.39%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	11.73	65.89%	17.11	79.31%	16.24	57.47%	22.79	64.39%	m

OTHER
NAV Basic	131.22		194.98		186.12		261.25
NAV Diluted	131.22		194.98		186.12		261.25

Acorn Income Fund Cash Flow Statement

	31 Dec 2009 (GBP)	31 Dec 2010 (GBP)	31 Dec 2011 (GBP)	31 Dec 2012 (GBP)
Operating CF	0.38	0.58	0.47	0.51	m
Pre-Financing CF	-0.67	2.08	-1.18	-4.17	m
Retained CF	0.31	-0.41	5.28	-5.21	m

Acorn Income Fund Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MMF)	Broker/Dealer	RBSM	ABNAGB22
Canaccord Genuity Limited	Market Maker(MMF)	Broker/Dealer	CANA	HOARGB21001
Collins Stewart Europe Limited	Market Maker(MMF)	Broker/Dealer	CSCS	CSTEGB21
Fairfax I.S. PLC	Market Maker(MMF)	Broker/Dealer	FFAX	FRFXGB21001
UBS AG	Market Maker(MMF)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MMF)	Broker/Dealer	WINS	WNTSGB2LBIC

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