Cockpit
Statements
Bonus Index Final Results 2009 - United Kingdom
In the current Obermatt Bonus Index of the FTSE 100, 42 executive boards of the FTSE 100 companies have managed to beat their global competitors. In other words, about 45% of UK listed companies have outperformed their international competitors in 2009. In comparison, only about 35% of the SMI/SPI companies listed in Switzerland and 25% of the DAX 100 companies listed in Germany outperformed their global peers.
Burberry, followed by British American Tobacco, the satellite communication company Inmarsat, the aerospace and defense company Cobham, the construction and chemical engineering company Petrofac, the specialty pharmaceuticals producer Shire and consumer goods company Reckitt Benckiser have performed best during the most serious economic crisis in decades and Obermatt gave them a Bonus Rating of H+ or H which qualifies for a High Bonus payment.
Top 10 rank was also achieved by the utility company United Utilities, the oil company BP and the communications services provider WPP with Bonus Ratings of A+. An A+ and A Bonus Rating justifies an Above Average Bonus payment according to the Obermatt Bonus Index. Other above average results were achieved by companies such as Serco, a business service provider, Imperial Tobacco, GlaxoSmithKline and insurer Old Mutual (all A+) or Aerospace & Defense companies Rolls Royce and BAE Systems (both A).
The best ranked banks are Standard Chartered and Lloyds with a Bonus Rating of A+ and M respectively. The best rank insurers besides Old Mutual are Legal & General (A+) and ING (M). A M Bonus Rating qualifies for an Median Bonus payment.
At the other end of the spectrum companies such as the telecommunications service provider Vodafone (M-), the banks Barclays and HSBC (both B-) and mining company Anglo American (L) underperformed compared with the global peers in their respective industries in 2009. B and L Bonus Ratings justify a Below Average Bonus and Low Bonus payment respectively.
Results sorted by Bonus Multiplier
see list sorted alphabetically
see Bonus Index method
| Bonus Rating |
Bonus Multiplier |
Company Name | Ranked by Metric | Metric Value | Operating Index |
Operating Alpha |
Operating Rank |
Number of Peers |
| H+ | 1.9 | Burberry | EBITDA | 11.80% | 1.10% | 10.70% | 94% | 68 |
| H | 1.8 | British American Tobacco | EBITDA | 7.60% | 0.70% | 7.00% | 88% | 31 |
| H | 1.7 | Inmarsat | EBITDA | 17.90% | 1.60% | 16.30% | 87% | 130 |
| H | 1.7 | Cobham | EBITDA | 14.10% | 0.40% | 13.70% | 84% | 132 |
| H | 1.7 | Petrofac | EBITDA | 4.50% | 0.70% | 3.80% | 83% | 163 |
| H | 1.6 | Shire | EBITDA | 11.60% | 3.10% | 8.50% | 80% | 93 |
| H | 1.6 | Reckitt Benckiser | EBITDA | 5.90% | 2.50% | 3.40% | 80% | 80 |
| A+ | 1.6 | United Utilities | EBITDA | 10.40% | 1.30% | 9.10% | 79% | 118 |
| A+ | 1.5 | BP | EBITDA | -0.20% | 20.20% | 20.00% | 75% | 155 |
| A+ | 1.5 | WPP | EBITDA | 0.60% | -2.60% | 3.10% | 75% | 86 |
| A+ | 1.5 | Serco | EBITDA | 2.00% | -1.20% | 3.20% | 74% | 113 |
| A+ | 1.4 | Imperial Tobacco | EBITDA | 5.20% | 0.70% | 4.50% | 72% | 31 |
| A+ | 1.4 | GlaxoSmithKline | EBITDA | 6.60% | 2.00% | 4.60% | 72% | 93 |
| A+ | 1.4 | Old Mutual | Operating Income | 13.90% | 3.10% | 10.80% | 72% | 131 |
| A+ | 1.4 | Associated British Foods - Retail Store | EBITDA | 2.10% | 0.60% | 1.40% | 71% | 86 |
| A+ | 1.4 | Standard Chartered | Operating Income | 4.00% | 0.80% | 3.20% | 71% | 39 |
| A+ | 1.4 | Intertek | EBITDA | 5.40% | 1.50% | 3.90% | 70% | 123 |
| A+ | 1.4 | Legal & General | Operating Income | 14.40% | 5.50% | 8.90% | 70% | 256 |
| A+ | 1.4 | Severn Trent | EBITDA | 6.10% | 1.30% | 4.80% | 70% | 118 |
| A+ | 1.4 | Pearson | EBITDA | 3.70% | -1.30% | 5.00% | 70% | 118 |
| A+ | 1.4 | Bunzl | EBITDA | 0.50% | -1.00% | 1.40% | 70% | 50 |
| A | 1.3 | Smith & Nephew | EBITDA | 8.00% | 0.90% | 7.20% | 67% | 96 |
| A | 1.3 | Tesco | EBIT | 0.50% | 0.30% | 0.20% | 64% | 180 |
| A | 1.3 | Rolls Royce | EBITDA | 0.60% | -0.20% | 0.90% | 64% | 118 |
| A | 1.3 | Invensys | EBITDA | 0.90% | -0.60% | 1.50% | 63% | 126 |
| A | 1.2 | Morgan Crucible - Carbon | EBITDA | 2.50% | 0.70% | 1.80% | 62% | 62 |
| A | 1.2 | BAE Systems | EBITDA | 1.70% | 0.40% | 1.40% | 61% | 132 |
| A | 1.2 | Compass | EBITDA | 2.10% | 1.10% | 1.00% | 60% | 104 |
| A | 1.2 | BG Group | EBITDA | -9.60% | -16.00% | 6.40% | 60% | 155 |
| M | 1.2 | Centrica | EBITDA | 1.60% | 1.00% | 0.60% | 58% | 129 |
| M | 1.1 | Admiral | EBITDA | 4.80% | 2.40% | 2.50% | 57% | 112 |
| M | 1.1 | National Grid | EBITDA | 1.70% | 1.00% | 0.80% | 56% | 129 |
| M | 1.1 | Randgold Resources | EBITDA | 27.00% | 20.60% | 6.30% | 56% | 153 |
| M | 1.1 | TUI Travel | EBITDA | 0.00% | -1.00% | 1.00% | 56% | 278 |
| M | 1.1 | Associated British Foods - Ingredients | EBITDA | 1.90% | 1.10% | 0.80% | 55% | 115 |
| M | 1.1 | F&C Asset Management | Operating Income | 0.60% | -0.30% | 0.90% | 55% | 106 |
| M | 1.1 | AMEC | EBITDA | 0.90% | 0.70% | 0.20% | 54% | 163 |
| M | 1.1 | Pennon | EBITDA | 1.70% | 1.30% | 0.40% | 54% | 118 |
| M | 1.1 | Liberty International | Operating Income | 0.40% | 0.30% | 0.10% | 54% | 92 |
| M | 1.1 | Capita | EBITDA | 0.40% | 0.40% | 0.10% | 54% | 70 |
| M | 1.1 | BT Group | EBITDA | 1.90% | 1.20% | 0.70% | 54% | 98 |
| M | 1.1 | Associated British Foods - Sugar & Agriculture | EBITDA | 2.70% | 2.10% | 0.60% | 53% | 252 |
| M | 1 | ING | Operating Income | 4.50% | 3.90% | 0.60% | 52% | 85 |
| M | 1 | Reed Elsevier | EBITDA | -1.10% | -1.30% | 0.20% | 52% | 118 |
| M | 1 | Lloyds | Operating Income | 0.80% | 0.80% | 0.00% | 52% | 39 |
| M | 1 | Sainsbury | EBIT | 0.30% | 0.30% | 0.00% | 50% | 180 |
| M- | 1 | Standard Life | Operating Income | -0.40% | -0.30% | -0.10% | 49% | 106 |
| M- | 1 | British Airways | EBITDA | 0.30% | 0.80% | -0.50% | 48% | 63 |
| M- | 1 | Associated British Foods (weighted average) | Average | n/a | n/a | n/a | 48% | n/a |
| M- | 1 | RPS Group | EBITDA | -1.20% | -0.70% | -0.50% | 48% | 37 |
| M- | 0.9 | Experian | EBITDA | 1.70% | 2.00% | -0.20% | 47% | 85 |
| M- | 0.9 | Wolseley | EBITDA | -1.10% | -1.00% | -0.10% | 46% | 139 |
| M- | 0.9 | Hammerson | Operating Income | -0.20% | 0.30% | -0.40% | 46% | 92 |
| M- | 0.9 | Balfour Beatty | EBITDA | 0.20% | 0.70% | -0.40% | 46% | 163 |
| M- | 0.9 | Shell | EBITDA | -5.20% | -4.90% | -0.30% | 46% | 57 |
| M- | 0.9 | Prudential | Operating Income | 2.40% | 3.90% | -1.50% | 45% | 85 |
| M- | 0.9 | BSS | EBITDA | -1.00% | -0.60% | -0.50% | 45% | 139 |
| M- | 0.9 | Scottish and Southern Energy | EBITDA | 0.60% | 1.60% | -1.00% | 44% | 283 |
| M- | 0.9 | Vodafone | EBITDA | 0.60% | 1.80% | -1.20% | 44% | 254 |
| M- | 0.9 | Morgan Crucible (weighted average) | Average | n/a | n/a | n/a | 43% | n/a |
| M- | 0.9 | Rio Tinto | EBITDA | -1.50% | 0.70% | -2.20% | 43% | 110 |
| M- | 0.9 | Vedanta Resources | EBITDA | 10.40% | 14.90% | -4.50% | 43% | 110 |
| M- | 0.8 | Sage | EBITDA | 1.90% | 3.50% | -1.60% | 42% | 107 |
| M- | 0.8 | Akzo Nobel | EBITDA | -1.30% | 0.00% | -1.30% | 41% | 71 |
| M- | 0.8 | Filtrona | EBITDA | -1.90% | -0.10% | -1.80% | 41% | 92 |
| M- | 0.8 | Rexam | EBITDA | 0.60% | 1.00% | -0.40% | 40% | 52 |
| M- | 0.8 | Johnson Matthey - Precious Metal Products | EBITDA | -0.40% | 2.20% | -2.60% | 40% | 31 |
| B | 0.8 | ICAP | Operating Income | -1.00% | 2.10% | -3.00% | 39% | 113 |
| B | 0.8 | Johnson Matthey (weighted average) | Average | n/a | n/a | n/a | 38% | n/a |
| B | 0.8 | RBS | Operating Income | 0.70% | 3.90% | -3.20% | 38% | 38 |
| B | 0.8 | Aviva | Operating Income | -2.40% | 1.30% | -3.70% | 38% | 53 |
| B | 0.8 | Schroders | Operating Income | -5.50% | -0.30% | -5.20% | 38% | 106 |
| B | 0.7 | NEXT | EBITDA | -1.50% | 0.70% | -2.20% | 36% | 127 |
| B | 0.7 | Carnival | EBITDA | -3.50% | -0.60% | -2.90% | 36% | 108 |
| B | 0.7 | Johnson Matthey - Environmental Technologies | EBITDA | 0.40% | 0.90% | -0.50% | 35% | 61 |
| B- | 0.6 | Morgan Crucible - Ceramics | EBITDA | -3.40% | 2.00% | -5.40% | 29% | 116 |
| B- | 0.6 | Barclays | Operating Income | -1.20% | 0.80% | -1.90% | 29% | 39 |
| B- | 0.6 | Antofagasta | EBITDA | -6.50% | 9.40% | -15.90% | 28% | 110 |
| B- | 0.5 | RSA Insurance | Operating Income | -2.30% | 6.20% | -8.60% | 27% | 53 |
| B- | 0.5 | Dairy Crest | EBITDA | 0.10% | 2.00% | -1.80% | 26% | 127 |
| B- | 0.5 | HSBC | Operating Income | -2.30% | 0.80% | -3.10% | 26% | 39 |
| B- | 0.5 | Associated British Foods - Grocery | EBITDA | 0.40% | 3.30% | -2.90% | 24% | 108 |
| B- | 0.5 | SABMiller | EBITDA | 0.50% | 4.60% | -4.10% | 23% | 110 |
| B- | 0.5 | British Land Company | Operating Income | -3.10% | 0.30% | -3.40% | 23% | 92 |
| B- | 0.4 | MAN | Operating Income | -11.30% | 0.00% | -11.30% | 22% | 106 |
| B- | 0.4 | Kingfisher | EBITDA | -2.60% | 0.70% | -3.30% | 22% | 139 |
| B- | 0.4 | Johnson Matthey - Fine Chemicals | EBITDA | -2.20% | 2.40% | -4.50% | 20% | 110 |
| L | 0.3 | Kazakhmys | EBITDA | -12.90% | 9.40% | -22.30% | 16% | 110 |
| L | 0.3 | Yell | EBITDA | -8.20% | 1.30% | -9.50% | 15% | 32 |
| L | 0.3 | St. Modwen Properties | Operating Income | -5.80% | 0.00% | -5.80% | 13% | 55 |
| L | 0.2 | Anglo American | EBITDA | -16.40% | 0.40% | -16.80% | 10% | 45 |
| L- | 0.1 | Intercontinental Hotels | EBITDA | -22.70% | -2.00% | -20.70% | 4% | 107 |
| L- | 0 | Autonomy | EBITDA | -25.50% | 3.50% | -29.00% | 2% | 107 |
| L- | 0 | Drax | EBITDA | -5.60% | 2.40% | -8.10% | 0% | 67 |
Results sorted by company
see list sorted by bonus multiplier
see Bonus Index method
| Company Name | Ranked by Metric | Metric Value | Operating Index |
Operating Alpha |
Operating Rank |
Bonus Rating |
Bonus Multiplier |
Number of Peers |
| Admiral | EBITDA | 4.80% | 2.40% | 2.50% | 57% | M | 1.1 | 112 |
| Akzo Nobel | EBITDA | -1.30% | 0.00% | -1.30% | 41% | M- | 0.8 | 71 |
| AMEC | EBITDA | 0.90% | 0.70% | 0.20% | 54% | M | 1.1 | 163 |
| Anglo American | EBITDA | -16.40% | 0.40% | -16.80% | 10% | L | 0.2 | 45 |
| Antofagasta | EBITDA | -6.50% | 9.40% | -15.90% | 28% | B- | 0.6 | 110 |
| Associated British Foods - Grocery | EBITDA | 0.40% | 3.30% | -2.90% | 24% | B- | 0.5 | 108 |
| Associated British Foods - Ingredients | EBITDA | 1.90% | 1.10% | 0.80% | 55% | M | 1.1 | 115 |
| Associated British Foods - Retail Store | EBITDA | 2.10% | 0.60% | 1.40% | 71% | A+ | 1.4 | 86 |
| Associated British Foods - Sugar & Agriculture | EBITDA | 2.70% | 2.10% | 0.60% | 53% | M | 1.1 | 252 |
| Associated British Foods (weighted average) | Average | n/a | n/a | n/a | 48% | M- | 1 | n/a |
| Autonomy | EBITDA | -25.50% | 3.50% | -29.00% | 2% | L- | 0 | 107 |
| Aviva | Operating Income | -2.40% | 1.30% | -3.70% | 38% | B | 0.8 | 53 |
| BAE Systems | EBITDA | 1.70% | 0.40% | 1.40% | 61% | A | 1.2 | 132 |
| Balfour Beatty | EBITDA | 0.20% | 0.70% | -0.40% | 46% | M- | 0.9 | 163 |
| Barclays | Operating Income | -1.20% | 0.80% | -1.90% | 29% | B- | 0.6 | 39 |
| BG Group | EBITDA | -9.60% | -16.00% | 6.40% | 60% | A | 1.2 | 155 |
| BP | EBITDA | -0.20% | 20.20% | 20.00% | 75% | A+ | 1.5 | 155 |
| British Airways | EBITDA | 0.30% | 0.80% | -0.50% | 48% | M- | 1 | 63 |
| British American Tobacco | EBITDA | 7.60% | 0.70% | 7.00% | 88% | H | 1.8 | 31 |
| British Land Company | Operating Income | -3.10% | 0.30% | -3.40% | 23% | B- | 0.5 | 92 |
| BSS | EBITDA | -1.00% | -0.60% | -0.50% | 45% | M- | 0.9 | 139 |
| BT Group | EBITDA | 1.90% | 1.20% | 0.70% | 54% | M | 1.1 | 98 |
| Bunzl | EBITDA | 0.50% | -1.00% | 1.40% | 70% | A+ | 1.4 | 50 |
| Burberry | EBITDA | 11.80% | 1.10% | 10.70% | 94% | H+ | 1.9 | 68 |
| Capita | EBITDA | 0.40% | 0.40% | 0.10% | 54% | M | 1.1 | 70 |
| Carnival | EBITDA | -3.50% | -0.60% | -2.90% | 36% | B | 0.7 | 108 |
| Centrica | EBITDA | 1.60% | 1.00% | 0.60% | 58% | M | 1.2 | 129 |
| Cobham | EBITDA | 14.10% | 0.40% | 13.70% | 84% | H | 1.7 | 132 |
| Compass | EBITDA | 2.10% | 1.10% | 1.00% | 60% | A | 1.2 | 104 |
| Dairy Crest | EBITDA | 0.10% | 2.00% | -1.80% | 26% | B- | 0.5 | 127 |
| Drax | EBITDA | -5.60% | 2.40% | -8.10% | 0% | L- | 0 | 67 |
| Experian | EBITDA | 1.70% | 2.00% | -0.20% | 47% | M- | 0.9 | 85 |
| F&C Asset Management | Operating Income | 0.60% | -0.30% | 0.90% | 55% | M | 1.1 | 106 |
| Filtrona | EBITDA | -1.90% | -0.10% | -1.80% | 41% | M- | 0.8 | 92 |
| GlaxoSmithKline | EBITDA | 6.60% | 2.00% | 4.60% | 72% | A+ | 1.4 | 93 |
| Hammerson | Operating Income | -0.20% | 0.30% | -0.40% | 46% | M- | 0.9 | 92 |
| HSBC | Operating Income | -2.30% | 0.80% | -3.10% | 26% | B- | 0.5 | 39 |
| ICAP | Operating Income | -1.00% | 2.10% | -3.00% | 39% | B | 0.8 | 113 |
| Imperial Tobacco | EBITDA | 5.20% | 0.70% | 4.50% | 72% | A+ | 1.4 | 31 |
| ING | Operating Income | 4.50% | 3.90% | 0.60% | 52% | M | 1 | 85 |
| Inmarsat | EBITDA | 17.90% | 1.60% | 16.30% | 87% | H | 1.7 | 130 |
| Intercontinental Hotels | EBITDA | -22.70% | -2.00% | -20.70% | 4% | L- | 0.1 | 107 |
| Intertek | EBITDA | 5.40% | 1.50% | 3.90% | 70% | A+ | 1.4 | 123 |
| Invensys | EBITDA | 0.90% | -0.60% | 1.50% | 63% | A | 1.3 | 126 |
| Johnson Matthey - Environmental Technologies | EBITDA | 0.40% | 0.90% | -0.50% | 35% | B | 0.7 | 61 |
| Johnson Matthey - Fine Chemicals | EBITDA | -2.20% | 2.40% | -4.50% | 20% | B- | 0.4 | 110 |
| Johnson Matthey - Precious Metal Products | EBITDA | -0.40% | 2.20% | -2.60% | 40% | M- | 0.8 | 31 |
| Johnson Matthey (weighted average) | Average | n/a | n/a | n/a | 38% | B | 0.8 | n/a |
| Kazakhmys | EBITDA | -12.90% | 9.40% | -22.30% | 16% | L | 0.3 | 110 |
| Kingfisher | EBITDA | -2.60% | 0.70% | -3.30% | 22% | B- | 0.4 | 139 |
| Legal & General | Operating Income | 14.40% | 5.50% | 8.90% | 70% | A+ | 1.4 | 256 |
| Liberty International | Operating Income | 0.40% | 0.30% | 0.10% | 54% | M | 1.1 | 92 |
| Lloyds | Operating Income | 0.80% | 0.80% | 0.00% | 52% | M | 1 | 39 |
| MAN | Operating Income | -11.30% | 0.00% | -11.30% | 22% | B- | 0.4 | 106 |
| Morgan Crucible - Carbon | EBITDA | 2.50% | 0.70% | 1.80% | 62% | A | 1.2 | 62 |
| Morgan Crucible - Ceramics | EBITDA | -3.40% | 2.00% | -5.40% | 29% | B- | 0.6 | 116 |
| Morgan Crucible (weighted average) | Average | n/a | n/a | n/a | 43% | M- | 0.9 | n/a |
| National Grid | EBITDA | 1.70% | 1.00% | 0.80% | 56% | M | 1.1 | 129 |
| NEXT | EBITDA | -1.50% | 0.70% | -2.20% | 36% | B | 0.7 | 127 |
| Old Mutual | Operating Income | 13.90% | 3.10% | 10.80% | 72% | A+ | 1.4 | 131 |
| Pearson | EBITDA | 3.70% | -1.30% | 5.00% | 70% | A+ | 1.4 | 118 |
| Pennon | EBITDA | 1.70% | 1.30% | 0.40% | 54% | M | 1.1 | 118 |
| Petrofac | EBITDA | 4.50% | 0.70% | 3.80% | 83% | H | 1.7 | 163 |
| Prudential | Operating Income | 2.40% | 3.90% | -1.50% | 45% | M- | 0.9 | 85 |
| Randgold Resources | EBITDA | 27.00% | 20.60% | 6.30% | 56% | M | 1.1 | 153 |
| RBS | Operating Income | 0.70% | 3.90% | -3.20% | 38% | B | 0.8 | 38 |
| Reckitt Benckiser | EBITDA | 5.90% | 2.50% | 3.40% | 80% | H | 1.6 | 80 |
| Reed Elsevier | EBITDA | -1.10% | -1.30% | 0.20% | 52% | M | 1 | 118 |
| Rexam | EBITDA | 0.60% | 1.00% | -0.40% | 40% | M- | 0.8 | 52 |
| Rio Tinto | EBITDA | -1.50% | 0.70% | -2.20% | 43% | M- | 0.9 | 110 |
| Rolls Royce | EBITDA | 0.60% | -0.20% | 0.90% | 64% | A | 1.3 | 118 |
| RPS Group | EBITDA | -1.20% | -0.70% | -0.50% | 48% | M- | 1 | 37 |
| RSA Insurance | Operating Income | -2.30% | 6.20% | -8.60% | 27% | B- | 0.5 | 53 |
| SABMiller | EBITDA | 0.50% | 4.60% | -4.10% | 23% | B- | 0.5 | 110 |
| Sage | EBITDA | 1.90% | 3.50% | -1.60% | 42% | M- | 0.8 | 107 |
| Sainsbury | EBIT | 0.30% | 0.30% | 0.00% | 50% | M | 1 | 180 |
| Schroders | Operating Income | -5.50% | -0.30% | -5.20% | 38% | B | 0.8 | 106 |
| Scottish and Southern Energy | EBITDA | 0.60% | 1.60% | -1.00% | 44% | M- | 0.9 | 283 |
| Serco | EBITDA | 2.00% | -1.20% | 3.20% | 74% | A+ | 1.5 | 113 |
| Severn Trent | EBITDA | 6.10% | 1.30% | 4.80% | 70% | A+ | 1.4 | 118 |
| Shell | EBITDA | -5.20% | -4.90% | -0.30% | 46% | M- | 0.9 | 57 |
| Shire | EBITDA | 11.60% | 3.10% | 8.50% | 80% | H | 1.6 | 93 |
| Smith & Nephew | EBITDA | 8.00% | 0.90% | 7.20% | 67% | A | 1.3 | 96 |
| St. Modwen Properties | Operating Income | -5.80% | 0.00% | -5.80% | 13% | L | 0.3 | 55 |
| Standard Chartered | Operating Income | 4.00% | 0.80% | 3.20% | 71% | A+ | 1.4 | 39 |
| Standard Life | Operating Income | -0.40% | -0.30% | -0.10% | 49% | M- | 1 | 106 |
| Tesco | EBIT | 0.50% | 0.30% | 0.20% | 64% | A | 1.3 | 180 |
| TUI Travel | EBITDA | 0.00% | -1.00% | 1.00% | 56% | M | 1.1 | 278 |
| United Utilities | EBITDA | 10.40% | 1.30% | 9.10% | 79% | A+ | 1.6 | 118 |
| Vedanta Resources | EBITDA | 10.40% | 14.90% | -4.50% | 43% | M- | 0.9 | 110 |
| Vodafone | EBITDA | 0.60% | 1.80% | -1.20% | 44% | M- | 0.9 | 254 |
| Wolseley | EBITDA | -1.10% | -1.00% | -0.10% | 46% | M- | 0.9 | 139 |
| WPP | EBITDA | 0.60% | -2.60% | 3.10% | 75% | A+ | 1.5 | 86 |
| Yell | EBITDA | -8.20% | 1.30% | -9.50% | 15% | L | 0.3 | 32 |
The bonus multiple in the table is the multiplier by which individual target bonuses (typically expected bonuses or average historic bonuses) are multiplied to calculate the deserved indexed bonus for 2010.
Notes
Obermatt has analyzed 121 FTSE companies and divisions.
Metric Values used:
- Royal Bank of Scotland: operating (loss)/profit before tax excluding the gains on redemption of own debt and the gains on pensions curtailments.
- St. Modwen Properties: Operating income = Net rental income + Development (loss)/profit + Other net income + Administrative expenses
Excluded are the following companies due to missing data:
- International Power
- WM Morrison Supermarkets
- Tullow Oil
- Cairn Energy
- Eurasian Natural Resources
- Home Retail
- Thomas Cook
Excluded due to undefined impact of restructuring/ business disposals in 2008
- Unilever
Excluded due to extraordinary effects
- Xtrata
Excluded due to Fiscal Year End Data March through September
- Whitbread
- Alliance
- Fresnillo
- G4S
- British Sky Broadcasting
- BHP Billiton
- Diageo
- Cable & Wireless
- Land Securities
- London Stock Exchange
- Marks and Spencer
- Smiths
- Lonmin
Excluded due to acquisition by Craft Foods:
- Cadbury Schweppes
Excluded due to acquisition by Resolution Ldt.
- Friends Profident
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