Details for (DPH) / Market data / Selftrade

DECHRA PHARM

(DPH GB0009633180 GBX)

Value 462.000

Change Today +2.00

Updated17/05 16:35

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PROFILE

Registered Number	3369634
Registered Address	Dechra House Jamage Industrial Estate Talke Pits; Stoke-on-Trent Staffordshire ST7 1XW
Phone Number	+44 (0) 1782 771100
Fax Number
Website	http://www.dechra.com
Activities	Manufactures and sells pharmaceuticals
Country of Register	GB
Currency	GBX
Short Name	DECHRA PHARM
First Day Traded	02/12/2005
Industrial Sector	Pharmaceuticals
Number of shares	73m

Key People

Michael Redmond	Chairman
Ian Page	Chief Executive Officer
Neil Warner	Non Executive Director
Simon Evans	Financial Director
Chris Richards	Non Executive Director
Malcolm Diamond	Non Executive Director
Bryan Morton	Non Executive Director
Ed Torr	Director

Major Shareholders

Schroder Investment Management Ltd.	12.61%
Legal & General Investment Management Ltd.	5.14%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/06/2007	30/06/2008	30/06/2009	30/06/2010	30/06/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	253.80	304.37	349.96	369.37	389.24
Cost of Goods Sold (COGS) incl. D&A	216.95	250.77	276.29	288.74	309.81
COGS excluding D&A	215.83	246.25	267.39	279.56	297.92
Depreciation & Amortization Expense	1.12	4.52	8.90	9.19	11.90
Depreciation	0.98	1.29	1.48	1.51	1.54
Amortization of Intangibles	0.14	3.23	7.43	7.68	10.36
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	36.85	53.60	73.67	80.63	79.42
Selling, General & Administrative Expense	23.01	39.51	56.04	60.76	56.54
Research & Development	1.65	2.41	3.43	4.67	5.22
Other Selling, General & Administrative	21.36	37.11	52.60	56.09	51.32
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	0.01	-0.02	1.06	0.63	1.00
Non-Operating Interest Income	1.04	1.65	2.15	1.01	1.15
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0.05	-0.27	-0.04	0.40	2.62
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	2.23	4.28	4.78	3.37	3.90
Gross Interest Expense	2.23	4.28	4.78	3.37	3.90
Interest Capitalized	0	0	0	0	0
Pretax Income	12.62	11.71	16.10	17.73	18.51
Income Tax	3.77	3.39	4.80	4.58	4.38
Income Tax - Current Domestic	3.29	3.66	5.65	6.21	5.96
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	0.48	-0.27	-0.85	-1.64	-1.58
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	8.85	8.32	11.30	13.16	14.13
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	8.85	8.32	11.30	13.16	14.13
Preferred Dividends	0	0	0	0	0
Net Income available to Common	8.85	8.32	11.30	13.16	14.13
Operational EPS	15.12	12.49	15.49	18.42	21.77
EPS (basic)	15.28	12.87	15.65	18.10	19.34
EPS (diluted)	15.07	12.77	15.53	18.03	19.27
EBITDA	14.96	18.61	26.54	29.05	34.78
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	1.12	4.52	8.90	9.19	11.90

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/06/2007	30/06/2008	30/06/2009	30/06/2010	30/06/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	17.22	22.22	26.82	31.50	30.50
Cash Only	17.22	22.22	26.82	31.50	0
Short-Term Investments	0	0	0	0	0
Total Accounts Receivable	35.40	45.64	46.22	49.82	64.70
Accounts Receivables, Net	34.03	43.74	44.95	48.29	62.21
Accounts Receivables, Gross	34.03	43.74	44.95	48.29	62.21
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	1.37	1.90	1.27	1.52	2.49
Inventories	25.73	32.44	31.53	34.82	40.76
Finished Goods	23.27	28.26	27.63	30.35	35.22
Work in Progress	0.21	0.32	0.41	0.34	0.37
Raw Materials	2.25	3.86	3.49	4.13	5.17
Progress Payments & Other	0	0	0	0	0
Other Current Assets	0.78	1.81	1.50	1.35	1.59
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	0.78	1.81	1.50	1.35	1.59
Total Current Assets	79.13	102.10	106.07	117.48	137.55
Net Property, Plant & Equipment	5.74	8.22	8.04	7.67	7.72
Property, Plant & Equipment - Gross	11.66	13.93	14.98	16.13	17.46
Buildings	0	2.17	2.33	2.26	2.45
Land & Improvements	0.01	0	0	0	0
Machinery & Equipment	8.58	8.56	9.52	10.34	11.43
Construction in Progress	0	0	0	0	0
Leases	2.63	2.77	2.93	3.33	3.38
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0.43	0.43	0.20	0.20	0.21
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	5.92	5.70	6.94	8.45	9.74
Buildings	0	0.06	0.20	0.33	0.47
Land & Improvements	0	0	0	0	0
Machinery & Equipment	4.79	4.36	5.53	6.67	7.61
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0.43	0.43	0.20	0.20	0.20
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	0	0	0	0	0
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	0	0	0	0	0
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	13.09	90.38	89.57	80.37	125.10
Net Goodwill	4.85	19.84	21.11	20.50	24.25
Net Other Intangibles	8.24	70.53	68.46	59.88	100.85
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	98.87	201.75	203.67	205.53	270.37
ST Debt & Curr. Portion LT Debt	4.53	21.22	19.26	20.44	8.50
Short Term Debt	0	0	0	0	0
Current Portion of Long Term Debt	4.53	21.22	19.26	20.44	8.50
Accounts Payable	44.02	50.18	49.19	56.47	63.21
Income Tax Payable	2.46	2.82	4.76	4.11	5.39
Other Current Liabilities	4.62	12.42	12.51	8.03	11.35
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	4.62	12.42	12.51	8.03	11.35
Total Current Liabilities	55.63	86.64	85.72	89.04	88.45
Long-Term Debt	11.67	28.00	23.08	17.76	56.09
Long-Term Debt excl. Capitalized Leases	10.12	26.49	21.85	17.03	55.75
Non-Convertible Debt	10.12	26.49	21.85	17.03	55.75
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	1.55	1.51	1.23	0.73	0.34
Provision for Risks & Charges	0	0	0	0	0
Deferred Taxes	0.15	14.26	14.18	12.50	27.00
Deferred Taxes - Credit	1.07	15.32	14.18	12.50	27.00
Deferred Taxes - Debit	-0.92	-1.05	0	0	0
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	0	-0.00	0	0.00	0.50
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0	-0.00	0	0.00	0
Deferred Income	0	0	0	0	0.50
Total Liabilities	68.37	129.95	122.99	119.30	172.04
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	30.51	71.80	80.69	86.23	98.33
Common Stock Par/Carry Value	0.53	0.65	0.66	0.66	0.66
Additional Paid-In Capital/Capital Surplus	28.04	62.17	62.44	63.02	63.56
Retained Earnings	2.01	7.09	13.61	21.48	29.65
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0	1.61	4.69	1.06	4.46
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	-0.07	0.28	-0.70	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	30.51	71.80	80.69	86.23	98.33
Liabilities & Shareholders' Equity	98.87	201.75	203.67	205.53	270.37

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/06/2007	30/06/2008	30/06/2009	30/06/2010	30/06/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	8.85	8.32	11.30	13.16	14.13
Depreciation, Depletion & Amortization	1.12	4.52	8.90	9.42	11.90
Depreciation and Depletion	0.98	1.29	1.48	1.51	1.54
Amortization of Intangible Assets	0.14	3.23	7.43	7.91	10.36
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	1.41	0.53	1.90	-0.81	0.75
Funds from Operations	11.38	13.37	22.10	21.77	26.78
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-1.11	-3.16	0.38	-3.44	-9.07
Receivables	-0.25	-3.07	-0.59	-3.83	-12.41
Inventories	-3.74	-3.91	1.34	-3.13	-4.81
Accounts Payable	2.87	3.83	-0.37	3.52	8.15
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	10.26	10.21	22.48	18.33	17.71
Capital Expenditures	3.67	0.79	2.89	1.77	3.07
Capital Expenditures (Fixed Assets)	0.82	0.69	0.88	1.24	1.28
Capital Expenditures (Other Assets)	2.85	0.09	2.01	0.52	1.79
Net Assets from Acquisitions	-0.72	-65.15	0	0	-33.05
Sale of Fixed Assets & Businesses	0.02	0.01	0.04	0	0.00
Purchase/Sale of Investments	0	0	0	0	0
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	-1.68	-1.33	-0.79	-0.96	-1.03
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-6.04	-67.26	-3.63	-2.72	-37.14
Cash Dividends Paid - Total	-3.60	-4.42	-5.57	-6.20	-7.22
Common Dividends	-3.60	-4.42	-5.57	-6.20	-7.22
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0.36	34.24	0.29	0.59	0.54
Repurchase of Common & Preferred Stk.	0	0	0	0	0
Sale of Common & Preferred Stock	0.36	34.24	0.29	0.59	0.54
Proceeds from Stock Options	0.36	34.24	0.29	0.59	0.54
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-3.50	32.26	-9.13	-5.22	26.17
Change in Current Debt	-0.02	0	0	0	0
Change in Long-Term Debt	-3.48	32.26	-9.13	-5.22	26.17
Issuance of Long-Term Debt	0	49.45	0	0.46	68
Reduction in Long-Term Debt	-3.48	-17.19	-9.13	-5.67	-41.83
Other Funds	0	0	0	0	-0.62
Other Uses	0	0	0	0	-0.94
Other Sources	0	0	0	0	0.32
Net Financing Cash Flow	-6.74	62.08	-14.41	-10.82	18.87
Exchange Rate Effect	0	-0.03	0.16	-0.10	-0.45
Miscellaneous Funds	0.00	0.00	-0.00	-0.00	-0.00
Net Change in Cash	-2.52	5.00	4.60	4.69	-1.01
Free Cash Flow	5.85	5.10	16.03	10.89	9.21

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-06-30	2008-06-30	2009-06-30	2010-06-30	2011-06-30
Valuation
Market Capitalisation	183.76	274.02	276.92	254.45	326.10
Price/Earnings	20.64	29.58	24.46	19.28	23.00
Price/Sales	0.72	0.81	0.79	0.69	0.84
Price/Book Value	6.02	3.82	3.43	2.95	3.32
Price/Cash Flow	18.04	24.28	12.39	13.89	18.42
Enterprise Value/EBIT	13.31	19.52	16.68	13.15	15.74
Enterprise Value/EBITDA	12.31	14.77	11.08	9.00	10.36
Enterprise Value/Sales	0.73	0.90	0.84	0.71	0.93
Total Debt/Enterprise Value	0.09	0.18	0.14	0.15	0.18
Total Debt/EBITDA	1.08	2.65	1.60	1.31	1.86
EPS (basic)	15.28	12.87	15.65	18.10	19.34
EPS (diluted) as stated	15.07	12.77	15.53	18.03	19.27
Profitability
Gross Margin (%)	14.52	17.61	21.05	21.83	20.40
Operating Margin (%)	5.45	4.63	5.04	5.38	5.88
Pretax Margin (%)	4.97	3.85	4.60	4.80	4.76
Net Margin (%)	3.49	2.73	3.23	3.56	3.63
Return on Assets (%)	9.31	5.53	5.58	6.43	5.94
Return on Equity (%)	32.51	16.26	14.83	15.77	15.32
Return on Avg. Total Capital (%)	19.82	9.92	9.26	10.63	9.84
Return on Avg. Invested Capital (%)	21.76	11.72	11.11	12.67	10.94
Efficiency
Revenue/Employee	0.34	0.34	0.35	0.36	0.39
Receivables Turnover	7.26	7.51	7.62	7.69	6.80
Days of Sales Outstanding (DSO) (%)	50.30	48.59	47.90	47.45	53.70
Inventory Turnover	9.10	8.62	8.64	8.70	8.20
Days of Inventory on Hand (DIO)	40.12	42.33	42.25	41.94	44.52
Total Asset Turnover	2.67	2.02	1.73	1.81	1.64
Working Capital Turnover	10.80	19.69	17.20	12.99	7.93
Liquidity
Current Ratio	1.42	1.18	1.24	1.32	1.56
Quick Ratio	0.96	0.80	0.87	0.93	1.09
Capital Structure
Debt-to-Total Equity (%)	53.08	68.55	52.48	44.30	65.68
Debt-to-Total Capital (%)	34.68	40.67	34.42	30.70	39.64
Debt-to-Total Assets (%)	16.38	24.39	20.79	18.59	23.89
Interest Coverage	6.21	3.29	3.69	5.90	5.87

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,483.32	-0.91%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

DECHRA PHARM

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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