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DRAX

(DRX GB00B1VNSX38 GBX)

Value 568.500

Change Today +1.00

Updated17/05 16:35

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PROFILE

Registered Number	5562053
Registered Address	Drax Power Station Selby North Yorkshire YO8 8PH
Phone Number	+44 (0) 1757 618381
Fax Number
Website	http://www.draxpower.com
Activities	owns and operates coal-fired power station
Country of Register	GB
Currency	GBX
Short Name	DRAX
First Day Traded	30/04/2007
Industrial Sector
Number of shares	365m

Key People

Dorothy Thompson	Chief Executive Officer
Tim Cobbold	Non Executive Director
Tony Thorne	Non Executive Director
Peter Emery	Director
Paul Taylor	Director
David Lindsell	Non Executive Director
Anthony Quinlan	Financial Director

Major Shareholders

Invesco Asset Management Ltd.	29.62%
BlackRock Investment Management (UK) Ltd.	8.46%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	1,247.40	1,752.80	1,475.80	1,648.40	1,835.90
Cost of Goods Sold (COGS) incl. D&A	632.70	1,167.50	1,021.70	1,217.40	1,465.70
COGS excluding D&A	589	1,121.30	970	1,165.20	1,408.50
Depreciation & Amortization Expense	43.70	46.20	51.70	52.20	57.20
Depreciation	43.70	46.20	51.70	52.20	57.20
Amortization of Intangibles	0	0	0	0	0
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	614.70	585.30	454.10	431	370.20
Selling, General & Administrative Expense	0	0	96.20	56.20	60.40
Research & Development	0	0	0	0	0
Other Selling, General & Administrative	0	0	96.20	56.20	60.40
Other Operating Expense	152.80	177.50	39.30	36.40	33.40
Non Operating Income/Expense	0	0	-3.30	-2.80	-1.60
Non-Operating Interest Income	11.40	7.20	1.90	2.20	2.20
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	-9.50	-56.30	145.40	60.50	-89.80
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	34.30	28.80	14	22.40	28.70
Gross Interest Expense	34.30	28.80	14	22.40	28.70
Interest Capitalized	0	0	0	0	0
Pretax Income	448.50	442.50	157.80	254.90	338.10
Income Tax	95.50	109.60	46.90	66.50	-126.50
Income Tax - Current Domestic	112.20	81.20	89.10	88.50	-88.20
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-16.70	28.40	-42.20	-22	-38.30
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	353	332.90	110.90	188.40	464.60
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	353	332.90	110.90	188.40	464.60
Preferred Dividends	0	0	0	0	0
Net Income available to Common	353	332.90	110.90	188.40	464.60
Operational EPS	97.56	86.42	60.30	63.12	109.32
EPS (basic)	99.00	98.00	31.00	52.00	127.00
EPS (diluted)	99.44	98.03	31.44	51.53	126.42
EBITDA	505.60	454	370.30	390.60	333.60
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	43.70	46.20	51.70	52.20	57.20

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	74.70	416.70	444.20	443.60	353.40
Cash Only	59.70	130.20	80.40	236	202.80
Short-Term Investments	15	286.50	363.80	207.60	150.60
Total Accounts Receivable	129.60	259.90	179.90	195.40	213.70
Accounts Receivables, Net	124.80	228.30	173.80	195.40	206.50
Accounts Receivables, Gross	124.80	228.30	173.80	198	209.50
Bad Debt/Doubtful Accounts	0	0	0	-2.60	-3
Other Receivables	4.80	31.60	6.10	0	7.20
Inventories	108.30	189.50	205.90	116.60	137.60
Finished Goods	0	0	0	0	0
Work in Progress	0	0	0	0	0
Raw Materials	98.60	167.40	194.20	116.60	137.60
Progress Payments & Other	9.70	22.10	11.70	0	0
Other Current Assets	0	0	29	70.70	87.70
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	0	0	29	70.70	87.70
Total Current Assets	312.60	866.10	859	826.30	792.40
Net Property, Plant & Equipment	1,080.40	1,135.70	1,177.20	1,184.20	1,195.70
Property, Plant & Equipment - Gross	1,382.10	1,470.30	1,554.60	1,603.60	1,665.80
Buildings	134.80	153.50	158.20	170.90	171.20
Land & Improvements	0	0	0	0	0
Machinery & Equipment	1,213.70	1,280.40	1,358.50	1,386.70	1,445.30
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	0	0	0	0
Other Property, Plant & Equipment	33.60	36.40	37.90	46	49.30
Accumulated Depreciation	301.70	334.60	377.40	419.40	470.10
Buildings	29.40	32.90	36.40	39.90	43.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	267.80	296.50	331.90	369.30	414.20
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	0	0	0	0
Other Property, Plant & Equipment	4.50	5.20	9.10	10.20	12.10
Total Investments and Advances	1.60	105.50	112.50	25.80	11
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	1.60	105.50	112.50	25.80	11
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	0	0	10.70	10.70	10.70
Net Goodwill	0	0	10.70	10.70	10.70
Net Other Intangibles	0	0	0	0	0
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	1,404.50	2,107.30	2,159.40	2,047	2,009.80
ST Debt & Curr. Portion LT Debt	9.90	14.90	62.90	61.70	7.10
Short Term Debt	0	0	0	0	6.80
Current Portion of Long Term Debt	9.90	14.90	62.90	61.70	0.30
Accounts Payable	16.70	21	26.40	13.40	16.70
Income Tax Payable	70.40	49.40	157.80	189.70	33.80
Other Current Liabilities	223	611.10	379.20	469.50	371.70
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	223	611.10	379.20	469.50	371.70
Total Current Liabilities	320	696.40	626.30	734.30	429.30
Long-Term Debt	387	350	126.90	65.30	0.50
Long-Term Debt excl. Capitalized Leases	387	350	126.30	64.80	0
Non-Convertible Debt	387	350	126.30	64.80	0
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0	0	0.60	0.50	0.50
Provision for Risks & Charges	15.90	23.20	39	43.70	67.50
Deferred Taxes	201.60	273.80	333.60	244.20	203.80
Deferred Taxes - Credit	211.50	273.80	333.60	244.20	203.80
Deferred Taxes - Debit	-9.90	0	0	0	0
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	109.10	70.60	8.90	1.50	5.30
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	109.10	70.60	8.90	1.50	5.30
Deferred Income	0	0	0	0	0
Total Liabilities	1,043.50	1,414	1,134.70	1,089	706.40
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)	361	693.30	1,024.70	958	1,303.40
Common Stock Par/Carry Value	39.20	39.20	42.10	42.10	42.10
Additional Paid-In Capital/Capital Surplus	420.70	420.70	420.70	420.70	420.70
Retained Earnings	60.90	275.90	334	434.20	775.80
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-161.30	-44	226.40	59.50	63.30
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	1.50	1.50	1.50	1.50	1.50
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	361	693.30	1,024.70	958	1,303.40
Liabilities & Shareholders' Equity	1,404.50	2,107.30	2,159.40	2,047	2,009.80

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	353	332.90	110.90	188.40	464.60
Depreciation, Depletion & Amortization	43.70	46.20	51.70	52.20	57.20
Depreciation and Depletion	43.70	46.20	51.70	52.20	57.20
Amortization of Intangible Assets	0	0	0	0	0
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	-6.70	-38.50	198.40	55.80	-272.10
Funds from Operations	390	340.60	361	296.40	249.70
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-77.20	-31.10	-32.90	114.70	-51.20
Receivables	43.80	-130.30	61.80	-25.40	-36.60
Inventories	-31.40	-81.20	-17	77.60	-21
Accounts Payable	-87.70	190.10	-77.70	62.50	6.40
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-1.90	-9.70	0	0	0
Net Operating Cash Flow	312.80	309.50	328.10	411.10	198.50
Capital Expenditures	67.80	91.40	93.10	62.30	43.80
Capital Expenditures (Fixed Assets)	67.80	91.40	93.10	62.30	43.80
Capital Expenditures (Other Assets)	0	0	0	0	0
Net Assets from Acquisitions	0	0	-11.70	0	0
Sale of Fixed Assets & Businesses	0	0	0	0	0
Purchase/Sale of Investments	0	0	-55	-40	65
Purchase of Investments	0	0	-55	-40	0
Sale/Maturity of Investments	0	0	0	0	65
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-67.80	-91.40	-159.80	-102.30	21.20
Cash Dividends Paid - Total	-171.30	-110	-145	-86.50	-123.70
Common Dividends	-171.30	-110	-145	-86.50	-123.70
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-85.90	-2.60	104	0	0
Repurchase of Common & Preferred Stk.	-85.90	-2.60	-1.50	0	0
Sale of Common & Preferred Stock	0	0	105.50	0	0
Proceeds from Stock Options	0	0	105.50	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-82.90	-35	-170.10	-65.20	-125.40
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	-82.90	-35	-170.10	-65.20	-125.40
Issuance of Long-Term Debt	0	0	0	0	10
Reduction in Long-Term Debt	-82.90	-35	-170.10	-65.20	-135.40
Other Funds	0	0	-7	-1.50	-3.80
Other Uses	0	0	-7	-1.50	-3.80
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-340.10	-147.60	-218.10	-153.20	-252.90
Exchange Rate Effect	0	0	0	0	0
Miscellaneous Funds	0.00	0	-0.00	0	0.00
Net Change in Cash	-95.10	70.50	-49.80	155.60	-33.20
Free Cash Flow	73.70	108.10	90	262.30	31

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	2,053.35	1,904.03	1,513.41	1,343.78	1,988.50
Price/Earnings	6.11	5.72	13.38	7.08	4.29
Price/Sales	1.72	1.09	0.99	0.82	1.08
Price/Book Value	5.69	2.75	1.48	1.40	1.53
Price/Cash Flow	6.87	6.16	4.46	3.28	10.09
Enterprise Value/EBIT	5.35	4.54	3.79	3.04	6.00
Enterprise Value/EBITDA	4.89	4.08	3.26	2.64	4.97
Enterprise Value/Sales	1.98	1.06	0.82	0.62	0.90
Total Debt/Enterprise Value	0.16	0.20	0.16	0.12	0.00
Total Debt/EBITDA	0.79	0.80	0.51	0.33	0.02
EPS (basic)	99.00	98.00	31.00	52.00	127.00
EPS (diluted) as stated	99.44	98.03	31.44	51.53	126.42
Profitability
Gross Margin (%)	49.28	33.39	30.77	26.15	20.16
Operating Margin (%)	37.03	23.27	21.59	20.53	15.06
Pretax Margin (%)	35.95	25.25	10.69	15.46	18.42
Net Margin (%)	28.30	18.99	7.51	11.43	25.31
Return on Assets (%)	21.98	18.96	5.20	8.96	22.90
Return on Equity (%)	68.01	63.15	12.91	19.00	41.09
Return on Avg. Total Capital (%)	36.94	36.66	9.76	16.39	38.78
Return on Avg. Invested Capital (%)	37.52	37.17	10.11	17.32	39.93
Efficiency
Revenue/Employee	1.90	2.46	1.64	1.58	1.68
Receivables Turnover	8.29	9.00	6.71	8.78	8.98
Days of Sales Outstanding (DSO) (%)	44.04	40.55	54.39	41.55	40.67
Inventory Turnover	6.83	7.84	5.17	7.55	11.53
Days of Inventory on Hand (DIO)	53.42	46.55	70.63	48.35	31.65
Total Asset Turnover	0.78	1.00	0.69	0.78	0.91
Working Capital Turnover	0.00	10.33	6.34	17.92	5.06
Liquidity
Current Ratio	0.98	1.24	1.37	1.13	1.85
Quick Ratio	0.64	0.97	1.04	0.97	1.53
Capital Structure
Debt-to-Total Equity (%)	109.94	52.63	18.52	13.26	0.58
Debt-to-Total Capital (%)	52.37	34.48	15.63	11.71	0.58
Debt-to-Total Assets (%)	28.26	17.32	8.79	6.20	0.38
Interest Coverage	13.47	14.16	22.76	15.11	9.63

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,471.06	-1.01%
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%

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

DRAX

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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