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VICTREX

(VCT GB0009292243 GBX)

Value 1,279.000

Change Today +13.00

Updated21/05 09:09

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PROFILE

Registered Number	2793780
Registered Address	Victrex Technology Centre Hillhouse International Thornton Cleveleys Lancashire FY5 4QD
Phone Number	+44 (0) 1253 897700
Fax Number
Website	http://www.victrex.com
Activities	Manufactures and markets polymers
Country of Register	GB
Currency	GBX
Short Name	VICTREX
First Day Traded	05/04/2005
Industrial Sector	Specialty Chemicals
Number of shares	84m

Key People

Anita Frew	Chairman
David Hummel	Chief Executive Officer
Steve Barrow	Financial Director
Timothy Walker	Director
Patrick Smedt	Non Executive Director
Lawrence Pentz	Non Executive Director
Giles Kerr	Non Executive Director
Michael Peacock	Financial Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	13.31%
Schroder Investment Management Ltd.	9.62%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/09/2007	30/09/2008	30/09/2009	30/09/2010	30/09/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	131.03	141.12	103.82	189.47	215.80
Cost of Goods Sold (COGS) incl. D&A	46.55	49.50	39.31	68.92	69.40
COGS excluding D&A	40.37	41.82	30.33	60.26	60.60
Depreciation & Amortization Expense	6.19	7.67	8.98	8.66	8.80
Depreciation	5.58	7.06	8.37	8.51	8.80
Amortization of Intangibles	0.61	0.61	0.61	0.15	0
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	84.47	91.62	64.52	120.55	146.40
Selling, General & Administrative Expense	33.24	37.04	39.42	45.66	52.60
Research & Development	3.57	3.62	3.98	4.56	4.90
Other Selling, General & Administrative	29.67	33.42	35.44	41.10	47.70
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	0	0	0	0	-0.10
Non-Operating Interest Income	0.70	0.58	0.09	0.14	0.50
Equity in Affiliates (Pretax)	0.20	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0	0	0	0	0
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	0.11	0.13	0.06	0.09	0
Gross Interest Expense	0.11	0.13	0.06	0.09	0
Interest Capitalized	0	0	0	0	0
Pretax Income	52.03	55.03	25.13	74.94	94.20
Income Tax	15.61	15.96	7.29	20.98	23
Income Tax - Current Domestic	13.17	9.78	3.67	18.52	21
Income Tax - Current Foreign	2.49	3.85	2.33	4.38	2.50
Income Tax - Deferred Domestic	-0.05	2.33	1.28	-1.91	-0.50
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	36.42	39.07	17.84	53.96	71.20
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	36.42	39.07	17.84	53.96	71.20
Preferred Dividends	0	0	0	0	0
Net Income available to Common	36.42	39.07	17.84	53.96	71.20
Operational EPS	44.39	47.44	21.57	64.36	84.43
EPS (basic)	44.90	47.80	21.70	65.10	85.40
EPS (diluted)	44.39	47.44	21.57	64.36	84.43
EBITDA	57.42	62.26	34.08	83.56	102.60
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	6.19	7.67	8.98	8.66	8.80

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/09/2007	30/09/2008	30/09/2009	30/09/2010	30/09/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	19.26	24.39	20.27	79.51	73.20
Cash Only	17.12	23.53	18.56	77.27	72.30
Short-Term Investments	2.14	0.86	1.70	2.24	0.90
Total Accounts Receivable	15.59	17.60	15.71	18.94	23.80
Accounts Receivables, Net	14.67	17.01	14.30	17.93	21.90
Accounts Receivables, Gross	14.67	17.01	14.30	17.93	21.90
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	0.92	0.59	1.41	1.01	1.90
Inventories	27.87	31.68	37.17	34.52	45
Finished Goods	17.88	20.01	26.47	23.76	28.90
Work in Progress	0.94	2.25	3.46	2.64	4
Raw Materials	9.06	9.42	7.24	8.12	12.10
Progress Payments & Other	0	0	0	0	0
Other Current Assets	0.71	0.84	0.97	0.92	1.20
Prepaid Expenses	0.71	0.84	0.97	0.92	1.20
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	63.43	74.50	74.11	133.89	143.20
Net Property, Plant & Equipment	112.79	129.91	129.48	125.34	125.50
Property, Plant & Equipment - Gross	146.84	171.01	178.89	182.86	191.70
Buildings	14.36	17.12	19.36	19.31	22.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	86.52	128.29	148.05	151.63	157.60
Construction in Progress	39.15	17.94	3.35	3.77	1.60
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	6.44	6.77	6.77	8.10
Other Property, Plant & Equipment	6.81	1.23	1.37	1.38	1.60
Accumulated Depreciation	34.05	41.10	49.41	57.52	66.20
Buildings	1.27	1.74	2.35	2.95	3.50
Land & Improvements	0	0	0	0	0
Machinery & Equipment	28.06	33.54	40.33	47.56	55
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	5.25	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	5.94	6.05	6.50
Other Property, Plant & Equipment	4.72	0.58	0.79	0.97	1.20
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	11.48	10.87	10.26	10.11	10.10
Net Goodwill	10.11	10.11	10.11	10.11	10.10
Net Other Intangibles	1.37	0.76	0.15	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	193.45	223.36	220.95	278.98	287.80
ST Debt & Curr. Portion LT Debt	3.42	0	0	0	0
Short Term Debt	3.42	0	0	0	0
Current Portion of Long Term Debt	0	0	0	0	0
Accounts Payable	5.45	4.65	4.68	3.71	5.70
Income Tax Payable	11.08	8.26	5.42	15.11	12.50
Other Current Liabilities	12.24	22.62	16.21	23.71	27
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	12.24	22.62	16.21	23.71	27
Total Current Liabilities	32.19	35.54	26.31	42.53	45.20
Long-Term Debt	0	0	0	0	0
Long-Term Debt excl. Capitalized Leases	0	0	0	0	0
Non-Convertible Debt	0	0	0	0	0
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0	0	0	0	0
Provision for Risks & Charges	7.11	6.38	10.83	9.50	6.20
Deferred Taxes	6.91	6.57	8.49	6.00	5.80
Deferred Taxes - Credit	12.67	14.65	15.59	15.65	14.80
Deferred Taxes - Debit	-5.75	-8.08	-7.10	-9.65	-9
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	0	0	0	0.00	0
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0	0	0	0.00	0
Deferred Income	0	0	0	0	0
Total Liabilities	51.97	56.57	52.73	67.68	66.20
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)	141.48	166.79	168.23	211.30	221.60
Common Stock Par/Carry Value	0.82	0.83	0.83	0.84	0.80
Additional Paid-In Capital/Capital Surplus	18.15	20.72	21.65	24.27	27.10
Retained Earnings	123.10	150.34	144.99	183.52	192.30
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-0.59	-5.10	0.75	2.68	1.40
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	141.48	166.79	168.23	211.30	221.60
Liabilities & Shareholders' Equity	193.45	223.36	220.95	278.98	287.80

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/09/2007	30/09/2008	30/09/2009	30/09/2010	30/09/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	36.42	39.07	17.84	74.90	71.20
Depreciation, Depletion & Amortization	6.19	7.67	8.98	8.66	8.80
Depreciation and Depletion	5.58	7.06	8.37	8.51	8.80
Amortization of Intangible Assets	0.61	0.61	0.61	0.15	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	5.47	4.46	-5.44	-16.23	-3.40
Funds from Operations	48.07	51.21	21.38	67.33	76.60
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-9.17	-4.65	-5.69	9.89	-10.70
Receivables	-4.51	-2.31	2.53	-3.24	-5.50
Inventories	-2.77	-3.81	-5.49	2.92	-9.70
Accounts Payable	-1.88	1.47	-2.73	10.21	4.50
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	38.91	46.56	15.69	77.22	65.90
Capital Expenditures	37.19	25.01	7.47	4.56	9
Capital Expenditures (Fixed Assets)	37.19	25.01	7.47	4.56	9
Capital Expenditures (Other Assets)	0	0	0	0	0
Net Assets from Acquisitions	-1.04	0	0	0	0
Sale of Fixed Assets & Businesses	0	0	0	0	0
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	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-38.23	-25.01	-7.47	-4.56	-9
Cash Dividends Paid - Total	-12.07	-14.53	-15.08	-16.90	-63.80
Common Dividends	-12.07	-14.53	-15.08	-16.90	-63.80
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0.78	-0.85	-0.98	0.01	1.80
Repurchase of Common & Preferred Stk.	0	0	-0.98	0	-1
Sale of Common & Preferred Stock	0.78	-0.85	0.00	0.01	2.80
Proceeds from Stock Options	0.78	-0.86	0	0	0
Other Proceeds from Sale of Stock	0	0.01	0.00	0.01	2.80
Issuance/Reduction of Debt, Net	1.26	-4.21	0	0	0
Change in Current Debt	1.26	-4.21	0	0	0
Change in Long-Term Debt	0	0	0	0	0
Issuance of Long-Term Debt	0	0	0	0	0
Reduction in Long-Term Debt	0	0	0	0	0
Other Funds	0	2.58	0.93	2.62	0
Other Uses	0	0	0	0	0
Other Sources	0	2.58	0.93	2.62	0
Net Financing Cash Flow	-10.02	-17.02	-15.13	-14.28	-62
Exchange Rate Effect	-0.40	1.89	1.94	0.33	0.10
Miscellaneous Funds	-0.00	-0.00	-0.00	-0.00	0.00
Net Change in Cash	-9.74	6.41	-4.97	58.71	-5
Free Cash Flow	-10.35	7.01	-6.86	55.76	-6.90

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-09-30	2008-09-30	2009-09-30	2010-09-30	2011-09-30
Valuation
Market Capitalisation	542.70	592.71	634.64	1,066.79	918.49
Price/Earnings	14.70	14.96	35.18	19.60	12.80
Price/Sales	4.09	4.14	6.05	5.58	4.22
Price/Book Value	3.84	3.55	3.77	5.05	4.14
Price/Cash Flow	13.92	12.65	40.25	13.85	13.99
Enterprise Value/EBIT	10.26	10.34	24.36	13.22	9.05
Enterprise Value/EBITDA	9.15	9.07	17.94	11.85	8.27
Enterprise Value/Sales	4.01	4.00	5.89	5.23	3.93
Total Debt/Enterprise Value	0.01	0	0	0	0
Total Debt/EBITDA	0.06	0	0	0	0
EPS (basic)	44.90	47.80	21.70	65.10	85.40
EPS (diluted) as stated	44.39	47.44	21.57	64.36	84.43
Profitability
Gross Margin (%)	64.47	64.93	62.14	63.62	67.84
Operating Margin (%)	39.10	38.68	24.17	39.53	43.47
Pretax Margin (%)	39.71	39.00	24.20	39.55	43.65
Net Margin (%)	27.80	27.69	17.18	28.48	32.99
Return on Assets (%)	20.24	18.75	8.03	21.59	25.12
Return on Equity (%)	28.57	25.35	10.65	28.43	32.89
Return on Avg. Total Capital (%)	28.19	25.07	10.65	28.43	32.89
Return on Avg. Invested Capital (%)	28.57	25.35	10.65	28.43	32.89
Efficiency
Revenue/Employee	0.28	0.28	0.20	0.38	0.39
Receivables Turnover	9.39	8.50	6.23	10.94	10.10
Days of Sales Outstanding (DSO) (%)	38.88	42.93	58.55	33.37	36.14
Inventory Turnover	1.83	1.66	1.14	1.92	1.75
Days of Inventory on Hand (DIO)	199.29	219.55	319.63	189.83	209.11
Total Asset Turnover	0.73	0.68	0.47	0.76	0.76
Working Capital Turnover	4.19	3.62	2.17	2.07	2.20
Liquidity
Current Ratio	1.97	2.10	2.82	3.15	3.17
Quick Ratio	1.10	1.21	1.40	2.34	2.17
Capital Structure
Debt-to-Total Equity (%)	2.42	0.00	0.00	0.00	0.00
Debt-to-Total Capital (%)	2.36	0.00	0.00	0.00	0.00
Debt-to-Total Assets (%)	1.77	0.00	0.00	0.00	0.00
Interest Coverage	487.96	429.77	418.25	805.32	0.00

Market data

Name	Latest	Var
FTSE 100	5,300.56	+0.63%
FTSE 250	10,479.44	+0.46%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,922.32	-0.16%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var
MAN GROUP	80.40	+6.77%
VEDANTA	998.00	+4.12%
ROYAL BANK SCOT	20.57	+2.90%
GKN	187.70	+2.85%
IMI	878.50	+2.33%

Name	Latest	Var
LAND SECS.	711.50	-0.84%
POLYMETAL INTL	795.00	-0.50%
RANDGOLD RES.	4,879.00	-0.31%
UTD. UTILITIES	621.00	-0.24%
TESCO	312.95	-0.24%

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

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.

VICTREX

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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