Interim Results
Victrex PLC
06 June 2006
6th June 2006
Victrex plc
Results announcement for the six months ended 31st March 2006
• Volume up 13% to 1,113 tonnes (2005: 988 tonnes)
• Revenue up 20% to £58.7m (2005: £49.0m)
• Profit before taxation up 32% to £23.1m (2005: £17.5m)
• Earnings per share up 32% to 19.3p (2005: 14.6p)
• Interim dividend per share up 56% to 4.2p (2005: 2.7p)
Chairman Peter Warry commented:
'Victrex has continued to make excellent progress in the first half of 2006 with
further strong growth resulting in record sales and profits.
These results are the first to be published under International Financial
Reporting Standards ('IFRS'). The main effects of the transition from UK
Generally Accepted Accounting Principles ('UK GAAP') to IFRS were set out in our
2005 Annual Report and are detailed in note 7 to this interim report.
The strong first half sales performance has continued in the second half.
Accordingly, we expect second half sales to be broadly in line with the first
half.
Looking further ahead, we believe that our ongoing global investment in product
and market development for end users, together with our capital expenditure
programme, will provide a sound basis for future growth.'
Enquiries
Victrex plc
David Hummel, Chief Executive 0207 357 9477 (6th June 2006)
Michael Peacock, Finance Director 01253 897700 (thereafter)
Hogarth Partnership Limited
Nick Denton / Barnaby Fry 0207 357 9477
REPORT TO SHAREHOLDERS
on the interim results for the six months ended 31 March 2006
Victrex has continued to make excellent progress in the first half of 2006 with
further strong growth resulting in record sales and profits.
These results are the first to be published under International Financial
Reporting Standards ('IFRS'). The main effects of the transition from UK
Generally Accepted Accounting Principles ('UK GAAP') to IFRS were set out in our
2005 Annual Report and are detailed in note 7 to this interim report.
Results
Revenue was £58.7m (H1 2005: £49.0m), an increase of 20% on the first six months
of last year. At 1,113 tonnes, sales volume was 13% up on both the first half
(988 tonnes) and the second half (984 tonnes) of last year.
Gross profit was £36.8m (H1 2005: £27.3m), representing a gross margin of 62.7%
(H1 2005: 55.8%). This significant gross margin improvement was mainly driven by
reduced cost of sales arising from last year's acquisition of certain BDF
operations (the key raw material from which VICTREX PEEK is produced).
Sales, marketing and administrative expenses increased by 36% to £14.2m compared
with the first half of last year (£10.4m) and by 14% over the second half
(£12.4m). We have continued to invest in product development and sales and
marketing resources for both the main VICTREX PEEK business and Invibio(R) (our
biomaterials business).
Profit before tax grew by 32% over the first half of 2005 (£17.5m) to a record
level of £23.1m and earnings per share were 19.3p (H1 2005: 14.6p), up 32%.
Markets
Electronics sales volume was 314 tonnes, up 18% on last year's second half of
265 tonnes. This was due to a good recovery in both consumer electronics and
semiconductor sales.
Transport sales volume was 314 tonnes, up 18% on last year's second half of 265
tonnes. This was principally due to increased automotive sales in Europe and
Asia-Pacific and a continued upturn in commercial aerospace volume.
Industrial sales volume was 347 tonnes, up 3% on last year's strong second half
of 337 tonnes as oil and gas and chemical processing sales were maintained in
line with the record levels achieved in the second half of last year.
Regionally, European sales volume saw renewed growth at 556 tonnes, 18% up on
the previous second half (472 tonnes), due to increased sales in all segments,
particularly automotive and industrial.
United States volume continued to grow with sales of 348 tonnes. This was 6% up
on the second half of last year (327 tonnes).
At 209 tonnes, Asia-Pacific sales volume was up 13% on the previous second half
(185 tonnes) and in line with last year's record first half of 210 tonnes. This
was largely due to electronics and automotive growth.
Invibio generated record first half revenue of £7.6m, an increase of 33% over
the second half of last year (£5.7m) and 43% over the first half (£5.3m). Since
the start of the new financial year we have entered into 14 additional
PEEK-OPTIMA(R) polymer long-term supply assurance agreements with implantable
medical device manufacturers.
Development Pipeline
During the first half we commercialised 240 new applications with an estimated
mature annualised volume ('MAV') of 210 tonnes compared with 176 commercialised
applications with a MAV of 125 tonnes in the second half of 2005. The
development pipeline contained 1,472 developments (September 2005: 1,433) with
an estimated MAV of 2,266 tonnes (September 2005: 2,344) if all of the
developments were successfully commercialised.
Capital Expenditure
Capital expenditure payments for the period amounted to £6.6m (2005: £2.6m). The
majority of these related to the ongoing construction of the second VICTREX PEEK
polymer powder manufacturing plant, which is scheduled to be completed in late
2007, on our main UK site at Thornton Cleveleys, Lancashire. We expect total
capital expenditure for the second half to be approximately £23m, again
principally on the polymer plant, resulting in a total spend for the year of
around £30m. This will be funded from the Group's cash resources and committed
borrowing facilities.
Detailed design and costing of the BDF supply chain uprate needed to support
this additional polymer capacity is continuing. We expect to provide further
details of the BDF uprate at our preliminary announcement in December.
Other capital expenditure includes the new Asia Innovation and Technology Center
which is scheduled to open in Shanghai this month. The Center will provide
customers with expertise in material specification, testing, research and
application development.
Construction is also underway of a dedicated Invibio Global Technology Centre at
Thornton Cleveleys to support ongoing business growth, research and technology
development. This global headquarters will house dedicated laboratories and a
clean room processing capability and is expected to be completed in early 2007.
Cash Flow
Cash flow from operations increased to £23.4m (H1 2005: £14.8m) primarily as a
result of improved trading.
Taxation paid was £6.5m (H1 2005: £4.8m) and the effective tax rate decreased to
32.5% (H1 2005: 33.0%).
At 31 March 2006, the Group remained ungeared with net cash of £19.1m compared
with £15.7m as at 30 September 2005. The Group has a committed bank facility of
£40m which expires in September 2008, all of which was undrawn at the end of the
first half.
Dividend
Following the rebasing of last year's dividend through an increase in the final
dividend of 50% from the previous year (which resulted in an overall increase of
40% over the previous year), we have raised this year's interim dividend so that
we maintain the interim dividend at an appropriate proportion of the total
dividend. Accordingly, and in recognition of the strong first half performance,
an interim dividend of 4.2p per share, representing an increase of 56% over last
year's interim dividend, will be paid on 31 July 2006 to all shareholders on the
register at the close of business on 30 June 2006.
Board Changes
Non-executive Director, Charles Irving-Swift, is retiring from the Board today.
Charles joined the Board in 2002 and has made a significant contribution to the
development of Victrex. We are most grateful for his contribution and wish him
well in the future. We expect to announce his replacement shortly.
Outlook
The strong first half sales performance has continued in the second half.
Accordingly, we expect second half sales to be broadly in line with the first
half.
Looking further ahead, we believe that our ongoing global investment in product
and market development for end users, together with our capital expenditure
programme, will provide a sound basis for future growth.
Peter Warry
Chairman
5 June 2006
CONSOLIDATED INCOME STATEMENT
Six months ended Six months ended Year ended
31 March 2006 31 March 2005 30 September 2005
Note £000 £000 £000 £000 £000 £000
__________________________________________________________________________________________________________
Revenue 2 58,730 48,965 100,913
Cost of sales (21,935) (21,627) (43,614)
__________________________________________________________________________________________________________
Gross profit 36,795 27,338 57,299
Sales, marketing and administrative expenses (14,170) (10,424) (22,847)
__________________________________________________________________________________________________________
Operating profit before financing costs 22,625 16,914 34,452
Financial income 267 286 419
Financial expenses (44) (80) (131)
_______ _______ _______
Net financing income 223 206 288
Share of profit of Japanese joint venture 242 417 526
__________________________________________________________________________________________________________
Profit before tax 23,090 17,537 35,266
Income tax expense 3 (7,510) (5,791) (11,365)
__________________________________________________________________________________________________________
Profit for the period attributable to equity
shareholders of the parent 15,580 11,746 23,901
__________________________________________________________________________________________________________
__________________________________________________________________________________________________________
Earnings per share
Basic 4 19.3p 14.6p 29.9p
Diluted 4 19.1p 14.5p 29.5p
__________________________________________________________________________________________________________
Dividends
Year ended 30 September 2004
final dividend paid at 6.2p per share - 4,949 4,949
Year ended 30 September 2005
interim dividend paid at 2.7p per share - - 2,170
final dividend paid at 9.3p per share 7,494 - -
__________________________________________________________________________________________________________
7,494 4,949 7,119
__________________________________________________________________________________________________________
An interim dividend of 4.2p per share will be paid on 31 July 2006 to
shareholders on the register at the close of business on 30 June 2006. In
accordance with IFRS this dividend will be recognised in the period in which it
is approved.
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Six months ended Six months ended Year ended
31 March 2006 31 March 2005 30 September 2005
£000 £000 £000
__________________________________________________________________________________________________________
Cash flow hedges (904) 416 (314)
Exchange differences on net investment
translation of foreign operations 127 (76) 50
Actuarial (losses)/gains on defined benefit plans (1,323) 791 812
Tax on items taken directly to or transferred
from equity 768 (237) (247)
__________________________________________________________________________________________________________
Net (expense)/income recognised directly in equity (1,332) 894 301
Profit for the period 15,580 11,746 23,901
__________________________________________________________________________________________________________
Total recognised income and expense for
the period attributable to equity shareholders
of the parent 14,248 12,640 24,202
__________________________________________________________________________________________________________
CONSOLIDATED BALANCE SHEET
31 March 2006 31 March 2005 30 September 2005
Note £000 £000 £000
____________________________________________________________________________________________
Assets
Non-current assets
Property, plant and equipment 68,369 49,505 63,813
Intangible assets 9,710 6,372 10,015
Investment in Japanese joint venture 132 131 80
Deferred tax assets 6,010 3,402 4,166
____________________________________________________________________________________________
84,221 59,410 78,074
____________________________________________________________________________________________
Current assets
Inventories 21,637 18,494 19,939
Trade and other receivables 13,892 14,085 12,813
Derivative financial instruments 654 1,839 1,437
Cash and cash equivalents 19,121 20,116 15,747
____________________________________________________________________________________________
55,304 54,534 49,936
____________________________________________________________________________________________
Total assets 139,525 113,944 128,010
____________________________________________________________________________________________
Liabilities
Non-current liabilities
Deferred tax liabilities (10,673) (8,806) (9,593)
Retirement benefit obligations (9,322) (7,554) (7,812)
____________________________________________________________________________________________
(19,995) (16,360) (17,405)
____________________________________________________________________________________________
Current liabilities
Derivative financial instruments (1,449) (260) (1,010)
Trade and other payables (18,499) (16,174) (17,348)
____________________________________________________________________________________________
(19,948) (16,434) (18,358)
____________________________________________________________________________________________
Total liabilities (39,943) (32,794) (35,763)
____________________________________________________________________________________________
Net assets 99,582 81,150 92,247
____________________________________________________________________________________________
Equity
Share capital 816 807 812
Share premium account 16,076 13,876 15,243
Translation reserve 177 (76) 50
Hedging reserve (676) 1,058 228
Retained earnings 83,189 65,485 75,914
____________________________________________________________________________________________
Total equity 6 99,582 81,150 92,247
____________________________________________________________________________________________
CONSOLIDATED CASH FLOW STATEMENT
Six months ended Six months ended Year ended 30
31 March 2006 31 March 2005 September 2005
£000 £000 £000
______________________________________________________________________________________________________
Cash flows from operating activities
Profit for the period 15,580 11,746 23,901
Adjustments for:
Depreciation 2,365 1,817 4,061
Amortisation 305 305 609
Changes in working capital and provisions (2,934) (4,865) (3,658)
Equity-settled transactions 511 277 694
Japanese joint venture profit in stock adjustment 64 272 435
Share of profit of Japanese joint venture (242) (417) (526)
Net financing income (223) (206) (288)
Income tax expense 7,510 5,791 11,365
Fair value gains on derivative financial instruments 318 (46) 376
Increase in retirement benefit obligations 187 161 440
______________________________________________________________________________________________________
Cash generated from operations 23,441 14,835 37,409
Interest paid (4) (41) (49)
Interest received 267 286 419
Tax paid (6,511) (4,806) (9,892)
______________________________________________________________________________________________________
Net cash flow from operating activities 17,193 10,274 27,887
______________________________________________________________________________________________________
Cash flows from investing activities
Acquisition of property, plant and equipment (6,635) (2,564) (6,043)
Purchase of business including acquisition costs - - (17,747)
Dividends received 113 123 123
______________________________________________________________________________________________________
Net cash flow from investing activities (6,522) (2,441) (23,667)
______________________________________________________________________________________________________
Cash flows from financing activities
Issue of ordinary shares exercised under option 4 2 7
Premium on issue of ordinary shares exercised under
option 833 493 1,860
Purchase of own shares held (767) - (84)
Dividends paid (7,494) (4,949) (7,119)
______________________________________________________________________________________________________
Net cash flow from financing activities (7,424) (4,454) (5,336)
______________________________________________________________________________________________________
Net increase/(decrease) in cash and cash equivalents 3,247 3,379 (1,116)
Effects of foreign exchange rates changes 127 (76) 50
Cash and cash equivalents at beginning of period 15,747 16,813 16,813
______________________________________________________________________________________________________
Cash and cash equivalents at end of period 19,121 20,116 15,747
______________________________________________________________________________________________________
NOTES TO THE INTERIM REPORT
1 Basis of preparation
The Group is reporting its results in accordance with International Financial
Reporting Standards ('IFRS') as adopted by the EU. In the Annual Report and
Accounts 2006 all of the Group's financial information will be presented under
IFRS. Previous accounts were prepared under UK Generally Accepted Accounting
Principles ('UK GAAP') and reconciliations converting the Group's results from
UK GAAP to IFRS for the six months ended 31 March 2005 are given in note 7.
Information in respect of the year ended 30 September 2005 is derived from the
unaudited IFRS information published in the Annual Report and Accounts 2005,
which also provided reconciliations converting the Group's results from UK GAAP
to IFRS for the year ended 30 September 2005.
The comparative figures for the financial year ended 30 September 2005 are not
the Group's statutory accounts for the financial year. Those accounts have been
reported on by the Group's auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified.
The Interim Report was approved by the Board of Directors on 5 June 2006 and is
unaudited, but has been reviewed by the auditors. It does not constitute
statutory accounts, but has been prepared on a basis consistent with the Group's
anticipated IFRS accounting policies which it expects to follow in its Annual
Report and Accounts for the year ending 30 September 2006. These accounting
policies are set out at the back of this document.
2 Segment reporting
_______________________________________________________________________________
Analysis of revenue Six months ended Six months ended Year ended
31 March 2006 31 March 2005 30 September 2005
£000 £000 £000
_______________________________________________________________________________
Europe 31,281 26,373 52,485
United States 19,001 13,957 32,188
Asia-Pacific 8,448 8,635 16,240
_______________________________________________________________________________
58,730 48,965 100,913
_______________________________________________________________________________
3 Taxation
Taxation of profit before tax in respect of the half year ended 31 March 2006
has been provided at the estimated effective rates chargeable for the full year
in the respective jurisdiction.
_______________________________________________________________________________
Six months ended Six months ended Year ended
31 March 2006 31 March 2005 30 September 2005
£000 £000 £000
_______________________________________________________________________________
UK corporation taxation 6,507 4,572 9,066
Overseas taxation 999 684 1,780
Deferred taxation 4 535 519
_______________________________________________________________________________
7,510 5,791 11,365
_______________________________________________________________________________
4 Earnings per share
____________________________________________________________________________________
Six months Six months Year ended
ended ended 30 September
31 March 2006 31 March 2005 2005
____________________________________________________________________________________
Earnings per share - Basic 19.3p 14.6p 29.9p
- Diluted 19.1p 14.5p 29.5p
Profit for the financial period £15,580,000 £11,746,000 £23,901,000
Weighted average number of shares used:
- Basic 80,586,195 80,612,301 80,050,992
- Diluted 81,702,637 81,239,175 80,922,451
____________________________________________________________________________________
5 Exchange rates
The most significant Sterling exchange rates used in the accounts under the
Group's accounting policies are:
Six months ended Six months ended Year ended
31 March 2006 31 March 2005 30 September 2005
Average Closing Average Closing Average Closing
_______________________________________________________________________________
US Dollar 1.83 1.73 1.74 1.89 1.77 1.77
Euro 1.42 1.43 1.44 1.45 1.44 1.47
Yen 189 205 188 202 187 201
_______________________________________________________________________________
6 Changes in equity
_________________________________________________________________________________________
Six months ended Six months ended Year ended
31 March 2006 31 March 2005 30 September 2005
£000 £000 £000
_________________________________________________________________________________________
Equity at beginning of period 92,247 72,687 72,687
Total recognised income and expense 14,248 12,640 24,202
Share options exercised 837 495 1,867
Equity-settled transactions 511 277 694
Purchase of shares for employee trusts (767) - (84)
Dividends to shareholders (7,494) (4,949) (7,119)
_________________________________________________________________________________________
Equity at end of period 99,582 81,150 92,247
_________________________________________________________________________________________
7 Reconciliations from UK GAAP to IFRS
RECONCILIATIONS OF THE CONSOLIDATED INCOME STATEMENTS
Six months ended 31 March 2005 Year ended 30 September 2005
Previous Effect of IFRS Previous Effect of IFRS
UK GAAP transition UK GAAP transition
to IFRS to IFRS
£000 £000 £000 £000 £000 £000
________________________________________________________________________________________________________
Revenue 49,305 (340) 48,965 101,615 (702) 100,913
Cost of sales (21,718) 91 (21,627) (43,628) 14 (43,614)
________________________________________________________________________________________________________
Gross profit 27,587 (249) 27,338 57,987 (688) 57,299
Sales, marketing and
administrative expenses (10,807) 383 (10,424) (23,733) 886 (22,847)
________________________________________________________________________________________________________
Operating profit before financing
costs 16,780 134 16,914 34,254 198 34,452
Financial income 286 - 286 419 - 419
Financial expenses (86) 6 (80) (143) 12 (131)
Share of profit of Japanese
joint venture 417 - 417 549 (23) 526
________________________________________________________________________________________________________
Profit before tax 17,397 140 17,537 35,079 187 35,266
Income tax expense (5,654) (137) (5,791) (11,401) 36 (11,365)
________________________________________________________________________________________________________
Profit for the period attributable to
equity shareholders of the parent 11,743 3 11,746 23,678 223 23,901
________________________________________________________________________________________________________
Earnings per share
Basic 14.6p 14.6p 29.3p 29.9p
Diluted 14.5p 14.5p 29.0p 29.5p
________________________________________________________________________________________________________
RECONCILIATIONS OF CASH FLOW STATEMENTS
There are no material differences between the cash flow statements presented
under UK GAAP and that under IFRS.
RECONCILIATIONS OF THE CONSOLIDATED BALANCE SHEETS
31 March 2005 30 September 2005
Previous Effect of IFRS Previous Effect of IFRS
UK GAAP transition UK GAAP transition
to IFRS to IFRS
£000 £000 £000 £000 £000 £000
________________________________________________________________________________________________
Assets
Non-current assets
Property, plant and equipment 49,507 (2) 49,505 63,812 1 63,813
Goodwill 3,144 331 3,475 6,562 860 7,422
Other intangible assets 2,897 - 2,897 2,593 - 2,593
Investment in Japanese joint venture
share of gross assets 2,700 (136) 2,564 2,291 (80) 2,211
share of gross liabilities (2,619) 186 (2,433) (2,266) 135 (2,131)
Deferred tax assets 181 3,221 3,402 243 3,923 4,166
________________________________________________________________________________________________
55,810 3,600 59,410 73,235 4,839 78,074
________________________________________________________________________________________________
Current assets
Inventories 18,494 - 18,494 19,936 3 19,939
Trade and other receivables 14,669 (584) 14,085 13,049 (236) 12,813
Derivative financial instruments - 1,839 1,839 - 1,437 1,437
Cash and cash equivalents 20,312 (196) 20,116 15,821 (74) 15,747
________________________________________________________________________________________________
53,475 1,059 54,534 48,806 1,130 49,936
________________________________________________________________________________________________
Total assets 109,285 4,659 113,944 122,041 5,969 128,010
________________________________________________________________________________________________
Liabilities
Non-current liabilities
Deferred tax liabilities (6,601) (2,205) (8,806) (7,013) (2,580) (9,593)
Retirement benefit obligations - (7,554) (7,554) - (7,812) (7,812)
________________________________________________________________________________________________
(6,601) (9,759) (16,360) (7,013) (10,392) (17,405)
________________________________________________________________________________________________
Current liabilities
Derivative financial instruments - (260) (260) - (1,010) (1,010)
Trade and other payables (18,485) 2,311 (16,174) (24,854) 7,506 (17,348)
________________________________________________________________________________________________
(18,485) 2,051 (16,434) (24,854) 6,496 (18,358)
________________________________________________________________________________________________
Total liabilities (25,086) (7,708) (32,794) (31,867) (3,896) (35,763)
________________________________________________________________________________________________
Net assets 84,199 (3,049) 81,150 90,174 2,073 92,247
________________________________________________________________________________________________
Equity
Share capital 807 - 807 812 - 812
Share premium account 13,876 - 13,876 15,243 - 15,243
Translation reserve - (76) (76) - 50 50
Hedging reserve - 1,058 1,058 - 228 228
Retained earnings 69,516 (4,031) 65,485 74,119 1,795 75,914
________________________________________________________________________________________________
Total equity 84,199 (3,049) 81,150 90,174 2,073 92,247
________________________________________________________________________________________________
RECONCILIATION OF THE CONSOLIDATED BALANCE SHEET
1 October 2004
Previous Effect of IFRS
UK GAAP transition
to IFRS
£000 £000 £000
_________________________________________________________________________________
Assets
Non-current assets
Property, plant and equipment 49,347 (2) 49,345
Goodwill 3,475 - 3,475
Other intangible assets 3,202 - 3,202
Investment in Japanese joint venture
share of gross assets 2,089 (179) 1,910
share of gross liabilities (1,800) 211 (1,589)
Deferred tax assets 197 3,166 3,363
_________________________________________________________________________________
56,510 3,196 59,706
_________________________________________________________________________________
Current assets
Inventories 18,833 - 18,833
Trade and other receivables 10,578 (562) 10,016
Derivative financial instruments - 1,543 1,543
Cash and cash equivalents 17,004 (191) 16,813
_________________________________________________________________________________
46,415 790 47,205
_________________________________________________________________________________
Total assets 102,925 3,986 106,911
_________________________________________________________________________________
Liabilities
Non-current liabilities
Deferred tax liabilities (6,267) (1,760) (8,027)
Retirement benefit obligations - (8,184) (8,184)
_________________________________________________________________________________
(6,267) (9,944) (16,211)
_________________________________________________________________________________
Current liabilities
Derivative financial instruments - (426) (426)
Trade and other payables (22,704) 5,117 (17,587)
_________________________________________________________________________________
(22,704) 4,691 (18,013)
_________________________________________________________________________________
Total liabilities (28,971) (5,253) (34,224)
_________________________________________________________________________________
Net assets 73,954 (1,267) 72,687
_________________________________________________________________________________
Equity
Share capital 805 - 805
Share premium account 13,383 - 13,383
Translation reserve - - -
Hedging reserve - 542 542
Retained earnings 59,766 (1,809) 57,957
_________________________________________________________________________________
Total equity 73,954 (1,267) 72,687
_________________________________________________________________________________
PRINCIPAL DIFFERENCES BETWEEN UK GAAP AND IFRS
Accounting for foreign currency transactions & financial instruments
Victrex has a policy of taking out forward foreign currency contracts to cover
forecast foreign currency income streams providing medium term predictability in
its results.
Under UK GAAP, Victrex used the effective exchange rates from the forward
contracts for translation of its foreign currency transactions and, where
appropriate, the consolidation of its overseas entities.
Under IFRS, Victrex continues to hedge account (as defined by IAS 39 - Financial
Instruments: Recognition and Measurement) resulting in largely unchanged profit
and loss recognition. However, IAS did require changes to the mechanics of how
this is achieved:
• Under IAS 21 - Effects of Changes in Foreign Exchange Rates, all
transactions and consolidations are recognised using spot rates;
• Under IAS 39 the fair value of forward foreign currency contracts are
recognised on the balance sheet. Victrex has adopted hedge accounting and
therefore the movement in fair value is deferred in a hedging reserve until
the associated transaction occurs at which point the cumulative movement is
released to the income statement.
Whilst the above did not materially affect overall profitability, there were
minor changes in categorisation within the detail with a reduction in revenue of
£702,000 offset by a reduction in cost of sales £235,000 and indirect overheads
of £384,000 in the year ended 30 September 2005 and a reduction in revenue of
£340,000 offset by a reduction in cost of sales £91,000 and indirect overheads
of £207,000 in the half year ended 31 March 2005.
The opening balance sheet as at 1 October 2004 recognises a financial asset of
£1,543,000 and a financial liability of £426,000, which account for the fair
value of derivative financial instruments (forward contracts). The corresponding
hedging reserve is £542,000, which reflects the fair value of forward contracts
relating to future transactions at the balance sheet date. These are offset by
the effects of revaluing all balance sheet categories to closing spot rate.
The balance sheet at 31 March 2005 recognises a financial asset of £1,839,000, a
financial liability of £260,000 and a corresponding hedging reserve of
£1,058,000.
The balance sheet at 30 September 2005 recognises a financial asset of
£1,437,000, a financial liability of £1,010,000 and a corresponding hedging
reserve of £228,000.
As a first time adopter, Victrex has taken advantage of the IFRS 1 - First-time
Adoption of International Financial Reporting Standards exemption to deem as
zero at the date of transition to IFRS the cumulative translation differences
for all foreign operations.
Goodwill amortisation
Under UK GAAP, goodwill is amortised by equal instalments over its estimated
useful economic life. However, under IFRS 3 - Business Combinations,
amortisation of goodwill is prohibited but is replaced by a requirement for
annual impairment testing. Victrex has decided to take advantage of the IFRS 1
exemption whereby IFRS 3 can be applied prospectively from the date of
transition, hence removing the need to restate previous business combinations.
The carrying value of goodwill on the opening IFRS balance sheet has therefore
been restricted to that £3,475,000 net carrying amount previously reported under
UK GAAP.
The profit impact on this adjustment in the six months ended 31 March 2005 and
the year ended 30 September 2005 is a credit of £331,000 and £662,000
respectively, being the reversal of amortisation previously charged under UK
GAAP on the goodwill which arose on the acquisition of the DFDPM business from
Laporte in 1999 (note that there is no change in the treatment of the knowhow
arising from that transaction).
On 1 April 2005 Victrex purchased certain operations from Degussa AG. This
included the purchase of goodwill which, in accordance with IFRS, will not be
amortised, but will be subject to annual impairment testing. The profit impact
of this adjustment in 2005 is a credit of £198,000, being the reversal of
amortisation previously charged under UK GAAP.
Share based payments
Under UK GAAP, there is no charge to the profit and loss account relating to
options granted under the Victrex Employee share option scheme, Executive plan,
Save as you earn scheme, Sharesave plan or Stock purchase plan. As regards the
LTIP, under UK GAAP, the profit and loss account is charged over the performance
period with an amount equal to the market price on the date of the award,
subject to meeting performance targets.
However, IFRS 2 - Share Based Payments, requires that the fair value of all such
relevant instruments granted since 7 November 2002, which have not vested by 1
January 2005, be charged to the income statement over the relevant option
vesting periods (adjusted for actual and expected levels). Fair values have been
calculated using the recognised stochastic options valuation model.
Victrex receives a tax credit, as appropriate, which relates to share options
and awards when exercised, based on the gains the award holders make. A deferred
tax asset representing an estimate of the future tax relief for this gain has to
be recognised under IFRS and is based on the potential gains available to the
option or award holders at the balance sheet date.
The profit impact of this adjustment in the year ended 30 September 2005 is a
net charge of £139,000, offset by a deferred tax credit of £636,000. A
corresponding deferred tax asset of £636,000 has been recognised at 30 September
2005.
Borrowing costs
Under IAS 23 - Borrowing Costs, unamortised borrowing costs have been written
off.
Japanese joint venture
The Japanese joint venture continues to be included in the income statement on
the equity accounting basis, but as a single line item under IFRS, as opposed to
the three lines of interest, profit and taxation under UK GAAP.
Deferred taxation
Under UK GAAP, the option to calculate deferred tax on a discounted basis was
adopted by Victrex. However, under IAS 12 - Income Taxes, this discounted basis
is not permitted and hence the deferred tax provision has to be stated at the
gross amount.
The effect on the opening balance sheet is an increase in the deferred tax
provision of £1,760,000, the impact on the half year ended 31 March 2005 results
is an increased deferred tax charge of £445,000 and the resulting adjustment to
the closing balance sheet at 31 March 2005 is an increase in the deferred tax
provision of £2,205,000. The impact on the year ended 30 September 2005 result
is an increased deferred tax charge of £820,000 and the resulting adjustment to
the closing balance sheet at 30 September 2005 is an increase in the deferred
tax provision of £2,580,000.
In addition, IAS 12 requires separate recognition of deferred tax assets and
liabilities on the Group balance sheet.
IAS 12 is also more prescriptive than UK GAAP and hence additional deferred tax
assets of £711,000, £955,000 and £943,000 have been recognised in the opening,
31 March 2005 and 30 September 2005 balance sheets respectively. The impact on
the half year ended 31 March 2005 and year ended 30 September 2005 results is a
decreased deferred tax charge of £244,000 and £232,000 respectively.
The specific deferred taxation impact of changes in accounting for share based
payments and pensions are set out in the respective notes.
Pensions
Under UK GAAP, Victrex has accounted for pensions in accordance with SSAP 24 -
Accounting for Pension Costs, which spreads the costs of the defined benefits
section of Victrex's principal scheme over the employees' working lives within
the Group. Victrex has also made additional disclosures giving details of the
pension fund deficit, liabilities and operating charges on the valuation
methodologies in accordance with FRS 17 - Retirement Benefits.
IAS 19 - Employee Benefits requires the actuarial deficit arising under the
defined benefit pension scheme to be recognised on the balance sheet based on
the fair valuations of assets and liabilities at the balance sheet date. The
movement in deficit as a result of current service cost, contributions and other
finance expenditure has to be recognised in the income statement and Victrex has
taken advantage of the option under IAS 19 to recognise actuarial gains and
losses through the statement of recognised income and expense as opposed to the
income statement. Note that similar adjustments would have been required under
UK GAAP once FRS 17 becomes fully applicable.
Consequently, a deficit of £8,184,000 and a corresponding deferred tax asset of
£2,455,000 have been recognised on the balance sheet at the date of transition.
A deficit of £7,554,000 and a corresponding deferred tax asset of £2,266,000
have been recognised on the balance sheet at 31 March 2005. A deficit of
£7,812,000 and a corresponding deferred tax asset of £2,344,000 have been
recognised on the balance sheet at 30 September 2005.
Dividend recognition
Under UK GAAP, proposed dividends are recognised in the financial results for
period in which they relate, but under IFRS, a dividend can only be recognised
if it has been formally declared during the accounting period being reported.
Retained earnings
The adjustments to retained earnings are as follows:
1 October 2004 31 March 2005 30 September 2005
£000 £000 £000
____________________________________________________________________________________
Adoption of IAS 39, 32 & 21 25 38 (115)
Goodwill - 331 860
Borrowing costs (48) (42) (36)
Deferred taxation (1,049) (1,250) (1,001)
Defined pension scheme (5,729) (5,288) (5,468)
Dividend 4,992 2,180 7,555
____________________________________________________________________________________
(1,809) (4,031) 1,795
____________________________________________________________________________________
INDEPENDENT REVIEW REPORT BY KPMG AUDIT plc TO VICTREX plc
Introduction
We have been engaged by the Company to review the financial information set out
on pages 4 to 14 and we have read the other information contained in the Interim
Report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company for
our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The Interim Report, including the financial information contained therein, is
the responsibility of and has been approved by the Directors. The Directors are
responsible for preparing the Interim Report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual financial statements except where any changes, and the reasons
for them, are disclosed.
As disclosed in note 1 to the financial information, the next annual financial
statements of the Group will be prepared in accordance with IFRSs adopted for
use in the European Union.
The accounting policies that have been adopted in preparing the financial
information are consistent with those that the Directors currently intend to use
in the next annual financial statements. There is, however, a possibility that
the Directors may determine that some changes to these policies are necessary
when preparing the full annual financial statements for the first time in
accordance with those IFRSs adopted for use by the European Union.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 Review of interim financial information issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially less
in scope than an audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2006.
KPMG Audit Plc
Chartered Accountants
Manchester
5 June 2006
SIGNIFICANT ACCOUNTING POLICIES
General information
Victrex plc (the 'Company') is a limited liability company incorporated and
domiciled in the United Kingdom. The address of its registered office is Victrex
Technology Centre, Hillhouse International, Thornton Cleveleys, Lancashire, FY5
4QD, United Kingdom.
The consolidated financial statements of the Company for the half year ended 31
March 2006 comprise the Company and its subsidiaries (together referred to as
the 'Group') and the Group's interest in Victrex-MC, Inc (the 'Japanese joint
venture').
The Company is listed on the London Stock Exchange.
These consolidated financial statements have been approved for issue by the
Board of Directors on 5 June 2006.
Basis of preparation
The restated financial statements for the year ended 30 September 2005 and the
opening balance sheet at 1 October 2004 have been prepared in accordance with
International Financial Reporting Standards as adopted by the EU ('IFRS') issued
by the International Accounting Standards Board ('IASB'). These are subject to
ongoing review and possible amendment by interpretative guidance from the IASB.
Victrex also continues to conduct an ongoing review of changes, interpretations
and best practice and hence further restatement may occur up until the first
IFRS financial statements are published.
The consolidated financial statements have been prepared on the historical cost
basis except that derivative financial instruments are stated at their fair
value.
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis.
The accounting policies set out below have been applied consistently to all
periods presented in these consolidated financial statements and in preparing an
opening IFRS balance sheet at 1 October 2004 for the purposes of the transition
to IFRS.
The accounting policies have been consistently applied by Group entities.
Victrex has decided to take advantage of the IFRS 1 exemption whereby IFRS 3 can
be applied prospectively from the date of transition, hence removing the need to
restate previous business combinations.
Victrex has decided to take advantage of the option under IAS 19 to recognise
actuarial gains and losses through the statement of recognised income and
expense as opposed to the income statement.
In addition Victrex has also taken advantage of the IFRS 1 exemption to deem as
zero at the date of transition to IFRS the cumulative translation difference for
all foreign operations.
Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of
more than one half of the voting rights. The existence and effect of
potential voting rights that are currently exercisable or convertible are
considered in assessing control. Subsidiaries are fully consolidated from
the date that control commences until the date that control ceases.
(ii) Joint venture
The activities of the Japanese joint venture are governed by a joint
venture agreement between the Company and Mitsui Chemicals Inc. Certain
key management decisions require the co-operation of both parties. The
Group's share of profits less losses of the Japanese joint venture is
included in the consolidated income statement on the equity accounting
basis. The holding value of the Japanese joint venture in the Group
balance sheet is calculated by reference to the Group's equity in the
gross assets and liabilities of the Japanese joint venture, adjusted for
unrealised profit in stock.
(iii) Transactions eliminated on consolidation
Intragroup balances and any unrealised gains and losses or income and
expenses arising from intragroup transactions, are eliminated in preparing
the consolidated financial statements. Unrealised gains arising from
transactions with the joint venture are eliminated to the extent of the
Group's interest in the entity. Unrealised losses are also eliminated in
the same way as unrealised gains, unless the transaction provides evidence
of impairment of the asset transferred.
Segment reporting
A geographical segment is engaged in providing products or services within
a particular economic environment that are subject to risks and returns
that are different from those of segments operating in other economic
environments. A business segment is defined as a group of assets and
operations engaged in providing products or services that are subject to
risks and returns that are different from those of other business
segments.
Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Group's entities
are measured using the currency of the primary economic environment in
which the entity operated ('the functional currency'). The consolidated
financial statements are presented in Sterling, which is the Company's
functional and presentational currency.
(ii) Translation and balances
Foreign currency transactions are translated into the functional currency
using the exchange rate prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such
transaction and from the translation at balance sheet date exchange rates
of monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement, except when deferred in equity as
qualifying cash flow hedges.
(iii) Group companies
The results and financial position of all the Group entities (none of
which has the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are
translated into the presentation currency as follows:
a) Assets and liabilities for each balance sheet presented are translated
at the closing rate at the date of that balance sheet;
b) Income and expenses for each income statement are translated at
average exchange rates; and
c) All resulting exchange differences are recognised as a separate
component of equity.
Derivative financial instruments and hedging activities
The Group uses derivative instruments to hedge its exposure to foreign exchange
risks. In accordance with its treasury policy, the Group does not hold or issue
derivative financial instruments for trading purposes.
Derivatives are recognised initially at fair value. Subsequent to initial
recognition, derivative financial instruments are stated at fair value. The
method of recognising the resulting gain or loss depends on whether the
derivative is designated as a hedging instrument, and if so, the nature of the
item being hedged.
At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are effective in offsetting
changes in fair values or cash flows of hedged items.
For derivatives not used in hedging transactions, the gain or loss is recognised
immediately in the income statement using spot rates.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the
variability in cash flows of a recognised asset or liability, or a highly
probable forecasted transaction, the effective portion of changes in fair value
is recognised in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts accumulated in equity are recycled in the income statement in the
periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold, or when a hedge no longer meets
the criteria for hedge accounting, any cumulative gain or loss existing in
equity at that time is recognised in the income statement. When a forecast
transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately transferred to the income statement.
Fair value estimation
The fair value of forward foreign exchange contracts is determined using forward
exchange market rates at the balance sheet date.
Property, plant and equipment
Owned assets
All owned items of property, plant and equipment are stated at historical cost
less accumulated depreciation. The cost of self constructed assets includes the
cost of materials, direct labour and an appropriate proportion of overheads.
Subsequent costs are included in the asset's carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. All other repairs and maintenance are charged to
the income statement during the financial period in which they are incurred.
Leased assets
Leases are operating leases, whose rental charges are charged to the income
statement on a straight line basis over the life of the lease.
Depreciation
Depreciation is charged to the income statement on a straight line basis over
the estimated useful economic lives as follows:
Long leasehold buildings 30 years
Freehold buildings 30 years
Plant and machinery 10-20 years
Fixtures, fittings, tools and equipment 5 years
Computers and motor vehicles 3-5 years
Freehold land is not depreciated.
The assets' residual values and useful lives are reviewed annually for continued
appropriateness and indications of impairment, and adjusted if appropriate.
Gains and losses on disposals are determined by comparing proceeds with carrying
amount. These are included in the income statement.
Intangible assets
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
no longer amortised but is tested annually for impairment.
In respect of acquisitions prior to 1 October 2004, goodwill is included on the
basis of its deemed cost, which represents the amount recorded under previous UK
GAAP. In respect of acquisitions that have occurred since 1 October 2004,
goodwill represents the difference between the cost of the acquisition and the
fair value of the net identifiable assets acquired.
Expenditure on internally generated goodwill is recognised in the income
statement as an expense as incurred.
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new
scientific or technical knowledge and understanding, is recognised in the income
statement as an expense as incurred.
Development expenditure is recognised in the income statement as an expense as
incurred unless it meets all the criteria to be capitalised under IAS 38 -
Intangible Assets.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less
accumulated amortisation. Other intangible assets are tested annually for
impairment.
Amortisation
Amortisation is charged to the income statement on a straight line basis in
order to allocate the cost over the estimated useful economic lives as follows:
Knowhow 10 years
The assets' residual values and useful lives are reviewed annually for continued
appropriateness and impairment, and adjusted if appropriate.
Inventories
Inventories are stated at the lower of cost and net realisable value. The cost
of inventories is based on the first-in, first-out principle and includes
expenditure incurred in acquiring the inventories and bringing them to their
existing location and condition. The cost of finished goods and work in progress
comprises raw materials, direct labour, other direct costs and related
production overheads (allocated based on normal operating capacity). Net
realisable value is the estimated selling price in the ordinary course of
business, less the estimated costs of completion and selling expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, call deposits and other
short-term highly liquid investments with original maturities of three months or
less. Bank overdrafts that are repayable on demand and form an integral part of
the Group's cash management are included as a component of cash and cash
equivalents for the purpose of the statement of cash flows.
Income tax
Income tax on the profit for the year comprises current and deferred tax. Income
tax is recognised in the income statement except to the extent that it relates
to items recognised directly in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantially enacted at the balance sheet date, and
any adjustment to the tax payable in respect of previous years.
Deferred income tax is provided in full, using the liability method, on temp
orary differences arising between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: goodwill not deductible
for tax purposes; the initial recognition of assets or liabilities that affects
neither accounting nor taxable profit; and differences relating to investments
in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantially enacted at the balance
sheet date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilised. Deferred tax assets are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
Dividend distribution
Dividend distribution to the Company's shareholders is recognised as a liability
in the Group's financial statements in the period which the dividends are
approved.
Revenue recognition
Revenue comprises the amounts receivable for the sale of goods and services, net
of value added tax, rebates and discounts and after eliminating sales within the
Group. Revenue from the sale of goods is recognised when the significant risks
and rewards of ownership have been transferred to the buyer. Revenue from
contractual payments is recognised by reference to completion of a specific
milestone in accordance with the substance of the relevant agreements. Royalty
income is recognised when the amount payable is known.
No revenue is recognised if there are significant uncertainties regarding
recovery of the consideration due, associated costs or the possible return of
goods.
Employee benefits
Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are
recognised as an expense in the income statement as incurred.
Defined benefit pension plans
The Group's net obligation in respect of defined benefit pension plans
recognised in the balance sheet is the present value of the future benefits that
employees have earned in return for their service in the current and prior
periods at the balance sheet date less the fair value of the plan assets,
together with adjustments for unrecognised actuarial gains or losses and past
service costs. The defined benefit obligation is calculated by independent
actuaries using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future
cash outflows using interest rates of high quality corporate bonds that are
denominated in the currency in which the benefits will be paid and have terms to
maturity approximating to the terms of the related pension liability.
Ongoing actuarial gains and losses are immediately recognised in full at the
balance sheet date through the statement of recognised income and expense, an
option in accordance with IAS 19.
Share based payment transactions
The Victrex 1995 Executive Share Option Scheme, the Victrex 2005 Executive Share
Option Plan, the Victrex 1995 Sharesave Scheme, the Victrex 2005 UK Sharesave
Plan, the Victrex 2005 Employee Stock Purchase Plan and the Victrex Long Term
Incentive Plan (executive Directors only) allow Group employees to acquire
shares in the Company. The fair value of the employee services received in
exchange for the grant of the options is recognised as an expense.
The total amount to be expensed over the vesting period is determined by
reference to the fair value of the options granted, excluding the impact of any
non-market vesting conditions. Non-market vesting conditions are included in
assumptions about the number of options that are expected to become exercisable
and include employee service periods and performance targets which are not
related to the parent's share price, such as earnings per share growth. The fair
value of the options is measured by the Stochastic model, taking into account
the terms and conditions upon which the instruments were granted. At each
balance sheet date the entity revises its estimates of the number of options
that are expected to become exercisable. It recognises the impact of the
revision of original estimates, if any, in the income statement, and a
corresponding adjustment to equity over the remaining vesting period.
Any failure to meet market conditions, which includes performance targets such
as share price or total shareholder return targets, would not result in a
reversal of original estimates in the income statement.
The proceeds received net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium when the options are
exercised.
Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, it is probable
that an outflow of economic benefits will be required to settle the obligation
and it has been reliably estimated.
Net financing costs
Net financing costs comprise interest payable on borrowings, interest received
on funds invested and charges on bank loans and overdrafts.
SHAREHOLDER INFORMATION
Copies of this Interim Report will be sent to all shareholders and will be
available from the Registered Office detailed below.
Financial Calendar
________________________________________________________________
Ex-dividend date for interim dividend 28 June 2006
Record date for interim dividend 30 June 2006
Payment of interim dividend 31 July 2006
2006 year end 30 September 2006
Announcement of 2006 full year results December 2006
Annual General Meeting February 2007
Payment of final dividend March 2007
________________________________________________________________
Company Secretary
M W Peacock
Registered Office
Victrex plc
Victrex Technology Centre
Hillhouse International
Thornton Cleveleys
Lancashire FY5 4QD
United Kingdom
Forward-looking Statements
Sections of this Interim Report contain forward-looking statements, including
statements relating to: future demand and markets for the Group's products and
services; research and development relating to new products and services; and
liquidity and capital resources. These forward-looking statements involve risks
and uncertainties because they relate to events and depend on circumstances that
will or may occur in the future. Accordingly, actual results may differ
materially from those set out in the forward-looking statements as a result of a
variety of factors, including: changes in interest and exchange rates; changes
in global, political, economic, business, competitive and market forces; changes
in tax rates and future business combinations or dispositions; negotiations with
customers relating to renewal of contracts and future volumes and prices; events
affecting international security, including global health issues and terrorism;
changes in regulatory environment; and the outcome of litigation.
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