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Victrex Plc Annual Report 2020

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Victrex Plc Annual Report 2020 SHAPING FUTURE PERFORMANCE VICTREX PLC ANNUAL REPORT 2020 An innovative world leader in high performance polymer solutions POLYMER & PARTS: delivering on our strategy Victrex is an innovative world leader in high performance polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy (including Manufacturing & Engineering), Electronics and Medical. Every day, millions of people rely on sustainable products and applications which contain our polymers and materials, from smartphones, aeroplanes and cars to oil and gas operations and medical devices. With over 40 years’ experience, we develop world leading solutions in PEEK and PAEK based polymers, and selected semi-finished and finished parts which shape future performance for our customers and markets, bring environmental and societal benefits, and drive value for our shareholders. Visit www.victrexplc.com or scan with your QR code reader to visit our Group website RESILIENT FINANCIAL POSITION AND STRATEGIC REPORT STRONG LONG-TERM GROWTH PIPELINE, 1 Highlights 2 Victrex at a glance DESPITE COVID-19 HEADWINDS 4 Our markets and megatrends FINANCIAL HIGHLIGHTS 6 COVID-19 Group sales volume Group revenue £m Underlying profit 8 Chairman’s review tonnes before tax1 £m 10 Our business model 12 Strategy 3,492 -7% 266.0 -10% 75.5 -29% 14 Overview of strategy 18 Stakeholder engagement and section 172 20 3,492 20 266.0 20 75.5 20 Strategy and key performance indicators 19 3,751 19 294.0 19 106.2 22 Financial review 18 4,407 18 326.0 18 127.5 27 Chief Commercial Officer’s report 31 Risk management Underlying earnings Available cash1 £m Dividend per share p 33 Principal risks per share1 p 37 Going concern and viability statement 40 Sustainability report 75.3 -31% 67.5 -7% 46.14 -23% CORPORATE GOVERNANCE 20 75.3 20 67.5 20 46.14 58 Introduction from the Chairman 19 108.9 19 72.8 19 59.56 60 Board of Directors 18 128.8 18 144.4 18 59.56 82.68 62 Statement of corporate governance 75 Nominations Committee report Regular dividends only 78 Audit Committee report Special dividend 84 Directors’ remuneration report 103 Directors’ report – other statutory OPERATIONAL HIGHLIGHTS information FY impacted by significant COVID-19 headwinds in H2 108 Statement of Directors’ responsibilities u FY sales volume down 7% & revenue down 10%, impacted by end-market 109 Independent auditors’ report weakness in H2 u H2 revenue down 23%; subsequent signs of having bottomed out in Auto, FINANCIAL STATEMENTS Electronics and Medical, with incremental improvement u Medical revenue down 14%, with US remaining weak and Asia improving 115 Consolidated income statement u Underlying PBT down 29% at £75.5m; continuing margin impact from under 116 Consolidated statement absorption of fixed costs of comprehensive income 117 Balance sheets u Reported PBT of £63.5m, reflecting £12.0m of exceptional items in FY 2020 driven by cost actions, with anticipated annualised savings of c£10m 118 Cash flow statements 119 Consolidated statement Long-term ‘mega-programme’ pipeline remains strong; little evidence of changes in equity of slowdown 120 Company statement of changes in equity u Meaningful revenue of £1m+ delivered for Aerospace Loaded Brackets programme 121 Notes to the financial statements u PEEK indicated as ‘material of choice’ by TechnipFMC for Magma oil & gas qualification programme u PEEK Knee clinical trial underway, with additional trial sites being prepared SHAREHOLDER INFORMATION u New E-mobility growth programme gaining traction 152 Five-year financial summary Investments underpin future growth opportunities 153 Cautionary note regarding forward-looking statements u New PEEK manufacturing facility in China progressing to stimulate growth 154 Notice of Annual General Meeting u Further progress to enhance our Additive Manufacturing (3D printing) capability 159 Explanatory notes Resilient financial position with cash and cost actions implemented 164 Financial calendar u FY cash £73.1m2; operating cash conversion of 101%1 IBC Advisors u Committed and undrawn RCF of £20m, with £20m accordion u UK debottlenecking programme paused to reflect demand outlook u Strong inventory position (FY 2020: £98.5m) to manage Brexit transition u Reinstatement of dividends, with proposed final dividend of 46.14p/share Enhanced ESG strategy with carbon net zero focus u Launch of enhanced ESG strategy aligned to UN Sustainable Development Goals u Focused on delivering carbon net zero by 2030 u Aspiration to increase sustainable products >50% of revenue mid-term 1 Alternative performance measures are defined in note 24. 2 Includes £5.6m of cash ring-fenced in the China subsidiary. Victrex plc 1 Annual Report 2020 STRATEGIC REPORT Victrex at a glance SHAPING FUTURE PERFORMANCE Victrex is headquartered in the UK, with technical and support facilities across our major geographical markets, giving us global reach for our customers. 800+ 25% 40+ c5%–6% employees of products defined as countries of sales invested globally green (FTSE Russell Green served in R&D1 Revenues Index) Victrex solutions are found across a range of applications. AEROSPACE ENERGY 20,000+ 75m+ aircraft flying with Victrex™ PEEK seal Victrex solutions rings in use today MANUFACTURING AUTOMOTIVE & ENGINEERING 500m+ 100m+ Victrex™ PEEK machines using applications in cars Victrex solutions ELECTRONICS MEDICAL 4bn+ 13m+ mobile devices using implanted devices APTIV™ film Note: Source data available on request. Victrex plc 2 Annual Report 2020 OUR PURPOSE AND INVESTMENT CASE REPORTSTRATEGIC We bring transformational solutions which address the world’s material challenges every day. An innovative world leader: Sustainable products building the PEEK/PAEK market >50% PEEK experts No.1 Group revenue from sustainable products with environmental and social benefits by 2025 Read more online Financial review www.victrexplc.com Pages 22 to 26 A focused and differentiated Strong pipeline of medium to strategy: moving downstream long-term growth opportunities 10%–20% 7 mega-programmes aspiration for total sales from new products in medium term Overview of strategy Our markets and megatrends Pages 12 to 15 Pages 4 and 5 Sector leading returns Highly cash-generative business model c20% cash 5-year average return on £73m capital employed (‘ROCE’)1 Financial review Our business model Pages 22 to 26 Pages 10 and 11 1 Alternative performance measures are defined in note 24. Victrex plc 3 Annual Report 2020 STRATEGIC REPORT Our markets and megatrends SIZEABLE AND SUSTAINABLE GROWTH OPPORTUNITIES With long-term megatrends in our favour and sustainable products, we have a strong and diverse mix of growth opportunities across our key markets. END MARKETS MARKET OPPORTUNITY MEGATRENDS CONSEQUENCES OUR CHALLENGES AND OPPORTUNITIES Fly lighter Weight, cost reduction Lightweight metal replacement ™ u Lighter weight and CO2 reduction trends and fuel efficiency u Victrex PEEK helps Aerospace new passenger and with more efficient manufacturing u Weight, cost reduction and lightweighting via metal replacement 39,000 freight aircraft by 2038 using PEEK, PAEK and composites improved fuel efficiency are and is a key part to driving improved mean fuel saving – a strategic imperative primary strategic drivers for fuel efficiency and reduced emissions. Source: Airbus. for the Aerospace industry. the Aerospace industry. u Our materials can also provide more Aerospace u Opportunities to support reduction efficient manufacturing. of OEM backlogs through volume production/quicker processing. CO2 reduction and durability Emissions reduction Lightweight metal replacement ™ u Fuel efficiency, CO2 reduction, safety design challenges u Victrex PEEK enables lightweighting and reliability PEEK/car average (increase from current 8g and reliability improvements resulting u Energy efficiency, comfort, via metal replacement and is key to meeting 12g over medium term (Victrex internal aspiration)) from consumer and regulatory heat resistance and durability the complex challenges of next generation trends. Transition from internal are primary strategic imperatives Automotive powertrain technology. Automotive combustion engines (‘ICE’) to for the Automotive industry. u ABS braking systems, gears and transmission electric vehicles (‘EVs’). systems are key application areas. Next generation electric vehicles (‘EVs’) offer an emerging opportunity. INDUSTRIAL Thinner, smaller, smarter Energy and thermal High durability, thin film technology u The need for instant access to management benefits u Victrex materials, such as PEEK resin, ™ internet of tomorrow communication and information u Increased functionality and PEEK blends and our APTIV acoustic film 21bn+ devices by 2025 on the move is driving trends for miniaturisation create challenges technology, create design opportunities by mobile devices. for mobile device performance virtue of their durability in today’s thinner, Source: Norton. Electronics as well as energy and smaller, smarter mobile devices. thermal management. Natural resource depletion Extreme environments Recover more and cleaner energy u Deeper, hotter, higher pressure and u Reliable and high yield operations are enabled ™ global increase every year in u Increasing demand for and depletion chemically aggressive wells must using VICTREX PEEK based solutions in 1% annual energy needs by 2040 of existing resources drive exploration be tapped to reach new reserves, exploration and production tooling. into uncharted territory. requiring more durable materials. Source: IEA. u Tailored solutions
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