Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)

Year Ending Dec. 31,
2009
Sales
Cost of Sales
Gross Operating Income

$1,234.9
$679.1
$555.8

2010
$1,251.7
$659.0
$592.7

2011
$1,300.4
$681.3
$619.1

2012
$1,334.4
$667.0
$667.4

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

$339.7
$47.5
($11.8)
$180.4

$348.6
$52.0
($7.6)
$199.7

$351.2
$55.9
($7.0)
$219.0

$373.3
$75.2
($8.2)
$227.1

Interest (Income)
Interest Expense
Pre-Tax Income

($1.3)
$16.2
$165.5

($1.4)
$15.1
$186.0

($1.7)
$20.5
$200.2

($2.0)
$23.7
$205.4

Income Taxes
Net Income

$56.8
$108.7

$64.2
$121.8

$67.5
$132.7

$72.6
$132.8

$38.3
$70.4

$38.7
$83.1

$39.8
$92.9

$40.1
$92.7

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

$25.6
$99.4
$109.6
$96.7
$331.3

$23.0
$102.9
$108.0
$91.4
$325.3

$32.1
$107.3
$114.9
$103.7
$358.0

$28.4
$120.1
$116.8
$97.5
$362.8

Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net

$680.9
$244.8
$436.1

$734.3
$296.8
$437.5

$820.8
$352.7
$468.1

$913.1
$427.9
$485.2

Other Non-Current Assets

Total Non-Current Assets

$203.2
$639.3

$205.1
$642.6

$407.0
$875.1

$456.3
$941.5

$970.6

$967.9

$1,233.1

$1,304.3

$82.8
$39.1
$152.0
$273.9

$77.1
$29.7
$123.8
$230.6

$71.8
$79.8
$172.1
$323.7

$80.5
$110.3
$111.3
$302.1

Dividends
Addition to Retained Earnings

Balance Sheet ($ Million)

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

$163.5
$22.3
$100.6
$560.3

$145.0
$19.6
$80.1
$475.3

$201.8
$15.0
$115.0
$655.5

$218.1
$12.7
$94.5
$627.4

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

$46.9
$363.4
$410.3

$46.1
$446.5
$492.6

$38.2
$539.4
$577.6

$44.8
$632.1
$676.9

$970.6

$967.9

$1,233.1

$1,304.3

Total Liabilities and Shareholders' Equity

Other Data
Stock price (year-end)
Average number of shares outstanding (millions)

$55.50
48.0

$65.30
47.3

$55.70
46.8

$51.40
46.2

Year Ending Dec. 31,

2010

2011

Cash Flows from Operations

Net Income
Depreciation Expense
Decrease/(Increase) in Accounts Receivable
Decrease/(Increase) in Inventories
Decrease/(Increase) in Other Current Assets
Increase/(Decrease) in Accounts Payable
Increase/(Decrease) in Other Current Liabilities
Increase/(Decrease) in Deferred Income Taxes
Increase/(Decrease) in Other Non-Current Liabilities
Total Cash Flows from Operations

$121.8
$52.0
($3.5)
$1.6
$5.3
($5.7)
($28.2)
($2.7)
($20.5)
$120.1

$132.7
$55.9
($4.4)
($6.9)
($12.3)
($5.3)
$48.3
($4.6)
$34.9
$238.3

Cash Flows from Investing

(Additions to) Property, Plant & Equipment
(Investment) in Other Non-Current Assets
Total Cash Flows from Investing

($53.4)
($1.9)
($55.3)

($86.5)
($201.9)
($288.4)

Cash Flows from Financing

From Issuance/(Repayment) of Short-Term Debt

($9.4)

$50.1

From Issuance/(Repayment) of Long-Term Debt

From Sale/(Repurchase) of Equity
Cash Dividends Paid to Shareholders
Total Cash Flows from Financing

($18.5)
($0.8)
($38.7)
($67.4)

$56.8
($7.9)
($39.8)
$59.2

Net Change in Cash & Marketable Securities

($2.6)

$9.1

Beginning Cash & Marketable Securities

Ending Cash & Marketable Securities
Net Change in Cash & Marketable Securities

$25.6
$23.0
($2.6)

$23.0
$32.1
$9.1

ng Dec. 31,
2012
$132.8
$75.2
($12.8)
($1.9)
$6.2
$8.7
($60.8)
($2.3)
($20.5)
$124.6

($92.3)
($49.3)
($141.6)

$30.5
$16.3
$6.6
($40.1)
$13.3
($3.7)

$32.1
$28.4
($3.7)

Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)
Year Ending Dec. 31,
2009
Sales
Cost of Sales
Gross Operating Income

$1,234.9
$679.1
$555.8

2010
$1,251.7
$659.0
$592.7

2011
$1,300.4
$681.3
$619.1

2012
$1,334.4
$667.0
$667.4

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

$339.7
$47.5
($11.8)
$180.4

$348.6
$52.0
($7.6)
$199.7

$351.2
$55.9
($7.0)
$219.0

$373.3
$75.2
($8.2)
$227.1

Interest (Income)
Interest Expense
Pre-Tax Income

($1.3)
$16.2
$165.5

($1.4)
$15.1
$186.0

($1.7)
$20.5
$200.2

($2.0)
$23.7
$205.4

Income Taxes
Net Income

$56.8
$108.7

$64.2
$121.8

$67.5
$132.7

$72.6
$132.8

$38.3
$70.4

$38.7
$83.1

$39.8
$92.9

$40.1
$92.7

$25.6
$99.4
$109.6
$96.7
$331.3

$23.0
$102.9
$108.0
$91.4
$325.3

$32.1
$107.3
$114.9
$103.7
$358.0

$28.4
$120.1
$116.8
$97.5
$362.8

Property, Plant and Equipment, Gross $680.9

Accumulated Depreciation
$244.8
Property, Plant and Equipment, Net $436.1

$734.3
$296.8
$437.5

$820.8
$352.7
$468.1

$913.1
$427.9
$485.2

Other Non-Current Assets

Total Non-Current Assets

$203.2
$639.3

$205.1
$642.6

$407.0
$875.1

$456.3
$941.5

$970.6

$967.9

$1,233.1

$1,304.3

$82.8
$39.1
$152.0
$273.9

$77.1
$29.7
$123.8
$230.6

$71.8
$79.8
$172.1
$323.7

$80.5
$110.3
$111.3
$302.1

Dividends
Addition to Retained Earnings

Balance Sheet ($ Million)

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

$163.5
$22.3
$100.6
$560.3

$145.0
$19.6
$80.1
$475.3

$201.8
$15.0
$115.0
$655.5

$218.1
$12.7
$94.5
$627.4

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

$46.9
$363.4
$410.3

$46.1
$446.5
$492.6

$38.2
$539.4
$577.6

$44.8
$632.1
$676.9

Total Liabilities and Shareholders' $970.6

Equity

$967.9

$1,233.1

$1,304.3

Other Data
Stock price (year-end)
$55.50
Average number of shares outstanding (millions)
48.0

$65.30
47.3

$55.70
46.8

$51.40
46.2

COMMON SIZE STATEMENTS

Income Statement ($ Million)

Year Ending Dec. 31,
2009

2010

2011

2012

100.0%
55.0%
45.0%

100.0%
52.6%
47.4%

100.0%
52.4%
47.6%

100.0%
50.0%
50.0%

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

27.5%
3.8%
-1.0%
14.6%

27.9%
4.2%
-0.6%
16.0%

27.0%
4.3%
-0.5%
16.8%

28.0%
5.6%
-0.6%
17.0%

Interest (Income)
Interest Expense
EBT

-0.1%
1.3%
13.4%

-0.1%
1.2%
14.9%

-0.1%
1.6%
15.4%

-0.1%
1.8%
15.4%

Income Taxes
Net Income

4.6%
8.8%

5.1%
9.7%

5.2%
10.2%

5.4%
10.0%

Dividends
Addition to Retained Earnings

3.1%
5.7%

3.1%
6.6%

3.1%
7.1%

3.0%
6.9%

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

2.1%
8.0%
8.9%
7.8%
26.8%

1.8%
8.2%
8.6%
7.3%
26.0%

2.5%
8.3%
8.8%
8.0%
27.5%

2.1%
9.0%
8.8%
7.3%
27.2%

Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net

55.1%
19.8%
35.3%

58.7%
23.7%
35.0%

63.1%
27.1%
36.0%

68.4%
32.1%
36.4%

Other Non-Current Assets

Total Non-Current Assets

16.5%
51.8%

16.4%
51.3%

31.3%
67.3%

34.2%
70.6%

78.6%

77.3%

94.8%

97.7%

6.7%
3.2%

6.2%
2.4%

5.5%
6.1%

6.0%
8.3%

22.2%

18.4%

24.9%

22.6%

Sales
Cost of Sales
Gross Operating Income

Balance Sheet ($ Million)

Total Assets
Liabilities and Shareholders' Equity
Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities
Total Liabilities

13.2%
1.8%

11.6%
1.6%

15.5%
1.2%

16.3%
1.0%

45.4%

38.0%

50.4%

47.0%

Paid-In Capital
Retained Earnings
Total Shareholders' Equity

3.8%
29.4%
33.2%

3.7%
35.7%
39.4%

2.9%
41.5%
44.4%

3.4%
47.4%
50.7%

Total Liabilities and Shareholders' Equity

Other Data
Stock price (year-end)
Average number of shares outstanding (millions)

AVERAGE
100.0%
52.5%
47.5%
27.6%
4.5%
-0.7%
16.1%
-0.1%
1.5%
14.8%
5.1%
9.7%
3.1%
6.6%

2.1%
8.4%
8.8%
7.6%
26.9%
61.3%
25.7%
35.7%
24.6%
60.2%
87.1%

6.1%
5.0%
22.0%

14.2%
1.4%
45.2%
3.4%
38.5%
41.9%

Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)
Year Ending Dec. 31,
2009
2010
2011
Sales
Cost of Sales
Gross Operating Income

$1,234.9
$679.1
$555.8

$1,251.7
$659.0
$592.7

$1,300.4
$681.3
$619.1

2012
$1,334.4
$667.0
$667.4

Selling, General & Admn. Expenses

Depreciation
Other net (Income)/Expenses
EBIT

$339.7
$47.5
($11.8)
$180.4

$348.6
$52.0
($7.6)
$199.7

$351.2
$55.9
($7.0)
$219.0

$373.3
$75.2
($8.2)
$227.1

Interest (Income)
Interest Expense
Pre-Tax Income

($1.3)
$16.2
$165.5

($1.4)
$15.1
$186.0

($1.7)
$20.5
$200.2

($2.0)
$23.7
$205.4

Income Taxes
Net Income

$56.8
$108.7

$64.2
$121.8

$67.5
$132.7

$72.6
$132.8

$38.3
$70.4

$38.7
$83.1

$39.8
$92.9

$40.1
$92.7

Assets
Cash and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

$25.6
$99.4
$109.6
$96.7
$331.3

$23.0
$102.9
$108.0
$91.4
$325.3

$32.1
$107.3
$114.9
$103.7
$358.0

$28.4
$120.1
$116.8
$97.5
$362.8

Property, Plant and Equipment, Gross

Accumulated Depreciation
Property, Plant and Equipment, Net

$680.9
$244.8
$436.1

$734.3
$296.8
$437.5

$820.8
$352.7
$468.1

$913.1
$427.9
$485.2

Other Non-Current Assets

Total Non-Current Assets

$203.2
$639.3

$205.1
$642.6

$407.0
$875.1

$456.3
$941.5

$970.6

$967.9

$1,233.1

$1,304.3

Liabilities and Shareholders' Equity

Accounts Payable
Short-Term Debt
Other Current Liabilities
Total Current Liabilities

$82.8
$39.1
$152.0
$273.9

$77.1
$29.7
$123.8
$230.6

$71.8
$79.8
$172.1
$323.7

$80.5
$110.3
$111.3
$302.1

Long-Term Debt
Deferred Income Taxes
Other Non-Current Liabilities

$163.5
$22.3
$100.6

$145.0
$19.6
$80.1

$201.8
$15.0
$115.0

$218.1
$12.7
$94.5

Dividends
Addition to Retained Earnings

Balance Sheet ($ Million)

Total Assets

Total Liabilities
Paid-In Capital
Retained Earnings
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity

Other Data
Stock price (year-end)
Average number of shares outstanding (millions)

Financial Indicators for Vitex Corp.

Valuation Ratios
EPS
Dividend per Share
P/E Ratio
P/B (price to book) Ratio
Dividend Payout Ratio
Profitability Ratios
Return on Equity (ROE)
Return on Sales (ROS)

$560.3

$475.3

$655.5

$627.4

$46.9
$363.4
$410.3

$46.1
$446.5
$492.6

$38.2
$539.4
$577.6

$44.8
$632.1
$676.9

$970.6

$967.9

$1,233.1

$1,304.3

$55.50
48.0

$65.30
47.3

$55.70
46.8

$51.40
46.2

2009

2010

2011

2012

$2.26
$0.80
24.5
6.5
35%

$2.58
$0.82
25.3
6.3
32%

$2.83
$0.85
19.6
4.5
30%

$2.87
$0.87
17.9
3.5
30%

14.6%

27.0%
16.0%

24.8%
16.8%

21.2%
17.0%

13.7%
2.6%
1.4%
10.7%
12.1%

10.0%
3.9%
3.9%
9.7%
8.9%

1.4%
2.1%
2.6%
3.7%
0.1%

1.41
0.55

1.11
0.43

1.20
0.49

Growth Rates

EPS Growth Rate

Dividend Growth Rate
Sales Growth Rate
EBIT Growth Rate
Net Income Growth Rate
Liquidity Ratios

Current Ratio
Quick Ratio

1.21
0.46

Operating Efficiency Ratios

IT ratio

6.06

6.11

5.76

Inventory Turnover Ratio

Receivable Turnover Ratio

6.2
12.4
RT ratio

6.10
12.2

5.9
12.1

5.7
11.1

12.37

12.37

11.74

Leverage Ratios

Total Debt to Total Capitalization

Long-Term Debt to Total Capitalization
Total Debt to Equity

33.1%

26.2%

32.8%

32.7%

26.7%
49.4%

21.7%
35.5%

23.5%
48.8%

21.7%
48.5%

11.1
14.1

13.2
16.7

10.7
13.4

9.6
12.8

Coverage Ratios

Times Interest Earned (TIE)

Cash Coverage Ratio

2009

2010

2011

2012

100.00%
54.99%
45.01%

1
52.65%
47.35%

1
52.39%
47.61%

1
49.99%
50.01%

27.51%
3.85%
-0.96%
14.61%
0.00%
-0.11%
1.31%
13.40%

27.85%
4.15%
-0.61%
15.95%
0.00%
-0.11%
1.21%
14.86%

27.01%
4.30%
-0.54%
16.84%
0.00%
-0.13%
1.58%
15.40%

27.98%
5.64%
-0.61%
17.02%
0.00%
-0.15%
1.78%
15.39%

4.60%
8.80%
0.00%
3.10%
5.70%

5.13%
9.73%
0.00%
3.09%
6.64%

5.19%
10.20%
0.00%
3.06%
7.14%

5.44%
9.95%
0.00%
3.01%
6.95%

2.07%
8.05%
8.88%
7.83%
26.83%

1.84%
8.22%
8.63%
7.30%
25.99%

2.47%
8.25%
8.84%
7.97%
27.53%

2.13%
9.00%
8.75%
7.31%
27.19%

55.14%
19.82%
35.31%

58.66%
23.71%
34.95%

63.12%
27.12%
36.00%

68.43%
32.07%
36.36%

16.45%
51.77%

16.39%
51.34%

31.30%
67.29%

34.20%
70.56%

78.60%

77.33%

94.82%

97.74%

6.70%
3.17%
12.31%
22.18%

6.16%
2.37%
9.89%
18.42%

5.52%
6.14%
13.23%
24.89%

6.03%
8.27%
8.34%
22.64%

13.24%
1.81%
8.15%

11.58%
1.57%
6.40%

15.52%
1.15%
8.84%

16.34%
0.95%
7.08%

45.37%

37.97%

50.41%

47.02%

3.80%
29.43%
33.23%

3.68%
35.67%
39.35%

2.94%
41.48%
44.42%

3.36%
47.37%
50.73%

78.60%

77.33%

94.82%

97.74%

Div/ Net income

Net Income/average shareholders equity

EBIT/Sales
One could call it Operating Return on Sales

CA/CL
(Cash+AR)/CL
Alternatively, take the average of INV
Cost of sales/Inv
Sales/AR
Alternatively take average of A/R
Short term and long term/Short term and long term debt+total shh equity
Short term and long term/total shh equity

EBIT/ Interest
EBIT+ depreciation/ Interest