Air Products & Chemicals (APD) FY2013 results: revenue $10.2 billion, up 5.9% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $10.2 billion for fiscal 2013, the year ended 30 September 2013, up 5.9% on the year before. Net income was $994 million, down 14.8%, and diluted earnings per share $4.68. The figures are the company's own, from the 10-K it filed with the SEC on 26 November 2013.
Revenue
$10.2 billion
+5.9% on the year
FY2007FY2013
Operating margin
13.0%
13.3% a year earlier
FY2007FY2013
Net income
$994 million
-14.8% on the year
FY2007FY2013
Diluted EPS
$4.68
-14.0% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
10,180
9,612
9,674
+5.9%
Cost of revenue
7,472
7,052
7,098
+6.0%
Gross profit
2,708
2,560
2,575
+5.8%
Gross margin
26.6%
26.6%
26.6%
Research and development
134
126
119
+5.8%
Selling, general and administrative
1,066
947
942
+12.6%
Operating income
1,324
1,282
1,508
+3.3%
Operating margin
13.0%
13.3%
15.6%
Interest expense
142
124
116
+14.6%
Pre-tax income
1,350
1,312
1,547
+2.9%
Income tax
308
287
375
+7.2%
Effective tax rate
22.8%
21.9%
24.3%
Net income
994
1,167
1,224
-14.8%
Net margin
9.8%
12.1%
12.7%
Diluted EPS
$4.68
$5.44
$5.63
-14.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,567
1,799
1,753
-12.9%
Capital expenditure
1,524
1,521
1,309
+0.2%
Free cash flow
43.2
278
444
-84.4%
Free cash flow margin
0.4%
2.9%
4.6%
Cash from investing
n/a
n/a
-1,212
Cash from financing
n/a
n/a
-484
Depreciation and amortisation
907
841
834
+7.9%
Share-based compensation
43.5
43.8
44.8
-0.7%
Buybacks
462
53.1
649
+769.3%
Dividends paid
566
515
457
+9.8%
Dividend per share
$2.77
$2.50
$2.23
+10.8%
Diluted shares, weighted
212m
215m
218m
-1.1%
Shares outstanding at period end
211m
212m
210m
-0.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,042
6,477
5,796
+8.7%
Non-controlling interest
157
146
143
+7.3%
Redeemable equity
376
392
0.0
-4.3%
Debt
6,274
5,292
4,562
+18.6%
Other liabilities
4,002
4,634
3,790
-13.6%
Total liabilities and equity
17,850
16,942
14,291
+5.4%
Fixed assets
8,974
8,241
7,223
+8.9%
Goodwill
1,654
1,598
796
+3.5%
Intangible assets
717
762
261
-5.8%
Cash and equivalents
450
454
421
-0.9%
Receivables
1,544
1,545
1,362
-0.0%
Inventory
706
787
670
-10.2%
Other assets
3,804
3,556
3,558
+7.0%
Total assets
17,850
16,942
14,291
+5.4%
10-K for the year ended 30 September 2013, filed 26 November 2013: the filing.