CF Industries Holdings (CF) FY2011 results: revenue $6.1 billion, up 53.8% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $6.1 billion for fiscal 2011, the year ended 31 December 2011, up 53.8% on the year before. Net income was $1.5 billion, up 340.8%, and diluted earnings per share $4.40. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$6.1 billion
+53.8% on the year
FY2007FY2011
Operating margin
45.8%
22.6% a year earlier
FY2007FY2011
Net income
$1.5 billion
+340.8% on the year
FY2007FY2011
Diluted EPS
$4.40
+311.6% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
6,098
3,965
2,608
+53.8%
Cost of revenue
3,202
2,786
1,769
+15.0%
Gross profit
2,896
1,180
839
+145.5%
Gross margin
47.5%
29.7%
32.2%
Selling, general and administrative
130
106
62.9
+22.5%
Operating income
2,790
896
680
+211.5%
Operating margin
45.8%
22.6%
26.1%
Interest expense
147
221
1.5
-33.5%
Pre-tax income
2,646
688
696
+284.7%
Income tax
926
274
246
+238.5%
Effective tax rate
35.0%
39.8%
35.4%
Net income
1,539
349
366
+340.8%
Net margin
25.2%
8.8%
14.0%
Diluted EPS
$4.40
$1.07
$1.48
+311.6%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,079
1,194
682
+74.1%
Capital expenditure
247
258
236
-4.2%
Free cash flow
1,832
936
446
+95.6%
Free cash flow margin
30.0%
23.6%
17.1%
Cash from investing
n/a
-3,070
-488
Cash from financing
n/a
1,977
-124
Depreciation and amortisation
416
395
101
+5.4%
Share-based compensation
10.6
8.3
6.6
+27.7%
Buybacks
1,000
n/a
n/a
Dividends paid
68.7
26.2
19.4
+162.2%
Dividend per share
$0.20
$0.08
$0.08
+150.0%
Diluted shares, weighted
350m
327m
246m
+7.0%
Shares outstanding at period end
327m
356m
243m
-8.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
4,547
4,050
1,729
+12.3%
Non-controlling interest
386
383
16.0
+0.8%
Debt
1,613
1,954
4.7
-17.5%
Other liabilities
2,429
2,371
745
+2.4%
Total liabilities and equity
8,974
8,758
2,495
+2.5%
Fixed assets
3,736
3,942
794
-5.2%
Goodwill
2,064
2,064
0.9
0.0%
Intangible assets
53.4
57.2
n/a
-6.6%
Investments
n/a
3.1
185
Cash and equivalents
1,207
798
697
+51.3%
Receivables
269
239
167
+12.8%
Inventory
304
270
208
+12.5%
Other assets
1,340
1,384
443
-3.2%
Total assets
8,974
8,758
2,495
+2.5%
10-K for the year ended 31 December 2011, filed 27 February 2013: the filing.