CF Industries Holdings (CF) FY2013 results: revenue $5.5 billion, down 10.3% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $5.5 billion for fiscal 2013, the year ended 31 December 2013, down 10.3% on the year before. Net income was $1.5 billion, down 20.8%, and diluted earnings per share $4.95. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$5.5 billion
-10.3% on the year
FY2007FY2013
Operating margin
44.1%
48.5% a year earlier
FY2007FY2013
Net income
$1.5 billion
-20.8% on the year
FY2007FY2013
Diluted EPS
$4.95
-13.5% 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
5,475
6,104
6,098
-10.3%
Cost of revenue
2,954
2,991
3,202
-1.2%
Gross profit
2,520
3,113
2,896
-19.1%
Gross margin
46.0%
51.0%
47.5%
Selling, general and administrative
166
152
130
+9.4%
Operating income
2,412
2,959
2,790
-18.5%
Operating margin
44.1%
48.5%
45.8%
Interest expense
152
135
147
+12.5%
Pre-tax income
2,210
2,830
2,646
-21.9%
Income tax
686
964
926
-28.8%
Effective tax rate
31.1%
34.1%
35.0%
Net income
1,465
1,849
1,539
-20.8%
Net margin
26.8%
30.3%
25.2%
Diluted EPS
$4.95
$5.72
$4.40
-13.5%
$ 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
1,467
2,376
2,079
-38.3%
Capital expenditure
824
524
247
+57.4%
Free cash flow
643
1,852
1,832
-65.3%
Free cash flow margin
11.7%
30.3%
30.0%
Depreciation and amortisation
411
420
416
-2.2%
Share-based compensation
12.6
11.9
10.6
+5.9%
Buybacks
1,409
500
1,000
+181.8%
Dividends paid
129
103
68.7
+25.7%
Dividend per share
$0.44
$0.32
$0.20
+37.5%
Diluted shares, weighted
296m
324m
350m
-8.5%
Shares outstanding at period end
279m
315m
327m
-11.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,076
5,902
4,547
-14.0%
Non-controlling interest
362
380
386
-4.7%
Debt
3,098
1,600
1,613
+93.6%
Other liabilities
2,142
2,285
2,429
-6.3%
Total liabilities and equity
10,678
10,167
8,974
+5.0%
Fixed assets
4,102
3,900
3,736
+5.2%
Goodwill
2,096
2,064
2,064
+1.5%
Intangible assets
45.8
49.6
53.4
-7.7%
Cash and equivalents
1,711
2,275
1,207
-24.8%
Receivables
231
217
269
+6.2%
Inventory
274
278
304
-1.3%
Other assets
2,219
1,382
1,340
+60.5%
Total assets
10,678
10,167
8,974
+5.0%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.