CF Industries Holdings (CF) FY2015 results: revenue $4.3 billion, down 9.2% on the year
CF Industries Holdings, Inc. (CF) reported revenue of $4.3 billion for fiscal 2015, the year ended 31 December 2015, down 9.2% on the year before. Net income was $700 million, down 49.7%, and diluted earnings per share $2.96. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2016.
Revenue
$4.3 billion
-9.2% on the year
FY2008FY2015
Operating margin
27.7%
49.9% a year earlier
FY2008FY2015
Net income
$700 million
-49.7% on the year
FY2008FY2015
Diluted EPS
$2.96
-45.3% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
4,308
4,743
5,475
-9.2%
Cost of revenue
2,761
2,965
2,954
-6.9%
Gross profit
1,547
1,778
2,520
-13.0%
Gross margin
35.9%
37.5%
46.0%
Selling, general and administrative
170
152
166
+11.8%
Operating income
1,193
2,366
2,412
-49.6%
Operating margin
27.7%
49.9%
44.1%
Interest expense
133
178
152
-25.3%
Pre-tax income
1,058
2,187
2,210
-51.6%
Income tax
396
773
686
-48.8%
Effective tax rate
37.4%
35.3%
31.1%
Net income
700
1,390
1,465
-49.7%
Net margin
16.2%
29.3%
26.8%
Diluted EPS
$2.96
$5.42
$4.95
-45.3%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,207
1,421
1,467
-15.1%
Capital expenditure
2,469
1,808
824
+36.5%
Free cash flow
-1,262
-388
643
Free cash flow margin
-29.3%
-8.2%
11.7%
Cash from investing
-2,976
-344
n/a
Cash from financing
77.0
-787
n/a
Depreciation and amortisation
480
392
411
+22.2%
Share-based compensation
17.0
17.0
12.6
0.0%
Buybacks
556
1,935
1,409
-71.2%
Dividends paid
282
256
129
+10.4%
Dividend per share
$1.20
$1.00
$0.44
+20.0%
Diluted shares, weighted
236m
256m
296m
-8.0%
Shares outstanding at period end
233m
242m
279m
-3.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,035
4,210
5,076
-4.1%
Non-controlling interest
352
363
362
-3.0%
Debt
5,537
4,592
3,098
+20.6%
Other liabilities
2,759
2,089
2,142
+32.1%
Total liabilities and equity
12,683
11,254
10,678
+12.7%
Fixed assets
8,539
5,526
4,102
+54.5%
Goodwill
2,390
2,093
2,096
+14.2%
Intangible assets
156
41.8
45.8
+272.5%
Cash and equivalents
309
1,997
1,711
-84.5%
Receivables
267
192
231
+39.5%
Inventory
321
203
274
+58.3%
Other assets
701
1,203
2,219
-41.7%
Total assets
12,683
11,254
10,678
+12.7%
10-K for the year ended 31 December 2015, filed 25 February 2016: the filing.