CVR Energy (CVI) FY2013 results: revenue $9.0 billion, up 4.9% on the year
CVR Energy Inc. (CVI) reported revenue of $9.0 billion for fiscal 2013, the year ended 31 December 2013, up 4.9% on the year before. Net income was $371 million, down 2.1%, and diluted earnings per share $4.27. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$9.0 billion
+4.9% on the year
FY2009FY2013
Operating margin
7.9%
12.1% a year earlier
FY2009FY2013
Net income
$371 million
-2.1% on the year
FY2009FY2013
Diluted EPS
$4.27
-1.4% on the year
FY2009FY2013
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
8,986
8,567
5,029
+4.9%
Selling, general and administrative
114
183
n/a
-38.1%
Operating income
710
1,035
567
-31.3%
Operating margin
7.9%
12.1%
11.3%
Interest expense
50.5
75.4
55.8
-33.1%
Pre-tax income
706
638
588
+10.6%
Income tax
184
226
210
-18.6%
Effective tax rate
26.0%
35.3%
35.6%
Net income
371
379
346
-2.1%
Net margin
4.1%
4.4%
6.9%
Diluted EPS
$4.27
$4.33
$3.94
-1.4%
$ 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
440
763
279
-42.3%
Capital expenditure
256
212
91.2
+20.9%
Free cash flow
184
550
187
-66.6%
Free cash flow margin
2.0%
6.4%
3.7%
Depreciation and amortisation
143
130
90.3
+9.8%
Share-based compensation
18.4
39.1
27.2
-52.9%
Buybacks
0.0
0.0
3.6
Dividends paid
1,237
0.0
0.0
Dividend per share
$14.25
$0.00
n/a
Diluted shares, weighted
87m
87m
88m
-0.7%
Shares outstanding at period end
87m
n/a
n/a
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,189
1,525
1,152
-22.1%
Non-controlling interest
647
135
148
+379.2%
Debt
675
897
854
-24.8%
Other liabilities
1,156
1,054
966
+9.7%
Total liabilities and equity
3,666
3,611
3,119
+1.5%
Fixed assets
1,864
1,783
1,673
+4.6%
Goodwill
41.0
41.0
41.0
+0.1%
Intangible assets
0.3
0.3
0.3
0.0%
Cash and equivalents
842
896
388
-6.0%
Receivables
242
211
183
+14.9%
Inventory
527
528
636
-0.3%
Other assets
150
152
198
-1.7%
Total assets
3,666
3,611
3,119
+1.5%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.