Ecolab (ECL) FY2012 results: revenue $11.8 billion, up 74.1% on the year
Ecolab Inc. (ECL) reported revenue of $11.8 billion for fiscal 2012, the year ended 31 December 2012, up 74.1% on the year before. Net income was $704 million, up 52.1%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$11.8 billion
+74.1% on the year
FY2007FY2012
Operating margin
10.9%
11.1% a year earlier
FY2007FY2012
Net income
$704 million
+52.1% on the year
FY2007FY2012
Diluted EPS
$2.35
+23.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
11,839
6,798
6,090
+74.1%
Cost of revenue
6,385
3,476
3,014
+83.7%
Gross profit
5,453
3,323
3,076
+64.1%
Gross margin
46.1%
48.9%
50.5%
Research and development
183
96.0
88.0
+90.6%
Selling, general and administrative
4,018
2,438
2,262
+64.8%
Operating income
1,289
754
807
+71.0%
Operating margin
10.9%
11.1%
13.2%
Interest expense
286
82.1
65.6
+247.9%
Pre-tax income
1,013
680
748
+49.0%
Income tax
311
216
217
+43.9%
Effective tax rate
30.7%
31.8%
29.0%
Net income
704
462
530
+52.1%
Net margin
5.9%
6.8%
8.7%
Diluted EPS
$2.35
$1.91
$2.23
+23.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,203
686
950
+75.5%
Capital expenditure
574
342
260
+68.1%
Free cash flow
628
344
690
+82.8%
Free cash flow margin
5.3%
5.1%
11.3%
Cash from investing
n/a
n/a
-304
Cash from financing
n/a
n/a
-462
Depreciation and amortisation
714
396
348
+80.6%
Share-based compensation
65.8
39.9
29.2
+64.9%
Buybacks
210
690
349
-69.6%
Dividends paid
307
163
146
+88.3%
Dividend per share
$0.83
$0.72
$0.64
+14.5%
Diluted shares, weighted
299m
242m
238m
+23.5%
Shares outstanding at period end
295m
292m
232m
+0.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,077
5,667
2,129
+7.2%
Non-controlling interest
83.1
74.4
3.8
+11.7%
Debt
6,542
7,600
846
-13.9%
Other liabilities
4,870
4,844
1,894
+0.6%
Total liabilities and equity
17,572
18,185
4,872
-3.4%
Fixed assets
2,409
2,295
1,148
+5.0%
Goodwill
5,920
5,855
1,329
+1.1%
Intangible assets
4,044
4,275
282
-5.4%
Cash and equivalents
1,158
1,844
242
-37.2%
Receivables
2,225
2,095
1,000
+6.2%
Inventory
1,088
1,070
448
+1.7%
Other assets
728
750
423
-3.0%
Total assets
17,572
18,185
4,872
-3.4%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.