Ecolab (ECL) FY2015 results: revenue $13.5 billion, down 5.1% on the year
Ecolab Inc. (ECL) reported revenue of $13.5 billion for fiscal 2015, the year ended 31 December 2015, down 5.1% on the year before. Net income was $1.0 billion, down 16.7%, and diluted earnings per share $3.32. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$13.5 billion
-5.1% on the year
FY2008FY2015
Operating margin
11.5%
13.7% a year earlier
FY2008FY2015
Net income
$1.0 billion
-16.7% on the year
FY2008FY2015
Diluted EPS
$3.32
-15.5% 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
13,545
14,280
13,253
-5.1%
Cost of revenue
7,224
7,679
7,161
-5.9%
Gross profit
6,322
6,601
6,092
-4.2%
Gross margin
46.7%
46.2%
46.0%
Research and development
191
197
188
-3.0%
Selling, general and administrative
4,346
4,578
4,360
-5.1%
Operating income
1,561
1,955
1,561
-20.1%
Operating margin
11.5%
13.7%
11.8%
Interest expense
254
268
273
-5.3%
Pre-tax income
1,318
1,698
1,298
-22.4%
Income tax
300
476
325
-36.9%
Effective tax rate
22.8%
28.0%
25.0%
Net income
1,002
1,203
968
-16.7%
Net margin
7.4%
8.4%
7.3%
Diluted EPS
$3.32
$3.93
$3.16
-15.5%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,000
1,816
1,560
+10.1%
Capital expenditure
771
749
625
+3.0%
Free cash flow
1,229
1,067
935
+15.2%
Free cash flow margin
9.1%
7.5%
7.1%
Cash from investing
-916
n/a
n/a
Cash from financing
-1,151
n/a
n/a
Depreciation and amortisation
852
863
807
-1.3%
Share-based compensation
78.2
71.1
69.6
+10.0%
Buybacks
755
429
308
+76.2%
Dividends paid
401
344
218
+16.3%
Dividend per share
$1.34
$1.16
$0.96
+16.0%
Diluted shares, weighted
301m
306m
306m
-1.5%
Shares outstanding at period end
296m
300m
301m
-1.3%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,910
7,316
7,344
-5.5%
Non-controlling interest
70.5
66.2
65.1
+6.5%
Debt
6,466
6,548
6,904
-1.3%
Other liabilities
5,196
5,497
5,323
-5.5%
Total liabilities and equity
18,642
19,427
19,636
-4.0%
Fixed assets
3,228
3,051
2,882
+5.8%
Goodwill
6,491
6,717
6,863
-3.4%
Intangible assets
4,109
4,457
4,785
-7.8%
Cash and equivalents
92.8
210
339
-55.7%
Receivables
2,390
2,627
2,568
-9.0%
Inventory
1,388
1,467
1,322
-5.4%
Other assets
942
900
877
+4.7%
Total assets
18,642
19,427
19,636
-4.0%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.