Hawaiian Electric Industries (HE) FY2013 results: revenue $3.2 billion, down 4.0% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $3.2 billion for fiscal 2013, the year ended 31 December 2013, down 4.0% on the year before. Net income was $162 million, up 16.5%, and diluted earnings per share $1.62. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$3.2 billion
-4.0% on the year
FY2008FY2013
Operating margin
9.8%
8.4% a year earlier
FY2008FY2013
Net income
$162 million
+16.5% on the year
FY2008FY2013
Diluted EPS
$1.62
+14.1% on the year
FY2008FY2013
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
3,238
3,375
3,242
-4.0%
Operating income
318
284
290
+11.7%
Operating margin
9.8%
8.4%
8.9%
Interest expense
85.6
89.4
96.6
-4.3%
Pre-tax income
250
217
216
+14.9%
Income tax
86.2
76.9
75.9
+12.2%
Effective tax rate
34.5%
35.4%
35.1%
Net income
162
139
138
+16.5%
Net margin
5.0%
4.1%
4.3%
Diluted EPS
$1.62
$1.42
$1.44
+14.1%
$ 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
n/a
n/a
250
Capital expenditure
389
371
235
+5.1%
Free cash flow
n/a
n/a
15.2
Free cash flow margin
n/a
n/a
0.5%
Depreciation and amortisation
167
158
167
+5.7%
Share-based compensation
7.8
6.7
4.3
+16.2%
Dividends paid
98.4
96.2
107
+2.3%
Dividend per share
$1.24
$1.24
$1.24
0.0%
Diluted shares, weighted
100m
97m
96m
+2.3%
Shares outstanding at period end
101m
98m
96m
+3.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,727
1,594
1,529
+8.4%
Redeemable equity
34.3
n/a
n/a
Deposits
4,372
4,230
4,070
+3.4%
Debt
1,843
1,702
1,642
+8.2%
Other liabilities
2,363
2,623
2,352
-9.9%
Total liabilities and equity
10,340
10,149
9,593
+1.9%
Fixed assets
3,859
3,595
3,335
+7.3%
Goodwill
82.2
82.2
82.2
0.0%
Securities held for sale or to maturity
160
254
279
-37.2%
Loans
4,110
3,737
3,643
+10.0%
Other assets
2,129
2,481
2,254
-14.2%
Total assets
10,340
10,149
9,593
+1.9%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.