Ingredion (INGR) FY2013 results: revenue $6.3 billion, down 7.9% on the year
Ingredion Inc. (INGR) reported revenue of $6.3 billion for fiscal 2013, the year ended 31 December 2013, down 7.9% on the year before. Net income was $396 million, down 7.5%, and diluted earnings per share $5.05. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$6.3 billion
-7.9% on the year
FY2008FY2013
Operating margin
9.7%
9.7% a year earlier
FY2008FY2013
Net income
$396 million
-7.5% on the year
FY2008FY2013
Diluted EPS
$5.05
-7.7% 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
6,328
6,868
6,544
-7.9%
Cost of revenue
5,197
5,294
5,093
-1.8%
Gross profit
1,131
1,238
1,126
-8.6%
Gross margin
17.9%
18.0%
17.2%
Selling, general and administrative
534
556
543
-4.0%
Operating income
613
668
671
-8.2%
Operating margin
9.7%
9.7%
10.3%
Pre-tax income
547
601
593
-9.0%
Income tax
144
167
170
-13.8%
Effective tax rate
26.3%
27.8%
28.7%
Net income
396
428
416
-7.5%
Net margin
6.3%
6.2%
6.4%
Diluted EPS
$5.05
$5.47
$5.32
-7.7%
$ 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
619
732
300
-15.4%
Capital expenditure
298
313
263
-4.8%
Free cash flow
321
419
37.0
-23.4%
Free cash flow margin
5.1%
6.1%
0.6%
Depreciation and amortisation
194
211
211
-8.1%
Share-based compensation
17.0
18.0
11.0
-5.6%
Buybacks
228
18.0
48.0
+1,166.7%
Dividends paid
112
69.0
50.0
+62.3%
Diluted shares, weighted
78m
78m
78m
+0.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,404
2,437
2,104
-1.4%
Non-controlling interest
25.0
22.0
29.0
+13.6%
Short-term borrowings
93.0
76.0
148
+22.4%
Debt
1,717
1,724
1,801
-0.4%
Other liabilities
1,121
1,333
1,235
-15.9%
Total liabilities and equity
5,360
5,592
5,317
-4.1%
Fixed assets
2,156
2,193
2,156
-1.7%
Goodwill
535
557
562
-3.9%
Intangible assets
311
329
347
-5.5%
Investments
11.0
10.0
10.0
+10.0%
Cash and equivalents
574
609
401
-5.7%
Receivables
832
814
837
+2.2%
Inventory
723
834
769
-13.3%
Other assets
218
246
235
-11.4%
Total assets
5,360
5,592
5,317
-4.1%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.