Exhibit 99.1
FIVE-YEAR SUMMARY | ||||||||||||||||||||
(In Thousands, Except for Per Share Amounts and Footnote Data) | ||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Results of Operations | ||||||||||||||||||||
Net sales | $ | 2,616,416 | $ | 2,745,420 | $ | 2,869,005 | $ | 2,362,764 | $ | 2,005,394 | ||||||||||
Costs and expenses | 2,033,507 | 2,339,256 | 2,351,211 | 1,960,821 | 1,849,015 | |||||||||||||||
Operating profit | 582,909 | 406,164 | 517,794 | 401,943 | 156,379 | |||||||||||||||
Interest and financing expenses | (31,559 | ) | (32,800 | ) | (37,574 | ) | (25,533 | ) | (24,584 | ) | ||||||||||
Other (expenses) income, net | (6,923 | ) | 1,229 | 357 | 2,788 | (1,423 | ) | |||||||||||||
Income before income taxes and equity in net income of unconsolidated investments | 544,427 | 374,593 | 480,577 | 379,198 | 130,372 | |||||||||||||||
Income tax expense (benefit) | 136,322 | 82,533 | 104,134 | 87,756 | (17,331 | ) | ||||||||||||||
Income before equity in net income of unconsolidated investments | 408,105 | 292,060 | 376,443 | 291,442 | 147,703 | |||||||||||||||
Equity in net income of unconsolidated investments (net of tax) | 31,729 | 38,067 | 43,754 | 37,975 | 22,322 | |||||||||||||||
Net income | 439,834 | 330,127 | 420,197 | 329,417 | 170,025 | |||||||||||||||
Net income attributable to noncontrolling interests | (26,663 | ) | (18,591 | ) | (28,083 | ) | (13,639 | ) | (11,255 | ) | ||||||||||
Net income attributable to Albemarle Corporation | $ | 413,171 | $ | 311,536 | $ | 392,114 | $ | 315,778 | $ | 158,770 | ||||||||||
Financial Position and Other Data | ||||||||||||||||||||
Total assets | $ | 3,584,797 | $ | 3,437,291 | $ | 3,203,824 | $ | 3,068,081 | $ | 2,771,557 | ||||||||||
Operations: | ||||||||||||||||||||
Working capital | $ | 1,046,552 | $ | 1,022,304 | $ | 954,442 | $ | 984,021 | $ | 678,823 | ||||||||||
Current ratio | 3.40 | 3.66 | 3.38 | 3.70 | 2.92 | |||||||||||||||
Depreciation and amortization | $ | 107,370 | $ | 99,020 | $ | 96,753 | $ | 95,578 | $ | 100,513 | ||||||||||
Capital expenditures | $ | 155,346 | $ | 280,873 | $ | 190,574 | $ | 75,478 | $ | 100,786 | ||||||||||
Investments in joint ventures | $ | — | $ | — | $ | 10,868 | $ | 1,333 | $ | — | ||||||||||
Acquisitions, net of cash acquired | $ | 2,565 | $ | 3,360 | $ | 13,164 | $ | 11,978 | $ | 4,017 | ||||||||||
Research and development expenses | $ | 82,246 | $ | 78,919 | $ | 77,083 | $ | 58,394 | $ | 60,918 | ||||||||||
Gross profit as a % of net sales | 32.9 | 33.1 | 33.3 | 31.4 | 23.7 | |||||||||||||||
Total long-term debt | $ | 1,078,864 | $ | 699,288 | $ | 763,673 | $ | 860,910 | $ | 812,713 | ||||||||||
Total equity(a) | $ | 1,742,776 | $ | 1,932,008 | $ | 1,678,827 | $ | 1,475,746 | $ | 1,253,318 | ||||||||||
Total long-term debt as a % of total capitalization | 38.2 | 26.6 | 31.3 | 36.8 | 39.3 | |||||||||||||||
Net debt as a % of total capitalization(b) | 25.2 | 9.6 | 13.9 | 17.1 | 27.6 | |||||||||||||||
Common Stock | ||||||||||||||||||||
Basic earnings per share | $ | 4.93 | $ | 3.49 | $ | 4.33 | $ | 3.46 | $ | 1.73 | ||||||||||
Shares used to compute basic earnings per share | 83,839 | 89,189 | 90,522 | 91,393 | 91,512 | |||||||||||||||
Diluted earnings per share | $ | 4.90 | $ | 3.47 | $ | 4.28 | $ | 3.43 | $ | 1.72 | ||||||||||
Shares used to compute diluted earnings per share | 84,322 | 89,884 | 91,522 | 92,184 | 92,046 | |||||||||||||||
Cash dividends declared per share | $ | 0.96 | $ | 0.80 | $ | 0.67 | $ | 0.56 | $ | 0.50 | ||||||||||
Total equity per share(a) | $ | 21.77 | $ | 21.73 | $ | 18.90 | $ | 16.11 | $ | 13.70 | ||||||||||
Return on average total equity | 22.5 | % | 17.3 | % | 24.9 | % | 23.1 | % | 13.4 | % |
Footnotes:
(a) | Equity reflects the repurchase of common shares amounting to: 2013—9,198,056; 2012—1,092,767; 2011—3,000,000; 2010—400,356 and 2009—174,900. |
(b) | We define net debt as total debt plus the portion of outstanding joint venture indebtedness guaranteed by us (or less the portion of outstanding joint venture indebtedness consolidated but not guaranteed by us), less cash and cash equivalents. |