EX-99.1 18 exhibit9911231201410-k.htm EXHIBIT 99.1 Exhibit 99.1 12.31.2014 10-K


Exhibit 99.1
FIVE-YEAR SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands, Except for Per Share Amounts and Footnote Data)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
2014
 
2013
 
2012
 
2011
 
2010
Results of Operations
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
2,445,548

 
$
2,394,270

 
$
2,519,154

 
$
2,651,667

 
$
2,170,500

Costs and expenses
 
2,174,250

 
1,817,595

 
2,119,371

 
2,131,919

 
1,779,266

Operating profit
 
271,298

 
576,675

 
399,783

 
519,748

 
391,234

Interest and financing expenses
 
(41,358
)
 
(31,559
)
 
(32,800
)
 
(37,574
)
 
(25,533
)
Other (expenses) income, net
 
(16,761
)
 
(6,674
)
 
1,229

 
357

 
2,788

Income from continuing operations before income taxes and equity in net income of unconsolidated investments
 
213,179

 
538,442

 
368,212

 
482,531

 
368,489

Income tax expense
 
18,484

 
134,445

 
80,433

 
104,471

 
84,183

Income from continuing operations before equity in net income of unconsolidated investments
 
194,695

 
403,997

 
287,779

 
378,060

 
284,306

Equity in net income of unconsolidated investments (net of tax)
 
35,742

 
31,729

 
38,067

 
43,754

 
37,975

Net income from continuing operations
 
230,437

 
435,726

 
325,846

 
421,814

 
322,281

(Loss) income from discontinued operations (net of tax)
 
(69,531
)
 
4,108

 
4,281

 
(1,617
)
 
7,136

Net income
 
160,906

 
439,834

 
330,127

 
420,197

 
329,417

Net income attributable to noncontrolling interests
 
(27,590
)
 
(26,663
)
 
(18,591
)
 
(28,083
)
 
(13,639
)
Net income attributable to Albemarle Corporation
 
$
133,316

 
$
413,171

 
$
311,536

 
$
392,114

 
$
315,778

Financial Position and Other Data
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
5,223,103

 
$
3,584,797

 
$
3,437,291

 
$
3,203,824

 
$
3,068,081

Operations:
 
 
 
 
 
 
 
 
 
 
Working capital
 
$
2,208,964

 
$
1,046,552

 
$
1,022,304

 
$
954,442

 
$
984,021

Current ratio
 
2.94

 
3.40

 
3.66

 
3.38

 
3.70

Depreciation and amortization
 
$
103,572

 
$
107,370

 
$
99,020

 
$
96,753

 
$
95,578

Capital expenditures
 
$
110,576

 
$
155,346

 
$
280,873

 
$
190,574

 
$
75,478

Investments in joint ventures
 
$

 
$

 
$

 
$
10,868

 
$
1,333

Acquisitions, net of cash acquired
 
$

 
$
2,565

 
$
3,360

 
$
13,164

 
$
11,978

Research and development expenses
 
$
88,310

 
$
82,246

 
$
78,919

 
$
77,083

 
$
58,394

Gross profit as a % of net sales
 
31.5

 
35.5

 
35.7

 
35.9

 
33.5

Total long-term debt
 
$
2,934,131

 
$
1,078,864

 
$
699,288

 
$
763,673

 
$
860,910

Total equity(a)
 
$
1,488,635

 
$
1,742,776

 
$
1,932,008

 
$
1,678,827

 
$
1,475,746

Total long-term debt as a % of total capitalization
 
66.3

 
38.2

 
26.6

 
31.3

 
36.8

Net debt as a % of total capitalization(b)
 
22.6

 
25.2

 
9.6

 
13.9

 
17.1

Common Stock
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
2.57

 
$
4.88

 
$
3.44

 
$
4.35

 
$
3.38

Discontinued operations
 
$
(0.88
)
 
$
0.05

 
$
0.05

 
$
(0.02
)
 
$
0.08






Shares used to compute basic earnings per share
 
78,696

 
83,839

 
89,189

 
90,522

 
91,393

Diluted earnings (loss) per share
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
2.57

 
$
4.85

 
$
3.42

 
$
4.30

 
$
3.35

Discontinued operations
 
$
(0.88
)
 
$
0.05

 
$
0.05

 
$
(0.02
)
 
$
0.08

Shares used to compute diluted earnings per share
 
79,102

 
84,322

 
89,884

 
91,522

 
92,184

Cash dividends declared per share
 
$
1.10

 
$
0.96

 
$
0.80

 
$
0.67

 
$
0.56

Total equity per share(a)
 
$
19.08

 
$
21.77

 
$
21.73

 
$
18.90

 
$
16.11

Return on average total equity
 
8.3
%
 
22.5
%
 
17.3
%
 
24.9
%
 
23.1
%
Footnotes:
(a)
Equity reflects the repurchase of common shares amounting to: 2014—2,190,254; 2013—9,198,056; 2012—1,092,767; 2011—3,000,000; and 2010—400,356.
(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.