Capital Returns, Deployment, And Accumulation
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Transcript of Capital Returns, Deployment, And Accumulation
Capital Returns, Deployment, and Accumulation
POT
Capital Returns 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NWC 184.8 174.2 439.3 180.1 698.7 1,055.2 407.5 616.0 695.0 415.0
Net PPE 3,098.9 3,262.8 3,525.8 3,887.4 4,812.2 6,413.3 8,062.7 9,922.0 11,505.0 12,233.0
Invested Operating Capital 3,283.7 3,437.0 3,965.1 4,067.5 5,510.9 7,468.5 8,470.2 10,538.0 12,200.0 12,648.0
Debt 1,362.4 1,511.0 1,915.4 1,429.6 3,063.6 4,048.1 5,578.5 4,537.0 4,081.0 3,937.0
Equity 2,385.6 2,132.5 2,780.3 6,018.7 4,588.9 6,500.7 6,804.2 7,847.0 9,912.0 9,628.0
Invested Financial Capital 3,748.0 3,643.5 4,695.7 7,448.3 7,652.5 10,548.8 12,382.7 12,384.0 13,993.0 13,565.0
EBIT 458.2 843.3 783.4 1,533.2 4,175.6 813.4 2,320.4 3,906.0 2,999.0 2,335.0
Tax Adjustment (160.4) (295.2) (274.2) (536.6) (1,461.5) (284.7) (812.1) (1,367.1) (1,049.7) (817.3)
NOPAT 297.8 548.1 509.2 996.6 2,714.1 528.7 1,508.3 2,538.9 1,949.4 1,517.8
NOPAT Margin 10.3% 14.2% 13.5% 19.0% 28.7% 13.3% 23.1% 29.1% 24.6% 20.8%
NWC as % Sales 6.4% 4.5% 11.7% 3.4% 7.4% 26.5% 6.2% 7.1% 8.8% 5.7%
PPE Turns 0.9x 1.2x 1.1x 1.3x 2.0x 0.6x 0.8x 0.9x 0.7x 0.6x
ROIC (Operating) 9.1% 15.9% 12.8% 24.5% 49.3% 7.1% 17.8% 24.1% 16.0% 12.0%
ROIC (Financial) 7.9% 15.0% 10.8% 13.4% 35.5% 5.0% 12.2% 20.5% 13.9% 11.2%
Net Income Margin 10.3% 14.1% 16.8% 21.1% 37.0% 24.8% 27.6% 35.4% 26.2% 24.4%
Asset Turns 0.6x 0.7x 0.6x 0.5x 0.9x 0.3x 0.4x 0.5x 0.4x 0.4x
ROA 5.8% 10.1% 10.2% 11.4% 34.1% 7.6% 11.6% 19.0% 11.4% 9.9%
Asset Leverage 2.1x 2.5x 2.2x 1.6x 2.2x 2.0x 2.3x 2.1x 1.8x 1.9x
ROE 12.5% 25.5% 22.7% 18.3% 76.2% 15.2% 26.5% 39.3% 21.0% 18.5%
Debt/EBITDA 2.0x 1.4x 1.9x 0.8x 0.7x 3.6x 2.0x 1.0x 1.1x 1.3x
Debt/Capital 36.4% 41.5% 40.8% 19.2% 40.0% 38.4% 45.1% 36.6% 29.2% 29.0%
Capital Deployment 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cash Sources Net Total % Total % EBITDA
EBITDA Generated 672.6 1,074.8 1,016.6 1,819.1 4,492.7 1,120.3 2,726.3 4,402.0 3,583.0 3,003.0 23,910.4 91% 100%
Working Capital Runoff 164.1 10.6 - 259.2 - - 647.7 - - 280.0 - 0% 0%
Sale of Assets 2.5 7.2 - - - - 0% 0%
Debt Raised - 148.6 404.4 - 1,634.0 984.5 1,530.4 - - - 2,490.9 9% 10%
Equity Raised 161.2 - 47.3 26.6 - 20.2 - 44.0 40.0 - - 0% 0%
Other - - - - - 976.5 - 62.1 529.0 300.0 - 0% 0%
Cash from Balance Sheet - 365.0 - - 442.7 - - - - - - 0% 0%
Total Sources 1,000.4 1,606.2 1,468.3 2,104.9 6,569.4 3,101.5 4,904.4 4,508.1 4,152.0 3,583.0 26,401.3 100% 110%
Cash Uses
EBITDA Burn - - - - - - - - - - - 0% 0%
Cash Interest 83.3 86.3 106.8 93.9 82.8 115.4 93.0 233.0 209.0 191.0 1,294.5 5% 5%
Cash Taxes 33.5 141.6 226.8 221.0 669.9 640.3 (45.1) 623.0 676.0 189.0 3,376.0 13% 14%
Working Capital Investment - - 265.1 - 518.6 356.5 - 208.5 79.0 - 66.1 0% 0%
Capex 220.5 382.7 508.6 607.2 1,198.3 1,763.8 1,978.3 2,176.0 2,133.0 1,624.0 12,582.7 48% 53%
Acquisition - - - - - - - - - - 0% 0%
Debt Paydown 83.7 - - 485.8 - - - 1,041.5 456.0 144.0 - 0% 0%
Share Repurchase - 758.0 - - 3,319.7 - 1,943.9 - - 372.0 6,054.3 23% 25%
Dividend 56.1 65.4 60.9 93.6 122.6 116.9 118.7 208.0 467.0 997.0 2,306.2 9% 10%
Other 69.1 172.2 68.3 209.6 657.5 - 789.1 - - - 98.2 0% 0%
Cash to Balance Sheet 454.2 - 231.8 393.8 - 108.6 26.5 18.1 132.0 66.0 623.3 2% 3%
Total Uses 1,000.4 1,606.2 1,468.3 2,104.9 6,569.4 3,101.5 4,904.4 4,508.1 4,152.0 3,583.0 26,401.3 100% 110%
Deployable FCF
Capex / EBITDA 32.8% 35.6% 50.0% 33.4% 26.7% 157.4% 72.6% 49.4% 59.5% 54.1% 28%
Capital Accumulation 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Beginning BVPS $ 2.00 $ 2.48 $ 2.26 $ 2.93 $ 6.65 $ 5.17 $ 7.28 $ 7.92 $ 9.09 $ 11.48
EPS 0.30 0.54 0.66 1.13 3.67 1.08 1.98 3.51 2.37 2.04
DPS (0.06) (0.07) (0.07) (0.10) (0.13) (0.13) (0.13) (0.24) (0.56) (1.19)
(Repurchases)/Issue Per Share 0.17 (0.80) 0.05 0.03 (3.70) 0.02 (2.22) 0.05 0.05 (0.44)
Other 0.07 0.10 0.03 2.66 (1.31) 1.14 1.02 (2.15) 0.53 (0.51)
Ending BVPS $ 2.48 $ 2.26 $ 2.93 $ 6.65 $ 5.17 $ 7.28 $ 7.92 $ 9.09 $ 11.48 $ 11.38
% y/y 23.9% (8.9)% 29.6% 126.8% (22.2)% 40.8% 8.9% 14.7% 26.3% (0.9)%
BVPS Accumulation ex Dist $ 2.37 $ 3.85 $ 4.54 $ 8.18 $ 13.90 $ 16.06 $ 20.84 $ 22.24 $ 25.30 $ 28.08
% y/y 18.6% 62.2% 18.0% 80.0% 69.9% 15.6% 29.8% 6.7% 13.8% 11.0%
Shares Out 961.4 942.9 948.5 905.2 887.6 893.1 858.6 863.1 863.2 845.9