ALBEMARLE CORP - FORM 10-K - EX-99.1 - EXHIBIT 99.1 - February 27, 2018

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EX-31.2 - EXHIBIT 31.2 - ALBEMARLE CORPexhibit3121231201710-k.htm
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Exhibit 99.1
FIVE-YEAR SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands, Except for Per Share Amounts and Footnote Data)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
2017
 
2016(a)
 
2015(a)(b)
 
2014
 
2013
Results of Operations
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
3,071,976

 
$
2,677,203

 
$
2,826,429

 
$
2,445,548

 
$
2,394,270

Costs and expenses(c)
 
2,484,227

 
2,102,652

 
2,481,318

 
2,174,250

 
1,817,595

Operating profit
 
587,749

 
574,551

 
345,111

 
271,298

 
576,675

Interest and financing expenses
 
(115,350
)
 
(65,181
)
 
(81,650
)
 
(41,358
)
 
(31,559
)
Other (expenses) income, net
 
(25,601
)
 
5,894

 
47,283

 
(16,761
)
 
(6,674
)
Income from continuing operations before income taxes and equity in net income of unconsolidated investments
 
446,798

 
515,264

 
310,744

 
213,179

 
538,442

Income tax expense
 
431,817

 
96,263

 
11,134

 
18,484

 
134,445

Income from continuing operations before equity in net income of unconsolidated investments
 
14,981

 
419,001

 
299,610

 
194,695

 
403,997

Equity in net income of unconsolidated investments (net of tax)
 
84,487

 
59,637

 
27,978

 
35,742

 
31,729

Net income from continuing operations
 
99,468

 
478,638

 
327,588

 
230,437

 
435,726

Income (loss) from discontinued operations (net of tax)(d)
 
—

 
202,131

 
32,476

 
(69,531
)
 
4,108

Net income
 
99,468

 
680,769

 
360,064

 
160,906

 
439,834

Net income attributable to noncontrolling interests
 
(44,618
)
 
(37,094
)
 
(25,158
)
 
(27,590
)
 
(26,663
)
Net income attributable to Albemarle Corporation
 
$
54,850

 
$
643,675

 
$
334,906

 
$
133,316

 
$
413,171

Financial Position and Other Data
 
 
 
 
 
 
 
 
 
 
Total assets(e)
 
$
7,750,772

 
$
8,161,207

 
$
9,597,954

 
$
5,202,437

 
$
3,582,448

Operations:
 
 
 
 
 
 
 
 
 
 
Working capital
 
$
1,276,638

 
$
2,166,515

 
$
214,317

 
$
2,208,964

 
$
1,046,552

Current ratio
 
2.06

 
2.90

 
1.13

 
2.94

 
3.40

Depreciation and amortization
 
$
196,928

 
$
226,169

 
$
260,076

 
$
103,572

 
$
107,370

Capital expenditures
 
$
317,703

 
$
196,654

 
$
227,649

 
$
110,576

 
$
155,346

Acquisitions, net of cash acquired
 
$
44,367

 
$
208,734

 
$
2,100,490

 
$
—

 
$
2,565

Cash proceeds from divestitures, net
 
$
6,857

 
$
3,325,571

 
$
8,883

 
$
104,718

 
$
—

Research and development expenses
 
$
84,330

 
$
80,475

 
$
89,187

 
$
88,310

 
$
82,246

Gross profit as a % of net sales
 
36.1

 
36.3

 
30.4

 
31.5

 
35.5

Total long-term debt(e)
 
$
1,837,372

 
$
2,369,262

 
$
3,817,157

 
$
2,913,465

 
$
1,076,515

Total equity(f)
 
$
3,817,696

 
$
3,942,604

 
$
3,401,313

 
$
1,488,635

 
$
1,742,776

Total long-term debt as a % of total capitalization
 
32.5

 
37.5

 
52.9

 
66.2

 
38.2

Net debt as a % of total capitalization(g)
 
15.5

 
2.5

 
51.4

 
22.2

 
25.6

Common Stock
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.49

 
$
3.93

 
$
2.72

 
$
2.57

 
$
4.88

Discontinued operations
 
$
—

 
$
1.80

 
$
0.29

 
$
(0.88
)
 
$
0.05





Shares used to compute basic earnings per share
 
110,914

 
112,379

 
111,182

 
78,696

 
83,839

Diluted earnings (loss) per share
 
 
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.49

 
$
3.90

 
$
2.71

 
$
2.57

 
$
4.85

Discontinued operations
 
$
—

 
$
1.78

 
$
0.29

 
$
(0.88
)
 
$
0.05

Shares used to compute diluted earnings per share
 
112,380

 
113,239

 
111,556

 
79,102

 
84,322

Cash dividends declared per share
 
$
1.28

 
$
1.22

 
$
1.16

 
$
1.10

 
$
0.96

Total equity per share(f)
 
$
34.53

 
$
35.04

 
$
30.31

 
$
19.08

 
$
21.77

Return on average total equity
 
1.4
%
 
17.5
%
 
13.7
%
 
8.3
%
 
22.5
%
Footnotes:
(a)
On December 14, 2016 the Company sold the Chemetall Surface Treatment business, which qualifies for discontinued operations treatment because it represents a strategic shift that will have a major effect on the Company’s operations and financial results. As a result, in the second quarter of 2016, the Company began accounting for this business as discontinued operations in the consolidated statements of income and excluded the business from segment results for the years ended December 31, 2016 and 2015, the periods this business was owned by Albemarle. Related assets and liabilities are classified as held for sale for 2015.
(b)
On January 12, 2015, we completed the acquisition of Rockwood Holdings, Inc. (“Rockwood”). Results for 2015 include the operations of Rockwood commencing on January 13, 2015.
(c)
The year ended December 31, 2016 included gains before income taxes of $11.5 million and $112.3 million related to the sales of the metal sulfides business and the minerals-based flame retardants and specialty chemicals business, respectively.
(d)
Included in Income (loss) from discontinued operations (net of tax) for the year ended December 31, 2016 is a pre-tax gain of $388.0 million ($135.0 million after income taxes) related to the sale of the Chemetall Surface Treatment business. The year ended December 31, 2014 includes a pre-tax loss of $85.5 million ($65.7 million after income taxes) related to the sale of the antioxidant, ibuprofen and propofol businesses.
(e)
As a result of the adoption of new accounting guidance effective January 1, 2016 on a retrospective basis, unamortized debt issuance costs are now deducted from the carrying amount of the associated debt liability on the balance sheet. The reclassification of these unamortized debt issuance costs resulted in reductions of Long-term debt and Other assets on the consolidated balance sheets of $17.1 million in 2015, $20.6 million in 2014 and $2.3 million in 2013.
(f)
Equity reflects the repurchase of common shares amounting to: 2017—2,341,083; 2016—0; 2015—0; 2014—2,190,254; and 2013—9,198,056. 2015 also includes the impact of 34,113,064 shares of common stock issued in connection with the acquisition of Rockwood.
(g)
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.



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