Innospec Inc. (NASDAQ: IOSP) today announced its financial results
for the fourth quarter and full year ended December 31, 2021.
Total revenues for the fourth quarter were
$413.2 million, an increase of 33 percent from $310.8 million in
the corresponding period last year.
Net income for the quarter was $23.9 million or
96 cents per diluted share, compared to $22.6 million or 91 cents
per diluted share for the fourth quarter of 2020. EBITDA for the
quarter was $44.8 million compared to $40.2 million reported in the
same period a year ago.
Results for this quarter include some special
items, which are summarized in the table below. Excluding these
items, adjusted non-GAAP EPS in the fourth quarter was $1.30 per
diluted share, compared to $1.27 per diluted share a year ago.
Innospec generated significant cash from
operating activities of $68.8 million before capital expenditures
of $11.7 million in the quarter. Innospec closed the
year with net cash of $141.7 million, a substantial improvement on
its position of $89.2 million at the end of the third quarter. The
Company paid its semi-annual dividend of 59 cents per common share
in the quarter and today announced a $50.0 million share repurchase
program.
EBITDA, income before income taxes and net
income excluding special items, and related per-share amounts, are
non-GAAP financial measures that are defined and reconciled with
GAAP results herein and in the schedules below.
|
|
|
|
Quarter ended December 31, 2021 |
Quarter ended December 31, 2020 |
(in
millions, except share and per share data) |
|
Income beforeincome taxes |
|
Netincome |
|
DilutedEPS |
|
Income beforeincome taxes |
|
Netincome |
|
DilutedEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP amounts |
$ |
32.7 |
$ |
23.9 |
|
$ |
0.96 |
$ |
29.1 |
$ |
22.6 |
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangible assets |
|
3.6 |
|
2.9 |
|
|
0.12 |
|
3.7 |
|
3.0 |
|
0.12 |
Foreign currency
exchange losses |
|
3.6 |
|
2.6 |
|
|
0.10 |
|
1.7 |
|
1.3 |
|
0.05 |
Tax on closure of
legacy operations |
|
- |
|
2.2 |
|
|
0.09 |
|
- |
|
- |
|
- |
Legacy costs of
closed operations |
|
0.5 |
|
0.4 |
|
|
0.02 |
|
1.4 |
|
1.1 |
|
0.04 |
Adjustment of
income tax provisions |
|
- |
|
0.2 |
|
|
0.01 |
|
- |
|
0.2 |
|
0.01 |
Change in UK
statutory tax rate |
|
- |
|
(0.1 |
) |
|
- |
|
- |
|
0.1 |
|
- |
Acquisition
related costs |
|
- |
|
- |
|
|
- |
|
4.2 |
|
3.3 |
|
0.13 |
Restructuring
charge |
|
- |
|
- |
|
|
- |
|
0.2 |
|
0.2 |
|
0.01 |
|
|
7.7 |
|
8.2 |
|
|
0.34 |
|
11.2 |
|
9.2 |
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
non-GAAP amounts |
$ |
40.4 |
$ |
32.1 |
|
$ |
1.30 |
$ |
40.3 |
$ |
31.8 |
$ |
1.27 |
For the full year, total revenues of $1.48
billion increased 24 percent from $1.19 billion in the prior year.
Net income for 2021 was $93.1 million or $3.75 per diluted share
compared to the prior year net income of $28.7 million, or $1.16
per diluted share. EBITDA for the year was $178.2 million up 64
percent from $108.9 million in 2020. Special items decreased net
income for the full year by $26.2 million, or $1.05 per diluted
share; and in 2020, similar items decreased net income by $51.0
million, or $2.06 per diluted share.
|
|
|
|
|
|
|
Year ended December 31, 2021 |
|
Year ended December 31, 2020 |
(in millions, except
share and per share data) |
|
Income beforeincome taxes |
|
Netincome |
|
DilutedEPS |
|
Income beforeincome taxes |
|
Netincome |
|
DilutedEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP amounts |
$ |
134.4 |
$ |
93.1 |
$ |
3.75 |
$ |
39.7 |
|
$ |
28.7 |
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired
intangible assets |
|
14.7 |
|
11.7 |
|
0.47 |
|
16.3 |
|
|
12.9 |
|
|
0.52 |
|
Change in UK statutory tax
rate |
|
- |
|
7.3 |
|
0.29 |
|
- |
|
|
2.7 |
|
|
0.11 |
|
Legacy costs of closed
operations |
|
3.4 |
|
2.7 |
|
0.11 |
|
2.5 |
|
|
2.0 |
|
|
0.08 |
|
Tax on closure of legacy
operations |
|
- |
|
2.2 |
|
0.09 |
|
- |
|
|
- |
|
|
- |
|
Foreign currency exchange
losses/(gains) |
|
1.5 |
|
1.1 |
|
0.04 |
|
(2.0 |
) |
|
(1.6 |
) |
|
(0.06 |
) |
Acquisition related costs |
|
0.9 |
|
0.7 |
|
0.03 |
|
4.2 |
|
|
3.3 |
|
|
0.13 |
|
Adjustment of income tax
provisions |
|
- |
|
0.5 |
|
0.02 |
|
- |
|
|
(0.5 |
) |
|
(0.02 |
) |
Restructuring charge |
|
- |
|
- |
|
- |
|
21.3 |
|
|
17.0 |
|
|
0.69 |
|
Impairment of acquired
intangible assets |
|
- |
|
- |
|
- |
|
19.8 |
|
|
15.2 |
|
|
0.61 |
|
|
|
20.5 |
|
26.2 |
|
1.05 |
|
62.1 |
|
|
51.0 |
|
|
2.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP
amounts |
$ |
154.9 |
$ |
119.3 |
$ |
4.80 |
$ |
101.8 |
|
$ |
79.7 |
|
$ |
3.22 |
|
Commenting on the fourth quarter results,
Patrick S. Williams, President and Chief Executive Officer,
said,
“This quarter marks a strong finish to a year in
which our business teams managed through tight supply-chain, labor
and inflationary challenges to deliver record quarterly sales.
Aligned with good control of overhead expenses, we believe we are
entering 2022 well positioned for continued operating income growth
and margin expansion in all businesses.
Performance Chemicals again achieved record
quarterly sales which drove a 16 percent increase in operating
income over the prior year. We are executing on our
plan for approximately $70 million in organic growth investments
through 2023 to meet existing customer demand for our premium
personal and home care technologies. Based on this customer demand
and our associated organic investment we expect high single-digit
annual volume growth over the medium term along with continued
margin expansion from further product mix and operating leverage
improvements.
Fuel Specialties achieved record quarterly sales
up 19 percent on the comparable 2019 pre-COVID quarter despite the
lingering impact of the COVID variants on demand. Gross margins ran
below our target 32 to 35 percent range primarily due to the
continued delay in jet fuel demand recovery and the lag in contract
formula price increases which trail raw material cost inflation. As
jet fuel demand continues to recover towards pre-COVID levels, and
cost inflation moderates, we expect gross margins to return to our
target range.
Oilfield Services delivered its sixth
consecutive quarter of sales growth and operating margin
improvement and a 59 percent sequential increase in operating
income. Overall activity levels and market conditions
continue to improve in all segments of our Oilfield business. As in
the prior quarter, we continue to see opportunities for significant
additional operating leverage, which we anticipate will lead to
operating income growth and margin expansion in the coming
quarters.”
Revenues in Performance Chemicals reached a
quarterly record of $138.4 million, up 21 percent from $114.6
million a year ago. Volumes grew 2 percent with a positive
price/mix of 21 percent offsetting an adverse currency impact of 2
percent. Gross margins decreased 2.4 percentage points from the
same quarter last year to 21.4 percent as our manufacturing
facilities slowed over the holiday season and we took some one-off
inventory provisions. Operating income for the quarter was $16.9
million, up 16 percent from $14.6 million a year ago. For the full
year, revenues were up 23 percent to $525.3 million and operating
income increased 29 percent to $70.9 million.
Revenues in Fuel Specialties reached a quarterly
record of $179.5 million, up 30 percent from $138.3 million a year
ago. Volumes grew 10 percent with a positive price/mix of 22
percent offsetting an adverse currency impact of 2 percent. Gross
margins of 27.4 percent were below our expected range and down 4.0
percentage points versus a year ago primarily due to the lag in
pricing as raw material costs continue to increase. Operating
income for the quarter was $25.7 million, up 1 percent from $25.5
million a year ago. For the full year, revenues were up 21 percent
to $618.3 million and operating income increased 24 percent to
$104.6 million.
Revenues in Oilfield Services were $95.3
million, up 65 percent from $57.9 million a year ago.
Gross margins increased 0.8 percentage points from the same quarter
last year to 35.9 percent. Operating income increased $4.1 million
to $4.3 million. For the full year, revenues were up 33 percent to
$339.8 million and operating income increased $19.9 million to
$10.4 million.
Corporate costs for the quarter were $13.2
million compared with $10.7 million a year ago, due mainly to
higher compensation accruals.
The full year effective tax rate was 30.7
percent compared to 27.7 percent in 2020. The adjusted effective
tax rate was 22.7 percent compared to 23.5 percent last year as a
consequence of the geographical location of taxable profits.
For the quarter cash from operations after net
capital expenditure was $59.6 million compared to $50.2 million a
year ago. For the full year, cash from operations after net capital
expenditure was $57.0 million compared to $116.2 million in 2020.
As of December 31, 2021, Innospec had net cash of $141.7 million
compared to net cash of $104.7 million a year ago.
Mr. Williams concluded,
“We believe that Innospec’s excellent fourth
quarter performance leaves us well positioned for continued
improvement in 2022. We exit the year with record quarterly sales
and an outlook that we feel is favorable to further sales growth
and margin expansion in all our businesses. We remain
focused on working with our customers and suppliers to navigate the
expected continuation of supply chain and inflationary challenges.
Price actions have been announced in all businesses in the first
quarter of 2022, and in parallel we continue to introduce
innovative products which can help offset the impact of higher
prices to our customers through enhanced performance.
Cash generation was excellent in the quarter,
and our net cash position strengthened to over $140
million. We believe that our strong balance sheet gives
us the flexibility to move in parallel on all of our capital
allocation priorities which include funding our $70 million growth
investment plan in Performance Chemicals, pursuing complimentary
acquisitions and continuing our track-record of increasing capital
returns to shareholders through dividends and our newly announced
$50.0 million share buyback facility.”
Use of Non-GAAP Financial
Measures
The information presented in this press release
includes financial measures that are not calculated or presented in
accordance with Generally Accepted Accounting Principles in the
United States (GAAP). These non-GAAP financial measures comprise
EBITDA, income before income taxes excluding special items, net
income excluding special items and related per share amounts
together with net cash. EBITDA is net income per our consolidated
financial statements adjusted for the exclusion of charges for
interest expense, net, income taxes, depreciation, and
amortization. Income before income taxes, net income and diluted
EPS, excluding special items, per our consolidated financial
statements are adjusted for the exclusion of amortization of
acquired intangible assets, change in the UK statutory tax rate,
legacy costs of closed operations, tax on closure of legacy
operations, foreign currency exchange losses/(gains), acquisition
related costs, adjustment of income tax provisions, restructuring
charge and impairment of acquired intangible assets. Net cash is
cash and cash equivalents less total debt. Reconciliations of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures are provided herein and in the schedules below.
The Company believes that such non-GAAP financial measures provide
useful information to investors and may assist them in evaluating
the Company’s underlying performance and identifying operating
trends. In addition, these non-GAAP measures address questions the
Company routinely receives from analysts and investors and the
Company has determined that it is appropriate to make this data
available to all investors. While the Company believes that such
measures are useful in evaluating the Company’s performance,
investors should not consider them to be a substitute for financial
measures prepared in accordance with GAAP. In addition, these
non-GAAP financial measures may differ from similarly-titled
non-GAAP financial measures used by other companies and do not
provide a comparable view of the Company’s performance relative to
other companies in similar industries. Management uses adjusted EPS
(the most directly comparable GAAP financial measure for which is
GAAP EPS) and adjusted net income and EBITDA (the most directly
comparable GAAP financial measure for which is GAAP net income) to
allocate resources and evaluate the performance of the Company’s
operations. Management believes the most directly comparable GAAP
financial measure is GAAP net income and has provided a
reconciliation of EBITDA and net income excluding special items,
and related per share amounts, to GAAP net income herein and in the
schedules below.
About Innospec Inc.
Innospec Inc. is an international specialty
chemicals company with approximately 1900 employees in 24
countries. Innospec manufactures and supplies a wide range of
specialty chemicals to markets in the Americas, Europe, the Middle
East, Africa and Asia-Pacific. The Fuel Specialties business
specializes in manufacturing and supplying fuel additives that
improve fuel efficiency, boost engine performance and reduce
harmful emissions. Oilfield Services provides specialty chemicals
to all elements of the oil and gas exploration and production
industry. The Performance Chemicals business creates
innovative technology-based solutions for our customers in the
Personal Care, Home Care, Agrochemical, Mining and Industrial
markets.
Forward-Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts included or incorporated
herein may constitute forward-looking statements. Such
forward-looking statements include statements (covered by words
like “expects,” “estimates,” “anticipates,” “may,” “could,”
“believes,” “feels,” “plans,” “intends” or similar words or
expressions, for example) which relate to earnings, growth
potential, operating performance, events or developments that we
expect or anticipate will or may occur in the future.
Although forward-looking statements are believed by management to
be reasonable when made, they are subject to certain risks,
uncertainties and assumptions, including, the effects of the
COVID-19 pandemic, such as its duration, its unknown long-term
economic impact, measures taken by governmental authorities to
address it, the rise of variants, the effectiveness, acceptance and
distributions of COVID-19 vaccines and the manner in which the
pandemic may precipitate or exacerbate other risks and/or
uncertainties, and our actual performance or results may differ
materially from these forward-looking statements. Additional
information regarding risks, uncertainties and assumptions relating
to Innospec and affecting our business operations and prospects are
described in Innospec’s Annual Report on Form 10-K for the year
ended December 31, 2020 and other reports filed with the U.S.
Securities and Exchange Commission. You are urged to review
our discussion of risks and uncertainties that could cause actual
results to differ from forward-looking statements under the heading
"Risk Factors” in such reports. Innospec undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contacts:
Corbin BarnesInnospec
Inc.+44-151-355-3611corbin.barnes@innospecinc.com
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME
Schedule 1
(in
millions, except share and per share data) |
|
Three Months EndedDecember
31 |
|
Twelve Months EndedDecember 31 |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
413.2 |
|
$ |
310.8 |
|
$ |
1,483.4 |
|
$ |
1,193.1 |
|
Cost of goods sold |
|
(300.3 |
) |
|
(219.8 |
) |
|
(1,048.5 |
) |
|
(850.4 |
) |
Gross profit |
|
112.9 |
|
|
91.0 |
|
|
434.9 |
|
|
342.7 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
(69.7 |
) |
|
(54.9 |
) |
|
(267.2 |
) |
|
(237.0 |
) |
Research and development |
|
(9.5 |
) |
|
(6.5 |
) |
|
(37.4 |
) |
|
(30.9 |
) |
Restructuring charge |
|
- |
|
|
(0.2 |
) |
|
- |
|
|
(21.3 |
) |
Impairment of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
(19.8 |
) |
Profit on disposal |
|
1.8 |
|
|
- |
|
|
1.8 |
|
|
- |
|
Total operating expenses |
|
(77.4 |
) |
|
(61.6 |
) |
|
(302.8 |
) |
|
(309.0 |
) |
Operating income |
|
35.5 |
|
|
29.4 |
|
|
132.1 |
|
|
33.7 |
|
Other (loss)/income, net |
|
(2.4 |
) |
|
- |
|
|
3.8 |
|
|
7.8 |
|
Interest expense, net |
|
(0.4 |
) |
|
(0.3 |
) |
|
(1.5 |
) |
|
(1.8 |
) |
Income before income
taxes |
|
32.7 |
|
|
29.1 |
|
|
134.4 |
|
|
39.7 |
|
Income taxes |
|
(8.8 |
) |
|
(6.5 |
) |
|
(41.3 |
) |
|
(11.0 |
) |
Net income |
$ |
23.9 |
|
$ |
22.6 |
|
$ |
93.1 |
|
$ |
28.7 |
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.97 |
|
$ |
0.92 |
|
$ |
3.78 |
|
$ |
1.17 |
|
Diluted |
$ |
0.96 |
|
$ |
0.91 |
|
$ |
3.75 |
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
Basic |
|
24,716 |
|
|
24,586 |
|
|
24,647 |
|
|
24,563 |
|
Diluted |
|
24,888 |
|
|
24,763 |
|
|
24,854 |
|
|
24,779 |
|
|
|
|
|
|
|
|
|
|
INNOSPEC INC. AND
SUBSIDIARIES
Schedule
2A
SEGMENTAL ANALYSIS OF
RESULTS |
|
Three Months EndedDecember 31 |
|
Twelve Months EndedDecember 31 |
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Net
sales: |
|
|
|
|
|
|
|
|
Fuel Specialties |
$ |
179.5 |
|
$ |
138.3 |
|
$ |
618.3 |
|
$ |
512.7 |
|
Performance Chemicals |
|
138.4 |
|
|
114.6 |
|
|
525.3 |
|
|
425.4 |
|
Oilfield Services |
|
95.3 |
|
|
57.9 |
|
|
339.8 |
|
|
255.0 |
|
|
|
413.2 |
|
|
310.8 |
|
|
1,483.4 |
|
|
1,193.1 |
|
|
|
|
|
|
|
|
|
|
Gross
profit/(loss): |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
49.1 |
|
|
43.4 |
|
|
193.2 |
|
|
160.3 |
|
Performance Chemicals |
|
29.6 |
|
|
27.3 |
|
|
125.2 |
|
|
103.8 |
|
Oilfield Services |
|
34.2 |
|
|
20.3 |
|
|
116.5 |
|
|
80.8 |
|
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
(2.2 |
) |
|
|
112.9 |
|
|
91.0 |
|
|
434.9 |
|
|
342.7 |
|
|
|
|
|
|
|
|
|
|
Operating income/(loss): |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
25.7 |
|
|
25.5 |
|
|
104.6 |
|
|
84.5 |
|
Performance Chemicals |
|
16.9 |
|
|
14.6 |
|
|
70.9 |
|
|
54.8 |
|
Oilfield Services |
|
4.3 |
|
|
0.2 |
|
|
10.4 |
|
|
(9.5 |
) |
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
(2.8 |
) |
Corporate costs |
|
(13.2 |
) |
|
(10.7 |
) |
|
(55.6 |
) |
|
(52.2 |
) |
|
|
33.7 |
|
|
29.6 |
|
|
130.3 |
|
|
74.8 |
|
Restructuring charge |
|
- |
|
|
(0.2 |
) |
|
- |
|
|
(21.3 |
) |
Impairment of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
(19.8 |
) |
Profit
on disposal |
|
1.8 |
|
|
- |
|
|
1.8 |
|
|
- |
|
Total
operating income |
$ |
35.5 |
|
$ |
29.4 |
|
$ |
132.1 |
|
$ |
33.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule
2B
NON-GAAP
MEASURES |
|
Three Months EndedDecember 31 |
|
Twelve Months EndedDecember 31 |
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
23.9 |
|
$ |
22.6 |
|
$ |
93.1 |
|
$ |
28.7 |
|
Interest
expense, net |
|
0.4 |
|
|
0.3 |
|
|
1.5 |
|
|
1.8 |
|
Income
taxes |
|
8.8 |
|
|
6.5 |
|
|
41.3 |
|
|
11.0 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
1.9 |
|
|
1.1 |
|
|
6.0 |
|
|
4.1 |
|
Performance Chemicals |
|
5.8 |
|
|
5.3 |
|
|
21.7 |
|
|
20.7 |
|
Oilfield Services |
|
3.1 |
|
|
3.2 |
|
|
12.4 |
|
|
15.0 |
|
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
0.6 |
|
Corporate costs |
|
0.9 |
|
|
1.2 |
|
|
2.2 |
|
|
5.2 |
|
Impairment of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
19.8 |
|
Impairment of tangible assets |
|
- |
|
|
- |
|
|
- |
|
|
2.0 |
|
EBITDA |
|
44.8 |
|
|
40.2 |
|
|
178.2 |
|
|
108.9 |
|
|
|
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
|
|
|
Fuel Specialties |
|
27.6 |
|
|
26.6 |
|
|
110.6 |
|
|
88.6 |
|
Performance Chemicals |
|
22.7 |
|
|
19.9 |
|
|
92.6 |
|
|
75.5 |
|
Oilfield Services |
|
7.4 |
|
|
3.4 |
|
|
22.8 |
|
|
5.5 |
|
Octane Additives |
|
- |
|
|
- |
|
|
- |
|
|
(2.2 |
) |
Corporate costs |
|
(12.3 |
) |
|
(9.5 |
) |
|
(53.4 |
) |
|
(47.0 |
) |
|
|
45.4 |
|
|
40.4 |
|
|
172.6 |
|
|
120.4 |
|
Restructuring excluding impairment of tangible assets |
|
- |
|
|
(0.2 |
) |
|
- |
|
|
(19.3 |
) |
Profit
on disposal |
|
1.8 |
|
|
- |
|
|
1.8 |
|
|
- |
|
Other
(loss)/income, net |
|
(2.4 |
) |
|
- |
|
|
3.8 |
|
|
7.8 |
|
EBITDA |
$ |
44.8 |
|
$ |
40.2 |
|
$ |
178.2 |
|
$ |
108.9 |
|
EBITDA by segment includes operating income
relating to the segments, excluding depreciation and
amortization.
Schedule 3
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions) |
|
December 31,2021 |
|
December 31,2020 |
|
|
|
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
$ |
141.8 |
$ |
105.3 |
Trade and other accounts receivable |
|
284.5 |
|
221.4 |
Inventories |
|
277.6 |
|
220.0 |
Prepaid expenses |
|
18.0 |
|
14.9 |
Prepaid income taxes |
|
5.8 |
|
4.2 |
Other current assets |
|
0.4 |
|
0.4 |
Total
current assets |
|
728.1 |
|
566.2 |
|
|
|
|
|
Net
property, plant and equipment |
|
214.4 |
|
210.8 |
Operating lease right-of-use assets |
|
35.4 |
|
40.1 |
Goodwill |
|
364.3 |
|
371.2 |
Other
intangible assets |
|
57.5 |
|
75.3 |
Deferred
tax assets |
|
6.4 |
|
7.6 |
Pension
asset |
|
159.8 |
|
118.0 |
Other
non-current assets |
|
5.0 |
|
8.2 |
Total
assets |
$ |
1,570.9 |
$ |
1,397.4 |
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
$ |
148.7 |
$ |
98.7 |
Accrued liabilities |
|
166.5 |
|
129.8 |
Current portion of finance leases |
|
0.1 |
|
0.5 |
Current portion of operating lease liabilities |
|
12.4 |
|
11.3 |
Current portion of plant closure provisions |
|
5.2 |
|
6.6 |
Current portion of accrued income taxes |
|
3.7 |
|
5.5 |
Total
current liabilities |
|
336.6 |
|
252.4 |
|
|
|
|
|
Finance
leases, net of current portion |
|
- |
|
0.1 |
Operating lease liabilities, net of current portion |
|
23.1 |
|
28.9 |
Plant
closure provisions, net of current portion |
|
51.3 |
|
51.9 |
Accrued
income taxes, net of current portion |
|
30.6 |
|
32.4 |
Unrecognized tax benefits |
|
16.3 |
|
16.0 |
Deferred
tax liabilities |
|
60.8 |
|
46.9 |
Pension
liabilities and post-employment benefits |
|
17.8 |
|
20.5 |
Other
non-current liabilities |
|
1.4 |
|
3.4 |
Equity |
|
1,033.0 |
|
944.9 |
Total
liabilities and equity |
$ |
1,570.9 |
$ |
1,397.4 |
|
|
|
|
|
Schedule 4
INNOSPEC INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
|
Twelve Months EndedDecember
31 |
(in millions) |
|
2021 |
|
2020 |
|
|
|
|
|
Cash
Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
Net income |
$ |
93.1 |
|
$ |
28.7 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
42.7 |
|
|
46.0 |
|
Impairment of intangible assets |
|
- |
|
|
19.8 |
|
Impairment of tangible assets |
|
- |
|
|
2.0 |
|
Deferred taxes |
|
6.4 |
|
|
(2.5 |
) |
Profit on disposal |
|
(1.8 |
) |
|
- |
|
Non-cash movements on defined benefit pension plans |
|
(3.5 |
) |
|
(4.0 |
) |
Stock option compensation |
|
4.4 |
|
|
5.8 |
|
Changes in working capital |
|
(45.6 |
) |
|
53.0 |
|
Movements in accrued income taxes |
|
(3.2 |
) |
|
(10.3 |
) |
Movements in plant closure provisions |
|
(1.4 |
) |
|
8.5 |
|
Movements in unrecognized tax benefits |
|
0.3 |
|
|
(0.4 |
) |
Movements in other assets and liabilities |
|
1.8 |
|
|
(0.7 |
) |
Net cash
provided by operating activities |
|
93.2 |
|
|
145.9 |
|
|
|
|
|
|
Cash
Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
(39.1 |
) |
|
(29.7 |
) |
Proceeds
on disposal of property, plant and equipment |
|
2.9 |
|
|
- |
|
Net cash
used in investing activities |
|
(36.2 |
) |
|
(29.7 |
) |
|
|
|
|
|
Cash
Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
0.1 |
|
|
0.1 |
|
Net
repayment of revolving credit facility |
|
- |
|
|
(60.0 |
) |
Repayment of finance leases |
|
(0.6 |
) |
|
(1.1 |
) |
Refinancing costs |
|
- |
|
|
(0.3 |
) |
Dividend
paid |
|
(28.8 |
) |
|
(25.6 |
) |
Issue of
treasury stock |
|
10.1 |
|
|
2.2 |
|
Repurchase of common stock |
|
(0.8 |
) |
|
(2.1 |
) |
Net cash
used in financing activities |
|
(20.0 |
) |
|
(86.8 |
) |
Effect of foreign currency
exchange rate changes on cash |
|
(0.5 |
) |
|
0.2 |
|
Net
change in cash and cash equivalents |
|
36.5 |
|
|
29.6 |
|
Cash and
cash equivalents at beginning of year |
|
105.3 |
|
|
75.7 |
|
Cash and
cash equivalents at end of year |
$ |
141.8 |
|
$ |
105.3 |
|
|
|
|
|
|
|
|
Amortization of deferred finance costs of $0.4
million (2020 - $0.4 million) are included in depreciation and
amortization in the condensed consolidated statements of cash flows
and in interest expense, net in the condensed consolidated
statements of income.
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