The Andersons, Inc. (ANDE) 2014年年度報告「NASDAQ」.pdf

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1、20 4Annual ReportOPERATING RESULTSFINANCIAL POSITIONPER SHARE DATARATIOS AND OTHER DATA2O142O13%ChangeSales and merchandising revenues$4,540,071$5,604,574(19.0%)Gross profit397,139365,2258.7%Equity in earnings of affiliates96,52368,70540.5%Other income,net31,12514,876109.2%Net income122,64595,70228.

2、2%Net income attributable to The Andersons,Inc.109,72689,93922.0%Total assets2,364,6922,273,5564.3%Working capital226,741229,451(1.2%)Long-term debt298,638371,150(19.5%)Long-term debt,non-recourse-4,063(100.0%)Total equity824,049724,42114.4%Net incomebasic3.853.2020.3%Net incomediluted3.843.1820.8%D

3、ividends declared0.470.439.3%Year-end market value53.1459.45(10.6%)Net income attributable to The Andersons,Inc.return on beginning equity attributable to The Andersons,Inc.15.6%15.1%3.3%Adjusted net income attributable to The Andersons,Inc.return on beginning equity attributable to The Andersons,In

4、c.*14.1%15.1%(6.6%)Funded long-term debt to equity0.4-to-10.5-to-1(20.0%)Weighted average shares outstanding(basic)28,36727,9861.4%Effective tax rate33.4%36.0%(7.2%)FINANCIAL HIGHLIGHTSNet Income Attributable toThe Andersons,Inc.(Dollars in Millions)EBIDTA(Dollars in Millions)Earnings Per ShareDilut

5、ed*(In Dollars)*Adjusted net income excludes$11.7 million($0.38 per share)one-time gain from the partial redemption of the Lansing Trade Group in 2014$3.84Diluted Earnings Per Share$109.7Net Income(Millions)20%CAGR$255.0Best EBITDA(Millions)Dear Shareholders andFriends,We are pleased with our record

6、 performance in 2014.The fact that we have achieved such strong results,in spite of a difficult year for our grain operations business,highlights the strength of our diversification strategy and business model,and the dedication of our team.Volatility is a reality in the markets we serve,especially

7、in the agriculture arena,and we have managed this terrain from the perspective that the whole is greater than the sum of its parts.We have lower earnings volatility as a Company than our businesses have individually.As each of our businesses navigate through their various cycles,our overall portfoli

8、o has produced relatively stable earnings and consistent cash flows.It is this mix that enabled us to produce our second consecutive year of record results.Led by exceptionally strong performance of our ethanol business in a very supportive market,diluted earnings per share was$3.84.Even after exclu

9、ding the one-time pre-tax gain of$17.1 million from the partial redemption of our investment in Lansing Trade Group,our full year adjusted results of$3.46 per share were the highest in the Companys history on sales of$4.5 billion.The Company will continue to report adjusted earnings in the future.Du

10、ring the past five years we have consistently generated returns on equity greater than 15 percent,and grown our earnings per share at a compounded annual growth rate(CAGR)of about 20 percent.In 2014,we also recorded our best Earnings Before Interest Taxes,Depreciation&Amortization(EBITDA)of$255 mill

11、ion.A variety of factors impacted our results in 2014.We leveraged an exceptionally strong ethanol market while simultaneously setting records for ethanol yields,corn oil yields,E-85 sales and ethanol production.While the market conditions are likely not repeatable,we believe the Ethanol Group will

12、continue to benefit from ongoing operational and capital improvements.Our grain operations continued to struggle to meet our expectations in 2014 and our team is determined to make progress to improve performance,especially in our Western locations,however,we recognize it may take some time.Grain Gr

13、oup results were also negatively impacted by a harvest that did not materialize as expected in a number of states in which we do business.Demonstrating our continued commitment to diversified growth,we acquired Auburn Bean&Grain,which added six grain and four agronomy locations throughout Central Mi

14、chigan.In addition to providing increased storage capacity and volume for both our grain and nutrient businesses,the acquisition represents a nice geographic fit between our Ohio and Michigan assets BY theNUMBERSand our Thompsons joint venture in Ontario,Canada.It was already additive to 2014 income

15、.Overall,the macro trends affecting our agriculture businesses have not changed.Expanding world population,growing global demand for protein and strong North American crop production continue to require the types of products and services we provide.We love being close to the farmers and finding new

16、ways to meet their needs.By leveraging our deep operational expertise and our enduring,mutually beneficial relationships with our customers,we look to the future from a position of strength.We have a strong foundation in the ethanol business and believe in its long-term viability as a solid earnings

17、 performer.Our investments are structured with strong partners,which provide good,consistent demand for ethanol production and excellent inputs to manage the business.We also benefit vertically as our grain business sources corn and merchandises Distillers Dried Grains(DDG)on behalf of the ethanol e

18、ntities.Though exposed to volatile commodity market swings that do not necessarily move in sync,the business has good base earnings with upside potential.We remain convinced that base societal demands for octane and renewable energy will provide long-term opportunities in the ethanol industry.An ext

19、ension of our agricultural roots,our rail business is a core element of the supply chain of our own businesses aswell as those of our customers.With a diversified transportation asset portfolio that now includes barges,the Rail Group is pursuing a broader approach to its transportation solutions.We

20、will continue to build on our traditional equipment leasing business and opportunistically grow the Rail Groups asset portfolio.As 2015 commences,we are continuing to move through the early stages of a multiyear effort to deploy our new SAP based Company-wide information technology(ERP)system.Improv

21、ing our connection between employees,customers and information will strengthen our position as a leader in market information and serve as an enabler for future growth.We see solid fundamentals supporting our core businesses going into 2015,but results will likely be below our record of 2014.Planted

22、 acres are estimated to be similar to 2014,creating a good base for our Grain Group and a good environment for our Plant Nutrient Group as well.While we expect to be adjusting to much lower oil prices and do not foresee average margins for the Ethanol Group reaching 2014 levels,we have reason to bel

23、ieve margins will be buoyed by higher gasoline demand,strong DDG demand and an ample corn supply.We expect our rail business to see higher utilization rates and improved financial results.The combination of the Plant Nutrient and Turf&Specialty groups will provide long-term benefits through addition

24、al growth opportunities,enhanced profitability and,most importantly,enhanced customer service.Our strong balance sheet and confidence in our earnings capacity going forward led us to increase our 2015 first quarter dividend approximately 27 percent to 14 cents per share.Additionally,as announced in

25、December 2014,we will opportunistically buy back up to$50 million in The Andersons stock.With a consistent upward 10-year trendline for EBITDA and a 5-year upward trendline for operating income,we believe our financial position remains solid.Foundationally,our Company is strong.We remain true to the

26、 core values that have provided us nearly seven decades of prosperity.At the same time we are adapting our core competencies and market expertise to address the ever changing dynamics of our industries.We know the volatility of the commodity markets isnt going away.With a solid strategy set in motio

27、n by resilient,resourceful and innovative folks,we are formidable today“And Beyond.”With gratitude for your continued support,Mike Anderson,CEOHal Reed,COOJohn Granato,CFOAs each of our businesses navigatethrough their various cycles,our overall portfolio has produced relatively stable earnings and

28、consistent cash flows.INVESTOR INFORMATIONCORPORATE OFFICERSBOARD OF DIRECTORSGerard M.Anderson(3)Chairman,President&CEODTE EnergyMichael J.AndersonChairman&CEOThe Andersons,Inc.Catherine M.Kilbane(1)(2)Senior Vice President,General Counsel&SecretaryThe Sherwin-Williams CompanyRobert J.King,Jr.(2)(3

29、)Senior AdvisorF.N.B.CorporationRoss W.Manire(1)(3)Chairman&CEOExteNet Systems,Inc.Donald L.Mennel(1)(4)ChairmanThe Mennel Milling CompanyPatrick S.Mullin(1)(4)Retired Managing PartnerNortheast Ohio PracticeDeloitte&Touche LLPJohn T.Stout,Jr.(2)(3)Chairman&CEOPlaza Belmont Management Group,LLCJacque

30、line F.Woods(1)(2)(4)Retired PresidentAT&T Ohio(1)Audit Committee(2)Compensation/Leadership Development Committee(3)Finance Committee(4)Governance/Nominating CommitteeDenny AddisPresident,Grain GroupDan AndersonPresident,Retail GroupMike AndersonChairman&CEONaran BurchinowVP,General Counsel&Secretar

31、yJim BurmeisterVP,Finance&TreasurerArt DePompeiVP,Human ResourcesJohn GranatoCFONeill McKinstrayPresident,Ethanol GroupHal ReedCOOAnne RexVP,Corporate ControllerRasesh ShahPresident,Rail GroupTamara SparksVP,Corporate Relations&Business AnalysisTom WaggonerVP,Marketing&Operations ServicesBill WolfPr

32、esident,Plant Nutrient GroupCorporate OfficesThe Andersons,Inc.480 West Dussel DriveMaumee,OH 43537419-893-NASDAQ SymbolThe Andersons,Imon shares are traded on the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol ANDE.Common Stock28.8 million shares outstanding,as adjusted for

33、 the 3-for-2 stock split(as of 2/17/15)Stock Purchase and Dividend ReinvestmentComputershare BYDSSM is a direct stock purchase program that provides an alternative to traditional methods of buying,holding and selling shares in The Andersons,Inc.Through Computershare BYDSSM you can purchase and sell

34、The Andersons shares directly,rather than dealing with a broker.Call 312-360-5260 for more information on the program.Transfer Agent&RegistrarComputershare Investor Services,LLCP.O.Box 43078Providence,RI 02940-3078312-360-5260Toll-free within the U.S.&Canada:877-373-6374Investor CentreTM portal: 10-

35、KAdditional copies of The Andersons 2014 Form 10-K,filed on March 2,2015 with the SEC,are available to shareholders and interested individuals without charge by writing or calling Investor Relations.Investor RelationsJames C.BurmeisterVP,Finance&Treasurer419-891-5848jim_Independent Registered Public Accounting FirmPricewaterhouseCoopers,LLPToledo,OHAnnual MeetingThe annual shareholders meeting of The Andersons,Inc.will be held at The Andersons Headquarters,480 West Dussel DriveMaumee,OH 43537at 8:00 a.m.on May 8,2015.CORPORATE INFORMATIONThe Andersons,Inc.480 West Dussel Drive Maumee,Ohio