CORPORATE AND BUSINESS DEVELOPMENTS
Dividend
The Board of Directors has approved a quarterly dividend of $0.14 per share, payable on March 14, 2013 to shareholders of record on February 28, 2013. This dividend will be considered an eligible dividend for Canadian income tax purposes.
CEO Planned Retirement and Transition Plan for 2013
On January 8, Finning announced that Mike Waites has decided to retire in 2013 and will not seek re-election as a director at Finning's 2013 annual meeting of shareholders. Mr. Waites will continue to serve as president and CEO until a replacement is appointed in order to facilitate an effective transition of responsibilities. As part of the company's succession process, the Board of Directors has retained an executive search firm to assist with the process of selecting a successor to Mr. Waites and is considering qualified internal and external candidates.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(C$ millions, except per share amounts) -------------------------------------------------- Three months ended Twelve months ended Dec 31 Dec 31 -------------------------------------------------- %Revenue 2012 2011 change 2012 2011% change -------------------------------------------------- New equipment 847.7 990.0 (14) 3,077.2 2,889.0 7 Used equipment 81.9 78.5 4 295.4 253.4 17 Equipment rental 101.3 97.5 4 379.8 345.5 10 Product support 712.0 642.6 11 2,815.4 2,395.6 18 Other 36.5 2.0 n/m 54.3 11.4 n/m--------------------------------------------------------------------------- Total revenue 1,779.4 1,810.6 (2) 6,622.1 5,894.9 12---------------------------------------------------------------------------Gross profit 521.9 474.5 10 1,964.8 1,679.7 17Gross profit margin(3) 29.3% 26.2% 29.7% 28.5%SG&A (382.4) (367.0) (4) (1,483.1) (1,279.3) (16)SG&A as a percentage of revenue (21.5)% (20.3)% (22.4)% (21.7)%Equity earnings 2.5 3.0 10.1 6.7Other income (expenses) 7.8 (3.2) 4.7 (27.4)---------------------------------------------------------------------------EBIT 149.8 107.3 40 496.5 379.7 31EBIT margin(4) 8.4% 5.9% 7.5% 6.4%---------------------------------------------------------------------------Net income 105.4 70.6 49 337.6 259.4 30---------------------------------------------------------------------------Basic earnings per share (EPS) 0.61 0.41 49 1.96 1.51 30---------------------------------------------------------------------------EBITDA(1) 205.1 155.7 32 709.0 553.8 28Free Cash Flow(1)(2) 244.8 280.7 (13) (37.4) (220.8) 83--------------------------------------------------------------------------- Dec 31, Dec 31, 12 11 --------------------------Total assets 5,118.0 4,085.4Total shareholders' equity 1,566.6 1,345.0Net debt to total capital ratio(5) 50.0% 42.0%---------------------------------------------------------------------------n/m = not meaningful as percentage change is significantly larger or not applicable
