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"Return on capital" is used to assist management and investors in measuring the returns realized from capital employed.
($000s) 2012 2011----------------------------------------------------------------------------Adjusted EBITDA 142,136 146,475 Total assets 1,318,758 1,165,021 Current liabilities 193,796 157,954----------------------------------------------------------------------------Capital employed 1,124,962 1,007,067----------------------------------------------------------------------------2-Year net assets average 1,066,015 965,527----------------------------------------------------------------------------Return on capital (%) 13.3% 15.2%----------------------------------------------------------------------------
Trailing Twelve-Month Return on Capital: http://media3.marketwire.com/docs/213nal_graphs.pdf
References to EBITDA, EBITDA per share, Adjusted EBITDA, Adjusted EBITDA per share, Adjusted net earnings, Adjusted net earnings per share, Funds from operations, Funds from operations per share and Return on capital throughout this document have the meanings set out above. Adjusted SG&A has the meaning described in the section titled "Corporate and Other".
The following discussion and analysis should be read in conjunction with (i) the audited consolidated financial statements of Newalta, and the notes thereto ("Financial Statements"), for the years ended December 31, 2012 and 2011, (ii) the consolidated financial statements of Newalta and notes thereto and MD&A of Newalta for the years ended December 31, 2011 and 2010, (iii) the most recently filed Annual Information Form of Newalta and (iv) the unaudited condensed consolidated interim financial statements of Newalta and the notes thereto and MD&A for the quarters ended March, 31, 2012, June 30, 2012, and September 30, 2012. This information is available at SEDAR (www.sedar.com). Information for the year ended December 31, 2012 along with comparative information for 2011, is provided.
This MD&A is dated February 13, 2013, and takes into consideration information available up to that date. Throughout this document, unless otherwise stated, all currency is stated in Canadian dollars, and MT is defined as "tonnes" or "metric tons".
SELECTED ANNUAL FINANCIAL INFORMATION(1)
($000s except per share data) 2012 2011 2010----------------------------------------------------------------------------Revenue 726,209 682,828 576,196Gross Profit 169,758 165,509 138,390 - % of revenue 23% 24% 24%Net earnings 42,804 33,562 16,122 - per share ($) - basic 0.86 0.69 0.33 - per share ($) - basic adjusted(2) 0.84 0.85 0.56 - per share ($) - diluted 0.85 0.68 0.33Adjusted EBITDA(2) 142,136 146,475 118,795 - per share ($)(2) 2.86 3.02 2.45Cash from operations 97,179 104,563 96,151 - per share ($) 1.96 2.15 1.98Funds from operations(2) 116,616 122,775 96,874 - per share ($)(2) 2.35 2.53 2.00Dividends declared 18,918 14,818 11,152 - per share ($)(2) 0.38 0.31 0.23Dividends paid 17,382 14,082 10,424Total Assets 1,318,758 1,165,021 1,047,677Maintenance capital expenditures(2) 34,952 31,051 29,013Growth capital expenditures(2) 137,388 86,629 47,535Senior long-term debt - net of issue costs 76,500 68,493 51,520Senior unsecured debentures(3) - principal amount 250,000 250,000 125,000Convertible debentures - principal amount - - 115,000Weighted average shares outstanding 49,690 48,569 48,485Shares outstanding, December 31, (4) 54,263 48,607 48,492----------------------------------------------------------------------------
