$3.3 B

DAR Mkt cap, 22-Jun-2018

$875.4 M

Darling Ingredients Revenue Q1, 2018
Darling Ingredients Net income (Q1, 2018)98.1 M
Darling Ingredients EBIT (Q1, 2018)31.8 M
Darling Ingredients Cash, 31-Mar-2018122.9 M
Darling Ingredients EV4.9 B

Darling Ingredients Financials

Darling Ingredients Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

1.7 b4 b3.4 b3.4 b3.7 b

Revenue growth, %

130%(14%)0%

General and administrative expense

347.5 m

Operating expense total

3.5 b

Depreciation and amortization

302.1 m

EBIT

169.6 m98.9 m69.2 m35.4 m136.8 m

EBIT margin, %

10%2%2%1%4%

Interest expense

38.1 m88.9 m

Pre tax profit

64.2 m

Income tax expense

54.7 m(69.2 m)

Net Income

109 m68.3 m85.3 m107.2 m133.4 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

425.8 m931.4 m1 b955.8 m853.8 m874.7 m859.3 m853.9 m779.6 m877.3 m880.1 m896.3 m875.4 m

General and administrative expense

42.6 m94.9 m111.8 m111.2 m75 m86.6 m84.3 m76.5 m81.5 m76.2 m87.9 m85.5 m86.9 m

Operating expense total

384.1 m932 m931.5 m905.9 m815 m842.9 m820 m818.3 m752.9 m822.9 m848.7 m859.3 m843.6 m

Depreciation and amortization

78.6 m

EBIT

41.7 m(564 k)75.5 m49.9 m38.8 m39.3 m35.5 m26.7 m54.5 m31.4 m37.1 m31.8 m

EBIT margin, %

10%0%7%5%5%5%4%3%6%4%4%4%

Interest expense

5.3 m58.9 m26.6 m25.4 m24.8 m23.1 m34.3 m23.9 m23.9 m24 m21.7 m22.4 m23.1 m

Pre tax profit

45 m28.1 m4.5 m42 m9.2 m18.1 m101.8 m

Income tax expense

17.4 m15.5 m11.1 m7.9 m2.1 m4.7 m(744 k)1.9 m8 m1.8 m7.7 m3.7 m

Net Income

27.7 m34.6 m16 m(7.4 m)1.8 m4.9 m28.9 m2.7 m34 m7.4 m10.3 m98.1 m

Darling Ingredients Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

870.9 m108.8 m156.9 m114.6 m106.8 m

Accounts Receivable

Inventories

65.1 m401.6 m344.6 m330.8 m358.2 m

Current Assets

1.1 b1.1 b931.8 m893.3 m956.4 m

PP&E

666.6 m1.6 b1.5 b1.5 b1.6 b

Goodwill

701.6 m1.3 b1.2 b1.2 b1.3 b

Total Assets

3.2 b5.2 b4.8 b4.7 b5 b

Accounts Payable

302.2 m

Short-term debt

19.9 m54.4 m47.2 m23.2 m16.1 m

Current Liabilities

176.8 m484 m443.7 m451.9 m559.5 m

Long-term debt

866.9 m2.1 b1.9 b1.7 b1.7 b

Total Debt

886.8 m2.2 b2 b1.8 b1.7 b

Total Liabilities

2.6 b2.6 b

Additional Paid-in Capital

1.5 b1.5 b1.5 b1.5 b1.5 b

Retained Earnings

607.7 m672 m750.5 m852.8 m981.2 m

Total Equity

2 b2.1 b2.3 b

Debt to Equity Ratio

1 x0.8 x

Debt to Assets Ratio

0.3 x0.4 x0.4 x0.4 x

Financial Leverage

2.4 x2.3 x2.1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

8 m143.4 m143.8 m193.4 m148.9 m112.1 m126 m148.6 m147.3 m157.8 m138.9 m124.8 m122.9 m

Accounts Receivable

106.7 m435.4 m467.4 m423.7 m379.1 m377 m368.4 m382.9 m376.3 m399.9 m389.9 m383 m413.7 m

Inventories

71.3 m410.5 m431.5 m420.1 m366.8 m398.2 m396.4 m359.1 m372.6 m364.4 m342.1 m359.6 m373.1 m

Current Assets

224.3 m1.1 b1.1 b1.1 b1 b1 b1 b963 m960.3 m1 b927.3 m924.9 m971.1 m

Goodwill

446.7 m1.5 b1.4 b1.4 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.2 b1.3 b1.3 b

Total Assets

1.7 b5.5 b5.6 b5.4 b4.8 b5 b4.9 b4.8 b4.9 b4.9 b4.7 b4.8 b5.1 b

Short-term debt

86 k62.5 m68.6 m60.2 m48 m81.2 m50.9 m27.2 m46.6 m30.8 m25 m19.4 m16.7 m

Current Liabilities

148.2 m529.7 m557.2 m544.3 m455.4 m475.6 m465 m459.7 m451.9 m466.7 m451.8 m489 m506.9 m

Long-term debt

250.1 m2.3 b2.3 b2.2 b2 b2 b2 b1.8 b1.9 b1.9 b1.7 b1.7 b1.8 b

Total Debt

250.2 m2.4 b2.4 b2.3 b2 b2.1 b2 b1.8 b2 b1.9 b1.8 b1.7 b1.8 b

Total Liabilities

555.3 m3.5 b3.4 b3.3 b2.9 b3 b3 b2.7 b2.8 b2.8 b2.6 b2.7 b2.6 b

Additional Paid-in Capital

611.8 m1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b1.5 b

Retained Earnings

585.3 m554.9 m587.7 m602 m666.1 m672.1 m675.1 m812.3 m751.6 m783.6 m858.6 m867.7 m1.1 b

Total Equity

2.1 b2.1 b2.1 b1.9 b2 b2 b2.1 b2 b2.1 b2.1 b2.2 b2.4 b

Financial Leverage

2.6 x2.6 x2.6 x2.5 x2.5 x2.5 x2.3 x2.4 x2.4 x2.2 x2.2 x2.1 x

Darling Ingredients Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

109 m85.3 m107.2 m133.4 m

Depreciation and Amortization

98.8 m269.5 m269.9 m289.9 m302.1 m

Accounts Receivable

4.4 m982 k8.2 m(22.8 m)3.5 m

Inventories

Accounts Payable

8.5 m(31.2 m)(11.4 m)39.3 m73.4 m

Cash From Operating Activities

210.7 m275.2 m421.3 m391 m410.6 m

Cash From Investing Activities

(895.4 m)(2.3 b)(229.7 m)(243.2 m)(284.1 m)

Long-term Borrowings

(580 k)(333.8 m)(609.3 m)(204.4 m)(149.6 m)

Cash From Financing Activities

(154.9 m)

Interest Paid

21.6 m104.8 m79 m82.1 m78.2 m

Income Taxes Paid

31.4 m28.3 m(3 m)23.2 m26.3 m

Free Cash Flow

329 m504.1 m651.2 m147.5 m136.4 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

86.5 m34.6 m16 m(7.4 m)1.8 m4.9 m28.9 m2.7 m36.7 m7.4 m17.7 m98.1 m

Depreciation and Amortization

67.1 m65.7 m133.2 m200.5 m200 m66.4 m132.6 m212.4 m72.3 m141.8 m71.1 m144.1 m78.6 m

Accounts Receivable

949 k7 m(36.9 m)(40.6 m)7.7 m12.3 m22.6 m(3.1 m)7.1 m(20.1 m)(753 k)17.7 m(14.6 m)

Accounts Payable

10.6 m(63.8 m)(25.2 m)7.9 m(10.3 m)(20 m)(1.5 m)27.4 m3.3 m31 m(8.4 m)16.6 m(38.4 m)

Cash From Operating Activities

168.7 m41 m179.3 m296.7 m187.6 m280.6 m45 m168.2 m94.5 m197.5 m26.9 m

Cash From Investing Activities

(250.8 m)(2.1 b)(2.2 b)(2.2 b)(162.2 m)(50.7 m)(99.1 m)(170.7 m)(59.3 m)(114 m)(59.9 m)(140.2 m)(55.3 m)

Long-term Borrowings

(62 k)(264 m)(287.1 m)(310.8 m)(595.9 m)(13.6 m)(583.7 m)(128.4 m)(16.2 m)(59.3 m)(9.3 m)(68 m)(9.6 m)

Cash From Financing Activities

(13.1 m)8.5 m(117.2 m)(55.3 m)(10.6 m)(58.4 m)

Interest Paid

9.2 m35.5 m47.9 m75.2 m57.8 m26.1 m37.5 m62.4 m20.6 m41.8 m19 m38.7 m19.1 m

Income Taxes Paid

30.3 m5.5 m11.3 m15.2 m4 m5.1 m11.4 m14 m5.1 m11.8 m2.4 m8 m7.1 m

Free Cash Flow

83 m(62.5 m)25.3 m134.4 m88.8 m112.3 m(8.3 m)58.8 m32.2 m69.7 m(29.7 m)

Darling Ingredients Ratios

USDY, 2018

EV/EBIT

155.4 x

EV/CFO

183.2 x

EV/FCF

-166.3 x

Revenue/Employee

87.5 k

Financial Leverage

2.1 x
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