Viterra-- annual report
The benefits have translated into
significant growth in market capitalization, which, since
January 2005, has increased from approximately $80 million
to nearly $4 billion today, (Have sharehiolders made 50 times their investment? I doubt it with many acquisitions using stock)
In fiscal 2009, our consolidated sales and other operating
revenues reached $6.6 billion, which compared to $6.8 billion in 2008
Net earnings were $113.1 million for 2009, or $0.45 per share
compared to $288.3 million or $1.31 per share in 2008. Cash
flow from operations remained strong at $223.4 million, while
free cash flow (prior to working capital changes and after
capital expenditures) was $148.1 million.
We executed our transaction with ABB and, as promised,
retained a very strong balance sheet. The total value of this
transaction was $1.4 billion, achieved through an offering to
ABB shareholders of a combination of equity and cash, in which
ABB shareholders elected the maximum share consideration.
The transaction was completed on September 23, 2009. At
October 31, 2009, our total debt-to-capital ratio was 31%, and
we had over $1 billion of cash and short-term investments on
the balance sheet.
Our investment guidelines and profile are clear: we strive for
profitable growth by investing to earn more than our cost of
capital. We intend to maintain a healthy balance sheet with
a debt-to-capital ratio of between 30% and 40%.
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