Skip to main content

Alexander & Baldwin - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Alexander & Baldwin (ISIN: US0144911049, WKN: A1J0RZ) Kursdatum: 21.07.2017 Kurs: 42,190 USD
Beschreibung Daten
Symbol ALEX
Marktkapitalisierung 2.084.185.984,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Immobilien
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 01.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
801,61 18,74 0,59% -0,41 56,08 -234,39 5,38 1,72

Firmenbeschreibung

Firmenstrategie

Principles of Consolidation: The consolidated financial statements include the accounts of Alexander & Baldwin, Inc. and all wholly owned and controlled subsidiaries, after elimination of intercompany amounts. Significant investments in businesses, partnerships and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. A controlling financial interest is one in which the Company has a majority voting interest or one in which the Company is the primary beneficiary of a variable interest entity. In determining whether the Company is the primary beneficiary of a variable interest entity in which it has an interest, the Company is required to make significant judgments with respect to various factors including, but not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, the rights and ability of other investors to participate in decisions affecting the economic performance of the entity, and kick-out rights, among others. Activities that significantly affect the economic performance of the entities in which the Company has an interest include, but are not limited to, establishing and modifying detailed business, development, marketing and sales plans, approving and modifying the project budget, approving design changes and associated overruns, if any, and approving project financing, among others. The Company has not consolidated any variable interest entity in which the Company does not also have voting control because it has determined that it is not the primary beneficiary since decisions to direct the activities that most significantly impact the entity’s performance are shared by the joint venture partners.The consolidated financial statements include the results of GP/RM, a supplier in the precast concrete industry, and GLP Asphalt, LLC ("GLP"), an importer and distributor of liquid asphalt, which are owned 51 percent and 70 percent, respectively. These entities are consolidated because the Company holds a controlling financial interest through its majority ownership of the voting interests of the entities. The remaining interest in these entities is reported as noncontrolling interest in the consolidated financial statements. Profits, losses and cash distributions are allocated in accordance with the respective operating agreements.

RevenueRecognitionPolicyTextBlock

Revenue Recognition: The Company has a wide variety of revenue sources, including real estate sales, commercial property rentals, material sales, paving construction, and the sales of raw sugar and molasses. Before recognizing revenue, the Company assesses the underlying terms of the transaction to ensure that recognition meets the requirements of relevant accounting standards. In general, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the service or product has occurred, the sales price is fixed or determinable, and collectability is reasonably assured.

Real Estate Sales Revenue Recognition: Real Estate Development and Sales revenue represents proceeds from the sale of a variety of real estate development inventory. Real estate development inventory may include industrial lots, residential lots, condominium units, single-family homes and multi-family homes. Sales are recorded when the risks and rewards of ownership have passed to the buyers (generally on closing dates), adequate initial and continuing investments have been received, and collection of remaining balances, if any, is reasonably assured. For certain development projects that have continuing post-closing involvement and for which total revenue and capital costs are reasonably estimable, the Company uses the percentage-of-completion method for revenue recognition. Under this method, the amount of revenue recognized is based on development costs that have been incurred through the reporting period as a percentage of total expected development cost associated with the development project. This generally results in a stabilized gross margin percentage, but requires significant judgment and estimates.

Real Estate Leasing Revenue Recognition: Real Estate Leasing revenue is recognized on a straight-line basis over the terms of the related leases, including periods for which no rent is due (typically referred to as “rent holidays”). Differences between revenues recognized and amounts due under respective lease agreements are recorded as increases or decreases, as applicable, to deferred rent receivable. Also included in rental revenue are certain tenant reimbursements and percentage rents determined in accordance with the terms of the leases. Income arising from tenant rents that are contingent upon the sales of the tenant exceeding a defined threshold are recognized only after the contingency has been resolved (e.g., sales thresholds have been achieved).

Construction Contracts and Related Products Revenue Recognition: Grace generates revenue primarily from material sales and paving contracts. The recognition of revenue is based on the underlying terms of the transaction.

Materials - Revenues from material sales, which include basalt aggregate, liquid asphalt and hot mix asphalt, are recognized when title to the product and risk of loss passes to third parties (generally this occurs when the product is picked up by customers or their agents) and when collection is reasonably assured.

Construction - A majority of paving contracts is performed for Hawaii state, federal, and county governments. Unit price contracts, which comprise a significant portion of Grace's paving contracts, require Grace to provide line-item deliverables at fixed unit prices based on approved quantities irrespective of Grace’s actual per unit costs. Earnings on unit price contracts are recognized as quantities are delivered and accepted by the customer. Lump sum contracts require that the total amount of work be performed for a single price irrespective of actual quantities or Grace’s actual costs. Earnings on fixed-price paving contracts are generally recognized using the percentage-of-completion method with progress toward completion measured on the basis of units (tons, cubic yards, square yards, square feet or other units of measure) of work completed as of a specific date to an estimate of the total units of work to be delivered under each contract. Grace uses this method as its management considers units of work completed to be the best available measure of progress on contracts. Contracts in progress are reviewed regularly, and sales and earnings may be adjusted based on revisions to assumption and estimates, including, but not limited to, revisions to job performance, job site conditions, changes to the scope of work, estimated contract costs, progress toward completion, changes in internal and external factors or conditions and final contract settlement. Selling, general and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses become evident.

Sugar and Molasses Revenue Recognition: Revenue from sugar sales is recorded when title to the product and risk of loss passes to third parties (generally this occurs when the product is shipped or delivered to customers) and when collection is reasonably assured.

SegmentReportingDisclosureTextBlock

SEGMENT RESULTS

Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s chief operating decision maker is its Chief Executive Officer. The Chief Executive Officer regularly reviews the results of four segments: Real Estate Development and Sales, Real Estate Leasing, Materials and Construction, and Agribusiness.

The Real Estate Development and Sales segment generates its revenues and creates value through an active and comprehensive program of land stewardship, planning, entitlement, development, real estate investment and sale of land and commercial and residential properties, principally in Hawaii.

The Real Estate Leasing segment owns, operates, and manages a portfolio of 58 retail, office and industrial properties in Hawaii and on the Mainland totaling 4.9 million square feet of GLA. The Company also leases urban land in Hawaii to third-party lessees, including 42 acres on Oahu (improved with 660,000 square feet of commercial space owned by the lessees) and 64 acres on the neighbor islands. When property that was previously leased is sold, the sales revenue and operating profit are included with the Real Estate Development and Sales segment.

The Materials and Construction segment performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells rock and sand aggregates; produces and sells asphaltic concrete and ready-mix concrete; provides and sells various construction- and traffic-control-related products and manufactures and sells precast concrete products.

The Agribusiness segment produces and sells bulk raw sugar, specialty food grade sugars, and molasses; provides general trucking services, mobile equipment maintenance and repair services; leases agricultural land to third parties; and generates and sells electricity to the extent not used in segment operations.

The accounting policies of the operating segments are described in the summary of significant accounting policies. Reportable segments are measured based on operating profit, exclusive of interest expense, general corporate expenses and income taxes. Revenues related to transactions between reportable segments have been eliminated. Transactions between reportable segments are accounted for on the same basis as transactions with unrelated third parties.

General contractor and subcontractor revenues for the years ended December 31, 2015 and 2014 were derived directly and indirectly from the State of Hawaii in the amounts of $80.8 million and $79.6 million, respectively. In addition, for the years ended December 31, 2015 and 2014, amounts were derived directly and indirectly from the City and County of Honolulu in the amounts of $38.1 million and $37.5 million, respectively. Raw sugar revenues from C&H Sugar Company, Inc., exceeded 10 percent of total consolidated revenues and totaled $71.6 million, $65.5 million, and $87.6 million for the years ended December 31, 2015, 2014, and 2013, respectively.

Operating segment information for 2015, 2014 and 2013 is summarized as below (in millions):

EarningsPerSharePolicyTextBlock

Earnings Per Share (“EPS”): Basic and diluted earnings per share are computed and disclosed in accordance with FASB Accounting Standards Codification Topic 260, Earnings Per Share. The Company utilizes the two-class method to compute earnings available to common shareholders. Under the two-class method, earnings are adjusted by accretion amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent in-substance dividend distributions to the noncontrolling interest holder as the holder has a contractual right to receive a specified amount upon redemption. As a result, earnings are adjusted to reflect this in-substance distribution that is different from other common shareholders. In addition, the Company allocates net earnings to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of time-based restricted unit awards that contain a non-forfeitable right to receive dividends and, therefore, are considered to participate in earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards.

 
 
For the Year Ended December 31,
2015
 
2014
 
2013
Revenue:
 
 
 
 
 
Real Estate:1,4
 
 
 
 
 
Leasing
$
133.8

 
$
125.6

 
$
110.4

Development and Sales
131.5

 
150.0

 
423.0

Less amounts reported in discontinued operations1

 
(70.4
)
 
(369.2
)
Reconciling items4
(31.0
)
 

 

Materials and Construction2
219.0

 
234.3

 
54.9

Agribusiness
117.2

 
120.5

 
146.1

Total revenue
$
570.5

 
$
560.0

 
$
365.2

Operating profit (loss):
 
 
 
 
 
Real Estate:
 
 
 
 
 
Leasing
$
53.1

 
$
47.5

 
$
43.4

Development and Sales3
65.0

 
85.7

 
44.4

Less amounts reported in discontinued operations1

 
(56.2
)
 
(36.7
)
Materials and Construction2
30.9

 
25.9

 
2.9

Agribusiness operations
(29.3
)
 
(11.8
)
 
10.7

Agribusiness cessation costs5
(22.6
)
 

 

Total operating profit
97.1

 
91.1

 
64.7

Interest expense
(26.8
)
 
(29.0
)
 
(19.1
)
General corporate expenses
(20.1
)
 
(18.6
)
 
(17.4
)
Reduction in KRS II carrying value, net (Note 5, 12, 14)9
(2.6
)
 
(14.7
)
 

Separation/Acquisition Costs

 

 
(4.6
)
Income from continuing operations before income taxes
47.6

 
28.8

 
23.6

Income tax expense (benefit)
16.5

 
(1.4
)
 
11.1