Aflac (AFL) FY2011 results: revenue $22.2 billion, up 6.9% on the year
Aflac Inc. (AFL) reported revenue of $22.2 billion for fiscal 2011, the year ended 31 December 2011, up 6.9% on the year before. Net income was $1.9 billion, down 16.8%, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$22.2 billion
+6.9% on the year
FY2007FY2011
Operating margin
20.3%
19.2% a year earlier
FY2007FY2011
Net income
$1.9 billion
-16.8% on the year
FY2007FY2011
Diluted EPS
$2.06
-16.3% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
22,171
20,732
18,254
+6.9%
Selling, general and administrative
2,336
2,159
1,977
+8.2%
Operating income
4,502
3,983
3,435
+13.0%
Operating margin
20.3%
19.2%
18.8%
Interest expense
196
149
72.0
+31.5%
Pre-tax income
2,950
3,561
2,235
-17.2%
Income tax
1,013
1,233
738
-17.8%
Effective tax rate
34.3%
34.6%
33.0%
Net income
1,937
2,328
1,497
-16.8%
Net margin
8.7%
11.2%
8.2%
Diluted EPS
$2.06
$2.46
$1.59
-16.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
10,842
6,989
6,161
+55.1%
Cash from investing
-10,829
-7,432
-5,476
Cash from financing
64.0
161
699
-60.2%
Depreciation and amortisation
64.0
82.0
81.0
-22.0%
Buybacks
308
121
10.0
+154.5%
Dividends paid
552
535
524
+3.2%
Diluted shares, weighted
939m
946m
938m
-0.8%
Shares outstanding at period end
933m
939m
937m
-0.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
12,946
10,540
8,417
+22.8%
Debt
3,275
3,038
2,599
+7.8%
Other liabilities
100,016
86,665
73,090
+15.4%
Total liabilities and equity
116,237
100,243
84,106
+16.0%
Fixed assets
617
620
593
-0.5%
Securities held for sale or to maturity
47,009
30,084
63,468
+56.3%
Cash and equivalents
2,249
2,121
2,323
+6.0%
Other assets
66,362
67,418
17,722
-1.6%
Total assets
116,237
100,243
84,106
+16.0%
10-K for the year ended 31 December 2011, filed 27 February 2013: the filing.