Aflac (AFL) FY2013 results: revenue $23.9 billion, down 5.6% on the year
Aflac Inc. (AFL) reported revenue of $23.9 billion for fiscal 2013, the year ended 31 December 2013, down 5.6% on the year before. Net income was $3.2 billion, up 10.2%, and diluted earnings per share $3.38. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$23.9 billion
-5.6% on the year
FY2007FY2013
Operating margin
18.4%
18.4% a year earlier
FY2007FY2013
Net income
$3.2 billion
+10.2% on the year
FY2007FY2013
Diluted EPS
$3.38
+10.6% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
23,939
25,364
22,171
-5.6%
Selling, general and administrative
2,222
2,415
2,336
-8.0%
Operating income
4,399
4,658
4,502
-5.6%
Operating margin
18.4%
18.4%
20.3%
Interest expense
293
261
196
+12.3%
Pre-tax income
4,816
4,302
2,950
+11.9%
Income tax
1,658
1,436
1,013
+15.5%
Effective tax rate
34.4%
33.4%
34.3%
Net income
3,158
2,866
1,937
+10.2%
Net margin
13.2%
11.3%
8.7%
Diluted EPS
$3.38
$3.06
$2.06
+10.6%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
10,547
14,952
10,842
-29.5%
Cash from investing
-11,091
-16,952
-10,829
Cash from financing
1,136
1,945
64.0
-41.6%
Depreciation and amortisation
69.0
67.0
64.0
+3.0%
Buybacks
813
118
308
+589.0%
Dividends paid
635
603
552
+5.3%
Diluted shares, weighted
935m
939m
939m
-0.4%
Shares outstanding at period end
919m
936m
933m
-1.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
14,620
15,978
12,946
-8.5%
Debt
4,891
4,343
3,275
+12.6%
Other liabilities
101,796
100,986
100,016
+0.8%
Total liabilities and equity
121,307
121,307
116,237
0.0%
Fixed assets
481
564
617
-14.7%
Securities held for sale or to maturity
44,415
54,426
47,009
-18.4%
Cash and equivalents
2,543
2,041
2,249
+24.6%
Other assets
73,868
64,276
66,362
+14.9%
Total assets
121,307
121,307
116,237
0.0%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.