Aflac (AFL) FY2014 results: revenue $22.7 billion, down 5.1% on the year
Aflac Inc. (AFL) reported revenue of $22.7 billion for fiscal 2014, the year ended 31 December 2014, down 5.1% on the year before. Net income was $3.0 billion, down 6.6%, and diluted earnings per share $3.25. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$22.7 billion
-5.1% on the year
FY2007FY2014
Operating margin
18.7%
18.4% a year earlier
FY2007FY2014
Net income
$3.0 billion
-6.6% on the year
FY2007FY2014
Diluted EPS
$3.25
-3.8% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
22,728
23,939
25,364
-5.1%
Selling, general and administrative
2,261
2,222
2,415
+1.8%
Operating income
4,253
4,399
4,658
-3.3%
Operating margin
18.7%
18.4%
18.4%
Interest expense
317
293
261
+8.2%
Pre-tax income
4,491
4,816
4,302
-6.7%
Income tax
1,540
1,658
1,436
-7.1%
Effective tax rate
34.3%
34.4%
33.4%
Net income
2,951
3,158
2,866
-6.6%
Net margin
13.0%
13.2%
11.3%
Diluted EPS
$3.25
$3.38
$3.06
-3.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
6,550
10,547
14,952
-37.9%
Cash from investing
-4,241
-11,091
-16,952
Cash from financing
-147
1,136
1,945
Depreciation and amortisation
55.0
69.0
67.0
-20.3%
Buybacks
1,210
813
118
+48.8%
Dividends paid
654
635
603
+3.0%
Diluted shares, weighted
908m
935m
939m
-2.9%
Shares outstanding at period end
885m
919m
936m
-3.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
18,347
14,620
15,978
+25.5%
Debt
5,268
4,891
4,343
+7.7%
Other liabilities
96,152
101,796
100,986
-5.5%
Total liabilities and equity
119,767
121,307
121,307
-1.3%
Fixed assets
429
481
564
-10.8%
Securities held for sale or to maturity
34,242
44,415
54,426
-22.9%
Cash and equivalents
4,658
2,543
2,041
+83.2%
Other assets
80,438
73,868
64,276
+8.9%
Total assets
119,767
121,307
121,307
-1.3%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.