Aon (AON) FY2011 results: revenue $11.3 billion, up 32.6% on the year
Aon plc (AON) reported revenue of $11.3 billion for fiscal 2011, the year ended 31 December 2011, up 32.6% on the year before. Net income was $979 million, up 38.7%, and diluted earnings per share $2.87. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$11.3 billion
+32.6% on the year
FY2007FY2011
Operating margin
14.1%
14.6% a year earlier
FY2007FY2011
Net income
$979 million
+38.7% on the year
FY2007FY2011
Diluted EPS
$2.87
+21.1% 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
11,287
8,512
7,595
+32.6%
Operating income
1,596
1,244
1,021
+28.3%
Operating margin
14.1%
14.6%
13.4%
Interest expense
245
182
122
+34.6%
Pre-tax income
1,388
n/a
n/a
Income tax
378
300
268
+26.0%
Effective tax rate
27.2%
n/a
n/a
Net income
979
706
747
+38.7%
Net margin
8.7%
8.3%
9.8%
Diluted EPS
$2.87
$2.37
$2.57
+21.1%
$ 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
1,018
783
500
+30.0%
Capital expenditure
241
180
140
+33.9%
Free cash flow
777
603
360
+28.9%
Free cash flow margin
6.9%
7.1%
4.7%
Cash from investing
-186
-2,539
-229
Cash from financing
-896
1,823
-652
Depreciation and amortisation
220
151
149
+45.7%
Share-based compensation
235
221
209
+6.3%
Buybacks
828
250
590
+231.2%
Dividends paid
200
175
165
+14.3%
Dividend per share
$0.60
$0.60
$0.60
0.0%
Diluted shares, weighted
341m
298m
291m
+14.4%
Shares outstanding at period end
324m
332m
266m
-2.4%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
8,078
8,251
5,379
-2.1%
Non-controlling interest
42.0
55.0
52.0
-23.6%
Debt
4,492
4,506
1,998
-0.3%
Other liabilities
16,940
16,170
15,529
+4.8%
Total liabilities and equity
29,552
28,982
22,958
+2.0%
Fixed assets
783
781
461
+0.3%
Goodwill
8,770
8,647
6,078
+1.4%
Intangible assets
3,276
3,611
791
-9.3%
Investments
1,024
1,097
741
-6.7%
Cash and equivalents
272
346
217
-21.4%
Receivables
3,183
2,701
2,052
+17.8%
Other assets
12,244
11,799
12,618
+3.8%
Total assets
29,552
28,982
22,958
+2.0%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.