Aon (AON) FY2014 results: revenue $12.0 billion, up 1.9% on the year
Aon plc (AON) reported revenue of $12.0 billion for fiscal 2014, the year ended 31 December 2014, up 1.9% on the year before. Net income was $1.4 billion, up 25.5%, and diluted earnings per share $4.66. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$12.0 billion
+1.9% on the year
FY2007FY2014
Operating margin
16.3%
14.1% a year earlier
FY2007FY2014
Net income
$1.4 billion
+25.5% on the year
FY2007FY2014
Diluted EPS
$4.66
+32.0% 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
12,045
11,815
11,514
+1.9%
Operating income
1,966
1,671
1,596
+17.7%
Operating margin
16.3%
14.1%
13.9%
Interest expense
255
210
228
+21.4%
Pre-tax income
1,765
1,538
1,380
+14.8%
Income tax
334
390
360
-14.4%
Effective tax rate
18.9%
25.4%
26.1%
Net income
1,397
1,113
993
+25.5%
Net margin
11.6%
9.4%
8.6%
Diluted EPS
$4.66
$3.53
$2.99
+32.0%
$ 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
1,812
1,753
1,419
+3.4%
Capital expenditure
256
229
269
+11.8%
Free cash flow
1,556
1,524
1,150
+2.1%
Free cash flow margin
12.9%
12.9%
10.0%
Cash from investing
-545
-339
177
Cash from financing
-1,303
-1,136
-1,586
Depreciation and amortisation
242
240
232
+0.8%
Share-based compensation
328
300
212
+9.3%
Buybacks
2,250
1,102
1,125
+104.2%
Dividends paid
273
212
204
+28.8%
Dividend per share
$0.92
$0.68
$0.62
+35.3%
Diluted shares, weighted
300m
315m
333m
-5.0%
Shares outstanding at period end
280m
301m
311m
-6.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,571
8,145
7,762
-19.3%
Non-controlling interest
60.0
50.0
43.0
+20.0%
Debt
4,799
3,686
3,713
+30.2%
Other liabilities
18,342
18,370
18,968
-0.2%
Total liabilities and equity
29,772
30,251
30,486
-1.6%
Fixed assets
765
791
820
-3.3%
Goodwill
8,860
8,997
8,943
-1.5%
Intangible assets
2,520
2,578
2,975
-2.2%
Investments
537
655
511
-18.0%
Cash and equivalents
374
477
291
-21.6%
Receivables
2,815
2,896
3,101
-2.8%
Other assets
13,901
13,857
13,845
+0.3%
Total assets
29,772
30,251
30,486
-1.6%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.