Cincinnati Financial (CINF) FY2012 results: revenue $4.1 billion, up 8.1% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $4.1 billion for fiscal 2012, the year ended 31 December 2012, up 8.1% on the year before. Net income was $421 million, up 156.7%, and diluted earnings per share $2.57. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$4.1 billion
+8.1% on the year
FY2008FY2012
Operating margin
13.8%
4.6% a year earlier
FY2008FY2012
Net income
$421 million
+156.7% on the year
FY2008FY2012
Diluted EPS
$2.57
+154.5% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
4,111
3,803
3,772
+8.1%
Operating income
566
176
501
+221.6%
Operating margin
13.8%
4.6%
13.3%
Interest expense
54.0
54.0
54.0
0.0%
Pre-tax income
566
173
498
+227.2%
Income tax
145
9.0
123
+1,511.1%
Effective tax rate
25.6%
5.2%
24.7%
Net income
421
164
375
+156.7%
Net margin
10.2%
4.3%
9.9%
Diluted EPS
$2.57
$1.01
$2.30
+154.5%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
638
247
531
+158.3%
Capital expenditure
6.0
7.0
17.0
-14.3%
Free cash flow
632
240
514
+163.3%
Free cash flow margin
15.4%
6.3%
13.6%
Cash from investing
-304
-8.0
-529
Cash from financing
-285
-186
-174
Depreciation and amortisation
44.0
42.0
41.0
+4.8%
Share-based compensation
16.0
13.0
11.0
+23.1%
Buybacks
0.0
32.0
10.0
Dividends paid
256
255
252
+0.4%
Dividend per share
$1.62
$1.60
$1.59
+0.9%
Diluted shares, weighted
164m
163m
163m
+0.2%
Shares outstanding at period end
197m
196m
n/a
+0.5%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
5,453
5,033
5,012
+8.3%
Debt
790
790
790
0.0%
Other liabilities
10,305
9,812
9,293
+5.0%
Total liabilities and equity
16,548
15,635
15,095
+5.8%
Fixed assets
217
227
229
-4.4%
Securities held for sale or to maturity
9,093
8,779
8,383
+3.6%
Loans
75.0
76.0
73.0
-1.3%
Cash and equivalents
487
438
385
+11.2%
Other assets
6,676
6,115
6,025
+9.2%
Total assets
16,548
15,635
15,095
+5.8%
10-K for the year ended 31 December 2012, filed 27 February 2013: the filing.