Cincinnati Financial (CINF) FY2013 results: revenue $4.5 billion, up 10.2% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $4.5 billion for fiscal 2013, the year ended 31 December 2013, up 10.2% on the year before. Net income was $517 million, up 22.8%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$4.5 billion
+10.2% on the year
FY2008FY2013
Operating margin
15.8%
13.8% a year earlier
FY2008FY2013
Net income
$517 million
+22.8% on the year
FY2008FY2013
Diluted EPS
$3.12
+21.4% on the year
FY2008FY2013
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
4,531
4,111
3,803
+10.2%
Operating income
714
566
176
+26.1%
Operating margin
15.8%
13.8%
4.6%
Interest expense
54.0
54.0
54.0
0.0%
Pre-tax income
714
566
173
+26.1%
Income tax
197
145
9.0
+35.9%
Effective tax rate
27.6%
25.6%
5.2%
Net income
517
421
164
+22.8%
Net margin
11.4%
10.2%
4.3%
Diluted EPS
$3.12
$2.57
$1.01
+21.4%
$ 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
796
638
247
+24.8%
Capital expenditure
7.0
6.0
7.0
+16.7%
Free cash flow
789
632
240
+24.8%
Free cash flow margin
17.4%
15.4%
6.3%
Cash from investing
-509
-304
-8.0
Cash from financing
-341
-285
-186
Depreciation and amortisation
50.0
44.0
42.0
+13.6%
Share-based compensation
18.0
16.0
13.0
+12.5%
Buybacks
52.0
0.0
32.0
Dividends paid
263
256
255
+2.7%
Dividend per share
$1.66
$1.62
$1.60
+2.2%
Diluted shares, weighted
165m
164m
163m
+1.1%
Shares outstanding at period end
198m
197m
196m
+0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,070
5,453
5,033
+11.3%
Debt
790
790
790
0.0%
Other liabilities
10,802
10,305
9,812
+4.8%
Total liabilities and equity
17,662
16,548
15,635
+6.7%
Fixed assets
210
217
227
-3.2%
Securities held for sale or to maturity
9,121
9,093
8,779
+0.3%
Loans
85.0
75.0
76.0
+13.3%
Cash and equivalents
433
487
438
-11.1%
Other assets
7,813
6,676
6,115
+17.0%
Total assets
17,662
16,548
15,635
+6.7%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.