Cincinnati Financial (CINF) FY2014 results: revenue $4.9 billion, up 9.1% on the year
Cincinnati Financial Corp. (CINF) reported revenue of $4.9 billion for fiscal 2014, the year ended 31 December 2014, up 9.1% on the year before. Net income was $525 million, up 1.5%, and diluted earnings per share $3.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$4.9 billion
+9.1% on the year
FY2008FY2014
Operating margin
14.6%
15.8% a year earlier
FY2008FY2014
Net income
$525 million
+1.5% on the year
FY2008FY2014
Diluted EPS
$3.18
+1.9% on the year
FY2008FY2014
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
4,945
4,531
4,111
+9.1%
Operating income
721
714
566
+1.0%
Operating margin
14.6%
15.8%
13.8%
Interest expense
53.0
54.0
54.0
-1.9%
Pre-tax income
721
714
566
+1.0%
Income tax
196
197
145
-0.5%
Effective tax rate
27.2%
27.6%
25.6%
Net income
525
517
421
+1.5%
Net margin
10.6%
11.4%
10.2%
Diluted EPS
$3.18
$3.12
$2.57
+1.9%
$ 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
873
796
638
+9.7%
Capital expenditure
9.0
7.0
6.0
+28.6%
Free cash flow
864
789
632
+9.5%
Free cash flow margin
17.5%
17.4%
15.4%
Cash from investing
-311
-509
-304
Cash from financing
-404
-341
-285
Depreciation and amortisation
51.0
50.0
44.0
+2.0%
Share-based compensation
19.0
18.0
16.0
+5.6%
Buybacks
21.0
52.0
0.0
-59.6%
Dividends paid
278
263
256
+5.7%
Dividend per share
$1.76
$1.66
$1.62
+6.3%
Diluted shares, weighted
165m
165m
164m
-0.2%
Shares outstanding at period end
198m
198m
197m
+0.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,573
6,070
5,453
+8.3%
Debt
786
790
790
-0.5%
Other liabilities
11,394
10,802
10,305
+5.5%
Total liabilities and equity
18,753
17,662
16,548
+6.2%
Fixed assets
194
210
217
-7.6%
Investments
0.0
n/a
n/a
Securities held for sale or to maturity
n/a
9,121
9,093
Loans
75.0
85.0
75.0
-11.8%
Cash and equivalents
591
433
487
+36.5%
Other assets
17,893
7,813
6,676
+129.0%
Total assets
18,753
17,662
16,548
+6.2%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.