Principal Financial Group (PFG) FY2014 results: revenue $10.5 billion, up 12.8% on the year
Principal Financial Group Inc. (PFG) reported revenue of $10.5 billion for fiscal 2014, the year ended 31 December 2014, up 12.8% on the year before. Net income was $1.1 billion, up 25.4%, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2015.
Revenue
$10.5 billion
+12.8% on the year
FY2007FY2014
Operating margin
14.3%
12.1% a year earlier
FY2007FY2014
Net income
$1.1 billion
+25.4% on the year
FY2007FY2014
Diluted EPS
$3.65
+23.7% 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
10,478
9,290
9,215
+12.8%
Operating income
1,495
1,124
959
+33.0%
Operating margin
14.3%
12.1%
10.4%
Income tax
318
188
135
+69.5%
Net income
1,144
913
806
+25.4%
Net margin
10.9%
9.8%
8.7%
Diluted EPS
$3.65
$2.95
$2.57
+23.7%
$ 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
3,103
2,221
3,081
+39.7%
Depreciation and amortisation
123
110
87.0
+12.1%
Share-based compensation
75.3
68.5
63.8
+9.9%
Buybacks
223
154
273
+45.0%
Dividends paid
377
288
231
+30.6%
Dividend per share
$1.28
$0.98
$0.78
+30.6%
Diluted shares, weighted
299m
298m
300m
+0.2%
Shares outstanding at period end
294m
295m
294m
-0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
10,184
9,684
9,683
+5.2%
Non-controlling interest
48.0
92.8
20.0
-48.3%
Redeemable equity
58.0
247
60.4
-76.5%
Short-term borrowings
28.0
151
40.8
-81.4%
Debt
2,531
2,601
2,671
-2.7%
Other liabilities
206,238
195,415
149,451
+5.5%
Total liabilities and equity
219,087
208,191
161,926
+5.2%
Fixed assets
590
501
464
+17.9%
Goodwill
1,007
1,100
543
-8.4%
Intangible assets
1,324
1,459
915
-9.3%
Securities held for sale or to maturity
49,671
48,757
50,939
+1.9%
Cash and equivalents
1,864
2,372
4,177
-21.4%
Other assets
164,631
154,002
104,888
+6.9%
Total assets
219,087
208,191
161,926
+5.2%
10-K for the year ended 31 December 2014, filed 11 February 2015: the filing.