S&P Global (SPGI) FY2011 results: revenue $4.0 billion, up 8.7% on the year
S&P Global Inc. (SPGI) reported revenue of $4.0 billion for fiscal 2011, the year ended 31 December 2011, up 8.7% on the year before. Net income was $911 million, up 10.0%, and diluted earnings per share $3.00. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2012.
Revenue
$4.0 billion
+8.7% on the year
FY2007FY2011
Operating margin
27.2%
28.2% a year earlier
FY2007FY2011
Net income
$911 million
+10.0% on the year
FY2007FY2011
Diluted EPS
$3.00
+13.2% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
3,954
3,639
5,870
+8.7%
Cost of revenue
1,387
1,206
2,339
+15.0%
Gross profit
2,567
2,433
3,531
+5.5%
Gross margin
64.9%
66.9%
60.2%
Selling, general and administrative
1,377
1,318
2,113
+4.5%
Operating income
1,077
1,026
1,259
+5.0%
Operating margin
27.2%
28.2%
21.4%
Interest expense
77.0
83.0
76.9
-7.2%
Pre-tax income
1,000
943
1,182
+6.0%
Income tax
374
344
429
+8.7%
Effective tax rate
37.4%
36.5%
36.3%
Net income
911
828
731
+10.0%
Net margin
23.0%
22.8%
12.4%
Diluted EPS
$3.00
$2.65
$2.33
+13.2%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
924
704
1,330
+31.2%
Capital expenditure
92.0
86.0
68.5
+7.0%
Free cash flow
832
618
1,261
+34.6%
Free cash flow margin
21.0%
17.0%
21.5%
Cash from investing
-271
-386
-279
Cash from financing
-1,660
-530
-335
Depreciation and amortisation
126
108
450
+16.7%
Share-based compensation
77.0
51.0
22.0
+51.0%
Buybacks
1,500
256
0.0
+486.4%
Dividends paid
296
292
282
+1.3%
Dividend per share
$1.00
$0.94
$0.90
+6.4%
Diluted shares, weighted
304m
312m
313m
-2.6%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,508
2,210
1,847
-31.8%
Non-controlling interest
76.0
81.1
81.9
-6.3%
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
n/a
0.0
0.0
Debt
1,198
1,198
1,198
-0.0%
Other liabilities
3,838
3,557
3,348
+7.9%
Total liabilities and equity
6,620
7,047
6,475
-6.1%
Fixed assets
373
522
580
-28.5%
Goodwill
1,104
943
1,691
+17.1%
Intangible assets
427
616
539
-30.7%
Investments
29.0
22.0
24.6
+31.8%
Cash and equivalents
835
1,416
1,118
-41.0%
Receivables
702
973
970
-27.9%
Inventory
263
275
301
-4.4%
Other assets
2,887
2,279
1,253
+26.7%
Total assets
6,620
7,047
6,475
-6.1%
10-K for the year ended 31 December 2011, filed 7 February 2012: the filing.