Vornado Realty Trust (VNO) FY2011 results: revenue $2.7 billion, up 5.7% on the year
Vornado Realty Trust (VNO) reported revenue of $2.7 billion for fiscal 2011, the year ended 31 December 2011, up 5.7% on the year before. Net income was $662 million, up 2.2%, and diluted earnings per share $3.23. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2012.
Revenue
$2.7 billion
+5.7% on the year
FY2007FY2011
Operating margin
30.1%
29.7% a year earlier
FY2007FY2011
Net income
$662 million
+2.2% on the year
FY2007FY2011
Diluted EPS
$3.23
-0.3% 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
2,703
2,558
2,656
+5.7%
Operating income
812
759
781
+7.0%
Operating margin
30.1%
29.7%
29.4%
Pre-tax income
598
723
99.2
-17.3%
Income tax
23.9
22.1
20.6
+8.1%
Effective tax rate
4.0%
3.1%
20.8%
Net income
662
648
106
+2.2%
Net margin
24.5%
25.3%
4.0%
Diluted EPS
$3.23
$3.24
$0.28
-0.3%
$ 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
702
771
634
-8.9%
Capital expenditure
166
145
217
+14.4%
Free cash flow
537
626
417
-14.3%
Free cash flow margin
19.9%
24.5%
15.7%
Cash from investing
-165
-520
-242
Cash from financing
-622
-95.4
-1,383
Depreciation and amortisation
581
556
559
+4.4%
Share-based compensation
28.9
34.6
59.8
-16.6%
Dividends paid
509
474
262
+7.3%
Diluted shares, weighted
186m
184m
174m
+1.0%
Shares outstanding at period end
185m
184m
181m
+0.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,828
6,316
6,243
+8.1%
Non-controlling interest
680
515
407
+32.1%
Redeemable equity
1,161
1,328
1,252
-12.6%
Debt
10,077
10,889
n/a
-7.5%
Other liabilities
1,701
1,470
12,284
+15.7%
Total liabilities and equity
20,446
20,517
20,185
-0.3%
Intangible assets
288
346
440
-16.8%
Securities held for sale or to maturity
57.5
n/a
n/a
Cash and equivalents
607
691
535
-12.2%
Other assets
19,495
19,481
19,210
+0.1%
Total assets
20,446
20,517
20,185
-0.3%
10-K for the year ended 31 December 2011, filed 27 February 2012: the filing.