Vornado Realty Trust (VNO) FY2012 results: revenue $2.3 billion, down 13.7% on the year
Vornado Realty Trust (VNO) reported revenue of $2.3 billion for fiscal 2012, the year ended 31 December 2012, down 13.7% on the year before. Net income was $617 million, down 6.8%, and diluted earnings per share $2.94. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$2.3 billion
-13.7% on the year
FY2007FY2012
Operating margin
25.5%
30.1% a year earlier
FY2007FY2012
Net income
$617 million
-6.8% on the year
FY2007FY2012
Diluted EPS
$2.94
-9.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,333
2,703
2,558
-13.7%
Operating income
594
812
759
-26.8%
Operating margin
25.5%
30.1%
29.7%
Pre-tax income
394
598
723
-34.2%
Income tax
8.1
23.9
22.1
-66.0%
Effective tax rate
2.1%
4.0%
3.1%
Net income
617
662
648
-6.8%
Net margin
26.5%
24.5%
25.3%
Diluted EPS
$2.94
$3.23
$3.24
-9.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
825
702
771
+17.4%
Capital expenditure
206
166
145
+24.1%
Free cash flow
619
537
626
+15.4%
Free cash flow margin
26.6%
19.9%
24.5%
Cash from investing
-642
-165
-520
Cash from financing
171
-622
-95.4
Depreciation and amortisation
558
581
556
-4.0%
Share-based compensation
30.6
28.9
34.6
+6.0%
Dividends paid
699
509
474
+37.5%
Diluted shares, weighted
187m
186m
184m
+0.3%
Shares outstanding at period end
187m
185m
184m
+0.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,851
6,828
6,316
+0.3%
Non-controlling interest
1,053
680
515
+54.9%
Redeemable equity
944
1,161
1,328
-18.7%
Debt
11,127
10,077
10,889
+10.4%
Other liabilities
2,090
1,701
1,470
+22.9%
Total liabilities and equity
22,065
20,446
20,517
+7.9%
Intangible assets
415
288
346
+44.3%
Securities held for sale or to maturity
0.0
57.5
n/a
Cash and equivalents
960
607
691
+58.3%
Other assets
20,689
19,495
19,481
+6.1%
Total assets
22,065
20,446
20,517
+7.9%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.