Vornado Realty Trust (VNO) FY2013 results: revenue $2.3 billion, down 1.4% on the year
Vornado Realty Trust (VNO) reported revenue of $2.3 billion for fiscal 2013, the year ended 31 December 2013, down 1.4% on the year before. Net income was $476 million, down 22.9%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$2.3 billion
-1.4% on the year
FY2007FY2013
Operating margin
29.3%
25.5% a year earlier
FY2007FY2013
Net income
$476 million
-22.9% on the year
FY2007FY2013
Diluted EPS
$2.09
-28.9% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,299
2,333
2,703
-1.4%
Operating income
675
594
812
+13.5%
Operating margin
29.3%
25.5%
30.1%
Pre-tax income
-12.1
394
598
Income tax
-8.7
8.1
23.9
Effective tax rate
n/a
2.1%
4.0%
Net income
476
617
662
-22.9%
Net margin
20.7%
26.5%
24.5%
Diluted EPS
$2.09
$2.94
$3.23
-28.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,041
825
702
+26.1%
Capital expenditure
260
206
166
+26.6%
Free cash flow
780
619
537
+26.0%
Free cash flow margin
33.9%
26.6%
19.9%
Cash from investing
722
-642
-165
Cash from financing
-2,140
171
-622
Depreciation and amortisation
562
558
581
+0.7%
Share-based compensation
34.9
30.6
28.9
+14.1%
Dividends paid
546
699
509
-21.9%
Diluted shares, weighted
188m
187m
186m
+0.6%
Shares outstanding at period end
187m
187m
185m
+0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,765
6,851
6,828
-1.3%
Non-controlling interest
830
1,053
680
-21.2%
Redeemable equity
1,004
944
1,161
+6.3%
Debt
9,979
11,127
10,077
-10.3%
Other liabilities
1,441
2,090
1,701
-31.0%
Total liabilities and equity
20,018
22,065
20,446
-9.3%
Intangible assets
253
415
288
-39.1%
Securities held for sale or to maturity
n/a
0.0
57.5
Cash and equivalents
583
960
607
-39.3%
Other assets
19,182
20,689
19,495
-7.3%
Total assets
20,018
22,065
20,446
-9.3%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.