Vornado Realty Trust (VNO) FY2014 results: revenue $2.3 billion, up 0.6% on the year
Vornado Realty Trust (VNO) reported revenue of $2.3 billion for fiscal 2014, the year ended 31 December 2014, up 0.6% on the year before. Net income was $865 million, up 81.7%, and diluted earnings per share $4.15. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$2.3 billion
+0.6% on the year
FY2007FY2014
Operating margin
29.8%
29.3% a year earlier
FY2007FY2014
Net income
$865 million
+81.7% on the year
FY2007FY2014
Diluted EPS
$4.15
+98.6% 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
2,313
2,299
2,333
+0.6%
Operating income
690
675
594
+2.3%
Operating margin
29.8%
29.3%
25.5%
Pre-tax income
433
-12.1
394
Income tax
9.3
-8.7
8.1
Effective tax rate
2.1%
n/a
2.1%
Net income
865
476
617
+81.7%
Net margin
37.4%
20.7%
26.5%
Diluted EPS
$4.15
$2.09
$2.94
+98.6%
$ 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
1,135
1,041
825
+9.1%
Capital expenditure
279
260
206
+7.2%
Free cash flow
856
780
619
+9.7%
Free cash flow margin
37.0%
33.9%
26.6%
Cash from investing
-574
722
-642
Cash from financing
54.3
-2,140
171
Depreciation and amortisation
583
562
558
+3.8%
Share-based compensation
36.6
34.9
30.6
+4.9%
Dividends paid
548
546
699
+0.4%
Diluted shares, weighted
189m
188m
187m
+0.5%
Shares outstanding at period end
188m
187m
187m
+0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,745
6,765
6,851
-0.3%
Non-controlling interest
744
830
1,053
-10.3%
Redeemable equity
1,338
1,004
944
+33.3%
Debt
9,530
9,979
11,127
-4.5%
Other liabilities
2,800
1,441
2,090
+94.3%
Total liabilities and equity
21,158
20,018
22,065
+5.7%
Intangible assets
225
253
415
-11.0%
Securities held for sale or to maturity
n/a
n/a
0.0
Cash and equivalents
1,198
583
960
+105.5%
Other assets
19,734
19,182
20,689
+2.9%
Total assets
21,158
20,018
22,065
+5.7%
10-K for the year ended 31 December 2014, filed 17 February 2015: the filing.