Ventas (VTR) FY2013 results: revenue $2.5 billion, up 1.9% on the year
Ventas, Inc. (VTR) reported revenue of $2.5 billion for fiscal 2013, the year ended 31 December 2013, up 1.9% on the year before. Net income was $454 million, up 25.0%, and diluted earnings per share $1.54. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2014.
Revenue
$2.5 billion
+1.9% on the year
FY2007FY2013
Operating margin
14.5%
11.5% a year earlier
FY2007FY2013
Net income
$454 million
+25.0% on the year
FY2007FY2013
Diluted EPS
$1.54
+25.2% 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
2,517
2,470
1,732
+1.9%
Operating income
364
283
330
+28.5%
Operating margin
14.5%
11.5%
19.1%
Interest expense
249
289
224
-13.8%
Pre-tax income
364
283
330
+28.5%
Income tax
-11.8
-6.3
-30.7
Effective tax rate
-3.2%
-2.2%
-9.3%
Net income
454
363
364
+25.0%
Net margin
18.0%
14.7%
21.0%
Diluted EPS
$1.54
$1.23
$1.58
+25.2%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,195
993
773
+20.3%
Capital expenditure
81.6
69.4
50.5
+17.5%
Free cash flow
1,113
923
723
+20.5%
Free cash flow margin
44.2%
37.4%
41.7%
Cash from investing
-1,283
-2,170
-997
Cash from financing
115
1,199
248
-90.4%
Depreciation and amortisation
630
715
444
-11.9%
Share-based compensation
20.7
20.8
19.3
-0.6%
Dividends paid
802
729
521
+10.1%
Dividend per share
$2.73
$2.48
$2.30
+10.3%
Diluted shares, weighted
295m
294m
231m
+0.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
8,824
9,019
9,275
-2.2%
Non-controlling interest
79.5
70.2
81.0
+13.2%
Redeemable equity
157
175
103
-10.3%
Debt
9,365
8,414
6,429
+11.3%
Other liabilities
1,306
1,302
1,384
+0.3%
Total liabilities and equity
19,731
18,980
17,272
+4.0%
Goodwill
n/a
490
448
Securities held for sale or to maturity
n/a
5.4
43.3
Cash and equivalents
94.8
67.9
45.8
+39.6%
Other assets
19,637
18,416
16,734
+6.6%
Total assets
19,731
18,980
17,272
+4.0%
10-K for the year ended 31 December 2013, filed 18 February 2014: the filing.