Ventas (VTR) FY2014 results: revenue $2.8 billion, up 10.3% on the year
Ventas, Inc. (VTR) reported revenue of $2.8 billion for fiscal 2014, the year ended 31 December 2014, up 10.3% on the year before. Net income was $476 million, up 4.9%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$2.8 billion
+10.3% on the year
FY2007FY2014
Operating margin
12.6%
14.5% a year earlier
FY2007FY2014
Net income
$476 million
+4.9% on the year
FY2007FY2014
Diluted EPS
$1.60
+3.9% 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
2,777
2,517
2,470
+10.3%
Operating income
351
364
283
-3.7%
Operating margin
12.6%
14.5%
11.5%
Interest expense
292
249
289
+17.3%
Pre-tax income
351
364
283
-3.7%
Income tax
-8.7
-11.8
-6.3
Effective tax rate
-2.5%
-3.2%
-2.2%
Net income
476
454
363
+4.9%
Net margin
17.1%
18.0%
14.7%
Diluted EPS
$1.60
$1.54
$1.23
+3.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,255
1,195
993
+5.0%
Capital expenditure
87.5
81.6
69.4
+7.2%
Free cash flow
1,167
1,113
923
+4.9%
Free cash flow margin
42.0%
44.2%
37.4%
Cash from investing
-2,055
-1,283
-2,170
Cash from financing
758
115
1,199
+559.2%
Depreciation and amortisation
725
630
715
+15.1%
Share-based compensation
21.0
20.7
20.8
+1.7%
Dividends paid
876
802
729
+9.2%
Dividend per share
$2.96
$2.73
$2.48
+8.4%
Diluted shares, weighted
297m
295m
294m
+0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,680
8,824
9,019
-1.6%
Non-controlling interest
74.2
79.5
70.2
-6.7%
Redeemable equity
172
157
175
+9.8%
Debt
10,844
9,365
8,414
+15.8%
Other liabilities
1,395
1,306
1,302
+6.8%
Total liabilities and equity
21,166
19,731
18,980
+7.3%
Goodwill
364
n/a
490
Securities held for sale or to maturity
n/a
n/a
5.4
Cash and equivalents
55.3
94.8
67.9
-41.6%
Other assets
20,747
19,637
18,416
+5.7%
Total assets
21,166
19,731
18,980
+7.3%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.