W. R. Berkley (WRB) FY2012 results: revenue $5.8 billion, up 12.9% on the year
W. R. Berkley Corp. (WRB) reported revenue of $5.8 billion for fiscal 2012, the year ended 31 December 2012, up 12.9% on the year before. Net income was $511 million, up 30.5%, and diluted earnings per share $1.05. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2013.
Revenue
$5.8 billion
+12.9% on the year
FY2008FY2012
Operating margin
n/a
FY2008FY2012
Net income
$511 million
+30.5% on the year
FY2008FY2012
Diluted EPS
$1.05
+32.3% on the year
FY2008FY2012
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
5,824
5,156
4,724
+12.9%
Interest expense
126
113
107
+12.3%
Pre-tax income
702
513
n/a
+36.8%
Income tax
191
122
152
+56.9%
Effective tax rate
27.3%
23.8%
n/a
Net income
511
391
446
+30.5%
Net margin
8.8%
7.6%
9.4%
Diluted EPS
$1.05
$0.80
$0.85
+32.3%
$ 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
675
670
451
+0.8%
Capital expenditure
40.6
45.3
49.6
-10.5%
Free cash flow
635
625
402
+1.6%
Free cash flow margin
10.9%
12.1%
8.5%
Cash from investing
-775
-204
37.3
Cash from financing
97.2
-195
-359
Depreciation and amortisation
103
88.0
82.9
+17.5%
Share-based compensation
26.8
27.2
27.4
-1.5%
Buybacks
128
187
471
-31.8%
Dividends paid
184
43.3
49.3
+325.3%
Diluted shares, weighted
484m
492m
523m
-1.6%
Shares outstanding at period end
459m
464m
476m
-1.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
4,306
3,953
3,703
+8.9%
Non-controlling interest
29.2
7.5
7.0
+288.6%
Trading liabilities
121
62.5
53.5
+94.3%
Debt
1,872
1,501
1,500
+24.7%
Other liabilities
13,827
12,880
12,265
+7.4%
Total liabilities and equity
20,156
18,404
17,529
+9.5%
Fixed assets
267
262
255
+1.9%
Goodwill
87.9
87.9
90.6
0.0%
Intangible assets
31.0
32.0
0.0
-3.1%
Securities held for sale or to maturity
11,944
11,312
11,209
+5.6%
Trading assets
329
397
359
-17.2%
Cash and equivalents
840
912
643
-7.9%
Other assets
6,657
5,401
4,972
+23.3%
Total assets
20,156
18,404
17,529
+9.5%
10-K for the year ended 31 December 2012, filed 28 February 2013: the filing.