W. R. Berkley (WRB) FY2013 results: revenue $6.4 billion, up 10.0% on the year
W. R. Berkley Corp. (WRB) reported revenue of $6.4 billion for fiscal 2013, the year ended 31 December 2013, up 10.0% on the year before. Net income was $500 million, down 2.1%, 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 2014.
Revenue
$6.4 billion
+10.0% on the year
FY2008FY2013
Operating margin
n/a
FY2008FY2013
Net income
$500 million
-2.1% on the year
FY2008FY2013
Diluted EPS
$1.05
-0.3% on the year
FY2008FY2013
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
6,409
5,824
5,156
+10.0%
Interest expense
123
126
113
-2.5%
Pre-tax income
699
702
513
-0.4%
Income tax
194
191
122
+1.2%
Effective tax rate
27.7%
27.3%
23.8%
Net income
500
511
391
-2.1%
Net margin
7.8%
8.8%
7.6%
Diluted EPS
$1.05
$1.05
$0.80
-0.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
820
675
670
+21.4%
Capital expenditure
63.1
40.6
45.3
+55.7%
Free cash flow
757
635
625
+19.2%
Free cash flow margin
11.8%
10.9%
12.1%
Cash from investing
-545
-775
-204
Cash from financing
-330
97.2
-195
Depreciation and amortisation
103
103
88.0
-0.3%
Share-based compensation
23.8
26.8
27.2
-11.1%
Buybacks
166
128
187
+30.4%
Dividends paid
52.7
184
43.3
-71.3%
Diluted shares, weighted
475m
484m
492m
-1.8%
Shares outstanding at period end
446m
459m
464m
-2.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,336
4,306
3,953
+0.7%
Non-controlling interest
33.4
29.2
7.5
+14.1%
Trading liabilities
162
121
62.5
+33.6%
Debt
n/a
1,872
1,501
Other liabilities
16,020
13,827
12,880
+15.9%
Total liabilities and equity
20,552
20,156
18,404
+2.0%
Fixed assets
339
267
262
+27.0%
Goodwill
110
87.9
87.9
+25.4%
Intangible assets
n/a
31.0
32.0
Securities held for sale or to maturity
11,617
11,944
11,312
-2.7%
Trading assets
522
329
397
+58.7%
Cash and equivalents
840
840
912
0.0%
Other assets
7,123
6,657
5,401
+7.0%
Total assets
20,552
20,156
18,404
+2.0%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.