W. R. Berkley (WRB) FY2015 results: revenue $7.2 billion, up 1.1% on the year
W. R. Berkley Corp. (WRB) reported revenue of $7.2 billion for fiscal 2015, the year ended 31 December 2015, up 1.1% on the year before. Net income was $504 million, down 22.4%, and diluted earnings per share $1.15. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2016.
Revenue
$7.2 billion
+1.1% on the year
FY2008FY2015
Operating margin
n/a
FY2008FY2015
Net income
$504 million
-22.4% on the year
FY2008FY2015
Diluted EPS
$1.15
-20.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
7,206
7,129
6,409
+1.1%
Interest expense
131
128
123
+2.2%
Pre-tax income
732
952
699
-23.1%
Income tax
228
303
194
-24.7%
Effective tax rate
31.1%
31.8%
27.7%
Net income
504
649
500
-22.4%
Net margin
7.0%
9.1%
7.8%
Diluted EPS
$1.15
$1.44
$1.05
-20.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
881
735
820
+19.9%
Capital expenditure
63.6
42.0
63.1
+51.5%
Free cash flow
818
693
757
+18.0%
Free cash flow margin
11.3%
9.7%
11.8%
Cash from investing
-171
-808
-545
Cash from financing
-555
-69.8
-330
Depreciation and amortisation
85.1
88.8
103
-4.2%
Share-based compensation
32.1
28.1
23.8
+14.4%
Buybacks
224
239
166
-6.4%
Dividends paid
58.0
181
52.7
-68.0%
Diluted shares, weighted
439m
451m
475m
-2.6%
Shares outstanding at period end
416m
428m
446m
-2.7%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,600
4,590
4,336
+0.2%
Non-controlling interest
33.0
34.2
33.4
-3.6%
Trading liabilities
37.0
106
162
-65.1%
Other liabilities
17,061
16,986
16,020
+0.4%
Total liabilities and equity
21,731
21,717
20,552
+0.1%
Fixed assets
348
332
339
+4.9%
Goodwill
153
151
110
+1.6%
Securities held for sale or to maturity
12,444
12,705
11,617
-2.1%
Trading assets
377
451
522
-16.4%
Cash and equivalents
764
674
840
+13.2%
Other assets
7,645
7,403
7,123
+3.3%
Total assets
21,731
21,717
20,552
+0.1%
10-K for the year ended 31 December 2015, filed 22 February 2016: the filing.