Willis Towers Watson (WTW) FY2012 results: revenue $3.5 billion, up 1.0% on the year
Willis Towers Watson plc (WTW) reported revenue of $3.5 billion for fiscal 2012, the year ended 31 December 2012, up 1.0% on the year before. Net income was -$446 million, and diluted earnings per share $-2.58. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2013.
Revenue
$3.5 billion
+1.0% on the year
FY2008FY2012
Operating margin
-6.5%
16.4% a year earlier
FY2008FY2012
Net income
-$446 million
FY2008FY2012
Diluted EPS
-$2.58
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
3,480
3,447
3,332
+1.0%
Operating income
-225
566
753
Operating margin
-6.5%
16.4%
22.6%
Interest expense
128
156
166
-17.9%
Pre-tax income
-337
239
587
Income tax
101
32.0
140
+215.6%
Effective tax rate
n/a
13.4%
23.9%
Net income
-446
204
455
Net margin
-12.8%
5.9%
13.7%
Diluted EPS
-$2.58
$1.16
$2.66
$ 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
525
439
489
+19.6%
Capital expenditure
135
111
83.0
+21.6%
Free cash flow
390
328
406
+18.9%
Free cash flow margin
11.2%
9.5%
12.2%
Cash from investing
-172
-101
-94.0
Cash from financing
-291
-214
-293
Depreciation and amortisation
-79.0
142
145
Share-based compensation
32.0
41.0
47.0
-22.0%
Buybacks
100
0.0
0.0
Dividends paid
185
180
176
+2.8%
Dividend per share
$1.08
$1.04
$1.04
+3.8%
Diluted shares, weighted
173m
176m
171m
-1.7%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,699
2,486
2,577
-31.7%
Non-controlling interest
26.0
31.0
31.0
-16.1%
Debt
2,338
2,354
2,157
-0.7%
Other liabilities
11,049
10,857
11,082
+1.8%
Total liabilities and equity
15,112
15,728
15,847
-3.9%
Fixed assets
468
406
381
+15.3%
Goodwill
2,827
3,295
3,294
-14.2%
Intangible assets
385
420
492
-8.3%
Cash and equivalents
500
436
316
+14.7%
Receivables
933
910
839
+2.5%
Other assets
9,999
10,261
10,525
-2.6%
Total assets
15,112
15,728
15,847
-3.9%
10-K for the year ended 31 December 2012, filed 28 February 2013: the filing.