Willis Towers Watson (WTW) FY2013 results: revenue $3.7 billion, up 5.0% on the year
Willis Towers Watson plc (WTW) reported revenue of $3.7 billion for fiscal 2013, the year ended 31 December 2013, up 5.0% on the year before. Net income was $365 million, and diluted earnings per share $2.04. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$3.7 billion
+5.0% on the year
FY2008FY2013
Operating margin
18.1%
-6.5% a year earlier
FY2008FY2013
Net income
$365 million
FY2008FY2013
Diluted EPS
$2.04
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
3,655
3,480
3,447
+5.0%
Operating income
663
-225
566
Operating margin
18.1%
-6.5%
16.4%
Interest expense
126
128
156
-1.6%
Pre-tax income
499
-337
239
Income tax
122
101
32.0
+20.8%
Effective tax rate
24.4%
n/a
13.4%
Net income
365
-446
204
Net margin
10.0%
-12.8%
5.9%
Diluted EPS
$2.04
-$2.58
$1.16
$ 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
561
525
439
+6.9%
Capital expenditure
112
135
111
-17.0%
Free cash flow
449
390
328
+15.1%
Free cash flow margin
12.3%
11.2%
9.5%
Cash from investing
-120
-172
-101
Cash from financing
-137
-291
-214
Depreciation and amortisation
149
-79.0
142
Share-based compensation
42.0
32.0
41.0
+31.2%
Buybacks
0.0
100
0.0
Dividends paid
193
185
180
+4.3%
Dividend per share
$1.12
$1.08
$1.04
+3.7%
Diluted shares, weighted
179m
173m
176m
+3.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,215
1,699
2,486
+30.4%
Non-controlling interest
28.0
26.0
31.0
+7.7%
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
15.0
n/a
n/a
Debt
2,311
2,338
2,354
-1.2%
Other liabilities
10,231
11,049
10,857
-7.4%
Total liabilities and equity
14,800
15,112
15,728
-2.1%
Fixed assets
481
468
406
+2.8%
Goodwill
2,838
2,827
3,295
+0.4%
Intangible assets
353
385
420
-8.3%
Cash and equivalents
796
500
436
+59.2%
Receivables
1,041
933
910
+11.6%
Other assets
9,291
9,999
10,261
-7.1%
Total assets
14,800
15,112
15,728
-2.1%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.