CINF FY 2013 Earnings Report — Cincinnati Financial Corporation Revenue & Financial Results | Market Cap Arena

Cincinnati Financial CorporationCINF

FY 2013 Earnings

Reported February 27, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$4.5B	—	$4.1B	—	10.2%
Op. Income	$714M	—	$566M	—	26.1%
Gross Margin	44.7%	—	43.5%	—	1.2pp
Net Margin	11.4%	—	10.2%	—	1.2pp
EPS (Diluted)	$3.12	—	$2.57	—	21.4%
Free Cash Flow	$789M	—	$632M	—	24.8%

Revenue Flow

Item	Amount
REVENUE	$4.5B
Cost of Revenue	$2.5B
GROSS PROFIT	$2.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.3B
Operating Expenses	$1.3B
Cost & Expenses	$3.8B
OPERATING INCOME	$714M
Interest Income	$0
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$714M
Income Tax Expense	$197M
NET INCOME	$517M
D&A	$50M
EBIT	$768M
EBITDA	$818M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$4.5B
Cost of Revenue	$2.5B
GROSS PROFIT	$2.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.3B
Operating Expenses	$1.3B
Cost & Expenses	$3.8B
OPERATING INCOME	$714M
Interest Income	$0
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$714M
Income Tax Expense	$197M
NET INCOME	$517M
D&A	$50M
EBIT	$768M
EBITDA	$818M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$517M
Depreciation & Amortization	$50M
Stock-Based Compensation	$18M
Deferred Income Tax	$19M
Other Non-Cash Items	-$39M
Change in Working Capital	$231M
OPERATING CASH FLOW	$796M
Capital Expenditure	-$7M
Acquisitions (Net)	$0
Purchases of Investments	-$1.6B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	-$9M
NET CASH FROM INVESTING	-$509M
Net Debt Issuance	$0
Common Stock Repurchased	-$52M
Common Dividends Paid	-$263M
Other Financing Activities	-$26M
NET CASH FROM FINANCING	-$341M
FREE CASH FLOW	$789M
Net Change in Cash	-$54M

Balance Sheet

Item	Amount
Cash & Equivalents	$433M
Short-Term Investments	$0
Net Receivables	$2.1B
Inventory	$0
Other Current Assets	-$11.7B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$210M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$13.5B
Tax Assets	$673M
Other Non-Current Assets	-$13.7B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$17.7B
Account Payables	$0
Short-Term Debt	$104M
Deferred Revenue	$0
Other Current Liabilities	-$104M
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$790M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$1.5B
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$11.6B
Common Stock	$397M
Additional Paid-In Capital	$1.2B
Retained Earnings	$4.3B
Treasury Stock	-$1.3B
Accum. Other Comp. Income	$1.5B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.1B
Minority Interest	$0
TOTAL EQUITY	$6.1B
TOTAL LIABILITIES & EQUITY	$17.7B
Total Debt	$939M
Net Debt	$506M