WTM FY 2006 Earnings Report — White Mountains Insurance Group, Ltd. Revenue & Financial Results | Market Cap Arena

White Mountains Insurance Group, Ltd.WTM

FY 2006 Earnings

Reported February 28, 2007

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2006	Prior Q	FY 2005	QoQ Change	YoY Change
Revenue	$4.8B	—	—	—	—
Op. Income	$730M	—	—	—	—
Gross Margin	22.0%	—	—	—	—
Net Margin	14.0%	—	—	—	—
EPS (Diluted)	$62.32	—	—	—	—
Free Cash Flow	$76M	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$4.8B
Cost of Revenue	$3.7B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$218M
SG&A Expenses	$218M
Other Expenses	$109M
Operating Expenses	$327M
Cost & Expenses	$4.1B
OPERATING INCOME	$730M
Interest Income	$0
Interest Expense	$50M
Other Income/Expenses	$0
INCOME BEFORE TAX	$730M
Income Tax Expense	$99M
Net Income from Continuing Ops	$652M
Net Income from Discontinued Ops	$0
Other Adjustments	$37M
NET INCOME	$673M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$673M
D&A	$0
EBIT	$780M
EBITDA	$780M
EPS	$63
EPS Diluted	$62

Income Statement

Item	Amount
REVENUE	$4.8B
Cost of Revenue	$3.7B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$218M
SG&A Expenses	$218M
Other Expenses	$109M
Operating Expenses	$327M
Cost & Expenses	$4.1B
OPERATING INCOME	$730M
Interest Income	$0
Interest Expense	$50M
Other Income/Expenses	$0
INCOME BEFORE TAX	$730M
Income Tax Expense	$99M
Net Income from Continuing Ops	$652M
Net Income from Discontinued Ops	$0
Other Adjustments	$37M
NET INCOME	$673M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$673M
D&A	$0
EBIT	$780M
EBITDA	$780M
EPS	$63
EPS Diluted	$62

Cash Flow Statement

Item	Amount
Net Income	$673M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$33M
Other Non-Cash Items	-$177M
Change in Working Capital	-$434M
OPERATING CASH FLOW	$96M
Capital Expenditure	-$20M
Acquisitions (Net)	$738M
Purchases of Investments	-$7.0B
Sales/Maturities of Investments	$6.2B
Other Investing Activities	-$305M
NET CASH FROM INVESTING	-$344M
Net Debt Issuance	$327M
Common Stock Repurchased	$0
Common Dividends Paid	-$86M
Other Financing Activities	$0
NET CASH FROM FINANCING	$212M
FREE CASH FLOW	$76M
Net Change in Cash	-$29M

Balance Sheet

Item	Amount
Cash & Equivalents	$159M
Short-Term Investments	$1.3B
Net Receivables	$5.2B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$86M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$9.8B
Tax Assets	$0
Other Non-Current Assets	-$5.3B
TOTAL NON-CURRENT ASSETS	$4.5B
TOTAL ASSETS	$19.4B
Account Payables	$67M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$1.1B
TOTAL CURRENT LIABILITIES	$67M
Long-Term Debt	$1.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$312M
Other Non-Current Liabilities	-$1.1B
TOTAL NON-CURRENT LIABILITIES	$320M
TOTAL LIABILITIES	$14.4B
Common Stock	$11M
Additional Paid-In Capital	$1.7B
Retained Earnings	$2.5B
Treasury Stock	$0
Accum. Other Comp. Income	$232M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.5B
Minority Interest	$603M
TOTAL EQUITY	$5.1B
TOTAL LIABILITIES & EQUITY	$19.4B
Total Debt	$1.1B
Net Debt	$948M