WTM FY 2007 Earnings Report — White Mountains Insurance Group, Ltd. Revenue & Financial Results | Market Cap Arena

White Mountains Insurance Group, Ltd.WTM

FY 2007 Earnings

Reported February 28, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$4.7B	—	$4.8B	—	-1.3%
Op. Income	$682M	—	$730M	—	-6.6%
Gross Margin	32.8%	—	22.0%	—	10.7pp
Net Margin	8.6%	—	14.0%	—	-5.4pp
EPS (Diluted)	$37.89	—	$62.32	—	-39.2%
Free Cash Flow	$320M	—	$76M	—	322.2%

Revenue Flow

Item	Amount
REVENUE	$4.7B
Cost of Revenue	$3.2B
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$201M
SG&A Expenses	$201M
Other Expenses	$669M
Operating Expenses	$869M
Cost & Expenses	$4.1B
OPERATING INCOME	$682M
Interest Income	$0
Interest Expense	$138M
Other Income/Expenses	$0
INCOME BEFORE TAX	$682M
Income Tax Expense	$211M
Net Income from Continuing Ops	$500M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$407M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$407M
D&A	$0
EBIT	$820M
EBITDA	$820M
EPS	$38
EPS Diluted	$38

Income Statement

Item	Amount
REVENUE	$4.7B
Cost of Revenue	$3.2B
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$201M
SG&A Expenses	$201M
Other Expenses	$669M
Operating Expenses	$869M
Cost & Expenses	$4.1B
OPERATING INCOME	$682M
Interest Income	$0
Interest Expense	$138M
Other Income/Expenses	$0
INCOME BEFORE TAX	$682M
Income Tax Expense	$211M
Net Income from Continuing Ops	$500M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$407M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$407M
D&A	$0
EBIT	$820M
EBITDA	$820M
EPS	$38
EPS Diluted	$38

Cash Flow Statement

Item	Amount
Net Income	$407M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$65M
Other Non-Cash Items	-$160M
Change in Working Capital	$42M
OPERATING CASH FLOW	$354M
Capital Expenditure	-$26M
Acquisitions (Net)	-$52M
Purchases of Investments	-$8.8B
Sales/Maturities of Investments	$8.4B
Other Investing Activities	$90M
NET CASH FROM INVESTING	-$315M
Net Debt Issuance	$52M
Common Stock Repurchased	-$181M
Common Dividends Paid	-$139M
Other Financing Activities	$18M
NET CASH FROM FINANCING	-$32M
FREE CASH FLOW	$320M
Net Change in Cash	$12M

Balance Sheet

Item	Amount
Cash & Equivalents	$171M
Short-Term Investments	$1.3B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$5M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$10.1B
Tax Assets	$0
Other Non-Current Assets	-$5.1B
TOTAL NON-CURRENT ASSETS	$5.0B
TOTAL ASSETS	$19.1B
Account Payables	$148M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$326M
TOTAL CURRENT LIABILITIES	$46M
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$353M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$13.5B
Common Stock	$11M
Additional Paid-In Capital	$1.7B
Retained Earnings	$2.7B
Treasury Stock	$0
Accum. Other Comp. Income	$304M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.7B
Minority Interest	$867M
TOTAL EQUITY	$5.6B
TOTAL LIABILITIES & EQUITY	$19.1B
Total Debt	$1.2B
Net Debt	$1.0B