Free cash flow from ongoing businesses
Free cash flow
Free cash flow from ongoing businesses
Free cash flow
Twelve Months Ended December 31, | ||||
Revenues | 2013 | 2012 (1) | Change | Organic |
Trading | $2,480 | $2,645 | -6% | -6% |
Investors | 2,142 | 2,168 | -1% | -1% |
Marketplaces | 1,779 | 1,770 | 1% | -3% |
Governance, Risk & Compliance | 247 | 219 | 13% | 10% |
Financial & Risk | 6,648 | 6,802 | -2% | -3% |
Legal | 3,351 | 3,266 | 3% | -1% |
Tax & Accounting | 1,243 | 1,161 | 7% | 5% |
Intellectual Property & Science | 982 | 894 | 10% | 4% |
Corporate & Other (includes Media) | 331 | 331 | 0% | 2% |
Eliminations | (12) | (11) | ||
Revenues from Ongoing Businesses (2) Before Currency |
12,543 | 12,443 | 1% 2% |
-1% |
Other Businesses (3) | 159 | 689 | ||
Revenues | $12,702 | $13,132 | -3% |
Twelve Months Ended December 31, | ||||
Adjusted EBITDA | 2013 | 2012 (1) | Change | |
Financial & Risk | $1,457 | $1,691 | -14% | |
Legal | 1,194 | 1,246 | -4% | |
Tax & Accounting | 378 | 352 | 7% | |
Intellectual Property & Science | 304 | 303 | 0% | |
Corporate & Other (includes Media) | (263) | (282) | ||
Adjusted EBITDA | $3,070 | $3,310 | -7% |
Twelve Months Ended December 31, | ||||
Underlying Operating Profit | 2013 | 2012 (1) | Change | |
Financial & Risk | $816 | $1,082 | -25% | |
Legal | 903 | 967 | -7% | |
Tax & Accounting | 257 | 238 | 8% | |
Intellectual Property & Science | 225 | 235 | -4% | |
Corporate & Other (includes Media) | (320) | (317) | ||
Underlying Operating Profit | $1,881 | $2,205 | -15% |
Twelve Months Ended December 31, | ||||
Adjusted EBITDA | 2013 | 2012 (1) | Change | |
Financial & Risk | $1,457 | $1,691 | -14% | |
Legal | 1,194 | 1,246 | -4% | |
Tax & Accounting | 378 | 352 | 7% | |
Intellectual Property & Science | 304 | 303 | 0% | |
Corporate & Other (includes Media) | (263) | (282) | ||
Adjusted EBITDA | 3,070 | 3,310 | -7% | |
Capital Expenditures less proceeds from disposals (excluding Other Businesses) | 1,003 | 946 | 6% | |
Adjusted EBITDA less Capital Expenditures (4) | $2,067 | $2,364 | -13% |
Twelve Months Ended December 31, | |||
2013 | 2012 | ||
Revenues | $12,702 | $13,132 | |
Operating Expenses | (9,554) | (9,710) | |
Depreciation | (416) | (425) | |
Amortization of Computer Software | (773) | (691) | |
Amortization of Other Identifiable Intangible Assets | (641) | (619) | |
Other Operating Gains, Net | 198 | 883 | |
Operating Profit | 1,516 | 2,570 | |
Finance Costs, Net: | |||
Net Interest Expense | (460) | (453) | |
Other Finance Income (Costs) | (53) | 40 | |
Income Before Tax and Equity Method Investees | 1,003 | 2,157 | |
Share of Post-Tax Earnings and Impairment in Equity Method Investees | 20 | 9 | |
Tax Expense | (848) | (126) | |
Earnings from Continuing Operations | 175 | 2,040 | |
Earnings from Discontinued Operations, Net of Tax | 10 | 2 | |
Net Earnings | $185 | $2,042 | |
Earnings Attributable to: | |||
Common Shareholders | 137 | 1,989 | |
Non-Controlling Interests | 48 | 53 |
Earnings Per Share | |||
Basic Earnings Per Share: | |||
From Continuing Operations | $0.15 | $2.40 | |
From Discontinued Operations | 0.01 | - | |
Basic Earnings Per Share | $0.16 | $2.40 | |
Diluted Earnings Per Share: | |||
From Continuing Operations | $0.15 | $2.39 | |
From Discontinued Operations | 0.01 | - | |
Diluted Earnings Per Share | $0.16 | $2.39 |
Twelve Months Ended December 31, | |||
Assets | 2013 | 2012 | |
Cash and Cash Equivalents | $1,316 | $1,283 | |
Trade and Other Receivables | 1,751 | 1,818 | |
Other Financial Assets | 183 | 72 | |
Prepaid Expenses and Other Current Assets | 650 | 638 | |
Current Assets Excluding Assets Held for Sale | 3,900 | 3,811 | |
Assets Held for Sale | - | 302 | |
Current Assets | 3,900 | 4,113 | |
Computer Hardware and Other Property, Net | 1,291 | 1,416 | |
Computer Software, Net | 1,622 | 1,659 | |
Other Identifiable Intangible Assets, Net | 7,890 | 8,134 | |
Goodwill | 16,871 | 16,251 | |
Other Financial Assets | 192 | 355 | |
Other Non-Current Assets | 583 | 559 | |
Deferred Tax | 90 | 50 | |
Total Assets | $32,439 | $32,537 |
Liabilities and Equity | |||
Liabilities | |||
Current Indebtedness | $596 | $1,008 | |
Payables, Accruals and Provisions | 2,624 | 2,612 | |
Deferred Revenue | 1,348 | 1,222 | |
Other Financial Liabilities | 193 | 95 | |
Current Liabilities Excluding Liabilities
Associated with Assets Held for Sale |
4,761 | 4,937 | |
Liabilities Associated with Assets Held for Sale | - | 35 | |
Current Liabilities | 4,761 | 4,972 | |
Long-Term Indebtedness | 7,470 | 6,223 | |
Provisions and Other Non-Current Liabilities | 1,759 | 2,502 | |
Other Financial Liabilities | 102 | 37 | |
Deferred Tax | 1,917 | 1,305 | |
Total Liabilities | $16,009 | $15,039 | |
Equity | |||
Capital | 10,347 | 10,371 | |
Retained Earnings | 7,303 | 8,311 | |
Accumulated Other Comprehensive Loss | (1,614) | (1,537) | |
Total Shareholders’ Equity | 16,036 | 17,145 | |
Non-Controlling Interests | 394 | 353 | |
Total Equity | 16,430 | 17,498 | |
Total Liabilities and Equity | $32,439 | $32,537 |
Twelve Months Ended December 31, | |||
Cash Provided By (Used In): | 2013 | 2012 | |
Operating Activities | |||
Net Earnings | $185 | $2,042 | |
Adjustments for: | |||
Depreciation | 416 | 425 | |
Amortization of Computer Software | 773 | 691 | |
Amortization of Other Identifiable Intangible Assets | 641 | 619 | |
Net Gains on Disposals of Businesses and Investments | (195) | (829) | |
Deferred Tax | 434 | (149) | |
Other | 289 | 18 | |
Pension contributions | (500) | - | |
Changes in Working Capital and Other Items | 60 | (159) | |
Net Cash Provided by Operating Activities | 2,103 | 2,658 | |
Investing Activities | |||
Acquisitions, Net of Cash Acquired | (1,241) | (1,301) | |
Proceeds from Other Disposals, Net of Taxes Paid | 550 | 1,901 | |
Capital Expenditures, Less Proceeds from Disposals | (1,004) | (964) | |
Other Investing Activities | 67 | 46 | |
Investing Cash Flows from Continuing Operations | (1,628) | (318) | |
Investing Cash Flows from Discontinued Operations | 6 | 90 | |
Net Cash Used in Investing Activities | (1,622) | (228) | |
Financing Activities | |||
Proceeds from Debt | 3,268 | - | |
Repayments of Debt | (2,240) | (2) | |
Net Repayments Under Short-Term Loan Facilities | (3) | (422) | |
Repurchases of Common Shares | (400) | (168) | |
Dividends Paid on Preference Shares | (3) | (3) | |
Dividends Paid on Common Shares | (1,038) | (1,021) | |
Other Financing Activities | (19) | 65 | |
Net Cash Used in Financing Activities | (435) | (1,551) | |
Translation Adjustments on Cash and Cash Equivalents | (13) | - | |
Increase in Cash and Cash Equivalents | 33 | 879 | |
Cash and Cash Equivalents at Beginning of Period | 1,283 | 404 | |
Cash and Cash Equivalents at End of Period | $1,316 | $1,283 | |
Interest paid | (414) | (419) | |
Interest received | 9 | 5 | |
Income taxes paid: | |||
Within operating activities | (236) | (249) | |
Within investing activities | (98) | (197) | |
Total income taxes paid | (334) | (446) |
Twelve Months Ended December 31, | |||
2013 | 2012 (1) | ||
Operating Profit | $1,516 | $2,570 | |
Adjustments to Remove: | |||
Amortization of Other Identifiable Intangible Assets | 641 | 619 | |
Fair Value Adjustments | (14) | 36 | |
Other Operating Gains, Net | (198) | (883) | |
Operating Profit from Other Businesses (3) | (64) | (137) | |
Underlying Operating Profit (5) | $1,881 | $2,205 | |
Adjustments to Remove: | |||
Depreciation and Amortization of Computer Software
(Excluding Other Businesses (3)) |
1,189 | 1,105 | |
Adjusted EBITDA (4) | $3,070 | $3,310 | |
Underlying Operating Profit Margin | 15.0% | 17.7% | |
Adjusted EBITDA Margin | 24.5% | 26.6% |
Twelve Months Ended December 31, | |||
2013 | 2012 (1) | ||
Earnings from Continuing Operations | $175 | $2,040 | |
Adjustments to Remove: | |||
Tax Expense | 848 | 126 | |
Other Finance (Income) Costs | 53 | (40) | |
Net Interest Expense | 460 | 453 | |
Amortization of Other Identifiable Intangible Assets | 641 | 619 | |
Amortization of Computer Software | 773 | 691 | |
Depreciation | 416 | 425 | |
EBITDA | 3,366 | 4,314 | |
Adjustments to Remove: | |||
Share of Post-Tax Earnings and Impairment in Equity Method Investees | (20) | (9) | |
Other Operating Gains, Net | (198) | (883) | |
Fair Value Adjustments | (14) | 36 | |
EBITDA from Other Businesses (3) | (64) | (148) | |
Adjusted EBITDA (4) | $3,070 | $3,310 |
Twelve Months Ended December 31, 2013 |
Twelve Months Ended December 31, 2012 (1) |
|||||
Underlying Operating Profit | Add: Depreciation and Amortization of Computer Software* | Adjusted EBITDA | Underlying Operating Profit | Add: Depreciation and Amortization of Computer Software* | Adjusted EBITDA | |
Financial & Risk | $816 | $641 | $1,457 | $1,082 | $609 | $1,691 |
Legal | 903 | 291 | 1,194 | 967 | 279 | 1,246 |
Tax & Accounting | 257 | 121 | 378 | 238 | 114 | 352 |
Intellectual Property & Science | 225 | 79 | 304 | 235 | 68 | 303 |
Corporate & Other (includes Media) | (320) | 57 | (263) | (317) | 35 | (282) |
$1,881 | $1,189 | $3,070 | $2,205 | $1,105 | $3,310 | |
*Excludes Other Businesses (3) |
Twelve Months Ended December 31, | |||
2013 | 2012 (1) | ||
Net Cash Provided by Operating Activities | $2,103 | $2,658 | |
Capital Expenditures, Less Proceeds from Disposals | (1,004) | (964) | |
Other Investing Activities | 67 | 46 | |
Dividends Paid on Preference Shares | (3) | (3) | |
Free Cash Flow | 1,163 | 1,737 | |
Remove: Other Businesses (3) | (65) | (221) | |
Free Cash Flow from Ongoing Businesses (1) | $1,098 | $1,516 |