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Financial Statements

White Mountains Insurance Group Ltd.

White Mountains Insurance Group Ltd. (WTM)

Financial Services

Income Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Earnings Per Share Basic 53.1110.1297.4430.5051.8551.1350.2080.11146.06-41.76
Net Profit Margin 0.140.040.350.090.240.220.672.551.68-0.38
Earnings Per Share Diluted 53.1010.1297.4430.5051.8551.1350.2080.06146.06-41.76
Revenue 3,443.302,333.702,173.102,435.701,361.601,411.10440.00157.70373.80369.10
Weighted Average Shares Outstanding 8.868.307.636.586.186.005.694.573.753.18
Gross Profit 2,019.201,117.10998.801,241.80739.50587.10338.2047.70233.30120.40
Weighted Average Shares Outstanding (Diluted) 8.868.307.636.586.186.005.694.573.753.18
Sales, General and Administrative Expense 1,151.20870.50845.60934.20564.70396.10192.50175.90208.40236.10
Dividend per Share 0.000.000.000.000.000.000.000.000.000.00
Operating Income 868.00246.60153.20307.60174.80-15.20130.80-144.3010.10-168.70
Gross Margin 0.590.480.460.510.540.420.770.300.620.33
Earnings before Tax 684.20116.10657.90191.70354.20297.40307.90368.90619.40-145.20
EBITDA Margin 0.220.070.330.120.290.250.712.491.72-0.30
Net Income 470.0086.50767.90207.40321.60312.20295.20401.80627.20-141.20
EBIT Margin 0.220.070.330.100.270.220.702.361.66-0.37
Net Income - Discounted ops ----------
Profit Margin 0.140.040.350.090.240.220.672.551.68-0.38
Preferred Dividends ----------
Free Cash Flow margin -0.000.00-0.00-0.00-0.000.000.00-0.000.00-0.00
R&D Expenses ----------
Interest Expense 70.8057.3055.2044.8016.2014.201.603.002.309.50
Earnings Before Tax Margin 0.200.050.300.080.260.210.702.341.66-0.39
Consolidated Income 579.50139.50809.40193.40309.10290.00276.70409.00593.10-191.40
EBIT 755.00173.40713.10236.50370.40311.60309.50371.90621.70-135.70
EBITDA 755.00173.40713.10287.30399.00346.90313.30392.30644.10-110.00
Income Tax Expense 214.2029.60-110.00-15.7032.60-14.8012.70-32.90-7.80-4.00
Operating Expenses 1,151.20870.50845.60934.20564.70602.30207.40192.00223.20289.10
Cost of Revenue 1,424.101,216.601,174.301,193.90622.10824.00101.80110.00140.50248.70
Net Income Com 470.0086.50767.90207.40321.60312.20295.20401.80627.20-141.20
Net Income - Non-Controlling int 109.5053.0041.50-14.00-12.50-22.20-18.507.20-34.10-50.20

Balance Sheet Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total current liabilities ------5,190.102,760.90229.60189.10
Other Liabilities ------5,190.102,747.90197.4075.00
Long-term debt ------338.00281.0021.00188.00
Cash and cash equivalents 366.00395.00705.40462.40382.80261.70173.0080.2097.10110.30
Total debt 1,050.70818.80677.50751.20676.40343.10337.6012.7023.80192.70
Cash and short-term investments ------384.20255.10273.20324.50
Deferred revenue -----616.70610.5082.90136.80176.00
Inventories ----------
Tax Liabilities ----------
Goodwill and Intangible Assets ----20.70351.2055.4045.2062.10537.50
Deposit Liabilities ----------
Tax assets 564.00431.90536.90569.60512.10114.60112.80---
Total non-current liabilities ----------
Total current assets ----------
Total liabilities 11,101.7010,273.309,396.108,637.207,746.905,917.305,914.602,804.20298.40644.40
Payables 101.10243.40169.20127.9092.4034.70-13.0032.20111.40
Other comprehensive income 5.5059.9036.7074.2092.50-84.40-149.90-4.60-1.30-5.80
Short-term investments ------211.20174.90176.10214.20
Retained earnings (deficit) 2,215.902,175.602,789.702,542.702,802.303,010.503,084.902,776.602,823.202,264.90
Property, Plant & Equipment Net ----------
Total non-current assets ----------
Other Assets ---------13.70
Net Debt ----------133.80
Investments 9,577.308,333.208,543.307,666.007,514.004,156.804,271.102,714.403,380.702,542.90
Total shareholders equity 3,657.403,653.004,087.703,731.803,905.503,995.703,913.203,582.703,492.502,843.10
Total assets 15,443.2014,534.1014,064.0012,895.4012,144.3010,455.7010,282.606,520.203,659.203,362.60
Long-term investments ------527.00610.00322.00400.00
Receivables 2,421.40635.10524.40578.10556.40291.10269.7024.8057.8087.40
Short-term debt ---------2.70

Cash Flow Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Insurance (repayment) of debt ----------
Net Cash/Marketcap 0.000.000.000.000.000.000.000.000.000.00
Insurance (buybacks) of shares ----------
Depreciation & Amortization ---50.8028.6035.303.8020.4022.4025.70
Dividend payments -8.90-8.80-8.00-6.60-6.20-6.20-6.00-5.40-4.60-3.80
Operating Cash Flow -46.7056.00-114.50-225.80-101.00118.80182.40-155.1094.60-31.10
Acquisitions and disposals -183.401,007.40-16.5032.40-205.0021.402,646.201,131.00-
Free Cash Flow -54.3050.20-120.00-228.10-112.70114.30182.40-155.1094.60-31.10
Net cash flow / Change in cash -35.00-16.30-54.80-237.50114.601.50107.60-153.00110.60-17.90
Effect of forex changes on cash 6.808.10-1.503.10------0.60
Financing Cash Flow -360.20-550.20-460.20-648.20-186.50-129.60-221.30-948.40-699.00-414.30
Investment purchases and sales 332.00365.80-355.70870.80301.00339.0063.60-1,200.20-540.90731.00
Capital Expenditure -7.60-5.80-5.50-2.30-11.70-4.50----
Stock-based compensation ------14.9018.5014.8013.00
Investing Cash Flow ----------

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Retained Earnings (Previous Year) -2,2162,1762,7902,5432,8023,0113,0852,7772,823
Net Income 47087768207322312295402627-141
Stock Dividends 1,755-118-146-448-56-98-215-705-576-413
Divident Paid -9-9-8-7-6-6-6-5-5-4
Retained Earnings 2,2162,1762,7902,5432,8023,0113,0852,7772,8232,265

PPE Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year 2009201020112012201320142015201620172018
Gross PPE ----------
Annual Depreciation 8662125----
Capital Expenditure -8-6-6-2-12-5----
Net PPE ----------

Intangible and Goodwill Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Intangible and Goodwill (Previous Year) -----21351554562
New Purchases 332366-35687130133964-1,200-541731
Intangible and Goodwill ----21351554562538

White Mountains Insurance Group Ltd. income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes White Mountains Insurance Group Ltd. FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.