Willis Group Holdings Ltd. (WSH, Financial) filed Quarterly Report for the period ended 2009-03-31.
Willis Group is a global insurance broker providing specialized risk management advisory and other services to a broad range of corporate andinstitutional clients with particular expertise in the construction aerospace marine and energy industries. Willis Group Holdings Ltd. has a market cap of $4.34 billion; its shares were traded at around $25.99 with a P/E ratio of 10.8 and P/S ratio of 5.4. The dividend yield of Willis Group Holdings Ltd. stocks is 3.9%.
Cash at March 31, 2009 was $147 million, $29 million lower than at December 31, 2008. This excludes cash classified within assets held for sale of $3 million at March 31, 2009 and $nil at December 31, 2008.
repayments of outstanding debt of $647 million relating to our interim credit facility; acquisitions of $41 million, including a $39 million payment for the 5 percent of Gras Savoye & Cie, our French associate, acquired in fourth quarter 2008; dividend payments of $43 million; and other smaller net cash outflows of $14 million. Total long-term debt at March 31, 2009 was $2,480 million (December 31, 2008: $1,865 million), total short-term debt was $174 million (December 31, 2008: $785 million) and total equity was $2,080 million (December 31, 2008: $1,895 million) giving a
Internally generated cash and a $150 million drawdown on our revolving credit facility were used to repay a further $165 million of the interim credit facility and to fund dividends, pension contributions, bonuses and taxes. The $150 million drawn under the revolving credit facility as of March 31, 2009 compares with $215 million drawn as of March 31, 2008.
cost controls including our previous Shaping our Future and 2008 expense review initiatives. Group headcount was approximately 350 lower than at December 31, 2008 despite recruiting an additional 100 staff in our Mumbai operations. We continue to actively manage headcount and incurred severance costs of $16 million in 2009 (2008: $16 million) relating to the elimination of approximately 300 further positions; and a $4 million reduction in share-based compensation, which included a $5 million credit relating to certain 2008 awards linked to performance targets which we no longer expect to achieve in the current markets; partly offset by
Net income from continuing operations for first quarter 2009 was $192 million compared with $166 million in 2008. The $26 million increase primarily reflected the $49 million increase in operating income partly offset by the $22 million increase in interest expense.
Read the The complete ReportWSH is in the portfolios of Richard Aster Jr of Meridian Fund, Richard Aster Jr of Meridian Fund, Richard Perry of Perry Capital, Mason Hawkins of Southeastern Asset Management, Wallace Weitz of Weitz Wallace R & Co, Arnold Schneider of Schneider Capital Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, David Dreman of Dreman Value Management, David Dreman of Dreman Value Management.
Willis Group is a global insurance broker providing specialized risk management advisory and other services to a broad range of corporate andinstitutional clients with particular expertise in the construction aerospace marine and energy industries. Willis Group Holdings Ltd. has a market cap of $4.34 billion; its shares were traded at around $25.99 with a P/E ratio of 10.8 and P/S ratio of 5.4. The dividend yield of Willis Group Holdings Ltd. stocks is 3.9%.
Highlight of Business Operations:
maintaining high producer retention levels; reducing our expense base through synergies. We achieved $23 million of costs savings in first quarter 2009 and we expect to exceed our initial synergy target of $100 million, with a revised target for annualized synergies of $140 million by December 2010; good progress on integration of all work streams and, on a combined pro forma basis, we anticipate a total saving of $150 million in 2009 from synergies and other cost reduction initiatives; and conversion of HRH's contingent commissions into higher standard commissions, 70 percent of which had been renegotiated by March 31, 2009. We recognized goodwill on the HRH acquisition of approximately $1.6 billion. Based on our forecasts of the combined Willis HRH's future revenue streams and anticipated synergies from the deal, we believe the combined goodwill for North America of $1.8 billion was not impaired as of March 31, 2009. However, if we fail to recognize some or all of the strategic benefits and synergies expected from the HRH transaction, goodwill may be impaired in future periods.Cash at March 31, 2009 was $147 million, $29 million lower than at December 31, 2008. This excludes cash classified within assets held for sale of $3 million at March 31, 2009 and $nil at December 31, 2008.
repayments of outstanding debt of $647 million relating to our interim credit facility; acquisitions of $41 million, including a $39 million payment for the 5 percent of Gras Savoye & Cie, our French associate, acquired in fourth quarter 2008; dividend payments of $43 million; and other smaller net cash outflows of $14 million. Total long-term debt at March 31, 2009 was $2,480 million (December 31, 2008: $1,865 million), total short-term debt was $174 million (December 31, 2008: $785 million) and total equity was $2,080 million (December 31, 2008: $1,895 million) giving a
Internally generated cash and a $150 million drawdown on our revolving credit facility were used to repay a further $165 million of the interim credit facility and to fund dividends, pension contributions, bonuses and taxes. The $150 million drawn under the revolving credit facility as of March 31, 2009 compares with $215 million drawn as of March 31, 2008.
cost controls including our previous Shaping our Future and 2008 expense review initiatives. Group headcount was approximately 350 lower than at December 31, 2008 despite recruiting an additional 100 staff in our Mumbai operations. We continue to actively manage headcount and incurred severance costs of $16 million in 2009 (2008: $16 million) relating to the elimination of approximately 300 further positions; and a $4 million reduction in share-based compensation, which included a $5 million credit relating to certain 2008 awards linked to performance targets which we no longer expect to achieve in the current markets; partly offset by
Net income from continuing operations for first quarter 2009 was $192 million compared with $166 million in 2008. The $26 million increase primarily reflected the $49 million increase in operating income partly offset by the $22 million increase in interest expense.
Read the The complete ReportWSH is in the portfolios of Richard Aster Jr of Meridian Fund, Richard Aster Jr of Meridian Fund, Richard Perry of Perry Capital, Mason Hawkins of Southeastern Asset Management, Wallace Weitz of Weitz Wallace R & Co, Arnold Schneider of Schneider Capital Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, David Dreman of Dreman Value Management, David Dreman of Dreman Value Management.
