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March 14, 2002 at 07:00 PM
NU Online News Service, March 14, 1:58 p.m. – AXA S.A., Paris, is reporting the equivalent of $461 million in net income for 2001 on $66 billion in revenue, compared with $3.2 billion in net income on $75 billion in revenue in 2000.
AXA follows European financial reporting customs and has not released details on fourth-quarter performance.
The company presents its financial statements in euros. The latest net results include a 6% decline in the value of the euro versus the dollar, a $497 million charge related to the Sept. 11 attacks, and a $681 million reduction in the estimated value of past acquisitions.
When expressed in euros, AXA’s net income fell to 520 million euros in 2001 on 75 billion euros in revenue, from 3.4 billion euros on 80 billion euros in 2000.
Euro operating earnings, which exclude both the currenency translation effects and the unuual charges, increased 28%, to 1.5 billion euros, AXA says.
The currency translations given here use an exchange rate of 1 euro=88.58 U.S. cents for the 2001 results, and an exchange rate of 1 euro=94.16 cents for the 2000 results, based on exchange-rate data from OANDA Corp., New York.
