Brown Forman (BF.B) FY2012 results: revenue $3.6 billion, up 6.2% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.6 billion for fiscal 2012, the year ended 30 April 2012, up 6.2% on the year before. Net income was $513 million, down 10.3%, and diluted earnings per share $0.95. The figures are the company's own, from the 10-K it filed with the SEC on 27 June 2012.
Revenue
$3.6 billion
+6.2% on the year
FY2009FY2012
Operating margin
21.8%
25.1% a year earlier
FY2009FY2012
Net income
$513 million
-10.3% on the year
FY2009FY2012
Diluted EPS
$0.95
-8.7% on the year
FY2009FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
3,614
3,404
3,226
+6.2%
Cost of revenue
928
862
858
+7.7%
Gross profit
1,795
1,724
1,611
+4.1%
Gross margin
49.7%
50.6%
49.9%
Selling, general and administrative
610
574
539
+6.3%
Operating income
788
855
710
-7.8%
Operating margin
21.8%
25.1%
22.0%
Interest expense
31.0
29.0
31.0
+6.9%
Pre-tax income
760
829
682
-8.3%
Income tax
247
257
233
-3.9%
Effective tax rate
32.5%
31.0%
34.2%
Net income
513
572
449
-10.3%
Net margin
14.2%
16.8%
13.9%
Diluted EPS
$0.95
$1.04
$0.81
-8.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
516
527
545
-2.1%
Capital expenditure
58.0
39.0
34.0
+48.7%
Free cash flow
458
488
511
-6.1%
Free cash flow margin
12.7%
14.3%
15.8%
Cash from investing
-68.0
203
-35.0
Cash from financing
-662
-406
-637
Depreciation and amortisation
49.0
56.0
59.0
-12.5%
Share-based compensation
9.0
9.0
8.0
0.0%
Buybacks
220
136
158
+61.8%
Dividends paid
192
326
174
-41.1%
Dividend per share
$0.36
$0.60
$0.31
-40.2%
Diluted shares, weighted
540m
549m
557m
-1.7%
Shares outstanding at period end
533m
544m
551m
-2.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
2,069
2,060
1,895
+0.4%
Short-term borrowings
n/a
0.0
n/a
Debt
510
759
699
-32.8%
Other liabilities
898
893
789
+0.6%
Total liabilities and equity
3,477
3,712
3,383
-6.3%
Fixed assets
399
393
468
+1.5%
Goodwill
617
625
666
-1.3%
Intangible assets
668
670
670
-0.3%
Cash and equivalents
338
567
232
-40.4%
Receivables
475
496
418
-4.2%
Inventory
712
647
651
+10.0%
Other assets
268
314
279
-14.6%
Total assets
3,477
3,712
3,383
-6.3%
10-K for the year ended 30 April 2012, filed 27 June 2012: the filing.