Brown Forman (BF.B) FY2013 results: revenue $3.8 billion, up 4.7% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.8 billion for fiscal 2013, the year ended 30 April 2013, up 4.7% on the year before. Net income was $591 million, up 15.2%, and diluted earnings per share $1.10. The figures are the company's own, from the 10-K it filed with the SEC on 27 June 2013.
Revenue
$3.8 billion
+4.7% on the year
FY2009FY2013
Operating margin
23.7%
21.8% a year earlier
FY2009FY2013
Net income
$591 million
+15.2% on the year
FY2009FY2013
Diluted EPS
$1.10
+15.9% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,784
3,614
3,404
+4.7%
Cost of revenue
894
928
862
-3.7%
Gross profit
1,955
1,795
1,724
+8.9%
Gross margin
51.7%
49.7%
50.6%
Selling, general and administrative
650
610
574
+6.6%
Operating income
898
788
855
+14.0%
Operating margin
23.7%
21.8%
25.1%
Interest expense
36.0
31.0
29.0
+16.1%
Pre-tax income
865
760
829
+13.8%
Income tax
274
247
257
+10.9%
Effective tax rate
31.7%
32.5%
31.0%
Net income
591
513
572
+15.2%
Net margin
15.6%
14.2%
16.8%
Diluted EPS
$1.10
$0.95
$1.04
+15.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
537
516
527
+4.1%
Capital expenditure
95.0
58.0
39.0
+63.8%
Free cash flow
442
458
488
-3.5%
Free cash flow margin
11.7%
12.7%
14.3%
Cash from investing
-97.0
-68.0
203
Cash from financing
-576
-662
-406
Depreciation and amortisation
51.0
49.0
56.0
+4.1%
Share-based compensation
11.0
9.0
9.0
+22.2%
Buybacks
0.0
220
136
Dividends paid
1,063
192
326
+453.6%
Dividend per share
$1.99
$0.36
$0.60
+457.5%
Diluted shares, weighted
537m
540m
549m
-0.5%
Shares outstanding at period end
534m
533m
544m
+0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,628
2,069
2,060
-21.3%
Short-term borrowings
3.0
n/a
0.0
Debt
999
510
759
+95.9%
Other liabilities
996
898
893
+10.9%
Total liabilities and equity
3,626
3,477
3,712
+4.3%
Fixed assets
450
399
393
+12.8%
Goodwill
617
617
625
0.0%
Intangible assets
668
668
670
0.0%
Cash and equivalents
204
338
567
-39.6%
Receivables
548
475
496
+15.4%
Inventory
827
712
647
+16.2%
Other assets
312
268
314
+16.4%
Total assets
3,626
3,477
3,712
+4.3%
10-K for the year ended 30 April 2013, filed 27 June 2013: the filing.