Brown Forman (BF.B) FY2014 results: revenue $3.9 billion, up 4.3% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.9 billion for fiscal 2014, the year ended 30 April 2014, up 4.3% on the year before. Net income was $659 million, up 11.5%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 20 June 2014.
Revenue
$3.9 billion
+4.3% on the year
FY2009FY2014
Operating margin
24.6%
23.7% a year earlier
FY2009FY2014
Net income
$659 million
+11.5% on the year
FY2009FY2014
Diluted EPS
$1.22
+11.3% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,946
3,784
3,614
+4.3%
Cost of revenue
913
894
928
+2.1%
Gross profit
2,078
1,955
1,795
+6.3%
Gross margin
52.7%
51.7%
49.7%
Selling, general and administrative
686
650
610
+5.5%
Operating income
971
898
788
+8.1%
Operating margin
24.6%
23.7%
21.8%
Interest expense
26.0
36.0
31.0
-27.8%
Pre-tax income
947
865
760
+9.5%
Income tax
288
274
247
+5.1%
Effective tax rate
30.4%
31.7%
32.5%
Net income
659
591
513
+11.5%
Net margin
16.7%
15.6%
14.2%
Diluted EPS
$1.22
$1.10
$0.95
+11.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
649
537
516
+20.9%
Capital expenditure
126
95.0
58.0
+32.6%
Free cash flow
523
442
458
+18.3%
Free cash flow margin
13.3%
11.7%
12.7%
Cash from investing
n/a
-97.0
-68.0
Cash from financing
n/a
-576
-662
Depreciation and amortisation
50.0
51.0
49.0
-2.0%
Share-based compensation
13.0
11.0
9.0
+18.2%
Buybacks
49.0
0.0
220
Dividends paid
233
1,063
192
-78.1%
Dividend per share
$0.44
$1.99
$0.36
-78.1%
Diluted shares, weighted
538m
537m
540m
+0.0%
Shares outstanding at period end
534m
534m
533m
-0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,032
1,628
2,069
+24.8%
Short-term borrowings
n/a
3.0
n/a
Debt
1,005
999
510
+0.6%
Other liabilities
1,066
996
898
+7.0%
Total liabilities and equity
4,103
3,626
3,477
+13.2%
Fixed assets
526
450
399
+16.9%
Goodwill
620
617
617
+0.5%
Intangible assets
677
668
668
+1.3%
Cash and equivalents
437
204
338
+114.2%
Receivables
569
548
475
+3.8%
Inventory
882
827
712
+6.7%
Other assets
392
312
268
+25.6%
Total assets
4,103
3,626
3,477
+13.2%
10-K for the year ended 30 April 2014, filed 20 June 2014: the filing.