Brown Forman (BF.B) FY2016 results: revenue $4.0 billion, down 2.1% on the year
Brown Forman Corp. (BF.B) reported revenue of $4.0 billion for fiscal 2016, the year ended 30 April 2016, down 2.1% on the year before. Net income was $1.1 billion, up 56.0%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 16 June 2016.
Revenue
$4.0 billion
-2.1% on the year
FY2009FY2016
Operating margin
38.2%
25.1% a year earlier
FY2009FY2016
Net income
$1.1 billion
+56.0% on the year
FY2009FY2016
Diluted EPS
$2.09
+62.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
4,011
4,096
3,946
-2.1%
Cost of revenue
945
951
913
-0.6%
Gross profit
2,144
2,183
2,078
-1.8%
Gross margin
53.5%
53.3%
52.7%
Selling, general and administrative
688
697
686
-1.3%
Operating income
1,533
1,027
971
+49.3%
Operating margin
38.2%
25.1%
24.6%
Interest expense
46.0
27.0
26.0
+70.4%
Pre-tax income
1,489
1,002
947
+48.6%
Income tax
422
318
288
+32.7%
Effective tax rate
28.3%
31.7%
30.4%
Net income
1,067
684
659
+56.0%
Net margin
26.6%
16.7%
16.7%
Diluted EPS
$2.09
$1.28
$1.22
+62.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
524
608
649
-13.8%
Capital expenditure
108
120
126
-10.0%
Free cash flow
416
488
523
-14.8%
Free cash flow margin
10.4%
11.9%
13.3%
Cash from investing
433
n/a
n/a
Cash from financing
-1,060
n/a
n/a
Depreciation and amortisation
56.0
51.0
50.0
+9.8%
Share-based compensation
15.0
15.0
13.0
0.0%
Buybacks
1,107
462
49.0
+139.6%
Dividends paid
266
256
233
+3.9%
Dividend per share
$0.52
$0.48
$0.44
+8.3%
Diluted shares, weighted
511m
533m
538m
-4.1%
Shares outstanding at period end
494m
522m
534m
-5.3%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,562
1,905
2,032
-18.0%
Debt
1,501
1,183
1,005
+26.9%
Other liabilities
1,120
1,105
1,066
+1.4%
Total liabilities and equity
4,183
4,193
4,103
-0.2%
Fixed assets
629
586
526
+7.3%
Goodwill
590
607
620
-2.8%
Intangible assets
595
611
677
-2.6%
Cash and equivalents
263
370
437
-28.9%
Receivables
559
583
569
-4.1%
Inventory
1,054
953
882
+10.6%
Other assets
493
483
392
+2.1%
Total assets
4,183
4,193
4,103
-0.2%
10-K for the year ended 30 April 2016, filed 16 June 2016: the filing.