Brown Forman (BF.B) FY2017 results: revenue $3.0 billion, down 25.4% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.0 billion for fiscal 2017, the year ended 30 April 2017, down 25.4% on the year before. Net income was $669 million, down 37.3%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 13 June 2019.
Revenue
$3.0 billion
-25.4% on the year
FY2010FY2017
Operating margin
33.7%
38.2% a year earlier
FY2010FY2017
Net income
$669 million
-37.3% on the year
FY2010FY2017
Diluted EPS
$1.37
-34.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,994
4,011
4,096
-25.4%
Cost of revenue
973
945
951
+3.0%
Gross profit
2,021
2,144
2,183
-5.7%
Gross margin
67.5%
53.5%
53.3%
Selling, general and administrative
657
688
697
-4.5%
Operating income
1,010
1,533
1,027
-34.1%
Operating margin
33.7%
38.2%
25.1%
Interest expense
59.0
46.0
27.0
+28.3%
Pre-tax income
933
1,489
1,002
-37.3%
Income tax
264
422
318
-37.4%
Effective tax rate
28.3%
28.3%
31.7%
Net income
669
1,067
684
-37.3%
Net margin
22.3%
26.6%
16.7%
Diluted EPS
$1.37
$2.09
$1.28
-34.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
656
524
608
+25.2%
Capital expenditure
112
108
120
+3.7%
Free cash flow
544
416
488
+30.8%
Free cash flow margin
18.2%
10.4%
11.9%
Cash from investing
-439
433
n/a
Cash from financing
-285
-1,060
n/a
Depreciation and amortisation
58.0
56.0
51.0
+3.6%
Share-based compensation
14.0
15.0
15.0
-6.7%
Buybacks
561
1,107
462
-49.3%
Dividends paid
274
266
256
+3.0%
Dividend per share
$0.56
$0.52
$0.48
+7.6%
Diluted shares, weighted
488m
511m
533m
-4.4%
Shares outstanding at period end
480m
494m
522m
-2.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,370
1,562
1,905
-12.3%
Debt
2,149
1,501
1,183
+43.2%
Other liabilities
1,106
1,120
1,105
-1.2%
Total liabilities and equity
4,625
4,183
4,193
+10.6%
Fixed assets
713
629
586
+13.4%
Goodwill
753
590
607
+27.6%
Intangible assets
641
595
611
+7.7%
Cash and equivalents
182
263
370
-30.8%
Receivables
557
559
583
-0.4%
Inventory
1,270
1,054
953
+20.5%
Other assets
509
493
483
+3.2%
Total assets
4,625
4,183
4,193
+10.6%
10-K for the year ended 30 April 2017, filed 13 June 2019: the filing.