Brown Forman (BF.B) FY2020 results: revenue $3.4 billion, up 1.2% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.4 billion for fiscal 2020, the year ended 30 April 2020, up 1.2% on the year before. Net income was $827 million, down 1.0%, and diluted earnings per share $1.72. The figures are the company's own, from the 10-K it filed with the SEC on 19 June 2020.
Revenue
$3.4 billion
+1.2% on the year
FY2013FY2020
Operating margin
32.4%
34.4% a year earlier
FY2013FY2020
Net income
$827 million
-1.0% on the year
FY2013FY2020
Diluted EPS
$1.72
-0.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,363
3,324
3,248
+1.2%
Cost of revenue
1,236
1,158
1,046
+6.7%
Gross profit
2,127
2,166
2,202
-1.8%
Gross margin
63.2%
65.2%
67.8%
Selling, general and administrative
642
641
765
+0.2%
Operating income
1,091
1,144
1,048
-4.6%
Operating margin
32.4%
34.4%
32.3%
Interest expense
82.0
88.0
68.0
-6.8%
Pre-tax income
1,009
1,042
977
-3.2%
Income tax
182
207
260
-12.1%
Effective tax rate
18.0%
19.9%
26.6%
Net income
827
835
717
-1.0%
Net margin
24.6%
25.1%
22.1%
Diluted EPS
$1.72
$1.73
$1.48
-0.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
724
800
653
-9.5%
Capital expenditure
113
119
127
-5.0%
Free cash flow
611
681
526
-10.3%
Free cash flow margin
18.2%
20.5%
16.2%
Cash from investing
-141
-119
-149
Cash from financing
-191
-599
-466
Depreciation and amortisation
74.0
72.0
64.0
+2.8%
Share-based compensation
11.0
14.0
19.0
-21.4%
Buybacks
1.0
207
1.0
-99.5%
Dividends paid
325
310
773
+4.8%
Dividend per share
$0.68
$0.65
$1.61
+5.0%
Diluted shares, weighted
480m
482m
484m
-0.3%
Shares outstanding at period end
478m
477m
481m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,975
1,647
1,316
+19.9%
Debt
2,602
2,440
2,556
+6.6%
Operating lease liabilities
37.0
n/a
n/a
Other liabilities
1,152
1,052
1,104
+9.5%
Total liabilities and equity
5,766
5,139
4,976
+12.2%
Fixed assets
848
816
780
+3.9%
Goodwill
756
753
763
+0.4%
Intangible assets
635
645
670
-1.6%
Cash and equivalents
675
307
239
+119.9%
Receivables
570
609
639
-6.4%
Inventory
1,685
1,520
1,379
+10.9%
Other assets
597
489
506
+22.1%
Total assets
5,766
5,139
4,976
+12.2%
10-K for the year ended 30 April 2020, filed 19 June 2020: the filing.