Brown Forman (BF.B) FY2021 results: revenue $3.5 billion, up 2.9% on the year
Brown Forman Corp. (BF.B) reported revenue of $3.5 billion for fiscal 2021, the year ended 30 April 2021, up 2.9% on the year before. Net income was $903 million, up 9.2%, and diluted earnings per share $1.88. The figures are the company's own, from the 10-K it filed with the SEC on 21 June 2021.
Revenue
$3.5 billion
+2.9% on the year
FY2014FY2021
Operating margin
33.7%
32.4% a year earlier
FY2014FY2021
Net income
$903 million
+9.2% on the year
FY2014FY2021
Diluted EPS
$1.88
+9.3% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
3,461
3,363
3,324
+2.9%
Cost of revenue
1,367
1,236
1,158
+10.6%
Gross profit
2,094
2,127
2,166
-1.6%
Gross margin
60.5%
63.2%
65.2%
Selling, general and administrative
671
642
641
+4.5%
Operating income
1,166
1,091
1,144
+6.9%
Operating margin
33.7%
32.4%
34.4%
Interest expense
81.0
82.0
88.0
-1.2%
Pre-tax income
1,081
1,009
1,042
+7.1%
Income tax
178
182
207
-2.2%
Effective tax rate
16.5%
18.0%
19.9%
Net income
903
827
835
+9.2%
Net margin
26.1%
24.6%
25.1%
Diluted EPS
$1.88
$1.72
$1.73
+9.3%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
817
724
800
+12.8%
Capital expenditure
62.0
113
119
-45.1%
Free cash flow
755
611
681
+23.6%
Free cash flow margin
21.8%
18.2%
20.5%
Cash from investing
98.0
-141
-119
Cash from financing
-485
-191
-599
Depreciation and amortisation
77.0
74.0
72.0
+4.1%
Share-based compensation
12.0
11.0
14.0
+9.1%
Buybacks
0.0
1.0
207
Dividends paid
338
325
310
+4.0%
Dividend per share
$0.71
$0.68
$0.65
+4.0%
Diluted shares, weighted
481m
480m
482m
+0.1%
Shares outstanding at period end
479m
478m
477m
+0.1%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,656
1,975
1,647
+34.5%
Debt
2,559
2,602
2,440
-1.7%
Operating lease liabilities
49.0
37.0
n/a
+32.4%
Other liabilities
1,258
1,152
1,052
+9.2%
Total liabilities and equity
6,522
5,766
5,139
+13.1%
Fixed assets
832
848
816
-1.9%
Goodwill
779
756
753
+3.0%
Intangible assets
676
635
645
+6.5%
Cash and equivalents
1,150
675
307
+70.4%
Receivables
753
570
609
+32.1%
Inventory
1,751
1,685
1,520
+3.9%
Other assets
581
597
489
-2.7%
Total assets
6,522
5,766
5,139
+13.1%
10-K for the year ended 30 April 2021, filed 21 June 2021: the filing.