Greif (GEF) FY2020 results: revenue $4.5 billion, down 1.7% on the year

Greif, Inc. (GEF) reported revenue of $4.5 billion for fiscal 2020, the year ended 31 October 2020, down 1.7% on the year before. Net income was $109 million, down 36.4%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2020.

Revenue

$4.5 billion

-1.7% on the year

FY2013FY2020

Operating margin

6.8%

8.7% a year earlier

FY2013FY2020

Net income

$109 million

-36.4% on the year

FY2013FY2020

Diluted EPS

$1.83

-36.7% on the year

FY2013FY2020

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2020

Income statement (profit and loss)

$ million	FY2020	FY2019	FY2018	On the year
Revenue	4,515	4,595	3,874	-1.7%
Cost of revenue	3,600	3,635	3,085	-1.0%
Gross profit	915	960	789	-4.7%
Gross margin	20.3%	20.9%	20.4%
Selling, general and administrative	516	507	398	+1.7%
Operating income	305	399	370	-23.6%
Operating margin	6.8%	8.7%	9.6%
Interest expense	116	112	51.0	+2.9%
Pre-tax income	186	262	300	-29.0%
Income tax	63.3	70.7	73.3	-10.5%
Effective tax rate	34.0%	27.0%	24.4%
Net income	109	171	209	-36.4%
Net margin	2.4%	3.7%	5.4%
Diluted EPS	$1.83	$2.89	$3.55	-36.7%

$ million except per share.

Free 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
Operating cash flow	455	390	253	+16.7%
Capital expenditure	131	157	140	-16.2%
Free cash flow	323	233	113	+38.9%
Free cash flow margin	7.2%	5.1%	2.9%
Cash from investing	-25.2	-1,989	-135
Cash from financing	-405	1,584	-158
Depreciation and amortisation	242	206	127	+17.7%
Share-based compensation	-1.2	12.7	6.5
Buybacks	0.0	n/a	0.0
Dividends paid	104	104	100	+0.3%

Balance sheet

$ million	FY2020	FY2019	FY2018	On the year
Shareholders' equity	1,152	1,133	1,108	+1.7%
Non-controlling interest	48.5	58.0	46.4	-16.4%
Redeemable equity	20.0	21.3	35.5	-6.1%
Short-term borrowings	28.4	9.2	7.3	+208.7%
Debt	2,470	2,756	908	-10.4%
Operating lease liabilities	258	0.0	n/a
Finance lease liabilities	2.9	n/a	n/a
Other liabilities	1,532	1,449	1,090	+5.7%
Total liabilities and equity	5,511	5,427	3,195	+1.6%
Fixed assets	1,527	1,690	1,192	-9.7%
Goodwill	1,518	1,518	776	+0.0%
Intangible assets	715	776	80.6	-7.9%
Cash and equivalents	106	77.3	94.2	+37.0%
Receivables	637	664	457	-4.2%
Other assets	1,008	701	595	+43.8%
Total assets	5,511	5,427	3,195	+1.6%

10-K for the year ended 31 October 2020, filed 17 December 2020: the filing.