Greif (GEF) FY2021 results: revenue $5.6 billion, up 23.1% on the year

Greif, Inc. (GEF) reported revenue of $5.6 billion for fiscal 2021, the year ended 31 October 2021, up 23.1% on the year before. Net income was $391 million, up 259.1%, and diluted earnings per share $6.54. The figures are the company's own, from the 10-K it filed with the SEC on 16 December 2021.

Revenue

$5.6 billion

+23.1% on the year

FY2014FY2021

Operating margin

10.5%

6.8% a year earlier

FY2014FY2021

Net income

$391 million

+259.1% on the year

FY2014FY2021

Diluted EPS

$6.54

+257.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2021 · Q2 FY2021 · Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	5,556	4,515	4,595	+23.1%
Cost of revenue	4,463	3,600	3,635	+24.0%
Gross profit	1,093	915	960	+19.5%
Gross margin	19.7%	20.3%	20.9%
Selling, general and administrative	566	516	507	+9.7%
Operating income	585	305	399	+91.9%
Operating margin	10.5%	6.8%	8.7%
Interest expense	92.7	116	112	-19.9%
Pre-tax income	479	186	262	+157.2%
Income tax	69.6	63.3	70.7	+10.0%
Effective tax rate	14.5%	34.0%	27.0%
Net income	391	109	171	+259.1%
Net margin	7.0%	2.4%	3.7%
Diluted EPS	$6.54	$1.83	$2.89	+257.4%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	396	455	390	-12.9%
Capital expenditure	141	131	157	+7.1%
Free cash flow	255	323	233	-21.0%
Free cash flow margin	4.6%	7.2%	5.1%
Cash from investing	46.8	-25.2	-1,989
Cash from financing	-423	-405	1,584
Depreciation and amortisation	234	242	206	-3.3%
Share-based compensation	34.1	-1.2	12.7
Buybacks	0.0	0.0	n/a
Dividends paid	106	104	104	+1.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,514	1,152	1,133	+31.4%
Non-controlling interest	61.3	48.5	58.0	+26.4%
Redeemable equity	24.1	20.0	21.3	+20.5%
Short-term borrowings	n/a	28.4	9.2
Debt	2,226	2,470	2,756	-9.9%
Operating lease liabilities	240	258	0.0	-7.1%
Finance lease liabilities	n/a	2.9	n/a
Other liabilities	1,751	1,532	1,449	+14.3%
Total liabilities and equity	5,816	5,511	5,427	+5.5%
Fixed assets	1,521	1,527	1,690	-0.4%
Goodwill	1,515	1,518	1,518	-0.2%
Intangible assets	648	715	776	-9.4%
Cash and equivalents	125	106	77.3	+17.7%
Receivables	890	637	664	+39.7%
Other assets	1,117	1,008	701	+10.8%
Total assets	5,816	5,511	5,427	+5.5%

10-K for the year ended 31 October 2021, filed 16 December 2021: the filing.