Corby’s financial results in a year marked by the COVID-19 crisis reflect the resilience of our brands and our people. Our efforts to pivot and transform the way we work, along with a laser focus on our strategic priorities, enabled us to drive value growth ahead of volume and position ourselves for long-term success.
Revenue(in millions of Canadian dollars)
Revenue growth was attributable to the performance of Corby’s owned-brand domestic performance as well as increased commission income.
Net earnings(in millions of Canadian dollars)
Net earnings improvement of 4% was driven by strong top-line growth and strict prioritization of investment and structure costs in uncertain times.
Cash flow from operating activities(in millions of Canadian dollars)
Strong profit conversion to cash continued. Fluctuations in working capital balances and deferral of income tax instalment payments (as allowable under COVID-19 government relief measures) helped increase net cash from operating activities.
Through these tumultuous times, we are adapting and adjusting to the world around us, and demonstrating the resilience of our business model.
2020 Summary As at and for the years ended June 30, 2020 and 2019 (in thousands of Canadian dollars, except per share amounts)
|Earnings from operations||35,875||34,208|
|Earnings before income taxes||36,424||35,222|
|Cash flow from operating activities||49,542||34,000|
|Per Common Share|
|Earnings from operations||1.26||1.20|
|Dividends declared and paid||0.86||1.32|
|Return on average shareholders’ equity||15.6||14.5|
|Pre-tax return on average capital employed||20.8||19.9|
Revenue from Corby-owned brands1(in millions of Canadian dollars)
Increase in revenue was due to the performance of J.P. Wiser’s and the Ungava Spirits brands.
Gross margin of 52% was affected by other ancillary costs, including inventory write-downs and provisions.
Earnings per share(in Canadian dollars)
- Revenue from Corby-owned brands represents Case Goods sales of Corby products in Canada and international markets.
- Gross margin from Case Goods and other services (excludes commissions).