Financial Highlights

Corby delivered strong financial performance in extraordinary circumstances in fiscal 2021.

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Revenue

(in millions of Canadian dollars)
2021
$159.8
2020
$153.4
2019
$149.9

Revenue growth was attributable to the acceleration of our international market performance (+31% full year), as well as robust commission income growth (+3% full year; +8% excluding the impact of accelerated amortization of representation rights), and solid domestic (+1% full year) and bulk sales performance.

Net earnings

(in millions of Canadian dollars)
2021
$30.6
2020
$26.7
2019
$25.7

Net earnings improvement of 15% was driven by strong top-line growth, as well as focused marketing and sales promotional activities and well-controlled administrative expenses.

Cash flow from operating activities

(in millions of Canadian dollars)
2021
$40.9
2020
$49.5
2019
$34.0

Operating cash flows were affected by unfavourable working capital changes and higher tax payments. In the prior year, cash flows benefited from deferred tax installment payments under COVID-19 government relief measures.


2021 Summary

As at and for the years ended June 30, 2021 and 2020 (in thousands of Canadian dollars, except per share amounts)
Results 2021 2020
Revenue $ 159,778 $ 153,356
Earnings from operations 41,487 35,875
Earnings before income tax 41,540 36,424
Net earnings 30,591 26,652
Cash provided from operations 40,911 49,542
Financial position 2021 2020
Working capital $ 143,245 $ 129,442
Total assets 254,406 234,382
Shareholders' equity 187,943 172,624
Per common share 2021 2020
Earnings from operations $ 1.46 $ 1.26
Net earnings 1.07 0.94
Dividends declared and paid 0.84 0.86
Shareholders’ equity 6.60 6.06
Financial ratios 2021 2020
Working capital 4.0 4.2
Return on average shareholders’ equity 17.0 15.6
Pre-tax return on average capital employed 22.2 20.8

Revenue from Corby-owned brands

(in millions of Canadian dollars)
2021
$125.3
2020
$121.4
2019
$119.4

Revenue growth from Corby brands was attributable to retail performance in the domestic market and the UK market. This was partially offset by domestic on-premise portfolio challenges related to COVID-19 restrictions and the product and size format mix.

Margin quality

2021
52.7%
2020
51.9%
2019
53.7%

Margin quality improved as a result of price initiatives and trade promotion optimization, partially offset by cost increases affecting the product and market mix.

Earnings per share

(in Canadian dollars)
2021
$1.07
2020
$0.94
2019
$0.90

EPS growth was driven by the culmination of strong top-line performance, moderated domestic advertising and promotional activity, and well-controlled structure costs.