Financial Highlights

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

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.

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

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