Canada NewsWire
TORONTO
,
Aug. 24, 2022
/CNW/ – Corby Spirit and Wine Limited (“Corby” or the “Company”) (TSX: CSW.A) (TSX: CSW.B) today announced financial results for its fiscal 2022 fourth quarter and year ended
June 30
, 2022.
Quarterly Dividend declared of
$0.24
per share, up 14% vs last year.
Continued solid Q4 performance with Adjusted Revenue +4% vs last year (Reported Revenue +2%).
Full year FY22 Adjusted Revenue growth +2% vs last year (Reported Revenue flat).
QUARTERLY DIVIDEND.A-B
The Corby Board of Directors is pleased to declare a
dividend of
$0.24
per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, in line with our dividend policy. This dividend is
payable
on
September 30, 2022
to shareholders of record as at the close of business on
September 16, 2022
.
CONSUMER TREND
Consumer demand increased
on a full year basis, mostly driven by a
strong recovery
of the
on-premise channel
and International markets growth, while the retail channel remained flat cycling strong performance at liquor boards last year. Q4 confirmed that positive trend driven by the on-premise channel.
FINANCIAL RESULTS
Adjusted Revenue
for the
fourth quarter
was
up 4%
compared to the same period last year, leading to
full year growth
of
+2%
compared to the same period last year. Hampered by
supply chain challenges
especially over the second quarter and cycling the one-off sale of aged bulk last year (Reported Revenue +2% in Q4, flat in full year) we achieved:
-
Solid domestic performance
+2%
in full year; -
Robust gross commissions performance +4%
in full year excluding the impact of accelerated amortization of representation rights (Reported commissions revenue net of amortization down 7%); and -
Growing international market
performance
+3%
in full year.
Marketing, sales
and
administrative expenses
were
up 8%
for the full fiscal year
,
cycling a low-cost base during the pandemic last year, and returning to
FY19 pre-pandemic levels
(+1% 3-year CAGR).
As a result, Adjusted Net Earnings decreased by
8%
for the
full fiscal year 2022
compared to last year (Reported Net Earnings -24% in full year FY22). However, those
results
are showing
solid growth
versus
FY19
pre-pandemic levels
by
+3%
CAGR (Reported Net Earnings -3% CAGR).
Nicolas Krantz
, Corby’s CEO, stated,
“Despite the challenging global environment with high inflation and continued supply chain issues, Corby delivered another robust quarter leading to a full-year Adjusted Operating Revenue of +2% resulting in consistent growth over the last 3 years (+3% CAGR).
This gives us confidence to bring back our advertising and promotional investment to pre-pandemic levels to fuel momentum on our strategic brands and invest in our organization to sustain future growth.
We continue to pursue our strategy to connect consumers to our brands, win market share in key categories and build strong relationships with our partners, while our digital transformation is on track to build competitive advantage in the mid-term.”
For further details, please refer to Corby’s Management’s Discussion and Analysis and consolidated financial statements and accompanying notes for the three-months and year ended
June 30, 2022
, prepared in accordance with International Financial Reporting Standards.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers.
Management believes the non-GAAP measures defined above are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on GAAP financial measures.
Management believes that these measures allow for assessment of the Company’s operating performance and financial condition on a basis that is more consistent and comparable between reporting periods.
The following table presents a reconciliation of Revenue to Adjusted Revenue, Earnings from Operations to Adjusted Earnings from Operations and Net Earnings to Adjusted Net Earnings to their most directly comparable financial measures for the three-months and year ended
June 30, 2022
, and 2021:
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Adjusted Revenue
is equal to revenue for the period adjusted to remove the amortization related to the Pernod Ricard Representation Agreements.
Adjusted Earnings from Operations
is equal to earnings from operations before interest and taxes for the period adjusted to remove the amortization related to the Pernod Ricard Representation Agreements and a non-cash impairment charge related to the Foreign Affair Winery.
Adjusted Net Earnings
is equal to net earnings for the period adjusted to remove the amortization related to the Pernod Ricard Representation Agreements, net of tax calculated using an effective tax rate of 26.9% in both the Q4 and YTD periods (2021 – 25.9% and 26.4%, respectively) and a non-cash impairment charge related to the Foreign Affair Winery.
Adjusted earnings per share
and Adjusted diluted earnings per share are computed in the same way as basic earnings per share and diluted earnings per share using Adjusted Net Earnings as the numerator.
CAGR
is the compounded annual growth rate at which a quantity or amount grows over time.
Please refer to the “Non-GAAP Financial Measures” section of our MD&A for the three-months and year ended
June 30, 2022
as filed on SEDAR for further information regarding Non-GAAP measures.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby’s operations. Forward-looking statements typically are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. These statements are being provided for the purposes of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes and are not guarantees of future performance. Although Corby believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause Corby’s actual results to differ from current expectations, refer to the Risks and Risk Management section of our Management’s Discussion and Analysis for the three-months and year ended
June 30, 2022
as well as Corby’s other public filings, available at
www.sedar.com
and at
. Corby does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars.
About Corby Spirit and Wine Limited
Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines. Corby’s portfolio of owned-brands includes some of the most renowned brands in
Canada
, including J.P. Wiser’s®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb’s® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine’s® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, Mumm® champagne, and Jacob’s Creek®, Wyndham Estate®, Stoneleigh®, Campo Viejo®, and Kenwood® wines. Corby is a publicly traded company based in
Toronto, Ontario
, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our
website
or follow us on
LinkedIn
.
SOURCE Corby Spirit and Wine Limited
View original content:
http://www.newswire.ca/en/releases/archive/August2022/24/c8016.html
Featured image: I stock © ilkersener
