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 Brown-Forman Reports Fiscal 2016 Results; Expects Continued Underlying Growth in Fiscal 2017
   Wednesday, June 08, 2016 7:45:00 AM ET

Brown-Forman Corporation (BFA ) (BFB ) reported financial results for its fourth quarter and fiscal year ended April 30, 2016. For the fourth quarter, the company’s reported net sales(1)declined 1% to $933 million (+4% on an underlying basis(2)). Reported operating income grew 212% in the fourth quarter to $726 million, or 10% excluding the impact from the sale of Southern Comfort and Tuaca(3) (+15% on an underlying basis). Diluted earnings per share increased 291% to $2.60 compared to the prior-year period.

For the full year, reported net sales decreased 2% to $4,011 million (+5% on an underlying basis) as foreign exchange negatively impacted reported net sales growth by six points. Reported operating income grew 49% to $1,533 million, or 3% excluding the impact from the sale (+8% on an underlying basis), and diluted earnings per share increased 63% to $5.22, or 8% to $3.46 excluding the impact from the sale.

Paul Varga, the company’s Chief Executive Officer, said, "Fiscal 2016 was another successful year at Brown-Forman. We delivered solid underlying growth in sales and operating income, led by the Jack Daniel’s family of brands. We also made important changes to our portfolio of brands that we believe position us well for the long-term. Against a favorable backdrop of global interest in American whiskey, we invested capital to expand our capacity and we returned approximately $1.4 billion to our shareholders during the year. We believe that our strong free cash flow and capital efficiency positions us to deliver top-tier returns for our shareholders."

Fiscal 2016 Highlights

-- Underlying net sales increased 5%: -- Price/mix contributed four percentage points to net sales growth and gross margin grew 10bps

-- The Jack Daniel’s family of brands grew underlying net sales 6% (-1% reported)

-- Jack Daniel’s Tennessee Honey grew underlying net sales 9% (0% reported)

-- The company’s super- and ultra-premium whiskey brands(4) grew underlying net sales double digits, including 28% underlying net sales growth from Woodford Reserve (+29% reported)

-- Herradura grew underlying net sales 13% (0% reported), el Jimador grew underlying net sales 5% (-5% reported) and New Mix RTDs grew underlying net sales 23% (+2% reported)

-- Developed markets including the United States grew underlying net sales 6% (+1% reported)

-- Underlying operating income increased 8%

-- Returned $1.4 billion to shareholders ($1,107 million in buybacks and $266 million in dividends)

-- Generated an ROIC(5) of 23% and a ten-year TSR(6) of over 12%, outpacing the S&P 500’s 7% per year

Fiscal 2016 Performance By Market - Solid Results in Developed Markets

The company’s brands delivered another solid year of growth in developed markets, which helped offset the economic slowdown in the emerging markets and Global Travel Retail. Underlying net sales grew 6% (3% reported) in the United States, 6% (-3% reported) in developed markets outside of the United States, and 4% (-10% reported) in the emerging markets.

 
                                                                                                                                                           Brown-Forman Corporation - Top Ten Countries
                                                                                                                                                                                    Supplemental
                                                                                                                                                                               Information (Unaudited)
                                                                                                                                                                            Twelve Months Ended April 30,
                                                                                                                                                                                        2016
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     Country                  % of                % Growth in             % Growth in
                                                                                                                         Reported Net                                                                                                          Reported Net                                                                                                          Underlying Net
                                                                                                                             Sales                                                                                                                 Sales                                                                                                                  Sales
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
  United States                46%                    3%                      6%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
 United Kingdom                10%                    5%                      9%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
    Australia                  9%                    (12)%                    2%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     Mexico                    5%                    (11)%                    6%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     Germany                   5%                    (1)%                     7%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     Poland                    3%                    (12)%                    1%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     France                    3%                     6%                      13%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     Turkey                    2%                    (2)%                     17%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     Russia                    1%                    (26)%                   (17)%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
     Canada                    1%                    (1)%                     7%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
  Top Ten Total                85%                   (1)%                     6%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
  Other Markets                15%                   (8)%                     0%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
 Total Worldwide              100%                   (2)%                     5%
--------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------- -------------------- -------------------- --------------
   Note: Reported net sales growth includes the impact from changes
   in foreign exchange and inventories; Totals may differ due to
   rounding.
 

Sales growth in the United States was powered by the Jack Daniel’s family of brands which grew underlying net sales by mid-single digits. Jack Daniel’s Tennessee Whiskey continued its upward trajectory, growing to 5.2 million cases, and combined depletions for Jack Daniel’s Tennessee Honey and Tennessee Fire surpassed one million cases in the United States. In addition to growing Gentleman Jack’s underlying net sales by 10% in the United States (6% reported), the company sustained a high rate of growth for its premium bourbon brands, including 25% underlying net sales growth (29% reported) for Woodford Reserve and 48% for Old Forester (48% reported). Herradura and el Jimador tequilas grew underlying net sales by high-teens in the United States.

The developed markets outside of the United States experienced an acceleration in their underlying net sales trends compared to fiscal 2015, growing 6% (-3% reported). Western Europe’s underlying net sales jumped high-single digits, as the United Kingdom, Germany and France delivered strong results. New Zealand and Canada continued to grow at a healthy rate, Australia, Japan and Spain each returned to sales growth in the year, but Italy’s sales declined.

While the emerging markets have historically been a significant contributor to our incremental growth, we experienced a marked slowdown during fiscal 2016 as weakening economic conditions and currency devaluations dampened consumer’s purchasing power. Aggregate underlying net sales grew 4% (-10% reported) in the emerging markets. This year was a tale of two halves, with emerging markets growing underlying net sales by 8% in the first half and only 1% in the second half. The emerging markets displayed some signs of stabilization, with the fourth quarter’s rate of growth in-line with the third quarter’s growth. Turkey, Brazil, South Africa and Ukraine each delivered double-digit underlying net sales growth. Russia’s underlying net sales declined 17% and southeast Asia dropped double-digits, led by declines in Indonesia due to recent changes to industry regulation of import duties. Mexico grew underlying net sales 6%, while Poland grew only 1% due to a challenging competitive environment in vodka.

Travel Retail’s underlying net sales decreased 12% (-18% reported). Travel retail’s results were pressured by the decline in spending from travelers, as well as continued volatility in foreign exchange, which has also resulted in weaker consumer demand and a reduction in the historic price gap between travel retail and local economy.

Fiscal 2016 Brand Performance - Growth Led by Jack Daniel’s, Premium Bourbons and Tequilas

The company’s underlying net sales growth was led by the Jack Daniel’s family, up 6% (-1% reported). Jack Daniel’s Tennessee Whiskey grew underlying net sales by 4% (-1% reported) despite the slowdown in the emerging markets and Global Travel Retail. Jack Daniel’s Tennessee Honey grew underlying sales by 9% (0% reported), powered by strong growth outside of the United States. Jack Daniel’s Tennessee Fire had a great first full year of results in the United States, contributing roughly one point to the company’s underlying growth. Jack Daniel’s Tennessee Honey and Fire depleted a combined 1.9 million cases globally. In fiscal 2017, the company is rolling out Jack Daniel’s Tennessee Fire to several markets outside of the United States including the United Kingdom, Germany, and Australia. Gentleman Jack and Jack Daniel’s Single Barrel surpassed 700,000 case depletions in the year, and grew aggregate underlying net sales by 6% (1% reported). Jack Daniel’s RTD/RTP business grew underlying net sales by 4% (-7% reported).

Brown-Forman’s portfolio of super and ultra-premium whiskey brands, including Woodford Reserve and Woodford Reserve Double Oaked, Jack Daniel’s Single Barrel, Gentleman Jack, Sinatra Select, No. 27 Gold, and Collingwood, collectively grew underlying net sales by mid-teens. Old Forester’s underlying net sales grew 47% (48% reported), and the Woodford Reserve family of brands grew underlying net sales 28% (+29% reported).

Finlandia vodka experienced a 5% decline in underlying net sales (-16% reported), pulled down by weak results in Poland and Russia. The competitive landscape for premium vodka in Poland remains very challenging while results in Russia have worsened as the economic slowdown and ruble depreciation are negatively impacting consumption.

El Jimador grew underlying net sales by 5% (-5% reported). Strong growth in the United States was offset somewhat by the anticipated volume declines in Mexico associated with the company’s strategic repositioning of the brand at a higher price point through multi-year increases. New Mix’s underlying net sales increase of 23% (+2% reported) continued to benefit from distribution gains and new sizes. Herradura grew underlying net sales by 13% (0% reported) globally, driven by double-digit gains in the United States and Mexico.

Other P&L Items

In fiscal 2016, company-wide price/mix improvements contributed approximately four percentage points of underlying sales growth and helped deliver gross margin expansion of 10bps. Underlying A&P spend increased by 2% (-4% reported). Underlying SG&A increased by 2% (-1% reported), and the company is focused on containing SG&A growth, excluding potential route to market investments.

Financial Stewardship

As of April 30, 2016, total debt was $1,501 million, up from $1,183 million as of April 30, 2015. The increase reflects the issuance of $500 million of 4.5% 30-year senior unsecured notes in June 2015. On January 15, 2016, the company repaid $250 million of 2.5% notes. On March 1, 2016, the company closed on the sale of Southern Comfort and Tuaca for $543 million. On June 1, 2016, the company closed on the acquisition of the GlenDronach, BenRiach, and Glenglassaugh single malt scotch brands for $408 million.

On May 26, 2016, Brown-Forman’s board declared a regular quarterly cash dividend of $0.34 per share on its Class A and Class B common stock. The cash dividend is payable on July 1, 2016 to stockholders of record on June 6, 2016. Brown-Forman has paid regular quarterly cash dividends for 70 consecutive years and has increased the dividend for 32 consecutive years. On May 26, 2016, the Brown-Forman board also approved a two-for-one stock split for all shares of Class A and Class B common stock, to be paid in the form of a stock dividend. Implementation of the stock split is subject to approval of an increase in the number of outstanding share of Class A common stock at the company’s annual meeting of stockholders scheduled to be held on July 28, 2016.

In fiscal 2016, the company also repurchased a record $1.1 billion of shares, comprised of 11.4 million Class A and Class B shares at an average price of $97 per share. When combined with the $266 million of cash dividends paid, the company returned approximately $1.4 billion to shareholders during the year. As of April 30, 2016, the remaining share repurchase authorization totaled $889 million.

Fiscal Year 2017 Outlook

Significant uncertainty around the global economic environment and its potential impact on our business makes it difficult to predict future results. Assuming no further deterioration in the global economy in fiscal 2017, particularly in the emerging markets, the company anticipates:

-- Underlying net sales growth of 4% to 6%, led by our premium American whiskey brands

-- Underlying operating income growth of 7% to 9%

-- Diluted earnings per share of $3.42 to $3.62, which includes expected foreign exchange headwinds of $0.07 given current spot rates, as well as lower distributor inventory levels.

Following is a table that reconciles reported results to the
baseline earnings in fiscal 2016:
                                    
------------------------------------------------- -------------------- -------------------- --------------------
                                     EPS Roll Forward
------------------------------------------------- -------------------- -------------------- --------------------
          Fiscal 2016 Reported EPS (GAAP)                     $5.22
------------------------------------------------- -------------------- -------------------- --------------------
 Impact from sale of Southern Comfort and Tuaca(7)            $1.76
------------------------------------------------- -------------------- -------------------- --------------------
   Fiscal 2016 Reported EPS(8) excluding Impact               $3.46
                    (Non-GAAP)
      Earnings contribution from sold brands                                                        $0.20
           Adjusted Fiscal 2016 Base EPS                      $3.26
------------------------------------------------- -------------------- -------------------- --------------------
              Fiscal 2017 EPS Outlook                    $3.42 to $3.62
------------------------------------------------- -------------------- -------------------- --------------------
                                                                                             

Conference Call Details

Brown-Forman will host a conference call to discuss the results at 10:00 a.m. (EDT) today. All interested parties in the United States are invited to join the conference call by dialing 888-624-9285 and asking for the Brown-Forman call. International callers should dial +1-706-679-3410. The company suggests that participants dial in ten minutes in advance of the 10:00 a.m. (EDT) start of the conference call. A live audio broadcast of the conference call will also be available via Brown-Forman’s Internet website, http://www.brown-forman.com/, through a link to "Investors/Events & Presentations." A digital audio recording of the conference call will also be available on the website two hours after the conclusion of the conference call. The replay will be available for at least 30 days following the conference call.

For more than 145 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, and Chambord. Brown-Forman’s brands are supported by nearly 4,600 employees and sold in approximately 160 countries worldwide.

Footnotes:

(1) Percentage growth rates are compared to prior-year periods, unless otherwise noted. (2) We present changes in certain income statement line-items that are adjusted to an "underlying" basis, which we believe assists in understanding both our performance from period to period on a consistent basis and the trends of our business. Non-GAAP "underlying" measures include changes in (a) underlying net sales, (b) underlying gross profit, (c) underlying advertising expenses, (d) underlying selling, general and administrative expenses and (e) underlying operating income. A reconciliation of these non-GAAP measures for the three-month and twelve-month periods ended April 30, 2016, to the most closely comparable GAAP measure, and the reasons why management believes these adjustments to be useful, are included in Schedule A and B in this press release. (3)On March 1, 2016, the company completed the sale of the Southern Comfort and Tuaca brands. This calculation removes (a) the gain on sale, (b) transaction-related costs, and (c) operating activity for the period that is not comparable. (4) Super/Ultra-premium whiskey brands include the Woodford Reserve family, Jack Daniel’s Single Barrel, Gentleman Jack, Sinatra Select, No. 27 Gold, and Collingwood. (5) ROIC: Return on invested capital is defined as the sum of net income (excluding the gain on the sale of Southern Comfort and Tuaca) and after-tax interest expense, divided by average invested capital. Invested capital equals assets less liabilities, excluding interest-bearing debt. (6) TSR: Total Shareholder Return is shown as a compound annual growth rate assuming dividends reinvested, and is measured over the ten-year period ending April 30, 2016. (7) Impact from sale of Southern Comfort and Tuaca is primarily related to the $485 million gain on sale. (8) Diluted EPS through January 31, 2016 was $2.65.

This press release contains statements, estimates, and projections that are "forward-looking statements" as defined under U.S. federal securities laws. Words such as "aim," "anticipate," "aspire," "believe," "continue," "could," "envision," "estimate," "expect," "expectation," "intend," "may," "plan," "potential," "project," "pursue," "see," "seek," "should," "will," and similar words identify forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:

-- Unfavorable global or regional economic conditions, and related low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations

-- Risks associated with being a U.S.-based company with global operations, including commercial, political and financial risks; local labor policies and conditions; protectionist trade policies or economic or trade sanctions; compliance with local trade practices and other regulations, including anti-corruption laws; terrorism; and health pandemics

-- Fluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar

-- Changes in laws, regulations, or policies - especially those that affect the production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products

-- Tax rate changes (including excise, sales, VAT, tariffs, duties, corporate, individual income, dividends, capital gains) or changes in related reserves, changes in tax rules (for example, LIFO, foreign income deferral, U.S. manufacturing and other deductions) or accounting standards, and the unpredictability and suddenness with which they can occur

-- Dependence upon the continued growth of the Jack Daniel’s family of brands

-- Changes in consumer preferences, consumption or purchase patterns - particularly away from larger producers in favor of smaller distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; bar, restaurant, travel or other on-premise declines; shifts in demographic trends; unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation

-- Decline in the social acceptability of beverage alcohol products in significant markets

-- Production facility, aging warehouse or supply chain disruption

-- Imprecision in supply/demand forecasting

-- Higher costs, lower quality or unavailability of energy, water, raw materials, product ingredients, labor or finished goods

-- Route-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher implementation-related or fixed costs

-- Inventory fluctuations in our products by distributors, wholesalers, or retailers

-- Competitors’ consolidation or other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks

-- Risks associated with acquisitions, dispositions, business partnerships or investments - such as acquisition integration, or termination difficulties or costs, or impairment in recorded value

-- Inadequate protection of our intellectual property rights

-- Product recalls or other product liability claims; product counterfeiting, tampering, contamination, or product quality issues

-- Significant legal disputes and proceedings; government investigations (particularly of industry or company business, trade or marketing practices)

-- Failure or breach of key information technology systems

-- Negative publicity related to our company, brands, marketing, personnel, operations, business performance or prospects

-- Failure to attract or retain key executive or employee talent

-- Our status as a family "controlled company" under New York Stock Exchange rules

For further information on these and other risks, please refer to the "Risk Factors" section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC.

Use of Non-GAAP Financial Information: This press release includes measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"), including underlying net sales, underlying gross profit, underlying advertising expense, underlying SG&A, and underlying operating income. These measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP, and also may be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the most closely comparable GAAP measures, and reasons for the company’s use of these measures, are presented on Schedules A and B attached hereto.

 
                                                                                                                                                               Brown-Forman Corporation
                                                                                                                                                                Unaudited Consolidated
                                                                                                                                                               Statements of Operations
                                                                                                                                                         For the Three Months Ended April 30,
                                                                                                                                                                     2015 and 2016
                                                                                                                                                    (Dollars in millions, except per share amounts)
 
                                                                                                    2015                                                      2016                                  Change
                                                                                                                                   ---------------------------------------------------------                                          --------------------------------------------------                                          ---------------------
                                                                                                                                                                                                                                                                                                                                   
Net sales                                                                                                                                             $            947                                                                                   $     933                                                                        (1 %)
Excise taxes                                                                                                                                                       207                                                                                         204                                                                        (2 %)
Cost of sales                                                                                                                                   213                                                   216                                                      1 %
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Gross profit                                                                                                                                                    527                                                                                         513                                                                        (3 %)
Advertising expenses                                                                                                                                               103                                                                                         101                                                                        (2 %)
Selling, general, and administrative expenses                                                                                                                      186                                                                                         181                                                                        (3 %)
Gain on sale of business                                                                                                                                --                                                                                        (485 )
Other expense (income), net                                                                                                                       6                                                   (10 )
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Operating income                                                                                                                                                232                                                                                         726                                                                       212 %
Interest expense, net                                                                                                                             6                                                    11  
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Income before income taxes                                                                                                                                      226                                                                                         715                                                                       216 %
Income taxes                                                                                                                                     86                                                   193  
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Net income                                                                                                                                         $            140                                                                $     522                                                    272 %
                                                                                                                                   ==================== ============== ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                   
Earnings per share:
   Basic                                                                                                                                              $           0.67                                                                                   $    2.62                                                                       291 %
   Diluted                                                                                                                                            $           0.66                                                                                   $    2.60                                                                       291 %
                                                                                                                                                                                                                                                                                                                                   
Gross margin                                                                                                                                                      55.6 %                                                                                      54.9 %
Operating margin                                                                                                                                                  24.6 %                                                                                      77.7 %
                                                                                                                                                                                                                                                                                                                                   
Effective tax rate                                                                                                                                                38.0 %                                                                                      27.0 %
                                                                                                                                                                                                                                                                                                                                   
Cash dividends paid per common share                                                                                                                  $          0.315                                                                                   $   0.340
                                                                                                                                                                                                                                                                                                                                   
Shares (in thousands) used in the calculation of earnings per share
   Basic                                                                                                                                                       209,861                                                                                     199,328
   Diluted                                                                                                                                                     211,284                                                                                     200,506
                                                                                                                                                                                                                                                                                                                                   
 
                                                                                                                                                               Brown-Forman Corporation
                                                                                                                                                                Unaudited Consolidated
                                                                                                                                                               Statements of Operations
                                                                                                                                                          For the Years Ended April 30, 2015
                                                                                                                                                                       and 2016
                                                                                                                                                    (Dollars in millions, except per share amounts)
 
                                                                                                    2015                                                      2016                                  Change
                                                                                                                                   ---------------------------------------------------------                                          --------------------------------------------------                                          ---------------------
                                                                                                                                                                                                                                                                                                                                   
Net sales                                                                                                                                             $          4,096                                                                                   $   4,011                                                                        (2 %)
Excise taxes                                                                                                                                                       962                                                                                         922                                                                        (4 %)
Cost of sales                                                                                                                                   951                                                   945                                                     (1 %)
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Gross profit                                                                                                                                                  2,183                                                                                       2,144                                                                        (2 %)
Advertising expenses                                                                                                                                               437                                                                                         417                                                                        (4 %)
Selling, general, and administrative expenses                                                                                                                      697                                                                                         688                                                                        (1 %)
Gain on sale of business                                                                                                                                --                                                                                        (485 )
Other expense (income), net                                                                                                                      22                                                    (9 )
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Operating income                                                                                                                                              1,027                                                                                       1,533                                                                        49 %
Interest expense, net                                                                                                                            25                                                    44  
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Income before income taxes                                                                                                                                    1,002                                                                                       1,489                                                                        49 %
Income taxes                                                                                                                                    318                                                   422  
                                                                                                                                   -------------------- -------------- --------------------                                           -------------------- ------- --------------------
   Net income                                                                                                                                         $            684                                                                $   1,067                                                     56 %
                                                                                                                                   ==================== ============== ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                   
Earnings per share:
   Basic                                                                                                                                              $           3.23                                                                                   $    5.26                                                                        63 %
   Diluted                                                                                                                                            $           3.21                                                                                   $    5.22                                                                        63 %
                                                                                                                                                                                                                                                                                                                                   
Gross margin                                                                                                                                                      53.3 %                                                                                      53.4 %
Operating margin                                                                                                                                                  25.1 %                                                                                      38.2 %
                                                                                                                                                                                                                                                                                                                                   
Effective tax rate                                                                                                                                                31.7 %                                                                                      28.3 %
                                                                                                                                                                                                                                                                                                                                   
Cash dividends paid per common share                                                                                                                  $          1.210                                                                                   $   1.310
                                                                                                                                                                                                                                                                                                                                   
Shares (in thousands) used in the calculation of earnings per share
   Basic                                                                                                                                                       211,593                                                                                     202,977
   Diluted                                                                                                                                                     213,083                                                                                     204,280
                                                                                                                                                                                                                                                                                                                                   
 
                                                                                                              Brown-Forman Corporation
                                                                                                                 Unaudited Condensed
                                                                                                             Consolidated Balance Sheets
                                                                                                            As of April 30, 2015 and 2016
                                                                                                                      (Dollars
                                                                                                                    in millions)
 
                                                                                       2015                                   2016
                                                                                                                                     ---------------------------                                          ------------------------------------------
Assets:
Cash and cash equivalents                                                                                                                               $   370                                                              $                  263
Accounts receivable, net                                                                                                                                    583                                                                                 559
Inventories                                                                                                                                                 953                                                                               1,054
Other current assets                                                                                                                     348                                                              357
                                                                                                                                     -------------------- -----                                           -------------------- --------------------
   Total current assets                                                                                                                                   2,254                                                                               2,233
                                                                                                                                                                                                           
Property, plant, and equipment, net                                                                                                                         586                                                                                 629
Goodwill                                                                                                                                                    607                                                                                 590
Other intangible assets                                                                                                                                     611                                                                                 595
Other assets                                                                                                                             130                                                              136
                                                                                                                                     -------------------- -----                                           -------------------- --------------------
   Total assets                                                                                                                                         $ 4,188                                                              $                4,183
                                                                                                                                     ==================== =====                                           ==================== ====================
                                                                                                                                                                                                           
Liabilities:
Accounts payable and accrued expenses                                                                                                                   $   497                                                              $                  501
Accrued income taxes                                                                                                                                         12                                                                                  19
Short-term borrowings                                                                                                                                       190                                                                                 271
Current portion of long-term debt                                                                                                                           250                                                                      --
Other current liabilities                                                                                                                  9                                                   --
                                                                                                                                     -------------------- -----                                           -------------------- --------------------
   Total current liabilities                                                                                                                                958                                                                                 791
                                                                                                                                                                                                           
Long-term debt                                                                                                                                              743                                                                               1,230
Deferred income taxes                                                                                                                                       107                                                                                 101
Accrued postretirement benefits                                                                                                                             311                                                                                 353
Other liabilities                                                                                                                        164                                                              146
                                                                                                                                     -------------------- -----                                           -------------------- --------------------
   Total liabilities                                                                                                                                      2,283                                                                               2,621
                                                                                                                                                                                                           
Stockholders’ equity                                                                                        1,905                                                                               1,562
                                                                                                                                     -------------------- -----
                                                                                                                                                                                                           
Total liabilities and stockholders’ equity                                                                                   $ 4,188                                                              $                4,183
                                                                                                                                     ==================== =====                                           ==================== ====================
                                                                                                                                                                                                                                
 
                                                                                                                            Brown-Forman Corporation
                                                                                                                               Unaudited Condensed
                                                                                                                      Consolidated Statements of Cash Flows
                                                                                                                               For the Years Ended
                                                                                                                             April 30, 2015 and 2016
                                                                                                                              (Dollars in millions)
 
                                                                                             2015                                                     2016
                                                                                                                            ---------------------------------------------------------                                          -------------------------------------------------
                                                                                                                                                                                                                                
Cash provided by operating activities                                                                                                          $            608                                                                                   $    524
                                                                                                                                                                                                                                
Cash flows from investing activities:
   Proceeds from sale of business                                                                                                                --                                                                                        543
   Additions to property, plant, and equipment                                                                                                             (120 )                                                                                     (108 )
   Other                                                                                                                                  (5 )                                                                    (2 )
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- ------ --------------------
       Cash provided by (used for) investing activities                                                                                                    (125 )                                                                                      433
                                                                                                                                                                                                                                
Cash flows from financing activities:
   Net increase in short-term borrowings                                                                                                                    183                                                                                         80
   Repayment of long-term debt                                                                                                                   --                                                                                       (250 )
   Proceeds from long-term debt                                                                                                                  --                                                                                        490
   Debt issuance costs                                                                                                                           --                                                                                         (5 )
   Acquisition of treasury stock                                                                                                                           (462 )                                                                                   (1,107 )
   Dividends paid                                                                                                                                          (256 )                                                                                     (266 )
   Other                                                                                                                                   4                                                   (2 )
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- ------ --------------------
       Cash used for financing activities                                                                                                                  (531 )                                                                                   (1,060 )
                                                                                                                                                                                                                                
Effect of exchange rate changes on cash and cash equivalents                                                                             (19 )                                                                    (4 )
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                
Net decrease in cash and cash equivalents                                                                                                                   (67 )                                                                                     (107 )
                                                                                                                                                                                                                                
Cash and cash equivalents, beginning of period                                                                                           437                                                  370  
                                                                                                                            -------------------- -------------- --------------------                                           -------------------- ------ --------------------
                                                                                                                                                                                                                                
Cash and cash equivalents, end of period                                                                                                       $            370                                                                $    263  
                                                                                                                            ==================== ============== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                            
 
Schedule A
 
                                                                                                                               Brown-Forman Corporation
                                                                                                                         Supplemental Information (Unaudited)
                                                                                                                              
                                                                                                               ------------------------------------------------------------------------------------                                                               --------------------
                                                                                                                   Three Months             Twelve Months                                                                        Fiscal Year
                                                                                                                       Ended                                                          Ended                                                                               Ended
                                                                                                                  April 30, 2016           April 30, 2016                                                                      April 30, 2015
                                                                                                               -------------------- -------------------- -------------------- --------------------                                                                --------------------
                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                   
Reported change in net sales                                                                                           (1)%                                                           (2)%                                                                                 4%
Impact of foreign currencies                                                                                            3%                                                             6%                                                                                  3%
Acquisitions and divestitures                                                                                           2%                                                             1%                                                                            --%
Estimated net change in distributor inventories                                                                   --%                                                --%                                                                          (1)%
                                                                                                                                                                                                                                                                   
Underlying change in net sales                                                                                          4%                       5%                         6%
                                                                                                               -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                   
Reported change in gross profit                                                                                        (3)%                                                           (2)%                                                                                 5%
Impact of foreign currencies                                                                                            4%                                                             6%                                                                                  3%
Acquisitions and divestitures                                                                                           3%                                                             1%                                                                            --%
Estimated net change in distributor inventories                                                                         1%                                                       --%                                                                          (1)%
                                                                                                                                                                                                                                                                   
Underlying change in gross profit                                                                                       6%                       5%                         7%
                                                                                                               -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                   
Reported change in advertising                                                                                         (2)%                                                           (4)%                                                                           --%
Acquisitions and divestitures                                                                                           8%                                                             2%                                                                            --%
Impact of foreign currencies                                                                                            3%                                                             5%                                                                                  4%
                                                                                                                                                                                                                                                                   
Underlying change in advertising                                                                                        8%                       2%                         4%
                                                                                                               -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                   
Reported change in SG&A                                                                                                (3)%                                                           (1)%                                                                                 2%
Impact of foreign currencies                                                                                            1%                                                             4%                                                                                  2%
Estimated net change in distributor inventories                                                                   --%                                                --%                                                                     --%
Acquisitions and divestitures                                                                                          (2)%                                                      --%                                                                     --%
                                                                                                                                                                                                                                                                   
Underlying change in SG&A                                                                                              (3)%                      2%                         4%
                                                                                                               -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                   
Reported change in operating income                                                                                    212%                                                            49%                                                                                 6%
Estimated net change in distributor inventories                                                                         3%                                                             1%                                                                                 (3)%
Impact of foreign currencies                                                                                            2%                                                             4%                                                                                  6%
Acquisitions and divestitures                                                                                         (202)%                                                          (46)%                                                                          --%
                                                                                                                                                                                                                                                                   
Underlying change in operating income                                                                                   15%                                                            8%                                                                                  9%
                                                                                                                                                                                       
                                                                                                               -------------------- -------------------- -------------------- --------------------                                                                --------------------
Note: Totals may differ due to rounding
 

Notes:

We use certain financial measures in this report that are not measures of financial performance under GAAP. These non-GAAP measures, which are defined below, should be viewed as supplements to (not substitutes for) our results of operations and other measures reported under GAAP. The non-GAAP measures we use in this report may not be defined and calculated by other companies in the same manner.

We present changes in certain income statement line-items that are adjusted to an "underlying" basis, which we believe assists in understanding both our performance from period to period on a consistent basis, and the trends of our business. Non-GAAP "underlying" measures include changes in (a) underlying net sales, (b) underlying cost of sales, (c) underlying excise taxes, (d) underlying gross profit, (e) underlying advertising expenses, (f) underlying selling, general, and administrative (SG&A) expenses, and (g) underlying operating income. To calculate each of these measures, we adjust, as applicable, for (a) foreign currency exchange; (b) estimated net changes in distributor inventories; and (c) the impact of acquisition and divestiture activity. We explain these adjustments below.

-- "Foreign exchange." We calculate the percentage change in our income statement line-items in accordance with GAAP and adjust to exclude the cost or benefit of currency fluctuations. Adjusting for foreign exchange allows us to understand our business on a constant dollar basis, as fluctuations in exchange rates can distort the underlying trend both positively and negatively. (In this report, "dollar" always means the U.S. dollar unless stated otherwise.) To eliminate the effect of foreign exchange fluctuations when comparing across periods, we translate current year results at prior-year rates.

-- "Estimated net change in distributor inventories." This measure refers to the estimated net effect of changes in distributor inventories on changes in our measures. For each period being compared, we estimate the effect of distributor inventory changes on our results using depletion information provided to us by our distributors. We believe that this adjustment reduces the effect of varying levels of distributor inventories on changes in our measures and allows us to understand better our underlying results and trends.

-- "Acquisitions and divestitures." On January 14, 2016, we announced that we had reached an agreement to sell our Southern Comfort and Tuaca brands and related assets to Sazerac Company, Inc. The transaction closed March 1, 2016 for approximately $543 million in cash (subject to a post-closing inventory adjustment), which resulted in an estimated one-time operating income gain of approximately $485 million in the fourth quarter of fiscal 2016. This adjustment removes (a) the gain on sale, (b) transaction-related costs, and (c) operating activity for the period that is not comparable in calculating our underlying growth. On April 27, 2016, we announced that we had reached an agreement to purchase The BenRiach Distillery Company Limited. The purchase closed on June 1, 2016 for approximately ?281 million ($408 million USD as of June 1, 2016). Prior to the purchase of BenRiach, we incurred transaction related costs in fiscal 2016, which are removed from our results. We believe that these adjustments allow us to understand better our underlying results on a comparable basis.

Management uses "underlying" measures of performance to assist it in comparing and measuring our performance from period to period on a consistent basis, and in comparing our performance to that of our competitors. We also use underlying measures in connection with management incentive compensation calculations. Management also uses underlying measures in its planning and forecasting and in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We have provided reconciliations of the non-GAAP measures adjusted to an "underlying" basis to their nearest GAAP measures in the tables below under "Results of Operations - Year-Over-Year Comparisons" and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure.

 
Schedule B
 
                                                                                                                                                                                                                                     Brown-Forman Corporation
                                                                                                                                                                                                                                     Supplemental Worldwide
                                                                                                                                                                                                                                     Brand Information (Unaudited)
                                                                                                                                                                                                                                     Twelve Months Ended
                                                                                                                                                                                                                                     April 30, 2016
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                    % Change vs. FY2015
                                                                                                                                -------------------------------------------------------------------------------------------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Brand                                                                                                                                                             Depletions(000’s)                                                                         Depletions(1)                                                                                                                                   Net Sales(2)
                                                                                                                                --------------------------------------------------------------------------------    -------------------- -------------------- --------------------------------------------------------------------------------    -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            9-Liter                Equivalent                 9-Liter                Equivalent                Reported                  Foreign                    Net                  Underlying
                                                                                                                                                                              Conversion(3)                                                                                                                  Conversion                                                                                                                     Exchange                                                       Change in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Est.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Distributor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Inventories
                                                                 -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Jack Daniel’s Family                               22,326                   15,734                     5%                       5%                      (1)%                      6%                       1%                6%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Jack Daniel’s Tennessee Whiskey                    12,311                   12,311                     3%                       3%                      (1)%                      6%                      (1)%               4%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Jack Daniel’s Tennessee Honey                       1,459                    1,459                     8%                       8%                 --%                5%                       4%                9%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Other Jack Daniel’s Whiskey Brands(4)               1,212                    1,212                     30%                      30%                      11%                      5%                       12%               28%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Jack Daniel’s RTD/RTP(5)                            7,345                     734                      4%                       4%                      (7)%                      11%                --%         4%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Southern Comfort(6)                                                            1,866                    1,672                    (10)%                    (10)%                    (17)%                     4%                 --%        (6)%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Finlandia                                                                      2,995                    2,965                    (12)%                    (9)%                     (16)%                     13%                     (2)%              (5)%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
el Jimador(7)                                                                  1,146                    1,136                    (4)%                     (4)%                     (5)%                      9%                       1%                5%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
New Mix RTD(8)                                                                 5,857                     586                      14%                      14%                      2%                       20%                      0%                23%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Herradura(9)                                                                    396                      396                      6%                       6%                 --%                11%                      1%                13%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Woodford Reserve                                                                500                      500                      26%                      26%                      29%                      2%                      (3)%               28%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Canadian Mist                                                                  1,335                    1,335                    (11)%                    (11)%                    (10)%                     0%                      (1)%              (11)%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
Rest of Brand Portfolio                                                        3,981                    3,981                    (2)%                     (2)%                     (1)%                      5%                      (1)%               3%
(excludes Discontinued Brands)
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
   Total Portfolio                                                            40,481                   28,291                     2%                       0%                      (2)%                      6%                 --%         5%
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------
 
     Note: Totals may differ due to rounding.
 
     (1) Depletions are shipments direct to retail or from
     distributors to wholesale and retail customers, and are commonly
     regarded in the industry as an approximate measure of consumer
     demand.
     (2) Net sales is a shipment based metric; shipments and
     depletions can be different due to timing. Please see the Notes to
     Schedule A in this press release for additional information on the
     impact of foreign currencies and estimated net change in
     distributor inventories and the reasons why we believe that the
     presentation of these non-GAAP financial measures provides useful
     information to investors.
     (3) Equivalent conversion depletions represent the
     conversion of ready-to-drink (RTD) and ready-to-pour (RTP) brands
     to a similar drinks equivalent as the parent brand for various
     trademark families. RTD volumes are divided by 10, while RTP
     volumes are divided by 5.
     (4) Includes Gentleman Jack, Jack Daniel’s Single Barrel,
     Sinatra Select, No. 27 Gold, Jack Daniel’s Tennessee Fire, Jack
     Daniel’s Master’s Collection, Jack Daniel’s Rye, Jack Daniel’s
     1907, and Jack Daniel’s Single Barrel Barrel Proof whiskey.
     (5) Refers to RTD and RTP line extensions of Jack
     Daniel’s.
     (6) Reported net sales for Brown-Forman Corporation and
     Southern Comfort were negatively impacted by 1% point and 7%
     points respectively, due to their divestiture on March 1, 2016.
     Please see the Notes to Schedule A in this press release for
     additional information on the impact of acquisitions and
     divestitures and the reasons why we believe that the presentation
     of these non-GAAP financial measures provides useful information
     to investors.
     (7) Includes el Jimador, el Jimador Flavors, el Jimador
     RTDs.
     (8) New Mix RTD brand produced with el Jimador tequila.
     (9) Includes Herradura, Herradura Ultra, Herradura
     Coleccion De La Casa, and Herradura Seleccion Suprema.
 
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160608005747r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160608005747/en/

SOURCE: Brown-Forman Corporation

Brown-Forman Corporation 
Phil Lynch, 502-774-7928 
Vice President 
Director Corporate Communications and Public Relations 
or 
Jay Koval, 502-774-6903 
Vice President 
Director Investor Relations


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