Universal : 2021 Annual Report

ANNUAL

REPORT

est. 1918	2021

For over 100 years, Universal Corporation has been finding innovative solutions to serve our customers and meet their agri-products needs. We built a global presence, solidified long- term relationships with customers and suppliers, adapted to changing agricultural practices, embraced state of the art technology, and emerged as the recognized industry leader.

Today, we are a global business-to-businessagri-products supplier to consumer product manufacturers, operating in over 30 countries on five continents that sources and processes leaf tobacco and plant-based ingredients. Tobacco has been our principal focus since our founding in 1918, and we are the leading global leaf tobacco supplier. Through our plant- based ingredients platform, we provide a variety of value-added manufacturing processes to produce high-quality, specialty vegetable- and fruit-based ingredients for the food and beverage end markets.

Universal Corporation has a long history of operating with integrity, honesty, and a focus on quality. We are a vital link in the leaf tobacco supply chain, providing expertise in working with large numbers of farmers, efficiently selling various qualities of leaf to a broad global customer base, adapting to meet evolving customer needs, and delivering products that meet stringent quality and regulatory specifications. Going forward, we will build on our history by seeking opportunities in both tobacco and plant-based ingredients to leverage both our assets and expertise. We will continue our commitment to leadership in setting industry standards, operating with transparency, providing products that are responsibly-sourced, and investing in and strengthening the communities where we operate.

FINANCIAL HIGHLIGHTS

in thousands, except per share data	Fiscal Year Ended	Fiscal Year Ended	Fiscal Year Ended
		March 31, 2021	March 31, 2020	March 31, 2019
OPERATIONS
Sales and other operating revenues		$	1,983,357	$	1,909,979	$	2,227,153
Operating income			147,810		126,367		161,169
Segment operating income			169,199		138,121		186,772
Net income			96,314		78,003		110,134
Net income attributable to Universal Corporation		87,410		71,680		104,121
PER COMMON SHARE
Net income attributable to Universal Corporation*
common shareholders-diluted		$	3.53	$	2.86	$	4.11
Dividends declared			3.08		3.04		3.00
Market price at year end			58.99		44.21		57.63
AT YEAR END
Working capital		$	1,262,201	$	1,212,218	$	1,334,397
Total Universal Corporation shareholders' equity		1,307,299		1,246,665		1,337,087

3.53	2.86	4.11	4.14	0.88**	3.08	3.04	3.00	2.18	2.14	147.8	126.4	161.2	170.8	178.4
21	20	19	18	17	21	20	19	18	17	21	20	19	18	17

Net Income Per Diluted Share*	Dividends Declared	Operating Income
in dollars	in dollars	in millions of dollars

• Attributable to Universal Corporation common shareholders after deducting amounts attributable to noncontrolling interests in consolidated subsidiaries.
• Includes a one-time reduction of earnings available to common shareholders of $74 million, or $2.99 per diluted share, from the conversion for cash of the remaining shares of the Company's Series B 6.75% Convertible Perpetual Preferred Stock.

PG. 1

Universal Corporation

BOARD OF DIRECTORS

Universal Corporation

George C. Freeman, III 1 * 2	Lennart R. Freeman 1 3 4	MichaelT. Lawton 1 3 * 4	Thomas H.Tullidge, Jr. 2 3 5
Chairman, President and	Retired Executive	Retired Executive	Chief Strategy Officer,
Chief Executive Officer	Vice President	Vice President and	Legal and Finance
Universal Corporation	Swedish Match AB	Chief Financial Officer	Cary Street Partners
		Domino's Pizza, Inc.	Financial LLC
Diana F. Cantor 2 4 5 *	Thomas H. Johnson 1 4 * 5	Robert C. Sledd 2 * 3 5	JacquelineT.Williams 2 3 5
Partner	Chief Executive Officer	Managing Partner	Principal
Alternative Investment	TheTaffrail Group, LLC	PinnacleVentures, LLC	JTW Consulting
Management, LLC

1. Executive Committee
2. Finance and Pension Investment Committee
3. Audit Committee
4. Compensation Committee
5. Nominating and Corporate Governance Committee * Committee Chairman
   Lead Independent Director

DIRECTORS

Universal Leaf Tobacco Company, Inc./Universal Global Ventures, Inc. +

George C. Freeman, III	Catherine H. Claiborne	Friedrich G. Bossert	J. Patrick O'Keefe
Chairman, President and	SeniorVice President,	Managing Director,	SeniorVice President,
Chief Executive Officer	Administration and Secretary	Dark Air-Cured Region	Universal GlobalVentures, Inc.
Airton L. Hentschke	Candace C. Formacek	Cesar A. Bünecker	Gary S.Taylor
ExecutiveVice President and	SeniorVice President and	Managing Director,	Managing Director,
Chief Operating Officer	Treasurer	South America Region	Africa Region
Johan C. Kroner	Preston D.Wigner	Domenico Cardinali	Jonathan R.Wertheimer
ExecutiveVice President and	SeniorVice President,	Managing Director,	President,
Chief Financial Officer	General Counsel and	Europe Region	Socotab, L.L.C.
	Assistant Secretary
Theodore G. Broome	Paul G. Beevor	Clayton G. Frazier
ExecutiveVice President and	Managing Director,	Managing Director,
Sales Director	Asia Region	North America Region

PG. 2

Universal Corporation

OFFICERS

Universal Corporation

George C. Freeman, III	Catherine H. Claiborne	JosephW. Hearington, Jr.	Preston D.Wigner
Chairman, President and	Vice President and	Vice President,	Vice President, General
Chief Executive Officer	Assistant Secretary	Internal Auditing	Counsel and Secretary
Airton L. Hentschke	Steven S. Diel	H. Michael Ligon	Beth Ann Luther
SeniorVice President and	Vice President,	Vice President,	Corporate Director,
Chief Operating Officer	Business Development	Corporate Affairs	Taxes
Johan C. Kroner	Candace C. Formacek	Harvard B. Smith	Jennifer S. Rowe
SeniorVice President and	Vice President and	Vice President and	AssistantVice President,
Chief Financial Officer	Treasurer	Chief Compliance Officer	Capital Markets
Scott J. Bleicher
Vice President and
Controller

CHAIRMEN EMERITUS

Henry H. Harrell

Allen B. King

PG. 3

Universal Corporation