Britvic Gross profit (FY, 2018)801.6 M

Britvic Gross profit margin (FY, 2018), %53.3%

Britvic Net income (FY, 2018)117.1 M

Britvic EBIT (FY, 2018)166.1 M

Britvic Cash, 30-Sep-2018109.5 M

Britvic EV1.9 B

Britvic revenue was £1.50 b in FY, 2018

Britvic revenue breakdown by business segment: 8.6% from Brazil, 18.3% from France, 10.7% from Ireland, 40.1% from GB Carbs, 18.5% from GB Stills and 3.7% from Other

Britvic revenue breakdown by geographic segment: 8.6% from Brazil, 18.7% from France, 9.3% from Republic of Ireland, 61.7% from United Kingdom and 1.6% from Other

GBP | FY, 2005 | FY, 2006 | FY, 2007 | FY, 2008 | FY, 2009 | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 698.2m | 677.9m | 716.3m | 926.5m | 978.8m | 1.1b | 1.3b | 1.3b | 1.3b | 1.3b | 1.3b | 1.4b | 1.5b | 1.5b |

| (3%) | 6% | 29% | 6% | 16% | 13% | (3%) | 5% | 2% | (3%) | 10% | 8% | ||

## Cost of goods sold | 269.5m | 263.5m | 286.0m | 426.1m | 450.9m | 511.6m | 627.3m | 624.6m | 646.9m | 617.5m | 581.4m | 659.3m | 724.3m | 702.0m |

## Gross profit | 428.7m | 414.4m | 430.3m | 500.4m | 527.9m | 627.0m | 663.1m | 631.8m | 675.0m | 726.9m | 718.7m | 772.0m | 816.5m | 801.6m |

| 61% | 61% | 60% | 54% | 54% | 55% | 51% | 50% | 51% | 54% | 55% | 54% | 53% | 53% |

## Sales and marketing expense | 402.3m | 443.8m | ||||||||||||

## General and administrative expense | 193.3m | 209.7m | ||||||||||||

## Operating expense total | 358.5m | 359.8m | 356.0m | 422.0m | 438.1m | 629.5m | 551.2m | 523.9m | 566.2m | 581.6m | 562.1m | 595.6m | 653.5m | 635.5m |

## EBITDA | 97.6m | 116.8m | 125.8m | 128.5m | 39.9m | 160.4m | 151.8m | 152.5m | 187.2m | 197.6m | 225.9m | 222.3m | ||

| 14% | 16% | 14% | 13% | 4% | 12% | 12% | 12% | 14% | 15% | 16% | 14% | ||

## EBIT | 70.2m | 54.6m | 74.3m | 78.4m | 89.8m | (2.5m) | 111.9m | 107.9m | 108.8m | 145.3m | 156.6m | 176.4m | 163.0m | 166.1m |

| 10% | 8% | 10% | 8% | 9% | 0% | 9% | 9% | 8% | 11% | 12% | 12% | 11% | 11% |

## Pre tax profit | 64.2m | 36.5m | 55.6m | 51.8m | 66.2m | (28.8m) | 79.9m | 77.5m | 82.6m | 120.1m | 137.6m | 151.9m | 138.8m | 145.8m |

## Income tax expense | (20.8m) | (12.3m) | (13.1m) | (20.0m) | (19.4m) | (19.4m) | (21.5m) | (20.1m) | (20.7m) | (30.4m) | (33.8m) | (37.4m) | (27.2m) | (28.7m) |

## Net Income | 43.4m | 24.2m | 42.5m | 31.8m | 46.8m | (48.2m) | 58.4m | 57.4m | 61.9m | 89.7m | 103.8m | 114.5m | 111.6m | 117.1m |

- Source: Company Filings

GBP | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Revenue | 650.3m | 678.0m | 756.3m | 733.2m |

## Cost of goods sold | 294.3m | 313.1m | 363.0m | 342.1m |

## Gross profit | 356.0m | 364.9m | 393.3m | 391.1m |

| 55% | 54% | 52% | 53% |

## Sales and marketing expense | 186.0m | 198.9m | 225.3m | 208.8m |

## General and administrative expense | 108.7m | 99.2m | 105.2m | 129.4m |

## Operating expense total | 294.7m | 298.1m | 330.5m | 338.2m |

## EBIT | 61.3m | 66.8m | 62.8m | 52.9m |

| 9% | 10% | 8% | 7% |

## Interest expense | 12.4m | 14.4m | 14.2m | 11.5m |

## Interest income | 800.0k | 1.5m | 1.5m | 400.0k |

## Pre tax profit | 49.7m | 53.9m | 50.1m | 41.8m |

## Income tax expense | 11.8m | 13.3m | 11.5m | 8.5m |

## Net Income | 37.9m | 40.6m | 38.6m | 33.3m |

- Source: Company Filings

GBP | FY, 2005 | FY, 2006 | FY, 2007 | FY, 2008 | FY, 2009 | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 19.4m | 19.2m | 27.3m | 13.9m | 39.7m | 54.0m | 43.0m | 49.5m | 94.0m | 144.0m | 239.6m | 205.9m | 82.5m | 109.5m |

## Accounts Receivable | 85.5m | 87.2m | 113.3m | 132.2m | 145.5m | 184.4m | 209.1m | 207.7m | 236.4m | 250.0m | 269.2m | 278.6m | 283.7m | 313.4m |

## Inventories | 37.9m | 31.7m | 45.3m | 49.4m | 52.9m | 83.6m | 88.5m | 73.8m | 90.8m | 84.7m | 86.7m | 112.7m | 146.7m | 144.5m |

## Current Assets | 159.1m | 151.1m | 203.6m | 216.3m | 277.4m | 366.6m | 384.4m | 380.8m | 464.6m | 510.1m | 634.6m | 724.0m | 572.0m | 651.0m |

## PP&E | 237.3m | 220.6m | 227.4m | 228.1m | 226.1m | 247.7m | 243.8m | 236.6m | 215.7m | 221.0m | 244.2m | 382.4m | 461.6m | 573.6m |

## Goodwill | 150.1m | 195.3m | 209.5m | |||||||||||

## Total Assets | 493.1m | 467.1m | 696.6m | 741.3m | 853.5m | 1.0b | 1.1b | 1.0b | 1.1b | 1.1b | 1.3b | 1.6b | 1.6b | 1.7b |

## Accounts Payable | 83.1m | 92.3m | 110.8m | 143.7m | 187.0m | 231.9m | 235.9m | 230.9m | 237.1m | 248.4m | 261.9m | 249.8m | 293.5m | 267.3m |

## Short-term debt | 2.9m | 288.1m | 89.7m | |||||||||||

## Current Liabilities | 166.3m | 171.4m | 223.2m | 266.5m | 303.3m | 366.8m | 390.0m | 371.9m | 505.4m | 434.3m | 459.4m | 779.4m | 617.8m | 698.8m |

## Long-term debt | 572.4m | 491.7m | 582.7m | |||||||||||

## Non-Current Liabilities | 304.6m | 353.4m | 469.1m | 465.5m | 552.7m | 710.6m | 652.9m | 616.8m | 519.3m | 584.6m | 627.9m | 574.0m | 655.9m | 588.0m |

## Total Debt | 17.5m | 13.1m | 11.6m | 2.2m | 2.7m | 1.5m | 100.0k | 114.2m | 23.1m | 58.4m | ||||

## Total Liabilities | 470.9m | 524.8m | 692.3m | 732.0m | 856.0m | 1.1b | 1.0b | 988.7m | 1.0b | 1.0b | 1.1b | 1.4b | 1.3b | 1.3b |

## Common Stock | 52.2m | 52.6m | 52.8m | |||||||||||

## Additional Paid-in Capital | 12.3m | 43.2m | 43.2m | 43.2m | 43.4m | 48.0m | 48.3m | 48.5m | 49.0m | 49.4m | 52.2m | 52.6m | 52.8m | 52.9m |

## Retained Earnings | (192.6m) | (80.8m) | 20.3m | 7.1m | 19.0m | (76.9m) | 28.5m | 14.9m | 19.4m | 42.9m | 50.9m | 53.6m | 111.6m | 45.4m |

## Total Equity | 22.2m | (57.7m) | 4.3m | 9.3m | (2.5m) | (30.7m) | 22.5m | 37.1m | 40.9m | 83.1m | 211.8m | 281.0m | 339.3m | 377.3m |

## Debt to Equity Ratio | -0.3 x | 3 x | 1.2 x | 0.1 x | 0.1 x | 0 x | 0 x | 0.4 x | 0.1 x | 0.2 x | ||||

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0.1 x | 0 x | 0 x | ||||

## Financial Leverage | 22.2 x | -8.1 x | 162 x | 79.7 x | -341.4 x | -34.1 x | 47.4 x | 27.6 x | 26.1 x | 13.3 x | 6.1 x | 5.8 x | 4.8 x | 4.4 x |

GBP | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Cash | 56.7m | 66.8m | 40.7m | 44.2m |

## Accounts Receivable | 285.2m | 316.7m | 336.8m | 363.1m |

## Inventories | 91.9m | 111.9m | 143.5m | 144.5m |

## Current Assets | 437.3m | 555.2m | 564.5m | 584.3m |

## PP&E | 213.8m | 299.5m | 423.6m | 474.0m |

## Total Assets | 1.1b | 1.3b | 1.6b | 1.6b |

## Accounts Payable | 345.0m | 401.9m | 445.9m | 385.8m |

## Short-term debt | 3.9m | 161.2m | 120.1m | 280.1m |

## Current Liabilities | 378.7m | 577.6m | 615.0m | 763.2m |

## Long-term debt | 594.5m | 455.0m | 611.0m | 456.0m |

## Non-Current Liabilities | 625.1m | 543.5m | 682.3m | 540.3m |

## Total Debt | 598.4m | 616.2m | 731.1m | 736.1m |

## Total Liabilities | 1.0b | 1.1b | 1.3b | 1.3b |

## Common Stock | 49.6m | 52.5m | 52.7m | 52.9m |

## Additional Paid-in Capital | 37.7m | 128.0m | 132.7m | 138.1m |

## Retained Earnings | (106.5m) | (82.2m) | (51.7m) | 34.0m |

## Total Equity | 72.2m | 220.0m | 275.3m | 317.6m |

## Debt to Equity Ratio | 8.3 x | 2.8 x | 2.7 x | |

## Debt to Assets Ratio | 0.6 x | 0.5 x | 0.5 x | |

## Financial Leverage | 14.9 x | 6.1 x | 5.7 x | 5.1 x |

GBP | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|

## Net Income | 89.7m | 103.8m | 114.5m | 111.6m | 117.1m |

## Depreciation and Amortization | 41.0m | 49.5m | 59.3m | ||

## Accounts Receivable | (21.5m) | 10.9m | 4.3m | ||

## Inventories | (4.4m) | (300.0k) | (24.2m) | ||

## Accounts Payable | 36.1m | (40.3m) | 41.2m | ||

## Cash From Operating Activities | 146.6m | 166.9m | 132.8m | 198.0m | 217.3m |

## Purchases of PP&E | (54.1m) | (114.2m) | (139.8m) | ||

## Cash From Investing Activities | (57.0m) | (154.7m) | (188.5m) | ||

## Short-term Borrowings | (900.0k) | 104.7m | (91.4m) | ||

## Long-term Borrowings | (18.0m) | (38.2m) | (123.4m) | ||

## Dividends Paid | 46.8m | 52.9m | 60.9m | 64.9m | 71.7m |

## Cash From Financing Activities | (37.3m) | (13.3m) | (13.9m) | (130.8m) | 96.4m |

## Net Change in Cash | 52.0m | 96.6m | (35.8m) | (121.3m) | 28.4m |

GBP | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Net Income | 33.3m | |||

## Depreciation and Amortization | 22.1m | 25.3m | 31.4m | 35.2m |

## Accounts Receivable | (14.1m) | 1.8m | (10.0m) | (47.9m) |

## Inventories | (10.2m) | (6.7m) | (19.4m) | (3.4m) |

## Accounts Payable | (17.6m) | (44.5m) | 20.1m | 16.0m |

## Cash From Operating Activities | 8.2m | (1.4m) | 44.6m | 26.2m |

## Purchases of PP&E | (19.5m) | (43.3m) | (74.5m) | (56.9m) |

## Cash From Investing Activities | (18.5m) | (86.6m) | (137.2m) | (99.4m) |

## Short-term Borrowings | (700.0k) | 3.7m | (67.8m) | 155.2m |

## Long-term Borrowings | (18.0m) | (38.0m) | (119.6m) | (54.9m) |

## Dividends Paid | (36.4m) | (42.6m) | (45.9m) | (50.8m) |

## Cash From Financing Activities | (76.1m) | (86.9m) | (72.7m) | 36.3m |

## Net Change in Cash | (86.4m) | (174.9m) | (165.3m) | (36.9m) |

GBP | Y, 2018 |
---|---|

## EV/EBIT | 11.7 x |

## EV/CFO | 8.9 x |

## Revenue/Employee | 315.9k |

## Debt/Equity | 0.2 x |

## Financial Leverage | 4.4 x |

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Britvic's Volume of Drinks Sold, million litres was reported to be 1.2 k in H1, 2018.

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