£733.2 M

Britvic Revenue H1, 2018
Britvic Gross profit (H1, 2018)391.1 M
Britvic Gross profit margin (H1, 2018), %53.3%
Britvic Net income (H1, 2018)33.3 M
Britvic EBIT (H1, 2018)52.9 M
Britvic Cash, 15-Apr-201844.2 M
Britvic EV2.7 B

Britvic Revenue

Britvic revenue was £1.54 b in FY, 2017 which is a 7.7% year over year increase from the previous period.

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Britvic Revenue Breakdown

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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

Britvic Income Statement

Annual

GBPFY, 2005FY, 2006FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

698.2 m677.9 m716.3 m926.5 m978.8 m1.1 b1.3 b1.3 b1.3 b1.3 b1.3 b1.4 b1.5 b

Revenue growth, %

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

Cost of goods sold

269.5 m263.5 m286 m426.1 m450.9 m511.6 m627.3 m624.6 m646.9 m617.5 m581.4 m659.3 m724.3 m

Gross profit

428.7 m414.4 m430.3 m500.4 m527.9 m627 m663.1 m631.8 m675 m726.9 m718.7 m772 m816.5 m

Gross profit Margin, %

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

Sales and marketing expense

402.3 m443.8 m

General and administrative expense

193.3 m209.7 m

Operating expense total

358.5 m359.8 m356 m422 m438.1 m629.5 m551.2 m523.9 m566.2 m581.6 m562.1 m595.6 m653.5 m

EBITDA

97.6 m116.8 m125.8 m128.5 m39.9 m160.4 m151.8 m152.5 m187.2 m197.6 m225.9 m222.3 m

EBITDA margin, %

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

EBIT

70.2 m54.6 m74.3 m78.4 m89.8 m(2.5 m)111.9 m107.9 m108.8 m145.3 m156.6 m176.4 m163 m

EBIT margin, %

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

Pre tax profit

64.2 m36.5 m55.6 m51.8 m66.2 m(28.8 m)79.9 m77.5 m82.6 m120.1 m137.6 m151.9 m138.8 m

Income tax expense

(20.8 m)(12.3 m)(13.1 m)(20 m)(19.4 m)(19.4 m)(21.5 m)(20.1 m)(20.7 m)(30.4 m)(33.8 m)(37.4 m)(27.2 m)

Net Income

43.4 m24.2 m42.5 m31.8 m46.8 m(48.2 m)58.4 m57.4 m61.9 m89.7 m103.8 m114.5 m111.6 m

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Revenue

650.3 m678 m756.3 m733.2 m

Cost of goods sold

294.3 m313.1 m363 m342.1 m

Gross profit

356 m364.9 m393.3 m391.1 m

Gross profit Margin, %

55%54%52%53%

Sales and marketing expense

186 m198.9 m225.3 m208.8 m

General and administrative expense

108.7 m99.2 m105.2 m129.4 m

Operating expense total

294.7 m298.1 m330.5 m338.2 m

EBIT

61.3 m66.8 m62.8 m52.9 m

EBIT margin, %

9%10%8%7%

Interest expense

12.4 m14.4 m14.2 m11.5 m

Interest income

800 k1.5 m1.5 m400 k

Pre tax profit

49.7 m53.9 m50.1 m41.8 m

Income tax expense

11.8 m13.3 m11.5 m8.5 m

Net Income

37.9 m40.6 m38.6 m33.3 m

Britvic Balance Sheet

Annual

GBPFY, 2005FY, 2006FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

19.4 m19.2 m27.3 m13.9 m39.7 m54 m43 m49.5 m94 m144 m239.6 m205.9 m82.5 m

Accounts Receivable

85.5 m87.2 m113.3 m132.2 m145.5 m184.4 m209.1 m207.7 m236.4 m250 m269.2 m278.6 m283.7 m

Inventories

37.9 m31.7 m45.3 m49.4 m52.9 m83.6 m88.5 m73.8 m90.8 m84.7 m86.7 m112.7 m146.7 m

Current Assets

159.1 m151.1 m203.6 m216.3 m277.4 m366.6 m384.4 m380.8 m464.6 m510.1 m634.6 m724 m572 m

PP&E

237.3 m220.6 m227.4 m228.1 m226.1 m247.7 m243.8 m236.6 m215.7 m221 m244.2 m382.4 m461.6 m

Goodwill

150.1 m195.3 m209.5 m

Total Assets

493.1 m467.1 m696.6 m741.3 m853.5 m1 b1.1 b1 b1.1 b1.1 b1.3 b1.6 b1.6 b

Accounts Payable

83.1 m92.3 m110.8 m143.7 m187 m231.9 m235.9 m230.9 m237.1 m248.4 m261.9 m249.8 m293.5 m

Short-term debt

2.9 m288.1 m89.7 m

Current Liabilities

166.3 m171.4 m223.2 m266.5 m303.3 m366.8 m390 m371.9 m505.4 m434.3 m459.4 m779.4 m617.8 m

Long-term debt

572.4 m491.7 m582.7 m

Non-Current Liabilities

304.6 m353.4 m469.1 m465.5 m552.7 m710.6 m652.9 m616.8 m519.3 m584.6 m627.9 m574 m655.9 m

Total Debt

17.5 m13.1 m11.6 m2.2 m2.7 m1.5 m100 k114.2 m23.1 m

Total Liabilities

470.9 m524.8 m692.3 m732 m856 m1.1 b1 b988.7 m1 b1 b1.1 b1.4 b1.3 b

Common Stock

52.2 m52.6 m52.8 m

Additional Paid-in Capital

12.3 m43.2 m43.2 m43.2 m43.4 m48 m48.3 m48.5 m49 m49.4 m52.2 m52.6 m52.8 m

Retained Earnings

(192.6 m)(80.8 m)20.3 m7.1 m19 m(76.9 m)28.5 m14.9 m19.4 m42.9 m50.9 m53.6 m111.6 m

Total Equity

22.2 m(57.7 m)4.3 m9.3 m(2.5 m)(30.7 m)22.5 m37.1 m40.9 m83.1 m211.8 m281 m339.3 m

Debt to Equity Ratio

-0.3 x3 x1.2 x0.1 x0.1 x0 x0 x0.4 x0.1 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x0 x0 x0.1 x0 x

Financial Leverage

22.2 x-8.1 x162 x79.7 x-341.4 x-34.1 x47.4 x27.6 x26.1 x13.3 x6.1 x5.8 x4.8 x

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Cash

56.7 m66.8 m40.7 m44.2 m

Accounts Receivable

285.2 m316.7 m336.8 m363.1 m

Inventories

91.9 m111.9 m143.5 m144.5 m

Current Assets

437.3 m555.2 m564.5 m584.3 m

PP&E

213.8 m299.5 m423.6 m474 m

Total Assets

1.1 b1.3 b1.6 b1.6 b

Accounts Payable

345 m401.9 m445.9 m385.8 m

Short-term debt

3.9 m161.2 m120.1 m280.1 m

Current Liabilities

378.7 m577.6 m615 m763.2 m

Long-term debt

594.5 m455 m611 m456 m

Non-Current Liabilities

625.1 m543.5 m682.3 m540.3 m

Total Debt

598.4 m616.2 m731.1 m736.1 m

Total Liabilities

1 b1.1 b1.3 b1.3 b

Common Stock

49.6 m52.5 m52.7 m52.9 m

Additional Paid-in Capital

37.7 m128 m132.7 m138.1 m

Retained Earnings

(106.5 m)(82.2 m)(51.7 m)34 m

Total Equity

72.2 m220 m275.3 m317.6 m

Debt to Equity Ratio

8.3 x2.8 x2.7 x

Debt to Assets Ratio

0.6 x0.5 x0.5 x

Financial Leverage

14.9 x6.1 x5.7 x5.1 x

Britvic Cash Flow

Annual

GBPFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

89.7 m103.8 m114.5 m111.6 m

Depreciation and Amortization

41 m49.5 m59.3 m

Accounts Receivable

(21.5 m)10.9 m4.3 m

Inventories

(4.4 m)(300 k)(24.2 m)

Accounts Payable

36.1 m(40.3 m)41.2 m

Cash From Operating Activities

146.6 m166.9 m132.8 m198 m

Purchases of PP&E

(54.1 m)(114.2 m)(139.8 m)

Cash From Investing Activities

(57 m)(154.7 m)(188.5 m)

Short-term Borrowings

(900 k)104.7 m(91.4 m)

Long-term Borrowings

(18 m)(38.2 m)(123.4 m)

Dividends Paid

46.8 m52.9 m60.9 m64.9 m

Cash From Financing Activities

(37.3 m)(13.3 m)(13.9 m)(130.8 m)

Net Change in Cash

52 m96.6 m(35.8 m)(121.3 m)

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Net Income

33.3 m

Depreciation and Amortization

22.1 m25.3 m31.4 m35.2 m

Accounts Receivable

(14.1 m)1.8 m(10 m)(47.9 m)

Inventories

(10.2 m)(6.7 m)(19.4 m)(3.4 m)

Accounts Payable

(17.6 m)(44.5 m)20.1 m16 m

Cash From Operating Activities

8.2 m(1.4 m)44.6 m26.2 m

Purchases of PP&E

(19.5 m)(43.3 m)(74.5 m)(56.9 m)

Cash From Investing Activities

(18.5 m)(86.6 m)(137.2 m)(99.4 m)

Short-term Borrowings

(700 k)3.7 m(67.8 m)155.2 m

Long-term Borrowings

(18 m)(38 m)(119.6 m)(54.9 m)

Dividends Paid

(36.4 m)(42.6 m)(45.9 m)(50.8 m)

Cash From Financing Activities

(76.1 m)(86.9 m)(72.7 m)36.3 m

Net Change in Cash

(86.4 m)(174.9 m)(165.3 m)(36.9 m)

Britvic Ratios

GBPY, 2018

EV/EBIT

50.7 x

EV/CFO

102.4 x

Revenue/Employee

156.9 k

Financial Leverage

5.1 x
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Britvic Operating Metrics

Britvic's Volume of Drinks Sold, million litres was reported to be 1.2 k in H1, 2018.
Q1, 2015H1, 2015Q3, 2015FY, 2015Q1, 2016H1, 2016Q3, 2016FY, 2016Q1, 2017H1, 2017Q3, 2017FY, 2017Q1, 2018H1, 2018

Volume of Drinks Sold, million litres

498.40 1 k524.60 2.12 k543.30 1.17 k570.70 2.34 k564.70 1.10 k583.80 2.37 k564.70 1.20 k

Average Realised Price per litre

£0.60 £0.61 £0.61 £0.56 £0.60 £0.59 £0.61 £0.62 £0.64 £0.63 £0.57 £0.57

Volume of Drinks Sold (GB Carbonates), million litres

290.90 616.70 291.10 1.21 k287.50 631.20 304.70 1.26 k308.30 644.40 312.80 1.28 k306.90 677.30

Average Realised Price per litre (GB Carbonates)

£0.46 £0.47 £0.47 £0.47 £0.46 £0.47 £0.47 £0.47 £0.46 £0.47 £0.49 £0.48 £0.43 £0.44

Volume of Drinks Sold (GB Stills), million litres

83.40 184.50 99.60 377.50 82.50 174.30 91.40 357.60 81.70 177 96.60 359.50 78.10 172.60

Average Realised Price per litre (GB Stills)

£0.88 £0.87 £0.82 £0.85 £0.87 £0.85 £0.80 £0.84 £0.85 £0.81 £0.75 £0.79 £0.78 £0.75

Volume of Drinks Sold (France), million litres

63.20 142.60 72.10 288.90 63.70 137.70 70.90 280 64.60 142.10 73.70 281 59.90 136.60

Average Realised Price per litre (France)

£0.84 £0.83 £0.61 £0.83 £0.72 £0.79 £0.90 £0.87 £0.92 £0.95 £1.05 £1.01 £0.96 £97.70

Volume of Drinks Sold (Ireland), million litres

51.60 103 49.60 202.20 50.10 104.20 53.70 209.50 53.60 112 52.40 216.50 53.70 115.40

Average Realised Price per litre (Ireland)

£0.52 £0.50 £0.49 £0.50 £0.48 £0.49 £0.51 £0.51 £0.55 £0.55 £0.55 £0.56 £0.53 £0.54

Volume of Drinks Sold (International), million litres

9.30 17.80 12.20 41.30 7.80 18.90 11 41.90 8.90 19 10.70 41.50 7.50 18.70

Average Realised Price per litre (International)

£1.15 £1.29 £1.16 £1.26 £1.04 £1.11 £1.33 £1.21 £1.23 £1.38 £1.47 £1.38 £1.05 £1.07

Volume of Drinks Sold (Brazil), million litres

51.70 102.60 39 184.60 47.60 98.10 37.60 186.30 58.60 114.50

Average Realised Price per litre (Brazil)

£0.42 £0.43 £0.51 £0.49 £0.69 £0.72 £0.71 £0.71 £0.61 £0.60
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