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

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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

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

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

## Cost of goods sold | 269.5 m | 263.5 m | 286 m | 426.1 m | 450.9 m | 511.6 m | 627.3 m | 624.6 m | 646.9 m | 617.5 m | 581.4 m | 659.3 m | 724.3 m |

## Gross profit | 428.7 m | 414.4 m | 430.3 m | 500.4 m | 527.9 m | 627 m | 663.1 m | 631.8 m | 675 m | 726.9 m | 718.7 m | 772 m | 816.5 m |

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

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

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

## Operating expense total | 358.5 m | 359.8 m | 356 m | 422 m | 438.1 m | 629.5 m | 551.2 m | 523.9 m | 566.2 m | 581.6 m | 562.1 m | 595.6 m | 653.5 m |

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

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

## EBIT | 70.2 m | 54.6 m | 74.3 m | 78.4 m | 89.8 m | (2.5 m) | 111.9 m | 107.9 m | 108.8 m | 145.3 m | 156.6 m | 176.4 m | 163 m |

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

## Pre tax profit | 64.2 m | 36.5 m | 55.6 m | 51.8 m | 66.2 m | (28.8 m) | 79.9 m | 77.5 m | 82.6 m | 120.1 m | 137.6 m | 151.9 m | 138.8 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 m | 24.2 m | 42.5 m | 31.8 m | 46.8 m | (48.2 m) | 58.4 m | 57.4 m | 61.9 m | 89.7 m | 103.8 m | 114.5 m | 111.6 m |

- Source: Company Filings

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

## Revenue | 650.3 m | 678 m | 756.3 m | 733.2 m |

## Cost of goods sold | 294.3 m | 313.1 m | 363 m | 342.1 m |

## Gross profit | 356 m | 364.9 m | 393.3 m | 391.1 m |

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

## Sales and marketing expense | 186 m | 198.9 m | 225.3 m | 208.8 m |

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

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

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

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

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

## Interest income | 800 k | 1.5 m | 1.5 m | 400 k |

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

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

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

- 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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 19.4 m | 19.2 m | 27.3 m | 13.9 m | 39.7 m | 54 m | 43 m | 49.5 m | 94 m | 144 m | 239.6 m | 205.9 m | 82.5 m |

## Accounts Receivable | 85.5 m | 87.2 m | 113.3 m | 132.2 m | 145.5 m | 184.4 m | 209.1 m | 207.7 m | 236.4 m | 250 m | 269.2 m | 278.6 m | 283.7 m |

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

## Current Assets | 159.1 m | 151.1 m | 203.6 m | 216.3 m | 277.4 m | 366.6 m | 384.4 m | 380.8 m | 464.6 m | 510.1 m | 634.6 m | 724 m | 572 m |

## PP&E | 237.3 m | 220.6 m | 227.4 m | 228.1 m | 226.1 m | 247.7 m | 243.8 m | 236.6 m | 215.7 m | 221 m | 244.2 m | 382.4 m | 461.6 m |

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

## Total Assets | 493.1 m | 467.1 m | 696.6 m | 741.3 m | 853.5 m | 1 b | 1.1 b | 1 b | 1.1 b | 1.1 b | 1.3 b | 1.6 b | 1.6 b |

## Accounts Payable | 83.1 m | 92.3 m | 110.8 m | 143.7 m | 187 m | 231.9 m | 235.9 m | 230.9 m | 237.1 m | 248.4 m | 261.9 m | 249.8 m | 293.5 m |

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

## Current Liabilities | 166.3 m | 171.4 m | 223.2 m | 266.5 m | 303.3 m | 366.8 m | 390 m | 371.9 m | 505.4 m | 434.3 m | 459.4 m | 779.4 m | 617.8 m |

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

## Non-Current Liabilities | 304.6 m | 353.4 m | 469.1 m | 465.5 m | 552.7 m | 710.6 m | 652.9 m | 616.8 m | 519.3 m | 584.6 m | 627.9 m | 574 m | 655.9 m |

## Total Debt | 17.5 m | 13.1 m | 11.6 m | 2.2 m | 2.7 m | 1.5 m | 100 k | 114.2 m | 23.1 m | ||||

## Total Liabilities | 470.9 m | 524.8 m | 692.3 m | 732 m | 856 m | 1.1 b | 1 b | 988.7 m | 1 b | 1 b | 1.1 b | 1.4 b | 1.3 b |

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

## Additional Paid-in Capital | 12.3 m | 43.2 m | 43.2 m | 43.2 m | 43.4 m | 48 m | 48.3 m | 48.5 m | 49 m | 49.4 m | 52.2 m | 52.6 m | 52.8 m |

## Retained Earnings | (192.6 m) | (80.8 m) | 20.3 m | 7.1 m | 19 m | (76.9 m) | 28.5 m | 14.9 m | 19.4 m | 42.9 m | 50.9 m | 53.6 m | 111.6 m |

## Total Equity | 22.2 m | (57.7 m) | 4.3 m | 9.3 m | (2.5 m) | (30.7 m) | 22.5 m | 37.1 m | 40.9 m | 83.1 m | 211.8 m | 281 m | 339.3 m |

## 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 | ||||

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

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

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

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

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

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

## PP&E | 213.8 m | 299.5 m | 423.6 m | 474 m |

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

## Accounts Payable | 345 m | 401.9 m | 445.9 m | 385.8 m |

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

## Current Liabilities | 378.7 m | 577.6 m | 615 m | 763.2 m |

## Long-term debt | 594.5 m | 455 m | 611 m | 456 m |

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

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

## Total Liabilities | 1 b | 1.1 b | 1.3 b | 1.3 b |

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

## Additional Paid-in Capital | 37.7 m | 128 m | 132.7 m | 138.1 m |

## Retained Earnings | (106.5 m) | (82.2 m) | (51.7 m) | 34 m |

## Total Equity | 72.2 m | 220 m | 275.3 m | 317.6 m |

## 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 |
---|---|---|---|---|

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

## Depreciation and Amortization | 41 m | 49.5 m | 59.3 m | |

## Accounts Receivable | (21.5 m) | 10.9 m | 4.3 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 m | 166.9 m | 132.8 m | 198 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 m | 52.9 m | 60.9 m | 64.9 m |

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

## Net Change in Cash | 52 m | 96.6 m | (35.8 m) | (121.3 m) |

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

## Net Income | 33.3 m | |||

## Depreciation and Amortization | 22.1 m | 25.3 m | 31.4 m | 35.2 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 m | 16 m |

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

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

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