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Enjoying Life's Everyday Moments Enjoying life’s everyday moments Annual Report and Accounts 2019 Annual Report and Accounts 2019 Britvic’s commitment to building brands, continuous innovation and sustainability, alongside its renewed focus on creating a culture of winning together, sets us up to be the world’s most dynamic soft drinks company. Britvic in Chief Executive numbers Officer’s statement 2 7 Chairman’s statement 6 Strategic Report 54 Nomination Committee Report Cautionary note regarding forward- 2 Britvic in numbers 56 Audit Committee Report looking statements 4 Our business at a glance 60 Directors’ Remuneration Report This report includes statements that are forward-looking 5 Our brands 66 Annual Report on Remuneration in nature. Forward-looking statements involve known and 6 Chairman’s statement 76 Directors’ Report unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of 7 Chief Executive Officer’s statement 79 Statement of Directors’ responsibilities the Group to be materially different from any future results, 10 Market drivers performance or achievements expressed or implied by 12 Our business model Financial Statements such forward-looking statements. Except as required by 14 Our strategy at a glance 80 Independent Auditor’s Report to the members the Listing Rules and applicable law, Britvic undertakes 16 Our strategy overview of Britvic plc no obligation to update or change any forward-looking 20 Creating stakeholder value 86 Consolidated income statement statements to reflect events occurring after the date 30 Chief Financial Officer’s review 87 Consolidated statement of comprehensive such statements are published. Report Strategic 34 Risk management income/(expense) 35 Principal risks and uncertainties 88 Consolidated balance sheet 39 Viability statement 89 Consolidated statement of cash flows 90 Consolidated statement of changes in equity Corporate Governance 91 Notes to the consolidated financial statements 40 Chairman’s introduction 134 Company balance sheet 42 Board of Directors 135 Company statement of changes in equity 44 Executive team 136 Notes to the company financial statements 46 The Britvic governance framework 48 How the Board works Additional Information 143 Shareholder information 49 Board composition and diversity Corporate Governance 50 The Board in action 146 Non-GAAP reconciliations 52 Effectiveness ibc Glossary Financial Statements Financial Additional InformationAdditional Chief Financial Officer’s review 30 Creating Corporate stakeholder Governance value 20 40 Britvic Annual Report and Accounts 2019 1 Strategic Report Strong performance and progress against our strategy. Britvic in numbers In 2019, we have continued to innovate to meet consumer needs, transform our supply chain and help consumers to make healthier choices. Financial Key Performance Indicators (‘KPIs’) Revenue Adjusted EBIT Adjusted EBIT margin £1,545.0m £214.1m 13.9% +2.8% +3.9% +20 basis points (‘bps’) 2019 1,545.0 2019 214.1 2019 13.9 2018 1,503.6 2018 206.0 2018 13.7 2017 1,430.5 2017 195.5 2017 13.7 2016 1,431.3 2016 186.1 2016 13.0 2015 1,300.1 2015 171.6 2015 13.2 Alignment to strategy Alignment to strategy Alignment to strategy Why do we measure this? Why do we measure this? Why do we measure this? Revenue growth measures our ability Adjusted EBIT measures the underlying Adjusted EBIT margin measures the to increase price and/or increase the profitability of the company, excluding any underlying profitability of the company, volume sold. one-off costs. excluding any one-off costs. Performance Performance Performance Revenue increased by 2.8%, including Adjusted EBIT increased by 3.9%, including Adjusted EBIT margin increased 20 bps the impact of foreign exchange movements the impact of foreign exchange movements. year on year including the impact of foreign and the impact of the Soft Drinks Industry Levy Organic adjusted EBIT, which excludes the exchange movements and the impact of the (‘SDIL’) in the UK and Sugar Sweetened Drinks impact of currency, increased by 4.4%. SDIL in the UK and SSDT in Ireland. Organic Tax (‘SSDT’) in Ireland. Organic revenue, which adjusted EBIT margin, which excludes these excludes these impacts, increased by 1.4%. impacts, increased by 40 bps. Profit after tax1 Adjusted earnings per share Dividend per share £80.9m 59.8p 30.0p (30.9%) +6.2% +6.4% 2019 80.9 2019 59.8 2019 30.0 2018 117.1 2018 56.3 2018 28.2 2017 111.6 2017 52.9 2017 26.5 2016 114.5 2016 49.3 2016 24.5 2015 103.8 2015 46.7 2015 23.0 Alignment to strategy Alignment to strategy Alignment to strategy Why do we measure this? Why do we measure this? Why do we measure this? Profit after tax is a statutory measure of Adjusted earnings per share measures the Dividend per share measure enables financial performance which takes into profit per share of the company and is used shareholders to calculate the amount account adjusted EBIT, interest, taxation by investors to compare the performance of of profit that is returned to them by the and adjusting items. a company against peers. company in cash. Performance Performance Performance Profit after tax decreased 30.9%, due to Adjusted earnings per share increased 6.2% Dividend per share increased 6.4%, inclusion of adjusting items of £84.6m. due to the growth of adjusted EBIT, before reflecting our capital allocation policy of These included restructuring costs and the interest and corporation tax. returning 50% of adjusted earnings per write-down of assets held for sale. share as dividends. 1 Adjusting items includes acquisition related amortisation of £10.4m, impairment charge relating to assets held for sale in France of £31.2m and other adjusting items of £42.5m. More detail provided on page 33. 2 Britvic Annual Report and Accounts 2019 Non-financial information statement The information on this page and incorporated by cross-reference complies with the relevant Alignment to strategy key non-financial reporting regulations. The content shown below fulfils the requirements under Generate profitable growth in our section 414CB of the Companies Act for content on environmental matters, the company’s core markets employees and social matters. Further information about targets, outcomes and impact in Realise global opportunities in kids, these areas can be found in the Creating stakeholder value section on the pages indicated. family and adult categories Content on human rights can be found on page 26. Content on anti-bribery and corruption Continue to step-change our and a description of the company’s approach to policy compliance can be found on page 77, business capability and information on the company’s business model can be found on pages 12 – 13. Build trust and respect in our communities Non-financial KPIs Report Strategic Great Place to Work trust index Women in leadership Average calories per 250ml 77% 38% 27.5 kcal 2019 77%* 2019 38%† 2019 27.5† 2018 73% 2018 33% 2018 31.3 Corporate Governance 2017 75% 2017 33% 2017 35.3 2016 72% 2016 35% 2016 36.0 Alignment to strategy Alignment to strategy Alignment to strategy Principal risk: Principal risk: Principal risk: Statements Financial Talent – see page 38 Talent – see page 38 Health concerns – see page 35 Related policies Related policies Related policies Code of Conduct, Equality and Diversity Equality and Diversity Policy Responsible Marketing Code Policy, Employee Community Fund Policy, Safe Driving Policy, Family Leave Policy, Whistleblowing Policy Further information Further information Further information Employee engagement on page 24 Diversity and inclusion on page 24 Consumers on page 22 Additional InformationAdditional Manufacturing carbon Manufacturing energy from Primary plastic packaging removed in intensity ratio renewable sources GB through light-weighting 27.41 kg CO2e/ 46% 619 tonnes tonnes product 2019 27.41† 2019 46%† 2019 619 2018 26.64 2018 28% 2018 598 2017 30.23 2017 18% 2017 308 2016 30.02 2016 7% 201- 6 Lightweighting programme started in 2016 Alignment to strategy Alignment to strategy Alignment to strategy Principal risk: Principal risk: Principal risk: Sustainability and environment – Sustainability and environment – Sustainability and environment – see page 36 see page 36 see page 36 Related policies Related policies Related policies Healthier Planet Policy, Ethical Healthier Planet Policy, Ethical Healthier Planet Policy, Sustainable Business Policy Business Policy Packaging Policy Further information Further information Further information Climate action on page 27 Climate action on page 27 Packaging and the circular economy on page 28 * Our 2019 Great Place to Work survey excluded our France and Norwich sites. † Figure independently assured by Ernst & Young LLP as part of a limited assurance engagement. Britvic Annual Report and Accounts 2019 3 Strategic Report Our business at a glance Britvic sets itself apart from its competitors through our unrivalled combination of market leading brands and track record in innovation, our expert knowledge of the soft drinks market, longstanding and sustainable relationships with our partners, including PepsiCo, and a highly talented and engaged workforce. Our purpose Making life’s everyday moments more enjoyable We have a clear strategy that is designed to realise our ambition to become the most dynamic, creative and trusted soft drinks company in the world: Generate profitable Realise global Continue to step-change Build trust and respect growth in our opportunities in kids, family our business capability in our communities core markets and adult categories Read more about our strategy on page 14 Our values Win together Be open Act with pace Be bold Be disciplined Be proud Read more about our values on page 24 Our culture Our workforce is central to our ability to succeed. As we transform our culture and capabilities to meet future challenges, our employees’ integrity, pride and spirit are paramount. We will continue to focus on employee engagement to create a culture we are proud of and deliver our long-term success.
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