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Annual Report – 2019

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Annual Report – 2019 ANNUAL 2019 REPORT CONTENTS Corporate Overview ANNUAL 2019 REPORT 01-25 04 We Are Varun Beverages Limited 06 An Increasing Geographical Footprint 10 Our Incredible Journey of 28 Years Pg14 12 A Winning and Satiating our consumers' Diversified Portfolio BUSINESS MODEL. refreshment needs through our Well-loved Beverages 14 Business Model. MODEL BUSINESS. and Iconic Brands Model Business. 16 Chairman's Message to Shareholders 18 Proven Expertise. Promising Prospects. 19 Optimized to Grow. Customized to Succeed. 20 Board of Directors 24 Performing Sustainably. Sustainable Performance. Pg16 25 Corporate Information CHAIRMAN’S MESSAGE Statutory Reports TO SHAREHOLDERS 26-95 26 Board's Report 46 Corporate Governance Report Forward-Looking Statements 80 Management Discussion & This report may contain Analysis some statements on the Company’s business or 89 Business Responsibility Report financials which may be construed as forward- looking based on the management’s plans and assumptions. The Financial Statements actual results may be materially different from 96-295 Pg24 these forward-looking statements, although we 96 Consolidated Financial believe we have been Statements PERFORMING cautious. 198 Standalone Financial SUSTAINABLY. Statements SUSTAINABLE Read or download the report at PERFORMANCE. www.varunpepsi.com CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 25 Years of Adding Taste to Thirst. I;kl dks Lokfn"V cukus osQ 25 o"kZA Through our expansive international operations of… ~2 Million Retail Outlets Key numbers defining 38 Varun Beverages Manufacturing Units We Cover... 493 Million Unit Cases* Sold 11,000+ ~1.35 People Employed BILLION CUSTOMERS Note: * A unit case is equal to 5.678 liters of beverage divided in 24 bottles of ~237ml each. THIRST IS AN OBJECTIVE PHENOMENA, WHILE QUENCHING IS PURELY A MATTER IT OF SUBJECTIVE CHOICE. Varun Beverages has been catering to this subjective ADDING choice by offering a wide variety of carbonated and TASTE TO non-carbonated soft drinks that add taste to thirst. In THIRST HAS doing so, we have emerged POWERED as the second-largest PepsiCo franchisee in the OUR world outside of USA. GROWTH FOR 28* YEARS. *Including pre-merger period WE ARE VARUN BEVERAGES LIMITED 2 6 27 7 We are... Continents Countries Indian States Union Territories Second-largest franchisee in the world (outside the United States) of carbonated soft drinks and non- carbonated beverages sold under ~2 Million trademarks owned by PepsiCo. Retail Outlets We produce and ~1.35 Billion distribute... Population Coverage A wide range of carbonated soft drinks, a large section of Solid organic volume growth of non-carbonated beverages, and packaged drinking water. 17.2% in CY19* driven by healthy off-take in the domestic market We have a national bottling, sales and distribution footprint (except Jammu & Kashmir, Ladakh and Andhra Pradesh) for… Pepsi, Mountain Dew, Pepsi Black, Mirinda, 7up, Tropicana Slice, Tropicana (100%, 19.8% 22.1% Delight & Essentials), Sting, Evervess, CAGR of sales volume in CAGR of sales volume in Indian market during CY15-19 International market during CY15-19 Gatorade, Lipton Ice Tea, Duke's, 7up Nimbooz, 7up Nimbooz Masala Soda. We are... A growing proportion of PepsiCo’s India sales volume Driving synergies of scale, operational productivity and efficiency across PepsiCo’s 2015 45% beverage business. 2016 45% 2017 45% We demonstrate our 2018 51% customer focus... 2019 80%+ By satisfying evolving consumer preferences and shifting market conditions, and creating sustainable value for the long term. * Company follows Calendar Year (CY) for financial reporting 04 Varun Beverages Limited CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Associated with PepsiCo Company has been granted since 1991; over 28* years franchisees for various of our journey, we have PepsiCo products spread consolidated our business across 27 States and 7 association Union Territories *Including pre-merger period Increased number of Presence across India licensed territories and (except Jammu & Kashmir, sub-territories, producing Ladakh and Andhra and distributing a wider Pradesh) range of PepsiCo beverages Company has also been Introduced various SKUs in granted franchise for the portfolio and expanded PepsiCo products for the distribution network territories of Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe Annual Report 2019 05 AN INCREASING GEOGRAPHICAL FOOTPRINT We have established our Our two-pronged growth strategy includes… presence in 27 Geographical area expansion and portfolio enrichment. States and 7 We are expanding our reach across India by… Union Territories Constantly adding new territories (domestic and international) in India, and across and simultaneously building capacity around them. 5 developing We are also enriching our product portfolio by… economies – Nepal Introducing new product categories such as fruit juice/pulp and Sri Lanka in based drinks and energy drinks. South Asia, and Morocco, Zambia 2019 India existing sub-territories and Zimbabwe in 1 Punjab 10 Manipur 17 Goa Africa. We continue 2 Himachal Pradesh 11 Mizoram 18 Chandigarh 3 Uttarakhand 12 Nagaland 19 Madhya Pradesh to leverage our 4 Delhi 13 Tripura 20 Odisha distribution 5 Haryana 14 Uttar Pradesh 21 Chhattisgarh 6 Rajasthan 15 West Bengal 22 Jharkhand network to expand 7 Arunachal Pradesh 16 Certain designated 23 Bihar volumes in new 8 Assam parts in Maharashtra 24 Sikkim segments. 9 Meghalaya 2019 India new sub-territories 25 Gujarat 29 Telangana 33 Puducherry (except Yanam) 26 Karnataka 30 Maharashtra (remaining parts) 34 Andaman & Nicobar Islands 27 Kerala 31 Daman & Diu 35 Lakshadweep 28 Tamil Nadu 32 Dadra and Nagar Haveli 90+ depots 2019 International existing sub-territories Nepal 2,500+ Morocco owned vehicles Zambia 1,500+ primary distributors Sri Lanka Zimbabwe Maps not to scale 06 Varun Beverages Limited CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS We follow a strategy of increasing the number of licensed territories and sub-territories. 2019 Existing VBL India Sub-Territories Our Manufacturing Capabilities 2019 New VBL India The manufacturing facilities of Varun Sub-Territories Beverages are strategically located close to 2019 Others' Franchised target markets, helping us reduce the time to Sub-Territories market, enabling optimization of freight and 2 2019 Existing VBL logistics cost, and aiding in margin expansion. 1 International Territories 32 18 VBL Manufacturing Plants 5 3 Manufacturing facilities 4 in India 7 1 24 6 6 14 10 8 Manufacturing facilities 12 in International 23 geographies 9 13 775,000+ 22 15 25 19 11 Number of Visi-Coolers 21 31 20 32 16 3 30 29 17 Manufacturing Plants India Phillaur Kolkata 26 Greater Noida I Guwahati Greater Noida II Unit I & II Jainpur Goa 33 Jodhpur Pathankot 4 Bhiwadi Tirunelveli 28 Nuh Dharwad 5 27 34 Panipat Bharuch 35 Bazpur Roha Sathariya Aurangabad 2 Sathariya II Mahul# Kosi Nelamangala Hardoi Palakkad Mandideep Mamandur Map not to scale Jamshedpur Sangareddy Bargarh Sri City Cuttack Overseas Adding capacity to manufacturing Our new facility at Pathankot, Punjab, is the first fully integrated facility in India, Nepal I Morocco manufacturing a complete range of PepsiCo products at a single location. Spread Nepal II Zambia over 41 acres, this is set to create capacity for the production of Tropicana fruit Sri Lanka Zimbabwe juices, value-added ambient temperature dairy beverages, carbonated soft drinks and packaged drinking water. We expect this to become a hub to address the # growing demand for beverages among consumers in the State and beyond. For land & building, company has short term leasehold rights Annual Report 2019 07 We have a symbiotic relation with PepsiCo. We are an important and trusted business partner to PepsiCo. We combine their insights and resources with our expertise in manufacturing, packaging, distribution, and understanding of market dynamics to consistently increase sales volume and strengthen PepsiCo’s brand equity. PepsiCo reciprocates this confidence by regularly granting us additional territories and product licenses. Win-win partnership of * 28 +years * Including pre-merger period 08 Varun Beverages Limited CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS PepsiCo VBL Owner of trademark Investment in end- to-end execution Provides infrastructure – plants, formulation through depots, distribution concentrate vehicles and Invests in research visi-coolers and development Demand – product and delivery Demand forecasting, packaging Demand production planning innovation and efficient creation distribution Undertakes brand management development and consumer In-outlet execution & pull management placement of activities visi-coolers Customer management and Market share gains Annual Report 2019 09 OUR INCREDIBLE JOURNEY OF 28# YEARS During our 28#-year journey, we continued to widen our portfolio mix and strengthen our leadership position in the Indian beverage market. Our constant endeavor has been to expand our presence in fast-growing markets, add solid infrastructure and set up a well-entrenched distribution network across territories. Our journey began with a vision to add taste to thirst in some of the world’s most populous markets; what we have achieved so far is the appetizer, and much of the feast is still ahead of us. Not only do we refresh our customers but we also work to sustain, educate, and empower communities alongside ensuring our own business growth. This we shall do still more innovatively and across
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