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View Annual Report Delivering sustainable growth Annual Report and Accounts 2017 STRATEGIC REPORT 64 Remuneration at a glance 1 Our highlights 67 Directors’ remuneration policy 2 A year of achievements 75 Annual report on remuneration 4 Our business at a glance 86 Directors’ report 5 Our brands 89 Statement of directors’ 6 Our business model responsibility 8 Chairman’s statement 10 Chief Executive’s statement FINANCIAL STATEMENTS 14 Market review 90 Independent Auditor’s Report 16 Our strategy at a glance to the members of Britvic plc 18 Our strategy in action 96 Consolidated income statement 26 Key performance indicators 97 Consolidated statement of 28 Risk management comprehensive income 29 Principal risks and uncertainties 98 Consolidated balance sheet 33 Viability statement 99 Consolidated statement of 34 Sustainable business review cash fl ows 40 Chief Financial Offi cer’s review 100 Consolidated statement of changes in equity GOVERNANCE 101 Notes to the consolidated 44 Chairman’s introduction fi nancial statements to governance 140 Company balance sheet 45 Board Diversity 141 Company statement of 46 Board of Directors changes in equity 48 Executive team 142 Notes to the company fi nancial 50 Corporate governance statements 50 Leadership 54 Eff ectiveness ADDITIONAL INFORMATION 56 Nomination committee 149 Shareholder information 58 Accountability 151 Glossary 58 Audit committee report 152 Non-GAAP reconciliations 62 Directors’ remuneration report Britvic’s vision is to be the most dynamic, creative and trusted soft drinks company in the world, which we will achieve through our purpose of making life’s everyday moments more enjoyable. We fulfi l our purpose through our uniquely broad portfolio of 30 much-loved own brands, including iconic brands such as Robinsons, MiWadi, Maguary and Teisseire, which bring joy to millions of people around the world every day. Alongside our own brands, we are proud to produce and sell PepsiCo brands such as Pepsi and 7UP, which Britvic produces in GB and Ireland under exclusive PepsiCo agreements. We also bottle and distribute Lipton Ice Tea in the UK as part of a licensing agreement with PepsiCo and Unilever. Headquartered in the UK, with operations in France, Brazil, Ireland and the United States, we have invested signifi cantly in our supply chain and manufacturing sites, our innovation capability and our people, to deliver sustainable growth today and in the future. Britvic – making life’s everyday moments more enjoyable. Cautionary note regarding forward-looking statements This report includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by the Listing Rules and applicable law, Britvic undertakes no obligation to update or change any forward-looking statements to reflect events occurring after the date such statements are published. Strategic reportStrategic OUR HIGHLIGHTS Business In The Community Corporate Responsibility Index: 2.5 stars Average calories per 250ml: 36.5kcal Great place to work: Trust Index score of 75% Governance statements Financial information Additional Revenue Adjusted EBITA* (£ millions) £1,540.8m (£ millions) £195.5m 2000 200 195.5 186.1 1500 150 171.6 1,540.8 1,431.3 1,300.1 1000 100 500 50 2015 2016 2017 2015 2016 2017 0 0 Adjusted EBITA margin* Profi t after tax (%) 12.7% (£ millions) £111.6m 15 120 114.5 100 111.6 12 13.2 13.0 12.7 103.8 80 9 60 6 40 3 20 2015 2016 2017 2015 2016 2017 0 0 Adjusted earnings per share* Dividend per share (pence) 52.9p (pence) 26.5p 60 30 50 52.9 25 26.5 49.3 24.5 40 46.3 20 23.0 30 15 20 10 10 5 2015 2016 2017 2015 2016 2017 0 0 * Items marked with an asterisk throughout this document are non-GAAP measures, definitions and relevant reconciliations are provided in the Glossary on page 151. Britvic plc Annual Report and Accounts 2017 01 A YEAR OF 20bn ACHIEVEMENTS Over 20bn annualised calorie reduction across our GB drinks QUENCHING THE portfolio since 2013 THIRST FOR A BETTER WORLD We’re proud to be an inspiring place to work for our colleagues in Europe and around the world 75% Robinsons Refresh’d Great Place to Work Since its launch in Trust Index score April 2017, Robinsons Refresh’d has achieved retail sales value of £4m SUPPLY CHAIN INVESTMENT We have invested net capital of £144m in our supply chain £144m capability over the past two years 02 www.britvic.com Strategic reportStrategic PACKAGING AND Governance statements Financial information Additional RECYCLING We work with our customers and environmental groups to encourage recycling, delivering innovative initiatives that promote recycling and consumer behaviour change 100% of our plastic bottles are recyclable EXPANDING INTERNATIONALLY In September 2015, Britvic bought ebba (Empresa Brasileira de Bebidas e Alimentos SA), the owner of Maguary and DaFruta brands, and the number one supplier of concentrated dilutable drinks and the number two supplier of ready-to-drink juice drinks in Brazil. Building on this, in 2017 we acquired ‘Bela Ischia’ which is the leading concentrates and juice brand in the Rio de Janeiro and Minas Gerais areas. Bringing ebba and Bela Ischia together both complements our existing strength in São Paulo and the north east of Brazil, and allows us to strengthen our brand portfolio. 2.3bn Over 2.3bn litres of Britvic drinks are bought globally every year – that’s equivalent to 920 Olympic swimming pools Britvic plc Annual Report and Accounts 2017 03 Britvic sets itself apart from its competitors by OUR BUSINESS our unrivalled combination of market leading AT A GLANCE 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 committed workforce. OUR GEOGRAPHIES VOLUME (MILLION LITRES) REVENUE (£M) BRAND CONTRIBUTION (£M) Financials by region GB 1,641.0 GB 903.0 GB 372.0 France 281.0 France 282.7 France 84.9 Ireland 216.5 Ireland 164.7 Ireland 56.7 International 41.5 International 57.3 International 17.8 Brazil 186.3 Brazil 133.1 Brazil 28.2 Total 2,366.3 Total 1,540.8 Total 559.6 % share by region % share by region % share by region 7.9% 1.8% 3.2% 3.7% 8.6% 5.0% 9.1% 10.1% 10.7% 11.9% 15.2% 69.3% 58.6% 66.5% 18.4% BUILT ON STRONG HERITAGE Mid 19th century 1935 1949 1968 1972 In Chelmsford a Robinsons Lemon A range of juices are The British Vitamin Products The Britvic brand chemist begins creating Barley Water introduced launched under the name Company becomes part of of original mixers homemade soft drinks at the Wimbledon of British Vitamin Products Allied Breweries Limited and is introduced Tennis Championships Minister Minerals Limited 1938 1954 1971 The company is acquired by James The British Vitamin Products The British Vitamin Product MacPherson & Co Ltd, and develops Company is sold to Vine Company formally changes the business to introduce soft drinks Products Limited and the its name to Britvic as an aff ordable source of vitamins fi rst factory is built for the people of the UK 04 www.britvic.com Strategic reportStrategic OUR BRANDS From left to right From left to right Governance statements Financial information Additional Fruit Shoot Hydro Robinsons Squash Purdey’s Club Mixers Energise Sport Fruit Shoot Hydro Sparkling Teisseire Fruit Shoot J2O Spritz Drench Robinsons Fruit Cordial My5 Fruit Shoot Fruizeo J2O Ballygowan Thomas & Evans Maguary Fruit Shoot Robinsons Fruit Shoot Britvic Mixers Teisseire Gourmet Drops London Essence Company Mixers R Whites Robinsons Refresh’d Monte Rosso Teisseire KIDS ADULTULT FAMILY PORTFOLIO In our core markets we havhave a broad portfolio of carbonates and still brands including the brands that we bottle and market on behalf of PepsiCo. A selection of those brands is shown here. From left to right From left to right Club Orange Maguary Robinsons Squash 7UP Free Pepsi MAX Ginger MiWadi TK Robinsons Squash’d 7UP Pepsi MiWadi Mini Tango Robinsons Fruit Creations 7UP Cherry Gatorade Ballygowan Pressade Robinsons Fruit Cordials Lipton Ice Tea Mountain Dew C&C Da Fruta Teisseire Pepsi MAX Mountain Dew No Sugar Fruité Robinsons Refresh’d Teisseire Max Pepsi MAX Cherry 1986 1995 2005 2007 2015 2017 Tango and R Whites acquired Robinsons Flotation of Britvic acquires Britvic acquires Britvic acquires acquired Britvic plc the soft drinks Brazilian soft drinks Brazilian soft arm of C&C to company ebba drinks company create Britvic Bela Ischia Ireland 1977 1987 2000 2011 2015 Britvic 55 is launched Pepsi – fi rst 20 years Robinsons Fruit Britvic acquires French Britvic announces to pubs and bars, as a bottling arrangement Shoot launched soft drinks company net capital investment non-alcoholic alternative agreed in the UK Fruité Entreprises of around £240m in adult soft drink GB supply chain Britvic plc Annual Report and Accounts 2017 05 OUR BUSINESS MODEL CREATING AND DELIVERING SUSTAINABLE VALUE OUR PURPOSE: MAKING LIFE’S EVERYDAY MOMENTS MORE ENJOYABLE OUR COMPANY VALUES 1 2 3 BE PROUD BE BOLD BE DISCIPLINED OVERVIEW We manufacture, market and sell a range of SOURCING market-leading brands in GB, France, Ireland We take a global approach to sourcing and Brazil. In addition, we are the sole bottler for the raw materials needed to produce PepsiCo in GB and Ireland, enabling us to sell their our range of drinks. Each year, we range of soft drinks alongside our owned-brands.
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