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AG Barr Plc Investment Case AG Barr plc Investment Case July 2021 1 Content Business overview Our investment case ○ Ambitious with clear and consistent value-driven strategy ○ Brand owner and builder with differentiated portfolio ○ Strong customer and consumer focus ○ Asset-backed, simple and effective business model ○ Disciplined capital allocation ○ Growth potential within key markets ○ A responsible business ○ Long-term strong financial performance Our governance 2 Our governance All data used throughout this document is based on the last published corporate Business overview information as at March and September 2019 We are a UK based branded multi beverage business focused on growth and creating long-term shareholder value ○ Long established business (140+ years) ○ Conventionally governed, listed in 1965 ○ Ambitious and value driven with strong consumer focus ○ UK-wide with significant growth potential Shareholder analysis Group geographical revenue Scotland 39.0% Rest of UK 57.5% International 3.5% 3 Sources : AG Barr shareholder analysis 19/3/21 and invoiced revenue 52 weeks ended 24/01/21 Business overview Business units Operational footprint c.860 employees Offices Cumbernauld – Head Office Bolton Camden (Funkin) Factories Building a differentiated Cumbernauld portfolio of great tasting soft Milton Keynes drinks brands that people Forfar love Distribution centres Cumbernauld Milton Keynes Distribution depots Dagenham Moston Democratising cocktails with an Newcastle unrelenting desire to make great Wednesbury tasting cocktails available to all 4 Investment case ○ Ambitious with clear and consistent value-driven strategy ○ Brand owner and builder with differentiated portfolio ○ Strong customer and consumer focus ○ Asset-backed, simple and effective business model ○ Disciplined capital allocation ○ Growth potential within key markets ○ A responsible business ○ Long-term strong financial performance 5 Ambitious with clear and consistent value-driven strategy Our strategy Our overarching purpose is to create value, with values - for our shareholders, consumers, customers and for society as a whole Our strategic priorities Connecting with consumers Building brands Consumer insight drives our business. Consumers’ We are brand owners and builders, offering a diverse needs and preferences are changing and we ensure that and differentiated portfolio of products that people we take the time to listen, to understand them and to love. With our own powerful brands, complementary offer everyone a choice of great tasting, high quality franchise partner brands and a strong track record of products. bringing successful innovation to market, we seek to build brand awareness, equity and product distribution such that we outperform the market. Building trust Driving efficiency Building and maintaining long-lasting trust and We continually strive for greater efficiency across our successful relationships is central to our business and business, investing for growth while also ensuring always has been. Our responsible behaviour over the strong financial controls are in place. As our business last 140 years has created a firm foundation, but one we develops, we are committed to driving continuous want to build upon further. Being a trusted business improvement across our processes and technology. that acts with integrity is fundamental to our As an asset backed business we drive operational stakeholder relationships - from our consumers and improvements, flexibility and efficiency through our customers to our suppliers and communities. Equally, expansionary capital investment programme, as the world around us changes, with climate change in equipping us with some of the industry’s most particular becoming increasingly more pressing, our advanced operational capability. strategic choices are more than ever informed and supported by our desire to do the right thing and to play our part in addressing the key issues facing society. 6 Ambitious with clear and consistent value-driven strategy Strategy execution Organisational capability Acquisition development Acquisition Minority Business re-org investment in & Cumbernauld Supply zero proof manufacturing Chain investment & spirits brand investment rationalisation STRYKK Acquisition 2006 2008 2011 2012 2014 2015 2016 2017 2019 2020 RTM development Consolidation and Business Process Business of manufacturing Redesign re-engineering manufacturing investment implementation programme operations (new ERP system) MK Britvic merger manufacturing discussions investment Successful Organic growth Strong Strong Margin Impressive EBIT selection and ahead of the free balance development record integration of market cashflow sheet acquisitions 7 Brand owner and builder with strong differentiated portfolio ○ National core brands complemented by regional brands with well established consumer strongholds across the UK ○ Portfolio developing through brand extension, flavour development and innovation ○ c.98% of portfolio now lower or no sugar - exempt from UK Soft Drinks Industry Levy ○ Opportunities to grow further through increased geographical and channel distribution points 8 Investment case ○ Ambitious with clear and consistent value-driven strategy ○ Brand owner and builder with differentiated portfolio ○ Strong customer and consumer focus ○ Asset-backed, simple and effective business model ○ Disciplined capital allocation ○ Growth potential within key markets ○ A responsible business ○ Long-term strong financial performance 9 Brand owner and builder with strong differentiated portfolio Well established strong core brands IRN-BRU RUBICON FUNKIN BARR STRATHMORE Scotland’s Other £100m+ retail sales UK’s #1 cocktail 150 years old and The No. 1 water in the National Drink and per year - available brand - providing showing no signs of on-trade – the choice with increasing in a range of still, innovative and slowing with the of hotels and presence across the sparkling flavoured unique purées, equivalent of 250m restaurants across the rest of the UK. water and now energy syrups, mixers and cans sold per year UK Available in Regular, drinks, making now ready to drink Sugar Free, XTRA, Rubicon the unboring cocktails, for behind Energy and 1901 choice of soft drink. the bar and at home variants. 10 Brand owner and builder with strong differentiated portfolio Complementary long-term partnership brands SAN BENEDETTO BUNDABERG SNAPPLE Authentic premium product Range of brewed beverages Iconic brand with from Italy’s leading soft drinks tapping into “craft” trend premium positioning and water producer and price point Partner since Jan 2018 Partner since April 2018 Partner since 2015 11 Investment case ○ Ambitious with clear and consistent value-driven strategy ○ Brand owner and builder with differentiated portfolio ○ Strong customer and consumer focus ○ Asset-backed, simple and effective business model ○ Disciplined capital allocation ○ Growth potential within key markets ○ A responsible business ○ Long-term strong financial performance 12 Strong customer and consumer focus Understanding consumers’ attitudes and behaviours to drive category strategy and consumer and trade engagement programmes 16% 66% 18% “Don’t tell me what “I want to make my “Traditional soft drinks to do” own choices” aren’t for me” 13 Source : Consumer Survey, 2000 GB adults 16 - 64, 2019 Strong customer and consumer focus Broad-based consumer and trade engagement programmes Traditional and social Long-term franchise Brand development media campaigns partnerships Breakthrough innovation Sponsorships Consumer and trade engagement campaigns 14 Strong customer and consumer focus Well balanced market coverage meeting consumers’ needs across a range of drinking occasions ○ Diverse routes to market ○ Effective channel mix – strong impulse position AG Barr Group revenue split by customer channel (FY 2020/21) 58.3% Source: AG Barr revenue 15 Investment case ○ Ambitious with clear and consistent value-driven strategy ○ Brand owner and builder with differentiated portfolio ○ Strong customer and consumer focus ○ Asset-backed, simple and effective business model ○ Disciplined capital allocation ○ Growth potential within key markets ○ A responsible business ○ Long-term strong financial performance 16 Asset-backed, simple and effective business model ○ Brand owner and builder – 98%* company owned brands and zero private label ○ Asset backed – flexible2.8% and efficient ○ c. 99% in-house soft drinks production 38.9% ○ Outsourcing used strategically where appropriate - Innovation & Funkin ○ Value not volume focused ○ Strong execution culture An approach58.3% that delivers sustainable growth, in an expandable category and maximises available margins 17 Investment case ○ Ambitious with clear and consistent value-driven strategy ○ Brand owner and builder with differentiated portfolio ○ Strong customer and consumer focus ○ Asset-backed, simple and effective business model ○ Disciplined capital allocation ○ Growth potential within key markets ○ A responsible business ○ Long-term strong financial performance 18 Disciplined capital allocation Net cash from operations (£m) 19 Disciplined capital allocation Sustained investment for growth and efficiency Strong and consistent returns on capital employed Capex investment (£m) ROCE Key expansionary investments : Milton Keynes Cumbernauld Central Land and buildings Glass filling line Business Process Redesign project Can, carton and PET production lines Additional office building : - ERP system Warehousing Centralised finance service centre Delivery fleet Offices Centralised telesales
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