Cash flow Britvic plc

Equities

BVIC

GB00B0N8QD54

Non-Alcoholic Beverages

Real-time Estimate Cboe Europe Other stock markets 04:35:12 2024-09-09 am EDT			5-day change	1st Jan Change
1,274.50 ^GBX	+0.04%		0.00%	+51.70%

Aug. 14	Carlsberg shares hit 29-month low on gloomy Chinese beer outlook	RE
Aug. 13	Carlsberg lifts 2024 organic growth outlook, Q2 sales lag forecasts	RE

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Published financial data: BRITVIC PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2019	2020	2021	2022	2023
Revenues	1.54B	1.41B	1.41B	1.62B	1.75B
Total Revenues	1.54B	1.41B	1.41B	1.62B	1.75B
Cost of Goods Sold, Total	734M	852M	822M	952M	1.05B
Gross Profit	811M	561M	583M	666M	700M
Selling General & Admin Expenses, Total	650M	422M	422M	474M	518M
Other Operating Expenses, Total	650M	422M	422M	474M	518M
Operating Income	161M	139M	161M	192M	182M
Interest Expense, Total	-20.7M	-19.8M	-18.5M	-17.7M	-25.5M
Interest And Investment Income	1M	1.5M	900K	700K	1.1M
Net Interest Expenses	-19.7M	-18.3M	-17.6M	-17M	-24.4M
Other Non Operating Income (Expenses)	-	-600K	-100K	-300K	-300K
EBT, Excl. Unusual Items	142M	120M	143M	175M	157M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-4.2M	-	-	-
Gain (Loss) On Sale Of Assets	-31.2M	-400K	-	-	-
Asset Writedown	-	-3.9M	-	-	-
Other Unusual Items	-	-200K	-100K	-	-
EBT, Incl. Unusual Items	110M	111M	143M	175M	157M
Income Tax Expense	29.4M	16.6M	39.7M	34.9M	32.8M
Earnings From Continuing Operations	80.9M	94.6M	103M	140M	124M
Net Income to Company	80.9M	94.6M	103M	140M	124M
Net Income - (IS)	80.9M	94.6M	103M	140M	124M
Net Income to Common Incl Extra Items	80.9M	94.6M	103M	140M	124M
Net Income to Common Excl. Extra Items	80.9M	94.6M	103M	140M	124M
Per Share Items
Net EPS - Basic	0.31	0.36	0.39	0.53	0.48
Basic EPS - Continuing Operations	0.31	0.36	0.39	0.53	0.48
Basic Weighted Average Shares Outstanding	264M	266M	267M	266M	257M
Net EPS - Diluted	0.3	0.35	0.39	0.52	0.48
Diluted EPS - Continuing Operations	0.3	0.35	0.39	0.52	0.48
Diluted Weighted Average Shares Outstanding	267M	267M	267M	267M	259M
Normalized Basic EPS	0.33	0.28	0.33	0.41	0.38
Normalized Diluted EPS	0.33	0.28	0.33	0.41	0.38
Dividend Per Share	0.3	0.22	0.24	0.29	0.31
Payout Ratio	93.45	60.89	72.48	48.43	60.89
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	223M	191M	212M	242M	235M
EBITA	172M	148M	169M	201M	190M
EBIT	161M	139M	161M	192M	182M
EBITDAR	233M	-	-	-	-
Effective Tax Rate - (Ratio)	26.65	14.93	27.78	19.93	20.92
Total Current Taxes	27.5M	15.5M	20.3M	15.3M	28.6M
Total Deferred Taxes	1.9M	1.1M	19.4M	19.6M	4.2M
Normalized Net Income	88.44M	74.94M	89.38M	109M	98M
Interest on Long-Term Debt	-	2.1M	1.9M	2.1M	1.9M
Non-Cash Pension Expense	3.2M	-2.5M	-1.4M	-2.9M	14.6M
Supplemental Operating Expense Items
Advertising Expense	10.5M	10.2M	8.3M	10.3M	11.8M
Selling and Marketing Expenses	404M	239M	230M	277M	283M
General and Administrative Expenses	246M	183M	192M	196M	235M
Research And Development Expense From Footnotes	7.6M	7.9M	7.2M	8.5M	5.9M
Net Rental Expense, Total	9.9M	-	-	-	-
Imputed Operating Lease Interest Expense	2.25M	-	-	-	-
Imputed Operating Lease Depreciation	7.65M	-	-	-	-
Stock-Based Comp., Other (Total)	11.3M	600K	4.5M	4.2M	9.3M
Total Stock-Based Compensation	11.3M	600K	4.5M	4.2M	9.3M

Fiscal Period: September	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	49M	109M	71.1M	87.6M	79.2M
Short Term Investments	-	-	-	-	10.9M
Trading Asset Securities, Total	27.8M	10.3M	900K	11.8M	10M
Total Cash And Short Term Investments	76.8M	120M	72M	99.4M	100M
Accounts Receivable, Total	318M	295M	336M	400M	377M
Other Receivables	12.6M	29.4M	24.9M	28.8M	23.6M
Total Receivables	331M	324M	361M	428M	401M
Inventory	141M	118M	135M	172M	210M
Prepaid Expenses	28.7M	24.2M	22.4M	27.7M	30M
Other Current Assets, Total	44.2M	32.1M	19.9M	47M	24.2M
Total Current Assets	621M	619M	610M	774M	765M
Gross Property Plant And Equipment	921M	994M	1.03B	1.12B	1.12B
Accumulated Depreciation	-427M	-453M	-490M	-539M	-526M
Net Property Plant And Equipment	494M	541M	544M	583M	596M
Long-term Investments	39.4M	25.2M	19.7M	34.5M	14.7M
Goodwill	200M	195M	198M	204M	212M
Other Intangibles, Total	228M	215M	221M	212M	222M
Deferred Tax Assets Long-Term	5.6M	4.8M	4M	4.4M	4.2M
Other Long-Term Assets, Total	149M	108M	150M	156M	83.4M
Total Assets	1.74B	1.71B	1.75B	1.97B	1.9B
Liabilities
Accounts Payable, Total	265M	214M	268M	354M	396M
Accrued Expenses, Total	234M	242M	264M	283M	244M
Short-term Borrowings	-	-	-	-	48.9M
Current Portion of Long-Term Debt	166M	80.1M	2.2M	43.2M	50.9M
Current Portion of Leases	700K	9.6M	8.9M	8.6M	7.5M
Current Income Taxes Payable	4.6M	2.4M	1.4M	200K	100K
Other Current Liabilities	47.2M	34M	20.4M	32.2M	34.6M
Total Current Liabilities	718M	583M	565M	721M	782M
Long-Term Debt	520M	589M	578M	563M	551M
Long-Term Leases	300K	70.2M	66.2M	65.3M	59.8M
Pension & Other Post Retirement Benefits	14.9M	10.7M	9.6M	1.4M	1.4M
Deferred Tax Liability Non Current	69M	69.4M	101M	123M	111M
Other Non Current Liabilities	3.3M	8.8M	6.7M	6.8M	1.3M
Total Liabilities	1.33B	1.33B	1.33B	1.48B	1.51B
Common Stock, Total	53.1M	53.4M	53.5M	52.7M	50.9M
Additional Paid In Capital	146M	154M	156M	157M	157M
Retained Earnings	124M	112M	158M	179M	126M
Treasury Stock	-10.3M	-3.7M	-1.5M	-7.2M	-21.4M
Comprehensive Income and Other	99.4M	59.8M	53.7M	106M	78.8M
Total Common Equity	412M	376M	420M	488M	392M
Total Equity	412M	376M	420M	488M	392M
Total Liabilities And Equity	1.74B	1.71B	1.75B	1.97B	1.9B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	264M	267M	267M	263M	252M
ECS Total Common Shares Outstanding	264M	267M	267M	263M	252M
Book Value / Share	1.56	1.41	1.57	1.86	1.55
Tangible Book Value	-15.8M	-33.9M	2M	71.6M	-42.6M
Tangible Book Value Per Share	-0.06	-0.13	0.01	0.27	-0.17
Total Debt	687M	749M	655M	680M	718M
Net Debt	610M	630M	583M	581M	618M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-126M	-91.1M	-132M	-138M	-72.6M
Debt Equivalent Oper. Leases	79.2M	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	71M	62M	66.5M	93.3M	101M
Inventories - Finished Goods, Total	69.6M	55.3M	67.3M	77.5M	108M
Inventories - Others	400K	1.2M	1.2M	1.2M	1.2M
Land - (BS)	225M	213M	213M	218M	231M
Machinery, Total	663M	680M	691M	775M	741M
Full Time Employees	4.6K	4.46K	4.21K	4.35K	4.43K
Accumulated Allowance for Doubtful Accounts (Supple)	5.4M	6M	7.7M	8.4M	8.6M

Fiscal Period: September	2019	2020	2021	2022	2023
Net Income	80.9M	94.6M	103M	140M	124M
Depreciation & Amortization - CF	51.7M	54M	53.2M	51.8M	54.9M
Amortization of Goodwill and Intangible Assets - (CF)	10.5M	8.8M	8.2M	8.4M	8.3M
Depreciation & Amortization, Total	62.2M	62.8M	61.4M	60.2M	63.2M
Amortization of Deferred Charges, Total - (CF)	8M	7.1M	6.6M	7.2M	7.3M
(Gain) Loss From Sale Of Asset	43.1M	5.6M	2.8M	900K	3.2M
Asset Writedown & Restructuring Costs	-3.8M	7.6M	-	-	3.8M
Stock-Based Compensation (CF)	11.3M	100K	3.8M	4.2M	9.3M
Other Operating Activities, Total	9M	4M	38.4M	28.2M	44.2M
Change In Accounts Receivable	-20.7M	22.4M	-44.2M	-56.4M	16.3M
Change In Inventories	-7.8M	11.9M	-15.4M	-26M	-37.8M
Change In Accounts Payable	4.5M	-45.3M	74.2M	84.3M	5.8M
Change in Other Net Operating Assets	-1.6M	-2M	1.5M	-3.2M	-900K
Cash from Operations	185M	169M	232M	240M	238M
Capital Expenditure	-67.4M	-43.7M	-56.4M	-72.9M	-69.8M
Sale of Property, Plant, and Equipment	300K	-	100K	-	-
Cash Acquisitions	-	-2.2M	-31.2M	-	-24.8M
Divestitures	-	13.2M	-	-	-
Sale (Purchase) of Intangible assets	-7.4M	-6.3M	-17.3M	-11.7M	-8.1M
Investment in Marketable and Equity Securities, Total	-	-	-	-	600K
Other Investing Activities, Total	900K	700K	600K	200K	1.8M
Cash from Investing	-73.6M	-38.3M	-104M	-84.4M	-100M
Long-Term Debt Issued, Total	8.7M	152M	-	-	45.5M
Total Debt Issued	8.7M	152M	-	-	45.5M
Long-Term Debt Repaid, Total	-78.2M	-144M	-74.2M	-9.3M	-38.7M
Total Debt Repaid	-78.2M	-144M	-74.2M	-9.3M	-38.7M
Issuance of Common Stock	2.2M	6.7M	2.2M	1M	2.3M
Repurchase of Common Stock	-8.4M	-2.8M	-	-45.7M	-94M
Common Dividends Paid	-75.6M	-57.6M	-74.8M	-67.9M	-75.5M
Common & Preferred Stock Dividends Paid	-75.6M	-57.6M	-74.8M	-67.9M	-75.5M
Other Financing Activities, Total	-21M	-23.7M	-16.3M	-18M	-23.2M
Cash from Financing	-172M	-68.8M	-163M	-140M	-184M
Foreign Exchange Rate Adjustments	300K	-1.5M	-3.1M	1.2M	-300K
Net Change in Cash	-60.5M	60.2M	-38.1M	16.5M	-45.8M
Supplemental Items
Cash Interest Paid	21M	18.6M	17.3M	16.9M	23M
Cash Income Tax Paid (Refund)	23.7M	21.7M	15.4M	18.4M	21.9M
Levered Free Cash Flow	79.01M	86.38M	109M	74.79M	115M
Unlevered Free Cash Flow	91.95M	98.75M	121M	85.85M	131M
Change In Net Working Capital	15.5M	8.5M	-21.5M	21.4M	-15.4M
Net Debt Issued / Repaid	-69.5M	8.6M	-74.2M	-9.3M	6.8M

Fiscal Period: September	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.76	5.03	5.83	6.5	5.85
Return on Total Capital	8.96	7.79	9.13	10.77	9.92
Return On Equity %	20.5	23.92	25.94	31.2	28.19
Return on Common Equity	20.5	23.92	25.94	31.2	28.19
Margin Analysis
Gross Profit Margin %	52.49	39.71	41.49	41.15	40
SG&A Margin	42.06	29.88	30.05	29.26	29.62
EBITDA Margin %	14.46	13.49	15.06	14.94	13.42
EBITA Margin %	11.11	10.45	12.02	12.41	10.85
EBIT Margin %	10.43	9.83	11.44	11.89	10.38
Income From Continuing Operations Margin %	5.24	6.7	7.34	8.66	7.09
Net Income Margin %	5.24	6.7	7.34	8.66	7.09
Net Avail. For Common Margin %	5.24	6.7	7.34	8.66	7.09
Normalized Net Income Margin	5.72	5.31	6.36	6.76	5.6
Levered Free Cash Flow Margin	5.11	6.12	7.77	4.62	6.57
Unlevered Free Cash Flow Margin	5.95	6.99	8.59	5.3	7.48
Asset Turnover
Asset Turnover	0.88	0.82	0.82	0.87	0.9
Fixed Assets Turnover	3.05	2.73	2.59	2.87	2.97
Receivables Turnover (Average Receivables)	4.89	4.61	4.45	4.4	4.5
Inventory Turnover (Average Inventory)	5.14	6.56	6.49	6.2	5.5
Short Term Liquidity
Current Ratio	0.87	1.06	1.08	1.07	0.98
Quick Ratio	0.57	0.76	0.77	0.73	0.64
Operating Cash Flow to Current Liabilities	0.26	0.29	0.41	0.33	0.3
Days Sales Outstanding (Average Receivables)	74.39	79.65	81.96	82.96	81.08
Days Outstanding Inventory (Average Inventory)	70.79	55.92	56.27	58.83	66.42
Average Days Payable Outstanding	132.64	106.1	104.89	114.64	125.9
Cash Conversion Cycle (Average Days)	12.54	29.47	33.34	27.14	21.6
Long Term Solvency
Total Debt/Equity