Good day, and welcome to the Britvic Preliminary Results 2021 conference call. We will be hosting a Q&A session after the presentation. If you would like to ask a question, please press star one. You can ask a question by dialing into the conference call or submit your question via the webcast. I will now hand you over to Simon Litherland. Please go ahead, sir. Good morning, everyone. Thank you for joining us today for our 2021 full year results presentation. I will start by sharing some of the highlights of the year. Joanne will then run through our financial performance, and I will come back to talk about our future growth and investment plans. After that, we'll be happy to answer your questions. It's been another remarkable year for Britvic and all our people. I'm incredibly proud of the Britvic team, who have delivered a strong performance in another challenging year and ensured that we are emerging from the pandemic as a stronger, faster growing, more agile and resilient business. In At- Home, we continue to grow strongly, consolidating the gains we've made across our portfolio of family favorite brands, and we end the year with shares significantly ahead of where we were in 2019. We continue to successfully access new growth spaces through innovation, acquisition and partnership. We have stepped up investment behind our brands, infrastructure, people and planet, especially in the H2 of the year as our markets started to open up again. I am especially proud of our supply chain resilience, which has benefited from the investment in the business capability program and our teams working in close partnership with our customers and suppliers to respond to market volatility and supply challenges, thereby protecting our service levels and the on-shelf availability of our brands. This year, we have also generated our highest ever free cash flow, enabling us to further reduce our net debt and increase our dividend in line with our policy. I'm delighted to share the holistic nature of our delivery with strong improvement across all our key people, planet and performance metrics. Underlying revenue is up 6.6%, adjusted EBIT by 10%, and margin has improved by 40 basis points. We have delivered free cash flow of GBP 133 million, an increase of GBP 43 million, and increased our dividend by 12%. From a people and planet perspective, our calories per serve at 25 is well below our stated target of 30. Despite the challenging market environment, we have highly engaged teams across all our business units with a top quartile employee engagement score of 80%. Finally, we've now moved all of our GB immediate consumption packs into 100% recycled PET. I will now headline our progress by business unit, starting with GB. We've seen three key channel trends in GB in 2021. Continued growth in the structurally larger at-home channel with online participation at 16%, double what it was in 2019. H2 rebound for on-trade customers as restrictions lifted and immediate consumption is now back to 2019 levels as people move around more and start returning to the office. Our portfolio of low and no sugar family favorite brands has continued to grow. Carbonated brands Pepsi Max, 7UP and Tango delivered strong revenue growth. Following the lifting of restrictions in the on-trade and the reopening of schools, J2O and Fruit Shoot also grew strongly this year. Flavor concentrates consolidated the gains made during the pandemic, with consumers continuing to spend more time at- home. Against a tough 2020 comparable, Robinsons revenue declined slightly year-on-year, but remains ahead of where it was pre-COVID. We continue to innovate to access new occasions and accelerate growth. Firstly, across the core portfolio, we have launched new flavors to broaden appeal for both new and existing consumers such as Pepsi MAX Lime and Tango Dark Berry. We've introduced new offerings to expand our health and well-being leadership, including the relaunch of Purdey's and Robinsons Ready to Drink. We've also leveraged our dispense leadership to offer new experiences and access new occasions with the rollout of London Essence Fresh Serve, which is now in over 500 outlets, and the expansion of Aqua Libra Cold Taps beyond the workplace into trials in leisure and retail. The acquisition of Plenish has given us access to the fast-growing plant-based category. The integration with the wider Britvic is going well, and we've started to see the benefits of bringing the brand into our business, gaining new listings in both GB and the Netherlands. We are also progressing some exciting brand developments for spring 2022. As you know, we took on Rockstar at the end of last year, giving us access to the scale mainstream energy category. During the year, we have worked closely with PepsiCo on their brand makeover. The completely revamped proposition is now successfully in market with a new pack design, improved liquids, a higher price point, and a new marketing platform built around gaming. While it is still early days in many of these growth areas, I'm excited by the potential they represent and by our plans to accelerate their progress further. Our Healthier People, Healthier Planet program has remained central to our work in GB. We've been working hard to bolster well-being, diversity, and inclusivity to retain and recruit the best talent. Over 90% of our GB volume sits below the soft drinks levy and the threshold for HFSS. We are well-placed to take advantage of the continuing trends towards health and wellness. On Healthier Planet, we've made excellent progress in rolling out recycled PET and continue to support the development of a workable deposit return scheme across the U.K., which is essential to collect sufficient feedstock for the rPET system. We were the first U.K. soft drinks company to commit to the science-based target of limiting global warming to 1.5 degrees Celsius. We're implementing a number of decarbonization projects, such as installing heat pumps to replace boilers and migrating from fossil fuels to renewable energy. On water stewardship, we've partnered with the Rivers Trust and are working with them on site-specific water catchment initiatives to protect this most precious resource. Turning now to Brazil, where we've delivered another year of double-digit growth. Our core ready-to-drink and flavor concentrates brands achieved record market share in both categories during the course of the year. Our performance in the kids category has also recovered strongly, with Fruit Shoot taking share as schools reopened. We've also continued to expand our category presence, further scaling recent launches such as Puro Coco, Seleção Grape Juice, and Natural Tea and the plant-based nuts brand. Although a small part of the business today, we're also trialing some of our group brands, including Pressade, Britvic, and London Essence Mixers, and Mathieu Teisseire Syrups, to grow our presence in more premium, higher margin categories that have long-term potential. We have partnered with farmers and educational bodies to ensure efficient, sustainable production, achieved our first full year of zero waste to landfill, and our factories are increasingly powered by biomass. Our other international markets include France and Ireland, where our main focus has been on improving margins, as well as the growth opportunity offered by broader international expansion of our premium brands, London Essence and Mathieu Teisseire. In France, following the disposal of the private label juice business, we are focused on our higher margin brands and delivered share gains across the portfolio. Fruit Shoot had a very good year benefiting from the return of children's activities. While the comparable for syrups was extremely tough and was exacerbated by adverse summer weather. In Benelux, we are focused on higher margin syrups. We've taken share and are pleased also to have gained a first listing for Plenish. In Ireland, we exited the wholesaling of third-party brands, closing Counterpoint, while retaining access to the on-trade through distribution agreements. At-home performance has remained strong through the year, and as lockdown restrictions eased, we saw consumer demand lead to a strong bounce back in Q4 across the on-trade and the on-the-go channels. From a Healthier People, Healthier Planet perspective, we converted Ballygowan into a 100% recycled PET and received a Gold Award from Origin Green, Ireland's leading sustainability network for food and beverage companies. While the global restrictions over the last year have inevitably slowed the progress of our premium brands, we have started to see a recovery as restrictions have eased. London Essence is now stocked in twice the number of outlets it was before COVID, and we are seeing good progress in our focus international markets such as Teisseire into the Middle East. Finally, I would like to remind you of the consistent returns Britvic continues to generate for shareholders. Since 2013, GBP 534 million has been returned to shareholders through dividends, and our market cap has increased from GBP 1.1 billion- GBP 2.4 billion. Over this period, we've delivered a total shareholder return of 156%, well ahead of both the FTSE 100 and FTSE 250. As a business, we are committed to maintaining this outperformance in the years ahead, and I will share more later on how we plan to do that. For now, I'll hand over to Joanne to share further detail on our financial performance. Thank you, Simon, and good morning, everyone. As Simon shared, we have delivered a strong performance in the year with all key financial metrics on a positive trajectory, reflecting the resilience and agility of our business and the entire global Britvic team. Before we get into the detail, figures on my slides will focus on adjusted measures and items expressed in percentage growth terms are calculated on a constant currency basis and adjusted to remove the French private label juice and Counterpoint businesses from the base to aid a like-for-like comparison. Group revenue increased 6.6% year-on-year, and we saw a sequential improvement with H2 revenue increasing 16.8% versus financial year 2020, and 3.3% when compared to our H2 2019. Adjusted EBIT increased 10% to GBP 176.5 million, resulting in an adjusted EBIT margin of 12.6%, an underlying year-on-year improvement of 40 basis points. Profit performance reflects the higher operating leverage as volumes increase, a partial improvement in mix and continued discipline on discretionary spend, all of which enabled us to rebuild investment in the business. Adjusted EPS increased 2.5% year-on-year, with growth impacted by a higher effective tax rate versus last year. This reflects the one-off non-cash revaluation of deferred tax, in line with the enacted 6% increase in the UK corporation tax rate from April 2023 onwards. Our cash performance was particularly strong, with a year-on-year improvement of GBP 43 million, driven by a continued focus on day-to-day cash management. As a result, we have delivered an adjusted net debt to EBITDA ratio of 2.1x, which is in line with year-end leverage in our financial year 2019. The final dividend per share of GBP 0.177 takes our full year dividend to GBP 0.242, a year-on-year increase of 12%. The full year dividend equates to a 50% payout ratio in line with our stated dividend policy after adjusting for the deferred tax impact on our EPS. Our business has been impacted by lockdown restrictions since March 2020, driven primarily by trading restrictions placed on the out-of-home channel. As a consequence, we have seen significant growth in the at-home channel, where we have grown our market share. Within at-home, we saw a shift away from immediate consumption to larger deferred packs driven by fewer people on the go. These channel and pack shifts contributed to an adverse margin mix effect in the business, with the GB out-of-home channel dropped from a 40% share of volumes in our financial year 2019 to 27% in our H1 2021. As restrictions eased earlier this year, we saw the share of out-of-home increase to 36% in our H2, supported by our Reopen Right program targeted at our on-trade customers. Within at-home, we have also seen immediate consumption volumes recover back to 2019 levels during the summer, supported by increased mobility and staycations. With the lifting of restrictions, we have seen a positive revenue trajectory for all business units in the H2, with GB, Brazil and total group revenue ahead of both 2020 and 2019. Overall, our mix remains adverse to 2019 levels, driven by continuing strong performance in at- home, with the on-trade channel trading at approximately 85%-90% of pre-COVID levels. In the absence of further restrictions, we would expect the gap to 2019 to continue to narrow through our financial year 2022. We delivered a record free cash flow of GBP 132.7 million, driven by a strong underlying improvement in working capital and a relentless day-to-day focus on cash management. The improvement in working capital was driven by an increase in payables and supported by continued focus on our cash collection, with average days sales outstanding reducing by seven in GB. CapEx increased year-on-year as we began to rebuild investment after delaying certain projects in 2020 due to COVID. Other significant cash movements included outlays relating to acquisition and increased dividend payments and a one-off receipt of GBP 20 million relating to past pension contributions following our successful court ruling in relation to the setting of future annual increases. Our strong cash flow generation enabled us to further reduce our net debt, which now stands at GBP 78 million lower than closing debt in September 2019. Our leverage ratio of 2.1x is back to pre-pandemic levels despite a lower level of EBITDA. Moving on to our performance across each of our reporting segments. In GB, we have made good progress across all metrics, with revenue growth of 8% being driven by the at-home channel, which grew at 10.9% versus financial year 2020 and by 16.6% versus financial year 2019. Out-of-home was broadly flat for the full year, and while it continues to lag pre-COVID levels, we did see a strong recovery in the H2 of the year. ARP growth of 3.1% was driven by an improved mix across both channels and packs. We increased our AMP in the H2 in GB to levels above the H2 2019, which held back margin growth in the full year but enabled us to take full advantage of the easing of restrictions. In Brazil, we saw a continuation of strong double-digit volume and revenue growth, with reported revenue up 21%, which, after adjusting for PIS and COFINS tax benefits, translates to underlying revenue growth of 22.5%. This is driven by both volume and ARP growth and came from across the portfolio. While brand contribution grew in the year, brand margin declined 330 basis points, driven by continued inflationary pressures and product mix. Finally, turning to Other International, where volume increased 0.2%, ARP declined 1.4% and revenue declined 1.3%. This is due to restrictions in the on-trade and weaker performance in France, which was impacted by poor weather in the summer and a tough 2020 comparable for flavor concentrates. Ireland began to recover strongly from the start of Q3, with H2 revenue growing 21%, resulting in full year revenue growth of 1.6% after adjusting for the Counterpoint agency business. Total brand contribution declined 1.9%, with margin decreasing 20 basis points. We continued to exercise discipline on our fixed cost base, with total costs increasing 3.9% despite a rebuild of investment, most notably AMP, as signaled at interim. Total AMP was almost 27% higher year-on-year, with spend in the H2 higher than the H2 of 2019. Fixed supply chain costs increased 2.2%, primarily driven by co-packing in GB and Brazil as a result of high levels of demand in each of those markets. We increased capacity in Brazil in the H2 and are on track for our new can line in Rugby to be operational from early 2022, which will reduce co-packing costs in this financial year. Overheads and other costs increased to 8.6%, primarily driven by a rebuild of variable reward. We are seeing a higher inflationary environment than in recent years, driven by commodity and energy prices as well as haulage costs. We are focused on minimizing the impact on our business and have a variety of levers to do so. In 2021, we saw a limited impact from inflation, benefiting from our commodity hedging activities and fixed supply contracts. Some of these continued into our 2022 financial year and where it has made sense to do so, we have increased cover further, giving us a high degree of visibility of expected costs in 2022. In our planning for this year, we have also sought to offset some of the inflation we are seeing through our cost initiatives, including value engineering and efficiency projects. The most significant lever, however, to manage the impacts of inflation on our P&L is, of course, smart revenue growth management. We have built on our RGM capability in recent years and with the investment in our GB supply chain, have a greater degree of operational flexibility today than ever before to optimize our price pack architecture and our brand, channel, and customer mix. We have also started to implement list price increases in certain markets, and it is our intention to take further price increases across our portfolio. We have a good understanding of the elasticity of our brands and products and have confidence in our ability to execute our pricing plans. The soft drinks category has proven itself to be resilient in past inflationary periods, and the relatively high level of promotional participation provides a degree of flexibility to ensure the trade-off between volume and value growth is optimized. Moving on now to share some modeling considerations and technical guidance for the year ahead. The shape of our growth in 2022 will reflect soft-based comparators in the H1 as a result of lockdowns in winter 2020 and extended restrictions through spring 2021. As shared, we are seeing higher inflationary pressure across commodities, labor, and energy. We have a high level of cover in place for 2022 and therefore good visibility of the year-on-year cost impact, which we expect to be mid-to-high single digits. We have a number of levers, including list price, revenue growth management, and cost efficiencies, which we will use to mitigate the impact of inflation in our P&L. We are planning to continue to invest behind our strategic growth drivers, including AMP, and will retain a degree of flexibility should market conditions change. Overall, we expect to make further progress on margin rate recovery. However, the extent of this in year will be somewhat held back by the anticipated time lag between inflation hitting our P&L and landing our price increases in their entirety, plus a continued channel mix effect. In terms of more technical guidance, we estimate our effective tax rate to be 21%-22% and interest charge to be between GBP 17 million and GBP 18 million. We anticipate CapEx to be between GBP 90 million and GBP 100 million, reflecting a catch-up on projects delayed during COVID and our cash pension contributions to decline from GBP 10 million- GBP 5 million. Thank you very much, and I will now hand you back to Simon to talk about our confidence in our future growth. Thanks, Joanne. I'll start this final section with a brief reminder of our growth strategy. We refreshed our strategy in 2019, and I spoke this time last year about how we had stress tested it in the light of COVID. We remain confident that it will continue to drive faster growth into the future and our four strategic priorities and market choices remain constant. Each of our geographies has a clear role in our future growth. In GB, we will continue to outpace the category by growing our existing scale brands and accessing new growth spaces both channels and categories. Despite the strong growth over the last few years in Brazil, there is still significant opportunity for us to continue to scale the business further and thereby increase operational leverage down the P&L. We'll grow by continuing to rejuvenate our flavor concentrates brands and by expanding into new categories through locally developed innovations and by introducing other Britvic brands. In other international, the simplified Ireland and France business units will focus on growing our higher margin brands, and we see an exciting opportunity for premium brands such as London Essence and Teisseire to grow in selected markets. We have reinvested behind our brands in the H2 of 2021, and we'll continue to do so in 2022 with an exciting and comprehensive program of marketing activation across all our markets. We continue to leverage our proven platforms, executing them through the line to deliver scale activity for our customers, retail partners, and brands. We are activating seasonal events as we know they're a major driver of growth for soft drinks. Christmas being the current example. This slide captures a small proportion of our plans for 2022, which include J2O returning with Mojo, the alpaca, and the It's a Season to Sparkle campaign. Robinsons and their Let There Be Fruit theme. Fruit Shoot will give families the opportunity to win their dream thing in GB and is sponsoring the Young Brazilians Awards. Finally, Pepsi will continue its hugely successful association with Champions League football and the Pepsi Challenge challenge, among other things. We have led the market in providing healthier soft drinks in recent years, reducing calories and delivering growth through our broad portfolio of great tasting low and no sugar brands. We will continue to build on this success by adding additional health benefits to some of our brands. In 2021, we added vitamins to MiWadi in Ireland and reformulated Rockstar with added functional benefits. In 2022, we'll add vitamins to our Robinsons Fruit & Barley range and seek to flavor more water occasions by launching a new range of Robinsons Minis with specific functional benefits. Work is also well underway to support the further development of the Plenish brand, with a complete relaunch planned for next spring. While in France, we're expanding the Teisseire flavor concentrates range into a more premium artisanal format. We've had great success in recent years leveraging innovation off the shoulders of our family favorite brands. This will continue in 2022 with examples such as another new flavor for Club in Ireland, and Robinsons has just launched a new cordials flavor in time for Christmas. There's a lot more in the pipeline that I'll share at our interims in May. Moving beyond our brands, we are also investing in our business capability, technology, and infrastructure. As part of our commercial transformation program, we are supporting our critical revenue management journey with the implementation of a market-leading digital solution from Kantar. This will also upgrade our customer relationship management across both GB and Ireland to an industry-leading standard. We're creating a center of excellence for consumer experience to integrate and enhance our digital marketing capability, and we are developing an in-house digital studio to create multi-channel marketing content. We're also bringing our new SAP-enabled tech and data expertise to consumer data. This builds on last year's successful IT investments into SAP Analytics Cloud and Snowflake, which are now giving us access to richer real-time analytics and POS data. In our supply chain, we are building on our recent business capability program with investment in a new can line to keep up with accelerating demand, and we're upgrading our national distribution center. We've implemented SAP Ariba to support our supplier relationship management and our procurement team, which will ultimately benefit our end-to-end purchasing efficiency. Finally, we're also continuing to invest in our sustainable business agenda. We are using technology to underpin connected, collaborative working everywhere, and we are refreshing our offices as we migrate to more flexible working. Importantly, we continue to invest in employee well-being and also in diversity and inclusion, and we are supporting learning and development through global online training resources. On the planet side, we have an ambitious roadmap to minimize our total environmental footprint. We are working to decarbonize our business as quickly as possible, both our direct and indirect emissions. We are improving our understanding of water usage at our sites and upweighting our water stewardship in every market. Finally, we are continuing our journey to reduce packaging per serve through increased rPET usage, lightweighting, and Beyond the Bottle solutions. To conclude, soft drinks remains an attractive space in which to operate. Consumption of the category continues to grow, and as soft drinks brands are an affordable everyday consumable, the category has always proved resilient in challenging times. At Britvic, we have shown our own ability to successfully navigate multiple headwinds over the years, and we have many different levers and choices at our disposal to mitigate the current short-term challenges. We've come through the pandemic as a stronger, faster-growing, and more agile business. We have a highly engaged, capable, and connected team. We are very cash generative. We have a solid balance sheet, and we are confident that we'll make further progress this year on revenue, margin, and profit. Longer term, I foresee an exciting future for this company. We have an unparalleled portfolio of trusted family favorite brands across multiple markets and a strong pipeline of innovation to access new growth spaces. We continue to invest to accelerate our growth trajectory in our brands, technology, infrastructure, as well as in our people. When I put all that together, it gives me great confidence that we will extend our track record of delivering outstanding returns to our shareholders in 2022 and beyond. Thank you for listening, and I look forward to your questions. Thank you. We will now go to the question and answer session. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. We will now take our first question from Richard Felton from Goldman Sachs. Please go ahead. Thanks. Good morning, Simon. Good morning, Joanne. My first question is on the overall pricing environment, particularly in the GB market. Clearly, we're in a more inflationary environment today than we have been for a long time. How does the relatively higher level of UK CPI impact your conversations with customers on pricing? Is CPI a starting point for those conversations? Is there any difference you'd call out between channels or product categories? My second question is a question on CapEx to Joanne. You've guided for between GBP 90 million and GBP 100 million of CapEx in FY 2022, which is a little bit higher than your medium-term guidance of GBP 70 million - GBP 80 million a year for CapEx. How should we think about the extra CapEx this year? Is it a one-off, and we should expect CapEx back at the GBP 70 million-GBP 80 million range moving forward? Or are you facing a slightly higher CapEx requirement moving forward to support your growth ambitions? Thank you. Thanks. Good morning, Richard. Thanks for those questions. I'll take the first, and Joanne, you pick up the CapEx one, please. Yes. On the pricing environment, you know, I think, as we said in the presentation, this category is a low price, affordable. It's an expandable category. You know, on the whole, it's proved itself to be resilient, and it's pretty inelastic. We've seen that through price incidences like sugar tax, for example. You know, secondly, I think if you look at our portfolio, we've got, you know, a large number of number one and two brands, family favorites that have an inherent brand strength, and are growing strongly in the market, which obviously is a great place to start if you want to take price. Then I think if you look at, you know, where inflation's coming from, it is broad-based. It is affecting all our customers and competitors alike. Therefore, you know, we expect the category and the market to move together, if you like. There's evidence that that's already starting to happen. Of course, as you rightly point out, you know, GB customers, or indeed retailers in France, you know, never like taking price. I think there is real evidence that they understand the situation they're experiencing and feeling it themselves. I think the key thing for our customer base is that they feel priced evenly across the sub-channels and the customer base so that each retailer, for example, is not undermined in their own competitive position relative to the other. That's one of the jobs of work that we need to do. Finally, I'd say, you know, obviously as a category and as a business, you know, with a broad portfolio and a well-invested supply chain, you know, we've got many levers available to us to move price. You know, whether that be headline, depth and frequency of promo, SKU mix. Much more capability to manage price across our SKUs than we did pre-business capability. Brand customer channel, all great opportunities for managing our margin. You know, as we're going through this process, we've already taken some price. You already see the category ARP moving up in Nielsen, as people have de-escalated, and we're having very positive conversations with customers. We remain confident that we'll get price away. Thanks, Joanne. Thanks, Simon. Thanks for the question, Richard. Yes, in terms of the GBP 90 million-GBP 100 million, you should view that as a catch-up on FY 2020. You'll recall our CapEx dropped to GBP 50 million, so about GBP 20 million-GBP 30 million lower than the range. That was intentional to delay some of the projects as a result of COVID. This year we're catching up on some of those. What I would say is a lot of the CapEx is skewed to growth, as it typically is, and it is relating to increased capacity. The additional can line in Rugby being a good example of that. Also we expect our commercial assets CapEx to increase as well in the year. In terms of going forward, I wouldn't expect CapEx to remain at that level, GBP 90 million-GBP 100 million. I'd expect it to be more like 5%-5.5% of revenue, and it will really, you know, where we see spikes in a year, it will be driven by capacity, where we're increasing capacity across our business units. Thank you. That's all very clear. Also very good to see that Mojo the Alpaca is coming back for the J2O Christmas campaign. Thanks, Richard. We will now take our next question from Simon Hales from Citi. Please go ahead. Thank you. Morning, Simon. Morning, Joanne. Well, two or three from me, please. Simon, can I just come back to your comments on pricing? I think Joanne mentioned in her presentation as well, you have taken some list price increases in some markets already. Can you just flesh that out a little bit more in terms of where those price increases have gone and perhaps which channels, you know, a little bit more on the scale? In association with that, can you talk a little bit about the current level of promotional activity we are seeing in markets like GB, and how that compares to the past as we head into festive season. Second, obviously the energy category is clearly a very exciting growth space for the broader soft drinks industry at the moment. I know it's early days with Rockstar, but is there anything more you can share around the brand's performance post the makeover and price repositioning? And then finally, just with the ongoing investment plans in 2022, the ongoing upweighting of AMP investment, are there any specific areas you're targeting there, or is it really just about normalizing investment back to pre-COVID levels? Okay. Thanks, Simon. Good morning to you. I'll pick up on the price and Rockstar. Joanne, do you wanna pick up on our AMP and investment levels? Yes. Yeah. Yeah. Yeah, Simon, look, I mean, there's not that much I can say. You know, as you know, certainly the cycle in GB and France tends to happen for us mainly at the end of the calendar into the beginning of the new calendar year, and in France towards the end of February. But we have already taken some price in Brazil in September. We've already taken price across our customer base in Ireland. And during the back end of our financial year and into the new financial year, we've also de-escalated some of our promotional mechanics. And as I said to Richard's question, you've seen some of that across the category. ARP for the last 12 weeks before the end of September was up 7%, I think, for the category. You're starting to see that price through. And obviously our intent is to take, you know, price fairly across the customer base, as we particularly. We've also started to see the competition take some pricing in certain customers, which is helpful, and we're confident that they will. I think maintaining price relativity is critical for us and our brands. In terms of Rockstar, look, I think we've made great progress. It's a year in, and I think we have reestablished the brand with a new look and feel, new pack, new liquids, new marketing campaign, and as you rightly say, a new price point, which has all gone down very well. I think well received from customers. We have had some supply challenges on Rockstar through the course of the year, primarily, you know, as it's one of the few brands that is co-packed for us at the moment. That has held us back a little bit in the back end of the year as we relaunched the brand, if you like. But we are confident that we will grow the brand and take some share in 2022. You know, we're very excited about the brand and being part of the category. It's the second biggest category, GBP 1.4 billion, and growing double digits and has done for some time. Having, you know, a brand like Rockstar and a partner like PepsiCo with the quality of thinking behind the brand, the marketing campaign, we are confident that we will start to participate in the category in 2022 and beyond. Hi, Simon. Just to answer the question on investments, if I may just give a bit of context on 2021. Of course, H1 2021, we pulled back on a lot of the investment given we were in lockdowns and restrictions for most of that half, and we stepped it up in the H2. Our AMP in the H2 was about GBP 3 million higher than 2019, but for the full year, we were still about GBP 5 million -GBP 6 million behind FY 2019 levels. We will see a step up in AMP this year as we catch up with those historic levels, and have plans to go beyond that, where we see the growth opportunities. What I would add is, you know, we have a much greater degree of flexibility than we had in the past, just as a result of lead times for some of our AMP and media campaigns, which really helps us manage that through the year and make sure that we're making the appropriate level of investment. Of course, that will be skewed to the H2, just given the seasonal trends that we see across our category. Beyond AMP, there are other areas of investment that we've talked about. I would call out College and Beyond the Bottle. We see those as growth opportunities for Britvic, and we have started to invest behind some of those as well. We see an opportunity in immediate consumption and so investing in College and digital. We referenced some of the restructuring that we did in summer 2020. That really gives us a little bit of headroom and fuel to reinvest and reallocate across those areas. I'm not expecting to see a significant incremental cost to P&L. You should see it more as a reallocation. Thanks. Got it. Thank you very much. Thanks, Simon. We will now take our next question from Edward Mundy from Jefferies. Please go ahead. Good morning, Simon and Joanne. Three questions from me, please. As you look to take price, are you able to share with us what you think elasticity of demand is for your portfolio? I think looking back at the time of the sugar tax, it looked about 0.2, 0.3, but love to get a bit more color on how you think about elasticity of demand. The second question is around some of the efficiency measures, Joanne, that you're looking to put through to help protect the P&L this year. I think you talked about the canning line in Rugby, but what are the key levers to protect the P&L into fiscal 2022? Then, Simon, on slide six, you show how the portfolio has evolved and continues to evolve. You know, given you've got a strong balance sheet, do you think you've got the right portfolio now, or there are more opportunities to sort of add into high growth, you know, high revenue per case categories, you know, perhaps across something out of soft drinks or registered coffee? Right. Do you wanna take the first two, Joanne, and I'll pick up on the portfolio? Yes. Yeah. Good morning, Ed. Let me start with elasticity. You know, we're advantaged. We understand our elasticity very well across the category, and we run the usual statistical models based on what we've seen historically. Of course, Ed, you call out the sugar tax, so we have had good instances in the past to understand that. The level of elasticity is low, so the level that you're talking about is broadly about right. Of course, it depends what happens with competitors' prices and across other categories. I think the message is that we've built that into our pricing plans for the year. Of course, because it's a highly promoted category, we have more levers than perhaps other categories to just optimize that balance between value and volume. Yeah, would expect a low elasticity. In terms of the efficiency measures, there's a number of projects that we have ongoing. Obviously, value engineering is one that we've had quite a lot of success with over the past few years, and we'll continue to do that this year. We also look across our supply chain, and we deliver efficiencies every year from the supply chain, and there's some more projects in 2022 to help offset some of that inflation. Beyond that, you know, some of the projects that we talked about and that Simon shared, across supply chain automation and our commercial systems, deliver good returns, and we'll start to see some of the benefits from those in year. That's really automating and helping with our promo effectiveness, which will also help to mitigate some of the inflation. As I touched on, we did take the opportunity through COVID to take cost out of our business, to give us the opportunity to reallocate that. We will have reallocated some of that, and some of that, of course, will as well help with a lower cost and mitigating some of the inflationary pressures that we see this year. Thank you. Thanks. Yeah. Good morning, Ed. Thanks. Just on the portfolio, I mean, look, I think you know, we have got a very broad-based portfolio, particularly in GB&I, where you see the combination of the Britvic brands and the PepsiCo brands coming together very well. You know, our core family favorite brands in both those markets are doing well, growing strongly, taking market share. We've also got you know, a wide range of I guess, smaller, faster-growing you know, brands underway where you know, our focus is on scaling those. You know, we've talked about Rockstar, but Purdey's is in a great place for that. London Essence, you know, three or four years in now, and we're starting to get a bigger footprint. Rockstar, we've talked about. Plenish, we brought into the business, which we're excited about. Likewise, you know, beyond brands, our, you know, our Beyond the Bottle activity with the Aqua Libra company is an exciting space for us. It's not to say we cover the whole of the soft drink spectrum. You know, cold/hot is fast growing category. We're doing particularly well with Lipton, which grew 26% again this year, and is now starting to become a scale brand. As you rightly suggest, you know, cold coffee is also interesting. We haven't got a way into there yet. You know, in other markets, you know, we continue to expand our portfolio as well. In Ireland, for example, we're bringing in Ballygowan Hint of Fruit, which is a flavored water offer for the number one water brand in Ireland. We're expanding our energy presence in Ireland as well. Likewise in Brazil, you know, we continue to expand into new categories and see ourselves participating in a wider range of categories. There is still opportunity for us, but I think in the short term, you know, we've got plenty to focus on, and it's about scaling what we have as much as entering into new spaces. Very good. Thank you. Thanks, Ed. We will now take our next question from Emma Letheren from Royal Bank of Canada. Please go ahead. Hi. Thank you. Morning, Simon and Joanne. Firstly, you mentioned you're expecting mid to high-single-digit levels of inflation to impact you next year. I understand that previously you were more thinking mid-single digits. I'm wondering therefore what level of price increases are you negotiating with retailers? And secondly, what kind of lag will there be between inflation impacting your business and your price increases benefiting you? Lastly, you mentioned some digital investments at the end of the presentation there. Where do you think you sit versus peers in these capabilities? Thank you. Great. Thanks very much for those. I'll take the first. Joanne, if you wanna pick up on digital- Yeah ... the infrastructure investments. Mm. Yeah, look, I mean, the inflationary environment, you know, has continually moved. You know, it has, it's probably moved a little bit even in the last few months. We expect it to continue to move around a bit. Aluminum, for example, you know, reached a peak, we think a peak, you know, six or so weeks ago. It starts to come off a little bit. I think, you know, what we need to be is to be agile and be able to respond. You know, we've got a wide range of levers to mitigate that inflation. Some of it is within procurement in itself. You know, we've got a lot of category expertise. We've got a very talented procurement team. You know, we've got multiple sources for most of our inputs and obviously hedging and long-term contracts. Better procurement is very much part of the solution. You know, cost efficiency is another part of it, value engineering, light weighting, recipe changes, removal of package elements like trays or shrink wrap. Finally, there's price. You know, I can't really answer the question of the level of price increase because it is multiple levers through revenue growth management that we will use. You know, it won't be consistent across our markets. It won't be consistent across our brands or pack sizes. As we've said all along, with those multiple levers and choices that we have, you know, we remain confident that we can absolutely cover the cost of inflation, and we will move margin forward in 2022 and beyond. Thank you. Good morning, Emma. Just on the digital investments. First of all, I'd say I'm really pleased with the progress that we've made across data analytics and some of the systems that we are implementing. It's really taken us on in terms of getting the right information and helping with the decision-making. The big investment areas that we have made have been around procurement, our warehousing systems, commercial and our digital marketing. In procurement, we've implemented SAP Ariba. In warehousing, we've implemented an automated warehousing in Leeds and Beckton and Rugby will be next year. For commercial, we've talked about the Kantar system that we're implementing, which will really help drive promotional effectiveness and the real-time data that we have access to. All really great projects with good returns, as I said, and really good paybacks. What I would say is that they do take us to best in class across the industry. You've asked how does it compare to peers. You know, I can't comment on what others are doing. With the procurement and the commercial systems that we are putting in, it'll really help from a view of our end-to-end processes, bringing automation in, so we can get information quicker, we can execute quicker, we can work much more closely with our business suppliers and our customers. This is absolutely the right thing to do. As I said, the implementation is going well, and we'll start to see some of those benefits in financial year 2022. Thanks for the questions, Emma. Thank you very much. Thank you, guys. We will now take the next question from Richard Withagen from Kepler Cheuvreux. Please go ahead. Yeah. Good morning, Simon. Good morning, Joanne. I have two questions, please. First of all, a question on the recovery of immediate consumption volumes. I mean, you're saying they are back to pre-COVID levels for Britvic, although if you look at Google Mobility data, it shows that workplaces are still down some 20% in the U.K. compared to pre-COVID. Can you elaborate a bit on what is driving the recovery of immediate consumption? And is the product mix very different compared to pre-COVID? And then the second question I have is, you know, what are your expectations with regard to the product or packaging mix in the at-home channel in 2022, as beverages prices are likely to increase more than what consumers are normally used to? Sorry, can you just repeat the second question, Richard? Yeah. I was just wondering, you know, your expectations with regards to, you know, any changes in the product or the packaging mix in the at-home channel specifically, because we're gonna see some inflation. I was wondering, is there sort of gonna be a down trading that you expect towards, you know, larger pack sizes or different brands? Okay. Sure. Yeah. Look, I mean, on the recovery of the IC channel, you know, you're quite right. I think, you know, workplaces haven't caught up yet. You know, they're obviously still well down. People are moving around more, right? You're starting to see people, you know, on the roads, in the train stations at night and the different channels, sports activities, social activities. You know, the evidence is there. You know, we are selling more. You know, we're pretty confident that, you know, as people do start to return to the office, you know, city centers will start to see some of the benefit that's been more regionalized to date. Let's see how this pans out. Of course, different geographies have responded in different ways. Of course, we've seen some more restrictions come through and certainly Holland and Ireland more recently around COVID. You know, let's see how it plays out. At the moment, you know, that's where it is, and we're very happy for that, given that we, you know, we have a higher margin single serve pack that's sold, you know, through that immediate consumption channel. Then in terms of, you know, changes to the product mix, you know, I think on the whole, not massively. You know, clearly with more at- home consumption, more family occasions, we saw, you know, categories like concentrates. You know, Robinsons, MiWadi, Maguary and Teisseire benefit significantly from that. As people have started to move around a bit more, that's had a slightly more challenging time. Likewise, you know, we've seen significant growth in large multi-pack cans, for example, in at- home which may moderate slightly. What's really pleasing is that, you know, as the out-o f- home and immediate consumption channels have returned to growth, you know, the at- home channel has remained reasonably strong. We, you know, we've got a higher index of share in the at- home channel that's really beneficial to us. You can see that coming strongly in the results of last year. Again, we've started this year very strongly as well in the first six weeks. But there's not- Very good. You know, that's probably all I can say around that. Thanks. Thanks, Richard. Yeah. Thanks, Simon. We will now take our next question from Andrea Pistacchi from Bank of America. Please go ahead. Thank you. Yes, morning, Simon and Joanne. I have two, please. The first one, Simon, on France. France was down slightly. In part, you flagged the summer weather, not good, and also the comps. How do you feel about the French business now, post disposal of private label? Is it in the position you think to grow a little or to remain at least stable? The second one may be for Joanne on the balance sheet. Net debt to EBITDA has been declining fast. I mean, I think on consensus numbers next year it should be definitely below 2x. The question is really on the use of cash with your payout at 50%, at what point would you consider share buybacks in the absence of M&A? Good morning, Andrea. Thanks for those. In France, you know, you're quite right. I mean, I think this year was a bit challenging, particularly strong comps, specifically on syrups. You know, partly driven by the extent of at-home consumption in the prior year and also unfavorable weather. Certainly the syrups brand, Teisseire, is the most weather responsive brand. You know, never one to be dependent on weather. You know, Fruit Shoot on the other hand had a particularly strong year as children's activities and schools restarted. You know, generally speaking with France, you know, I think that the at- home channel and our retailer situation. You know, French retailers are notoriously challenging and yet, you know, they too understand the position around inflation and price. We've had some very encouraging early conversations with the retailers in France as well. You know, we will end up taking price in France. I have no doubt. From a business perspective overall, you know, undoubtedly, you know, getting rid of our private label juice business was the right thing for us. It's left us with a smaller but much more focused business. You know, four or five key brands, higher margin, a smaller more focused team. We're quite excited. You know, we will get some growth out of France. We've got some exciting plans for all of our key brands in the new year. Of course, we've also brought that business, you know, under the stewardship of Hessel, who's running our international business. We see quite a lot of synergies across Belgium and Holland, and some of the Teisseire opportunities across the rest of Europe and indeed into other markets like Asia. You know, we have in Asia and India. We've got a good partner for Mathieu Teisseire. In the Middle East, we've got some strong partners more recently as well. We're seeing some synergistic opportunities across Europe and our international business. I think we're in a good place. We've done the right thing. We've got a better, stronger business for it. While, you know, times are challenging, I'm confident that we'll start to see some benefits coming through from our French business in 2022 and beyond. Good morning, Andrea. Yes, just on the leverage, really pleased with the cash generation over the last 18 months, and what that's enabled us to do in terms of paying down our net debt and getting that leverage down to 2.1x. We talked before COVID about getting leverage down below two. I would expect that we'll see further net debt pay down in 2022. Absolutely on that trajectory. In terms of the rest of our capital allocations, we're really pleased with ultimately maintaining the 50% dividend payout throughout the last couple of years. We touched on CapEx. We have taken the opportunity to acquire some smaller businesses in the last 12, 18 months as well. We've continued to look at M&A opportunities where they made sense. I think in terms of the question of when do we look beyond all of that and, you know, give back more to shareholders, if our leverage is comfortably below two and at a sustainable level below two, then we would obviously look to return to shareholders if that made sense at the time. I would expect that we're probably about a year away from that. Super. Thank you. Thanks, Andrea. We will now take our next question from Mitch Collett from Deutsche Bank. Please go ahead. Good morning. I've got two questions, if that's okay. Just coming back to COGS inflation. You said mid- to high-single-digit for FY 2022, but I guess that benefits from some of your hedges. Can you comment on what that would look like on an unhedged basis, as it might give us a steer for how things are likely to develop going forward? And then I appreciate on 2022 EBIT, you've basically said that you'll make progress relative to 2021 on revenue profit and margin, but there's quite a few moving parts relative to 2019, including higher COGS, higher pricing, higher A&P, but also the efficiency measures you've talked about. Can you perhaps talk through some of the moving parts for 2022 relative to 2019? Thank you. Okay. Do you wanna pick up the first one? Yeah. about raw materials, and I'll try and attempt to answer the second one. Yeah, of course. Good morning, Mitch. In terms of an unhedged, I mean, first of all, what I'd say is, I think our procurement team has done a fantastic job in looking at how do we mitigate some of the market inflation that we're seeing through our hedging on our fixed multi-year supply contracts. I think that's an important point to make. If you looked at an unhedged, you know, we'd be well into the double digits inflation, and probably up at the high teens. We are seeing, as Simon said earlier, broad brush inflation. The other thing I'd say about it, Mitch, is, you know, there's a few drivers of the inflation, and look, I'm not gonna attempt to conclude on whether it's temporary or permanent, but certainly some of it is being driven by COVID, so pent-up demand, labor shortages, and of course the impact on the global supply chain. You would expect some of that to unwind. Other instances like the haulage inflation and wages for drivers in GB are probably a more structural issue, and therefore we'd expect those to remain in place. We're very much focused on how do we mitigate the impact on 2022. We've talked through some of those levers today. We'll also look to continue to increase our cover as we go through the next twelve months. Typically, you know, we run with about, you know, anywhere between 40%-80% of a rolling twelve-month coverage on hedging our commodities. As we said in the pre-prepared comments, we have a good level of coverage and visibility into our costs for 2022, and we've also started to take cover beyond 2022, where it makes sense for us to do so. Okay. Thanks, Joanne. Yeah. So Mitch, on the sort of shape of the P&L going forward. You know, I think the key thing to kind of focus on is, you know, what we've done is we've written a strategy for growth. You know, what we're endeavoring to deliver is stronger top-line growth for the business than we have in the past. But at the same time, you know, continue to grow our margin. And obviously COVID has interrupted certainly the latter. You know, we've got a strong track record of growing margin over time. You know, 370 basis points, I think, between 2013 and 2019. You know, we're confident that next year we will, you know, accelerate growth. We're emerging from this pandemic as a stronger business. We have momentum. '22 started well, and we've got the supply chain flexibility and agility to deal with some of the challenges that we currently face. You know, as we've said in our statement, we're confident we'll improve margin again next year. You know, we probably won't get quite back to 2019 levels, but beyond then, we've got. You know, after next year, we will, and we're confident we'll continue that margin progression. You know, clearly next year, you know, we anticipate that you know, the at-home channel will remain structurally strong and larger, and that the out-of-home channels will continue to improve through the year. But that will mean that, you know, overall there's a slightly negative mix in the year, as Joanne has called out. we also anticipate investing more behind our brands and growth opportunities to accelerate growth next year. Of course, you know, we will maintain, you know, some degree of flexibility around that as things pan out. net-net, I'd expect a stronger top line, and slightly less margin than you might have seen in 2019 coming through in 2022. I hope that helps answer the question. Yeah, that's very helpful. Thank you. Thanks, Mitch. We'll now take our next question from Fintan Ryan from JP Morgan. Please go ahead. Good morning, Simon. Good morning, Joanne. Thank you for the questions. Following on from that last question, actually. In terms of some of the progress from margin over the midterm, we're seeing that margins in Brazil have come under pressure in FY 2021, despite the strong top-line growth and even in sort of the international business. Margin's also down on an underlying basis. How should we think of the sort of beyond 2022? How should we think of the brand contribution margins in both of those regions? Do you have any target margins in mind when it comes to the Brazil business and international business over the midterm? Secondly, I think it's clear that the premiumization agenda is very front and center of your thinking over the mid to long term. Just give us a sense of how much of your portfolio in each of the key markets would be under that sort of premiumization premium umbrella. Again, do you have any targets for that we should be considering going forward? Yeah. The targets question is easy. We're not giving up targets for those. Let me try and give you more of a flavor. Look, you know, we think there's plenty of margin opportunities to grow margin, you know, across all of our business units actually. Of course, you know, the first point is there's a normalization of the channel mix. There's the opportunity to grow a share of more profitable channels, you know, such as IC and out- of- home, which are particularly relevant for us in GB. If you look at our brand mix, and look at our strategy, flavoring billions of water and family favorites, there's certainly brand mix opportunities. Most of our innovation is margin accretive, and that's where some of the premiumization agenda comes in. We don't have specific targets, you know, other than some of the alcoholic drinks companies in terms of premiumization. I don't think the cut is as clear in soft drinks. Certainly there is an opportunity to premiumize. Certainly in our growth spaces, they do tend to be margin accretive. Then, you know, we've got revenue growth management and cost efficiency across all of our business units. Then more specifically to Brazil, you know, look, that is a lower margin business. You know, it's structurally a lower margin geography, and where we're playing with a category, and the strategy is to, you know, attack particularly new categories at a lower price point, but with equally strong brand propositions that we can make more profitable over time. I think that strategy is proving successful with the likes of Seleção Grape or Puro Coco, which are two of the best examples of that. Then obviously our concentrates business in Brazil is high margin as well. We, you know, we've got a strategy to grow that piece of our business, albeit with a 76% share of liquid concentrates. There's still a huge part of concentrate consumption and flavoring water is a big opportunity for us. There's a portfolio mix, and then some of the new brands that we're introducing into that market will also be higher margin, as they start to establish themselves and then scale. Over time, you know, you'll get operational leverage as the business, you know, gets bigger and it flows on the P&L. You know, our goal across all of our markets is to trend them towards the group average. We would see Brazil probably staying slightly behind that, but certainly moving up a few basis points in the years ahead. International, I think, just be a little careful with lots of moving parts in that. You know, I think through the COVID period, you know, there's been some big ups and downs. Ostensibly, you know, it's a much stronger business than it was three or four years ago. We clearly focused on, you know, Teisseire, Mathieu Teisseire and the London Essence Company. We're building some good distribution partners and partnerships in certain geographies. The margin behind those brands is good. Again, I think you will see a strengthening of margin certainly at a BC level. From an EBIT level, it very much depends on how much we invest and the pace at which we invest for growth. We should see strong growth coming through next year in international business, and continue to step forward in margin. Thanks, Simon. Just actually to follow up quickly on the premiumization question. I know that you said that the distribution of London Essence has doubled versus pre-COVID levels. Like when you go into the conversations with the retailers and the bar, the pub owners and distributors, how well received is the brand generally? I guess, is there an appetite for a new premium mixer in the market, or how are you pitching that to sort of get the new listings? Yeah, look, I mean, I'll be slightly biased in what I say, but you know, we're generally getting a good response with for London Essence. It's building. It takes time. You know, I think to establish a brand in the soft drinks category, you know, you're talking five, seven, eight years, you know, and we're kind of halfway through that, I guess. But we are growing strongly, you know, across all of our markets, and you know, GB and Ireland in particular, but also markets like Holland, Spain, you know, for example, we're doing well. And of course, with COVID, you know, that interrupted, you know, certainly some of the on-trade growth. But we've done very well in the off-trade as well. you know, we're overall almost in about 49% distribution in U.K. off-trade, for example, which is slightly faster than we'd originally intended. you know, we're in sort of just under 9,000 outlets, you know, on a global basis. we've made some quite big distribution moves, I think, in the recent years, particularly given COVID. and yet the premium nature of the brand is resonating very well. the look and feel, the story behind the brand, the liquid and the quality of the liquid measures up very well. you know, as we sort of spread our wings a little bit further, we still remain very focused on making sure that we are targeting premium outlets. Indeed, you know, we're in 7 of the world's top 10 bars. We're in about 25% of the top 50 bars. In the U.K., we continue to build and maintain our premium, super premium listings very well. I think on the whole, there is definitely space for a more premium offer in this category. That's the one that we're intending to fill, and I think very pleased with the progress that we've made. Then I think the final point is, you know, we've kind of launched this, you know, London Essence Fresh Serve, which is effectively our sodas and mixes on tap. We're in just over 500 outlets now, certainly interrupted because of COVID. Again, you know, that really works from a sustainability perspective and ease of use, and the quality of pour and liquid is fantastic. We're also excited by, you know, a very different proposition that very much works from a margin perspective for ourselves and the retailer. You know, it very much works from an ease of use, if you like, and very much works from a sustainability perspective. Yeah, still early days, but really pleased with the progress that we're making. We've got a strong marketing campaign for Christmas, and excited about the brand going forward. Thank you very much. We will now take our next question from Hugo Mau from Morgan Stanley. Please go ahead. Thank you. Morning, Simon, morning, Joanne. I have two questions, please. The first one on Brazil. Can we just zoom in on the price mix development there? Very strong in H2, while volume continued to grow strongly. Can you give us a sense of the price increases you've taken there so far and what you are seeing on the ground in terms of consumer confidence in an inflationary environment? Second question, real quickly on the fixed supply chain costs. Can you update us on the timeline for filling out the kind of co-packing arrangements in GB and the size of potential cost savings that could generate? Thank you very much. Great. Please, Joanne, do you wanna pick those up? Yeah. On Brazil and the price mix, what we've done in Brazil is, as Simon talked about, our strategy is to be a challenger brand in categories like coconut and grape juice. In coconut, because we've got greater scale there, 50% market share, we've actually taken a couple of price increases, actually probably three in the last six to nine months to just offset some of the inflation that we are seeing. That's really helped us understand the elasticity and the brand's held up well, volumes have held up well, and we've seen other competitors also take price in that market. In terms of the price and mix and how that's developed through the H2, as we said, we saw good growth in ready-to-drink, our coconut juice and grape juice in the H2. Concentrates slowed down a little bit, and that was off the back of very strong comps in 2020. That had a bit of a drag on our mix in the H2. As I say, that's really driven by the comps. Looking forward, you know, we've seen inflation in Brazil for longer than some of our other markets and some of that is also driven by FX. We are confident that we can continue to take prices. We've taken some last month as well, and just understanding the volume impact on those. It won't totally offset inflation in that market, hence you're seeing the drag on the margin rates. But it is helping mitigate some of it. What we're very much focused on is continuing to grow share across those categories and to continue to scale in some of the newer categories that we've moved into. Hopefully that helps give you a little bit more color in that market. In terms of our fixed supply chain costs, we had co-packing in 2021 for Brazil and in GB. In Brazil, we increased capacity, and so those co-packing costs fell away in the H2. In GB, they continued through the H2, and they will continue until our new line is operational in January. There will be about four months of co-packing costs in GB in 2022. The impact, it's reasonably significant. It's kind of high single millions, mid to high single digits, I should say, impact year-on-year in GB. Thank you. Super helpful. Thank you. We will now take our next question from Damian McNeela from Numis. Please go ahead. Hi. Morning, Simon. Morning, Joanne. Just a few from me, please, hopefully quick ones. Obviously, we've talked a lot about the pricing environment and all the levers and initiatives that you've got to recover some of the cost inflation that you're seeing. I was wondering if you could just give us a broad breakdown of how much you expect to recover from pricing and how much is from sort of cost plus efficiency savings. First question. Second question is, I think, Joanne, you mentioned that the sort of investments that you're making deliver good paybacks. Can you just remind us what the sort of typical Britvic payback is? And if I look at digital, that looks to me like it should be a faster payback, but whether you could sort of give us some color on that. Just finally building on Fintan's question around London Essence. I think, Simon, you sort of, you said you're midway through developing the brand. Can you give us a sense of what success looks like at the end of that sort of five to seven years, please? Okay. I'll take the first and third, Damian, thanks. Joanne will take the second. Yeah, look, I mean, the first one is a quick one. The answer is no. You know, it does vary very much by customer, and we will use all the levers that we have as you would expect us to. But I can't give you any specifics on that. And then, you know, on the third, you know, look, it'll be a scale play. So it'll be big enough to make a difference to Britvic. And, you know, we'd hope to get up to a reasonable share of the premium mixes category. You know, I won't put a specific target on it because I think it's very hard to do. I think if you look at how brands develop, you know, they take time, but then they tend to go quite quickly. I don't wanna put a target on there because you know, could quite easily be you know, wrong either way. All I can say is that you know, we take each year at a time, we're scaling our investment and we're pleased with how the brand's performing and we're on that journey. Yeah, Damian, on the paybacks, a quick answer to that one. Typically two to three years is what we look at in payback, and the digital ones are to the lower end of that range as you'd expect. Thanks, Damian. Brilliant. Thank you very much. Thank you. We will now take our next question from Doriana Russo from HSBC. Please go ahead. Yes. Good morning, everyone. Good morning, Simon. Good morning, Joanne. Some of my questions have already been answered, but I have two left. One is coming back to Brazil. The contraction in brand contribution margin of 3.3%, without pricing, what would it have been really? Just to get an idea of how much top line has driven margin dilution and how much was sort of purely cost inflation issue. My second question is on your cost base. Is there any COVID related costs that are still weighing on your P&L, which might actually disappear next year? If anything, we can see an improvement on those. Where you can quantify this, if you can. Joanne, do you wanna pick those up? Let me start with the COVID-related one. So Doriana, no really significant COVID-related costs will fall away. We've been in around our discretionary spend over the last 18 months. As things get back to normal, I'd expect some of those costs to come back in travel, conferences, et cetera. Again, not significant. What I would say is we're very much focused on those not getting up to levels that we saw pre-COVID. Continuing to manage those tightly. In terms of Brazil, the 300 basis points of DBC, there's a PIS and COFINS tax, which we've talked about the last couple of years, and that's having a year-on-year impact. If you strip that out, the contraction was probably more around 250 basis points -270 basis points. Within that, we did take some price, but it was in the H2 of the year. Without that price, you'd probably be up more around the 300 basis points -350 basis points impact on DBC. Hopefully that helps. Yeah. Thank you. Thanks, Doriana. We will now take our last question from Charlie Higgs from Redburn. Please go ahead. Hi, Simon, Joanne. Hope you're well. Two for me, please. The first one is on the slides talking about structurally higher growth in the U.K. at- home. I'm just wondering if you could elaborate a bit more on what gives you confidence in making that statement at this time, and what it could mean for your business going forwards, you know, particularly around things like Robinsons, more innovations there, and then maybe the focus on, you know, multi-pack cans with Pepsi. The second question is, you know, PepsiCo recently announced this new CEO International Beverages position, and Britvic has been, you know, a great partner to PepsiCo for many years. I was just wondering, you know, in practice, do you have any comments on what this appointment could mean and what we should expect going forward, maybe in terms of innovations or marketing support from New York? Thank you. Yeah. Thanks, Charlie. To be honest, I can't really comment on the Pepsi appointment. You know, you're right, we do have a fantastic partnership, and I'm sure that will continue to go from strength to strength. You know, they have always brought, I think, some great marketing thinking, and capability to the brands that we've certainly benefited from in the markets where we partner with them. So, I'm sure that will continue. You know, in terms of the structurally higher off-trade, look, we don't know that for sure. But what we do know is that it's held up really strongly as the on-trades come back, and the RC channels come back. You know, for us, as I said earlier, you know, we over-index in that channel. We've got great customer relationships in that channel, and I think they go from strength to strength. I think, you know, not just the big retailers, but I think also if you think of some of the discount players, you know, I think there's still opportunity for us there. And you know, I think we've seen a structural move in digital, and we, you know, we do very well in online as well. So, you know, I think we're well positioned and, you know, does it stay, does it hold? You know, I haven't got a looking glass, but what we've seen so far is yes. I think the other thing I'd say, you know, to your multipack point, you know, with the business capability program, we absolutely do have more capacity, flexibility for multiple SKU sizes, and there's no doubt that we have benefited from that over the last couple of years. We will continue to do so, and we can participate in places that we were unable to participate before. You know, the bringing in of another can line into Rugby that will operationalize over the next month or so is just another example of that. We do see that growth. We think our brands are in a strong place. We think we've got momentum. As I say, we're in a strong place with the customer base too. Great. Thank you. Thanks, Charlie. That concludes today's question and answer session. I would like to turn the conference back to Mr. Litherland for any additional or closing remarks. Great. Well, listen, just to say thanks very much to everybody for dialing in. I'm sure we'll be speaking to you very soon. Thanks very much for the questions and thanks very much for your time today. Take care and see you soon. Thank you.