Brown Forman Inc · NYSE:BF.A
Brown Forman — Investor Day (December 2014)
110 slides from Brown Forman's investor day presentation, Dec 10, 2014
Slide 1: American Whiskey Global Opportunity
American Whiskey Global Opportunity Jay Koval VP – Investor Relations
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectatio
Slide 3: Investor Day Agenda
Investor Day Agenda 1:00PM Presentations Paul Varga – Chairman, Chief Executive Officer Lawson Whiting – SVP, Chief Brands Officer John Hayes – SVP, Managing Director, Jack Daniel’s Alex Alvarez – SVP, Chief Production Officer 2:30PM Break 2:45PM Presentations Kirsten Hawley – SVP, Human Resources -
Slide 4: Transition Video
#1 Transition VIDEO
Slide 5: American Whiskey Global Opportunity
American Whiskey Global Opportunity PAUL VARGA CHAIRMAN & CEO
Slide 6: Superior TSR Over Time
Superior TSR Over Time 1 Year TSR* BFB S&P 500 $117 $129 3 Year TSR* BFB S&P 500 $177 $212 Consumer Staples $113 Consumer Staples $167 Pernod $106 Diageo $153 Comp Set $98 Pernod $145 Diageo $96 Comp Set $145 Campari $91 Campari $109 Remy $80 Remy $104 -30% -20% -10% 0% 10% 20% 30% 0% 10% 20% 30% 5
Slide 7: An Excellent Business Model
An Excellent Business Model 25% Consumer Staples ROIC 15% S&P 500 Industry Set 10% 5% 20% 35% Operating Margin Source: FactSet, as of April 30, 2014, in local currency, assuming dividends reinvested. Note - The Competitive set is a weighted average based on LTM operating income.
Slide 8: Track Record of Superior Growth
Track Record of Superior Growth Operating Income Growth FY ‘14 5 Year CAGR S&P 500 0% 3% Consumer Staples 2% 4% Industry Set 2% 5% B-F 11% 9% Source: FactSet; Reported operating income change shown for S&P 500 and Consumer Staples; Underlying operating income change shown for B-F and Competitive set
Slide 9: Relatively Low Capital Risk
Relatively Low Capital Risk ROIC Debt/EBITDA S&P 500 13% 2.0 Consumer Staples 18% 1.8 Industry Set 13% 2.1 B-F 22% 1.0 Source for S&P 500 and Consumer Staples data: Factset, Spirits Competitive Set weighted average is based upon LTM operating income (USD), and includes Diageo, Pernod, Beam, Campari
Slide 10: The Difference
The Difference
Slide 11: Slide 11
Slide 12: A Unique Investment Opportunity
A Unique Investment Opportunity
Slide 13: Investing in Brown-Forman's American Whiskey Brands
Investing in Brown-Forman’s American Whiskey Brands LAWSON WHITING Chief Brands Officer
Slide 14: Leading American Whiskey Portfolio
Leading American Whiskey Portfolio
Slide 15: Whiskey is the Growth Leader in Spirits
Whiskey is the Growth Leader in Spirits Over the last 10 years, whiskey: 160 M • Top performing spirits category (6.0% volume CAGR) • Captured greatest share of the 82 M 6.0% incremental spirits cases 5.4% 2.4% 0.4% 31 M 20 M 9 M 4.5% -13 M (2.2%) Gin Tequila Vodka Rum Brandy Whisky Incremental 9L C
Slide 16: Within Whiskey, Premium+ is Leading the Growth
Within Whiskey, Premium+ is Leading the Growth Segment 3 yr CAGR 5 yr CAGR 10 yr CAGR Standard 3% 2% 1% Premium + 6% 4% 5% • Premium+ price point has accelerated to become the growth leader • Growth at lower price points has created a large pool of whiskey drinkers that will look to graduate up thro
Slide 17: US Whiskey is Driving the Growth
US Whiskey is Driving the Growth (Within Global Standard, Premium+ Whiskey) 5 Year (2008-2013) 9L cases 000s CAGR Incremental Cases US Whiskey 5% 7,530 Scotch Whiskey 1% 4,167 Irish Whiskey 10% 2,545 Japanese Whiskey 6% 1,837 Canadian Whiskey 3% 1,843 Other Whiskey 4% 105 Total Whiskey 3% 18,028 Sou
Slide 18: After Years of Growth, Whiskey in the US was in Decline
After Years of Growth, Whiskey in the US was in Decline… 1952 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 Whiskey Non-Whiskey Source: Beverage Information Group Handbooks, DISCUS MSDB (9L cases in millions)
Slide 19: But Whiskey Has Returned to Growth
…but Whiskey Has Returned to Growth +6.2% +3.6% +1.8% +1.4% -0.7% Source: DISCUS MSDB
Slide 20: This Generation is Discovering Whiskey
This Generation is Discovering Whiskey Taste Different profiles Authentic and Interesting Flavors broaden Premiumization consumer appeal
Slide 21: Broad Portfolio of American Whiskey Brands
Higher Price Broad Portfolio of American Whiskey Brands Grain Recipe Flavored Lower Price
Slide 22: Our Founding Brand
Our Founding Brand
Slide 23: Our Founding Brand
Our Founding Brand 1,200 1,000 800 600 400 +23% 200 +16% FY14 1H15 Underlying Net Sales Growth 0 (000s) 9L Cases Reported Sales Growth: +28% in FY14 and +21% in 1H15
Slide 24: Our Founding Brand
Our Founding Brand
Slide 25: Woodford Way
#2 Woodford Way
Slide 26: Consistent Double Digit Growth
300 300 Consistent Double Digit Growth 200 200 100 100 50 0 (000s) 9L Cases
Slide 27: Slide 27
Slide 28: Woodford SNL
#3 Woodford SNL
Slide 29: 2014 B-F Whiskey Vision
2014 B-F Whiskey Vision “Be the global leader in American Whiskey, led by the Jack Daniels Trademark, accelerating our existing portfolio growth around the world and entering other attractive whiskey categories where we don’t participate today.”
Slide 30: Transition Video
#4 Transition VIDEO
Slide 31: Investing in Jack Daniel's the #1 American Whiskey Brand
Investing in Jack Daniel’s the 1 American # Whiskey Brand JOHN HAYES SVP, Managing Director - Jack Daniel’s
Slide 32: Jack Daniel's Family of Brands 1956 – Today
Jack Daniel’s Family of Brands 1956 – Today 15 ~8% 27 Year CAGR ~7% 9L Cases in Millions 10 57 Year CAGR From 200k case 5 regional brand to +14 million cases in 170+ countries 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 Source: Internal data; I
Slide 33: Jack Daniel's Family of Brands 2004 – 2014
Jack Daniel’s Family of Brands 2004 – 2014 9L Depletions 10-Year CAGR Net Sales Jack Daniel’s Old No. 7 5% has grown ~2.6x at a 10% CAGR Jack Honey N/A RTD/RTP 12% Volume Gentleman Jack 14% has more than doubled Single Barrel 9% at a 8% CAGR Source: Internal data; IWSR 2013 Over 1.2M Cases in under
Slide 34: Portfolio Growth and Diversification
Portfolio Growth and Diversification 2004 – 2014 Jack Daniel’s Family of Brand’s 9L Depletions • Jack Daniel’s Old No. 7 has delivered a 2004 5% volume CAGR Jack Daniel’s Gentleman Jack, 2% Single Barrel, 1% Old No.7 RTD/RTP*, 3% 94% • Rest of portfolio, including Jack Honey, 2014 Gentleman Jack, 3%
Slide 35: Geographic Growth & Diversification
Geographic Growth & Diversification 2004 – 2014 Jack Daniel’s Family of Brand’s 9L Depletions 2004 United States Other Developed Mkts 39% Emerging Mkts 7% has grown volume at a 3% CAGR… United States …while 54% 2014 international markets Other Developed Mkts 49% have grown 4x faster (12% CAGR) Unite
Slide 36: Demonstrated Premium Staying Power
Demonstrated Premium Staying Power Top 10 Standard+ Spirit Families Top Top Top1010 10 Standard+ Standard+ Standard+ Spirit Spirit Spirit Families Families Families 9L Cases 1985 9L9L 9L Cases Cases Cases 2013 2013 Value 1985 1985 1985 Brand Cases Brand2013 2013 2013 Cases 2013 2013 2013 Brand Value
Slide 37: Key Strengths
Key Strengths Quality American whiskey Powerful equity Global Largest premium+ whiskey in the world Extendable
Slide 38: Jack Daniel's Mood Video
#5 Jack Daniel’s Mood Video
Slide 39: Loyal Advocates
Loyal Advocates Source: Twitter
Slide 40: Key Strategies
Key Strategies Reinforce the specialness of Jack Daniel’s Balance of value vs. volume Thoughtful portfolio management Geographic expansion Strategic investment
Slide 41: Reinforce the Specialness of Jack Daniel's
Reinforce the Specialness of Jack Daniel’s
Slide 42: Barrel Tree
#6 Barrel Tree
Slide 43: What's Your Story
#7 What’s Your Story
Slide 44: Brands over 1M Cases and $25/Bottle
Volume Retail Price Rank Brand (M 9L Cases) (750ml) 1 Jack Daniel's Old No.7 11.5M $27 2 Johnnie Walker Black 6.0M $38 3 Jameson 4.3M $27 4 Chivas Regal 12yr 4.3M $38 Brands 5 Grey Goose 3.6M $34 6 Yeni 3.5M $33 7 Famous Grouse 3.0M $26 > 1M Cases 8 Hennessy VS 2.9M $39 and 9 10 Bombay Sapphire Henn
Slide 45: Jack Daniel's Family of Brands 1956 – Today
9L Cases in Millions 5 10 15 Source: Internal data; IWSR 2013 1956 1958 1960 1962 Note: RTS cases converted to 80 proof whiskey equivalents 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1956 – Today 1992 1994 1996 1998 2000 2002 2004 2006 2008 Jack Daniel’s Family of Brands 2
Slide 46: Jack Daniel's Tennessee Honey
• 29% volume CAGR since launch • Today, nearly 40% of volume outside the United States • Key markets include: United States, UK, Australia, France, Germany and Global Travel Retail Source: IWSR 2013
Slide 47: Gentleman Jack
#8 Gentleman Jack
Slide 48: Gentleman Jack
• 26% volume CAGR since launch • Today, nearly 2/3 of volume outside the United States • Key markets include: United States, Global Travel Retail, France, Germany and United Kingdom Source: IWSR 2013
Slide 49: Ready-to-Serve
Ready-to-Serve • 12% 10-year volume CAGR • Australia is the largest market • Germany, Mexico, UK, South Africa and China are flourishing markets Source: IWSR 2013
Slide 50: Jack Daniel's Tennessee Honey
• "Fastest Growing Global Spirits Brand” (Drinks International 2013) • Global Success – all continents and 80+ countries • Attracting more females & Millennials • Unlocking more consumption occasions
Slide 51: JD Tennessee Honey
#9 JD Tennessee Honey
Slide 52: Jack Daniel's Sinatra Select
• Double mellowed and double barreled in oak and maple barrels • $85 - $95 per bottle • Late 2013 launch in strategic Asia Pacific airports • Now expanding to all key international airports • May 2014 launch in Shanghai • Expanding to select global cities in 2015
Slide 53: Jack Fire Launch
• Launched in April 2014 as a test in 3 states ‒ Since launch, Jack Fire’s depletions have indexed to Jack Honey’s comparable launch volume at 1.35x 140K 3-Market Cumulative 9L Depletions 120K Since Launch 100K 9L Depletions 80K 60K 40K 20K K Month 2 Month 8 Month 14 Month 20 Month 26 Month 32 Month
Slide 54: Geographic Expansion
Geographic Expansion Developed vs. Emerging Markets Johnnie Walker % Emerging Markets % Emerging Markets Trademark 1985 1999 2013 1985 1999 2013 19% 46% 66% 0% 6% 18% 20,000 20,000 Volume 9L Cases (in `000s) 15,000 Volume 9L Cases (in `000s) 15,000 28-Year CAGR 28-Year CAGR 20% 10,000 9% 10,000 Emer
Slide 55: Transition Video
#10 Transition VIDEO
Slide 56: Investing in American Whiskey Assets
Investing in American Whiskey Assets ALEX ALVAREZ SVP Chief Production Officer
Slide 57: Investing in Whiskey
Investing in Whiskey Growth and Capacity Efficiency and Capability Investment Focus
Slide 58: Production Capabilities – A Competitive Advantage
Production Capabilities – A Competitive Advantage Barriers to Entry Efficient Single Site Production Investment Drives Scale Efficiencies + ROIC Vertical Integration of Supply Chain
Slide 59: Efficiency and Competitive Advantage
Efficiency and Competitive Advantage • Barriers to entry 5-10% Warehousing/Other • Planning process 15-20% Bottling & Distilling • Inventory levers Labor/OH 15-25% Grain Maturation 20-30% Barrels Barreled Whiskey represents ~25% of 25-35% Glass current assets
Slide 60: Single Site Production Drives Efficiencies
Single Site Production Drives Efficiencies • Concentrated material supply Glass • Scale advantage Manufacturing • Quality • Capacity utilization LYNCHBURG Used Barrels NEW COOPERAGE
Slide 61: The World of Jack Daniels Production
The World of Jack Daniels Production Daily Supplies 30K bushels Liqueurs Full strength 2700 barrels Distillate RTD 800K bottles
Slide 62: Driving Cost Efficiencies
Driving Cost Efficiencies 140% PPI (Manufacturing) 130% Labor/OH per case 120% 110% 100% 2005 2007 2009 2011 2013 Source: US Bureau of Labor Statistics and Internal data
Slide 63: Vertical Integration – Recipe for Success
Vertical Integration – Recipe for Success Key Focus Areas • Cooperage • Distilling & Warehouses • Homeplace
Slide 64: Capital Investment Focus
Capital Investment Focus Flexibility for the future Efficiency Ability to innovate FY 13-17 Significant Investment Period
Slide 65: BF Cooperage
#11 BF Cooperage
Slide 66: Cooperage Ownership as a Competitive Advantage
Cooperage Ownership as a Competitive Advantage Benefits of Owning: • High quality supply security • Cost efficiency • Wood innovation • Taste profile advantage • Market for used barrel sales Increased barrel-making capacity by 40% to 1M/year
Slide 67: New Jack Daniel's Distillery and Warehouses
New Jack Daniel’s Distillery and Warehouses Innovative and Flexible • $100M investment • Projected start up April 2015 • Modular design – for future capacity additions
Slide 68: $60-70M Investment
$60-70M Investment Distillation, Maturation and Bottling Visitor Experience
Slide 69: Brown-Forman Investments in Whiskey Assets
Brown-Forman Investments in Whiskey Assets • Efficiency and Barriers to Entry • Single Site Production Drives Scale Efficiencies • Vertical Integration of Supply Chain Investing for long-term growth and efficiencies with top-tier ROICs
Slide 70: Transition Video
#12 Transition VIDEO
Slide 71: Investing in Brown-Forman's People
Investing in Brown-Forman’s People Kirsten Hawley SVP – Human Resources Business Partnerships
Slide 72: Slide 72
Slide 73: Age and Tenure by Location
45 11 37 5.5 Age Tenure Age Tenure US INTERNATIONAL Production Facilities Offices
Slide 74: Investing in People
Investing in People 2000 – 2014 US 2000-2014 Non-US 2% 11% CAGR CAGR
Slide 75: Top Tier Engagement
Top Tier Engagement 45% 65% 30% Indifferent Serious Range Range TSR = 4% Below Average Aon Hewitt Best Destructive Range Employer Range TSR = 28% Below TSR = 22% Above Average Average 0% 100% Brown-Forman Overall Total = 77%
Slide 76: Depth of Experience
Engaged Depth of Brands Built by Workforce Experience Local Experts Creates Value
Slide 77: Investing in Global Capabilities
Investing in Global Capabilities MARK McCALLUM EVP President EMEA/APAC/GTR
Slide 78: Purposeful Globalization
Purposeful Globalization Share of Net Sales 2004 2014 35% 64% 20% 36% 41% 4% US Int'l Developed # of Countries 1994 2004 2014 +50,000 cases 6 22 41 Source: Internal Data +100,000 cases 4 14 24
Slide 79: Greatly Increased Influence Over Route-to-Consumer
Brown-Forman has Greatly Increased Influence Over our Route-to-Consumer Share of Net Sales Arms-length 22% 51% 78% 49% “Controlled” RTC 2004 2014 Source: Internal Data
Slide 80: World of Opportunity Remains for American Whiskey
World of Opportunity Remains for American Whiskey, Led by Jack Daniel’s Outside US: Whiskey Global Jack Daniel’s leads 362M 9L cases Whiskey Outside US 312M 9L cases American whiskey the development of outside US American whiskey with 13M 9L cases a 56% volume share +7% 10 Yr CAGR Jack’s share of Am
Slide 81: Brazil
Brazil AMADOR DE CARVALHO General Director, PUB
Slide 82: 6th Largest Whiskey Market
6th Largest Whiskey Market Brazil Total Jack has 93% share Spirits Market Whiskey Category 6M 9L cases of American whiskey For Total Whiskey +6% this is just 10 Yr CAGR Other Whiskey American a 2% share Whiskey Cachaca Source : IWSR 2013
Slide 83: An Iconic Brand Rises
An Iconic Brand Rises Leveraged • More than tripled volume since 2010 owned distribution • Premium whiskey share has doubled to drive growth from 6% to 13% • Unique resonance with consumers JDTW Brazil given history and image 9L Cases 000's 200 • Regional and city focus • Duty free channel 150 also
Slide 84: Potential for Future Distribution Gains
Potential for Future Distribution Gains Fortaleza Recife Recife Salvador Brasília Cuiabá Rio de Janeiro Belo Horizonte Goiânia São Paulo State Rio de Janeiro São Paulo 65% of sales State Curitiba are from São Paulo Porto Alegre and Rio
Slide 85: Confidence in Future Growth
Confidence in Future Growth • Early in building brand awareness • Over-indexed to the LDA-29 age group • Intro of Tennessee Honey and other line extensions • Premiumization trends • Expanding distribution and rate of sale
Slide 86: France
France MICHEL GAYRAUD Country Manager
Slide 87: 3rd Largest Whiskey Market
3rd Largest Whiskey Market France Total Spirits Market Whiskey Category 15M 9L cases Jack has 73% share of American whiskey +2% 10 Yr CAGR For Total Whiskey Other American this is just Whiskey Scotch a 4% share Whiskey 90% Pastis Source : IWSR 2013
Slide 88: An Iconic Brand Rises
An Iconic Brand Rises • Doubled volume over last five years Owned distribution • The leader in premium whiskey category driving growth • Consumers drawn by legacy and image • Consistency and focus in brand building • The original premium crafted American Whiskey in France JDTW France 9L Cases 000’s
Slide 89: Leading American Whiskey Category
Leading American Whiskey Category Standard Premium Super & Ultra Premium 2.7 M C9L 1.4 M C9L 0.16 M C9L Source : IWSR 2013
Slide 90: Confidence in the Future
Confidence in the Future 16% 8% 8% 6% 5% 31% 3% Other 22% B-F: 3 % of spirit market Source : IWSR 2013 in value
Slide 91: United States
United States JILL JONES EVP, President, Latin America & North America
Slide 92: Top Tier Results – Winning in a Highly Competitive Environment
Top Tier Results – Winning in a Highly Competitive Environment 6.51% 4.8% 4.4% 6.49% 3.1% 2.0% 1.6% 6.44% FY12 FY13 FY14 -0.2% B-F TDS Beam Diageo Pernod Bacardi Source: blended NABCA/Nielsen retail value (April 2014) Nielsen November 2014
Slide 93: The Leader in Premium American Whiskey
The Leader in Premium American Whiskey -1.4% BOURBON > $40 +26% BOURBON $30-40 +10.3% BOURBON $25-30 +4.5% BOURBON $20-25 +14% BOURBON $15-20 +13.5% Nielsen: Total US FDL 52 weeks ending 11.8.14. Equ. 750ml price; Dollar Sales Rank in the Price Range FLAVORED BOURBON $20-25
Slide 94: Making Sure We Are Heard
Making Sure We Are Heard MEDIA OFF PREMISE ON PREMISE DIGITAL MULTICULTURAL
Slide 95: Engaging Consumers
Engaging Consumers Jack Daniel’s – Telling Our Story “Art and the Human Touch” Experiential
Slide 96: Extending Whiskey's Reach
Extending Whiskey’s Reach
Slide 97: Accelerating Our Top-Line
Accelerating Our Top-Line US Blended NABCA and Nielsen 3 Month Value Change 9% Jack 6.4% 6% 6.2% B-F 5.1% TDS 3% 0% Source: Rolling 3 month blended Nielsen all channels through November & NABCA October
Slide 98: An Excellent Business Model Delivers Superior Results
An Excellent Business Model Delivers Superior Results Jane Morreau EVP and CFO
Slide 99: Consistent Long-Term Performance
Consistent Long-Term Performance 12% 10% 8% 6% 4% 2% 0% 35-Year 25-Year 15-Year 10-Year Net Sales Operating Income Diluted EPS As reported (excluding Lenox); Not adjusted for the sale of the Hopland based wine brands.
Slide 100: A Decade of Transformation
A Decade of “Transformation” …refocusing on our spirits heritage while diversifying our business drivers 2004 2014 Pure-play, Multi-Industry premium spirits Higher sustainable growth portfolio Lower cyclicality Higher margin U.S. centric Global Higher capital efficiency Rapidly Growing Superior cash
Slide 101: Industry Leading Gross Margins
An Excellent Business Model: Industry Leading Gross Margins Stripped Gross Margins 70% 69.5% • Premium American BF’s FY14 whiskey skew • Pricing power 65% • Cost efficiencies 60.7% 60% 2004 2006 2008 2010 2012 2014 Industry average Source: Factset, Stripped Gross Margins equals Gross Profit divided
Slide 102: Exceptional Net Income Margins
Exceptional Net Income Margins 25% 10-year average Net Income 20% 19.5% 15% 16.2% Margin 10% 5% 7.6% 6.2% 0% S&P Consumer Staples S&P 500 Spirits Peers* Brown-Forman 2004-2014 Free Cash Flow/Net Income Net Income Margin = Net Income / Sales (net of excise taxes); Source: Bloomberg, competitors compa
Slide 103: Top-tier ROICs with Relatively Low Capital Risk
Top-tier ROICs with Relatively Low Capital Risk 25% 20% 22% 18% 15% 13% 13% 10% 5% 0% S&P Consumer Staples S&P 500 Comp Set Brown-Forman Source for S&P 500 and Consumer Staples data: Factset (ROIC defined as net income divided by average total capital, including short-term debt) Company data for Bro
Slide 104: Ten Year Allocations of Cash
Ten Year Allocations of Cash 2004-2014 $6 $5.7B Market Cap, 4/30/04 $3.7B $5.4B Share Repurchase $4 Special Dividends Billions Dividends $2 $1.7B Net Acquisitions Cash from Business Capital Investment $0 Available Capital Reinvested in Business Returned to Shareholders * Negligible Change in Net Deb
Slide 105: Consistently Growing the Dividend and Returning Excess Cash
Consistently Growing the Dividend and Returning Excess Cash to Shareholders 400 $1.50 Annual dividend growth Shares Outstanding (millions) $1.25 Annual Dividend per Share Share repurchases 350 $1.00 300 $0.75 And special $0.50 dividends of 250 $0.25 $1.2 billion since 2008 200 $0.00 1987 1990 1993 1
Slide 106: Delivering Industry-Leading TSR
Delivering Industry-Leading TSR 10 Year TSR as of 10/31/2014 Brown-Forman $509 Diageo $345 Comp Set $310 Campari $293 Consumer Staples $285 Remy $281 Pernod $263 S&P 500 $220 0% 5% 10% 15% 20% •Source: FactSet, as of October 31, 2014, in local currency, assuming dividends reinvested. •Note - The Com
Slide 107: Significantly Less Volatility
Significantly Less Volatility 10 Year Returns through 10/31/2014 Return > S&P 500 276 The 99th Percentile! Only 5 companies in S&P 500 have a higher return with less risk Return > S&P 500 and β<1 133 Return > BF/B and β<BF/B 5 Source: Bloomberg
Slide 108: Driving American Whiskey's Global Growth – Long Runway Ahead
Driving American Whiskey’s Global Growth – Long Runway Ahead A Decade of Value Share Gains for Jack Daniel’s Global Spirits Value: $301B 46.2% 7.4% Jack Daniel’s Value Share US Outside US Source: IWSR 2013 13.7% 6.0%
Slide 109: Brown-Forman Investment Highlights
Brown-Forman Investment Highlights • Pure-play spirits portfolio with a focus on premium American whiskey • Global opportunity for the Jack Daniel’s trademark • Competitive advantage in production through single point production efficiencies and vertical integration • Leading the global growth of Am
Slide 110: Transition Video
#13 Transition VIDEO