Manfred.www.5, If by "the north American licence" you mean the...

Manfred.www.5,

If by "the north American licence" you mean the distribution agreement with Kuerig, which applies solely to Canada, then yes like all commercial agreements, it is subject to variation risk, including full cessation.

For context, though, the company has provided some quantification around what Keurig means to BRG; specifically, that commission income for FY12 was $19m (so that's Revenue...an analyst who I know is close to the company reckons Keurig contributed A$6 mn to A$7 mn to North American EBIT (or c.20% of North America EBIT, and c.10% of group EBIT).

You might also like to read a few transcripts of presentations by, and/or financial reports of, US-listed Green Mountain Coffee Roasters (Bloomberg Code: GMCR US) to be able to better divine their philosophies about distributing in-house, as opposed to utilising external distribution networks.

GMCR is the owner of the Keurig brand.

I hope that answers your question.

Cambo