TIDMFEVR
RNS Number : 8946E
Fevertree Drinks PLC
16 March 2022
Fevertree Drinks plc
FY21 Preliminary Results to 31 December 2021
FY21 Highlights
-- Fever-Tree delivered revenue growth of 23% (26% at constant
currency), growing strongly across all markets, extending its
position as the leading global premium mixer brand
-- The Off-Trade performed well, and remained ahead of 2019
levels, even as the On-Trade re-opened, with consumers increasingly
enjoying long mixed drinks at home and premiumising their
serves
-- Fever-Tree maintained its number one position in the UK
retail mixer category, with 39.8% value share ([1])
-- Significant Off-Trade momentum in the US, with the brand
growing to become the number one Ginger Beer brand at retail in the
US, as well as finishing the year as the number one Tonic brand at
retail[2]
-- Good performance across Fever-Tree's European markets, driven
by strong Off-Trade sales, a positive return of the On-Trade and
importer restocking as the region recovered from On-Trade
restrictions
-- Unprecedented global supply chain disruption impacted our
gross margin, with a reduction in Adjusted EBITDA margin to
20.2%
-- Significant progress and investment across our sustainability
initiatives with all our products sold in the UK now carbon
neutral
-- The Group continued to invest for long-term growth:
o Successful launches of the new Premium Soda range in the UK
On-Trade, Sparkling Lime & Yuzu in the US, and Rhubarb &
Raspberry Tonic across Europe after its successful launch in the
UK
o Focused on a range of marketing opportunities, including TV
adverts in the UK and Spain, pop-up bars in London, New York and
Texas, prominent retail displays, and multi-channel
co-promotions
o Began commissioning of our second US bottling line, on the
East Coast, which will ramp up to full production during H1
FY22
Financial highlights
GBPm FY21 FY20 Change
------------------------------- ------ ------ ---------
Revenue
UK 118.3 103.3 15%
US 77.9 58.5 33%
Europe (Fever-Tree brand
revenue) 78.6 59.0 33%
Europe total revenue 88.2 65.3 35%
ROW 26.7 25.0 6%
Total 311.1 252.1 23%
Gross profit 130.9 116.3 12%
Gross margin 42.1% 46.2% (410)bps
Adjusted EBITDA[3] 63.0 57.0 11%
Adjusted EBITDA margin 20.2% 22.6% (240)bps
Diluted EPS (pence per share) 38.19 35.76 7%
Dividend (pence per share) 15.99 15.68 2%
Net cash 166.2 143.1 16%
------------------------------- ------ ------ ---------
-- Net cash increased to GBP166 million; growth of 16% year-on-year.
-- Proposed full year dividend of 15.99 pence per share, an increase of 2% year-on-year,
-- Recommending a special dividend of 42.90 pence per share,
reflecting our financial strength, ongoing cash generation, as well
as our confidence in the continued execution of our strategy.
FY22 Guidance
Fever-Tree is performing well in the Off-Trade across our key
regions, gaining share within the mixer categories and driving
growth of the premium segment. This is supported by the increased
popularity of drinking premium long mixed drinks at home, which
both retailers and spirits companies are investing behind. As a
result, we expect Off-Trade demand to remain at higher levels than
pre-pandemic and are well placed to benefit from this sustained
shift in consumer behaviour. The On-Trade has continued to recover
since the start of the year, and we look forward to a full year of
trading through this channel for the first time in over two years.
Consequently, we expect to deliver revenue growth of between
c.14%-17%, to GBP355 million - GBP365 million in FY22.
As highlighted in January, there remains a global backdrop of
inflationary pressures against which we are employing a range of
mitigating actions. However, commodity prices have increased
dramatically in recent weeks because of the terrible events
unfolding in Ukraine and this has created significant uncertainty
in relation to input costs. As a result, we now expect to deliver
an EBITDA range of between GBP63 million and GBP66 million for
FY22.
Notwithstanding these near-term cost headwinds, the long-term
opportunity looks even more significant than it did a few years ago
following the acceleration of supportive consumer trends, and the
Group is using its strong balance sheet to remain focused on
realising this opportunity with our fantastic team and unrivalled
global brand strength.
Tim Warrillow, Co-Founder and CEO of Fever-Tree, commented
" Our fantastic team has delivered a great set of results with
impressive revenue growth in all our key markets during another
year of uncertainty and disruption. Our growing momentum reflects
the brand's increasing presence and popularity around the world,
nowhere more so than the US where we finished the year as the No.1
Tonic Water brand by value at US retail. This is a significant
achievement and matches the position we have held in the UK, as
well as several European markets, for a number of years.
Whilst the tragic situation in Ukraine has resulted in
significant uncertainty in relation to our input costs in the short
term, the long-term global opportunity for Fever-Tree remains
substantial and we are as confident as ever in the brand's ability
to capitalise on this. We are excited by the growing interest in
the long-mixed drink category from retailers, spirits brands and
consumers, especially given the increasing focus on premium
segments, which places Fever-Tree, as the largest global premium
mixer brand, at the centre of these trends. "
There will be live audio webcast on Wednesday 16(th) March 2022
at 10:00am GMT. The webcast can be accessed via:
https://www.sunipapictures.com/fever-tree/
For more information please contact:
Investor queries
Ann Hyams, Director of Investor Relations I ann.hyams@fever-tree.com I +44 (0)7435 828 138
Media queries
Oliver Winters, Director of Communications I
oliver.winters@fever-tree.com I +44 (0)770 332 9024
Nominated Advisor and Joint Broker - Numis Securities
Garry Levin I Matt Lewis I Hugo Rubinstein I +44 (0)20 7260
1000
Joint Broker - Investec Bank plc
David Flin I Alex Wright I +44 (0)20 7597 5970
Financial PR advisers - Finsbury
Faeth Birch +44 (0)7768 943 171; Anjali Unnikrishnan +44 (0)
7826 534 233; Amanda Healy +44 (0)7795 051 635
Group performance I Good progress during 2021
The Group performed well throughout another unprecedented year,
simultaneously making strategic progress towards our long-term
opportunity, as well as delivering a strong set of results for the
financial year. The strength of our team, the brand, and our key
relationships with customers and suppliers has ensured that we
further extended our clear position as the global leading premium
mixer brand. We were delighted to be voted "Number One Top Selling
Mixer" and "Number One Top Trending Mixer" for the eighth year
running by Drinks International as we continue to lead the
category.
At the same time, it's been exciting to see the acceleration of
the trends that have been supporting the brand's growth for many
years; namely, the outperformance of spirits relative to wine and
beer, the increased popularity of long mixed drinks, and the
premiumisation of both the spirit and mixer categories around the
World.
The Group delivered revenue of GBP311.1m, representing a strong
increase of 23% year-on-year and almost a 20% increase compared to
2019, the last pre-pandemic financial year. This was an extremely
good performance in the context of continued widespread On-Trade
closures across our markets in the first half of 2021. When the
On-Trade re-opened it recovered strongly, and Fever-Tree maintained
or grew its market leading premium mixer position across the UK,
US, and Europe, alongside a continuation of robust Off-Trade
trading, which has remained well above pre-pandemic levels.
The well-publicised logistics challenges which affected the
whole industry during 2021 impacted our margins for the full year,
with gross margin reducing to 42.1%. Rest assured managing our cost
base is core to our operating model especially considering the
current inflationary pressures and supply chain disruption impacts
on our margins but also to ensure that we are operating
efficiently. We do though believe that it is important to balance
our efforts by investing for growth in capabilities, our brand
portfolio, NPD and our supply chain, especially in critical markets
like the US. As a result, we have continued to invest, with
operating expenses at 21.9% of revenue, resulting in an EBITDA of
GBP63.0m, a 10% increase year-on-year, but a slight reduction in
margins, to 20.2%, as guided. Profit before tax was GBP55.6m, an 8%
increase compared to 2020, and we ended the year with a strong
balance sheet and net cash of GBP166.2m, an increase of 16%
year-on-year.
COVID-19 update
A gradual return to normality in many of our regions throughout
the second half of the year was interrupted in the final few weeks
in December by the spread of new Covid variants, reminding us that
the pandemic is not yet behind us. However, I remain confident in
the brand's strong position, with our asset light, outsourced
business model continuing to provide the business with the
flexibility to react quickly to changing channel dynamics and
consumer demand, as well as the resilience to withstand the ongoing
challenges.
In many ways, remote working has enabled our teams across the
globe to work more closely and connect more frequently, sharing
greater insights, learnings, and data across the workforce. We also
continued to support our workforce and local communities across our
regions, especially in the first half of the year when lockdowns
were at their most stringent.
Strategic update I Strong performance driven by proactive
actions
Revenue, GBPm FY21 FY20 Change Constant Currency
------------------------- ----- ----- ------ -----------------
UK 118.3 103.3 15%
US 77.9 58.5 33% 41%
Europe (Fever-Tree brand
revenue) 78.6 59.0 33%
Europe total revenue* 88.2 65.3 35% 40%
ROW 26.7 25.0 6%
Total 311.1 252.1 23%
========================= ===== ===== ====== =================
*includes GDP portfolio brand revenue
UK I Good Off-Trade performance and On-Trade rebuilding
The Fever-Tree brand further strengthened its position in the
UK, growing revenues by 15% year-on-year despite the continuation
of tough On-Trade restrictions. We have maintained our
market-leading position in the Off-Trade, finishing the year with
39.8%[4] value share of the mixer market at retail, far ahead of
all other premium brands combined with a value share of 2.1%(5) .
Our strong execution, brand strength and customer loyalty also
enabled us to extend our leading share in the On-Trade to 50.9%[5]
as it re-opened during the second half of the year.
In another uncertain year, the On-Trade remained closed or under
significant restrictions until July. During the period of closures
our team continued to engage with, and offer support to the
On-Trade, putting us in a strong position as the channel re-opened.
This reopening was characterised by an initial release of pent-up
demand during the summer months, before a more gradual recovery
throughout the second half of the year, building as consumers
became more confident and normal working patterns started to
resume. By the end of November, sales were around 90% of 2019
levels(7) , before the spread of the Omicron variant impacted
consumer behaviour and led to slower sales during the Christmas
period. Consequently, On-Trade revenue increased by 59% compared to
2020 but remained at 62% of 2019 levels across the year as a
whole.
The brand was able to re-invigorate its presence and marketing
in the On-Trade during the summer, with activations across the
South Coast of the UK placing particular focus on promoting the
Spritz occasion using our new Premium Soda range. Alongside this we
established a fantastic summer bar in the heart of Covent Garden
from June to October, along with more specific activations at major
sporting events such as Royal Ascot and The Oval.
The Spritz occasion is especially popular with younger
consumers, who have initially returned more quickly and in higher
numbers to the On-Trade than older age groups. Fever-Tree's range
of Premium Sodas performed well, with the offer of simple two
ingredient cocktails, easy execution and trade-up opportunities
resonating with our pub and bar accounts.
While we are mindful of the continued uncertainty surrounding
the On-Trade, our brand strength, our well-established and deep
relationships with the trade and our unrivalled range of products
means we are well placed to continue to build on this market
leading position as the channel continues to recover.
The Off-Trade has continued to perform above expectations as the
popularity of enjoying long mixed drinks at home has been sustained
even as the On-Trade has re-opened. The Off-Trade was characterised
by particularly strong demand in the first quarter, when the
On-Trade was completely closed and encouragingly, as the On-Trade
recovered in the second half, we maintained double digit growth in
the Off-Trade compared to pre-pandemic levels. Across the year,
Fever-Tree's Off-Trade sales increased by 20% compared to 2019, but
were broadly in-line with 2020 when we experienced more prolonged
periods of lockdown. Crucially, our UK household penetration has
increased to 15.4%[6] since 2019 which means the brand is in more
people's fridges than ever before.
The spirits category also performed well at retail during the
year, continuing to grow ahead of wine and beer compared to
pre-COVID levels, with premium and flavoured spirits stand-out
performers. This not only supported the growing popularity of our
new Soda range, but also underpinned significant progress for our
Gingers range which performed well from an increasing distribution
base, with an 87% sales increase compared to pre-COVID.
The Group has continued to innovate and pioneer the category,
capturing the latest consumer trends, and building on our premium
mixer credentials. We launched a new Limited-Edition Damson &
Sloe Berry Tonic for Autumn / Winter, combining seasonal flavours
with a rich purple colour to great effect. The product was not only
designed to capitalise on consumer trends towards flavoured tonics
and eye-catching liquids, but as a limited edition, also served to
excite the category and bring incremental value through additional
sales.
Overall, I'm pleased with the progress the brand has made in the
UK during the year. We have been encouraged by our performance as
the On-Trade re-opens, as well as the sustained strength of our
Off-Trade sales. We have maintained or increased our value share
and number one position in the Off-Trade and On-Trade respectively
and continue to invest to drive our brand awareness and excite the
category with new products.
Notwithstanding the on-going uncertainty around On-Trade
trading, every action we took last year, from not furloughing any
of our team, to focusing spend on the Off-Trade while the On-Trade
was closed which included a repetition of our successful national
television advertising campaign, to launching new flavours and
formats, has continued to pay dividends as we start to enter a new
normal. Importantly, our confidence in the long-term opportunity
only increases as we see both spirit and mixer categories
continuing to grow and premiumise, and consequently more consumers
enjoying premium long mixed drinks both at home and in pubs, bars
and restaurants. Fever-Tree is uniquely placed to drive growth
under these supportive market trends, with our enviable category
leadership position, our broad and innovative portfolio, and the
strength of our relationships with suppliers and customers.
US I Fever-Tree growing strongly, outperforming the mixer
category in the Off-Trade
Fever-Tree had another strong performance in the US, with
revenue growth ahead of expectations at 33% to GBP77.9m (41% on a
constant currency basis). We have seen continued growth in both
premium spirits and premium mixers in the US, and our market
leading position and strong momentum gives us great confidence in
the opportunity for Fever-Tree within the market.
Our On-Trade sales in the US were initially affected by closures
and restrictions which varied by State in length and extent,
resulting in challenging conditions in this channel during the
first half of the year. We saw strong initial sales as States
re-opened and it was clear that consumers were excited to get back
out to bars and restaurants.
We have also continued to secure new distribution in the
On-Trade, with notable new agreements with Hilton Luxury Hotels, as
well as multiple other restaurant, bar and casino accounts across
the country. Our focus on high quality On-Trade accounts,
successful introduction of new products, and relationships with our
On-Trade customers, as well as our strong partnership with Southern
Glazer's Wines and Spirits ("SGWS"), ensured that our monthly
On-Trade sales started to surpass pre-COVID levels as early as
April and remained strong for the rest of the year.
Alongside the positive re-opening of the On-Trade, Fever-Tree
has maintained its outperformance in the Off-Trade, with value
growth of 24% compared to 2020, and 97% compared to 2019[7]. Within
the portfolio we have seen strong growth across our full range of
mixers, targeting multiple drinks occasions, from the mule (Ginger
Beer) to tonics (Tonic Water) and spritzes (Soda &
Sparkling).
Fever-Tree remains the largest premium mixer brand in the US and
continues to be the number one value contributor to the total
Ginger Beer and Tonic Water markets at retail. We had several
significant achievements this year, growing to become the number
one Ginger Beer and the number one Tonic brand by value in the US,
surpassing Goslings and Schweppes respectively. These milestones
are a fantastic demonstration of the growing strength of the brand
and our important role in driving long mixed drinking trends in the
US.
Our success during the year has been based on our growing
rate-of-sale, far ahead of other mixer brands, which has
incentivised our retail customers to give us more shelf space,
increasing our distribution and depth within each account. Our new
Sparkling products, Pink Grapefruit and Lime & Yuzu have helped
to drive this growth, as well as the introduction of our can format
in more flavours than ever before.
We continue to place a lot of emphasis on marketing and
investment to grow Fever-Tree's brand awareness with both consumers
and the trade, focusing on the Off-Trade and digital execution in
the first half of 2021, whilst also re-allocating spend back into
the On-Trade as the channel re-opened. We have focused on creating
"Fever-Tree perfect serve menus", as well as providing custom
signage, menu boards and other products such as outdoor parasols
and furniture to the On-Trade, and we were excited to open a new
pop-up bar in Texas, following the success of our original pop-up
bar which remains in Bryant Park, New York. Both locations give the
brand excellent visibility and enable us to provide consumers with
a fantastic experience as they enjoy perfectly crafted cocktails
using a range of Fever-Tree mixers.
We continued to put a great emphasis on collaborating with
spirits partners, using the power of co-promotions to drive
different serves, and have been featured in a number of
multi-channel campaigns during the year. This included a
co-promotion with Grey Goose, which promoted the Spritz serve over
the summer months using our new Sodas, and a Whiskey Ginger
co-promotion with Jim Beam which aimed to encourage a generation of
new consumers to "Take a break from beer" and enjoy a lower ABV,
lower sugar serve.
We believe some of the uplift in at-home consumption during
lockdowns will remain as consumers have enjoyed experimenting with
long mixed drinks at home. This is helping to drive the
acceleration of premiumisation trends we have been seeing for a
number of years as consumers have purchased more premium drinks at
home over the last 18 months and are now less willing to compromise
when they go back to the On-Trade. Encouragingly, consumers have
been increasingly choosing spirits over wine and beer, with vodka
and tequila gaining share ahead of other categories. This is
particularly pleasing to see as our two new Sparkling launches,
Pink Grapefruit and Lime & Yuzu have been specifically created
to mix with these two spirits.
In summary, Fever-Tree's strong performance, innovation directed
at specific US consumer habits, focus on influential co-promotional
campaigns, and growing rate-of-sale, along with the increasing
interest in premium long mixed drinks is enabling us to increase
our presence across the grocery, liquor and On-Trade channels. We
are extending our market-leading position, with further marketing
activations, growing presence and greater consumer awareness
ensuring that we will continue this strong momentum into 2022 and
beyond.
Europe I Extending market leadership across the region
Total European revenue increased by 35% to GBP88.2m (40% on a
constant currency basis), including GBP9.6m of GDP portfolio brand
revenue. This strong performance was ahead of expectation and
driven by Fever-Tree's increasing value across the region, a strong
Off-Trade performance, a positive rebuild in the On-Trade, and some
importer restocking during the first half of the year.
The On-Trade was materially impacted by closures during the
first half of the year, with vaccine rollouts and consequent
recovery taking slightly longer than the UK and US. However, the
impetus to capture the final weeks of the summer tourist season,
especially across Southern Europe, led to a very positive end to
the Summer with record months in a number of markets.
Fever-Tree continues to drive growth of the premium mixer
category at retail in Europe, gaining share and contributing to
about a third of the total category's growth during the year, well
ahead of any other premium brand, and second only to Schweppes. We
now hold 15.3% of the retail branded mixer value share, a 3.6%
increase compared to 2019[8].
Most pleasingly, our focus on category management has helped to
build a distinct mixer category for the first time in European
retail, enabling retailers to place more emphasis on how visible it
is, how it's marketed to consumers and the resources that are
allocated to the space. We are therefore encouraged about the whole
category's growth, as well as Fever-Tree's role in driving this at
the premium end, which should ensure the Off-Trade continues its
strong performance even as the On-Trade gets back to pre-COVID
levels.
This year we launched our Rhubarb & Raspberry Tonic across
key European markets, with very promising initial sales growth. The
flavour has already become one of our most popular Tonic flavours
across the region, leveraging the trend towards bright, pink and
sweeter mixers. We are also particularly excited about our
Mediterranean Tonic and our Ginger Beer mixers, the former of which
is now our most popular Tonic across a number of European markets,
and the latter is growing strongly to extend our range beyond
Tonics to other popular serves.
Co-promotions remain a focus of our marketing strategy and this
year we have moved from a more local, to a regional approach,
driving consistent initiatives across multiple markets, whilst
continuing to adapt to local preferences. A great example of this
is various co-promotions in over ten countries we have executed
with the Aperitivo brand Lillet, where we have focused on consumer
trends towards earlier and lighter drinking occasions, as well as
giving us the opportunity to provide for occasions beyond the
G&T.
In addition, we have invested in broader marketing activities,
such as our first television campaign in Spain, delivering our
"3/4" message and focusing on the quality of our ingredients, which
significantly increased our prompted awareness in Catalunya, the
main region the campaign was focused on. We have also introduced
new flavours and formats, such as our Rhubarb & Raspberry
Tonic, and a new 750ml glass bottle in Germany, aligning to German
consumers' purchasing preferences.
Our progress in the Off-Trade along with the promising recovery
of the On-Trade gives us confidence in the opportunity across
Europe. The Off-Trade has been less impacted by the re-opening of
the On-Trade than anticipated, with a strong net positive sales
impact as both channels gain in strength. The mixer category is
growing at pace and Fever-Tree has continued to extend its
market-leading position, remaining the only premium mixer brand
with significant scale across the region. There are a number of
markets that offer real potential, and we continue to invest, build
meaningful relationships in the trade and with spirit partners, and
drive the growth of the premium segment.
RoW I Supportive trends and strategic progress driving
growth
We have made good progress in our Rest of the World region with
revenue growth of 6% to GBP26.7m, against tough comparators from
the second half of last year.
In Australia, spirits are taking share of throat from beer and
wine and the category continues to premiumise which, in turn, is
driving demand for premium mixers. Fever-Tree remains the clear
leader in premium mixers, contributing more to the total mixer
category growth at grocery than any other brand[9], with especially
strong sales in Tonics. A fantastic demonstration of how the brand
has been driving the premiumisation of the mixer category is that
since our launch of larger format (500ml) Tonics in Woolworths (in
December 2020), the average selling price of large format Tonics
has grown by almost 30%. Fever-Tree has also gained national
distribution with Premium Sodas and Gingers as we seek to be the
premium mixer of choice across Australia's most popular and
trending drinks serves, and this has helped to drive our strong
value growth of 52% in grocery during 2021.
In Canada, the mixer market continues to premiumise, with the
premium segment outpacing the mainstream segment to reach 10% of
the total mixer category. Fever-Tree remained not only the largest
premium mixer brand by value at Canadian retail, but also largest
Tonic brand by value, ahead of Schweppes, with 32% share. In
addition, Ginger Beer performed incredibly well, growing by almost
40%[10] through new distribution with key retailers and expansion
into our can format. Diversifying our range of mixers is a core
part of our strategy for long-term success and this year we
introduced our Sparkling Pink Grapefruit which has been our most
successful new flavour launch in the Canadian market, capitalising
on the popularity of the Paloma and Spritz Occasions. We look
forward with confidence in this market as we continue to gain
share, innovate, expand our distribution, and increase our
rate-of-sale.
Asia remains a region with long-term potential for Fever-Tree.
We have entered three new markets this year and continue to
re-evaluate our distribution partners across the region to ensure
we are with the right partner for the next stage of our
development. We have also extended our pan-Asia deal with Accor,
the largest hotel group in the region, for three years, remaining
their preferred premium mixer partner across Asia, as well as
continuing to develop our relationships with the international and
local spirits companies, including Bacardi, Campari and Diageo.
Operational Review
Our team have continued to work very closely with our partners
throughout our supply chain to help mitigate against the impacts of
the global pandemic, including the increased level of supply chain
disruption that impacted the entire industry this year.
Disruption was widespread, impacting global shipping
availability, lead times and pricing, as well as HGV driver
availability and costs in key markets. Consequently, we maintained
higher stock levels of key ingredients and our team focused on
preserving continuity of supply, most notably by increasing
shipments to the US and building local inventory in the first half
of the year, but also working with our main UK logistics partner to
manage driver availability during peak periods. Whilst these
actions have resulted in increased cost and impacted our margins,
they have ensured that we have continued to supply our customers
globally throughout this on-going period of disruption,
underpinning the strong revenue growth we are reporting.
The Group worked with our production partner in the US to
successfully commission and ramp up production on our new line on
the West Coast of the US. In addition, we began commissioning a new
line on the East Coast at the end of the period and will be ramping
up production there over the first half of 2022. These are exciting
strategic developments for the Group, adding further capacity and
flexibility to our network and setting us up to realise our
substantial ambition in the US market with local bottling
capability.
With both US bottling lines in place, we operate across seven
bottling sites and three canning sites globally. This increasingly
local production network will underpin our growth ambitions in both
Europe and the US, will mitigate some of our exposure to elevated
logistics costs, and will help to reduce the carbon emissions
associated with our supply chain operations.
The long-term opportunity
Fever-Tree's long-term strategy remains unchanged and continues
to be underpinned by strong global trends towards premium long
mixed drinking, with the brand's excellent track record against the
competition making us best placed to execute against this. Both the
popularity of long mixed drinks and the premiumisation of the
spirit and mixer categories have accelerated over the last two
years, increasing our confidence in the future growth potential for
Fever-Tree.
The value of the global spirits market has been growing over the
last five years and premium spirits, which deliver authenticity,
engagement and quality for consumers, have been driving this
growth. The value of the most premium segments within Fever-Tree's
top 15 markets have grown by more than 50% over the last five years
and now comprise approximately 40% of the category, compared to
just under a third in 2015, significantly outperforming the
standard and value segments[11].
The advent of the well-crafted premium mixer, pioneered and led
by Fever-Tree, allows these premium spirits to be consumed simply,
in a long refreshing manner that is suited to today's consumer, and
across a wider range of occasions both at home and in the
On-Trade.
Consequently, the mixer categories across all our key markets
are growing and premiumising. In the UK, Europe and the US the
mixer categories have all grown by over 10% CAGR over the last two
to three years, with the premium segments once again outpacing
mainstream.
Our excitement stems from the fact that Fever-Tree not only sits
at the heart of this fast-growing global movement to premium long
mixed drinks but is the primary driver of growth of mixer
categories across the world which is resulting in the premium long
mixed drink becoming increasingly important to the serve strategies
of major spirits brands, especially in the US.
During the pandemic the trend to long mixed drinks has
accelerated in the Off-Trade as consumers enjoyed long mixed drinks
at home as a form of entertainment and a treat at the end of the
working day, with much of this elevated demand remaining even as
the On-Trade reopened across the world. Consequently, we believe
that not only will the elevated Off-Trade demand be sustained to
some extent, but also that the higher level of adoption of premium
spirits and mixers in the Off-Trade will encourage premiumisation
in the On-Trade as consumers have become accustomed to high quality
long mixed drinks.
What is unique is that Fever-Tree sits at the heart of these
global trends, in an unrivalled position. We have the first mover
advantage, track record against competition, international
footprint, tools, range, global brand recognition and relationships
to continue to benefit from and drive this trend forward.
Fever-Tree Team
This year has been characterised by a lower level of recruitment
than we undertook in 2020. We have focused on consolidating the
hires made in the last two years, ensuring we have the appropriate
internal structures to drive continued success, and integrate the
GDP team into the Group. The prevalence of virtual working over the
last two years has provided us with more opportunities to connect
our teams across every one of our regions, which has been even more
important as we grow and become a more global business. Despite our
pace of growth, we remain entrepreneurial at heart and work hard to
ensure we have a culture that enables all our team, regardless of
location, department or level feel they can make a real difference
to the business.
Sustainability
The last 12 months has seen the Group build on the progress and
framework established at the beginning of 2021, making real strides
forward in several key areas. Most notably perhaps was the
announcement in October that all our mixers sold in the UK are now
carbon neutral from 2021 onwards alongside a global ambition to
achieve carbon neutrality across all regions by 2025. While the way
we operate helps to keep our own emissions low, we are holding
ourselves to account for the emissions generated through our entire
supply chain. We will continue to challenge ourselves and our
partners to take steps to mitigate and reduce the carbon footprint
of our drinks, reflecting our commitment to making a positive
change in this important area.
Further initiatives have included becoming a founding partner of
Tesco's Loop trial to promote and trial reusable packaging. From
the very beginning, we have taken pride in using infinitely
recyclable glass bottles and aluminium cans for our drinks, and
continue to investigate ever more sustainable packaging solutions,
including refillable options, hence our investment in this
initiative with one of our major customers.
Perhaps most pleasing has been the engagement we have seen both
internally and externally as we have begun to roll out our
sustainability roadmap. Our employees have led from the front,
whether it be establishing keeper teams to help with the
maintenance and monitoring of the Fever-Tree Tiny Forest in
Hammersmith, West London, offering volunteering and mentoring
through our partners Future Frontiers and Key 4 Life or fundraising
throughout the year for our Charitable partner Malaria No More UK
to support the ongoing fight against Malaria, our teams across the
globe have been at the heart of our strategy.
Alongside this, we have been focused on ensuring we continue to
provide the best environment and culture for our employees to
thrive. This has included conducting our first employee wide
engagement survey in conjunction with "Best Companies" which
resulted in Fever-Tree being accredited as an "Outstanding" firm to
work for, establishing a Group wide Diversity and Inclusivity
committee to build on our D&I framework as well as providing a
forum for our employees to share their experience and
learnings.
Summary & Outlook
2021 has been a year of notable success, as well as significant
external challenges, and I am proud of how the business has
navigated the volatile environment to deliver a strong set of
results. We end the year with increased confidence in the
opportunity ahead and our ability to delivery against it across the
world.
Our performance in the Off-Trade remained strong, even as the
On-Trade re-opened, exceeding our expectations across all our
regions. There has never been more excitement around enjoying long
mixed drinks at home. These trends along with our growing brand
strength and awareness enabled us to drive value share gains in all
our key markets, including the UK, US, Europe, Australia and
Canada.
The On-Trade also came back strongly as restrictions were
lifted, responding to high levels of pent-up demand around the
world. The support we committed to our On-Trade partners meant we
were well positioned to benefit from a positive re-opening and
therefore saw strong growth and distribution gains during the
second half of the year. Not only did we end the year with over 50%
market share in the UK On-Trade, but we also saw record months of
trading across Europe and the US, giving us confidence in our
long-term growth plans across our mature and growth regions.
During the pandemic, the strong and secure financial position of
the Group has enabled us to remain focused on the long-term
opportunity, continue to invest and make strategic progress. We
made a number of significant launches, including our Premium Sodas
in the UK On-Trade as well as our Lime & Soda in the US, and
our Rhubarb & Raspberry Tonic across Europe, all of which are
performing ahead of our expectations. In addition, we added to our
local US production, commissioning a second bottling line at the
end of the year on the East Coast.
The Group remains well-placed financially with a cash position
at year end of GBP166.2m and our asset light, outsourced business
model continues to ensure we have a low fixed cost base and the
flexibility to manage any future challenges. We are of course
mindful of the impact that the uncertainty and instability of the
last two years has had on our gross margins. Our focus remains on
driving growth and ensuring we are equipped to manage the scale and
complexity of a global business. This requires us to invest in our
processes, systems and to move to local production partners at the
appropriate point whilst also investing ahead of demand in key
markets. We are continuing to develop our global production
footprint and can look forward with confidence to opportunities to
capture economies of scale, optimise local inventory holdings and
reduce our exposure to global sea freight over the coming
years.
We are mindful of the terrible events unfolding in Ukraine and
related geopolitical uncertainty and will continue to monitor any
future impacts this may have on our business. Alongside this, there
remains a global backdrop of inflationary pressure against which we
are employing a range of mitigating actions to offset some of the
ongoing significant cost headwinds.
Despite this, we continue to be excited by the global growth of
spirits, trends to long mixed drinks and increasing popularity of
premium serves, all of which have accelerated during the last two
years. In addition, new supportive trends such as mixology at home,
along with our ever-increasing brand awareness and range of mixers
to cater to more consumer occasions makes us increasingly confident
in the opportunity ahead for the Group.
Finance review
The Group capitalised on strong Off-Trade momentum and its
commitment since the start of the pandemic to continue to invest in
the brand and product innovation to deliver revenue of GBP311.1m
(2020: GBP252.1m), achieving growth of 23% despite the on-going
On-Trade restrictions, disruption and uncertainty caused by
COVID-19.
Performance in the Off-Trade was consistently strong across
regions, with the brand gaining market share in our key growth
markets, whilst On-Trade performance was encouraging despite being
impacted by restrictions in the first half of 2021 and towards the
end of the year.
We have continued to make good strategic progress, with
successful new product launches and continued investment in
marketing, sustainability and our people. As a result of our
strategic focus and our initiatives throughout the pandemic we have
strong momentum in a number of exciting growth markets, including
the US, Canada, Australia as well as across our European markets,
further positioning us as a truly global brand and the clear leader
of the premium mixer opportunity.
As was the case across the industry, the Group was impacted
throughout 2021 by considerable disruption to global logistics
networks, most notably through the availability and pricing of sea
freight and HGV drivers across our regions, which negatively
impacted gross margin. Despite the increased level of logistics
costs, we continued to invest for the long-term, and as a result,
the adjusted EBITDA margin reduced to 20.2% (2020: 22.6%). As we
move into 2022 conditions remain challenging, with continued
disruption and significant headwinds in product and logistics
costs, but we are working to mitigate the impact of these increases
and as usual remain focussed on driving margin improvement over the
medium term alongside our strong top line growth.
The Group generated an adjusted EBITDA of GBP63.0m (2020:
GBP57.0m), returning to growth with an increase of 10.3% on 2020.
Operating cash flow conversion remained strong at 91.7% (2020:
95.8%) and we end the year with an improved cash position of
GBP166.2m (2020: GBP143.1m). As a reflection of our confidence in
the financial strength of the Group, the Board is recommending a
final dividend of 10.47 pence per share, an increase of 2%
year-on-year, as well as a special dividend of 42.90 pence per
share.
Gross Margin
Gross margin of 42.1% represents a reduction from the 46.2%
gross margin reported in 2020. Whilst there were marginal impacts
from net foreign currency headwinds and the impact of consolidating
a full year of GDP portfolio brand revenue, the most significant
impact on gross margin was the increase in logistics costs.
The disruption to global logistics networks had multiple impacts
on gross margin, including increased UK logistics costs driven by
shortages of HGV drivers and significantly increased Trans-Atlantic
freight charges for the shipping of product to the US. In order to
mitigate the impact of uncertainty of sea freight availability we
took the decision to build inventory in the US in the first half of
the year. This successfully ensured continued product availability
in the US, however, it also resulted in elevated storage charges
and, at the end of the year, we were required to book a GBP1.3m
provision against inventory approaching its expiry date. The unsold
inventory largely related to a narrow range of new product lines
which were shipped to the US early in 2021 ahead of expected new
distribution in both the Off and On-Trade channels which was
subsequently delayed until later in the year due to the on-going
impact of COVID-19.
Disruption and uncertainty are on-going as we proceed into 2022,
and we anticipate significant headwinds in both logistics and
product costs. Against this backdrop we are focused on mitigating
actions, with the ramping up of local production on the East Coast
of the US, alongside a fully functioning West Coast production
line, essential in reducing our exposure to elevated Trans-Atlantic
freight costs, as well as allowing for lower inventory holdings in
the US. We are also working on a number of initiatives, including
transitioning to new warehousing locations in the US closer to our
bottling lines as well as multiple other projects across the Group
all of which are aimed at driving improvements in gross margin over
the medium term.
Operating expenditure
Despite the on-going impact of COVID-19 on our On-Trade revenue,
and the impact of global logistics disruption on our gross margin,
we continued to focus on the significant opportunity ahead for the
Group and invest in the brand, our people and our capabilities.
This led to underlying operating expenses[12] increasing by 14.6%
to GBP67.9m (2020: GBP59.3m), reducing to 21.9% of Group revenue
(2020: 23.5%).
We invested in TV advertising campaigns in the UK and Spain,
upweighted digital marketing spend across regions and executed
strong On-Trade activations across the summer period. Premium
spirit brands are more engaged than ever in seeking co-promotional
opportunities to drive serves resulting in multiple significant
campaigns across our key markets. Total marketing spend from the
Group remained strong at 9.3% of Fever-Tree brand revenue (2020:
9.9%).
Staff costs and other overheads increased to GBP38.7m (2020:
GBP34.1m). Following a significant increase in headcount in 2020 we
recruited less this year, consolidating the team and continuing to
integrate the GDP staff and operations following the acquisition in
July 2020. We will continue to build the team in 2022, to invest
ahead and underpin the increasing scale, scope and complexity of
the business. Whilst we will necessarily increase our headcount, we
intend to remain a lean organisation, and preserve the
entrepreneurial culture and operational agility that has served the
Group so well to date.
Whilst underlying operating expenses reduced as a percentage of
revenue to 21.9%, this was not sufficient to offset the decrease in
gross margin and as a result, the adjusted EBITDA margin reduced to
20.2% (2020: 22.6%). Despite this reduction in margin, due to the
strong revenue performance adjusted EBITDA returned to growth in
2021, increasing by 10.3% to GBP63.0m (2020: GBP57.0m)
Amortisation charges increased to GBP1.5m (2020: GBP1.1m)
following a full year of amortisation of the intangible asset
created on acquisition of GDP in July 2020. Depreciation charges
also increased to GBP3.2m (2020: GBP2.7m), largely driven by the
reusable packaging system in Germany, including the launch of a new
750ml glass bottle format. Finally, share based payment charges
increased to GBP2.7m (2020: GBP1.9m).
As a result of the increases in amortisation, depreciation and
share based payment charges, the 10.3% increase in adjusted EBITDA
translates to a 8.3% increase in operating profit to GBP55.6m
(2020: GBP51.3m) and profit before tax of GBP55.6m (2020:
GBP51.6m), an increase of 7.7%.
Tax
The effective tax rate in 2021 increased to 19.7% (2020: 19.1%),
driven by an adjustment to deferred tax in relation to future UK
corporation tax rate changes.
Earnings Per Share
The basic earnings per share for the year are 38.29 pence (2020:
35.86 pence) and the diluted earnings per share for the year are
38.19 pence (2020: 35.76 pence).
In order to compare earnings per share year on year, earnings
have been adjusted to exclude amortisation and the UK statutory tax
rates have been applied (disregarding other tax adjusting items).
On this basis, normalised earnings per share for 2021 are 39.70
pence per share and for 2020 were 36.72 pence per share, an
increase of 8.1%.
Working Capital
We began 2021 with elevated levels of inventory as we sought to
mitigate the impact of on-going COVID-related disruption alongside
the UK's exit from the EU. Whilst we were able to navigate the
latter with minimal disruption, supply chain uncertainty
contributed to the decision to build inventory further in the first
half of 2021, notably in the US. During the second half we reduced
inventory levels in the US as West Coast production ramped up and
as we approached commissioning of an East Coast bottling line. As a
result, year-end inventory levels were GBP36.2m, a reduction of
GBP2.5m from 2020 (2020: GBP38.7m).
Trade and other receivables increased in line with revenue
growth to GBP70.3m (2019: GBP56.0m). Our strong relationships,
proactive engagement with customers and appropriate levels of
credit insurance position us well to continue to manage the
on-going credit risk. However, we recognise that the current
external environment contributes to an elevated level of credit
risk and consequently increased our credit loss provision at year
end to GBP3.1m (2020: GBP1.2m). The movement in trade and other
receivables was partially offset by an increase in trade and other
payables to GBP49.4m (2020: GBP42.4m).
As a result of the above movements, there was only a marginal
increase in working capital of GBP4.7m to GBP57.1m (2020: GBP52.4m)
and therefore working capital improved to 18.3% of revenue (2020:
20.8%), which resulted in cash generated from operations of 91.7%
(2020: 95.8%).
Capital Expenditure
Due to the structure of the Group's business model, capital
expenditure requirements remain low, with additions of GBP5.8m in
the year (2020: GBP2.5m). The additions in the year included
continued investment in reusable packaging in Germany, reflecting
the growth in that market.
Cash Position
The Group continues to retain a strong cash position, with cash
at year end increasing by 16% to GBP166.2m (2020: GBP143.1m). This
platform provides a significant competitive advantage over many of
our premium mixer competitors globally and has allowed the Group to
remain focused on driving strategic progress over the last two
years despite the disruptions caused by COVID-19.
The Group's Capital Allocation Framework remains unchanged. We
intend to retain sufficient cash to allow for investment against
the opportunity ahead and primarily foresee this investment taking
the form of operational expenditure, including upweighted marketing
spend across our growth regions at the appropriate stage, whilst we
also intend to retain sufficient cash reserves to allow us to take
advantage of opportunities to upweight and accelerate investment as
they arise.
Whilst not a priority or essential component of the Group's
plans, we also remain vigilant with regards to M&A
opportunities that would further assist with the delivery of our
strategy, as demonstrated by the acquisition of GDP in 2020. Where
the Board considers there to be surplus cash held on the Balance
Sheet it will consider additional distribution to shareholders.
Dividend
The Group remains committed to a progressive dividend policy and
as such, the Board is recommending a final dividend of 10.47 pence
per share in respect of 2021 (2020: 10.27 pence per share). If
approved, this would bring the sum of the interim and final
ordinary dividend in respect of 2021 to 15.99 pence per share
(2020: 15.68 pence per share).
In addition to this, reflecting the strong year end cash
position, on-going cash generation and confidence in the execution
of the 2022 plan and beyond, the Board considers it appropriate to
recommend a special dividend of 42.90 pence per share. If approved,
this would bring the total dividend for 2021 to 58.89 pence per
share (2020: 15.68 pence per share).
If approved by shareholders at the AGM on 19 May 2022 the final
dividend will be paid on 27 May 2022 to shareholders on the
register on 7 April 2022.
Performance Indicators
The Group monitors its performance through a number of key
indicators. These are formulated at Board meetings and reviewed at
both an operational and Board level.
Progress against these key indicators was closely monitored
during the year. Due to the on-going disruption caused by the
pandemic during 2021, targeted performance was adjusted accordingly
as the year progressed. Group revenue growth was strong and ahead
of expectations, whilst the gross margin and adjusted EBITDA margin
were both down year on year and behind the Board's
expectations.
Revenue growth %
Group revenue growth was +23.4% in 2021 (2020: -3.2%).
Gross margin %
The Group achieved a gross margin of 42.1% in 2021 (2020:
46.2%).
Adjusted EBITDA margin %
The Group achieved an adjusted EBITDA margin of 20.2% in 2021
(2020: 22.6%).
Fevertree Drinks plc
Consolidated statement of profit or loss and other comprehensive
income
For the year ended 31 December 2021
2021 2020
GBPm GBPm
Revenue 311.1 252.1
Cost of sales (180.2) (135.8)
Gross profit 130.9 116.3
Administrative expenses (75.3) (65.0)
Adjusted EBITDA 63.0 57.0
Depreciation (3.2) (2.7)
Amortisation (1.5) (1.1)
Share based payment charges (2.7) (1.9)
Operating profit 55.6 51.3
Finance income 0.3 0.5
Finance expense (0.3) (0.2)
Profit before tax 55.6 51.6
Tax expense (11.0) (9.9)
Profit for the year 44.6 41.7
Items that may be reclassified
to profit or loss
Foreign currency translation
difference of foreign operations - (0.2)
Effective portion of cash flow
hedges (1.3) 0.6
Related tax 0.3 -
-------- --------
Total other comprehensive income (1.0) 0.4
-------- --------
Total comprehensive income
for the year 43.6 42.1
-------- --------
Earnings per share
Basic (pence) 38.29 35.86
Diluted (pence) 38.19 35.76
Fevertree Drinks plc
Consolidated statement of financial position
At 31 December 2021
2021 2020
GBPm GBPm
Non-current assets
Property, plant and equipment 9.6 7.5
Intangible assets 47.7 48.8
Deferred tax asset 2.8 1.9
Total non-current assets 60.1 58.2
------- -------
Current assets
Inventories 36.2 38.7
Trade and other receivables 70.3 56.0
Derivative financial instruments 0.9 1.3
Corporation tax asset 2.4 1.1
Cash and cash equivalents 166.2 143.1
Total current assets 276.0 240.2
------- -------
Total assets 336.1 298.4
------- -------
Current liabilities
Trade and other payables (49.4) (42.4)
Loans and borrowings (0.1) (0.1)
Lease liabilities (0.7) (0.7)
Corporation tax liability (0.6) -
------- -------
Total current liabilities (50.8) (43.2)
------- -------
Non-current liabilities
Lease liabilities (2.1) (1.1)
Deferred tax liability (1.6) (1.5)
Total non-current liabilities (3.7) (2.6)
------- -------
Total liabilities (54.5) (45.8)
------- -------
Net assets 281.6 252.6
------- -------
Equity attributable to equity
holders of the company
Share capital 0.3 0.3
Share premium 54.8 54.8
Capital redemption reserve 0.1 0.1
Cash flow hedge reserve (0.2) 0.8
Translation reserve (0.2) (0.2)
Retained earnings 226.8 196.8
------- -------
Total equity 281.6 252.6
------- -------
Fevertree Drinks plc
Consolidated statement of cash flows
For the year ended 31 December 2021
2021 2020
GBPm GBPm
Operating activities
Profit before tax 55.6 51.6
Finance expense 0.3 0.2
Finance income (0.3) (0.5)
Depreciation 3.2 2.7
Amortisation of intangible assets 1.5 1.1
Share based payments 2.7 1.9
Impairment losses on receivables and inventories 3.8 -
Gain on disposal of fixed asset 0.1 -
66.9 57.0
Decrease/(Increase) in trade and other
receivables (14.6) 4.0
Decrease/(Increase) in inventories 0.5 (17.2)
(Decrease)/Increase in trade and other
payables 7.7 10.8
(Decrease)/Increase in derivative asset/liability (2.8) -
------- -------
(9.2) (2.4)
Cash generated from operations 57.7 54.6
------- -------
Income taxes paid (10.9) (16.5)
Net cash flows from operating activities 46.8 38.1
------- -------
Investing activities
Purchase of property, plant and equipment (3.6) (2.6)
Interest received 0.3 0.5
Investment in intangible assets (1.0) -
Acquisition of subsidiary, net of cash
acquired - (1.7)
Net cash used in investing activities (4.3) (3.8)
------- -------
Financing activities
Interest paid (0.2) (0.2)
Dividends paid (18.4) (17.8)
Repayment of loan (0.1) (0.9)
Payment of lease liabilities (0.6) (0.7)
Net cash used in financing activities (19.3) (19.6)
------- -------
Net increase in cash and cash equivalents 23.2 14.7
------- -------
Cash and cash equivalents at beginning
of period 143.1 128.3
Effect of movements in exchange rates
on cash held (0.1) 0.1
Cash and cash equivalents at end of period 166.2 143.1
------- -------
1. Basis of Preparation
The financial information contained in this results announcement
has been prepared on the basis of the accounting policies set out
in the statutory financial statements for the year ended 31
December 2020. Whilst the financial information included in this
announcement has been computed in accordance with the recognition
and measurement requirements of UK adopted international accounting
standards, this announcement does not itself contain sufficient
disclosures to comply with UK adopted international accounting
standards.
The financial information set out above does not constitute the
company's statutory accounts for 2021 or 2020. Statutory accounts
for the years ended 31 December 2021 and 31 December 2020 have been
reported on by the Independent Auditor. The Independent Auditor's
Report on the Annual Report and Financial Statements for 2021 and
2020 was unqualified, did not draw attention to any matters by way
of emphasis, and did not contain a statement under 498(2) or 498(3)
of the Companies Act 2006. Statutory accounts for the year ended 31
December 2020 have been filed with the Registrar of Companies. The
statutory accounts for the year ended 31 December 2021 will be
delivered to the Registrar in due course.
2. Revenue
An analysis of turnover by geographical market is given
below:
2021 2020
GBPm GBPm
United Kingdom 118.3 103.3
United States of America 77.9 58.5
Europe 88.2 65.3
Rest of the World 26.7 25.0
311.1 252.1
====== ======
3. Earnings per share
2021 2020
GBPm GBPm
Profit
Profit used in calculating basic and diluted
EPS 44.6 41.7
Number of shares
Weighted average number of shares for the
purpose of
basic earnings per share 116,536,876 116,277,921
Weighted average number of dilutive employee
share options outstanding 302,357 335,590
------------ ------------
Weighted average number of shares for the
purpose of
diluted earnings per share 116,839,233 116,613,511
------------ ------------
Basic earnings per share (pence) 38.29 35.86
------------ ------------
Diluted earnings per share (pence) 38.19 35.76
------------ ------------
4. Dividends
In the financial year ended 31 December 2021 dividends were paid
with a value of GBP18,399,903 (being GBP11,966,441 at 10.27 pence
per share in respect of the year ended 31 December 2020, and
GBP6,433,462 at 5.52 pence per share in respect of the six months
ended 30 June 2021). The Directors are proposing a final dividend
of 10.47 pence per share and a special dividend of 42.90 pence per
share, totalling GBP62,202,735 for 2021. This dividend has not been
accrued in the consolidated statement of financial position.
[1] IRI 13 weeks to 26 December 2021
[2] Nielsen
[3] Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, share based payment charges and finance
costs
[4] IRI 13 weeks to 26/12/2021
[5] CGA 13 weeks to 01/01/2022
[6] Kantar 52 week penetration to 26/12/2021
[7] Nielsen
[8] Nielsen & IRI
[9] Woolworths & Coles scan data 2021
[10] Nielsen 12 weeks to 01/01/2022
[11] IWSR 2020 - Fever-Tree top 15 markets: UK, US, Australia,
Austria, Benelux, Canada, Denmark, France, Germany, Italy,
Netherlands, Portugal, Spain, Sweden, Switzerland
[12] Underlying operating expenses is defined as Administrative
expenses (GBP75.3m) less Depreciation (GBP3.2m), Amortisation
(GBP1.5m) and Share based payments expenditure (GBP2.7m)
This information is provided by RNS, the news service of the
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END
FR FFFVIVIIELIF
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March 16, 2022 03:00 ET (07:00 GMT)
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