REG - Fevertree Drinks PLC - FY21 Preliminary Results to 31 December 2021
16/03/2022 07:00
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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
£m 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 £166 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 £355 million - £365 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 £63 million and £66 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/
(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
(mailto:ann.hyams@fever-tree.com) I +44 (0)7435 828 138
Media queries
Oliver Winters, Director of Communications I oliver.winters@fever-tree.com
(mailto: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 £311.1m, 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 £63.0m, a 10% increase year-on-year, but a slight reduction in
margins, to 20.2%, as guided. Profit before tax was £55.6m, an 8% increase
compared to 2020, and we ended the year with a strong balance sheet and net
cash of £166.2m, 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, £m 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 £77.9m (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 £88.2m (40% on a constant currency
basis), including £9.6m 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 £26.7m, 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
£166.2m 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 £311.1m (2020: £252.1m), 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 £63.0m (2020: £57.0m), 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 £166.2m (2020: £143.1m). 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 £1.3m 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 £67.9m (2020: £59.3m), 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 £38.7m (2020: £34.1m).
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 £63.0m (2020:
£57.0m)
Amortisation charges increased to £1.5m (2020: £1.1m) following a full year
of amortisation of the intangible asset created on acquisition of GDP in July
2020. Depreciation charges also increased to £3.2m (2020: £2.7m), 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 £2.7m (2020: £1.9m).
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 £55.6m (2020: £51.3m) and profit before tax
of £55.6m (2020: £51.6m), 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 £36.2m, a reduction of £2.5m from 2020 (2020:
£38.7m).
Trade and other receivables increased in line with revenue growth to £70.3m
(2019: £56.0m). 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 £3.1m (2020:
£1.2m). The movement in trade and other receivables was partially offset by
an increase in trade and other payables to £49.4m (2020: £42.4m).
As a result of the above movements, there was only a marginal increase in
working capital of £4.7m to £57.1m (2020: £52.4m) 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 £5.8m in the year (2020: £2.5m).
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 £166.2m (2020: £143.1m). 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
£m £m
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
£m £m
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
£m £m
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
£m £m
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
£m £m
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 116,536,876 116,277,921
basic earnings per share
Weighted average number of dilutive employee share options outstanding 302,357 335,590
Weighted average number of shares for the purpose of 116,839,233 116,613,511
diluted earnings per share
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 £18,399,903 (being £11,966,441 at 10.27 pence per share in respect of the
year ended 31 December 2020, and £6,433,462 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 £62,202,735 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
(£75.3m) less Depreciation (£3.2m), Amortisation (£1.5m) and Share based
payments expenditure (£2.7m)
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