Fevertree Drinks plc Preliminary Results Year ended 31 December - - PowerPoint PPT Presentation
Fevertree Drinks plc Preliminary Results Year ended 31 December 2014 Tim Warrillow, Co-founder and CEO Andrew Branchflower, Finance Director Introduction to Fever-Tree Launched by Charles Rolls and Tim Warrillow in 2005 Simple
spirits
category
provide a quality mixer range to fill the vacuum
million bottles sold in 2014
1
2
world Market leading brand with international reach
Clearly differentiated premium product
Proven business model and management team
premiumisation
£1.6bn RSV (EY, 2014) Significant growth
and spirits partners Growth underpinned by strong margins throughout value chain
‘The World’s Best Tonic’ Robert Parker ‘My tonic is Fever-Tree’ Ferran Adria
7
EBITDA (2013: 75%)
end of £3.3m
recommended to shareholders
EBITDA Gross
*defined as Operating Cash flow / EBITDA
3
£m FY14 FY13 Growth Revenu enue
34.7 23.3 49% 49%
Gross profit fit
17.7 11.9 49% 49%
Gross margin
50.9% 51.0%
EBIT ITDA* A*
10.0 6.7 48% 48%
EBITDA margin
28.8% 28.9%
*Pre-exceptional items
4
the World
UK
2014 Revenue by Region Historic Revenue by Region
5
customers (Waitrose, Sainsbury’s and Tesco) plus significant distribution increase at Tesco
generated UK
Trade
popularity of “Moscow Mule” cocktail and represent over 33% of all US sales USA
6
Europe, with strong sales across Italy, Germany, Holland and Switzerland. Continental Europe
£m FY14 FY13* Growth Revenu enue
34.7 23.3 49% 49%
Gross profit fit
17.7 11.9 49% 49%
Gross margin
50.9% 51.0%
EBIT ITDA* A**
10.0 6.7 48% 48%
EBITDA margin
28.8% 28.9%
7
**Pre-exceptional items
enue of
34.7m
ss profit fit margin gin of
50.9%
Euro and US Dollar in 2014
DA of
10m at at a margi rgin of
28.8%
with 2013 at 22.1% of revenue
*Fevertree Drinks plc was incorporated in February 2013 and acquired the trading entity Fevertree Limited in March 2013. As such, the audited financial statements will present a 10 month period for the 2013 comparison. To allow meaningful comparisons to be made this presentation refers to the full year’s trading for 2013 as the comparison period, therefore including trading by Fevertree Limited in the 2 month period prior to its acquisition by Fevertree Drinks plc.
£m FY14 FY13 EBIT ITDA* A*
10.0 6.7
Depreciation
(0.1) <(0.1)
Amortisation
(0.7) (0.6)
Exceptional costs (1.1) (3.1) Operating rating profit fit
8.1 3.0
Finance expenses
(5.6) (4.1)
Prof
efore e Tax
2.5 (1.1)
Tax
(1.2) (1.0)
Prof
er Tax
1.3 (2.1)
EPS (pence ce)
1.54 (3.26)
8
*Pre-exceptional items
ptiona
ts
arrangement fees relating to the investor loan notes which will be non-recurring
years
end
respect of the period from IPO to year end
£m FY14 FY13 EBIT ITDA* A*
10.0 6.7
Working Capital movement
(2.7) (1.7)
Operating rating Cash flow
7.3 5.0
Conversion
73% 75%
Tax
(1.2) (0.9)
Capital expenditure
(0.3) (0.2)
Bank loan interest and repayment
(0.7) (0.5)
On On-goin going g Cash flow
5.1 3.4
Exceptional costs
(1.1) (3.2)
Loan note interest
(1.1) (1.2)
IPO Primary raise
4.0
(50.0) (50.5)
Other financing activities
49.4 50.7
Net Cash flow
6.3 (0.8)
9
*Pre-exceptional items
rating Cash flow
revenue
exceptional costs, IPO fund raise and the pre- IPO structure
£m FY14 FY13 PPE
0.4 0.2
Intangibles
44.6 45.3 Stock 4.3 2.5
Receivables
8.4 6.0
Derivatives
<0.1 <0.1
Cash
9.6 3.4
Creditors and provisions
(5.0) (3.7)
Gross debt
(6.3) (52.5)
Deferred tax
(2.7) (2.7)
Net Assets
53.3 (1.5)
10
et moveme ement nt
pre-IPO
Strengthening distribution in existing markets
Capitalising on market trends
New product development
Pacific
Expanding distribution into new markets
11
12
growth