TIDMFEVR
RNS Number : 8015T
Fevertree Drinks PLC
22 March 2023
Fevertree Drinks plc
FY22 Preliminary Results to 31 December 2022
Financial Highlights
-- Strong top line performance with revenue growth of 11%
year-on-year, driven by 18% growth across the US, Europe and Rest
of the World.
-- Industry-wide inflationary pressures impacted the Group's
gross margin, most notably in glass costs and trans-Atlantic
freight costs, these were partially mitigated by positive pricing
actions and improvements in sales mix.
-- Adjusted EBITDA of GBP39.7m was marginally ahead of expectations.
-- With continued strong cash generation, the Group maintained
its strong balance sheet; paid a special dividend of GBP50m in May
2022 and finished the year with GBP95.3m net cash.
-- Proposed full year ordinary dividend of 16.31 pence per
share, an increase of 2% year-on-year.
-- Reiterating guidance from January; FY23 revenue GBP390m -
GBP405m and EBITDA of GBP36m - GBP42m.
GBPm FY22 FY21 Change
------------------------------- ------ ------ ---------
Revenue
UK 116.2 118.3 (2)%
US 95.6 77.9 23%
Europe (Fever-Tree brand
revenue) 89.2 78.6 13%
Europe total revenue* 101.0 88.2 14%
ROW 31.5 26.7 18%
Total 344.3 311.1 11%
Gross profit 118.8 130.9 (9)%
Gross margin 34.5% 42.1% (760)bps
Adjusted EBITDA[1] 39.7 63.0 (37)%
Adjusted EBITDA margin 11.6% 20.2% (870)bps
Diluted EPS (pence per share) 21.32 38.19 (44)%
Ordinary Dividend (pence
per share) 16.31 15.99 2%
Net cash 95.3 166.2 (43)%
------------------------------- ------ ------ ---------
*includes revenue from GDP's portfolio brands
Strategic highlights
-- The Group further extended its clear position as the number
one premium mixer globally whilst making significant progress on
its strategic priorities in 2022:
o We remain the clear market leader in the UK, and successfully
launched into the Adult Soft Drink category, a potentially
significant adjacent opportunity, with our Ginger Beer and Sicilian
Lemonade already among the top performers in the category.
o We continue to build for long term success in the US,
increasing distribution and driving category growth. The
acquisition of a non-carbonated cocktail mixer business will
accelerate the launch of the Fever-Tree cocktail mixer range in
2023.
o We continued to invest in the brand across Europe, driving a
significant acceleration in Southern European markets where the
brand continues to gain market share.
o We completed significant route to market changes in Canada and
Japan as we position the brand for long term growth in key markets
in the RoW.
o We made progress on a large number of initiatives, such as
localising US production and investing in our technology
infrastructure which will improve our operational capabilities,
reduce costs and drive margin recovery in 2024 and beyond.
FY23 outlook and guidance
The Group remains confident of delivering strong growth in the
year ahead and we are reiterating our guidance range of GBP390m -
GBP405m. This represents growth of 13%-18% year-on-year, with
momentum continuing across our growth regions, especially the US,
and a return to growth in our most established market in the
UK.
As highlighted in January, whilst the business is facing
significant inflationary headwinds, most notably in relation to
glass bottle costs, we are focused on mitigating actions through a
combination of pricing across regions, cost saving initiatives, and
increased local US production. As a result the Group expects to
deliver EBITDA in line with previous guidance of between GBP36m -
GBP42m.
Tim Warrillow, Co-Founder and CEO of Fever-Tree, commented:
"The Group has delivered a strong sales performance with double
digit revenue growth underpinned by a very encouraging 18% average
growth across the US, Europe and Rest of the World. These regions
now account for nearly 70% of our business and their continued
strong growth underlines our position as the world's no.1 premium
mixer brand.
We have seen an encouraging start to 2023 in our key growth
markets and are confident of maintaining the Group's momentum in
the months ahead. The Fever-Tree brand, as shown by our highest
ever combined market share in the UK, and leadership position
across many markets, is stronger than it has ever been and we
remain committed to investing for the long-term both within our
core mixer category but also through our expansion into adjacent
categories such as adult soft drinks and cocktail mixers.
Whilst the Group continues to operate in a challenging cost
environment, we are resolutely focused on delivering a wide range
of initiatives across the business that will optimise operational
capabilities and underpin our confidence in driving margin
improvement in 2024 and beyond."
There will be live audio webcast on Wednesday 22(nd) March 2023
at 10:00am GMT which can be accessed below:
Fever-Tree Full Year 2022 Results
For more information please contact:
Investor queries
Ann Hyams, Director of Investor Relations I
ann.hyams@fever-tree.com I +44 (0)20 4516 8106
Media queries
Oliver Winters, Director of Communications I
oliver.winters@fever-tree.com I +44 (0)770 332 9024
Nominated Advisor and Broker - Investec Bank plc
David Flin I Alex Wright I +44 (0)20 7597 5970
Corporate Broker - Morgan Stanley & Co, International
plc
Andrew Foster I Jessica Pauley I +44 (0)20 7425 8000
Financial PR advisers - FGS Global
Faeth Birch +44 (0)7768 943 171; Anjali Unniknan +44 (0) 7826
534 233
FY22 Group Performance
Fever-Tree has delivered a robust set of results during another
remarkably challenging year. As well as extending our position as
the number one premium mixer brand globally, the Group has started
to develop several key adjacent opportunities for the brand, as
well as strengthening our relationships across our supply chain,
and evolving our route-to-market in several key markets.
I am also delighted to report on the continuing global
popularity of the brand as we were voted "Number One Top Selling
Mixer" and "Number One Top Trending Mixer" for the ninth year
running by Drinks International. Another demonstration of the brand
leading the global premium mixer category.
The Group delivered revenue of GBP344.3 million, representing an
increase of 11% year-on-year. This was a very positive performance
in the context of continued On-Trade disruption across our markets
in the first quarter of 2022, followed by subdued consumer
confidence as the cost of living rose during the year. Despite the
well-publicised headwinds, the On-Trade recovered well, especially
across Europe and in the US, where we saw particularly good
growth.
Whilst the Group delivered good top line growth, industry-wide
logistics challenges and inflationary cost pressures impacted our
margins for the full year, with gross margins reducing to 34.5%. We
delivered EBITDA of GBP39.7 million, a decrease of 36.8%
year-on-year, as we continued to invest behind the brand and our
team, with operating expenses increasing to 23% of revenue (2021:
21.9%). Profit before tax was GBP31.0 million, a 44.1% decrease
compared to 2021, and we ended the year with a strong balance sheet
and net cash of GBP95.3m, a decrease of 42.7% year-on-year,
following the award of a GBP50 million special dividend to all
shareholders in May 2022.
The management team is incredibly focused on improving the gross
margin of the Group in the coming years. Whilst we recognise that
many of the headwinds faced by the business are transitory, we are
also working hard on a range of profit optimisation initiatives to
ensure the business operates efficiently as it continues to grow at
pace.
Our team have continued to work very closely with our partners
throughout our supply chain to help mitigate against an increased
level of supply chain disruption and inflationary pressures that
have impacted the industry this year. Logistics challenges were
widespread, particularly with regards the shipping of product to
the US, with port congestion and continued rates of inflation
impacting shipping availability, lead times, pricing and other
disruption charges, such as demurrage. These headwinds impacted the
business significantly throughout the year and were compounded by
delays in ramping up production at our new US East Coast bottling
plant, making us more reliant on trans-Atlantic freight than we had
predicted at the start of the year. However, as the year
progressed, US sea freight disruption started to subside as we
continued to scale up production with our US bottler. This sets the
business up well going into 2023, adding further capacity and
flexibility to our network, positioning us to realise our
substantial ambition in the US market.
We are now a truly global company, available in over 85
countries and produced across ten sites globally; seven bottling
sites and three canning sites. Our increasingly local production
network will underpin our growth ambitions in both Europe and the
US, continue to mitigate our exposure to elevated logistics costs,
and will help to reduce the carbon emissions associated with our
supply chain operations.
Strategic update I Good top line growth driven by international
markets
Revenue, GBPm FY22 FY21 Change
------------------------- ----- ----- ------
UK 116.2 118.3 (2)%
US 95.6 77.9 23%
Europe (Fever-Tree brand
revenue) 89.2 78.6 13%
Europe total revenue* 101.0 88.2 14%
ROW 31.5 26.7 18%
Total 344.3 311.1 11%
========================= ===== ===== ======
*includes GDP portfolio brand revenue
UK I Fever-Tree maintains market-leading position
Fever-Tree delivered GBP116.2m revenue in the UK, a slight
decrease of 1.8% year-on-year. The brand continues to lead the UK
mixer category, with 45% value share, more than twenty times larger
than the next premium mixer brand and c.50% larger than
Schweppes[2]. We remain the mixer brand of choice for UK consumers,
with the highest household penetration of any mixer brand during
2022[3].
Fever-Tree's sales in the On-Trade increased by 28% year-on-year
despite the impact of strikes and disruption on the key December
trading period. We continue to build our market share in the
On-Trade, which increased to c.50%(3) and our distribution and
relationships with key customers are stronger than ever. It was
pleasing to see the On-Trade recover during the first half of the
year, to become an integral part of consumer social occasions once
again, although the over-45 age demographic has been slower to
return. Gin is recalibrating from its pre-COVID levels, however,
the wider Spirits category continues to grow in popularity,
increasing in sales value by 13.4% compared to 2019[4], and
providing more opportunities for Fever-Tree to be present on menus
as part of the ever-popular long mixed drinking occasion. As we
enter 2023, I am confident that Fever-Tree's brand strength,
unrivalled range of products, exciting new innovation pipeline, and
our excellent relationships with the trade position us well to
continue to build on our market-leading position.
The On-Trade has always been a vital part of Fever-Tree's brand
visibility and as a vehicle for promoting trial, and so we were
proactive in this channel as it rebuilt. We took full advantage of
the return of events in the UK, with Fever-Tree branded bars at
some of the country's most iconic sporting events, such as Royal
Ascot, The Oval, and Polo in the Park. Another On-Trade highlight
was our Summer of Spritz activation with Bill's, which included
branded Bill's terraces and bespoke menus, leading to a significant
uplift in Fever-Tree sales across their estate and perfectly
showcased our Premium flavoured Soda range.
In the Off-Trade the mixer category was lapping tough
comparators after a strong period of sales during the lockdowns of
2020 and 2021 and declined by 11% in 2022[5]. The brand has held
its volume share within the category and remains by far the largest
premium mixer brand at UK retail with a rate-of-sale on shelf seven
times higher than the average rate-of-sale of other premium
mixers[6]. In addition, the spirits category continues to perform
well at retail, with rum the stand-out performer[7]. These trends
supported the growing popularity of our Gingers. Our Ginger Ale
volume has grown c.80% at retail since 2019 after strong
distribution gains and underscores the wider opportunity for our
broad portfolio of products.
The business also started to explore two exciting adjacent
opportunities during 2022, with the potential to drive long-term
growth in the UK. Firstly, we started to position some of our
products for the adult soft drink occasion, with initial trials
reaffirming our longstanding belief that our products' natural
ingredients, adult flavour profiles and low-calorie options,
combined with the sophistication of the brand, make us ideally
positioned to extend into this category. In the third quarter of
the year, we introduced a new 4x250ml can format which has driven a
strong performance in this category, with our Soft Drink sales
growing by 37% in Q4 2022 compared to the same quarter in 2021.
Next year we will launch new flavours specifically crafted for the
adult soft drink category as we build out the opportunity over the
coming years.
The second exciting opportunity has been the launch of our first
airport bar. After identifying a gap in the market for premium
long-mixed drinks in a sophisticated setting at airports we created
a one-of-a-kind Fever-Tree bar at Edinburgh airport, which opened
in May. This has provided a great way to showcase the brand in a
new setting and has performed very strongly since opening,
significantly exceeding our sales expectations and demonstrating a
clear consumer demand for this type of offering at airports.
Overall, I'm pleased with the progress the brand has made in the
UK during the year. Unlike in many of our other markets, where
significant whitespace exists for the category and the brand, the
fantastic job that we have done in the UK in achieving such a high
market share, high household penetration, and widespread
distribution across both channels means that we will be more
exposed to any continued consumer softening. Notwithstanding this,
the resilience of the spirits category, our position as an
affordable luxury, and the new adjacent opportunities we have
identified give us confidence to manage the brand with a long-term
horizon and make the right choices around pricing and investment
that will continue to position us for sustained success in this
market.
US I Positive performance despite logistics disruption
Fever-Tree grew revenues by 22.7% during 2022 to deliver
GBP95.6m sales (13% at constant currency); another good performance
in the US despite the operational challenges we faced which meant
we weren't able to fully satisfy the strong underlying demand for
the brand at certain points during the year.
Fever-Tree's On-Trade sales have been strong as the channel
rebounded quickly and the brand benefitted from the significant new
distribution won over the period since the pandemic began,
including in 2022 more than 1,000 new points of distribution in
Marriott Hotels, along with new accounts at Disney and Hilton
Luxury Hotels, to name but a few. During the year, we increased our
number of On-Trade distribution points by 30% as we strengthened
our position as the premium mixer of choice in this channel. 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"), gives us confidence that we will continue to
drive growth in this important channel, with a lot of whitespace
still ahead of us.
Fever-Tree also had a strong performance in the Off-Trade, with
value growth of 10% compared to 2021, and 117% compared to 2019[8].
Within the portfolio we have seen particularly strong growth in
Premium Club Soda as consumers search for premium low calorie, low
sugar options more frequently, as well as maintaining our number
one value share in Ginger Beer(7) . Fever-Tree is the largest
premium mixer brand in the US, over two times larger than the next
premium competitor (7) . Demand for the brand remains strong and
despite having to navigate significant logistics headwinds, we
maintained our good relationships with our customers. We have
entered 2023 with healthy inventory which, along with increased
local production, means we are confident of delivering strong
growth in 2023.
We continue to invest in marketing and our multi-channel
approach to brand building encompassed a number of platforms and
activations this year, including digital, such as YouTube and
social media, where we have delivered messaging on the quality of
our ingredients and "how to" tutorials, and a TVC on Hulu and
Disney+. In addition, we have introduced online grocery sampling
where we have included samples of Ginger Beer and Ginger Ale in
online grocery orders with some of our key retailers, such as
Albertsons-Safeway.
We continue to support the On-Trade with "Fever-Tree perfect
serve menus", custom menu boards, outdoor parasols and other
merchandise, as well as creating our own pop-up bars across the
country, including in the Four Seasons LA and Chicago, and a Winter
Chateau at the Pendry Hotel rooftop in Chicago. Our merchandise and
pop-up bars give the brand great visibility and enable us to
provide consumers with a fantastic experience as they enjoy
perfectly crafted cocktails using a range of Fever-Tree mixers.
The team remain focused on US consumer drinking trends so that
we can innovate in the most impactful way, creating mixers to pair
with popular, fast-growing and premiumising spirits. Following the
successful introduction of Sparkling Pink Grapefruit (targeting the
Tequila occasion) and Lime and Yuzu (targeting the Tequila and
Vodka occasions) over recent years, our latest exciting addition to
the portfolio during 2022 was Blood Orange Ginger Beer, broadening
our Ginger Beer flavours offering, in the same way we have with our
Tonic range as a way to stimulate growth by recruiting new
consumers and prompting existing consumers to try something new.
Partnering with Maker's Mark has helped to propel our Blood Orange
Ginger Beer launch, which has gained good initial distribution
across Publix, Kroger and Total Wine, and quickly became our most
successful ever new product launch in the US.
We made a significant strategic step during 2022, with the
acquisition of Powell & Mahoney to accelerate our growth into
the non-carbonated mixer category. This category is larger than the
Tonic Water and Ginger Beer markets, and is growing and
premiumising at pace(8) . Fever-Tree's established credentials as
the US's largest premium mixer, our proven track-record in
innovation to compliment popular spirits, our strong customer
relationships, and route to market make us very well-placed to
enter this category. We believe the acquisition will provide
Fever-Tree with the ideal platform to accelerate the Fever-Tree
brand's entry into non-carbonated mixers and look forward to
launching our own Margarita Mix, Light Margarita Mix, and Bloody
Mary Mix into retail in the first half of 2023, using Powell &
Mahoney's existing national retail listings and established
production partner as our launchpad for growth.
After another exciting and productive year, where we continued
to recruit new customers, increased our distribution, introduced
new products, and worked with multiple spirit partners on
successful co-promotion campaigns, we created more demand than ever
for the brand and extended our market leading position. This
performance, along with the supportive trends of long mixed
drinking and premiumisation makes us confident of driving further
growth next year and beyond.
Europe I Strong revenue growth driven by Southern Europe
Our European business delivered revenue of GBP101m, an increase
of 14.4% year-on-year (16% at constant currency). This performance
was driven by Fever-Tree's strong growth in our Next Wave markets,
such as Italy and Spain, where the On-Trade recovered well and we
continue to increase our retail distribution, leading to market
share gains in our key markets across the region.
The On-Trade channel accelerated in the second quarter following
the removal of Covid restrictions and continued to show good sales
growth as the year progressed with the return of tourism and local
pent-up demand contributing to a revival of out-of-home social
occasions. Fever-Tree saw particularly strong On-Trade growth in
Benelux, Spain and Italy as we increased the range of our portfolio
and gained significant new distribution, contributing to higher
On-Trade sales during 2022 than pre-covid in 2019 across the
region.
The Off-Trade channel was more subdued compared to the last two
lock-down impacted years, but Fever-Tree continues to perform well
especially in some of our key growth markets, including Spain,
France and Italy, gaining momentum throughout the year. Fever-Tree
continues to drive growth and premiumisation of the mixer category
at retail in Europe, contributing to about a third of the total
category's growth since 2019, well ahead of any other premium
brand, and second only to Schweppes. We now hold c.15% of the
retail branded mixer value share, a 3% increase since 2019[9]. One
exception to our strong progress across the region was in Germany
where we were impacted by softening consumer sentiment, but we
remain confident in our strong brand position within this market
and expect to continue to drive premium mixer growth once macro
conditions improve.
Long mixed drinks continue to grow in popularity across Europe,
and as part of this, the Gin & Tonic serve is performing
strongly, with premium Gin sales increasing by 15% between 2019 and
2021, with especially strong growth in Italy, France and The
Nordics[10]. Fever-Tree is both benefitting and helping to drive
the trend towards premium Gin & Tonics, as well as ensuring we
have a range of mixers to cater to the wider growing premium
spirits category.
We have intensified our focus on category management with the
aim of creating a distinct mixer category at retail in key European
markets, 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. As the driving force behind this evolution,
Fever-Tree is gaining more brand visibility through shelf space and
activations, encouraging more consumers to trade up to premium
mixers.
The brand's growing shelf space is enhanced by our expanding
portfolio. Following the launch of our Rhubarb & Raspberry
Tonic across key European markets last year, it has become one of
our top three selling Tonic flavours across the region, leveraging
the trends towards bright, pink and sweeter mixers. We continue to
grow our Mediterranean Tonic, which is now our most popular Tonic
across a number of European markets, as well as introducing our
premium flavoured soda range, with the launch of Mexican Lime Soda,
Blood Orange Soda, and Sparkling Pink Grapefruit this year to
capitalise on the growing popularity of the Spritz serve,
especially in the Summer months.
The focus of our marketing activities this year has been a
number of above the line campaigns, including our first national
television campaign in Italy, contributing to a substantial
increase in brand awareness, as well as continuing our television
presence in Catalunya, Spain. Both campaigns delivered our "3/4"
message and the importance of the quality of our ingredients. We
have also strengthened our digital presence across Europe, with
local tailored communications to build awareness and increase
consumer engagement.
Co-promotions remain a focus of our marketing strategy with
increasingly regional execution to deliver consistent initiatives
across multiple markets, whilst continuing to adapt to local
preferences, such as various campaigns across more than ten markets
with Lillet, giving us the opportunity to provide for occasions
beyond the G&T.
We continue to be confident in the opportunity across Europe.
The premium spirit and mixer categories are growing well, and
Fever-Tree has continued to extend its market-leading position
across the region, building significant scale in many of the key
markets. We continue to invest behind the opportunity, increasing
our in-country expertise, strengthening our relationships with our
distributors, customers, and spirit partners, and we have
identified a number of markets that offer real potential over the
medium- and long-term.
RoW I Supportive trends and strategic progress driving
growth
Fever-Tree delivered revenues of GBP31.5m in our Rest of the
World Region, an increase of 18.0% year-on-year, with particularly
strong growth in Australia, where Fever-Tree grew retail sales by
23%, gaining 3.6ppts of market share as we drive growth of total
mixers from the premium end[11]. Our Tonic continues to grow ahead
of the market, achieving 40% value share at grocery in the last 13
weeks of the year, up 2.4ppts year-on-year(10) . We have also seen
very strong growth in categories outside of Tonic, with a third of
our retail value growth from our Gingers and Sodas after strong
distribution gains last year(10) .
The brand is gaining distribution and optimising the portfolio
to suit Australian drinking occasions. To support our ambition to
premiumise dark spirit mixing, we launched Distillers Cola in
Australia's largest liquor retailer, Dan Murphy's, and top-tier On
Premise venues. The launch of our can format has had a positive
impact on our sales, leading to incremental shelf space and helping
us to recruit new consumers to the brand. In the On-Trade, we
continue to activate at scale, the highlight of which was our own
Gin & Tonic weekend Festival, hosted in Brisbane.
In Canada, the On-Trade still had restrictions until March, but
recovered well once these were lifted, with sales across the
channel surpassing 2019 levels towards the end of the first
quarter[12]. Fever-Tree continues to drive the growth of the
premium mixer category and remained the largest premium mixer brand
by value at Canadian retail. Ginger Beer performed incredibly well,
growing over 8ppts faster than the market through new distribution
with key retailers and expansion into our can format(7) .
Consumers enjoy long mixed drinks across a range of serves in
Canada. The versatility of Fever-Tree's portfolio, providing a
diverse range of premium mixers, including Tonics, Gingers and
Sparkling categories is therefore a strong competitive advantage in
this market. Following the launch of our Sparkling Pink Grapefruit
last year, our most successful new flavour launch in the Canadian
market, we have continued to focus on our Soda and Sparkling
liquids to capitalise on the popularity of the Paloma and Spritz
Occasions, as well as continuing to command a strong position in
Tonics and Ginger Beer, where we hold around 30% share in both
categories(7) .
In recognition of the long-term opportunity we see in the
Canada, we made a significant step change in our route-to-market
this year by transitioning to a new larger, more powerful
distributor, Tree of Life. With over 70 years of experience in the
Canadian market, Tree of Life's strong multi-channel coverage and
broad reach has already secured new business for the brand, along
with more activations in both retail and in the On-Trade, improving
our visibility and accessibility to the Trade and the consumer.
We have also upgraded our route-to-market in Asia this year
after the brand agreed to take on Asahi Breweries as our new
distribution partner in Japan, with a three-year exclusive deal
starting in January 2023. This move is reflective of Asahi's belief
in the significant future opportunity of the premium mixer and
adult soft drink category, and we are excited about working with a
company of their size and influence to go after the opportunity in
this potentially valuable market.
Asia remains a region with long-term potential for Fever-Tree,
and we continue to set the brand up for future success by ensuring
it has a good presence in high-end bars and hotels in cosmopolitan
cities, and we continue to develop our relationships with
international and local spirits companies, including Bacardi,
Campari and Diageo. In addition, we are focused on making sure we
are working with the right distribution partners for the next stage
of our development, who match our ambitions, have good reach, and
are willing to invest alongside the brand. A good example of the
relationship we have built over the last couple of years is with
our distribution partner in Cambodia, who along with various spirit
partners, supported us to host our first Gin & Tonic Festival
in the country. The festival attracted 2,000 people over two days
who got to participate in tastings, cocktail making competitions,
and enjoy other live entertainment whilst enjoying a Gin &
Fever-Tree.
Fever-Tree Team
The Group continues to grow at pace across multiple regions, and
we have made a significant investment in new hires over the last
few years to ensure we have the appropriate structure and resource
to satisfy our global growth ambitions.
A focus for our recruitment during 2022 has been on senior hires
within our supply chain team as the business grows and becomes more
complex, as well as within our IT infrastructure team to support
the implementation of a new end-to-end operational processes
programme which will embed technology across our global operations
to facilitate best in class ways of working, data and insights.
Whilst the business grows in depth, breadth and complexity, we
continue to maintain and champion our entrepreneurial ethos.
Ensuring that we maintain an informal and open structure and
culture that enables all of our team members to feel that they can
make a real difference to the business, whatever their role or
seniority.
Sustainability
Our sustainability framework has been developed to ensure the
business focuses on the right areas to deliver meaningful change.
Fever-Tree's Roots & Branches approach caters to both the
environmental and social aspects of sustainability and is validated
by an alignment with the United Nations Sustainable Development
Goals. As part of the business' ongoing commitment to
sustainability, our ESG Committee meets quarterly to assess
progress and navigate sustainability challenges.
Fever-Tree's five sustainability branches help deliver against
our environmental and social aims. A focus on climate, conservation
and the circular economy drive the environmental side of our
sustainability approach whilst our work with communities and our
colleagues ensures we're championing social betterment.
We continue to conduct an annual cradle-to-grave lifecycle
assessment on our UK products and plan to extend this to our other
key markets going forward. This will help us understand the
potential environmental benefits of operational change such as the
onshoring of sourcing and production capabilities in the USA and
Australia, reducing sea freight requirements between continents.
Similarly, our strict requirements we set ourselves for offsetting
ensure we're contributing to conservation by investing in
nature-based solutions within our supply chain.
We've also supported initiatives closer to home by extending our
partnership with Earthwatch to manage their UK portfolio of urban
forests. We continue to avoid using PET in our product packaging,
instead opting for infinitely recyclable glass and aluminium, and
are committed to pursuing further initiatives to support the
circular economy going forward.
The social side of our sustainability approach is equally
important to us which is why we continue to develop our approach to
supplier due diligence to ensure we're operating in a responsible
way, whilst supporting charitable initiatives both across our
markets and where we live and work. The year ahead will mark our
tenth year partnering with Malaria No More to help the organisation
achieve its goal of eliminating malaria and we have been very
encouraged by recent developments regarding a possible malaria
vaccine and the transformative impact this could have. Our
Diversity, Equality and Inclusion Committee meets regularly to
discuss how best to support our own employees alongside the
communities we serve, and we continue to work with charities such
as Future Frontiers to support local communities and engage our
employees in meaningful causes.
Summary
As detailed above, I am encouraged by all that we have achieved
at Fever-Tree during 2022. Despite the significant unforeseen
external challenges, we have not only delivered strong top line
growth but increased our global reach and category opportunities,
as well as making strategic supply chain progress, all of which
will help ensure the medium and long-term success of the
business.
Furthermore, Fever-Tree's growth remains underpinned by strong
global trends to premium mixed and cocktail drinks. With the
popularity of consuming spirits growing ahead of wine and beer
occasions, and the continued premiumisation of the spirit and mixer
categories our confidence in the future growth potential for the
brand is stronger than ever[13].
The value of the global spirits market has been growing and
premium spirits have been driving this growth. From 2016 to 2021
the value of the premium and super premium spirits categories
across Fever-Tree's top 15 markets grew by 64%, to comprise over
40% of the category value, significantly outperforming the standard
and value segments. And this trend is forecast to continue so that
by 2025 the premium and super premium segments comprise almost 50%
of the category value[14].
Fever-Tree, as the largest global premium mixer brand, is the
primary driver of premium mixer category growth, which compliments
the expansion of the premium spirit category. The combination of
our first mover advantage, track record against competition,
increasing international footprint, product range, global brand
recognition, and relationships puts us in an unrivalled position to
capture the significant global opportunity.
Over the last few years, the strong and secure financial
position of the Group has enabled us to remain focused on the
long-term opportunity, maintain a good level of investment and make
strategic progress. We continue to expand our portfolio to cater to
a greater number of spirit occasions and consumer tastes, with
several significant launches in 2022, including our Limited-Edition
range in the UK and our Blood Orange Ginger Beer in the US. In
addition, we started to explore two exciting adjacent opportunities
for the brand, firstly in UK adult soft drinks where we have
extended the brand into a new and significant category, as well as
non-carbonated mixers in the US to capitalise on popular serves
such as the Margarita and Bloody Mary.
Macro headwinds remain into 2023, however, we are confident of
maintaining the Group's growth momentum into the new financial
year. We will continue to work to mitigate the impacts of input
cost inflation and continued global logistic disruption, with a
particular focus on increasing the production output from our US
bottlers to decrease our reliance on trans-Atlantic freight.
The Group remains well-placed financially with a cash position
at year end of GBP95.3m 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.
Finance review
The Group continued to make good progress in 2022 with revenue
of GBP344.3m (2021: GBP311.1m), delivering growth of 11% against a
challenging backdrop of logistics disruption and macro-economic
volatility.
Whilst performance in our most established market in the UK was
impacted by reduced consumer spend alongside disruption and strikes
during the key December trading period in the On-Trade, we continue
to drive strong momentum in our International regions, with
combined growth of 18% year-on-year outside the UK.
We made good strategic progress during 2022, with successful new
product launches in key markets, an initial entry into the adjacent
adult soft opportunity in the UK, the acquisition of Powell &
Mahoney, and we have moved to new distributors in Canada and
Japan.
Alongside this, we continue to invest in our marketing,
sustainability agenda and our people and look forward to continuing
to drive the strong momentum we have in a number of exciting growth
markets in 2023, including the US, Canada, Australia as well as
across our European markets.
The Group was impacted by on-going disruption to global
logistics networks, most notably through US port congestion and the
pricing of Trans-Atlantic shipping routes. Our exposure to these
costs was exacerbated by a slower than expected ramp up of local
bottling on the East Coast of the US.
Alongside these cost pressures, following the Ukraine invasion,
the subsequent volatility and substantial inflation in energy costs
resulted in material glass cost surcharges in the second half of
the year against a backdrop of restricted glass bottle availability
across our European suppliers.
As a result of these specific challenges, and broader
inflationary cost pressures across categories, gross margin was
negatively impacted in the year. Despite these impacts, we
continued to invest behind the brand and our people whilst making
the operational investments required to deliver the future
opportunity. Underlying operating expenditure increased to 23.0% of
Group revenue (2021: 21.9%) which alongside the impacts on gross
margin resulted in a reduction in adjusted EBITDA margin to 11.6%
(2021: 20.2%).
As we progress into 2023, conditions remain challenging, with
elevated macroeconomic uncertainty and intensifying inflationary
pressures, especially with regards the impact of energy costs into
glass bottles and manufacturing. As we navigate these challenging
conditions we will continue to prioritise the long-term health of
the brand, passing through some of these impacts through price
across our regions, whilst focusing on our own margin improvement
initiatives. We remain confident that many of these headwinds will
be transitory and we will emerge from this period as a stronger
organisation with continued momentum in our key growth markets
alongside a more diversified mixer and soft drink opportunity in
the UK.
The Group generated an adjusted EBITDA of GBP39.7m (2021:
GBP63.0m), a reduction of 36.8% on 2021. Working capital increased
as a proportion of revenue to 23.6% (2021: 18.3%), which alongside
the lower level of adjusted EBITDA achieved, resulted in a
reduction of operating cash flow conversion to 36.2% (2021: 91.7%).
Reduced operating cash flow, coupled with the payment of the GBP50m
special dividend in May 2022, lead to a reduction in cash held to
GBP95.3m (2021: GBP166.2m). As a reflection of our confidence in
the on-going financial strength of the Group, the Board is
recommending a final dividend of 10.68 pence per share, an increase
of 2% year-on-year.
Gross Margin
Gross margin of 34.5% represents a reduction from the 42.1%
gross margin reported in 2021. The main factors impacting gross
margin were:
-- Inflationary cost increases impacting underlying product
costs and logistics costs across regions.
-- Further increases in the underlying cost of sea freight in
the first half of the year, alongside US port congestion and
increased demurrage charges resulting from the disruption. A slower
than anticipated ramp up of local US production resulted in an
elevated level of exposure to these costs in the second half of the
year as additional UK production was required to supplement US
inventory levels.
-- European energy cost inflation and volatility following the
invasion of Ukraine resulted in glass suppliers passing through
significant surcharges in the second half of the year to cover
their unhedged exposures, against a backdrop of restricted glass
bottle availability as we progressed through the year.
-- Whilst pricing actions in our established regions, a
strengthening US dollar and changes in channel and regional mix
drove margin improvement, this was not sufficient to off-set the
impact of these significant cost headwinds.
Macro-economic volatility and the risk of further disruption
remains elevated in 2023. Inflationary pressures continue to
intensify and we expect double digit percentage increases across
most product cost categories. We will seek to offset these
headwinds through a combination of pricing actions across regions,
increased on-boarding of US production and other cost saving
initiatives. However, over and above these movements, the impact of
elevated energy costs into glass bottle pricing is expected to be
material in 2023. As a glass-led business, we are particularly
exposed to this significant headwind and we are working with our
glass suppliers to mitigate this cost wherever possible as we
progress through the year.
Against this backdrop we are focused on the actions we can take
and continue to work on a substantial program of activities to
mitigate further inflation, and crucially, to also set the business
up for longer term profitable growth.
These actions can be broadly grouped into four key areas:
1. Expanding our production footprint: establishing capacity
closer to our key growth markets to minimise transport costs,
optimise our inventory holdings and facilitate quicker reactions to
market dynamics. Our focus for 2023 is further increasing US
bottling capacity and identifying US canning and Australian
bottling partners.
2. Optimising our existing footprint: working closely with our
current partners to drive efficiency and effectiveness as we manage
our increasing complexity.
3. Procurement: leveraging our global scale, with a focus in
2023 on re-tendering our key glass partnerships, widening and
on-shoring our supplier base and ensuring our contracts are
calibrated for both the current disruptive environment and our
longer-term growth as we scale through our regionalised production
footprint.
4. Technology: underpinning all of the above is a wide-ranging
programme to embed technology across our global operations that
will give us best in class ways of working, data and insights to
manage near term disruption, as well as underpinning our future
growth. 2023 is the year in which we will be implementing the
majority of this programme of work and we expect to start to drive
benefits from this as we progress through the year.
We are confident that the implementation of our profit-driving
initiatives this year, reduced exposure to sea freight through
on-boarding of local production alongside any recalibration of the
currently elevated energy pricing will drive improvements in
profitability in FY24 and beyond.
Operating expenditure
Underlying operating expenses increased by 16.3% in 2022 to
GBP79.1m (2021: GBP67.9m), increasing to 23.0% as a proportion of
Group revenue (2021: 21.9%).
Our marketing spend was 9.8% of Fever-Tree brand revenue (2021:
9.3%) as we continue to invest behind the brand, including a radio
advertising campaign in the UK, continued investment in digital in
the US and a first national television advertising in Italy, where
we are seeing strong growth. Staff costs and other overheads
increased to 13.5% of Group revenue (2021: 12.5%), with head count
increases necessary to drive the wide range of strategic projects
we are working on across the business, whilst also strengthening
our supply chain and operations team.
The Group generated an adjusted EBITDA of GBP39.7m, a 36.8%
decrease from 2021 (2021: GBP63.0m). The dilution in gross margin,
due mainly to inflationary cost pressures and continued exposure to
elevated Trans-Atlantic freight charges, coupled with marginally
increased levels of underlying operating expenditure as a
proportion of revenue, has resulted in a retraction in adjusted
EBITDA margin to 11.6% (2021: 20.2%).
Depreciation charges increased marginally to GBP4.3m (2021:
GBP3.2m) whilst amortisation charges remained flat at GBP1.5m
(2021: GBP1.5m). Share based payments increased to GBP3.3m (2021:
GBP2.7m), reflecting increasing levels of long-term incentives
issued to key staff members. As a result of these movements, the
36.8% decrease in adjusted EBITDA translates to a 44.9% decrease in
operating profit to GBP30.6m (2021: GBP55.6m).
Tax
The effective tax rate in 2022 was 19.7% (2021: 19.7%) and was
in line with expectations.
Earnings Per Share
The basic earnings per share for the year are 21.36 pence (2021:
38.29 pence) and the diluted earnings per share for the year are
21.32 pence (2021: 38.19 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 2022 are 22.59
pence per share and for 2021 were 39.70 pence per share, a decrease
of 43.1%
Balance sheet and working capital
Trade and other receivables increased behind revenue growth to
GBP72.4m (2021: GBP70.3m). Whilst we recognise that the current
macroeconomic environment continues to contribute to an elevated
level of credit risk, our strong relationships and proactive
engagement with customers position us well to continue to manage
the on-going credit risk. The movement in trade and other
receivables was partially offset by a marginal increase in trade
and other payables to GBP51.3m (2021: GBP49.4m).
Inventory levels have increased significantly to GBP60.1m (2021:
GBP36.2m), with the majority of this increase relating to elevated
US inventory levels at year end. This was the result of the steps
we took in the second half of the year to ensure we begin 2023 in a
healthy position with which to service the strong underlying demand
in that market following the impact of the inventory challenges we
experienced in the US on reported growth in 2022.
As a result of the above movements, most notably the increase in
inventory holdings, working capital increased by GBP24.1m to
GBP81.2m (2021: GBP57.1m), and 23.6% of revenue (2021: 18.3%). The
increase in working capital, alongside the 36.8% reduction in
adjusted EBITDA resulted in cash generated from operations
decreasing to 36.2% (2021: 91.7%).
Capital Expenditure
Due to the structure of the Group's business model, capital
expenditure requirements remain low, with additions of owned assets
of GBP7.1m in the year (2021: GBP5.8m). The additions in the year
included continued investment in reusable packaging in Germany, an
asset under development relating to the Group's technology
programme alongside shelf racking for our new third-party warehouse
in the US.
During the year, new leases were entered into with respect to US
warehousing, and the UK office lease was renewed for a further 5
years, resulting in additions of GBP15.1m in right-of-use assets
(2021: GBP2.1m), offset by their corresponding liabilities.
Cash Position
The Group continues to retain a strong cash position, with cash
at year end of GBP95.3m (2021: GBP166.2m). 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 whilst navigating the challenges and
disruption in the external environment which have been on-going
since early 2020.
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 Powell &
Mahoney in 2022. Where the Board considers there to be surplus cash
held on the Balance Sheet it will consider additional distribution
to shareholders, as demonstrated by the payment of a GBP50m special
dividend in 2022.
Dividend
The Group remains committed to a progressive dividend policy and
as such, the Board is recommending a final dividend of 10.68 pence
per share in respect of 2022 (2021: 10.47 pence per share) bringing
the total ordinary dividend for the year to 16.31 pence per share
(2021: 15.99 pence per share). If approved by shareholders at the
AGM on 25 May 2023 the final dividend will be paid on 2 June 2023
to shareholders on the register on 21 April 2023.
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 challenges posed by
macroeconomic volatility, targeted performance was adjusted
accordingly as the year progressed. Group revenue growth was strong
but marginally behind 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 +10.7% in 2022 (2021: +23.4%).
Gross margin %
The Group achieved a gross margin of 34.5% in 2022 (2021:
42.1%).
Adjusted EBITDA margin %
The Group achieved an adjusted EBITDA margin of 11.6% in 2022
(2021: 20.2%).
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE YEARED 31 DECEMBER 2022
2022 2021
GBPm GBPm
============================================= ======= =======
Revenue 344.3 311.1
Cost of sales (225.5) (180.2)
--------------------------------------------- ------- -------
Gross profit 118.8 130.9
Administrative expenses (88.2) (75.3)
Adjusted EBITDA 39.7 63.0
Depreciation (4.3) (3.2)
Amortisation (1.5) (1.5)
Share based payment charges (3.3) (2.7)
--------------------------------------------- ------- -------
Operating profit 30.6 55.6
Finance income 0.8 0.3
Finance expense (0.4) (0.3)
Profit before tax 31.0 55.6
Tax expense (6.1) (11.0)
--------------------------------------------- ------- -------
Profit for the year 24.9 44.6
Items that may be reclassified to profit
or loss (0.1) -
Foreign currency translation difference of
foreign operations
Effective portion of cash flow hedges (0.3) (1.3)
Related tax - 0.3
--------------------------------------------- ------- -------
Total other comprehensive income (0.4) (1.0)
--------------------------------------------- ------- -------
Total comprehensive income for the year 24.5 43.6
--------------------------------------------- ------- -------
Earnings per share
Basic (pence) 21.36 38.29
Diluted (pence) 21.32 38.19
--------------------------------------------- ------- -------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2022
2022 2021
At 31 December 2022 GBPm GBPm
=========================================== ========== =========
Non-current assets
Property, plant and equipment 25.6 9.6
Intangible assets 53.2 47.7
Deferred tax asset 1.9 2.8
Other non-current assets 1.8 -
------------------------------------------- ---------- ---------
Total non-current assets 82.5 60.1
------------------------------------------- ---------- -----------
Current assets
Inventories 60.1 36.2
Trade and other receivables 72.4 70.3
Derivative financial instruments - 0.9
Corporation tax asset 1.3 2.4
Cash and cash equivalents 95.3 166.2
------------------------------------------- ---------- ---------
Total current assets 229.1 276.0
------------------------------------------- ---------- -----------
Total assets 311.6 336.1
------------------------------------------- ---------- -----------
Current liabilities
Trade and other payables (51.3) (49.4)
Derivative financial instruments (1.8) -
Loans and borrowings - (0.1)
Lease liabilities (3.4) (0.7)
Corporation tax liability (0.8) (0.6)
------------------------------------------- ---------- ---------
Total current liabilities (57.3) (50.8)
------------------------------------------- ---------- -----------
Non-current liabilities
Lease liabilities (13.5) (2.1)
Deferred tax liability (1.6) (1.6)
------------------------------------------- ---------- ---------
Total non-current liabilities (15.1) (3.7)
------------------------------------------- ---------- -----------
Total liabilities (72.2) (54.5)
------------------------------------------- ---------- -----------
Net assets 239.2 281.6
------------------------------------------- ---------- -----------
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 (0.5) (0.2)
Translation reserve (0.3) (0.2)
Retained earnings 184.8 226.8
------------------------------------------- ---------- ---------
Total equity 239.2 281.6
------------------------------------------- ---------- -----------
CONSOLIDATED STATEMENT OF CASH F LOWS
FOR THE YEARED 31 DECEMBER 2022
2022 2021
GBPm GBPm
============================================ ======== ========
Operating activities
Profit before tax 31.0 55.6
Finance expense 0.4 0.3
Finance income (0.8) (0.3)
Depreciation of property, plant & equipment 4.3 3.2
Amortisation of intangible assets 1.5 1.5
Share based payments 3.3 2.7
Increase/(decrease) in impairment losses
on receivables and inventories (3.1) 3.8
Gain on disposal of fixed asset - 0.1
-------------------------------------------- -------- --------
36.6 66.9
(Increase)/Decrease in trade and other
receivables (1.6) (14.6)
(Increase)/Decrease in inventories (23.5) 0.5
Increase/(Decrease) in trade and other
payables 0.5 7.7
Increase/(Decrease) in derivative liability
/ (Increase)/Decrease in
derivative asset 2.4 (2.8)
-------------------------------------------- -------- --------
(22.2) (9.2)
Cash generated from operations 14.4 57.7
Income taxes paid (5.9) (10.9)
-------------------------------------------- -------- --------
Net cash flows from operating activities 8.5 46.8
-------------------------------------------- -------- --------
Investing activities
Purchase of property, plant and equipment (4.6) (3.6)
Interest received 0.8 0.3
Investment in intangible assets (2.5) (1.0)
Acquisition of subsidiary, net of cash
acquired (3.7) -
-------------------------------------------- -------- --------
Net cash used in investing activities (10.0) (4.3)
-------------------------------------------- -------- --------
Financing activities
Interest paid (0.1) (0.2)
Dividends paid (68.8) (18.4)
Repayment of loan - (0.1)
Payment of lease liabilities (1.8) (0.6)
-------------------------------------------- -------- --------
Net cash used in financing activities (70.7) (19.3)
-------------------------------------------- -------- --------
Net (decrease)/increase in cash and cash
equivalents (72.2) 23.2
Cash and cash equivalents at beginning
of period 166.2 143.1
Effect of movements in exchange rates
on cash held 1.3 (0.1)
-------------------------------------------- -------- --------
Cash and cash equivalents at end of period 95.3 166.2
-------------------------------------------- -------- --------
Note to the Consolidated Financial Statements
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 2022. 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 2022 or 2021. Statutory accounts
for the years ended 31 December 2022 and 31 December 2021 have been
reported on by the Independent Auditor. The Independent Auditor's
Report on the Annual Report and Financial Statements for 2022 and
2021 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 2021 have been filed with the Registrar of Companies. The
statutory accounts for the year ended 31 December 2022 will be
delivered to the Registrar in due course.
2. Revenue
An analysis of turnover by geographical market is given
below:
2022 2021
GBPm GBPm
========================= ===== =====
United Kingdom 116.2 118.3
United States of America 95.6 77.9
Europe 101.0 88.2
Rest of the World 31.5 26.7
------------------------- ----- -----
344.3 311.1
------------------------- ----- -----
3. Earnings per share
2022 2021
GBPm GBPm
==================================================== ============ ============
Profit
Profit used in calculating basic and diluted
EPS 24.9 44.6
---------------------------------------------------- ------------ ------------
Number of shares
Weighted average number of shares for the purpose
of basic earnings per share 116,556,818 116,536,876
Weighted average number of dilutive employee
share options outstanding 222,486 302,357
---------------------------------------------------- ------------ ------------
Weighted average number of shares for the purpose
of diluted earnings per share 116,779,304 116,839,233
---------------------------------------------------- ------------ ------------
Basic earnings per share (pence) 21.36 38.29
---------------------------------------------------- ------------ ------------
Diluted earnings per share (pence) 21.32 38.19
---------------------------------------------------- ------------ ------------
4. Dividends
Dividends paid:
2022 2021
======================================= =============== ===============
In respect of the prior financial year
Pence per share 53.57 10.27
--------------------------------------- --------------- ---------------
Total GBP62,202,735 GBP11,966,441
In respect of the period ended 30 June
Pence per share 5.63 5.52
--------------------------------------- --------------- ---------------
Total GBP6,562,527 GBP6,433,462
--------------------------------------- --------------- ---------------
GBP68,765,262 GBP18,399,903
--------------------------------------- --------------- ---------------
The Directors are proposing a final dividend of 10.68 pence per
share, totaling GBP12,449,001 for 2022. This dividend has not been
accrued in the consolidated statement of financial position.
5. Adjusted EBITDA
Analysis within this results announcement refers to adjusted
EBITDA. The Group believes adjusted EBITDA to be a key indicator of
underlying operational performance, adjusting operating profit for
several non-cash items. As a consequence of these adjustments, the
Group believes that adjusted EBITDA represents normalised corporate
profits. Adjusted EBITDA for the year ended 31 December 2022 is
operating profit of GBP30.6m before depreciation of GBP4.3m,
amortisation of GBP1.5m and share based payment charges of GBP3.3m.
Adjusted EBITDA is an appropriate measure since it represents to
users a normalised, comparable operating profit, excluding the
effects of the accounting estimates and non-cash items mentioned
above. The definition for adjusted EBITDA as defined above is
consistent with the definition applied in previous years. This
measure is not defined in the UK adopted international accounting
standards, which forms the basis of the financial information
included in this results announcement, and is not intended as a
substitute for other GAAP measures. Since this is an indicator
specific to the Group's operational structure, it may not be
comparable to adjusted metrics used by other companies.
[1] Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, share based payment charges and finance
costs
[2] CGA & IRI 13 weeks to 16/06/2022
[3] Kantar
[4] CGA
[5] IRI 2022
[6] IRI YTD 10/07/22 (Other premium brands: Schweppes 1783;
Fentimans; London Essence; Merchant's Heart; Double Dutch)
[7] Nielsen YTD 12/09/2022
[8] Nielsen
[9] Nielsen & IRI
[10] IWSR
[11] Woolworths & Coles retail scanner data
[12] CGA
[13] IWSR
[14] IWSR Fever-Tree Top 15 Markets: Australia, Austria,
Benelux, Canada, Denmark, France, Germany, Italy, Netherlands,
Portugal, Spain, Sweden, Switzerland, UK, USA
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END
FR LLLBLXXLXBBK
(END) Dow Jones Newswires
March 22, 2023 03:00 ET (07:00 GMT)
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