YEAR ENDED 31 ST DECEMBER 2015 Charles Rolls Cofounder and Executive Deputy Chairman Tim Warrillow Cofounder and CEO Andrew Branchflower Finance Director 2015 HIGHLIGHTS Momentum continued from 2014 exceptional growth in 2015 ID: 598896
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Slide1
PRELIMINARY RESULTS
YEAR ENDED 31
ST DECEMBER 2015
Charles Rolls – Co-founder and Executive Deputy Chairman
Tim Warrillow – Co-founder and CEO
Andrew Branchflower – Finance DirectorSlide2
2015 HIGHLIGHTS
Momentum continued from 2014, exceptional growth in 2015
£m
FY15
FY14
Growth
Revenue
59.3
34.7
71%Gross profit30.917.775%Gross margin52.1%50.9%EBITDA*18.210.082%EBITDA* margin30.7%28.9%
Continuing to deliver to strategyStrong growth across the regionsImproved margins in spite of net forex headwindsNo notable change in competitive landscapeRobust balance sheet with net cash of £11.6m at year endFinal dividend of 2.30 pence per share giving total dividend for 2015 of 3.08 pence per share
Net revenue and growth by region – FY 15
* Pre exceptional items in FY 14
Growth
84%
Growth
65%
Growth66%
Growth
50%Slide3
REGIONAL REVIEW
Regional review (
i
)Slide4
REGIONAL REVIEW
Regional review (ii)Slide5
FINANCIAL REVIEW
Income statement (
i
) – Overview
Revenue of £59.3m
Growth of 71% on FY15
Gross profit margin of 52.1
%
Vs
50.9% in FY14EBITDA of £18.2m at a margin of 30.7%Vs 28.9% in FY14 £mFY 15FY 14GrowthRevenue59.334.771%Gross profit30.9
17.775%Gross margin52.1%
50.9%EBITDA*18.210.082%EBITDA margin30.7%
28.9%
*
Pre-exceptional items in FY14
Net revenue split by region – FY 15
UK35%USA23%
Europe38%RoW5%Slide6
FINANCIAL REVIEW
Income statement (ii)
–Forex : like
for like analysis
*
Pre-exceptional items in FY14
£m
Reported FY15
FY14
GrowthLike-for-Like FY15GrowthRevenue59.334.771%60.474%Gross profit
30.917.775%
32.182%Gross margin52.1%
50.9%
53.2%
EBITDA*
18.2
10.0
82%
19.1
93%
EBITDA margin
30.7%
28.9%
31.7%
Revenue
of
£59.3m
FX
impact as Euro has weakened by
10%
and Dollar has strengthened by
8%
vs
FY
14
On
a like for like basis
additional £1.1m of revenue would have been generated, growth of 74%
Gross profit margin of 52.1
%
On a like for like
basis, FY15 GP
%
is 53.2%, improvement due to product cost and logistics efficiencies
EBITDA
of
£18.2m
at a margin of
30.7%
On a constant currency basis, underlying
operating expenses are
21.5%
of revenue in
FY15 (FY14
:
22.0%)
On a like-for-like basis EBITDA margin in FY15 is 31.7%Slide7
FINANCIAL REVIEW
Income statement (iii) – Other costs
* Pre-exceptional items in FY 14
Exceptional costs
FY14 costs were IPO-related fees
Finance expenses
FY14 include £5.1m relating to the investor loan notes which are non-recurring post IPO
Bank debt refinanced in Jan16 resulting in reduced finance expense going
forward
TaxReverts to statutory levels from 2015EPS and dividendNormalised EPS of 12.10 pence in FY15, growth of 87% on FY 14Final dividend of 2.30 pence per share, total dividend is 3.08 pence per share for FY15£mReported FY15FY14EBITDA*18.210.0Depreciation(0.1)
<(0.1)Amortisation(0.7)(0.7)
LTIP charges<(0.1)<(0.1)Exceptional costs
-
(1.1)
Operating profit
17.3
8.1
Finance expenses(0.5)(5.6)Profit before Tax
16.8
2.5
Tax
(3.4)
(1.2)
Profit
after Tax
13.3
1.3
Normalised EPS (pence)
12.10
6.46Slide8
FINANCIAL REVIEW
Cash flow
* Pre-exceptional items in FY14
Operating Cash flow
Working capital profile at year end consistent year on year, slight improvement to 23% of LTM revenue in FY15 (FY14: 24
%)
£m
Reported FY15
FY14
EBITDA*18.210.0Working Capital mvmt(5.3)(2.7)Operating Cash flow12.97.3Conversion
71%73%Tax
(2.5)(1.3)Capital expenditure(0.4)
(0.3)
Bank loan interest and repayment
(0.7)
(0.7)
Dividends paid
(1.2)-
On-going Cash
flow
8.1
5.0
Exceptional costs
-
(1.1)
Loan note interest
-
(1.1)
IPO
primary raise
-
4.0
Other investing
activities
-
(50.0)
Other financing activities
-
49.4
Net Cash flow
8.1
6.2
On-going cash flow
Sub-heading included here to strip out the on-going cash flows
from
those in the prior period relating to exceptional costs and the pre-IPO
structure
£m
Reported FY15
FY14
Working capital
13.7
8.4
Revenue
59.3
34.7
Working
capital %
23%
24%Slide9
FINANCIAL REVIEW
Balance sheet – net assets
Net cash of £11.6m
Cash of £17.6m offset by £6.1m of gross debt
£m
FY15
FY14
PPE
0.6
0.4Intangibles43.944.6Stock6.44.3Receivables16.8
8.4Derivatives(0.3)
<0.1Cash17.69.6Creditors and provisions(9.3)
(4.3)
Corporation tax
(1.6)
(0.7)
Gross debt
(6.1)(6.3)
Deferred tax
(2.6)
(2.7)
Net Assets
65.4
53.3 Slide10
STRATEGIC CONSIDERATIONS FOR 2016Slide11
SUMMARY & OUTLOOK
Strong 2015 performance driven by continued implementation of core strategy
Record revenue & EBITDA underpinned by robust, improving margins
Momentum
in
all four main regions
Significant growth opportunities remain in both On & Off Trade
Board confident of outlook for 2016 and beyondSlide12
APPENDIX
Introduction
Key strengthsSlide13
INTRODUCTION TO FEVER-TREE
Launched by Charles Rolls and Tim Warrillow in 2005
Simple premise:
A significant and long term growth in premium spirits
Not matched by any premium offering in mixers category
Fever-Tree was launched at ideal moment to provide a quality mixer range to fill the vacuum
The world’s leading premium mixer brand with 135 million bottles sold in 2015
Now in over 55 countries worldwide, with 65% of sales overseas
“No brand commands its category like Fever-Tree. Its grip on the world’s best bars has only tightened since last year”
Drinks International 2016 Brands ReportSlide14
KEY STRENGTHS