Balance Sheet Fevertree Drinks PLC

Equities

FEVR

GB00BRJ9BJ26

Distillers & Wineries

Market Closed - London S.E. Other stock markets 16:35:15 11/09/2024 BST			5-day change	1st Jan Change
862.50 ^GBX	+2.80%		+0.82%	-17.78%

08-28	Citi raises Direct Line Insurance to 'buy'	AN
08-19	UBS likes Admiral; JPMorgan raises Aviva PT	AN

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Published financial data: FEVERTREE DRINKS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	260M	252M	311M	344M	364M
Total Revenues	260M	252M	311M	344M	364M
Cost of Goods Sold, Total	129M	136M	180M	226M	247M
Gross Profit	132M	116M	131M	119M	117M
Selling General & Admin Expenses, Total	56.8M	61.1M	68.7M	83.5M	93.1M
Provision for Bad Debts	-400K	100K	1.9M	-1.1M	400K
Depreciation & Amortization - (IS)	2.2M	2.7M	3.2M	4.3M	6.3M
Amortization of Goodwill and Intangible Assets - (IS)	700K	1.1M	1.5M	1.5M	1.7M
Other Operating Expenses, Total	59.3M	65M	75.3M	88.2M	102M
Operating Income	72.2M	51.3M	55.6M	30.6M	15.5M
Interest Expense, Total	-200K	-200K	-300K	-400K	-600K
Interest And Investment Income	500K	500K	300K	800K	2M
Net Interest Expenses	300K	300K	0	400K	1.4M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	72.5M	51.6M	55.6M	31M	16.9M
Insurance Settlements	-	-	-	-	5.3M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	72.5M	51.6M	55.6M	31M	22.2M
Income Tax Expense	14M	9.9M	11M	6.1M	6.8M
Earnings From Continuing Operations	58.5M	41.7M	44.6M	24.9M	15.4M
Net Income to Company	58.5M	41.7M	44.6M	24.9M	15.4M
Net Income - (IS)	58.5M	41.7M	44.6M	24.9M	15.4M
Net Income to Common Incl Extra Items	58.5M	41.7M	44.6M	24.9M	15.4M
Net Income to Common Excl. Extra Items	58.5M	41.7M	44.6M	24.9M	15.4M
Per Share Items
Net EPS - Basic	0.5	0.36	0.38	0.21	0.13
Basic EPS - Continuing Operations	0.5	0.36	0.38	0.21	0.13
Basic Weighted Average Shares Outstanding	116M	116M	117M	117M	117M
Net EPS - Diluted	0.5	0.36	0.38	0.21	0.13
Diluted EPS - Continuing Operations	0.5	0.36	0.38	0.21	0.13
Diluted Weighted Average Shares Outstanding	117M	117M	117M	117M	117M
Normalized Basic EPS	0.39	0.28	0.3	0.17	0.09
Normalized Diluted EPS	0.39	0.28	0.3	0.17	0.09
Dividend Per Share	0.15	0.16	0.16	0.16	0.17
Payout Ratio	30.77	42.69	41.26	75.5	124.03
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	74.5M	54.5M	59.5M	34.7M	19.6M
EBITA	72.9M	52.4M	57M	32.1M	17M
EBIT	72.2M	51.3M	55.6M	30.6M	15.5M
EBITDAR	74.7M	54.6M	59.6M	34.9M	-
Effective Tax Rate - (Ratio)	19.31	19.19	19.78	19.68	30.63
Total Current Taxes	14.6M	10.9M	10.4M	6.7M	5.1M
Total Deferred Taxes	-600K	-1M	600K	-600K	1.7M
Normalized Net Income	45.31M	32.25M	34.75M	19.38M	10.56M
Interest on Long-Term Debt	200K	100K	100K	200K	600K
Supplemental Operating Expense Items
Marketing Expenses	28.7M	25.2M	29.2M	34M	33.9M
General and Administrative Expenses	56.8M	61.1M	68.7M	83.5M	93.1M
Net Rental Expense, Total	200K	100K	100K	200K	-
Imputed Operating Lease Interest Expense	81.01K	86.49K	100K	64.65K	-
Imputed Operating Lease Depreciation	119K	13.51K	0	135K	-
Stock-Based Comp., Other (Total)	1.9M	1.9M	2.7M	3.3M	1.7M
Total Stock-Based Compensation	1.9M	1.9M	2.7M	3.3M	1.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	128M	143M	166M	95.3M	59.9M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	128M	143M	166M	95.3M	59.9M
Accounts Receivable, Total	51M	47.9M	58.4M	62.5M	77.8M
Other Receivables	6.6M	5.2M	7.9M	4.4M	13.6M
Total Receivables	57.6M	53.1M	66.3M	66.9M	91.4M
Inventory	20.8M	38.7M	36.2M	60.1M	67.6M
Prepaid Expenses	3.2M	4M	6.4M	6.8M	6.3M
Other Current Assets, Total	100K	1.3M	900K	-	600K
Total Current Assets	210M	240M	276M	229M	226M
Gross Property Plant And Equipment	10.6M	12.7M	16.9M	35.2M	35.9M
Accumulated Depreciation	-3.7M	-5.2M	-7.3M	-9.6M	-12.2M
Net Property Plant And Equipment	6.9M	7.5M	9.6M	25.6M	23.7M
Long-term Investments	2.1M	-	-	-	-
Goodwill	31.5M	32.2M	32.2M	36.4M	36.2M
Other Intangibles, Total	9.5M	16.6M	15.5M	16.8M	22M
Deferred Tax Assets Long-Term	500K	1.9M	2.8M	1.9M	1.7M
Other Long-Term Assets, Total	-	-	-	1.8M	4.3M
Total Assets	260M	298M	336M	312M	314M
Liabilities
Accounts Payable, Total	4.5M	11M	19.6M	24.7M	22.3M
Accrued Expenses, Total	20.1M	26.2M	25.6M	22.1M	26.3M
Current Portion of Long-Term Debt	-	100K	100K	-	-
Current Portion of Leases	600K	700K	700K	3.4M	3.4M
Current Income Taxes Payable	5.1M	-	600K	800K	2.1M
Deferred Tax Liability Current	-	1.5M	-	-	-
Other Current Liabilities	2.9M	5.2M	4.2M	6.3M	6.7M
Total Current Liabilities	33.2M	44.7M	50.8M	57.3M	60.8M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	1.2M	1.1M	2.1M	13.5M	11.8M
Deferred Tax Liability Non Current	-	-	1.6M	1.6M	3M
Other Non Current Liabilities	-	-	-	-	300K
Total Liabilities	34.4M	45.8M	54.5M	72.4M	75.9M
Common Stock, Total	300K	300K	300K	300K	300K
Additional Paid In Capital	54.8M	54.8M	54.8M	54.8M	54.8M
Retained Earnings	171M	197M	227M	185M	183M
Comprehensive Income and Other	300K	700K	-300K	-700K	-400K
Total Common Equity	226M	253M	282M	239M	238M
Total Equity	226M	253M	282M	239M	238M
Total Liabilities And Equity	260M	298M	336M	312M	314M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	116M	117M	117M	117M	117M
ECS Total Common Shares Outstanding	116M	117M	117M	117M	117M
Book Value / Share	1.95	2.17	2.42	2.05	2.04
Tangible Book Value	185M	204M	234M	186M	180M
Tangible Book Value Per Share	1.59	1.75	2.01	1.6	1.54
Total Debt	1.8M	1.9M	2.9M	16.9M	15.2M
Net Debt	-126M	-141M	-163M	-78.4M	-44.7M
Debt Equivalent Oper. Leases	1.6M	800K	800K	1.6M	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	5.7M	8.7M	9.8M	17.8M	16.1M
Inventories - Finished Goods, Total	15.1M	30M	26.4M	42.3M	51.5M
Machinery, Total	1.4M	1.6M	1.7M	5.2M	6.3M
Full Time Employees	180	250	283	300	375
Accumulated Allowance for Doubtful Accounts (Supple)	1.3M	1.2M	3.1M	1.9M	1.8M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	58.5M	41.7M	44.6M	24.9M	15.4M
Depreciation & Amortization - CF	2.2M	2.7M	3.2M	4.3M	6.3M
Amortization of Goodwill and Intangible Assets - (CF)	700K	1.1M	1.4M	1.5M	1.5M
Depreciation & Amortization, Total	2.9M	3.8M	4.6M	5.8M	7.8M
Amortization of Deferred Charges, Total - (CF)	-	-	100K	-	200K
(Gain) Loss From Sale Of Asset	-	-	100K	-	-
Stock-Based Compensation (CF)	1.9M	1.9M	2.7M	3.3M	1.7M
Provision and Write-off of Bad Debts	-	-	3.8M	-3.1M	500K
Other Operating Activities, Total	1.7M	-6.9M	100K	-200K	200K
Change In Accounts Receivable	1.3M	4M	-14.6M	-1.6M	-22.3M
Change In Inventories	5.7M	-17.2M	500K	-23.5M	-10M
Change In Accounts Payable	-4M	10.8M	7.7M	500K	4.8M
Change in Other Net Operating Assets	-	-	-2.8M	2.4M	-2.1M
Cash from Operations	68M	38.1M	46.8M	8.5M	-3.8M
Capital Expenditure	-2.6M	-2.6M	-3.6M	-4.6M	-2.6M
Cash Acquisitions	-	-1.7M	-	-3.7M	-
Sale (Purchase) of Intangible assets	-	-	-1M	-2.5M	-7M
Other Investing Activities, Total	500K	500K	300K	800K	2M
Cash from Investing	-2.1M	-3.8M	-4.3M	-10M	-7.6M
Long-Term Debt Repaid, Total	-6.6M	-1.6M	-700K	-1.8M	-4M
Total Debt Repaid	-6.6M	-1.6M	-700K	-1.8M	-4M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-18M	-17.8M	-18.4M	-18.8M	-19.1M
Common & Preferred Stock Dividends Paid	-18M	-17.8M	-18.4M	-18.8M	-19.1M
Special Dividend Paid	-	-	-	-50M	-
Other Financing Activities, Total	-2.4M	-200K	-200K	-100K	-100K
Cash from Financing	-27M	-19.6M	-19.3M	-70.7M	-23.2M
Foreign Exchange Rate Adjustments	-300K	100K	-100K	1.3M	-800K
Net Change in Cash	38.6M	14.8M	23.1M	-70.9M	-35.4M
Supplemental Items
Cash Interest Paid	200K	200K	200K	100K	100K
Cash Income Tax Paid (Refund)	12M	16.5M	10.9M	5.9M	8.4M
Levered Free Cash Flow	53.5M	30.94M	32.26M	775K	-19.19M
Unlevered Free Cash Flow	53.62M	31.06M	32.45M	1.02M	-18.81M
Change In Net Working Capital	-6.3M	4.1M	5.1M	20.1M	28.6M
Net Debt Issued / Repaid	-6.6M	-1.6M	-700K	-1.8M	-4M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	18.58	11.47	10.95	5.91	3.1
Return on Total Capital	21.63	13.29	12.89	7.08	3.81
Return On Equity %	28.59	17.42	16.7	9.56	6.46
Return on Common Equity	28.59	17.42	16.7	9.56	6.46
Margin Analysis
Gross Profit Margin %	50.48	46.13	42.08	34.5	32.11
SG&A Margin	21.8	24.24	22.08	24.25	25.55
EBITDA Margin %	28.6	21.62	19.13	10.08	5.38
EBITA Margin %	27.98	20.79	18.32	9.32	4.67
EBIT Margin %	27.72	20.35	17.87	8.89	4.25
Income From Continuing Operations Margin %	22.46	16.54	14.34	7.23	4.23
Net Income Margin %	22.46	16.54	14.34	7.23	4.23
Net Avail. For Common Margin %	22.46	16.54	14.34	7.23	4.23
Normalized Net Income Margin	17.39	12.79	11.17	5.63	2.9
Levered Free Cash Flow Margin	20.54	12.27	10.37	0.22	-5.27
Unlevered Free Cash Flow Margin	20.59	12.32	10.43	0.3	-5.16
Asset Turnover
Asset Turnover	1.07	0.9	0.98	1.06	1.17
Fixed Assets Turnover	54.27	35.01	36.39	19.56	14.78
Receivables Turnover (Average Receivables)	4.95	5.1	5.85	5.7	5.19
Inventory Turnover (Average Inventory)	5.25	4.56	4.81	4.68	3.87
Short Term Liquidity
Current Ratio	6.33	5.37	5.43	4	3.71
Quick Ratio	5.6	4.39	4.58	2.83	2.49
Operating Cash Flow to Current Liabilities	2.05	0.85	0.92	0.15	-0.06
Days Sales Outstanding (Average Receivables)	73.77	71.79	62.36	64.08	70.27
Days Outstanding Inventory (Average Inventory)	69.46	80.18	75.86	77.94	94.2
Average Days Payable Outstanding	23.73	18.45	41.59	32.42	33.65
Cash Conversion Cycle (Average Days)	119.5	133.52	96.62	109.6	130.82
Long Term Solvency
Total Debt/Equity	0.8	0.75	1.03	7.07	6.39
Total Debt / Total Capital	0.79	0.75	1.02	6.6	6.01
LT Debt/Equity	0.53	0.44	0.75	5.64	4.96
Long-Term Debt / Total Capital	0.53	0.43	0.74	5.27	4.66
Total Liabilities / Total Assets	13.21	15.35	16.22	23.23	24.2
EBIT / Interest Expense	361	256.5	185.33	76.5	25.83
EBITDA / Interest Expense	375.5	275.5	200.67	91	38.83
(EBITDA - Capex) / Interest Expense	362.5	262.5	188.67	79.5	34.5
Total Debt / EBITDA	0.02	0.03	0.05	0.46	0.65
Net Debt / EBITDA	-1.68	-2.56	-2.71	-2.15	-1.92
Total Debt / (EBITDA - Capex)	0.02	0.04	0.05	0.53	0.73
Net Debt / (EBITDA - Capex)	-1.74	-2.69	-2.89	-2.47	-2.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.73	-3.22	23.4	10.67	5.84
Gross Profit, 1 Yr. Growth %	7	-11.56	12.55	-9.24	-1.52
EBITDA, 1 Yr. Growth %	-2.99	-26.85	9.17	-41.68	-43.52
EBITA, 1 Yr. Growth %