SUMMARY OF FY2024 UNAUDITED
FINANCIAL PERFORMANCE
Intention to launch second
€15m share buyback and proposed final dividend of 3.97cent per
share.
This announcement contains inside
information.
7
June 2024 | C&C Group plc
('C&C' or the 'Group'), a leading, vertically integrated
premium drinks company which manufactures, markets and distributes
branded beer, cider, wine, spirits and soft drinks across the UK
and Ireland issues a summary of unaudited financial performance in
respect of the year ended 29 February 2024 (FY2024) following a
delay in the preparation of the Group's Annual Report and Accounts
for FY2024.
Details of the delay are set out in
the separate announcement issued this morning, 7 June, titled:
"Prior Year Accounting Adjustments and Directorate Changes". A
summary of the prior period adjustments is also included below. We
currently expect that the Group's Audited Annual Report and
Accounts for FY2024 will be issued before the end of June 2024 in
accordance with the Group's regulatory requirements under the UK
Transparency Regulations.
BASIS OF PRESENTATION - UNAUDITED
This announcement constitutes an
unaudited update on FY2024 financial performance and is not, nor is
it intended to be, a preliminary statement of annual results. Due
to the results presented in this announcement being unaudited and
not having been agreed with the Group's auditors as would be
required for a preliminary statement of annual results, further
adjustments could arise from the finalisation of the audit and
Accounts which would need to be reflected in the Group's Audited
Annual Report and Accounts when published.
The information in this announcement
is unaudited and does not constitute statutory accounts for the
purposes of the Irish Companies Act 2014 (the 'Act'). Statutory
accounts for the year ended 28 February 2023 have been delivered to
the Irish Companies Registration Office and contained an
unqualified audit report, which did not draw attention to any
matters by way of emphasis and did not contain any negative
statements under Sections 336(3) to 336(5) of the Act. As noted
above, certain prior year adjustments are expected to be made to
the FY2023 results and these are summarised below.
UNAUDITED
FY2024 FINANCIAL
OVERVIEW
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FY2024
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FY2023(i)
(ii)
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FY2024
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FY2023(i)
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€'m
except per share items
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Underlying(iii)
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Statutory
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Net revenue
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1,652
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1,681
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1,652
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1,686
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EBITDA(iv)
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94
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115
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(50)
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104
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Operating profit/(loss)
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60
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82
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(84)
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71
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Operating margin
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4%
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5%
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NM
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4%
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Profit/(loss) before Tax
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39
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66
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(111)
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52
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Net Debt (including lease
liabilities)
Net Debt (excluding lease
liabilities)
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167
58
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155
79
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167
58
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155
79
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Net
Debt:EBITDA (excluding lease liabilities)
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0.8x
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0.9x
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NM
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1.0
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Please see page 6 for
footnotes. NM = not meaningful.
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Financial
Highlights
·
Group Revenues expected to be broadly in line
(-2%) with prior year(i)(ii) despite previously
announced ERP disruption.
·
Underlying operating profit(iii)
expected to be in line with market expectations.
·
Pre-Tax Exceptional items expected of €150m
including €125m goodwill impairment.
o FY23 exceptional
prior year adjustment of €12m in respect of onerous apple
contracts.
·
Underlying operating profit(iii) prior
year adjustments impact aggregating to an expected €5m charge over
three years;
o FY23 - €1m
expected charge, FY22 - €3m expected credit, FY21 - €7m expected
charge.
·
Strong Free Cashflow Generation(iii)
underpinned by balance sheet strength.
Operational
Highlights
·
Tennent's(v) and Bulmers(vi)
brands gain market share; Premium brands 24% volume growth in
GB.
·
Service levels restored to pre-ERP implementation
levels.
·
Commencement of Transformation Project to drive
Group wide efficiency.
Outlook
·
Current trading in line with
expectations.
·
Proposed Final Dividend of 3.97c per share,
subject to shareholder approval at AGM, reflecting strength of
current and future cashflows.
·
Current €15m share buyback programme successful
with €12m utilised to date.
·
Commence next €15m tranche of buyback from 1
September 2024.
·
Commitment to return €150m to shareholders by end
of FY27 remains unchanged.
PERFORMANCE
OVERVIEW
The Group expects to report net
revenue for FY2024 of €1,652m which would be broadly in
line(i)(ii)
(-2%) versus last year despite the one-off
disruption of the ERP System implementation (ERP). Operating profit
before exceptional items in the year is expected to be €60m and
overall earnings before exceptional items, finance income &
expense, tax, depreciation and amortisation charges are anticipated
to be €94m.
Set against a difficult market
backdrop, we are pleased with the performance of our brands in
FY2024 with Tennent's and Bulmers continuing to gain share in
Scotland and the Republic of Ireland
respectively(v)(vi). Premiumisation remains a strategic
focus for our business, and we are pleased with the performance of
our Premium beer brands which, in GB, delivered volume growth of
24% in the year. Magners volumes in GB declined 18% however Magners
in GB contributes modest profit to the Group. Reflecting the
performance of the Magners brand in GB, we expect to book a
non-cash exceptional charge of €125m relating to a reduction in
intangible assets (goodwill) associated with the C&C Brands
CGU(vii) in the UK.
As previously communicated the
implementation of a complex ERP system upgrade in our Matthew Clark
and Bibendum ("MCB") business had a material impact on the
performance of the GB distribution business and, as a consequence,
the Group in FY2024. However, we are pleased that we were able to
restore service levels back to pre-ERP implementation levels and it
is our belief that our service levels were industry leading over
the key Christmas trading period. This reflects the Group's
commitment to deliver market leading customer service through GB's
preeminent distribution platform.
Despite the challenges in FY2024, we
have stabilised the business and we have continued to execute our
strategy by:
· strengthening our portfolio and distribution
system;
· premiumising our portfolio;
· extending our customer offering;
· investing in technology;
· driving efficiencies in our network and support office
functions;
· improving capability in key management roles, and;
· ensuring we continue to meet our ambitious sustainability
commitments.
The Group's unaudited Balance Sheet
remains strong with available liquidity(viii) of €390m
at 29 February 2024 and leverage(ix) (excluding leases)
at year end was 0.8x. Leverage(ix), including leases,
was 1.8x.
GROUP
STRATEGY
Our strategy is focused on driving
two key areas:
Brand Strength - we have two
market leading brands; Bulmers in Ireland(vi) and
Tennent's in Scotland(v) and our objective is to
maintain those market positions, whilst expanding our brand
portfolio principally through the growth of premium beer brands,
most notably Menabrea and Heverlee.
Distribution Strength - our
objective is to be the leading drinks distributor in the UK and
Ireland in terms of service, quality and scale. We see
significant opportunities to gain market share and drive
significant efficiencies which will drive margin improvements in
the medium-term.
Underpinning our strategy are three
objectives:
-
Simplification - we are
embarking on a significant transformation programme to simplify how
we operate the business in the most efficient
manner.
-
Winning through
People - people are at the heart of
our sector. Ensuring we have a people strategy underpinned by
strong Recruit, Reward and Retain activities ensures we have the
best teams to deliver our strategic goals.
-
ESG
- sustainability is at the heart of our
organisation with a clear focus on ensuring the Group delivers to a
better world.
CURRENT TRADING AND
OUTLOOK
Trading in the first quarter of
FY2025 has been encouraging and is in line with our expectations.
The Group is well placed to take advantage of the critical summer
period ahead, including the Euro '24 tournament which includes the
participation of the Scottish and English football teams. Whilst we
remain cautious about the consumer outlook for the year, the market
dynamics indicate that consumers are seeking affordable treats
including visits to pubs and restaurants. At this stage
therefore there is no change to our expected earnings for FY25 and
future years.
Given the strength of our balance
sheet and the Group's strong cash generation characteristics, the
Board has previously communicated our intention to distribute €150m
to shareholders over the three fiscal years, FY2025 to FY2027 and
we are pleased to reaffirm this commitment. In that regard, on 1
March 2024, a €15m share buyback programme was announced and we
have utilised €12m
of the allocated funds. Our assessment remains that this is an
appropriate allocation of capital and as such we intend to launch a
further €15m share buyback programme from 1 September
2024.
The Board has proposed, subject to
shareholder approval at AGM, a final dividend of 3.97 cent per
share to be paid on 23 August 2024 to ordinary shareholders
registered at the close of business on 19 July 2024. In addition to
the interim dividend of 1.89 cent per share, paid to shareholders
on 1 December 2023, this delivers a full year dividend of 5.86 cent
per share to shareholders.
In addition to the management
changes announced separately today, the simplification of the
business includes an overhaul of the Executive Committee comprising
the creation of Group functional roles. This year we have seen
external appointments in Finance, Marketing, Human Resource and
Technology, together with the retention of our very experienced
Chief Commercial Officer and Chief Operating Officer.
PRIOR YEAR
ADJUSTMENTS
As outlined previously, and further
to the separate announcement today, 7 June, regarding inventory in
Ireland and other balance sheet items and the accompanying change
in management, the Group expects to record prior year items in the
income statement as summarised in the table below. There will also
be an impact on the unaudited FY24 Interim results - details of
which will be provided at the interim results in
October.
Impact on Underlying Operating
Profit €m
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Unaudited
FY2023
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Unaudited
FY2022
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Unaudited
FY2021
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Unaudited
Cumulative
Impact
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Inventory - Clonmel
facility
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(2)
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(3)
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(5)
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(10)
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Timing of accruals and release of
Goods Received Not Invoiced balances
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1
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5
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(3)
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3
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Timing of release of retrospective
customer discounts
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2
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-
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1
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3
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Change in accounting treatment of
glassware*
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(1)
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-
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-
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(1)
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Other accruals
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(1)
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1
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-
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-
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Total (decrease)/increase in
underlying operating profit
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(1)
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3
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(7)
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(5)
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*Note: FY24 operating profit impact
of €2m charge.
In addition, the Group expects to
record an exceptional prior year (FY2023)
charge of €12m with respect to onerous apple
contracts.
OPERATING
REVIEW
GREAT BRITAIN
As previously communicated, the
implementation of a complex ERP system upgrade in our Matthew Clark
and Bibendum ("MCB") business had a material impact on the
performance of the GB distribution business in FY2024. Service
levels, defined as On-Time-In-Full ("OTIF"), have fully recovered
and we believe they were industry leading in the GB distribution
business over the key Christmas trading period reflecting the
Group's commitment to deliver market leading customer service
through GB's preeminent distribution platform. In February 2024 we
also successfully transitioned to a new London Distribution depot,
with no impact to customer service.
Net revenue of the Group's GB
business is expected to be down 3% in FY2024 compared to the prior
period(i)(ii), with underlying operating
profit(iii) expected to be down €25m(i)(ii)
principally reflecting the ERP
disruption.
Branded
Branded Revenue was up
5%(i)(ii) in the year with Branded Margins improving by
2ppt(i)(ii). Tennent's performed strongly again in
FY2024 with Net Sales Revenue up 13%(i) on volumes that
were down 1%. Across combined on- and off-trade in Scotland,
Tennent's gained 0.3%ppts volume share of beer, to
29.0%(v). We continue to successfully and efficiently
invest in the Brand. A new brand platform of "Raised in Scotland"
led to an investment in an "OOOFT!" campaign which launched in
July, across TV, Out of home & digital medial channels,
conveying the emotional triumph in the first sip of Tennent's.
OOOFT! breakthrough communication platform connected with
consumers, delivering the Brand's best ever recorded brand health
score- growing from an index of 14 to 19 (with Quality seeing
the greatest improvement) whilst lager competitors declined year on
year(xi). We also continued our partnership with
Scottish Rugby Union, in the lead up to and during the Rugby World
Cup. OOOFT! and Rugby World Cup campaign delivered combined reach
to all Scottish adults of 97% at a frequency of 17
times(xii).
Our Premium beer brands delivered
volume growth of 24% and net revenue growth of 27% in the period.
Menabrea's volumes and net sales revenue were up 30% relative to
the prior financial year. A number of new national listings for
Menabrea were secured this year including Loungers & Cosy Club
in the On-trade and Waitrose in the Off-trade. Heverlee also
performed strongly with volumes up 22% and net sales revenue up
34%.
Magners, which is distributed in the
UK through a third-party, saw volumes in GB down 18% in the period
with net revenue down 10%(i). Magners contributes modest
profit to the Group. At 29 February 2024, reflective of the
performance of the Magners brand in the UK we expect to book an
exceptional charge of €125m relating to a non-cash reduction in
intangible assets (goodwill) associated with the
C&C Brands CGU(vii) in the
UK.
The
Group put in place further decarbonisation initiatives in FY2024,
aimed at tackling our Scope 1 and 2 emissions. In Wellpark, the
Group's Glasgow based manufacturing facility, these included the
installation of heat recovery on our anaerobic digestion and boiler
plants, with further technology improvements to the compressed air
generation and spent grains handling systems. Overall, the Group
has exceeded its Scope 1 and 2 (Location Based) carbon emissions
carbon targets in FY2024, delivering a 10% reduction (V FY2023) and
a 24% reduction (V FY2020 baseline).
Distribution
The implementation of a complex ERP
system upgrade in our Matthew Clark and Bibendum ("MCB") business
had a material impact on the performance of the GB distribution
business in FY2024. Net Revenue of the Group's GB distribution
business is expected to be down 3%(i)(ii) in FY2024
relative to the prior financial year with underlying operating
profit(iii) expected to be down €30m(i)(ii)
primarily as a consequence of the ERP system upgrade issues.
Adverse mix, both from a customer and product perspective, continue
to impact performance.
Service levels, defined as
On-Time-In-Full ("OTIF"), have been fully restored to pre-ERP
implementation levels and we believe they were industry leading in
the GB distribution business over the key Christmas trading period
reflecting the Group's commitment to deliver market leading
customer service through GB's preeminent distribution platform. In
February 2024 we also successfully transitioned to a new London
Distribution depot "Orbital West" with no impact to customer
service. This flagship facility underlines the Group's significant
investment in increased capacity and ongoing commitment to
industry-leading customer service, as well as significantly
contributing to our wider carbon reduction programme and
sustainability agenda.
From a market
perspective(xii), while spend/value was down 0.8% in
FY2024 compared to the previous 12 months, volumes were down 2.2%
with consumers buying fewer drinks. Beer and cider sales values
have seen modest increases and have outperformed wine, spirits and
RTDs, driven by a combination of occasionality towards lower-tempo
and drinks-only occasions. This is reflected in the types of
outlets where spend has been better protected (i.e. pubs), versus
outlets that are more challenged (i.e. restaurants, nightclubs).
Spirits sales eased after a bumper year last year, when the return
to trade drove consumers to cocktails and shots for their up-tempo
occasions. The decline in wine sales has also slowed with declines
of 0.6% value and 4.5% volume. Demand has been impacted by
consumers cutting back on meals out and the subsequent
underperformance of restaurants.
IRELAND
Completely unaffected by the ERP
issues in GB, our Ireland division's net revenue is expected to
have increased by 3%(i) (ii) in the year to €286m.
Underling operating profit(iii) is expected to show an
increase of €3m(i)(ii). Total Ireland operating margin
is expected to be 9% (i)(ii) with Branded Margin
expected to be 16% as the cumulative inflationary cost pressures
outweigh the benefit of pricing actions in the branded business.
Distribution margins are expected to be up 1ppt(i)(ii)
relative to the prior year.
Branded
We were pleased with the performance
of our iconic Bulmers brand in Ireland with Net Revenue growth of
8% relative to the prior period(i). Between the on and
off-trade, Bulmers remains the largest and most popular cider brand
in the Republic of Ireland ("ROI")(vi). Aided by our
marketing campaign, Bulmers total ROI market share, from a volume
perspective, increased by 0.2ppt to 59.5% at the end of Feb
2024(vi) while the Bulmers brand index (equity measure)
increased by 10% over the same
period(xiv).
Five Lamps had a decent performance
in the year with volume and net revenue growth of 4% and 17%
respectively, albeit from a low base.
Building on the work undertaken in
previous years to reduce our Clonmel manufacturing site's energy
usage, a 1 MW heat pump system was installed in our Clonmel site in
H1 FY2024.
Distribution
Delivering market-leading customer
service is core to the Group's success as a brand-led distributor
and we are pleased that OTIF levels remained at c.98% across the
Island of Ireland. The Distribution business is expected to have
net revenue growth of 8%(i)(ii) in the year on volumes
that were down 2%. We were particularly pleased with the
performance of Corona where net revenue was up 18% on volumes that
were up 5%, and San Miguel where volumes increased 27% in the
period. Corona is now the No 1 Premium Lager in the ROI off-trade
with a market share of 17.3%(xv). Within the ROI
on-trade we are seeing positive impact from the rollout of Corona
Draught(xvi).
Budweiser, which we distribute
exclusively in the ROI since Summer 2020, also had net revenue
growth relative to the prior period and encouragingly is in volume
share growth on a 3-month MAT basis in the ROI Off Trade after a
strong Christmas performance(xv). This performance
reflects the focus and investment that has gone into repositioning
the brand with retailers and consumers.
EXCEPTIONAL ITEMS
A total net exceptional charge,
before the impact of taxation, of €150m is expected to be reported
in the current financial year. In the opinion of the Board the
presentation of these items as exceptional allows for more useful
analysis of the underlying performance of the Group. A summary of
the Exceptional Items is set out below, but most of this net charge
in FY2024 is from a decision to impair (non- cash) goodwill
associated with the C&C Brands
CGU(vii) in the UK by €125m;
restructuring costs of €8m and costs of €10m associated with the
ERP implementation. The FY2023
exceptional items have been restated to include an expected €12m
exceptional charge with respect to onerous apple
contracts.
|
Unaudited
FY2024
€'m
|
Unaudited
FY2023(i)
€'m
|
Impairment of intangible asset
(a)
|
125
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-
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Restructuring costs (b)
|
8
|
13
|
ERP implementation costs
(c)
|
10
|
-
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Deposit Return Scheme costs
(d)
|
1
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-
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COVID-19
|
-
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(2)
|
Rights Issue Costs
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-
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1
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Operating profit exceptional
charge
|
144
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12
|
Impairment of assets held for sale
(a)
|
3
|
-
|
Profit on disposal
|
-
|
(1)
|
Finance expense (e)
|
3
|
3
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Net exceptional charge
|
150
|
14
|
(a) Impairment of intangible
assets
A non-cash impairment charge of
€125m has been recognised at year end associated with the C&C Brands CGU(vii) in the
UK reflecting continuing challenging
trading conditions in the crowded and competitive UK cider market.
It should be noted that the Group did consider whether this should
be classified as an FY2023 item, in light of a prior year charge in
respect of the onerous apple contracts described below and have
concluded it is an FY2024 matter.
The Group has classified its
Portuguese businesses as a disposal group at the year end,
resulting in a non-cash goodwill impairment charge of €3m following
the re-measurement of the fair values of the disposal
group.
(b) Restructuring costs
A strategic review of the Group's
structure and operations was initiated during the current financial
year to reduce costs and drive efficiency improvements in future
periods. Redundancy costs plus associated legal and other related
costs totalling €4m were incurred during the period in this regard.
Additional personnel costs of €2m were also incurred in the period
in respect the Group's former CEO David
Forde.
Following the significant alcohol
duty reforms in the UK during the year, the Group reassessed its
cider operations and recorded a charge of €1m associated with the
exit of surplus outsourced production capacity requirements and an
impairment of stock.
The Group incurred origination,
transition, and dual running costs of €1m directly associated with
the exit of the Matthew Clark and Bibendum depot facility at Park
Royal in London, and transfer of operations and relocation of
assets to the new Orbital West London facility. These one-off costs
were incurred to ensure minimal service disruption during this
rationalisation of the supply chain logistics operating
model.
The prior year exceptional
restructuring cost is expected to be restated (as presented in the
table above), to include an expected prior period adjustment charge
of €12m with respect to onerous obligations with its apple
suppliers under existing long-term contractual
arrangements.
(c) ERP implementation
costs
As a direct consequence of the ERP
implementation issues in the Group's GB distribution business, an
exceptional charge of €10m was incurred
during the period to restore service levels back to normal. Due to
their size, nature and incidence, these costs have been classified
as exceptional items as they are not reflective of the underlying
performance of the business and are one-off in nature.
(d) Other items
Other items include a €1m write off
associated with the Deposit Return Scheme
('DRS') in Scotland following the announcement by the Scottish
Government in June 2023 that the scheme would be delayed until at
least October 2025.
(e) Finance expense
Exceptional finance costs were
incurred in the period; €2m of finance expenses were incurred as a
direct consequence of the ERP system implementation disruption from
increased use of the Group's debtor securitisation facility. An
additional €1m of interest on lease liabilities has been classified
as exceptional in the current year, relating to dual lease costs directly associated with the change to a new
London facility as outlined previously.
Footnotes:
i. FY2023 numbers
have been restated to reflect the impact of a number of prior
period adjustments as outlined on page 3.
ii. FY2023 Net
revenue; EBITDA; Operating Profit; Operating Margin and Profit
before tax have been represented to be on a constant currency basis
(FY2023 translated at FY2024 FX rates).
iii. Underlying numbers exclude the
impact of exceptional items.
iv. EBITDA is earnings before
exceptional items, finance income, finance expense, tax,
depreciation, and amortisation.
v. CGA OPM 52
w/e 24.02.24; IRI Circana, Total Grocery - Scotland, 52 w/e
24.02.24.
vi. ROI CGA OPM 29.02.23;
Nielson IQ Total off-trade including Dunnes & Discounters 52
weeks to week ended 25.02.24 vs 52 weeks to end Feb
2023.
vii. Cash generating unit.
viii. Liquidity is defined as cash
plus undrawn amounts under the Group's revolving credit
facility.
ix. Leverage is Net
Debt(x)/Adjusted
EBITDA(iv).
x. Net debt comprises
borrowings (net of issue costs) less cash plus lease liabilities
capitalised under IFRS 16 Leases.Net debt excluding leases
comprises borrowings (net of issue costs) less
cash.
xi. You Gov to end of
2023.
xii. Media post campaign analysis - Clear
Decisions run across campaign period.
xiii. CGA OPM, 52 weeks to
24.02.24.
xiv. YouGov, period Feb'23 to
Feb'24.
xv. Nielson IQ Total off-trade
including Dunnes & Discounters 52 weeks to week ending 25.02.24
vs 52 weeks to end Feb 2023
xvi. ROI CGA OPM 29.02.23
Conference Call
C&C will host a live conference
call for analysts and institutional investors, today, 7 June 2024,
at 08:30 BST (03:30 ET). Please contact CandCGroup@fticonsulting.com
for further details.
Contacts
C&C Group plc
Email: investor.relations@candcgroup.ie
Investors, Analysts & Media
FTI
Consulting
Jonathan Neilan / Paddy
Berkery
Tel: +353 86 231 4135 / +353 86
6025988
Email: CandCGroup@fticonsulting.com
About C&C Group plc
C&C Group plc is a leading,
vertically integrated premium drinks company which manufactures,
markets and distributes branded beer, cider, wine, spirits, and
soft drinks across the UK and Ireland.
· C&C Group's portfolio of owned/exclusive brands include
Bulmers, the leading Irish cider brand and Tennent's, the leading
Scottish beer brand; as well as a range of fast-growing, premium
and craft ciders and beers, such as Heverlee, Menabrea, Five Lamps
and Orchard Pig. C&C exports its Magners and Tennent's brands
to over 40 countries worldwide.
· C&C Group has owned brand and contract
manufacturing/packing operations in Co. Tipperary, Ireland and
Glasgow, Scotland.
· C&C is the No.1 drinks distributor to the UK and Ireland
hospitality sectors. Operating through the Matthew Clark, Bibendum,
Tennent's and Bulmers Ireland brands, the Group has a market
leading range, scale and reach including an intimate understanding
of the markets it serves. Together this provides a key
route-to-market for major international beverage companies.
C&C Group plc is an Irish
incorporated FTSE 250 company headquartered in Dublin and is listed
on the London Stock Exchange.
Note regarding
forward-looking statements:
This announcement includes
forward-looking statements, including statements concerning current
expectations about future financial performance and economic and
market conditions which the Group believes are reasonable. However,
these statements are neither promises nor guarantees, but are
subject to risks and uncertainties, that could cause actual results
to differ materially from those anticipated.
In particular, and as noted in the
"Basis of Preparation" section above, this announcement constitutes
an unaudited update on FY2024 financial performance and is not, nor
is it intended to be, a preliminary statement of annual results.
Due to the results presented in this announcement being unaudited
and not having been agreed with the Group's auditors as would be
required for a preliminary statement of annual results, further
adjustments could arise from the finalisation of the audit which
would be reflected in the audited financial statements for FY2024
when published.
Other than in accordance with their
legal and regulatory obligations including most notably in respect
of the issuance of our audited Group's Annual Report and Accounts
for FY2024 (to be published in due course), the Group is not under
any obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Certain figures contained in this announcement, including financial
information, may have been subject to rounding adjustments and
foreign currency conversions. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this
announcement may not conform exactly to the total figure
given.