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C&C Group Plc Investor Update

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C&C Group Plc Investor Update C&C Group plc Investor Update ISE | GCC.I Spring, 2008 1 Presentation Overview ¾ C&C Group | Business Overview ¾ Cider Business ¾ Magners Performance ¾ Competitive Response ¾ Investment Case ¾ Q&A 2 C&C Group | Overview Operating Profit By Region Operating Profit by Division ROI 48% Cider 85% Intl. S&L 14% Other UK Other 43% 9% 1% Figures relate to H1 2007/8 3 Business Portfolio & Strategy Business Portfolio ¾ Clear focus on Cider ¾ Niche Spirits & Liqueurs business Business Strategy ¾ Deliver consistent growth in cider in Ireland ¾ Focus on GB as primary source of medium term growth ¾ Diversify cider business geographically 4 Cider Business 5 C&C Group | Cider Business ¾ Magners 63% of total cider volume ¾ Bulmers 35% of total cider volume ¾ Others 2% of total cider volume ¾ GB is dominant market within Magners Magners Volume H1 07/08 Profile Great Britain 85% Northern Ireland 8% USA 2% Europe 5% 6 Cider Market | Ireland Market Trends | Irish LAD MAT MAT Feb 07 Jan 08 Overall Market (i) 0.4% (2.4%) On-Trade (ii) (2.3%) (4.0%) Off-Trade (ii) 14.5% 6.0% Bulmers Market Share Volume Share MAT Change Jan 08 on Feb 07 Overall (i) 10.7% 0.2 On-Trade (ii) 10.6% ± Off-Trade (ii) 8.0% +0.1 (i) Rev. Commrs/C&C (ii) Nielsen 7 Cider Market | GB On-Trade 6 mth period to Aug 05 Feb 06 Aug 06 Feb 07 Aug 07 Jan 08 (ii) LAD market growth (i) -2.6% -2.6% -3.0% -6.2% -8.9% Cider Share of lad 5.1% 5.4% 7.0% 7.2% 8.2% 8.0% - Draught 4.6% 4.6% 5.1% 4.7% 5.5% 5.6% - Packaged 0.5% 0.8% 1.9% 2.5% 2.7% 2.4% Packaged share of Cider 11.0% 15% 28% 34% 33% 30% Magners share of : Packaged cider 57% 66% 80% 78% 67% 59% : Total Cider 61% 10% 22% 26% 22% 18% (i) Mat annualised (ii) 5 Months ¾ LAD Market decline ¾ Packaged (premium) main driver of Cider growth up to 2007 ¾ Magners share loss as new entrants emerge 8 Premium Cider |GBOn-Trade Source: Nielsen Cider) (Packaged HL Volume progression(3months rolling) 100 150 200 250 300 50 0 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Category Jul 07 Aug 07 Sep 07 Oct 07 Magners Nov 07 Dec 07 Jan 08 9 Premium Cider | Growth Share* of LAD – On Trade 4.00% 3.00% 2.00% 1.00% Scotland Total GB 0.00% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 06 06 06 06 06 06 06 06 06 06 06 07 07 07 07 07 07 07 07 07 07 07 07 08 ¾ Premium category (Magners) now established (Consumer research) ¾ Most developed market (Scotland) holding position ¾ Scotland/GB gap Source: Nielsen (On trade packaged) *3 Months rolling 10 Magners Performance 11 Magners GB – Distribution on Trade Total Managed Leased Independents 80 70 60 50 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 07 07 07 07 07 07 07 07 07 07 07 07 08 Source: Nielsen (Liquid weighted max. distribution) 12 Magners GB Rate of Sale | On-Trade: Dual Stockists 100 Magners HP Bulmers 80 60 40 20 0 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 06 06 06 06 06 07 07 07 07 07 07 07 07 07 07 07 Source: Nielsen 13 Magners GB Off - Trade Volume Feb 06 Feb 07 Feb 08 LAD Market growth 4.4% 2.9% Cider share of LAD 12.3% 13.7% 15.8% Cider growth 16.0% 19.0% Magners share of cider 5.9% 8.1% Magners growth 63.0% Value Feb 06 Feb 07 Feb 08 LAD Market growth 4.0% 2.6% Cider share of LAD 9.2% 11.0% 13.4% Cider growth 24.0% 24.0% Magners share of Cider 11.1% 13.9% Magners growth 56.0% 14 GB Off Trade Pricing Total LAD Feb 07 MAT Feb 08 MAT Total Cider Strongbow Brand Brand HP Bulmers Magners 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Pricing in £ Stg 15 Magners European Test Markets Test Markets ¾ Munich ¾ Barcelona Findings (common to both) ¾ Positives on consumer response ¾ Challenges exist ¾ Tests continuing, reduced investment Slow burn opportunity 16 Spirits & Liqueurs Tullamore Dew Brand Shipment Depletions H1 2007/8 Growth Trend (i) ¾ Maintaining strong growth across a range of markets Carolans 5% (11%) ¾ Principal driver of overall growth Tullamore Dew 22% +31.6% ¾ 2007/8 affected by step change in marketing investment Frangelico (7%) (7%) H1 2007/8 +8% +7% (i) Company estimates for half year (depletions are sales by Distribution to retailers). FY 2007/08 E +5% +6% 17 C&C | Competitive Response 18 C&C Group | Competitive Response ¾ Re-organisation and Re-structuring programme – Realigning cost structure to current sales volume base – Streamlining organisation structure ¾ Reduce operating cost by €10 million - 2 point margin uplift ¾ Programme currently in line with expectations 19 C&C Group | Competitive Response ¾ Sharper Competitive Response – Appointment of John Holberry as MD of Magners GB – Strengthening commercial presence in GB – Re-balancing of marketing investment ¾ Launch of draught Magners – Kegged and distributed by Coors 20 C&C | Investment Case 21 C&C Group | Investment case ¾ Sharpened competitive response ¾ Positioning business for continued growth ¾ Strong cash flow characteristics and cash conversion Period of significant capital spend complete Balance sheet to support medium-term growth plans ¾ Continuing focus on shareholder returns 22 C&C Group | Shareholder Returns ¾ Cash flow Characteristics & Balance Sheet Strength – Normalised FCF % of EBITDA 60%+ – Net debt to EBITDA < 2x – Distribute as dividend at least 50% of net income – Share re-purchase programme Deliver increasing shareholder returns 23 Outlook ¾ Drive growth in the premium cider through high level of consumer advertising ¾ Sharper competitive response and cost reduction programme will contribute to an improved C&C performance in 2008/9 ¾ Modest revenue growth in 2008/9 and improvement in operating margins ¾ With a low level of capital expenditure, free cash flow conversion should improve significantly in 2008/9 24 Q&A 2008/9 IR Calendar ¾ FY07/08 Results Announcement 8 May 2008 ¾ C&C Group AGM July, 2008 25 Appendices 26 Republic of Ireland Cider Category % 14 12 10 Market Share of Irish LAD Market 8 6 4 2 0 1990 1992 1994 1996 Bulmers 1998 Other ciders 2000 Incl. Other C&C brands 2001 2002 Cider Duty 2003 Doubled 2004 2005 2006 Smoking 2007 Ban 27 Magners Roll-out ¾ NI Launch 1999 2 Scotland ¾ Glasgow Market Test (1) 2003 1 ¾ Scotland Launch (2) 2004 ¾ London Launch (3) 2005 ¾ GB national roll-out (4) 2006 3 London ¾ Barcelona & Munich Market Tests2007 4 GB National Roll-out 28 Premium Cider | GB – Weather Impact GB – Sunshine Hours ¾ Exceptionally poor summer in 2007 ¾ Exceptionally good summer in 2006 ¾ Significant difference in weekly sunshine hours - 18 hours GB - Daily Temperatures ¾ Temperature also highlights significant year-on-year difference ¾ 2007 | 2 degrees below 10 year average max temperature ¾ 2006 | 4 degrees above 10 year average max temperature Source: UK Met Office 29 2006/7 Financial Summary - Earnings Excluding exceptional items 6 Months to Aug 07 Aug 06 Growth €m €m % Revenue 375.6 376.5 (0.2%) Marketing 54.6 36.4 50.0% Marketing % of Revenue 14.5% 9.7% 4.8 Operating Profit – continuing 67.9 100.8 (33%) Operating Profit Margin 18.1% 26.8% 8.7 Finance charges (8.6) (7.8) 10% Profit before tax 59.3 93.0 (36%) Taxation (7.1) (11.2) (37%) Rate 12.0% 12.0% Discontinued Operations 4.8 11.7 (59%) Earnings 57.0 93.5 (39%) 30 Cider 6 Months to Aug 2007 Aug 2006 Growth €m €m Revenue - ROI 105.0 113.5 (7.5%) - International 167.7 156.0 7.5% 272.7 269.5 1.2% Marketing 44.4 29.1 52.6% Marketing /Revenue 16.3% 10.8% 5.5pts Operating Profit 57.5 90.0 (36.1%) Operating Margin 21.1% 33.4% (12.3) pts 31 Balance Sheet & Capital Structure Balance Sheet Debt/EBITDA €m Net debt at 1st March, 2007 305.4(i) 1.3 Free cash flow in period (3.8) Dividends Paid 45.1 Own shares acquired 114.8 Net disposal proceeds (to date) (iii) (248.1) Other (1.6) Net debt at 31 August, 2007 211.8 1.0 (ii) (i) Excludes pension deficit (ii) 12 months to August 2007 (iii) Costs/tax still outstanding 32 C&C Group plc P +353 1 616 1100 Kylemore Park F +353 1 616 1163 Dublin 10 E C&[email protected] Ireland W www.candcgroupplc.ie 33.
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