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C&C Group FY2020 Results

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C&C Group FY2020 Results C&C Group FY2020 Results Disclaimer This presentation has been prepared solely in connection with the financial results of C&C Group plc (the "Company") for the period ended 29 February, 2020 and should be read in conjunction with the announcement of the financial results of the Company for the period ended 29 February, 2020, released 3 June, 2020 (the “FY2020 Results Announcement”). For the purposes of this notice, the presentation that follows shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and-answer session that follows that oral presentation, hard and electronic copies of this document and any materials distributed at, or in connection with, that presentation. This presentation is not intended to and does not constitute or form part of any offer, or invitation, or solicitation of any offer to issue, underwrite, subscribe for, or otherwise acquire or dispose of any shares or other securities of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The presentation contains forward-looking statements, including statements about the Company's intentions, beliefs and expectations. These statements are based on the Company's current plans, estimates and projections, as well as the Company's expectations of external conditions and events. Forward-looking statements involve inherent risks and uncertainties, are based on certain assumptions and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any such statements in light of new information or future events, except to the extent required by any applicable law or regulation. Recipients of this presentation are therefore cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Your attention is drawn to the ‘Principal Risks and Uncertainties’ set out on page 20 of the Company’s FY2020 Results Announcement. The risks described, however, are not exhaustive and there may be other risks which may have an adverse effect on the business, financial condition, results or future prospects of theCompany. Bulmers Ltd of Clonmel, Ireland, a company within the C&C Group, owns the trade mark BULMERS® in the Republic of Ireland. Bulmers Ltd is not connected with HP Bulmer Ltd of Hereford, UK. BULMERS ® Original Vintage Cider produced by Bulmers Ltd of Clonmel, Ireland is sold outside the Republic of Ireland under the name MAGNERS® Original Irish Cider. For further information see www.candcgroupplc.com C&C Group plc 2 Managing Through COVID-19 WORKSTREAMS EMPLOYEE HEALTH AND SAFETY OPERATIONAL RESPONSES LIQUIDITY ACTIONS Well positioned business beyond the short term challenges of COVID-19 • Protect our strong market leading positions • Structurally important to the on-trade in the UK and Ireland • Robust liquidity position • Talented and dedicated people C&C Group plc 3 Managing Through COVID-19 – Employee Health and Safety EMPLOYEE HEALTH AND SAFETY Social distancing in manufacturing/logistics sites Work from home where possible Continued health and wellbeing support C&C Group plc 4 Managing Through COVID-19 – Operational Responses OPERATIONAL RESPONSES ▪ Reallocated manufacturing ▪ Off-Trade Revenue opportunity resources behind our core focus brands in the Off-Trade ▪ Continued optimisation of ▪ Furlough of 70% of staff logistics network (investment in Scotland) ▪ Salary reductions with Board committing to 40% reduction ▪ Development of on-line functionality and capability ▪ Support to On-Trade customers including loan repayment holidays C&C Group plc 5 Managing Through COVID-19 – Liquidity Actions LIQUIDITY ACTIONS Immediate drawdown of debt facilities Successful placement of USPP - €140M Bank & USPP covenant waiver Suspension of dividends CCFF eligibility C&C Group plc 6 Review of FY20 C&C Group plc 7 Summary of FY2020 Results €m except per share items FY2020 Growth % FY2020 including IFRS16 Growth % Net Revenue 1,719.3 7.8% 1,719.3 7.8% Adjusted EBITDA1 131.9 9.0% 153.6 26.9% Operating Profit1 116.4 10.4% 120.8 14.6% constant currency constant Operating Margin 1 6.8% 0.2% 7.0% 0.4% Adjusted diluted EPS 29.4 10.5% 29.6 11.3% Dividend per share 5.5c 5.5c Exceptional Items (pre-tax) 92.5 92.5 Free cash flow / Adjusted EBITDA (% 103.5% 101.0% conversion)1 Net Debt 233.6 326.9 Net Debt / EBITDA1 1.77x 2.13x 1. Pre-exceptionals C&C Group plc 8 FY2020 Highlights Financial Operational Strategic ▪ EPS growth of 10.5% ▪ Core brand revenue flat despite ▪ Delivery of brand led distribution exceptional summer and sporting model ▪ Revenue growth of 7.8% events the previous year ▪ Admission to FTSE 250 ▪ Operating Profit growth of 10.4% ▪ Super-premium and craft portfolio now 8.4% of branded revenues ▪ Continued progress on Matthew ▪ Operating margins in Matthew Clark Clark and Bibendum recovery and Bibendum of 2.4% ▪ Awarded exclusive distribution program rights for Budweiser in Ireland (#4 ▪ Net debt to EBITDA of 1.77 times LAD brand) ▪ Diversified our capital structure with our first USPP issue (c €140m) ▪ Exceptional provisions amounting to ▪ Logistics now fully in-house in €92.5m (pre-tax) with €47.6m Scotland ▪ Invested behind our ESG directly relating to COVID-19 commitments ▪ Invested in insight capabilities C&C Group plc 9 Group Overview : A decentralized, entrepreneurial business with market leading positions Net Revenue €m Adjusted Diluted EPS €c • Core brands revenue flat 2000 40 • Super-Premium & Craft 1500 30 Revenue +9% 1000 20 • ABI partner in UK & Ireland 500 10 0 0 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 • Distribution revenue +10% • #1 final mile distributor Net Revenue Product Split Net Revenue Channel Split* • 24 stocked locations • 2 world class manufacturing sites • Strategic partner to global drink suppliers • Range of 13k SKUs • Over 35k customers • Only truly national Core Brands Other Owned 3rd Party On Off *UK & IOI only distributor in the UK • Data and insight C&C Group plc 10 Matthew Clark & Bibendum : Progression since acquisition Bibendum NPS month Matthew Clark NPS month 70.0 C&C acquisition 4 • Revenue growth of 9.3% to €1,120m 60.0 April 2018 • Matthew Clark +12.7% to €886m 50.0 • Bibendum +1.8% to €212m 40.0 • Operating profit margin of 2.4% with Matthew 30.0 Clark delivering 2.9% and Bibendum breakeven in 20.0 profit 10.0 ✓ Continued strong cash generation 0.0 ✓ Logistics and back office cost reduction program ✓ Procurement synergies ✓ C&C Brand growth of 42% Apr 18 Feb 18 Feb 19 Feb 20 ✓ Exit of low/ no margin business On Time in Full (OTIF) 63.6% 91.8% 96.2% 96.8% ✓ Exited Elastic and Peppermint Stock Availability 41.6% 90.3% 98.5% 98.3% C&C Group plc 11 Environmental, Social and Governance (ESG) Environmental Social Governance ▪ ‘Because life is bigger than beer’ ▪ COVID response - provided hand ▪ Corporate Governance framework campaign sanitizers, bottled water and soft drinks aligned to UK Corporate Governance whilst also supporting foodbanks Code ▪ Pledges underpinned by €16m ▪ Inner City Enterprise (ICE) in Dublin ▪ 3 new Non-Execs enhancing diversity investment (FY2020 capex €6m) and oversight ▪ Kids Out Glasgow ▪ CDP Climate Change Score: B ▪ Appointment of each Non-Executive ▪ Tennents Training Academy Director to a single business unit ▪ Drinks Industry Sustainability Index – Trends Report 2020 C&C Group plc 12 Financial Performance C&C Group plc 13 Net revenue €m Organic change +2.6% 83.2 40.1 0.6 2.1 0.7 0.8 19.7 1,719.3 1,636.1 1,594.6 1,574.9 0% +9% +3% -8% +3% FY2019 Currency FY2019 CC Core brands Craft & Super- Other owned US brands Wholesale/3rd FY2020 like-for-like Mar19 NR MCB FY2020 reported premium brands Party/Own Label C&C Group plc 14 Operating profit €m 4.4 0.8 0.1 0.2 10.5 0.9 120.8 116.4 104.5 105.4 FY2019 Currency FY2019 constant MCB GB Ireland International FY2020 pre-IFRS 16 IFRS 16 - FY2020 reported currency Adjustment C&C Group plc 15 Group free cash flow – pre IFRS16 €m 4.2 8.0 14.0 FCF 47.6 0.4 103.5% EBITDA 19.4 3.0 9.5 15.5 136.5 131.9 127.0 116.4 Op Profit pre- Dep./Amort. Adjusted EBITDA Working Capital Trade loans Tax Net finance costs Pension Net capital Other FCF before Exceptional items Free Cash Flow exceptionals contributions expenditure exceptional C&C Group plc 16 Group net debt – pre IFRS16 €m Net proceeds Purchase of from exercise of equity share Net Debt Disposal accounted options/equity Non-cash Issue FY2019 Free Cash Flow proceeds investments Share buyback Interest Dividends paid costs Translation FY2020 Net debt to EBITDA 5.1 pre-IFRS 16 1.77x 11.2 233.6 23.0 0.4 301.6 29.7 1.4 127.0 0.8 C&C Group plc 17 Exceptional items Exceptional items FY20 FY19 €'m €'m COVID-19 (47.6) - Impairment of intangibles (34.2) - Contract termination (4.4) - Restructuring costs (3.0) (5.3) Impairment of PPE (1.0) (0.4) Other (0.8) (2.1) Operating profit exceptional items (91.0) (7.8) Profit on disposal 0.9 - Share of equity accounted investments (2.4) (3.3) Loss before tax (92.5) (11.1) Income tax credit 9.8 1.1 Total exceptionals (82.7) (10.0) C&C Group plc 18 Strong Balance Sheet & Liquidity Position Low gearing Total cash & facilities Access to funding ➢ FY2020 net debt/EBITDA
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