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Annual Report 2019 About C&C Group

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Annual Report 2019 About C&C Group Annual Report 2019 About C&C Group 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; Tennent’s, the leading Scottish beer brand; Magners the premium international cider brand; as well as a range of fast- growing, super-premium and craft ciders and beers, such as Heverlee, Menabrea and Orchard Pig. C&C exports its Magners and Tennent’s brands to over 60 countries worldwide. C&C Group has owned brand and contract manufacturing/packing operations in Co. Tipperary, Ireland; Glasgow, Scotland; and Vermont, US, where it manufactures Woodchuck, a leading craft cider brand in the United States. C&C is the No.1 drinks distributor to the UK and Ireland hospitality sectors. Operating under the Matthew Clark, Bibendum, Tennent’s and C&C Gleeson brands, the Group supplies over 35,000 pubs, bars, restaurants and hotels, and is a key route-to-market for major international beverage companies. C&C Group also has an investment in the Admiral Taverns tenanted pub group, which owns over 800 pubs across England & Wales. C&C Group plc is headquartered in Dublin and is listed on the Irish and London Stock Exchanges. View this report online candcgroupplc.com or candc.annualreport19.com Business & Strategy Corporate Governance Financial Statements 1 Financial Highlights Profitability Net Revenue Operating Profit Adjusted Diluted Earnings Per Share €1,574.9 m €104.5m 26.6 cent Increased by +188.1%1, organic net before exceptional items up 21.5%1, per share up 20.9% before revenue growth +3.2%1 organic operating profit growth +3.3%1 exceptional items Cash Shareholder Return Free Cash Flow Conversion Proposed Final Dividend 80.8% 9.98 cent before exceptional items per share delivering 5.0% growth in the full 1. Financial highlights percentage movement versus last year are stated on a constant currency basis year dividend to 15.31 cent per share (FY2018 translated at FY2019 F/X rates as outlined on page 32). Business & Strategy Financial Statements C&C at a Glance 2 Independent Auditor’s Report 76 Divisional Structure 3 Consolidated Income Statement 86 Chairman’s Statement 4 Consolidated Statement of Comprehensive Income 87 Strategic Report - Business Model 6 Consolidated Balance Sheet 88 Strategic Report - Group Strategy 10 Consolidated Cash Flow Statement 89 Strategic Report - Key Performance Indicators 12 Consolidated Statement of Changes in Equity 90 Strategic Report - Management of Risks and Uncertainties 13 Company Balance Sheet 91 Group Chief Executive’s Officer’s Review 18 Company Statement of Changes In Equity 92 Group Chief Financial Officer’s Review 28 Statement of Accounting Policies 93 Corporate Social Responsibility 33 Notes Forming Part of the Financial Statements 106 Financial Definitions 175 Governance Directors’ Report 44 Shareholder and Other Information 177 Directors and Officers 50 Corporate Governance Report 52 Audit Committee Report 55 Nomination Committee Report 59 Directors’ Remuneration Committee Report 63 Statement of Directors’ Responsibilities 75 2 C&C Group plc Annual Report 2019 C&C at a Glance Brands Route-to-Market Scale ManufactureManufacture DistributeDistribute MarketMarket C&C Group’s portfolio of C&C is the No.1 drinks C&C supplies 12,000 SKUs owned/exclusive brands distributor to the UK and to over 35,000 pubs, bars, include: Bulmers, the Ireland hospitality sectors restaurants and hotels leading Irish cider brand; and is a key route-to- across the UK and Ireland Tennent’s, the leading market partner for all major and exports its brands Scottish beer brand; local and international to over 60 countries Magners the premium beverage brand owners. internationally. international cider brand; as well as a range of fast- growing, super-premium and craft ciders and beers, such as Heverlee, Menabrea and Orchard Pig. Business & Strategy Corporate Governance Financial Statements 3 Divisional Structure Ireland C&C’s Ireland division includes the sale of Group also distributes San Miguel, Tsingtao the Group’s own branded products across and selected AB InBev beer brands across the Island of Ireland, principally Bulmers, the Island of Ireland. Magners, Tennent’s, Five Lamps, Clonmel 1650, Heverlee, Dowd’s Lane, Roundstone Our primary manufacturing plant is located Irish Ale, Finches and Tipperary Water. in Clonmel, Co. Tipperary, with major distribution and administration centres in The Group also operates the C&C Gleeson’s Dublin and Belfast. drinks distribution business, a leading distributor of third party drinks to the licensed on and off trade in Ireland. The Matthew Clark and The Group also operates as a separate division, the recently acquired drinks Bibendum distribution businesses - Matthew Clark and Bibendum across the UK and Ireland. Great Britain C&C’s GB division includes the sale of the drinks distribution business in Scotland. The Group’s own branded products in Scotland, Group also distributes selected AB InBev with Tennent’s, Caledonia Best, Heverlee brands in Scotland and the Tsingtao, Pabst and Magners the principal brands. and Menabrea international beer brands across the UK. This division includes the sale of the Group’s portfolio of owned cider brands across the Our primary manufacturing plant and rest of GB, including Magners, Orchard administration centre is located at the Pig, K Cider, and Blackthorn which are Wellpark Brewery in Glasgow. distributed in partnership with AB InBev. In addition, the division includes the Tennent’s International C&C’s International division manages the This division includes the sale of the Group’s sale and distribution of the Group’s own cider and beer products in the US and branded products, principally Magners and Canada. The Vermont Hard Cider Company Tennent’s outside of the UK and Ireland. The manufactures the Woodchuck and Wyder’s Group exports to over 60 countries globally, brands at its cidery in Middlebury, Vermont. notably in continental Europe, Asia and Australia. The Group operates mainly through local distributors in these markets and regions. 4 C&C Group plc Annual Report 2019 Chairman’s Statement Operating Results In this my first year as non-executive Chairman, I am delighted to report on a period of significant strategic, operational and financial progress at your Company. The acquisitions of Matthew Clark and Bibendum in April 2018 transformed C&C into the largest last mile drinks distribution business across the UK and Ireland to complement our unique brand portfolio. These acquisitions and their subsequent operational recovery have helped propel the Group’s financial performance with adjusted diluted earnings per share up 20.9% year-on-year. Basic earnings per share was down 9.3% on the prior year as the prior year benefitted from the recognition People and Culture of €13.3m negative goodwill relating to the The new Matthew Clark and Bibendum employees brought into finalisation of the acquisition accounting of the Group had experienced a period of significant uncertainty Admiral Taverns. Equally pleasing has been the ahead of the acquisition. It is to their immense credit and through strong performance of our branded portfolio and their hard work and professionalism that we have been able to make such significant progress in restoring those businesses to our brand-led distribution models in Scotland and operational and financial health. In this they have been most ably Ireland. Overall total organic net revenues and led by the management teams brought in shortly after acquisition, operating profits for the Group were up 3.2% and supplemented by a highly talented and energetic project team from 3.3% respectively. C&C. The consumer continues to recognise both the provenance and The project is indicative of the strong corporate culture within C&C value of our core brands while our super-premium and craft offerings that sets us apart from our larger international peers. We are a continue to grow strongly. The drinks distribution platform we have local business at heart, imbedded in the local communities we now created across the UK and Ireland gives us unrivalled access serve. Our size and proximity to customers and markets allows us into the on-trade drinks channel. Already our combination of scale, to spot opportunities (commercial and strategic) and move quickly efficiency and product expertise is delivering service excellence and professionally to secure them. We look after our people, our and growing revenues and profitability for our on-trade customers suppliers and our customers and ultimately our broader stakeholder and C&C alike. The momentum in our business and the multiple community. We have also striven hard through the year to ensure growth levers within our integrated model, underpin our updated that the diversity and reward structures of our senior management medium term targets and give us the confidence to increase our final teams are fully aligned to the interests of shareholders and our other dividend by 6.5% to 9.98c, taking the total dividend for the year to stakeholders. 15.31c (FY2018: 14.58c). The health and wellbeing of employees is paramount. During the year, we undertook a number of programmes at our sites to raise employee awareness and engagement and encourage safety interventions by all staff. An Employee Assistance Programme (EAP) and health checks are now available in many areas and this is something we intend to continue to improve upon in FY2020. The Board greatly appreciates the contribution of all our C&C colleagues in the significant strides we have made this year in improving both business performance and our workplace environment; and ultimately the creation of long term shareholder value. Business & Strategy Corporate Governance Financial Statements 5 Social Responsibility Future capital allocation will be on building During the year I led a thorough evaluation sustainable growth within our current of the performance of the Board, its Social responsibility has historically been at operational span or in the absence of such members and its principal committees.
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