fy 2017 resultscandcgroupplc.net/__data/assets/pdf_file/0010/26749/...in final dividend to 9.37 cent...

FY 2017 Results 17 May, 2017

C&C Group plc | Slide 2 C&C Group plc | Slide 2

This presentation has been prepared solely in connection with the financial results of C&C Group plc (the "Company") for the period ended 28 February, 2017 and should be read in conjunction with the announcement of the financial results of the Company for the period ended 28 February, 2017 , released 17 May, 2017 (the “FY2017 Preliminary 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 22 of the Company’s FY2017 Preliminary 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 the Company. 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

Disclaimer


FY2017 | Strategic priorities

1. Defend, invest and grow core brands

2. Develop Premium portfolio

3. Extended partnership with AB InBev

4. Capitalise on international opportunity

5. Drive operating efficiency and cost reduction

6. Capital allocation to drive shareholder returns


FY2017 | Performance Overview

€95 million Operating Profit

Flat year-on-year1

€559 million Net Revenue

Down 6.9%1

1.55x2

Net Debt to EBITDA Strong balance sheet and flexibility

€58.3 million Free cash flow (Pre exceptionals)

53% Conversion of EBITDA

€23.2 million Share buyback in year

€147 million share buyback over last 2 years3

5% growth in final dividend to 9.37 cent per share

Supported by strong balance sheet & underlying cashflow

1. FY2016 comparative adjusted for constant currency (FY2016 translated at FY2017 F/X rates) and North America revenues to be on a like for like basis with the current financial year (as though the Pabst arrangement had also been in operation for the whole of FY2016). 2. Net Debt as at 28 February 2017 and EBITDA FY2017 3. Share buy-backs excl. stamp duty and commissions Jan15-Apr17

+12% Investment in DBM & new Founts

Core Brands1

€7.8 million Negative FX Impact on Reported Op. Profit

7.6% drag on reported profits

FY2017

FINANCIAL

REVIEW


Summary financials

1. FY2016 comparative adjusted for constant currency (FY2016 translated at FY2017 F/X rates) and North America revenues to be on a like for like basis with the current

financial year (as though the Pabst arrangement had also been in operation for the whole of FY2016).

Year-on-year performance (constant currency and US adjusted) FY2017 FY2016 1 % change

Group volumes

- of which core brands

4,570

2,341

4,841

2,282

(5.6%)

+2.6%

Group net sales revenues

- of which core brands

559

242

601

247

(6.9%)

(2.0%)

Operating profits

- operating margin

95.0

17.0%

95.4

15.9%

(0.4%)

+1.1ppts

Profit after tax (pre-exceptionals) 74.2 73.2 +1.4%

Weighted average number of shares 311,426 334,360 (6.9%)

Adjusted fully diluted EPS 23.8 21.9 +8.7%

Exceptional items (pre-tax) 150.1 n.m. n.m.


FY2017 | Volumes

kHL

4,841 +59 +20

(47)

(194) (32)

(77)

4,570

4000

4100

4200

4300

4400

4500

4600

4700

4800

4900

5000

FY 2016 Core Brands Premium Brands Other Brands Wholesale /OwnLabel*

ABI Beer US Brands FY 2017

- Core & premium in growth

- Wholesale/Own Label volume drag from low margin contract losses and account losses

- AB InBev beer volumes down from 1 January 2017 reflecting amended terms

*Includes Wines & NABs


FY2017 | Net Revenue

€m

662

(51)

(11)

601

(5)

+2

(5)

(23)

Unchg.

(11)

559

500

525

550

575

600

625

650

675

FY 2016 Currency US AccountingChange

L-f-L FY 2016 Core Brands PremiumBrands

Other Brands Wholesale/Own Label*

ABI Beer US Brands FY 2017

- Adjustment to FY2016 US revenues to be on LFL basis for Pabst transaction

- Core brand volume uplift held back by investment in price support and mix shift

- Wholesale/3rd party impact significant on revenue but less so on earnings

Like-for-Like

(6.9%)

*Includes Wines & NABs


Core Brands | Price / pack / channel impacts

247

6 1

(12)

242

200

210

220

230

240

250

260

270

FY 2016 Core brandsNSV

Volume Brand mix Price/pack/channelmix

FY 2017 Core brandsNSV1

€m Of which: Magners 64% Tennent’s 26% Bulmers 10%

• NSV rate deflation -9.5% • Grocery multiples growing market share • Retailer focus on value to consumer • Brand positioning leading to growth in

can V bottle for Magners

• NSV rate deflation -3.2% • Negative pricing trends in H1 –

stronger in H2 • Market a negative drag on volumes

• NSV rate deflation -2.0% • Stable pricing environment • Channel mix shift from draught to

small pack off trade

1. FY2016 core brands revenue adjusted for constant currency and US revenues adjustment for Pabst transaction


103.2

(7.8)

+1.7

(0.7)

(2.0)

+0.5 +0.1 95.4

95.0

85

90

95

100

105

FY 2016 Currency FY 2016 Const.Curr.

Ireland Scotland C&C Brands Export North America FY 2017

FY 2017 | Operating Profit

€m Ireland: H1 Flat H2 +1.6m: Cost savings benefit

Scotland: H1 (1.9m) Tennent’s rate H2 +1.2m - Improved rate

C&C Brands: H1: (3.1m) Pricing & Inv. in Magners H2: +1.1m Reduced Inv. & cost savings

FY 2017 Op. Profit

€48.6m €32.6m €7.3m €5.8m €0.7m


Ireland FY2017 | Bulmers Performance

- Cider category growth +6%

- Bulmers volume +3%; revenue up

- New entrants bringing new consumers to cider

- Cider still dominated small pack format

47% 51% 47%

Feb '16 Jun '16 Feb '17

90% 89% 88%

Feb '16 Jun '16 Feb '17

91 % 78% 77%

Feb '16 Jun '16 Feb '17

28%

21% 60%

On-Trade Packaged

On-Trade Draught

Off-Trade

+6%

1. RoI total cider market volume by channel - 12 months to Feb 2017; Nielsen Ireland Databases 2. RoI Total cider market by volume- 12 months MAT market share: Nielsen Ireland Databases

On-Trade: Packaged2

Off-Trade2

On-Trade: Draught2

ROI: Total cider market by channel1


Tennent's Lager Rate (£/HL)Rolling 3-month average

Improved Tennent’s rate performance

Improving H2 rate performance Areas of focus

- Stablisation in market conditions

- Reduced discounting and ‘free

stock’

- Price increased for FY18

Wholesale Rolling MAT…


FY2017 | Magners performance

+7.5% -10.5%

FY16 NSV Volume impact Price/mix impact FY17 NSV

Magners NSV performance FY17 ‒ Positive volume performance (+7.5%)1

‒ Building share

‒ Successful “Hold True” campaign and re-packaging / repositioning of the brand

‒ Consumption more male, large pack and can versus glass

‒ Glass SKU’s 33% (FY16: 48%) – now in-line with competitive set

‒ UK retail channel growth engine

‒ Negative price/mix performance (-10.5%)

‒ Grocery share of LAD expanding

‒ Focus on value to consumer & price pressure on brand owner

‒ Growth in can V bottle for Magners

‒ AB InBev Impact

‒ Portfolio strength

‒ Off Trade capability

1. Global volume performance for the Magners brand: +7.5% comprising: C&C Brands +13%;

Ireland +4%; Scotland (IFT): Flat; Export: +1%; North America: -12%


Exceptional items

Profit & Loss FY2017 FY2016 Change

Impairment of US tangible and intangible assets

129.4 - 129.4

Restructuring costs 12.7 18.2 (5.5)

Impairment / revaluation of other properties

3.0 16.0 (13.0)

Onerous lease provision 7.0 - 7.0

Profit on disposal of PPE (2.9) - (2.9)

Other 0.9 4.2 (3.3)

Total exceptionals 150.1 38.4 111.7

‒ Impairment against US assets

‒ Reflects the US cider category in double-digit declines

‒ Remaining carrying value of US assets €45m

‒ Restructuring costs

‒ Primarily relate to severance costs (€7.2m) and other costs associated with production site closures

‒ Onerous lease provision

‒ Re-assessment of existing onerous lease provisions for 2 UK warehouses

‒ Exceptional cash receipts

‒ Proceeds from sale of Shepton Mallet cidery and bottling line

Cash FY2017 FY2016 Change

Cash exceptionals (22.7) (13.0) (9.7)

Exceptional cash receipts 18.7 - 18.7

Net cash exceptionals (4.0) (13.0) 9.0


95.0

+15.0 +0.6

(12.4)

(6.9) (6.5)

(15.8) (3.4)

(4.0) 58.3

54.3

54.3

30

50

70

90

110

Cashflow| Investment in trade and production

‒ Opportunistic expansion of NI & Scotland loan books – demand driven

‒ Capex, net of plant sale proceeds, includes €17m investment in plastic bottle capability at Clonmel

‒ Stable working capital level with no benefit from initiatives this financial year

‒ Exceptionals cash outlay of €4m, net of disposal proceeds for Shepton

‒ Excluding trade lending growth, FCF Conversion would have been 63% (normalised range 60-70%)

€m

53.0% EBITDA

110.0

1. Other comprises the add back of non-cash P&L items such as share options add back, difference between P&L pension and cash pension charges, profits/losses on the disposal of

non-exceptional property, plant, and equipment (+€1m)

(7.3)

1


FY2017 | Strong Balance Sheet

(163.0)

+54.3

(34.9)

(23.2)

+0.8

(4.6)

(170.6)

(200.0)

(150.0)

(100.0)

(50.0)

0.0

Net debt - 29 Feb2016

Free cash flow Dividends paid Share Buyback Exercise of shareoptions

F/x and other Net debt - 28 Feb2017

Net Debt to EBITDA

1.55x

‒ Cash returns to shareholders of €58.1m:

‒ dividend (cash: €34.9m; P&L charge: €43.0m) and

‒ share buyback (€23.2m)

‒ Minimal change in net debt (ex currency)

‒ Flexibility & strength maintained

€m

FY2017

OPERATING

REVIEW


19 25

42

Core Brand Investment |Building from strong base

60%

87%

FY2016 FY2017

Brand Awareness3

Significant increase

22% 27%

32%

44%

57%

Fost

ers

Car

ling

Stel

la

Bu

dw

eise

r

Ten

ne

nt'

s

Brand Affinity2 ‘Drank by people like me’

Brand Health Scores1

Top 3 LAD brands in ROI

1. Brand Health Dipstick Average scores on 5 key questions 18-24 age group – September 2016 (see page for 42 more detail) 2. Rolling MAT Feb ‘17 – Total Sample 3. Key brand awareness relative – company data


Core Brand Investment


Ireland FY2018 | Cider Investment

- New “100% Irish” Campaign - Launch St Patrick’s Day - Ireland v England Six Nations - Through summer

- Digital & Social Content, Experiential,

OOH, Sponsorship

- New brand and livery on all products

- Large scale launch event March 2017: PR exposure

- OOH, Radio & Digital aimed at Generation Z

- Distribution - 97% Off-trade within 3 months - On-trade Phase 1: 200 accounts (urban centric)

- Nationwide by Q3


FY2018 | Core Brand Product Innovation

• Sweeter proposition • Addressing Millennial

consumers

• Addressing growth

market for bottled Ales • Premiumising the

Tennent’s brand

• Having consolidated

position in Apple • Addressing the growing

market for flavours


Growing Premium and Craft Portfolio In

no

vati

on

A

gen

cy

Cra

ft

Growth Drivers Current Portfolio Performance

In house innovation & brand development

Exclusive UK distribution of quality imports

Partnerships with Local craft

53 kHL

33 kHl

2017 20161. In RoI only

1

+60%


FY2017 | Further progress in Premium In

no

vati

on

A

gen

cy

Cra

ft

FY 2017 Highlights Strategic Value

• Heverlee gaining real traction +41%

Has reached 20kHL+ brand within 3 years

Fastest growing world larger in Scotland (MAT Dec ‘16)

No.1 Import lager in N. Ireland

• Menebrea first national listings

• Pabst launch

• San Miguel agency in Ireland

• Acquisition of Badaboom

In-house brand activation capability

- Addressing increased consumer experimentation

- Premium price points delivers attractive economics

- Support core brand proposition

- Targeting 5% of branded volumes over the medium-term (FY 2017: 2%)

- C&C is a natural partner for international & local/craft brand


Development of our Premium Portfolio

4.8% 3.3% 3.1%

1.8%

DBM Gross Profit Contribution(after DBM)

Volume

Premium Portfolio % of Branded

Medium-term target: 5%

Premium Portfolio Outperformance of Core Brand Economics

152% 169% 155%

NSV Rate Gross Profit Rate ContributionRate (after DBM)

Gross Profit Margin: +6.9% Contribution Margin: +1%

Prior 2013 2014 2015 2016 2017

Initial investment for 23.5% in 2012

Acquiring remaining 76.5%

Secure distribution agency in ROI

Secure UK & Ireland rights

Launched in Scottish and

Ireland on-trade

Secure exclusive rights to UK &

Ireland

Launched in UK & Ireland

Initial investment for 25% Initial investment

in 2012

JV investment with William Bros

Undisclosed craft

cider brand

Undisclosed craft

cider brand


Beer Portfolio Cider Portfolio

Brands:

Territories: Scotland & Ireland (Independent free trade On & Off)

GB (Channel Islands, IOM and National Accounts On &

Off)

Activities: Manufacturing, Sales & Distribution (Brand Marketing Retained)

Sales & Distribution (Brand Marketing Retained)

Rationale: • Leverage each other’s distribution strengths

• Compelling combined cider and beer portfolio

Near-term impacts:

New terms on beer = volume and margin loss

Renewal of manufacturing contract

Volume opportunity in Magners Cost Synergy

Distribution transfer in 2018

Long-term opportunity: Portfolio quality secured

ABI craft expansion Market share progression in cider

and margin enhancement

AB InBev Partnership


Driving Operating Efficiencies

- Site rationalisation completed in FY2017

- Transfer production from Borrisoleigh & Shepton Mallet to Clonmel

- Sale of Shepton site for €19 million

- New PET line at Clonmel (€17 million)

- Full range of SKU capability: bottle, keg, glass, plastic & can

- ‘Co-pack’ opportunity

- €15 million of cost savings achieved

58%

76%

FY2016 FY2017

Capacity Utilisation Clonmel & Wellpark

Headcount Efficiency

kHL per Employee

FY2015 FY2016 FY 2017

+24%


FY2016 FY2017

FY 2017 | Export

+14% Europe Vol YoY

10 kHL + In First Year

Flat1

Asia Vol YoY

(38%) Aus/NZ Vol YoY

Export Volumes by Brand

Other

+4%

1. Excluding impact of discontinued K cider volumes in India in FY2016; Asia volumes (24%) if included

+17%

+1%

- Positive performance in European mkts (+14%) - Led by France, Italy & Spain

- New markets of Eastern Europe and Africa performed well

- Each over 10 kHL in short time frame

- New Asia relationships bedded in well

- Opportunity to expand coverage

- Australia and discontinued business in India held back

division - Excl. Aus.& India divisional volumes +13%


C&C Export model

Future Focus

- Expand relationships and territories with existing partners - Reduce volatility - Seek new markets in Africa and Eastern Europe - Tennent’s opportunity

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Global cider volumes (kL) 2015-2020:

CAGR +4.7%

2005-2015: CAGR +5.8%

C&C’s key distribution partners


North America | Cider Market Update

Cider Market Slowed by 31.5% y-o-y in FY 2017

12.2% 12.1%

2.2% 5.7%

10.1% 20.2%

75.4% 69.0%

54.0%

13.9%

(17.6%)

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Total CEs % Change YoY

million cases

Cider Share of Beer steadied at c. 1.3%

0.5%

0.8%

1.0%

1.3%

1.5%

1.8%

Feb14

May14

Aug14

Nov14

Feb15

May15

Aug15

Nov15

Feb16

May16

Aug16

Nov16

The Beer Institute Quarterly Cider Domestic & Import


North America | Pabst/GMB Update

Long-Term Prospects For cider

Implications For GMB/Pabst

- National brands are struggling

- Craft/regional is in growth

- On-premise in growth – esp. draught - Volume +1.7%; value +3.8%

- Sweet and Apple are preference

- Category to return to growth… - …but, visibility limited

- Recovery will be slower

- Focus on local credentials

- Focus on on-premise

- Focus on contract manufacturing &

packaging

- Prudent to write down carrying values


Capital Allocation Framework

Re-invest for

organic

growth

Progressive

dividend

policy

Selective

acquisitions

in line with

strategy

Return

excess

capital to

shareholders

• Investment in core

and premium brands

at 10-15% of NSV

• Net capex €10-€15m

p.a.

Investment in

restructuring

and cost

reduction

• Continual focus on

operating efficiency

and cost reduction

• ‘Bolt-ons’ in Scotland

& Ireland

• Strengthen RTM for

C&C Brands

• Partnerships in craft

• Continue share buy-

back activity

• Low single-digit

growth supported by

underlying EPS and

cash generation

Balance sheet strength and efficiency

• Move towards target leverage of 2x Net debt / EBITDA over the medium term

• Free cash flow conversion of 60-70% over medium term

OUTLOOK


FY2018 | Current trading and outlook

Stable business, good cash conversion, strong balance sheet

- underpin capital returns and strategic opportunities

► Current trading

‒ Q1 in-line with expectations

‒ Return of inflation

‒ increasing consumer caution…

‒ …but, providing a value opportunity

► Outlook FY18

‒ Ireland – year of investment to drive share

‒ Scotland – continued momentum on rate

‒ ABI – maintain volume growth in Magners

‒ distribution synergies delayed to FY2019

‒ US – limited visibility on category stability

‒ International – return to more focussed growth trajectory

APPENDIX


−

Total core brands

FY2017 FY2016 Change

DBM & Founts investment4 32.6 29.1 +12%

- as % net sales value (core brands) 13.5% 11.8% +170bps

Global brand volumes +3% Flat +7.5% +3% (6%) +900bps

- Key market performance +6%1 -1%2 -0.5%3

Price/Mix Dynamics

Rate

Channel/Product mix

Revenues5 242 247 (2%)

Volume Growth in Core Brands

1. Cider category volumes RoI; on and off -rade 12 months to February 2017 CGA/Nielsen 2. GB Beer volumes on and off-trade; 12 months to February 2017 CGA/Nielsen 3. Cider category volumes on and off-trade; 12 months to February 2017 CGA/Nielsen 4. Comprising direct brand marketing expense and brand dispense expenditure on core brands 5. Constant currency basis and adjusting revenues for Pabst transaction

−

H1 H2


Working capital

Working capital FY2017 FY2016 Change

Underlying working capital

0.6 10.2 (9.6)

Extended receivables financing facility

- 24.0 (24.0)

Change of debtor days policy (Ireland)

- 15.9 (15.9)

Total working capital inflow

0.6 50.1 (49.5)

‒ Underlying working capital remains positive

‒ Includes absorption of stock build in Ireland at year end as result of NPD/new packaging and transfer from Shepton Mallet

‒ FY2016 working capital benefitted from

‒ An extension to a receivables financing facility

‒ Change of debtor days policy in Ireland

‒ Further working capital initiatives in pipeline for FY18


Capex

Cashflow


New PET line at Clonmel

17.0 - 17.0

Other PP&E capex expenditure

5.7 9.7 (4.0)

Total capex expenditure

22.7 9.7 13.0

Receipts on disposal of fixed assets

(6.9) (0.5) (6.4)

Net capex 15.8 9.2 6.6

‒ Significant investment in a new PET line at Clonmel

‒ Required as a result of closure of Borrisoleigh

‒ Completes Clonmel’s range of packing capabilities (Keg, can, bottle, PET)

‒ Increased contract opportunities

‒ Receipts on the disposal of fixed assets

‒ primarily surplus land and buildings

‒ Production facilities well invested

‒ Long term net capex guidance going forward €10-15m

Profit & Loss


Profits on disposal of fixed assets

1.0 0.2 0.8


Wholesale & Own Label

Wholesale

- Markets highly competitive and price sensitive

- Performance disappointing but improving through year, particularly in Scotland

- Strategic benefits intact

- New trading strategies and sales disciplines in Scotland and Ireland

Own Label

- Loss of low margin contracts from closure of Shepton

435.8 380.0

613.8 479.5

332.1 328.7

FY2016 FY2017

Wholesale

Own label

Wines & NABs

Volume

(194 kHl) (14%)

136.1 120.5

32.6 25.6

52.0 52.1

FY2016 FY2017

Wholesale

Own label

Wines/NABs

Net Sales Revenue

(€23m) (10%)

1.Wholesale and own label also incudes Wines and spirits and NABs


Brand-led wholesale in Scotland & Ireland

Softs Drinks Wines Spirits

Cider Beer Factored wholesale

Power

Brands

Premium

World Beer Brands

Exclusive, or owned brands or

craft JVs

All own brands

3rd party brands distributed under contract,

primarily ABI brands

All 3rd party brands bought-in

Meeting

customer and

consumer needs

“Must-have”

local brands

Craft and

consumer

experimentation

Access to

global brands

One-stop shop,

service and

value

Local challenger brands Owned brands, challenger, tactical and value

Local

challengers and

value


Medium term strategy

Enhance value of key brands

Grow premium portfolio

Brand-led drinks wholesaler in key

markets

Rigorous focus on costs and efficiencies

Capital allocation to drive EPS growth

International growth

• Brand and product investment to build value of key

brands over the long term

• Leverage key brand strength and market position to

grow portfolio of premium and speciality brands

• Deliver unrivalled portfolio strength, value and service to

the Scottish and Irish on-trade

• On-going commitment to delivering operational

efficiencies and cost control

• Grow international volumes of our key brands through

strategic alliances

• Selective acquisitions to fuel sustainable, profitable

growth and/or cash returns to shareholders

Strategic pillars Medium term strategic goals

Resili

en

t h

igh

ma

rgin

s

Cash

ge

ne

ratio

n a

nd

ba

lan

ce s

he

et str

en

gth

EP

S g

row

th a

nd

ca

sh

retu

rns

Financial characteristics


2016 Brand Health Scores

18-24 All 18-24 All 18-24 All

Is an Irish brand 42 49 14 9 72 78

Advertising appeals to me 30 23 20 23 28 40

Summer drink 63 62 17 20 5 6

Great taste 43 38 26 26 18 32

Very refreshing 47 53 21 24 10 12

Good value for money 27 17 18 17 14 22


Shape of the business – FY17 vs FY16 (CC & US revenues adjusted)

FY16 at FY17 rates

* FY16 gross profits and operating profits adjusted for constant currency and US adjustment following the Pabst transaction


Shape of the business – FY17 vs FY16 (CC & US revenues adjusted)

* FY16 gross profits and operating profits adjusted for constant currency and US adjustment following the Pabst transaction


Geographic splits (constant currency)

Ireland FY2017 FY2016 adj % change Reported

FY2016

Revenue 338.9 347.3 -2.4% 358.1

Net Revenue 242.3 252.5 -4.0% 261.6

- Price/mix impact 2.5%

-Volume impact -6.5%

Operating profit 48.6 46.9 3.6% 49.0

Operating profit margin 20.1% 18.6% 1.5ppts 18.7%

Volume (kHL) 1,599 1,711 -6.5%

Scotland FY2017 FY2016 adj % change Reported

FY2016

Revenue 285.0 296.6 -3.9% 339.8

Net Revenue 186.6 198.5 -6.0% 227.4

- Price/mix impact -4.6%


Operating profit 32.6 33.3 -2.1% 37.9


Volume (kHL) 1,394 1,414 -1.4%

C&C Brands FY2017 FY2016 adj % change Reported

FY2016

Revenue 145.9 154.5 -5.6% 177.0

Net Revenue 83.8 90.6 -7.5% 103.8




Operating profit margin 8.7% 10.3% -1.6ppts 10.1%

Volume (kHL) 1,216 1,273 -4.5%

International FY2017 FY2016 adj % change Reported

FY2016

Revenue 23.8 24.4 -2.5% 24.5

Net Revenue 23.7 24.4 -2.9% 24.5


-Volume impact 3.9%



Volume (kHL) 185 178 3.9%


Geographic splits (constant currency and adjusted for Pabst transaction)

NA FY2017 FY2016 adj % change Reported

FY2016

Revenue 24.5 36.9 -33.6% 47.5

Net Revenue 23.1 34.7 -33.4% 45.3

- Price/mix impact 0.2%




Volume (kHL) 176 265 -33.6%

Group FY2017 FY2016 adj % change Reported

FY2016

Revenue 818.1 859.7 -4.8% 946.9

Net Revenue 559.5 600.7 -6.9% 662.6





Volume (kHL) 4,570 4,841 -5.6%

fy 2017 resultscandcgroupplc.net/__data/assets/pdf_file/0010/26749/...in final dividend to 9.37 cent...

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