REG - C&C Group Plc - Summary of FY2024 Unaudited Financial Performance
07/06/2024 07:00
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RNS Number : 4991R C&C Group Plc 07 June 2024
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
FY2024 FY2023((i) (ii)) FY2024 FY2023((i))
€'m except per share items Underlying((iii)) Statutory
Net revenue 1,652 1,681 1,652 1,686
EBITDA((iv)) 94 115 (50) 104
Operating profit/(loss) 60 82 (84) 71
Operating margin 4% 5% NM 4%
Profit/(loss) before Tax 39 66 (111) 52
Net Debt (including lease liabilities) 167 155 167 155
Net Debt (excluding lease liabilities) 58 79 58 79
Net Debt:EBITDA (excluding lease liabilities) 0.8x 0.9x
NM 1.0
Please see page 6 for footnotes. NM = not meaningful.
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 Unaudited Unaudited Unaudited Unaudited
FY2023 FY2022 FY2021 Cumulative Impact
Inventory - Clonmel facility (2) (3) (5) (10)
Timing of accruals and release of Goods Received Not Invoiced balances 1 5 (3) 3
Timing of release of retrospective customer discounts 2 - 1 3
Change in accounting treatment of glassware* (1) - - (1)
Other accruals (1) 1 - -
Total (decrease)/increase in underlying operating profit (1) 3 (7) (5)
*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 Unaudited
FY2024 FY2023((i))
€'m €'m
Impairment of intangible asset (a) 125 -
Restructuring costs (b) 8 13
ERP implementation costs (c) 10 -
Deposit Return Scheme costs (d) 1 -
COVID-19 - (2)
Rights Issue Costs - 1
Operating profit exceptional charge 144 12
Impairment of assets held for sale (a) 3 -
Profit on disposal - (1)
Finance expense (e) 3 3
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 (mailto:CandCGroup@fticonsulting.com) for further
details.
Contacts
C&C Group plc
Email: investor.relations@candcgroup.ie
(mailto: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 (mailto: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.
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