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REG-C&C Group PLC AGM Statement

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AGM Statement

 

AGM Trading Update

Dublin, London | 7 July 2022: 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 trading update for the period
1 March 2022 to 30 June 2022 ahead of the Group’s Annual General Meeting
(AGM) which will be held later today.

C&C is pleased to report a solid trading performance in early FY2023.
Despite the consumer backdrop, net revenues are 6%((iii)) ahead of pre
COVID-19 levels for the four months to 30 June 2022, as we begin our busy
summer trading period. Notwithstanding this, the Group continues to operate in
a challenging inflationary environment and remains vigilant on the potential
impacts of this on both our cost base and the pressures being faced by
consumers, which could impact future demand. We have a significant proportion
of our manufacturing input costs fixed for FY2023 and will continue to
proactively manage our cost base, while assessing any necessary price
increases to recover inflation pressure across the business as the year
progresses.

Reflecting the continued recovery in trading and the Group’s inherent cash
generative characteristics, net debt to adjusted EBITDA, at 30 June 2022, fell
to approximately 2.4x((i)(ii)(iii)). This represents a significant improvement
from 3.4x reported at 28 February 2022. The Group is on track to exit its
waiver period in H2 FY2023, achieve its leverage ratio target of less than
2.0x and assuming current trading conditions continue, return capital to
shareholders in due course.

C&C holds its AGM today. Following four years as Chair of C&C Group
and 10 years on the Board, Stewart Gilliland is not seeking re-election and
will be succeeded by Ralph Findlay, subject to shareholder approval, at the
conclusion of the AGM.

Ralph Findlay, Chair designate of C&C Group, commented: "I would like
thank Stewart for his commitment and stewardship of C&C, during which time
the Group has transformed into the leading final-mile distributor to the
on-trade in the UK and Ireland, while navigating the business through the most
challenging period in our industry’s history. The Group has iconic brands, a
leading distribution network and a strong capital structure to sustain its
future growth ambitions. I look forward to playing a role in driving the
future success of the business for all our stakeholders including customers,
consumers, employees and shareholders.”

ENDS

Notes


 1. Adjusted EBITDA is earnings before exceptional items, finance income, finance
expense, tax, depreciation, amortisation and share of equity accounted
investments’ profit after tax.

 2. Net debt comprises borrowings (net of issue costs), lease liabilities
capitalised, less cash.

 3. Unaudited financials.

Contacts

C&C Group plc

Patrick McMahon, Chief Financial Officer

Ewan Robertson, Finance and Investor Relations Director

Email: ewan.robertson@candcgroup.com (mailto:ewan.robertson@candcgroup.com)

FTI Consulting

Jonathan Neilan / Paddy Berkery / Aline Oliveira

Tel: +353 86 231 4135 / +353 86 6025988 / +353 83 8331644

Email: CandCGroup@fticonsulting.com (mailto:CandCGroup@fticonsulting.com)

Novella Communications

Tim Robertson

Tel: +44 203 151 7008

Email: TimR@novella-comms.com (mailto:TimR@novella-comms.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; Tennent’s, the leading Scottish beer brand;
Magners the premium international cider 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 is a 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 C&C believes are reasonable. However,
these statements are neither promises nor guarantees, but are subject to risks
and uncertainties, including those factors discussed in our FY2022 Annual
Report that could cause actual results to differ materially from those
anticipated.



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C&C Group PLC


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