C&C Group PLC · LSE:CCR

C&C — FY2012 Earnings Presentation

31 slides from C&C's earnings presentation, May 16, 2012

1. Slide 1: Full Year Results

   !"##$%&'($)*+)$,&-"#.- /'01$)*+)$

2. Slide 2: Disclaimer

   23-4#'35&($ 673-$ 8(&-&9.':;9$ <;&-$ 9;.$ 4;9-:.".&$ '9$ 39=3.':;9$ .;$ "9<&(>(3.&1$ -"?-4(3?&$ @;(1$ ;($ ;.7&(>3-&$ '4A"3(&$ ;($ <3-8;-&$ ;@$ '90$ -7'(&-$ ;($ ;.7&($ -&4"(3:&-$;@$BCB$D(;"8$8#4$E.7&$FB;58'90FGH$ 67&$8(&-&9.':;9$4;9.'39-$@;(>'(<I#;;J39K$-.'.&5&9.-1$394#"<39K$-.'.&5&9.-$'?;".$.7&$B;58

3. Slide 3: Performance Review, Financial Review, Operating Review, Strategy and Outlook

   !"#$%#&'()"*+,"#,-".* /-('()-'0*1",-".* 2"3&"(4'0*1",-".* 5(4"#('6%('0*7-8"#*9:8'4"* 2;&&'#<*'(8*=>?*

4. Slide 4: Performance Highlights

   P&(@;(5'94&$Z3K7#3K7.-$ ! +:"#'6(3*:#%@4*3#%.4A*%$*BCD*4%*EFFFGH&* ! 24#%(3*$#""*)'IA*J%.K*("4*)'IA*'4*<"'#*"(8*%$*ELMGN*&-00-%(* ! O-,-8"(8*-()#"'I"*%$*HPC*4%*MGFQ*)"(4*:"#*IA'#"K** *:#%3#"II-,"*8-,-8"(8*:%0-)<* ! R'3("#I*,%0;&"*3#%.4A*%$*SC* ! 24#%(3*T"(("(4UI*:"#$%#&'()"*-(*2)%40'(8*'(8*5#"0'(8*

5. Slide 5: Strategic Update Highlights

   X.('.&K34$C$\8&(':9K$Z3K7#3K7.-$ ! 5((%,'6%(*>*Y!O* ! 7%(6(;-(3*-(4"#('6%('0*8","0%:&"(4*%$*:%#Z%0-%* ! [%\0-(3*0-("*#"0%)'6%(*4%*]0'I3%.* ! Y".*:')^'3-(3*)%(4#')4*.-(I* ! ?)_;-I-6%(*%$*`%#(IV<UI*7-8"#*V#'(8* ! ?::%-(4&"(4*%$*a%#-I*[#'&Ib*RO*5(4"#('6%('0*'(8** *I4#"(34A"(-(3*%$*V#%'8"#*&'('3"&"(4*4"

6. Slide 6: Business Model Delivering Objectives

   S"-39&--$/;<&#$2&#3=&(39K$\?N&4:=&-$ X.('.&K34$/;<&#$ ! [#'(8*&'#^"4*)%&V-('6%(I* ! R;06dV","#'3"*:0'Z%#&I* ! ?;4A"(6)*0%)'0*V#'(8I* ! 24#%(3*V'0'()"*IA""4* ! R'('3"&"(4*)':'V-0-4<* !%$)*+)b$2&#3=&(39K$;9$\?N&4:=&-$ .#&,/()#$%&'$&()*++,$)-( Magners Tennent’s Ireland FCF % EBIT EBIT EBIT EBITDA +12.9

7. Slide 7: Financial Review

   !"#$%#&'()"*+,"#,-".* /-('()-'0*1",-".* 2"3&"(4'0*1",-".* 5(4"#('6%('0*7-8"#*9:8'4"* 2;&&'#<*'(8*=>?*

8. Slide 8: Financial Highlights

   !39'943'#$Z3K7#3K7.-$$ ! +:"#'6(3*:#%@4*;:*BCD*4%*EFFFGH&* WSU6e$ f5$ B7'9K&$ 7-8"#*1+5* EPHGH&* fHGNCg* ! +:"#'6(3*&'#3-(*-&:#%,"8*V<*HGB::4I*4%*HNGFC** R'3("#I* ENNGH&* hFHGBC* ]'<&"#I* ESGS&* hFGMC* T"(("(4UI* EHHGN&* hHHGSC* ! 24#%(3*$#""*)'IA*J%.*%$*EFeHGL&** `%#(IV<UI* EeGB&* d* TA-#8*!'#4<* E

9. Slide 9: Net Revenue and Operating Profit Bridge

   _&.$,&=&9"&$ f5$ SHe* X.("4."('#$ V9<&(#039K$ X.('.&K34i$ 6('9-3:;9'#$ hHd$ See* *Hc$ E`HgG$ E+HgG$ E)H+G$ EdHaG$ PMe* E+dHaG$ )H`$ PLe* a*gHg$ PPe* `d*Hd$ PHe* Pee* /i*HeFF*Y"4* 7;##"()<* 7-8"#*1+5* R'3("#I*9j* R'3("#I*>* T"(("(4lI* TA-#8*!'#4<* ]'<&"#I*9j* `%#(IV<lI* /i*HeFH*Y"4* 1","(;"* ]'<&"#I*

10. Slide 10: Operating Profit

    \8&(':9K$P(;Q.$ f5$ X#3<&$+*$

11. Slide 11: Strong Free Cash Flow

    X.(;9K$!(&&$B'-7$!#;>$ f5$ X#3<&$++$ !=4,+'1$3(4+#>&(2%(2$):*%2?,(#7(@2%)#$1$*,@(#4,+'1#$%('$@(A,7#+,(,9),41#$':(2&,;%(

12. Slide 12: Strong Balance Sheet

    X.(;9K$S'#'94&$X7&&.$ f5$ FHe* ! Y"4*)'IA*%$*ELMGN&** +*)Hc$ Fee* Me* E+dHaG$ cdHh$ ! Y".*EHSe&*$')-0-4<*4%*HeFQ* Le* )H`$ E+cHcG$ `Hj$ Pe* ! O"V4*)':')-4<*%$*)G*ESee&* He* e* EcHhG$ dHe* Y"4*O"V4********** /#""*7'IA*J%.* O-,-8"(8I* `%#(IV<lI* Y"4*8-I:%I'0* +4A"#* Y"4*O"V4*********** 2&Q9&<$S&9&Q.$P

13. Slide 13: Financing Costs

    !k1$6'M$C$!39'9439K$B;-.-$ ! /mW**Y";4#'0*:%I-6%(*$%#*/iFN*.-4A*2T]Wc91*A"83"8*'4*eGMSQ** ! T'kW**3;-8-(3*FPC*4%*FSC*"n")6,"*#'4"* ! /-('()-(3*7%I4IW*;(8#'.(*$')-0-4<*)%I4*%$*o*EH&*:"#*'((;&* X#3<&$+h$ !"#$%&'$&()*++,$)-(

14. Slide 14: Operating Review

    !"#$%#&'()"*+,"#,-".* /-('()-'0*1",-".* 2"3&"(4'0*1",-".* 5(4"#('6%('0*7-8"#*9:8'4"* 2;&&'#<*'(8*=>?*

15. Slide 15: Bank Market Overview

    DSb$/'(J&.$\=&(=3&>$ DS$S&&(-1$n39&$C$X83(3.-$ DS$l$\9$C$\O$6('<&$m$,;##39K$/^6$];#"5&$ UBV(W#:*;,(X("I'$3,/(CFGG(?%(CFGF( 6 B3<&($ /'K9&(-$S('9<$ ++$ 4 +*$ +*$ +*$ g$ g$ d$ d$ d$ d$ c$ c$ a$ a$ (1) (1) (1) a$ a$ a$ a$ a$ (2) `$ `$ `$ h$ h$ `$ (3) h$ (4) \9I6('<&$ )$ \OI6('<&$ S&&($ B3<&($ ,62-$ X83

16. Slide 16: Cider Business

    DSb$B3<&($ /'K9&(-$ !%$ B7'9K&$ ! 7-8"#*)'4"3%#<*3#%.4A*%$*SCK*:#"&-;&*)-8"#I*3'-(-(3*IA'#"* )*+)$ !"#$%&!'(()& Y"4*#","(;"* EFeQGL&* heGQC* +:"#'6(3*!#%@4* EHSGH&* hSGBC* ! 24#%(3*%nd4#'8"*:"#$%#&'()"* +:"#'6(3*R'#3-(* CPOYX( (ZGOG44&%( p%0;&"I*^`q* QLL* hHGMC* ! ]%08"(*O#';3A4*'(8*!"'#*8#-,-(3*%(d

17. Slide 17: Ireland: Market Overview

    U(&#'9<b$/'(J&.$\=&(=3&>$ U(3-7$T^2$/'(J&.$ ,\U$l$\9$C$\O$6('<&$m$,;##39K$/^6$];#"5&$ 8?#:*1#$(#7(=$(S(=\(V+'@,( \9I6('<&$ 6;.'#$T^2$ S"#5&(-$S('9<$ \OI6('<&$ 64% 62% +$ 59% *$ *$ 56% *$ *$ *$ I+$ I+$ 44% 41% 38% I+$ I+$ I+$ I+$ I+$ 36% Ih$ Ih$ Ih$ Ih$ Ih$ Ih$ Ih$ Ih$ Ih$ I`$ I`$ I`$ I`$ )**di*g$ )*

18. Slide 18: Ireland: Cider and Beer

    U(&#'9<b$B3<&($C$S&&($ B3<&($,\U$ !%$ B7'9K&$ ! q?O*)'4"3%#<*,%0;&"*8")0-("*%$*FC*f%(d4#'8"*dLCK*%nd4#'8"*hQCg** )*+)$ !"#$%&!'(()& Y"4*#","(;"* EBFGS&* fMGSCg* ! 7A'(("0*I.-4)A*4%*%nd4#'8"*)%(6(;"IK*%nd4#'8"*:#-)"*8"J'6%(* +:"#'6(3*:#%@4* EPHGH&* fHGNCg* +:"#'6(3*&'#3-(* Y[OGX( ZCOD44&%( ! +:"#'6(3

19. Slide 19: Scotland: Market Overview

    X4;.#'9<b$/'(J&.$\=&(=3&>$ X4;.#'9<$l$\9$C$\O$6('<&$m$,;##39K$/^6$];#"5&$ +$ +$ 6;.'#$S&&($ 6&99&9.-$S('9<$ *$ *$ I)$ I+$ I)$ I)$ I)$ Ih$ I`$ I`$ Ih$ I`$ Ia$ Ia$ Ic$ Ic$ Ic$ Ic$ Ic$ Ij$ Ic$ Ij$ Ij$ Ij$ Ij$ Id$ X#3<&$+g$ L#*+),/(B".2,:%,$(S("TB(

20. Slide 20: Tennent's and Third Party Brands

    6&99&9.o-$C$673(<$P'(.0$S('9<-$ 6&99&9.o-$ !%$ B7'9K&$ ! T"(("(4UI*%;4:"#$%#&'()"W*[#'(8*'(8*4#'8"*-(,"I4&"(4* )*+)$ !"#$%&!'(()& Y"4*#","(;"* EFeeGF&* fFGBCg* ! 24#%(3*V#'(8*A"'04A*I)%#"I* +:"#'6(3*:#%@4* EHHGN&* hHHGSC* +:"#'6(3*&'#3-(* CCOPX( ZYON44&%( ! 2A-r*'.'<*$#%&*s0%.*,'0;"U*,%0;&"** p%0;&"

21. Slide 21: International and Strategy

    !"#$%#&'()"*+,"#,-".* /-('()-'0*1",-".* 2"3&"(4'0*1",-".* 5(4"#('6%('0*7-8"#*9:8'4"* 2;&&'#<*'(8*=>?*

22. Slide 22: International Cider: Market Overview

    U9.&(9':;9'#$B3<&(b$/'(J&.$\=&(=3&>$ ! ]#%.-(3*I")4%#*-(4"#"I4*-(*)-8"#*>*)#'r*V""#I* ! 7%(6(;-(3*-((%,'6%(*'(8*(".*)'4"3%#<*"(4#'(4I* ! 24#%(3*8%;V0"d8-3-4*)'4"3%#<*,%0;&"*3#%.4A* !%$)*+)$ p)aqe$ !%$)*+)$ pjdqe$ !(E](CFGC("S"(W#:*;,(T+#J&I( X#3<&$))$

23. Slide 23: Emerging Cider Markets

    B3<&($l$W5&(K39K$B3<&($/'(J&.-$ VX^$ B'9'<'$ ^"-.('#3'$ !39#'9<$ X;".7$^@(34'$ B3<&($=;#"5&$ Pee^`q* HHH^`q* Pee^`q* PMe^`q* HbFPN^`q* S&&($=;#"5&$ HNLbeee^`q* HHbPLe^`q* FQbMLL^`q* PQNe^`q* HMbPMH^`q* P&9&.(':;9$ eGHC* FGeC* HGHC* FeGFC* QGeC* B3<&($K(;>.7$ hHSC* hHC* hNSC* 5&:%#4"8*7-8"#* hFLC* ET

24. Slide 24: Export Business

    BCB$l$WM8;(.$B3<&($ /'K9&(-$$ !%$ B7'9K&$ ! ?)_;-I-6%(*%$*`%#(IV<UI*'(8*'::%-(4&"(4*%$*a%#-I*[#'&I** )*+)$ !"#$%&!'(()& Y"4*#","(;"* EHPGQ&* hFQGLC* ! O-I4#-V;6%(*'3#""&"(4IW*2;(4%#<*f?;I4#Gg*>*R%%I"A"'8*f7'('8'g* +:"#'6(3*:#%@4* EPGS&* hQNGFC* +:"#'6(3*&'#3-(* GROCX( ZNOR44&%( ! 5(,"I4&"(4*-(*92*I'

25. Slide 25: Export Business: Exports

    BCB$l$WM8;(.$ ! 24#%(3*:%#Z%0-%*%$*)-8"#*V#'(8I* /'K9&(-$];#"5&-$E/^6G$ I,)&#:2&+,%( **v*K+2%IH(8$3:2%I('$@(B;,+2)'$(I,+2&'3,( *Qebeee** !%$)*+)e$ p)aq$ ! T"(("(4UI*"k:%#4*A"#-4'3"* *Lebeee** **v*^'*$)I(2$(B*%&+':2'H(K&':-H(.#+&I(B;,+2)'(S(_*%%2'( *Sebeee** ! 5(4"#('6%('0*&'('3"&"(4*4"'&*'(8** *Pebe

26. Slide 26: Summary and Outlook

    !"#$%#&'()"*+,"#,-".* /-('()-'0*1",-".* 2"3&"(4'0*1",-".* 5(4"#('6%('0*7-8"#*9:8'4"* 2;&&'#<*'(8*=>?*

27. Slide 27: Summary

    X"55'(0$ ! O"0-,"#"8*%(*%VX")6,"I* 2&#3=&(39K$\9$ \?N&4:=&-$ ! T"(("(4UI*:"#$%#&-(3*I4#%(30<*-(*2)%40'(8*'(8*5#"0'(8* Magners EBIT +12.9% ! 5((%,'6%(*'(8*Y!O*I;::%#6(3*I4#%(3*)%#"*V#'(8I* Tennent’s EBIT +22.5% ! R'3("#I*3#%.-(3*-(*][*'(8*-(4"#('6%('00<* Ireland EBIT +1.1% ! 5#"0'(8*)%(6(;"I*4%*V"*)A

28. Slide 28: Appendix

    ?::"(8-k*

29. Slide 29: Risk Factors

    ,3-J$!'4.;(-$ ! 7%&:"66,"*4A#"'4* ! 2A-r*$#%&*%(*4%*%nd4#'8"* ! ?0)%A%0*8;4<*#-I^* ! ck)A'(3"*#'4"*#-I^* ! t"'^*V;I-("II*)%(8-6%(I*-(*)%#"*&'#^"4I* X#3<&$)g$

30. Slide 30: Manufacturing Assets

    BCB$D(;"8$8#4$ O-I4#-V;4"8* 7-8"#* n&##8'(J$ !'43#3.0$ Manufacturing Assets B#;95&#$$ !'43#3.0$ [""#* X7&8.;9$/'##&.$!'43#3.0$ X#3<&$h*$

31. Slide 31: C&C Group plc

    . ee cac group plc “3: www.candcgroupplc.com

C&C Group — FY2012 Earnings Presentation on 6ix