FY2018 Half-Year Results - · PDF fileFY2018 Half-Year Results 26 October, ... Your attention is drawn to the ZPrincipal Risks and Uncertainties set out on ... Stability in number

FY2018 Half-Year Results

26 October, 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 31 August, 2017 and should be read in conjunction with the announcement of the financial results of the Company for the period ended 31 August, 2017, released 26 October, 2017 (the “H1’18 Interim 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 16 of the Company’s FY2018 Interim 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


H1 FY2018 | Performance Overview

€50.5 million Operating Profit

Up 0.4% underlying1

€273.1 million Net Revenues

Down 3.7% underlying1

1.65x3

Net Debt to EBITDA Strong balance sheet & flexibility

€75.4 million Free cash flow (Pre exceptionals)

131% Conversion of EBITDA

€30.6 million Share buyback in H1’18

€160.4 million share buyback over last 3.5 years4

5% growth interim dividend to 5.21 cent per share

Supported by strong balance sheet & underlying cashflow

1. Underlying performance H1 FY’17 comparative adjusted for (i) constant currency (H1 FY’17 translated at H1’18 F/X rates revenues €14.1m; operating profit €2.0m) and (ii) the impact of certain AB InBev beer volumes in Ireland in the comparative period which transferred to direct supply under the terms of the revised distribution agreements with AB InBev. (H1 ’17 revenues €9.4m; operating profit €2.8m)

2. H1 FY’17 comparative adjusted for constant currency (H1 FY’17 translated at H1’18 F/X rates revenues €14.1m; operating profit €2.0m) 3. Net Debt as at 31 August 2017 and LTM EBITDA as at 31 August 2017 4. Share buybacks FY15-FY18 YTD

+40bps

Improvement in operating margin to 18.5%

€152 million Branded Net Revenues

Down 2.8%2

2


Strategic & Operational Highlights

1) Solid growth in Tennent’s from branded and wholesale businesses

2) Smooth transition of cider portfolio to AB InBev – momentum building

3) Investment in Ireland delivering growth in Off-trade; remains highly competitive in the On-trade

4) Strong organic growth in Super-Premium & Craft portfolios; acquisition of Orchard Pig

5) Strengthened route to market access in the UK

6) Continued growth in Export

7) Margin improvement driven by improving business mix, cost control & operational efficiency

Delivering strategic & operational priorities

Prepared for ongoing challenges & opportunities

H1 FY2018

FINANCIAL

REVIEW


Summary Financials

1. H1’17 comparative adjusted for constant currency (FY2017 translated at FY2018 F/X rates).

Year-on-year performance (constant currency) H1’18 H1’171 % change

Group volumes (kHL)

- of which branded

2,208

1,531

2,508

1,562

(12.0%)

(2.0%)

Group net sales revenues (€’m)

- of which branded

273.1

152.3

292.9

156.7

(6.8%)

(2.8%)

Operating profits (€’m)

- operating margin

50.5

18.5%

53.1

18.1%

(4.9%)

+40bps

Profit after tax (pre-exceptionals) (€’m) 39.8 42.2 (5.7%)

Weighted average number of shares, incl. options (diluted) 309,551 315,903 (2.0%)

Adjusted fully diluted EPS 12.9 13.4 (3.7%)

Exceptional items (pre-tax) (€’m) 0.7 1.1 n.m.


2,508

(123)

2,298 +25

(6) (16) (8)

(51)

2000

2100

2200

2300

2400

2500

2600

1

(87)

2,208

Volume

kHL

* Includes Wines, NABs and on-going own label and contract manufacturing

1. Benefits from 17.5 kHL of Orchard Pig volumes acquired in the period

(34)

Branded volumes

-2.0%


Net Revenue

€m

279.9

307.0

(14.1)

(9.4) (3.6)

(4.8)

+3.6

(0.9) (2.3) (1.2)

273.1

225

250

275

300

325

Branded revenues

-2.8%

(1.2)

* Includes Wines, NABs and on-going own label and contract manufacturing

1. Benefits from €2.2m of Orchard Pig revenues acquired in the period

1


124

100

110

120

130

140

H1'17 Corebrands NSV

Tennent'svolume

Tennent'sprice/mix

Bulmersvolume

Bulmersprice/mix

Magnersvolume

Magnersprice/mix

H1'18 Corebrands NSV

1

• Lower volumes in period of transition, but momentum building

• NSV rate deflation –5.3% reflecting distribution margin and mix

• Can (60%) v bottle mix trend has continued (FY17: 52%)

• Volumes flat on a global basis, but outperforming in Scotland

• NSV rate inflation +3.3%

• On-trade volume losses, only partially off-set by growth in off-trade channel

• Pricing environment remains positive • NSV rate deflation -0.5%, reflecting

channel mix shift from draught to small pack off-trade

1. H1’17 core brands revenue (globally) adjusted for constant currency

-10.2% -5.5% + 3.0%

€m

129


55.1

(2.0)

(2.8)

50.3

+1.6 +0.1

(0.7)

(0.1)

50.5

40

45

50

55

(0.7)

Operating Profit (before exceptionals)

€m

1. Benefits from €0.3m of Orchard Pig trading profit acquired in the period, off-set by the negative profit impact of €0.8m of lost own label contracts as a results of Shepton closure

1


Operating Margin

18.1%1

18.5%

17.0%

17.5%

18.0%

18.5%

19.0%

H1 FY'17 H1 FY'18

Margin Drivers

• Business mix

- Brand revenues -2.8%

- Other revenues -11.3%

• Cost savings

- AB InBev related €2.1m

- Distribution efficiencies

• Channel and pack mix

- Bulmers (Off/On-trade)

- Magners (Glass/Can)

• AB InBev pricing impact

P

osi

tive

N

egat

ive

+40bps1

1. H1 FY’17 comparative adjusted for constant currency (H1 FY’17 translated at H1’18 F/X rates revenues €14.1m; operating profit €2.0m)


Update on AB InBev | Short-term impacts

1. H1 FY’17 comparative adjusted for constant currency (H1 FY’17 translated at H1 FY’18 F/X rates) 2. Revenue and margin foregone based on H1 FY’18 volumes at H1 FY’17 NSV/HL and GP/HL

Impacts from revised ABI distribution deal H1’18 vs H1’17 (constant currency adjusted)

Volume (kHL)

NSV1 (€’m)

EBIT1

(€’m) Comments

Ireland

- Loss of direct supply accounts

- Cost savings

(123)

(123)

-

(9.4)

(9.4)

-

(2.2)

(2.8)

0.6

Headcount savings given reduced AB InBev activity in Ireland

GB

- Increased contract manufacturing

- Distribution margin on C&C cider2

- Cost savings (England & Wales)

-

-

-

-

(2.1)

-

(2.1)

-

0.1

0.4

(1.8)

1.5

Some delays on new SKUs, catch-up expected in H2

AB InBev distribution margin

Cost synergies in sales and marketing

Group (123) (11.5) (2.1) In-line with guidance of €2-3m dilution in 1st full

year


50.5

+7.1

+29.0

(0.9) (1.8)

(3.2) (4.9)

(0.7) (3.2)

75.4 72.2

30

50

70

90

110FCF

130.9% EBITDA

57.6

+0.3

Cash flow

€m


Balance Sheet

(170.6)

+72.2

(26.0)

(30.6)

(12.3)

(7.4)

(172.6)

(200.0)

(150.0)

(100.0)

(50.0)

0.0

Net debt28 Feb 2017

Free cash flow Dividends paid Share Buyback Exercise of shareoptions

Acquisitions Translation and other Net debt31 August 2017

Net Debt to EBITDA

1.65x

€m

(7.4)

+2.1

H1 FY2018

OPERATING

REVIEW


Maintained Tennent’s investment…

13%

22%

2016 2017

Brand Advocacy2

'A brand I’d recommend’

Brand Salience2

'A brand I’ve heard good things about’

33% 36%

2016 2017

2. Rolling MAT Feb ‘17 – Total Sample

1. Based on all new fonts installed by 10th June - 2 month performance versus control group

• New font roll-out

• New social media campaign

• Most engaged

Scottish brand on social media

40% growth

• in social media engagement

• 4,815 • new fonts

installed

• +2.8%1 • Improvement

in RoS


…leading to improved Tennent’s performance

€40.0

€42.1

H1 FY’17 H1 FY’18

Tennent’s GB Net Revenue Growth

+5.3%

1. Constant currency

1

Share draught lager – Scottish IFT

Strong share in key channels…

….and growing rate performance

60

65

70

75

80

85

90

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

De

c-1

6

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Tennent's on-tradeNSR/HL


Wholesale/3rd party back in growth | GB

H1 FY’17 H1 FY’18

Wholesale GB Net Revenue Growth

0

500

1000

1500

2000

2500

3000

3500

4000

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2016 2017

1. Constant currency

Stability in number of Wholesale customers……..

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

FY1

8 W

k01

FY1

8 W

k02

FY1

8 W

k03

FY1

8 W

k04

FY1

8 W

k05

FY1

8 W

k06

FY1

8 W

k07

FY1

8 W

k08

FY1

8 W

k09

FY1

8 W

k10

FY1

8 W

k11

FY1

8 W

k12

FY1

8 W

k13

FY1

8 W

k14

FY1

8 W

k15

FY1

8 W

k16

FY1

8 W

k17

FY1

8 W

k18

FY1

8 W

k19

FY1

8 W

k20

FY1

8 W

k21

FY1

8 W

k22

FY1

8 W

k23

FY1

8 W

k24

FY1

8 W

k25

FY1

8 W

k26

FY1

8 W

k27

FY1

8 W

k28

FY1

8 W

k29

….volume growth building through FY’18

Rolling 12 weeks year-on-year growth


Cider Brand Image | Ireland

Brand Affinity

'Is a brand for me’

Brand Affinity 'Is becoming more popular with

younger drinkers’

Prompted Awareness

1. Source: Company commissioned market research conducted by Ipsos MRBI (2015) and Behaviour & Attitudes in 2017

30%

13%

2015 2017

50%

23%

16%

32% 28%

2015 2017

40% 43%

50%

91%

57%

2015 2017

98%

81%

18%

Key:


Ireland | Bulmers Performance

• Cider category more subdued -1%

• Bulmers volumes –5%; against strong comparatives +6%

• Growth in off-trade channel +2%, but off-set by lost distribution points and share in Draught

• Cider volumes still dominated by Off-trade and Packaged

47% 47% 47% 46%

Feb '16 Aug '16 Feb '17 Aug'1729%

11% 60%

On-Trade Packaged

On-Trade Draught

Off-Trade-1%

1. RoI total cider category volume by channel - 6 months to Aug 2017; Nielsen Ireland Databases 2. RoI total cider category by volume- 12 months MAT share: Nielsen Ireland Databases

90% 89% 88% 86%

Feb '16 Aug '16 Feb '17 Aug'17

On-Trade: Packaged2

91% 83% 77% 73%

Feb '16 Aug '16 Feb '17 Aug'17

On-Trade: Draught2

ROI: Total cider category by channel1 Off-Trade2

C&C total share: 56%


Bulmers | Rate of Sale remains strong

• Bulmers maintaining its Rate of Sale premium to Orchard Thieves

• Supported by brand investment in H1

• Continue to experience distribution losses in draught

• Competitor activity focused on top tier accounts

2000

4000

6000

8000

10000

12000TAPPED BULMERS

TAPPED ORCHARD THIEVES

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

AUG2016

SEP2016

OCT2016

NOV2016

DEC2016

JAN2017

FEB2017

MAR2017

APR2017

MAY2017

JUN2017

JUL2017

AUG2017

PACKAGED BULMERS

PACKAGED ORCHARDTHIEVES

Source: Neilsen databases - Ireland

Rate of Sale on-trade - draught

Rate of sale on-trade - packaged


H1'17 H1'18

GB Cider

• Transfer of GB cider brands to AB InBev

• Slow start, but momentum building

• Strong comparatives in Magners +11%

• Magners performed well in range reviews

• Extended distribution reach, especially in convenience and wholesale

• Good performance by K Cider enhanced distribution, particularly in convenience

• Good contribution from Orchard Pig1 acquisition

Overall GB cider volumes flat

-6%

Other cider brands -21%

1 Orchard Pig acquired May 2017. Sales, marketing and distribution retained by C&C Group plc

+30%

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjw_4jguIHXAhUBI8AKHYbgCZUQjRwIBw&url=https://www.redbubble.com/people/lauried/works/21926797-k-cider-logo?p%3Dsticker&psig=AOvVaw07ovrs3VOaI2jQlejhfVDU&ust=1508665943684513


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)

H1 performance:

• Increased pricing impacting revenues and margin

• Impact of direct supply accounts

• Transition complete • Momentum building

H2 opportunities: • More stable pricing environment • Magners Dark Fruit – fast tracked • Christmas trading

Long-term opportunities:

• Craft portfolio • Further collaboration

• Significant volume share and value growth

• Physical distribution synergies

AB InBev Partnership | Relationship update


Growing Super-Premium & Craft Portfolio In

no

vati

on

A

gen

cy

Cra

ft

In house innovation & brand development

Exclusive UK and/or ROI distribution of quality imports

Partnerships with Local craft

1

28.0 kHL

53.4 kHL

H1 FY'17 H1 FY'18

Organic growth +24%

1. In RoI only 2. Acquired April 2017

2

• Launch of Heverlee in off-trade (Scotland & Ireland)

• UK-wide distribution with Tesco for H2

• Menabrea +62%

• Rights to San Miguel in Ireland

• Acquisition of Orchard Pig; Good On-trade penetration in England & Wales (+52% YOY)

• 5 Lamps now in 210 pubs in Dublin

Current Portfolio Highlights in H1 FY’18 Volume Growth


Core Brand Product Innovation

• Addressing growth

market for bottled Ales • Premiumising the

Tennent’s brand

• Having consolidated

position in Apple • Addressing the growing

market for flavours • 500 accounts in Scotland

• Sweeter proposition

developed for Asian markets

• Addressing growing indigenous cider markets


Admiral Taverns | Overview

Geographic presence in UK1 Key brands

Position of Admiral in the UK Pub Landscape

• Admiral is a leading operator of pubs across the UK. As at Sept 2017, Admiral owned and operated 845 pubs, predominantly comprising suburban, community or rural pubs in England & Wales. The portfolio is 95% freehold or long leasehold and is operated in the main as a tenanted, tied estate

• No. of pubs: 845

• Property value: £244m (May16) • Wet / dry revenue split (%): 57/43

Overview

KPI’s

1. As at May16

http://logonoid.com/fosters-logo/

http://fandbnews.com/carling-unveils-official-partnership-with-the-premier-league/

https://www.pinterest.com/pin/428264245806939278/

https://en.wikipedia.org/wiki/John_Smith's_Brewery

http://www.benekeith.com/beverage-new/products/kronenbourg-1664

https://www.designboom.com/design/stella-artois-beer-packaging-design-competition-for-duty-free/


International | Continued Progress

1. Excluding impact of discontinued Tennent’s Charger volumes of 4.8kHL in India in H1’17; Asia volumes (-8%) if included

North America

68.4 kHL -25% YOY

Asia 11.8 kHL

+47% YOY

Aus/NZ 10.1 kHL +78% YoY

EMEA 85.7kHL +2% YoY


International

International (excl. North America)

Other

+11%

+4%

• Europe - Strong performance for Germany and Russia - Quieter trading in Spain and France

• Asia

- Good initial performance from Tennent’s in China, Singapore and South Korea

- Launch of Magners Juicy Apple

• Aus/NZ

- Good recovery in Australian volumes under CCA

• North America

- Cider category declines continue to hamper recovery

+5%

H1 FY'17 H1 FY'18

1. Excluding impact of discontinued Tennent’s volumes of 4.8kHL in India in H1’17; Asia volumes (-7%) if included

1


Driving Operating Efficiencies

• Site rationalisation completed in FY2017

- Transfer production from Borrisoleigh & Shepton Mallet to Clonmel

- Utilisation rates driving efficiencies

• Increased direct deliveries is increasing distribution efficiencies for full year FY18

• Focus on administrative overheads

- Streamlined divisional structure

- c.€3m investment in IT infrastructure will facilitate further efficiencies

Capacity Utilisation Clonmel & Wellpark

Distribution Efficiency Total cost per kHL

-7%

76% 82%

H1'17 H1'18

FY'17 FY'18


Capital Allocation

Re-invest for organic growth

Progressive dividend policy

Selective acquisitions in line with strategy

Return excess capital to shareholders

• Continued investment in core and premium brands

• Net capex €4.9m in line

with guidance

Investment in restructuring and cost reduction

• Continual focus on operating efficiency and cost reduction

• Streamline divisional structure delivering admin savings

• c. €3m of IT spend to drive efficiencies

• Completed investment in Orchard Pig and Five Lamps and other small acquisitions €12.3m

• Post balance sheet

investment in Admiral Taverns €40m

• €30.6m buybacks completed in the period

• Continue share

buyback activity on opportunistic basis

• Interim Dividend of €5.21c +5.0%

Balance sheet strength & efficiency • Net Debt/EBITDA of 1.65x at 31 August 2017

• Admiral Taverns investment will take us to target leverage of 2x Net debt / LTM EBITDA

• Sustainable Free Cash Flow conversion of 60-70% over medium term

H1 FY2018 update

1 2 3 4 5

OUTLOOK


Current trading and Outlook

Current trading

• Solid start to H2 in GB

• Competitive pressures remain in Ireland

• Consumer conditions volatile; September poor across the

industry

Outlook FY’19 and beyond

• Volume growth through AB InBev and Admiral channels

• Grow value in Tennent’s and Super-Premium portfolio

• Continued competitive pressure in Ireland

• Further operational efficiencies

• Focused growth in selected International markets

Solid business, good cash conversion, strong balance sheet

- underpin capital returns and strategic opportunities

Q&A

APPENDIX


Core Brand Investment | Bulmers

1. Brand Health Dipstick Average scores on 5 key questions 18-24 age group – September 2016 2. Source: Company commissioned market research conducted by Ipsos MRBI (2015) and Behaviour & Attitudes in 2017

Brand Health Scores1

Top 3 LAD brands in ROI

19

25

42

Brand Salience2

'A brand I’ve heard good things about’

46%

54%

2015 2017

Brand Affinity2 ‘Popular with younger Drinkers’

32%

40%

2015 2017


Outcider

• Sweeter proposition within Bulmers family

• Good distribution achieved in Off-trade (2% market share)

• On-trade distribution growing and pouring in 307 pubs

• Activation to stimulate sampling and rate of sale

0

100

200

300

400

500

600

March April May June July August

Off-trade On-trade

0

500

1000

1500

2000

2500

March April May June July August

Off-trade On-trade

Distribution build

Volume build


Admiral | Transaction structure

Proprium C&C (47%)

Bidco

Admiral

Mgmt.

Shareholder Agreement

Pro

curem

ent an

d Su

pp

ly Agreem

ent

• Customary shareholder agreement will be entered into between C&C, Proprium and Admiral Management with a long term commitment to unlock synergies and to grow the business

Shareholder Agreement with

Proprium

Procurement and Supply

Agreement with Admiral

• C&C and Admiral will enter into a legally binding Procurement and Supply Agreement (PSA) for as long as C&C remains a shareholder, to increase brand awareness and distribution of C&C brands throughout the Admiral estate


Development of our Premium Portfolio

Prior 2013 2014 2015 2016 2017

Initial investment in

2012

Acquired 100%

Launched in Scottish and

Irish Off-trade

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

Note: Calendar years


Geographic splits (constant currency)

International

€’m

Constant currency H1’18 H1’17 Change %

Export N America Int’l Export N America Int’l Export N America Int’l

Revenue 13.5 9.1 22.6 13.4 12.7 26.1 +0.7% (28.3%) (13.4%)

Net Revenue 13.4 8.6 22.0 13.2 12.0 25.2 +1.5% (28.3%) (12.7%)

- Price / mix impact (3.7%) (2.9%) (3.4%)

- Volume impact +5.2% (25.4%) (9.3%)

Operating profit 2.6 0.4 3.0 2.5 0.5 3.0 +4.0% (20.0%) -

Operating margin 19.4% 4.7% 13.6% 18.9% 4.2% 11.9% +50bps +50bps +170bps

Volume – (kHL) 108.0 68.4 176.4 102.7 91.7 194.4 +5.2% (25.4%) (9.3%)

Great Britain

€’m

Constant currency H1’18 H1’17 Change %

Scotland C&C Brands GB Scotland C&C Brands GB Scotland C&C Brands GB

Revenue 148.2 72.4 220.6 141.2 77.4 218.6 +5.0% (6.5%) +0.9%

Net Revenue 97.7 40.4 138.1 92.5 44.7 137.2 +5.6% (9.6%) +0.7%

- Price / mix impact +6.3% +4.6% +8.0%

- Volume impact (0.7%) (14.2%) (7.3%)

Operating profit 18.0 3.5 21.5 16.4 4.2 20.6 +9.8% (16.7%) +4.4%

Operating margin 18.4% 8.7% 15.6% 17.7% 9.4% 15.0% +70bps (70bps) +60bps

Volume – (kHL) 720.9 589.6 1,310.5 726.1 687.5 1,413.6 (0.7%) (14.2%) (7.3%)

- of which

Tennent’s

530.9 529.0 +0.4%

- of which Magners 279.1 295.7 (5.6%)


Geographic splits (constant currency)

* Underlying H1’FY17 comparatives adjusted for: (i) constant currency (H1’FY17: gross revenues €3.1, net revenues €2.6m; operating profit €0.3m); (ii) the impact of certain AB InBev beer volumes in Ireland in the comparative period which transferred to direct supply under the terms of our revised distribution arrangements with AB InBev (H1’FY17: volumes 123kHl; gross revenues €9.4m; net revenues €9.4m; operating profit €2.8m).

Ireland

€’m

Constant currency

H1‘18

H1‘17

Underlying*

Change

Underlying*

H1‘17

CC

Revenue 164.3 174.2 (5.7%) 183.6

Net revenue 113.0 121.1 (6.7%) 130.5

- Price / mix impact +0.4%

- Volume impact (7.1%)

Operating profit 26.0 26.7 (2.6%) 29.5

Operating margin (Net revenue) 23.0% 22.0% +100bps 22.6%

Total volume – (kHL) 721.5 776.8 (7.1%) 899.8

- of which Bulmers – (kHL) 218.1 229.7 (5.1%) 229.7

Documents

FY2018 Half-Year Results - · PDF fileFY2018 Half-Year Results 26 October, ... Your attention is drawn to the ZPrincipal Risks and Uncertainties set out on ... Stability in number