Results for the Six Months Ended 31 August 2021

RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2021

28 October 2021 | London, Dublin: 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 announces unaudited results for the six months ended 31 August 2021 ("H1 FY2022").

H1 FY2022 FINANCIAL OVERVIEW

€m except per share items
	H1 FY2022	H1 FY2021
Net revenue(i)	657.3	398.4
Adjusted EBITDA(i)(ii)	30.8	3.8
Operating profit/(loss)(i)(iii)	16.0	(13.2)
Operating Margin	2.4%	NM
Exceptional credit/(costs) (post tax)	3.3	(6.8)
Basic EPS (cent)(iv)	2.5	(9.6)
Adjusted diluted EPS (cent)(iv)	1.6	(7.6)
Free cash flow(iii)(v)	26.2	(28.4)
Net Debt(vi)	245.8	371.6

H1 FY2020

895.9

81.8

66.0

7.4%

(2.0)

14.2

14.8

90.9

343.6

• Net revenue increased 65.0%(i) to €657.3m, reflecting the progressive reopening of the hospitality sector during the latter months of the first half.
• In line with the easing of on-trade restrictions, the Group returned to profitability from June onwards.
• Demonstrating the strength and resilience of the business, C&C recorded an operating profit(iii) of €16.0m for the first half despite some restrictions still in place.
• Strong working capital discipline and C&C's inherent cash generation capability resulted in a free cash inflow(v) of €26.2m pre-exceptional and a related free cash flow conversion of 85.1%.
• Operating profit includes furlough income and temporary salary reductions of €5.2m. The Group discontinued the use of furlough in June when the business returned to profit.
• Exceptional profit of €3.3m which primarily relates to the profit from the sale of Vermont Hard Cider Company ("VHCC"), COVID-19 provision release, profit on sale of depot offset by Rights Issue costs and increased finance costs due to covenant waivers.
• Strong balance sheet position with net debt and liquidity of €245.8m(vi) and €474.9m(vii) respectively at end of August.

STRATEGIC & OPERATING HIGHLIGHTS

• Successful execution of the Rights Issue which placed C&C in a position of strength as on-trade restrictions eased.
• Efficiency and cost saving programme on track. Annualised savings of €9.0m generated in first half compared to pre COVID-19 cost base; target to deliver total of €18m annualised savings in FY2022.
• C&C's exposure to increasing input costs has been well managed in H1 FY2022, with modest exposure in H2 FY2022. With cost and capacity pressures evident, we have communicated a price increase across our GB customer base in October 2021.
• C&C has effectively managed the various issues affecting the wider industry including shortage of drivers and CO2. C&C's significant in-house network and CO2 recovery systems means the business has been able to broadly meet the needs of customers over the peak summer trading period, ensuring continuity of supply and service.
• Appointment of Andrea Pozzi to lead a streamlining of the GB businesses; and announced that industry veteran Ralph Findlay will succeed Stewart Gilliland as Chairman in July 2022.

BRAND STRENGTH

• The Group invested behind multi-platform and multi-channel advertising campaigns across its core brands over the key summer trading period - with the three brands featuring on TV.
• Our strong performance in the off-trade has continued with Bulmers and Tennent's growing MAT volume share in the data to H1 FY2022(ix)(x).

SYSTEM STRENGTH

• Against a backdrop of industry wide capacity constraints, we have undertaken an optimisation programme in our GB network, this will drive better customer service whilst helping to deliver our ESG commitments through lower miles travelled.
• C&C announced the simplification of our GB businesses under one leadership team and commencement of a significant change programme to improve efficiency and customer experience.
• Continued momentum in our e-commerce business with online ordering in significant growth compared with pre- pandemic levels.

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ESG COMMITMENTS

• Eliminated all single-use plastic from our product ranges at Wellpark manufacturing site.
• Alignment of the Group's Executive Director Long Term Incentive Plan (LTIP) to our environmental targets in June 21.
• From 1 April 2021 all of the electricity needs at C&C main sites are from renewable sources.

CURRENT TRADING & OUTLOOK

• In September 2021, C&C served 89% of outlets versus the same period in 2019 and we are pleased to report that rate of sale per outlet has improved with volumes at 93% of the same period in 2019.
• Assuming current trading conditions prevail, we expect to deliver FY2022 Operating Profit in the range of €50-€55m.
• The Group's near-term focus remains on serving customers and meeting demand whilst navigating the industry wide capacity constraints.
• C&C will continue to execute its change programme as we move to our "One C&C" GB model.

David Forde, C&C Group Chief Executive Officer:

"Following the easing of on-trade restrictions over H1 FY2022, we are delighted to be back serving our customers and consumers in both indoor and outdoor hospitality across our core markets of UK and Ireland. We are encouraged by how quickly the on-trade recovered and we are pleased to report that trading in the first half has been ahead of plan and our inherent cash generating strengths are reflected in the return of the business to cash generation from June 2021.

With our well invested manufacturing facilities, close to the markets we serve, we have been able to react to demand and allocate resource accordingly, to maintain our output, notably being self-sufficient in CO2, navigating the supply issues faced by the industry. Further, we have been partly insulated from the on-going UK capacity constraints due to driver shortages through our network being owned and operated in-house, in addition to the advantages afforded by our leading scale and reach. This has allowed us to broadly meet demand over the peak summer trading period, ensuring we put our brands and our partner's brands in the hands of the consumers who enjoy them. With this backdrop, I would like to personally thank all of our people who played a part in delivering this performance, their commitment, skill and experience is an invaluable asset to our business.

We have continued to progress our strategy, notably building our brand strength through investment in a multi-channel advertising campaign for our Magners, Bulmers and Tennent's brands. This has in part been reflected by a robust performance in the off-trade and encouraging brand health scores. Our system strength has been enhanced by completion of the GB network optimisation, which will in time both improve service whilst drive efficiencies and reduce emissions. In addition, we have begun work on creating a One C&C GB business, aligning our three trading businesses, Tennent's, Matthew Clark and Bibendum under one leadership team. This initiative will simplify our business while improving our overall customer experience. Lastly, we continue to progress our ESG initiatives with a full transition out of single use plastics in our product ranges at our Wellpark brewery and since April 2021, 100% of the electricity for our main sites is from renewable sources.

We entered the second half in a good position and we are focused on continuing to build a better business by developing brand and system strength, while navigating the near-term capacity constraints the industry faces."

ENDS

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OPERATING REVIEW

Great Britain

€m constant currency(i)	H1 FY2022	H1 FY2021	Change %
Net revenue	146.3	108.1	35.3%
- Price/Mix impact			33.0%
- Volume impact			2.3%
Operating profit(iii)	10.8	6.5	66.2%
Operating margin	7.4%	6.0%	1.4%
Volume (kHls)	1,181	1,154	2.3%
- of which Tennent's	439	407	7.9%
- of which Magners	278	300	(7.3%)

Market insight

With the reopening of the on-trade from April 2021 we have seen a shift in consumption dynamics from the off-trade to on- trade, predominately through Q2 FY2022. As a result off-trade value share of Scotland lager has reduced from 76% to 59%(ix), GB cider has reduced from 78% to 55%(ix), between March and August 2021 as on-trade volumes have grown. On the reopening of the on-trade, consumer demand has been particularly strong in the draught products and cocktails (spirits and liqueurs)(viii), driven by consumers seeking an experience that they could not enjoy at home.

As such, we have seen in the market data to 14 August 2021 that lager volume in the Scottish on-trade increased +94% in the last six months(viii). Conversely, off-trade Scottish lager volumes grew +2.5% for the MAT and decreased 15.5% on the latest six months(ix). The GB cider market has reflected the same trend, in the six months to 14 August 2021, volumes in the on-trade increased by 135.3% with off-trade volumes decreasing by -18.0% on the same basis(ix).

Operational performance

We are pleased to report that our Tennent's IFT business traded in the month of August 2021 with 88% of the outlets that it traded with in August 2019, correspondingly revenues were at 95% of August 2019.

Despite the well-publicised supply chain issues in the UK, driven by driver shortages, combined with the on-going impact of COVID-19, our Wellpark manufacturing site remained fully operational throughout H1 FY2022. Our well invested site and our skilled and experienced team who have worked closely with our suppliers, have ensured we navigated the challenges of inbound supply chain constraints and CO2 shortages. Further, we have completed a full transition to out of single use plastics in our product range at Wellpark, ensuring stock availability in the new card packs.

With our logistics network owned and managed in-house, we have been able to take quick and decisive action to minimise the impact to customers due to the UK wide capacity constraints. We are pleased to report that our Scottish network achieved an On Time In Full ("OTIF") of 93.0% in August 2021 compared with 94.7% in August 2019, a figure we view as market leading.

E-Commerce

E-commerce continues to be a focus for the business and pleasingly 56% of August 2021 IFT revenue in Scotland was

captured via our Tennent's online platform or via EDI ("Electronic Data Interchange), compared with 38% in August 2019.

Before trade reopened in April 2021, we setup all active trading accounts with e-commerce accounts to encourage online ordering with support for customers via online tutorials. In addition, our direct to consumer website has delivered a strong performance with over 36,000 visitors to the site in H1 FY2022 generating c.£0.3m of revenue whilst providing a platform for consumers to engage with our brands and purchase exclusive campaign merchandise.

Tennent's

With the reopening of the on-trade we have seen Tennent's latest six months volume share increase by +1.1% to 48.3%(viii). This has been driven by the speed at which outlets have come back trading and throughput has recovered as restrictions were removed. Tennent's off-trade volume share of lager in Scotland has been broadly maintained on an MAT basis with an increase of 0.1% to 26.3%(ix).

The brand executed its biggest marketing campaign since T in the Park in 2016 which tied in with the Scottish national

team's involvement in the European Football Championship and saw the brand featured on TV. The latest You Gov survey

we performed for the brand has seen the Brand Index score stabilise in H1 FY2022 following a dip in Q4 FY2021 which corresponds with the latest campaign(xiii).

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Our recent investment into strengthening and innovating our Tennent's brand with Light and Zero extensions, continues to perform strongly. Tennent's Light now has approximately 1,400 distribution points across GB with the brand gaining over 400 listings in England and Wales through national retail. The focus in H2 FY2022 is on building rate of sale supported by trade marketing plans.

Magners and GB cider portfolio

Total Magners cider volume in H1 FY2022 is -7.3% compared with H1 FY2021, with net revenues at -6.4% on the same basis. The latest Magners GB off-trade MAT volume share is 9.1% a decrease of 0.5%(ix). In the on-trade in the latest 6 months volume share is stable at 4.7%(viii).

In April 2021, Magners launched a marketing campaign, 'When Time Bears Fruit' this included a six month on-pack summer promotion running in the off-trade on over one million Magners Original packs in key retailers. In addition, this was supported by digital media to drive awareness and rate of sale ("ROS"). The latest You Gov brand index scores for the brand represent a year on year improvement from 13.1 to 14.3(xiii).

Premium Beer

Premium beer, driven primarily by Heverlee, Menabrea, Drygate and Innis & Gunn, has grown its penetration of our Scotland IFT outlet base in August 2021 to 31% compared with 28% in August 2019. The rate of sale has improved in August 2021 compared with August 2019, reflecting the move to premiumisation by consumers and that the brands have been targeted into the right outlet demographic. However, with the on-trade closed at the start of H1 FY2022, GB volumes have been materially impacted and are -21% vs H1 FY2021. The latest You Gov survey for our premium Belgian beer brand, Heverlee, has reported an improved brand index score for the last two months and a year on year improvement from 5.5 to 6.4(xiii).

Wholesale distribution

With H1 FY2022 volumes materially impacted by restrictions in Q1 FY2022, in addition to supplier product shortages impacting availability. Total volumes are -46% in H1 FY2022 compared with H1 FY2020, improving over the period with Q2 volumes at -24% of Q2 FY2020. Net revenues have performed better than volume in H1, -38% compared with H1 FY2020, improving to -20% for Q2, this has been driven by improved category mix.

Financial performance

Net revenue for the GB division increased by 35.3% to €146.3m in the period, with margins improving on the re-opening of the more profitable on-trade. As a result, operating profit(iii) has increased from €6.5m(i) to €10.8m.

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Ireland

€m constant currency(i)	H1 FY2022	H1 FY2021	Change %
Net revenue	115.1	91.4	25.9%
- Price/Mix impact			16.9%
- Volume impact			9.0%
Operating profit(iii)	8.3	0.8	937.5%
Operating margin	7.2%	0.9%	6.3%
Volume (kHls)	741	680	9.0%
- of which Bulmers	184	176	4.5%

Market insight

On the 26 July 2021, Ireland reopened indoor hospitality across the country following outdoor hospitality opening at the start of June 2021 although some restrictions still remain in place. This was the first time since March 2020 that many outlets had been able to reopen, especially those that are wet led. Restriction were further eased on the 22 October 2021 when late night establishments were allowed to reopen, however some restrictions remain. It is only in the last five weeks of H1 FY2022 that the hospitality industry has been able to operate at anything close to a pre COVID-19 basis, however based on market intelligence we would estimate that around 15% of outlets have yet to reopen.

As a result we have seen consumption dynamics change over H1 FY2022 with on-trade volume year on year growth accelerating over Q2 FY2022. The off-trade share of total LAD has slowed as a result of the reopening of the on-trade with growth of +9.7% on an MAT basis(x) decreasing to -9.6% in the latest three month data(x).

The Irish Government have now confirmed that Minimum Unit Pricing ("MUP") will be implemented from January 2022 although a date for Northern Ireland has yet to announced. Similar to the legislation introduced in 2018 to Scotland, it will set a minimum price per unit of alcohol sold by retailers with the aim to reduce problem drinking and associated pressures on public health and services.

Operational Performance

We are pleased to report that in the month of August 2021 we were trading with 91% of August 2019 outlets in the Republic of Ireland and 93% on the same basis in Northern Ireland. As a consequence, Q2 FY2022 on-trade net revenue was at 93% of Q2 FY2020 levels, reflecting the speed of recovery in the on-trade.

With our Clonmel manufacturing site, close to the market we serve, we managed to ensure high levels of stock availability as the on-trade reopened to meet customer and consumer demand whilst continuing to meet heightened demand for Bulmers and Magners in the off-trade. Our owned and in-house managed logistics network has delivered leading customer service with August 2021 customer OTIF of 94.6%. In addition, the Irish manufacturing site and network has been more insulated from the widely publicised supply chain constraints being experienced in the UK.

Our e-commerce platform, Bulmers Direct was launched in H2 FY2021 and in August 2021 the Irish business took 32% of its net revenue through online ordering, this will be a focus in H2 as the business looks to build on this momentum.

With MUP being implemented in January 2022, we have been working closely with our customer base through H1 FY2022 and will continue to do so through H2 FY2022 before its implementation. We continue to believe that Bulmers, our core off-trade brand, is well positioned ahead of MUP coming into effect.

Cider

Total cider volumes in H1 FY2022 were +2.7% on H1 FY2021 and -8.0% on H1 FY2020, with corresponding net revenues of +27.7% vs H1 FY2021 and -28.4% vs H1 FY2020. Bulmers has continued to perform strongly with 50.3% MAT volume share in off-trade cider(x), reflecting a 0.5% growth on a year ago(x) and 2.4% growth on two years ago(x) with value outperforming this. In the latest brand heath survey, the brand continues to be ranked the No.1 cider brand in Ireland across all measures, consistently outperforming its nearest competitor(xiv). In the on-trade, Bulmers volumes in August 2021 returned to 74% of August 2019 levels with corresponding net revenues at 77%, demonstrating how robustly trade has returned.

Beer

From July 2020, C&C took on the exclusive distribution of Budweiser in Ireland, however, due to on-going lockdowns we have not been able to trade the brand properly until H1 FY2022. We have added over 450 Budweiser distribution points which in turn have provided nearly 200 new pouring points for Bulmers Draught. In addition, Corona, which we are exclusive

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