Strategic Report - Key Performance Indicators

FY2022 has seen the reopening of the on-trade across our core markets and a rebuilding of profit and cash generation for the Group. As a consequence, we have reinstated the Key Performance Indicators (“KPIs”) reported in FY2020 although we would note that performance in a number of KPIs compared with pre COVID-19 remain impacted. With recognition of the current backdrop and covenant waiver period net debt and liquidity continue to form part of the key financial metrics during FY2022.

Strategic Priority

KPI

Operating profit

Definition (see also financial definitions on pages 240 and 241)

Operating profit/(loss) (before exceptional items)

Performance

FY19

€104.5m

FY20

€120.8m

FY21

(€59.6m)*

FY22

€47.9m

FY2022 Focus

To seek continuing growth, through revenue enhancement, acquisition synergies and cost control

Links to other Disclosures

Group CFO Review

page 54

KPI

Operating margin

Definition (see also financial definitions on pages 240 and 241)

Operating profit/(loss) (before exceptional items), as a percentage of net revenue

Performance

FY19

6.6%

FY20

7.0%

FY21

(8.1%)*

FY22

3.3%

FY2022 Focus

To seek continuing growth, through revenue enhancement, acquisition synergies and cost control

Links to other Disclosures

Group CFO Review

page 54

KPI

Adjusted diluted earnings per share

Definition (see also financial definitions on pages 240 and 241)

Attributable earnings before exceptional items divided by the average number of shares in issue as adjusted for the dilutive impact of equity share awards

Performance

FY19

26.6c

FY20

29.6c

FY21

(21.1c)**

FY22

7.5c

FY2022 Focus

To achieve adjusted diluted EPS growth in real terms

Links to other Disclosures

Group CFO Review

page 54

KPI

Basic earnings per share

Definition (see also financial definitions on pages 240 and 241)

Attributable earnings divided by the average number of shares in issue as adjusted for the dilutive impact of equity share awards

Performance

FY19

23.4c

FY20

2.9c

FY21

(31.1c)**

FY22

9.9c

FY2022 Focus

To achieve EPS growth in real terms

Links to other Disclosures

Group CFO Review

page 54

KPI

Free Cash Flow

Definition (see also financial definitions on pages 240 and 241)

Free Cash Flow is a non GAAP measure that comprises cash flow from operating activities net of capital investment cash outflows which form part of investing activities (before exceptional items)

Performance

FY19

€96.9m

FY20

€155.1m

FY21

(€91.2m)*

FY22

€28.4m

FY2022 Focus

To generate improved operating cash flows

Links to other Disclosures

Group CFO Review

page 54

KPI

Free Cash Flow Conversion Ratio

Definition (see also financial definitions on pages 240 and 241)

The conversion ratio is the ratio of free cash flow as a percentage of EBITDA (before exceptional items)

Performance

FY19

80.8%

FY20

101.0%

FY21

NM*

FY22

35.6%

FY2022 Focus

To generate improved operating cash flows

Links to other Disclosures

Group CFO Review

page 54

KPI

Net debt: Adjusted EBITDA

Definition (see also financial definitions on pages 240 and 241)

The ratio of net debt (Net debt comprises borrowings (net of issue costs) less cash less leased liabilities) to Adjusted EBITDA

Performance

FY19

2.51x

FY20

1.77x

FY21

NM*

FY22

3.40x

FY2022 Focus

Move towards medium term target of 2.0 times Net Debt/adjusted EBITDA (excluding leased liabilities)

Links to other Disclosures

Group CFO Review

page 54

KPI

Liquidity

Definition (see also financial definitions on pages 240 and 241)

Liquidity (liquidity comprises cash on hand and headroom available in the Group’s revolving credit facility) as part of our renegotiated covenants

Performance

FY19

€322.9m

FY20

€335.3m

FY21

€314.6m

FY22

€438.7m

FY2022 Focus

Ensure sufficient liquidity to meet the on-going requirements of the business and execute its strategy

Links to other Disclosures

Group CFO Review

page 54

KPI

Net debt

Definition (see also financial definitions on pages 240 and 241)

Net debt (net debt comprises borrowings (net of issue costs) less cash)

Performance

FY19

€301.6m

FY20

€233.6m

FY21

€362.3m

FY22

€191.3m

FY2022 Focus

Links to other Disclosures

Group CFO Review

page 54

KPI

Progressive dividend/return to shareholders

Definition (see also financial definitions on pages 240 and 241)

Total dividend per share paid and proposed in respect of the financial year in question

Performance

FY19

15.31c

FY20

5.5c

FY21

-

FY22

-

FY2022 Focus

The Group will continue to seek to enhance shareholder returns

Links to other Disclosures

KPI

Dividend Payout Ratio

Definition (see also financial definitions on pages 240 and 241)

Dividend cover is Dividend/Adjusted diluted EPS

Performance

FY19

57.6%

FY20

18.6%

FY21

-

FY22

-

FY2022 Focus

The Group will continue to seek to enhance shareholder returns

Links to other Disclosures

KPI

Reduction in CO2 emissions

Definition (see also financial definitions on pages 240 and 241)

Tonnes of CO2 emissions***

Performance

FY19

38,092t

FY20

32,729t

FY21

26,865t

FY22

24,196t

FY2022 Focus

To achieve best practice across the Group, including acquired businesses

Links to other Disclosures

Responsibility Report

page 62

KPI

Waste recycling

Definition (see also financial definitions on pages 240 and 241)

Tonnes of waste sent to landfill

Performance

FY19

0t

FY20

0t

FY21

0t

FY22

0t

FY2022 Focus

To achieve best practice across the Group, including acquired businesses

Links to other Disclosures

KPI

Workplace safety accident rate

Definition (see also financial definitions on pages 240 and 241)

The number of injuries that resulted in lost-work days, per 100,000 hours working time in production facilities

Performance

FY19

1.02

FY20

0.52

FY21

0.54

FY22

0.28

FY2022 Focus

To achieve best practice across the Group, including acquired businesses

Links to other Disclosures

Responsibility Report

page 62

* COVID-19 had a material impact on KPIs in FY2021.

** During the current financial year, the Group completed a Rights Issue at a discounted price of £1.86. As the rights price was issued at a discount, this was equivalent to a bonus issue of shares combined with a full market price. As such, IAS 33 Earnings Per Share requires an adjustment to the number of shares outstanding before the Rights Issue to reflect the bonus element inherent in it and also for this to be included in the EPS calculation for the prior period presented so as to provide a comparable result.

*** Market based scope 1 and 2 emissions as stated in annual Carbon Disclosure Project return.