Annual Report 2022

Financial Definitions

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Adjusted earnings

Profit/(loss) for the year attributable to equity shareholders as adjusted for exceptional items

Company

C&C Group plc

Constant Currency

Prior year revenue, net revenue and operating profit for each of the Group’s reporting segments is restated to constant exchange rates for transactions by subsidiary undertakings in currencies other than their functional currency and for translation in relation to the Group’s non-Euro denominated subsidiaries by revaluing the prior year figures using the current year average foreign currency rates

DWT

Dividend Withholding Tax

EBITDA

Earnings/(loss) before Interest, Tax, Depreciation and Amortisation charges excluding the Group’s share of equity accounted investments’ profit/(loss) after tax

Adjusted EBITDA

EBITDA as adjusted for exceptional items

EBIT

Earnings/(loss) before Interest and Tax

Adjusted EBIT

EBIT as adjusted for exceptional items

Effective tax rate (%)

Income and deferred tax charges relating to continuing activities before the tax impact of exceptional items calculated as a percentage of profit/(loss) before tax for continuing activities before exceptional items and excluding the Group’s share of equity accounted investments’ profit/(loss) after tax

EPS

Earnings/(loss) per share

EU

European Union

Exceptional

Significant items of income and expense within the Group results for the year which by virtue of their size or nature are disclosed in the Income Statement and related notes as exceptional items

Free Cash Flow

Free Cash Flow is a measure that comprises cash flow from operating activities net of capital

investment cash outflows which form part of investing activities. Free Cash Flow highlights the

underlying cash generating performance of the ongoing business

GB

Great Britain (i.e. England, Wales and Scotland).

For the purposes of segmental reporting, GB includes all sales executed and managed outside the Island of Ireland.

Group

C&C Group plc and its subsidiaries

HL

Hectolitre (100 Litres)

kHL = kilo hectolitre (100,000 litres)

mHL = millions of hectolitres (100 million litres)

IAS

International Accounting Standards

IASB

International Accounting Standards Board

IFRIC

International Financial Reporting Interpretations Committee

IFRS

International Financial Reporting Standards as adopted by the EU

Interest cover

Calculated by dividing the Group’s EBITDA excluding exceptional items and discontinued activities by the Group’s interest expense, excluding IFRS 16 Leases finance charges, issue cost write-offs, fair value movements with respect to derivative financial instruments and unwind of discounts on provisions, for the same period

Export

Sales in territories outside of Ireland, Great Britain and North America

LAD

Long Alcoholic Drinks

Liquidity

Liquidity is defined as cash plus undrawn amounts under the Group’s revolving credit facility

Net debt

Net debt comprises borrowings (net of issue costs) less cash plus lease liabilities capitalised under IFRS 16 Leases

Net debt/EBITDA

A measurement of leverage, calculated as the Group’s Net debt divided by its EBITDA excluding exceptional items and discontinued activities. The net debt to EBITDA ratio is a debt ratio that shows how many years it would take for the Group to pay back its debt if net debt and EBITDA are held constant

Net revenue

Net revenue is defined by the Group as revenue less excise duty. The duty number disclosed represents the cash cost of duty paid on the Group’s products. Where goods are bought duty paid and subsequently sold, the duty element is not included in the duty line but within the cost of goods sold. Net revenue therefore excludes duty relating to the brewing and packaging of certain products. Excise duties, which represent a significant proportion of revenue, are set by external regulators over which the Group has no control and are generally passed on to the consumer

NI

Northern Ireland

Non-controlling interest

Non-controlling interest is the share of ownership in a subsidiary entity that is not owned by the Group

Off-trade

All venues where drinks are sold for off-premise consumption including shops, supermarkets and cash & carry outlets selling alcohol for consumption off the premises

On-trade

All venues where drinks are sold at retail for on-premise consumption including pubs, hotels and clubs selling alcohol for consumption on the premises

Operating profit/(loss)

Profit/(loss) earned from the Group’s core business operations before net financing and income tax costs and excluding the Group’s share of equity accounted investments’ profit/(loss) after tax. In line with the Group’s accounting policies certain items of income and expense are separately classified as exceptional items on the face of the Income Statement

Operating margin

Operating margin is based on operating profit/(loss) before exceptional items and is calculated as a percentage of net revenue

PPE

Property, plant & equipment

Revenue

Revenue comprises the fair value of goods supplied to external customers exclusive of intercompany sales and value added tax, after allowing for discounts, rebates, allowances for customer loyalty and other pricing related allowances and incentives

ROI

Republic of Ireland

TSR

Total Shareholder Return

UK

United Kingdom (Great Britain and Northern Ireland)

US

United States of America

< Note 31
Shareholder and Other Information >