Interim Results
C&C Group Plc
11 October 2004
Strictly Embargoed until 7.00 am on Monday 11th October 2004
C&C Group plc 11 October, 2004
FIRST HALF RESULTS
FOR SIX MONTHS ENDED 31 AUGUST, 2004
Dublin, London, 11 October, 2004: C&C Group plc ('C&C' or the 'Group'), the
leading manufacturer, marketer and distributor of branded beverages and snacks
in Ireland, today announced first half results for the six months ended 31
August, 2004.
Financial & Operating Highlights
Financial Highlights
• Turnover growth of 6%(i)
• Operating Profit growth of 6%(i)
• Earnings growth of 27%(ii)
• Adjusted EPS of 14.6 cent
• Interim dividend of 5.5 cent per share
• Free cash flow of €52.3 million (71% of EBITDA)
Operating Highlights
• Volume for the Group's principal brand, Bulmers, grew by 4%
• Volume for the Group's International spirit & liqueur brands grew by 17%
• Completed the roll out of Magners distribution in Scotland
• Marketing investment in the period was increased by 21%(i)
(i) Comparisons are for continuing operations and are based on figures
excluding exceptionals and amortisation and are on a constant 2004
currency basis.
(ii) Excluding exceptional items and amortisation.
Investors and analysts Irish Media International Media
Mark Kenny or Jonathan Neilan Paddy Hughes or Mark Cahalane Edward Orlebar
K Capital Source Drury Communications Finsbury Group
Tel: +353-1- 631 5500 Tel: +353 1 260 5000 Tel: +44 20 7251 3801
Email :c&cgroup@kcapitalsource.com Email: phughes@drurycom.com Email:
edward.orlebar@finsbury.com
Or: mcahalane@drurycom.com
First half results for six months ended 31 August, 2004
C&C is reporting operating profit of €64.2 million and adjusted Earnings Per
Share of 14.6 cent for the six months ended 31 August 2004, increases of 6%(i)
and 27% respectively. The company generated free cash flow of €52.3m in the
period.
Maurice Pratt, Group Chief Executive Officer, commented "The trading
environment, for the period in review, was characterised by a number of adverse
factors including, unseasonal summer weather, a mixed tourist season and the
introduction of the Irish smoking ban. Against this background C&C's results
demonstrate its defensive growth characteristics and resilience and its cash
flow generation capability."
Dividends and Dividend Policy
Reflecting the Group's strong and sustainable cash flow generation capability
and, consistent with the commitments given by the Board, the Group will pay an
interim dividend for the period of 5.5 cent per share. The interim dividend will
be paid on 3 November, 2004 to shareholders on the Group's register at the close
of business on 22 October, 2004. It is proposed to introduce a scrip dividend
option from July 2005 when the final dividend is payable.
C&C proposes to maintain a progressive dividend policy.
Outlook
Tony O'Brien, Group Chairman, concluded "Our first reported results as a public,
listed company represent a milestone in our history. C&C is pleased to report
progress in line with expectations. Our objective is to continue to establish a
track record of performance and, in time, to demonstrate the unique
characteristics of the C&C Group.
The favourable prevailing economic conditions in Ireland are expected to
continue throughout the remainder of fiscal year 2005. While the impact of the
smoking ban, over the winter months, is unpredictable, the Group believes that
it is on track to deliver earnings in line with current market expectations."
(i)Continuing operations at constant fx rates
First Half Review
C&C's objective is to deliver turnover, profit and cash flow growth by:
- Leveraging proven brand management skills across a portfolio of
leading beverage and snack products;
- Exploiting niche and new market growth opportunities both in Ireland
and internationally; and
- Developing its extensive distribution channels and direct sales
platforms;
- Maintaining operating margins in mature categories.
C&C's financial objectives include generating consistent, high levels of free
cash flow and paying an attractive dividend. C&C will further enhance
shareholder value by applying free cash flow to debt paydown.
Bulmers, C&C's principal brand, outperformed the Irish long alcohol drinks (LAD)
market in the first half and recorded solid volume growth. The Group's
international cider brand, Magners reported strong volume growth in Northern
Ireland and Scotland. The Group's principal export spirit & liqueur brands,
Carolans and Tullamore Dew, have also shown strong growth in the period. The
Carolans brand was successfully re-launched and initial distributor and consumer
feedback is positive.
Current Business Mix & New Product Development
Reflecting C&C's market-led focus, the current product portfolio is positioned
towards growth segments within the overall beverage industry. Our financial
performance shows growth in both the Alcohol and International Spirits &
Liqueurs divisions.
The Group continues to adapt to and anticipate changes in consumer behaviour and
consumption. The successful launch and introduction of the Tayto Honest range of
healthier snacks and the Club Energise and Club Source range of drinks represent
three such developments within the last year.
The Group also extended the scope of its operations in the period by the full
roll out of its export cider brand, Magners, in Scotland.
Operating Review
Group Operating Summary(i) 6 months to 6 months to 6 months to Growth
31 August 2004 31 August 2003 31 August 2003 Year-on-Year
(Constant fx) (Constant fx)
€m €m €m %
Turnover 386.3 363.9 363.4 6.3
Operating Profit 64.2 62.9 60.5 6.1
Operating Margin % 16.6 17.3 16.6
Turnover, from continuing operations of €386.3 million, represents a 6.3%
increase on 2003 levels. Operating profit increased 6.1% to € 64.2 million
against € 60.5 million in 2003. Operating margin, at 16.6%, is unchanged
year-on-year, not withstanding a 21%(ii) increase in marketing investment.
The turnover increase reflects growth in both the Alcohol and International
divisions, the Soft Drinks & Snacks division being broadly unchanged. The
operating margin reflects increased margins in the International division offset
by a decline in margins in the Soft Drinks & Snack division, with the Alcohol
division unchanged.
On a reported basis, turnover and operating profit, for continuing operations,
increased 6.1% and 2.1% respectively resulting in a decline in operating margin
of 0.7 percentage points.
(i) Continuing operations - excludes the results of Barbero SpA which was
disposed of in December 2003 from the 2003 comparatives
(ii) Continuing operations at constant fx rates
Divisional Analysis: Alcohol
Alcohol Division 6 months to 6 months to 6 months to Growth
31 August 2004 31 August 2003 31 August 2003 Year-on-Year
(Constant fx) (Constant fx)
€m €m €m %
Turnover 226.0 205.9 207.7 8.8
Operating Profit 39.5 36.2 36.3 8.8
Operating Margin % 17.5 17.6 17.5
Turnover for the Alcohol division of € 226.0 million, represents an 8.8%
increase on 2003 levels. Operating profit increased 8.8% to € 39.5 million
against € 36.3 million in 2003. Operating margin, at 17.5%, is unchanged
year-on-year.
The ban on smoking in licensed premises in the Republic of Ireland came into
effect at the end of March, 2004. The ban contributed to the estimated overall
decline of 2% in industry volumes in the LAD market in the 6 months to August
2004 with a more pronounced decline in the on-trade. Weather conditions were
mixed over the first half period. Favourable weather, up to the end of June,
reduced the impact of the smoking ban on the on-trade in that period. Weather in
the months of July and August was poor and the decline in industry LAD volumes
was more pronounced in that period. The full year impact of the ban is dependent
on consumer behaviour over the winter period.
Sales of the division's principal brand, Bulmers outperformed the LAD market and
grew by 4% in the first half. The change in the timing of the annual price
increase (delayed from March to June) resulted in an associated trade sell-in
which positively impacted performance comparisons year-on-year. Excluding the
positive impact of the trade sell-in, underlying growth in Bulmers is estimated
at approximately 2% year-on-year. It is expected that the positive benefits of
the trade sell-in will be partially reversed in the second half of the year.
The Group's export cider brand, Magners, continues to achieve strong growth in
volumes and has increased its share of the LAD market in Northern Ireland.
Performance to date, in the full roll-out of Magners in Scotland, is ahead of
expectations.
Wine & Spirit distribution experienced difficult trading in the period due to
weakness in the spirit market, the shift to lower price wines and increased
competition in wine distribution.
The Group added the agency for Coors Brewers brands in Northern Ireland to its
Wholesaling business during the last year and it contributed a 1.5% increase in
the division's turnover during the period.
Divisional Analysis: International Spirits & Liqueurs
International Division 6 months to 6 months to 6 months to Growth
31 August 2004 31 August 2003 31 August 2003 Year-on-Year
(Constant fx) (Constant fx)
€m €m €m %
Turnover 28.8 28.4 25.2 14.3
Operating Profit 7.7 8.9 6.2 24.2
Operating Margin % 26.7 31.3 24.6
Turnover for the International Spirits & Liqueurs division of €28.8 million,
represents a 14.3% increase on 2003 levels. Operating profit increased 24.2% to
€ 7.7 million against € 6.2 million in 2003. Operating margin, at 26.7%,
increased by 2.1 percentage points year-on-year. The improved operating margin
reflects the strength of shipments growth in both Carolans and Tullamore Dew and
favourable market mix.
The Group successfully re-launched Carolans Irish cream liqueur in June with new
packaging and label design. These changes have been well received by
distributors and reflect the Group's commitment to build international brands by
focusing investment spend on brands with credible growth potential.
Overall volume shipments increased 17% year-on-year. This growth however,
reflects soft comparisons in 2003. Depletions growth is estimated at 6%
principally from Tullamore Dew in Europe and Carolans in the USA.
The negative currency impact of the stronger Euro amounted to €3.2 million and
€2.7 million in turnover and operating profit respectively in the period.
Divisional Analysis: Soft Drinks & Snacks
Soft Drinks & Snacks 6 months to 6 months to 6 months to Growth
31 August 2004 31 August 2003 31 August 2003 Year-on-Year
(Constant fx) (Constant fx)
€m €m €m %
Turnover 131.5 129.6 130.5 0.8
Operating Profit 17.0 17.8 18.0 (5.5)
Operating Margin % 12.9 13.7 13.8
Turnover for the Soft Drinks & Snacks division of €131.5 million, represents a
0.8% increase on 2003 levels. Operating profit decreased 5.5% to € 17.0 million
against € 18.0 million in 2003. Operating margin, at 12.9%, declined by 0.9
percentage points year-on-year.
The beverage market declined slightly in the period reflecting in part the poor
summer weather compared to last year - a decline in carbonated soft drinks was
partially offset by growth in bottled water. The snack market showed modest
growth in the period.
The turnover increase in the period comprises a 0.8% volume decline and growth
in net price yield of 1.6%. The volume decline reflected aggressive price
competition in the water category, which offset the benefits of strong volume
growth from recent product development and launches such as Club Energise, Club
Source and Tayto Honest. The net price yield reflects the focus on profitable
volume but also the negative mix impact of a significant decline in licensed
trade soft drinks.
Production costs in the period benefited from the outsourcing of snack
production. However, operating margins declined as a result of significantly
increased marketing investment behind company brands.
Finance Review
Foreign Exchange
Exchange rate movements in the period adversely affected operating profit by
€2.4 million. The loss arises mainly in the International Spirit and Liqueur
division from transaction exposure to the US Dollar and Canadian Dollar (a loss
of €2.7 million). Based on the average hedged rate for the current fiscal year
(US$1.14 and Can$1.65) the adverse transaction impact for the full year will be
€6.8 million. The translation exposure to Sterling (a gain of €0.3 million)
arises from the restatement of the 2003 results from the actual Euro: Sterling
exchange rate of 0.70 in 2003 to the actual 2004 rate of 0.67.
Exceptional Items
The total cost of the Initial Public Offering (IPO) of the Group's shares on the
Dublin and London Stock Exchanges, which took place in May 2004, were borne by
the Group and amounted to €29 million (including €9.1 million relating to the
refinancing of existing debt). €15.3 million of the total cost has been
accounted for as share issue costs and has been charged against the share
premium account.
Interest costs
Interest costs excluding exceptional items amounted to €12.4 million, which is
€13.8 million lower than the corresponding period in 2003. The reduction is due
to lower levels of debt following the sale of Italian subsidiary, Barbero 1891
SpA in December 2003 and lower interest rates resulting from a restructuring of
debt which coincided with the IPO.
Future interest rate exposure is partially hedged at the following base interest
rates: Balance of current year is fully hedged at 2.29%; Fiscal year 2006 -
€300 million hedged at 3.35%; fiscal year 2007 - €250 million hedged at 3.37%;
and fiscal year 2008 - €200 million hedged at 3.46%.
Taxation
The taxation charge for the period is based on an anticipated effective rate of
tax on profits, before exceptional items, of approximately 10% for the full
financial year to 28 February, 2005.
Dividend
The Company will pay an interim dividend of 5.5 cent per share on 3 November,
2004. The dividend will be payable to shareholders on the Group's register at
the close of business on 22 October, 2004.
Cash Flow
Cash flow reduced net debt in the period by €34.0 million. When exceptional
costs are excluded, free cash flow for the period was €52.3 million. As at 31
August, 2004, approximately €5 million of IPO costs have yet to be paid.
Balance Sheet
Net debt at 31 August, 2004 amounted to €452.6 million. This represents an
Enterprise Value gearing (net debt as a percentage of market capitalisation plus
net debt) of 36%. Interest cover based on EBITDA was 5.9 times.
Group profit and loss account
6 months ended 31 August 2004 6 months ended 31 August 2003
Notes Before Goodwill Total Before Goodwill and Total
goodwill and and goodwill and exceptional
exceptional exceptional exceptional items &
items items items & discontinued
discontinued operations
operations
€m €m €m €m €m €m
Turnover - continuing operations 2 386.3 - 386.3 363.9 - 363.9
- discontinued - - - - 29.4 29.4
operations
386.3 - 386.3 363.9 29.4 393.3
Net operating expenses (322.1) - (322.1) (301.0) (23.0) (324.0)
IPO related transaction costs 2 - (3.4) (3.4) - - -
Amortisation of goodwill 2 - (14.9) (14.9) - (15.4) (15.4)
Operating profit
- continuing operations 64.2 (18.3) 45.9 62.9 (14.9) 48.0
- discontinued operations - - - - 5.9 5.9
2 64.2 (18.3) 45.9 62.9 (9.0) 53.9
Exceptional items
Reorganisation costs - - - - (8.8) (8.8)
Profit/(loss) on disposal of - - - - (3.7) (3.7)
fixed assets
Profit on ordinary activities 64.2 (18.3) 45.9 62.9 (21.5) 41.4
before interest
Net finance charges (12.4) (9.1) (21.5) (26.2) - (26.2)
Profit on ordinary activities 51.8 (27.4) 24.4 36.7 (21.5) 15.2
before tax
Tax on profit on ordinary (4.9) 0.4 (4.5) (3.8) (1.8) (5.6)
activities
Profit earned for ordinary 46.9 (27.0) 19.9 32.9 (23.3) 9.6
shareholders
Ordinary dividends - proposed (17.7) - (17.7) - - -
interim
Retained profit 29.2 (27.0) 2.2 32.9 (23.3) 9.6
Earnings per ordinary share
cent cent cent
- Basic and diluted earnings per 3 6.2 3.0
share
- Adjusted earnings per share 3 14.6 11.5(i)
(i) Includes discontinued operations
Group balance sheet
Notes 31 August 2004 31 August 2003 29 February 2004
€m €m €m
Fixed assets
Intangible assets 3.6 3.7 3.6
Goodwill 443.4 486.8 458.2
Tangible assets 141.8 159.7 144.1
588.8 650.2 605.9
Current assets
Stocks 57.7 64.0 51.7
Debtors - due after one year - 0.8 -
Debtors - due within one year 122.9 143.2 96.2
Cash at bank and in hand 43.7 72.0 78.8
224.3 280.0 226.7
Creditors (due within one year) (176.6) (222.0) (161.6)
Net current assets 47.7 58.0 65.1
Total assets less current 636.5 708.2 671.0
liabilities
Creditors (due after one year) (486.3) (664.8) (507.0)
Provisions for liabilities and (3.6) (11.5) (25.7)
charges
Net assets 146.6 31.9 138.3
Capital and reserves
Share capital 4 3.2 0.5 0.5
Share premium and merger 4 28.3 24.9 24.9
Profit and loss account 4 115.1 6.5 112.9
Shareholders' funds - equity 146.6 31.9 138.3
Group cash flow statement
6 months ended 6 months ended
31 August 2004 31 August 2003
€m €m
Net cash flow from operating activities
Group operating profit 45.9 53.9
Goodwill amortisation 14.9 15.4
Depreciation of tangible fixed assets 9.0 9.7
Provision movement in respect of IPO 2.3 -
costs
Reorganisation costs paid (2.4) (0.2)
Fire insurance proceeds - 17.8
Increase in stocks (6.0) (2.0)
Increase in debtors (32.0) (29.2)
Increase in creditors 37.0 29.4
Exchange difference - 0.1
68.7 94.9
Returns on investments and servicing of finance
Interest received 0.4 0.5
Interest paid and similar costs (17.9) (20.8)
(17.5) (20.3)
Taxation paid (2.0) (5.9)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (8.0) (3.1)
Disposal of tangible fixed assets 6.0 0.1
(2.0) (3.0)
Net cash flow before financing 47.2 65.7
Financing
Issue of shares 0.3 -
Expenses paid in respect of shares (13.5) -
issued
Net repayment of bank loans (69.1) (21.0)
(82.3) (21.0)
(Decrease)/increase in cash (35.1) 44.7
* Cash flow figures for six months ended 31 August 2003 include discontinued
operations
Group cash flow statement (Contd.)
Reconciliation of net cash flow to movement in net debt
6 months ended 6 months ended
31 August 2004 31 August 2003
€m €m
(Decrease)/increase in cash (35.1) 44.7
Net repayment of bank loans 69.1 21.0
Reduction in net debt resulting from 34.0 65.7
cashflow
Roll-up of deferred interest - (3.8)
Loan issue costs written off in period (5.5) (1.4)
Opening net debt (481.1) (714.9)
Closing net debt (452.6) (654.4)
Notes to the interim accounts for the 6 months ended 31 August 2004
1. Basis of preparation
The interim accounts, which are unaudited, have been prepared in accordance
with generally accepted accounting principles and with the relevant
accounting standards. The accounting policies have been applied on a basis
consistent with those applied in the directors report and consolidated
financial statements for the year ended 29 February 2004.
The taxation charge for the 6 month period is calculated by applying the
directors' best estimate of the annual effective tax rate to the profit for
the period after adjusting for exceptional items.
The interim accounts were approved by the Board on 11 October 2004.
2. Segmental analysis
The segmental analysis of turnover, operating profits are as follows:
6 months ended 31 August 2004 6 months ended 31 August 2003
Turnover Operating Turnover Operating
Profits Profits
€m €m €m €m
Class of business analysis
Alcohol 226.0 39.5 205.9 36.2
International Spirits & Liqueurs
- continuing 28.8 7.7 28.4 8.9
- discontinued - - 29.4 6.4
28.8 7.7 57.8 15.3
Soft Drinks & Snacks 131.5 17.0 129.6 17.8
386.3 64.2 393.3 69.3
Goodwill amortisation - continuing - (14.9) - (14.9)
operations
Goodwill amortisation - discontinued - - - (0.5)
operations
Non allocated IPO transaction costs - (3.4) - -
Total 386.3 45.9 393.3 53.9
Notes to the interim accounts for the 6 months ended 31 August 2004 (Contd.)
3. Earnings per ordinary share
6 months to 6 months to
31 August 2004 31 August 2003
€m €m
Earnings as reported 19.9 9.6
Adjustments for exceptional items net of tax 12.1 12.0
Adjustments for goodwill 14.9 15.4
Earnings adjusted for exceptional items and goodwill 46.9 37.0
'000 '000
Number of shares at beginning of period (adjusted) 320,978 320,978
New shares issued on IPO less shares redeemed 153 -
Number of shares at end of period (adjusted) 321,130 320,978
Weighted average number of ordinary shares 321,040 320,978
Basic and diluted earnings per share - cent 6.2 3.0
Adjusted earnings per share - cent 14.6 11.5
The opening number of issued ordinary shares have been adjusted to include free
shares and bonus shares issued without any corresponding increase in resources.
In calculating the weighted average number of shares these have been treated as
if they were in issue for the entire current and prior periods. Diluted
earnings per share are the same as basic earnings per share because of the
uncertainty regarding the fulfilment of the performance criteria under the
executive share option scheme.
4. Movement in Shareholders funds
6 months to 31 August 2004
Profit & Called up Share Total 6 months
Loss share Premium shareholder ended
account capital account funds 31 August
2003
€m €m €m €m €m
Profit earned for the period 19.9 - - 19.9 9.6
Currency translation differences - - - - (0.1)
Ordinary dividends (17.7) - - (17.7) -
Cancellation of convertible shares - (0.2) - (0.2) -
Bonus shares issued prior to IPO - 2.8 (2.8) - -
Net shares issued less shares redeemed - - 0.3 0.3 -
Shares issued to employees/employee - 0.1 21.2 21.3 -
trusts
Share issue costs incurred - - (15.3) (15.3) -
Net movement 2.2 2.7 3.4 8.3 9.5
At beginning of period 112.9 0.5 24.9 138.3 22.4
At end of period 115.1 3.2 28.3 146.6 31.9
Notes to the interim accounts for the 6 months ended 31 August 2004 (Contd.)
5. Analysis of net debt
Cash at bank Bank loans Bank loans Total net
and in hand due within due after debt
one year one year
€m €m €m €m
At beginning of period 78.8 (52.9) (507.0) (481.1)
At end of period 43.7 (10.0) (486.3) (452.6)
6. Dividend
The directors have proposed dividend of 5.5 cent per share on 321,130,403
ordinary shares amounting to €17.7m. This will be paid on 3rd November to
shareholders on the Group's register at the close of business on 22 October
2004.
Notes not forming part of the accounts
1. General
Unless otherwise stated comparative information in this statement for turnover,
marketing investment and operating profit are for continuing operations, at
constant foreign exchange rates for translation of Sterling and for transaction
exposures for International spirits & liqueurs. They are before exceptional
item and goodwill amortisation. Free cash flow and EBITDA are defined as before
exceptional items.
Volume data is in litres for ciders and soft drinks, 9 litre cases for wines and
spirits and liqueurs, and kilos for snacks. Volume for the Soft Drinks and
Snacks division is weighted on the basis of turnover. Unit price movements
quoted are based on turnover net of excise duty where applicable.
The loss from transaction exposure is calculated by applying the actual rates in
6 months to 31 August, 2004 to the actual currency receipts in 6 months to 31
August, 2003.
2. Reconciliation of 6 months to August 2003 results
Actual 6 Discontinued Fx Fx 6 months to
months to Operations Translation Transaction Aug 2003 at
August 2003 constant
currency
€m €m €m €m €m
Turnover
Alcohol 205.9 - 1.8 - 207.7
International 57.8 (29.4) - (3.2) 25.2
Soft Drinks & Snacks 129.6 - 0.9 - 130.5
Total 393.3 (29.4) 2.7 (3.2) 363.4
Operating Profit (before goodwill amortisation)
Alcohol 36.2 - 0.1 - 36.3
International 15.3 (6.4) - (2.7) 6.2
Soft Drinks & Snacks 17.8 - 0.2 - 18.0
Total 69.3 (6.4) 0.3 (2.7) 60.5
"Fx translation" relates to restating 2003 Sterling denominated results at 2004
Euro: Sterling rate. "Fx transaction" relates to restating 2003 US Dollar and
Canadian Dollar exposures at 2004 rate. "Discontinued operations" relate to the
sale of Barbero 1891 SpA in December 2003.
Notes not forming part of the accounts (Contd.)
3. Free Cash Flow
6 months ended
31 August 2004
€m
Net cash flow before financing per the financial statements 47.2
Add back exceptional items
IPO costs included in interest and similar costs 4.0
IPO costs included in operating cash flow 1.1
Free cash flow 52.3
4. Special note regarding forward-looking information
Some statement in this Interim Report contain forward-looking statements.
They represent our expectations for our business, and involve risks and
uncertainties. We have based these forward-looking statements on our
current expectations and projections about future events. We believe that
our expectations and assumptions with respect to these forward-looking
statements are reasonable. However, because these forward-looking
statements involve known and unknown risks, uncertainties and other factors,
which are in some cases beyond our control, our actual results or
performance may differ materially from those expressed or implied by such
forward-looking statements.
Shareholder Information
Financial Calendar
Event Date
Interim results for 6 months ended 31 August, 2004 11 October, 2004
Ex-Dividend Date 20 October, 2004
Record date for Interim Dividend 22 October, 2004
Interim Dividend Payment Date 3 November, 2004
Preliminary results for year ended 28 February 2005 10 May 2005
Annual General Meeting * 8 July 2005
*Date is indicative only and is subject to change
Registrars
Capita Corporate Registrars plc,
Unit 5, Manor Street Business Park,
Manor Street,
Dublin 7.
T: +353 1 810 2400
F: +353 1 810 2422
E: enquiries@capitacorporateregistrars.ie
Investor Relations
Mark Kenny,
K Capital Source,
8 Raglan Road,
Dublin 4.
T: +353 1 631 5500
F: +353 1 631 5899
E: c&cgroup@kcapitalsource.com
Company Secretary & Registered Office
Noreen O'Kelly,
C&C Group plc.,
Kylemore Park,
Dublin 10.
T: +353 1 616 1100
Further Information
For further information on the Group please visit: candcgroupplc.com
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