Annual Report 2015
Adjusted earnings
Profit 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 effective foreign currency rates
DWT
Dividend Withholding Tax
EBITDA
Earnings before Interest, Tax, Depreciation and Amortisation charges excluding the Group’s share of equity accounted investees’ profit/(loss) after tax
Adjusted EBITDA
EBITDA as adjusted for exceptional items
EBIT
Earnings 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 before tax for continuing activities before exceptional items and excluding the Group’s share of equity accounted investees’ profit/(loss) after tax
EPS
Earnings per Share
EU
European Union
Exceptional
Significant items of income and expense within the Group results for the year which by virtue of their scale and nature are disclosed in the income statement and related notes as exceptional items
Free cash flow
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. Free Cash Flow highlights the underlying cash generating performance of the ongoing business
GB
Great Britain (i.e. England, Wales and Scotland)
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 issue cost write-offs, fair value movements with respect to derivative financial instruments and unwind of discounts on provisions, of the same period
Export
Sales in territories outside of the Ireland, Scotland, England & Wales and North America
LAD
Long Alcoholic Drinks
Net debt/(cash)
Net debt/(cash) comprises cash and borrowings net of unamortised issue costs
Net debt:EBITDA
A measurement of leverage, calculated as the Group’s interest-bearing debt less cash & cash equivalents, 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. 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, consequently the Directors consider that the disclosure of Net Revenue enhances the transparency and provides a more meaningful analysis of underlying sales performance
NI
Northern Ireland
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
Profit earned from the Group’s core business operations before net financing and income tax costs and excluding the Group’s share of Equity accounted investees’ 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.
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