OPERATING AND STRATEGIC HIGHLIGHTS

OPERATING PROFIT

€113.9m

before exceptional items increased 2.4%

OPERATING MARGIN

23.9%

before exceptional items up 0.8ppts
on prior year

NET REVENUE

€476.9m

declined 0.8%

NET DEBT

€123.4m

at the year-end giving a leverage ratio to
EBITDA of 0.9x

ADJUSTED DILUTED
EARNINGS PER SHARE (EPS)

for continuing operations

27.7 cent

increased 0.4%

PROPOSED FINAL
DIVIDEND

4.75 centper share

increase of 5.6% per share, delivering 7.1% growth in full year dividend to 8.75 cent per share



ADJUSTED DILUTED EARNINGS PER SHARE Graph

 

  • Resilient financial performance despite difficult trading environment in United Kingdom (UK) and Republic of Ireland (ROI)
  • Strong Tennent’s performance helping to offset challenging core cider markets
  • International volume growth of 55.2%, including acquisitions, representing 9.6% of total branded volumes
  • Robust cost control and operational efficiency improvements helping to protect margins
  • Announced and completed the acquisition of Vermont Hard Cider Company, LLC, the leading US craft cider company, for a gross consideration of US$305.0 million (€230.9 million). The new business contributed €1.8 million of operating profit since completion on 21 December 2012
  • Completion of an accelerated integration of the Magners USA commercial infrastructure into the VHCC business
  • Announced the acquisition of the Gleeson Group, a leading supplier and distributor of beverages in Ireland for an enterprise value of €58.0 million. The deal successfully completed on 7 March 2013
  • Creation of the Shepton Mallet Cider Mill trading division to support the development of regional, craft and specialist cider brands such as Addlestones, Blackthorn and Olde English
  • Significant on-trade loan activity (€16.7 million incremental investment) in core markets in response to growing customer demand

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