Assessing the Performance

Analysis of Brand Performance

The group's portfolio of their market leading brands and related goodwill is valued at €705.8 million which is up from €483.3 in 2012, which is largely attributed to the acquisition of the Vermont Hard Cider Company. This acquisition will boost

C&C owned brands have a community focus. They involved themselves charity events, youth programs and music festivals to boost the good name of their brands. They appeal to the local communities by adopting the local brand names. Bulmers regularly contributes to Tall Ships Dublin and the Forbidden Fruit Festival.

Brand values and goodwill are assessed on a regular basis as to not over value the strength of their brand names. The directors concluded that no material adjustments to the assumptions underlying the impairment testing models applied would result in any foreseeable risk of an impairment arising.

In their medium term goals, the group outline the strength of their brand is their main asset over new entrants to the market. Continued investment into brand advertising campaigns with an investment level of the financial year 2013 equating to a very competitive double digit % of net sales revenue has boosted the Group's performance.

The increase in excise duties from 2012 by €11.3 million affected operating profits which in turn affected net profit.

They demonstrated efficiency by not experiencing any discontinued operations in 2013, compared to 2012 where they lost out on 1.8 million from disbanding projects. In 2011 the disbanding of the Group's Northern Ireland wholesaling business (Quinns) resulted in a loss of 1.2 million and a further 0.7 million on the recycling of a foreign currency reserve to the income statement following the disposal of the Group's Northern Ireland wholesaling business. However

Net revenue has decreased from €480.8