- Title:
LTIP Performance Conditions - Time:
11:40:02 - Date:
28 Jul 2021 - Category:
Miscellaneous - ID:
7705G
C&C Group plc
('C&C')
2021 Long Term Incentive Plan ('LTIP') Awards - Performance Conditions
As announced on 15 June 2021, the Company's Executive Directors were granted awards under the LTIP, in the form of nil cost options over €0.01 ordinary shares in the Company.
The details of the performance metrics for the awards have now been finalised and are set out below.
Performance conditions
| Measure
|
Weighting |
Further detail |
| Earnings per share |
45% |
Threshold - 22p Maximum - 27p
By the end of year 3 target range (end of FY24) rather than as a cumulative target.
|
| Free cash flow conversion
|
35% |
Threshold - 65%
Maximum - 75%
By the end of year 3 target range (end of FY24) rather than as a cumulative target.
|
| Environmental Target |
20% |
To give impetus to C&C's de-carbonisation efforts, the Company has set a target to reduce its Scope 1 emissions and Scope 2 emissions* over the three financial years ending with FY24 as follows:
Threshold - 6% reduction
Maximum - 12% reduction
*Definitions Scope 1: direct emissions from owned or controlled sources, which includes emissions from company-owned or operated facilities and vehicles. Scope 2: indirect emissions from the generation of purchased energy e.g. electricity, steam, heat and cooling.
|
In each case, threshold vesting will be 25% of the maximum.
Mark Chilton
Company Secretary and Group General Counsel
28 July 2021
LTIP Performance Conditions11:40:0228 Jul 2021Miscellaneous7705G