> our optimisation relies on having r < count, but if count is zero this condition cannot be met. [Since taking the remainder of a division by zero is undefined behaviour, the compiler would be well within its rights to assume that count != 0 and proceed with the transformation.]

Interestingly, even if you define division by zero to produce the remainder equal to the dividend, this optimization (replacing "(r + 1) % count" with "r + 1 == count ? 0 : r + 1") would still be legal.