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Celebrating Success

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Celebrating Success CELEBRATING SUCCESS 2019 ANNUAL REPORT 2 EMPERADOR INC. 2019 ANNUAL REPORT 3 Realizing success as a global player committed to the premiumization of our products and innovation of our processes 2019 ANNUAL REPORT 2 EMPERADOR INC. 2019 ANNUAL REPORT 3 TABLE OF CONTENTS FINANCIAL HIGHLIGHTS REVENUE EBITDA 51.6 BN +10% YOY 11.1 BN +7% YOY 3 Financial Highlights 4 Chairman’s Message 51.6 11.1 11.1 47.1 8 Brandy 10.3 42.7 42.7 9.6 9.6 12 Whisky 16 Gin 18 Rum 20 Sustainability 38 Corporate Governance 39 Risk Management 2017 2018 2019 2017 2018 2019* 42 Board of Directors 46 Financial Statements 164 Corporate Information GROSS PROFIT NET INCOME* 16.9 BN +6% YOY 7.0 BN +5% YOY 16.9 16.9 16.0 14.9 14.9 6.7 6.7 7.0 ABOUT THE COVER 6.3 For decades now, Emperador has been enriching the celebration of special occasions of people across the globe. In every milestone, every festivity, and every moment, our products keep people company, making millions of celebrations more flavorful and memorable. What if our positions were reversed? This 2019, we at Emperador invite you to join us as we toast to our performance highlights—from international recognitions to strong earnings growth—and embark on a journey to achieve more. Let’s celebrate success together! 2017 2018 2019 2017 2018 2019* *Figures exclude nonrecurring gain. Net Income is attributable to parent only. 4 EMPERADOR INC. 2019 ANNUAL REPORT 5 CHAIRMAN’S MESSAGE Emperador remains steadfast and resilient in these unprecedented times. 2020 is a watershed year. As a well-managed company, Emperador will emerge stronger and pave the avenue for future growth. DR. ANDREW L. TAN Chairman 2019 marks our 40th anniversary. From humble Meanwhile, the year 2020 sees a liquor tax hike in beginnings 40 years ago, we have now become a the Philippines. The new taxation is a headwind global company. The company is well-placed to for the domestic alcoholic beverage industry. And, continue and improve its international presence again in early summer, the COVID-19 pandemic and competitive positioning. Today, Emperador caught the world by surprise. Countries responded products can be found in more than 100 countries by imposing strict stay home quarantine. In the encompassing six continents around the world. I Philippines, the liquor ban was imposed by the am very grateful and I am extending my deepest local government units during the period of the gratitude to our stakeholders, employees and partners Enhanced Community Quarantine. Our global for four decades of growth, expansion and success. presence continued to generate revenues and profit during the hard lockdown in the Philippines. It is fitting that last year’s revenues reached an all- time high of P51.6 billion, rising 10% year-on-year During this time, your company has responded as both the Brandy and Scotch Whisky segments by looking after the welfare of its employees and registered positive performances. Excluding a non- the needs of communities, here in the Philippines recurring charge, net profit jumped 4.0% to P7.1 and abroad. billion and the portion attributable to owners rose 5.1% to P7 billion. Emperador remains steadfast and resilient in these unprecedented times. 2020 is a watershed year. As Your company continues to strive for product a well-managed company, Emperador will emerge excellence and giving greater satisfaction to stronger and pave the avenue for future growth. consumers’ experience. Whyte and Mackay was named Scotch Whisky Producer of the Year and Fundador Supremo 18 won the Worldwide Brandy Trophy Award at the International Wine and Spirits Competition in 2019. These are testaments to our DR. ANDREW L. TAN continued pursuit of innovation, quality and excellence. Chairman 6 EMPERADOR INC. 2019 ANNUAL REPORT 7 EMP AT FORTY 1979 1990 2010 2013 2014 2016 - 2017 2019 Dr Andew L Tan at age 27 Emperador Brandy, the first Emperador Light is launched Emperador lists on the EMP acquires Whyte and EMP acquires Beam EMP acquires the Domecq 40 years of liquor goes into liquor, his first brandy label is launched in in response to a growing Philippine Stock Exchange. Mackay Group Limited Suntory’s Spain-based brandy and wine trademarks passion. the Philippines. market for alcoholic of UK, enters the Scotch brandy and sherry business. and related assets from beverages with lower alcohol whisky business. Iconic Fundador, Terry, Tres Pernod Ricard, SA, giving it content and targeted at Cepas, and Harveys become access to brandy market in younger alcoholic beverage EMP brands. Mexico. consumers. ASIA PACIFIC MIDDLE EAST AND AFRICA THE AMERICAS AND CANADA EUROPE TRAVEL RETAIL To successful ends and wonderful beginnings, WORLDWIDE REACH let’s all raise our glasses. 8 EMPERADOR INC. 2019 ANNUAL REPORT 9 BRANDY FUNDADOR SUPREMO 18 T H E WORLD’S BEST From its distinguished aroma to its notes of fruits and nuts, the Fundador Brandy never fails to give an exquisite drinking experience. Conquering the World, The Supremo taste is described to have aromatic, warm and round notes of dried fruits and roasted Winning New Markets nuts combined with smooth, strong and intensive “The best in the world” INTERNATIONAL 2019 was a year of victories for Bodegas hints of vanilla and walnuts. The notes of wood is the highest acclaim AWARDS WON IN 2019 Fundador as it reaped worldwide distinction. stand out and give a very elegant and lingering Fundador Supremo – the 18 YO prestige finish. It is part of the Sherry Cask Collection one can ever ask for. expression of the “Sherry Cast Collection” – was having three expressions of a Fundador Solera DOUBLE GOLD MEDALS hailed the Best Brandy in the World at the 2019 Gran Reserva, drawing from flavors of exquisite 6 International Wine and Spirits Competition. sherry wines aged 12, 15 and 18 years. The sherry Harveys Oloroso VORS was also recognized as cask is made from oak and it balances the GOLD MEDALS the world´s Best Sherry. For these esteemed spirit. This and its notes of creamy vanilla, dried 10 titles, it is no wonder why Bodegas Fundador also fruits, and toasted nuts are what make this the received the top credit of being the “Fortified champion brandy. 21 SILVER MEDALS Wine Producer of the Year”. 2 BRONZE MEDALS 10 EMPERADOR INC. 2019 ANNUAL REPORT 11 TERRY WHITE That hip and vibrant packaging probably says it all. Let creativity flow with every drop of Terry White. With its versatility, your own concoctions are sure to be thrilling! Loud and proud: Fundador’s award-winning product line Supremo went on a Travel Retail campaign all Harveys was introduced with a new look, as part of Terry White Brandy is a unique expression that has a smooth refreshing over key locations in Spain to engage and educate its strategy to communicate the brand design. flavor while brimming with a balanced and aromatic taste. Created new markets of the revolutionary and award– to be a versatile drink that can be combined with any type of soft winning category. All over the world, more and Terry Centenario has its share of approval, drink, juice or tonic, it dares to conquer new generations, particularly more drinkers are experiencing the premier–tasting maintaining a clear leadership in its category in the millennial set, who finally have a brandy with which the boldest Fundador Brandy as it continues to enter new and Spain. Terry White Brandy launched a very dynamic mixtures can be concocted. Whether alone watching the sunset and promising markets in the United Kingdom and Asia. communication plan to increase brand awareness partying with friends, Terry White is enjoyed as the perfect cocktail Meanwhile, we also clinched new alliances to reach and attention among the millennial generation. It companion. new markets in Italy and Canada and to elevate also continues to expand and actively increase the awareness of its premium brands. numeric distribution bringing up visibility in these Beginning 2020, brandy and sherry will see exciting developments as marketing channels. In Mexico, we strengthened we have new projects already lined up. One is the new designs being Harveys continued to be the market leader in the our presence with new partners such as Casa readied for Triple Wood for Fundador. We are also excited for new United Kingdom. During this time, it went on trial Pedro Domecq. With a huge market filled with Harveys variants to be concocted for sherry consumers coming from a at the aperitifs retail space where demand is strong big opportunities for white spirits, we successfully younger crop. in Spain. In other markets in the US and Canada, launched the vividly bottled Terry White Brandy. 12 EMPERADOR INC. 2019 ANNUAL REPORT 13 WHISKY WHYTE AND MACKAY LIGHT The spirit drink is E X P E R T L Y expertly crafted with the same younger, lighter CRAFTED consumer in mind. Make hanging out more fun by pairing your long bonding with a light drink that still gives that intensive flavor. Whyte and Mackay at 175: Strong, The Dalmore continued to deliver stellar performance as it once again reached the apex healthy and still growing of the single malt category. It stood out in Seeing the rising number of Whyte and Mackay once again delivered an 2019 when rare releases broke into the market, young consumers who are Celebrating outstanding performance in 2019. Our business driving demand up and giving consumers more continued to expand in every major region around opportunities to experience the exceptional quality conscious of their alcohol the world. Growth was mainly driven by strong of the liquids and the core range.
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