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Stock Spirits Group PLC Year-End 2017 Results

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Stock Spirits Group PLC Year-End 2017 Results Stock Spirits Group PLC Year-end 2017 Results 7 March 2018 Disclaimer This presentation has been prepared by Stock Spirits Group PLC (“Stock Spirits Group” or the “Group”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to be bound by the following conditions. This presentation contains forward looking statements, which are based on the Stock Spirits Group Board's current expectations and assumptions and may involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements typically contain words such as “anticipate”, “assume”, “believe”, “expect”, “plan”, “intend” and words of similar substance. The forward looking statements contained in this presentation are based on past trends or activities and should not be taken as a representation that such trends or activities will continue in the future. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially, including, but not limited to: conditions in the market, market position of the companies comprising the Stock Spirits Group, earnings, financial position, cash flows, return on capital and operating margins, anticipated investments and economic conditions; the Group's ability to obtain capital/additional finance; a reduction in demand by customers; an increase in competition; an unexpected decline in revenue or profitability; legislative, fiscal and regulatory developments, including, but not limited to, changes in environmental and health and safety regulations; exchange rate fluctuations; retention of senior management; the maintenance of labour relations; fluctuations in the cost of raw material and other input costs; and operating and financial restrictions as a result of financing arrangements. Accordingly, readers should not place undue reliance on forward looking statements due to the inherent uncertainty herein. No statement in this presentation is intended to constitute a profit forecast, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Group. Each forward looking statement relates only as of the date of this presentation. Except as required by the Listing Rules, the Disclosure and Transparency Rules, the Prospectus Rules, the London Stock Exchange or otherwise by law, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Other than the financial results shown in the presentation, the information contained in this presentation has not been independently verified and no reliance should be placed on such information. No representation, warranty or undertaking, express or implied, is made by the Group or its advisors, representatives, affiliates, officers, employees or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation or in any communication (whether written or oral) accompanying this presentation. Neither the Group nor any of its advisors, representatives, affiliates, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with the presentation. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information. In making this presentation available, the Group gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Stock Spirits Group PLC or in any other securities or investments whatsoever. The information in this presentation does not constitute an offer to sell or an invitation to buy any securities or an invitation or inducement to engage in any other investment activity. This presentation is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation or which would require any registration or licensing within such jurisdiction. 2 Introduction David Maloney Chairman 3 Agenda SECTION PRESENTER Introduction David Maloney (Chairman) Business review Mirek Stachowicz (CEO) Financial results Paul Bal (CFO) Looking forward Mirek Stachowicz (CEO) Q&A 4 2017 Year-end results summary • Positive performance in 2017: • Volume, revenue, adjusted EBITDA and adjusted EPS all in growth • Stabilisation and turnaround in market and financial performance in Poland • Cash generation continues to be robust • Final dividend proposed today of 5.72€ cents per share • Total dividend paid/proposed in respect of 2017 is 8.10€ cents per share (2016: 7.72€ cents per share excluding the special dividend) • 25% Irish whiskey investment in Quintessential Brands completed in July • Paul Bal replaced Lesley Jackson as CFO in November • More robust business, strategy refreshed and well placed for the future 5 Business review Mirek Stachowicz Chief Executive Officer 6 Introduction What we committed to delivering last year-end • Turnaround Poland - grow market share, revenue and EBITDA • Complete cost savings initiatives in 2017 • Respond appropriately to competitors’ actions • Put the business on a stronger footing for the future What we have achieved • Turnaround of our Polish business is on track • Improved financial performance • €3.2m of annualised cost savings in 2017 • 2016 Czech acquisition integrated ahead of plan • 25% equity investment in Quintessential Brands 7 The Polish spirits market • Total spirit sales are influenced by increased affluence in Poland 2017 Total spirits value by category (with Y-o-Y growth rate %) • Total spirits market grew +2.4% in volume and +3.6% in value • Clear vodka represented 72% of the total CLEAR VODKA vodka market by value but it is declining (-1.0%). Flavoured vodka grew +14.3% FLAVOURED significantly by value (+9.5%) VODKA WHISKY • Traditional trade was still the most -1.0% important channel, representing 66.6% of vodka sales by volume in 2017 BRANDY +9.5% • Our Polish business delivered 54% of OTHER total Group revenue in 2017 • Stock is building a stronger own brand portfolio through increased premiumisation and different price points Source: Nielsen, total Poland (excluding beer and wine), value market share, MAT on monthly within key categories basis December 2017, as reported in January 2018 • Whisky was the fastest growing category by value (+14.3%) and is a strategic priority for us 8 Source: Nielsen, total Poland, Traditional trade, MAT on monthly basis December 2017, as reported in January 2018 Poland vodka category share gains last 6 months Vodka volume and value market share last 6 months vs prior 6 months (%, all channels) Value Volume 45% Roust Roust • Stock has seen gains in value and +1.5% +0.7% 40% volume market share in the last 6 months, particularly in the 35% Discounters channel 30% Stock Stock +0.1% +0.2% • Roust is starting to lose value 25% market share to Stock in the 20% MB modern trade but Roust is gaining MB -0.4% value in the traditional trade 15% -0.8% channel 10% 5% • Marie Brizard is losing value and volume market share in all 0% Jan 17- Jun 17 Jul-Dec 17 Jan 17- Jun 17 Jul 17- Dec 17 channels Source: Nielsen, total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) value and volume for each half year period as reported in January 2018 9 Poland market share trends Quarterly % change in volume and value (2017 vs 2016) Volume market share Value market share STOCK ROUST MARIE BRIZARD STOCK ROUST MARIE BRIZARD 5.0% 5.0% 4.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% Q1 vs LY Q2 vs LY Q3 vs LY Q4 vs LY Q1 vs LY Q2 vs LY Q3 vs LY Q4 vs LY -1.0% -1.0% -2.0% -2.0% -3.0% -3.0% • The trend in both volume and value share favours Stock as Roust’s momentum slows and Marie Brizard’s decline accelerates Source: Nielsen, total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) value and volume for each quarterly period, 2016 and 2017, as reported in January 2018 10 Mainstream clear vodka pricing Total Poland average price per litre (PLN)- All formats ZOLADKOWA DE LUXE (Stock) ZUBROWKA (Roust) KRUPNIK (Marie Brizard) • Pricing in the mainstream segment has not really 45.0 improved over 2017 44.5 • We have demonstrated our 44.0 ability to respond effectively to 43.5 competitive pressures and will 43.0 continue to do so 42.5 • Our pricing strategy has 42.0 resulted in Stock’s ZdL volume market share growing +2.9% 41.5 (sell-out) vs the sub-category 41.0 decline of -0.8% 40.5 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec • Stock announced a price 2016 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 increase in January 2018, which will be effective from 1st March 2018 Source: Nielsen, total Poland, total clear vodka by volume, MAT Dec
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