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Corby Spirit and Wine Limited ANNUAL REPORT 2014

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Corby Spirit and Wine Limited ANNUAL REPORT 2014 CORBY ANNU A L R EPORT2014 I CORBY SPIRIT AND WINE LIMITED ANNUAL REPORT 2014 Financial Highlights (as at and for the years ended June 30, 2014 and 2013) (in thousands of Canadian dollars, except per share amounts) 2014 2013 RESULTS Revenue $ 137,279 $ 132,743 Earnings from operations 33,460 37,043 Earnings before income taxes 33,981 37,393 Net earnings 24,983 27,014 Cash flows from operating activities 31,418 32,828 FINANCIAL POSITION Working capital $ 158,901 $ 158,771 Total assets 253,960 246,859 Shareholders’ equity 209,141 201,311 PER COMMON SHARE Earnings from operations $ 1.18 $ 1.30 Net earnings 0.88 0.95 Dividends declared and paid 0.71 1.20 Shareholders’ equity 7.35 7.07 FINANCIAL RATIOS Working capital 6.9 7.6 Return on average shareholders’ equity 12.0 13.2 Pre-tax return on average capital employed 16.7 18.0 REVENUE NET EARNINGS CASH FLOW FROM (in thousands of Canadian dollars) (in thousands of Canadian dollars) OPERATING ACTIVITIES (in thousands of Canadian dollars) 2012(1) $133,616 2012(1)(2) $26,317 2012 $46,278 2013 $132,743 2013 $27,014 2013 $32,828 2014 $137,279 2014 $24,983 2014 $31,418 In 2014, revenue growth of 3.4% The dip in earnings is reflective Cash inflows were similar to the reflects the introduction of of Corby’s decision to invest prior year despite our investment J.P. Wiser’s in the US, which more ahead of margin to develop in the ABSOLUT representation than offset small declines in the potential future growth streams. rights and in our US opportunity. domestic market. (1) Net earnings for 2012 have been adjusted for the net after-tax gain from the sale of the Montréal, Québec, plant and non-core brands of $17.7 million and the financial impact of the plant and brands disposed. Revenue has also been adjusted to exclude sales related to the plant and brands disposed. (2) Net earnings for 2012 have not been adjusted to reflect the adoption of IAS 19R. Revenue - Core Business Net earnings - Core Business Cash ow from Operating Activities 2012 2012 2012 2013 2013 2014 137,279 2013 2014 24,984 2014 31,419 2013 132,743 2013 27,014 2013 32,828 2014 2014 2012 133,616 2014 2012 26,317 2012 46,278 0 30 60 90 120 150 0 6 12 18 24 30 0 10 20 30 40 50 HOME IS WHERE THE HEART IS. AND AFTER MORE THAN 150 YEARS, OUR PASSION FOR OUR COUNTRY AND OUR COMPANY IS STRONGER THAN EVER: IT’S IN THE CRAFT THAT SHAPES OUR PREMIUM BRANDS; IT’S IN THE MARKET INSIGHT THAT DISTINGUISHES OUR CUSTOMER RELATIONSHIPS; AND IT’S IN THE COMMITMENT OF OUR PEOPLE FROM COAST TO COAST. TABLE OF CONTENTS Letter to Shareholders 2 | The Numbers 4 | A Growing Legacy in Whisky 6 | Innovative Solutions for the Canadian Market 12 Making a Positive Difference from Coast to Coast18 | Management Team 24 CorbY AR2014 | 1 Dear Shareholders, THESE ARE EXCITING TIMES TO BE PART OF CORBY. WHILE OUR COMPANY IS MORE THAN 150 YEARS OLD, IN SOME WAYS IT FEELS LIKE WE’RE JUST GETTING STARTED. OUR NEW IDENTITY IS ONLY ONE SIGN OF THE CHANGES UNDERWAY. HERE ARE A FEW MORE: Corby gained value market share exports are helping drive the potential. Look no further than our in a challenging Canadian spirits Company’s revenue and margin success with Jacob’s Creek Moscato category that posted overall volume improvement. While we expect that wine, where we used broadcast and declines in fiscal 2014. Our spirits it will take two to three years of social media during the recent market share rose 0.1%. In wine, strategic investment to establish season of The Bachelorette reality we held our share in the dynamic Corby brands in the US, the long- TV show to insert the brand into the categories in which we compete. term growth potential in the world’s conversations of Canadian women. Most importantly, we achieved most profitable spirits market – in It also helps that we can leverage leading growth in premium whisky terms of volume and margin – the world-class tools and digital and vodka, and many of our priority inspires us. platforms of Pernod Ricard to reach wine brands outstripped category customers in new ways. Today, we trends. We also added several Never before have we been so quick can offer Google Hangouts with the national and regional on-premise to convert consumer insights into master distiller of The Glenlivet or account listings, providing new new and relevant products and virtual tours of heritage distilleries opportunities to bring our brands strategies. There’s no better example to satisfy consumer interest in our to life. It’s clear to us that our than the launch of Criollo, a brands. The results are exceeding investments in premium brands chocolate liqueur designed for expectations. and organizational capabilities are women. Women are an emerging market for our industry and Criollo making a difference. What’s more, UNWAVERING offers them indulgence in a our ability to leverage our COMMITMENT meaningful way. The brand went relationship with our majority TO CANADA shareholder, Pernod Ricard, gives us from idea to store shelves in less While the domestic spirits and wine a significant competitive advantage. than 15 months. In the wine market, we’re using our consumer insights to market is expected to remain We’re making a solid push into the drive our wine partners to innovate challenging in the near future, we United States, riding on the surging in line with Canadian opportunities. believe that Corby has a unique popularity of premium North Buried Hope is a case in point. We’re advantage over our competitors – and American whisky. In September currently testing this premium that’s our unwavering commitment to 2013, we launched two premium collection of wines from around the Canada. This commitment expresses Canadian whiskies under the world that was developed specifically itself in everything from our tailored J.P. Wiser’s® name at retail and for the Canadian market. product development and in-depth on-premise outlets throughout the understanding of the needs of country, in addition to introducing Corby is right on top of the digital Canadian customers and consumers our Pike Creek® and Lot 40® brands revolution that’s shaking up our to our highly engaged workforce at select on-premise accounts. We’ve industry. We’re rolling out best-in- and our innovative corporate social met key objectives so far and our US class strategies, using digital tools responsibility (CSR) practices. and social media to their full 2 | CorbY AR2014 THE NEW CORBY What better way to tell the world that we’ve changed than to adopt a new name and identity. In 2014, we became Corby Spirit and Wine Limited and redesigned our corporate branding and logo to create a distinctive identity that acknowledges our heritage and brings clarity to our core business as brand builders of spirits and wine. The word “Spirit”, in singular form, emphasizes our sense of spirit, dynamism and conviviality. 20% CORBY’S PORTFOLIO Our employees live and work across This strategy is focused on: AccOUNTS FOR 20% our great nation and they’re deeply (1) strategically prioritizing OF SPIRITS AND 3% OF committed to serving their local our portfolio and focusing our WINE VOLUME SALES IN CANADA business and community needs. investment; (2) building effective You can see the difference it makes channel strategies for both on- in some of our grassroots marketing premise and retail channels; initiatives. Or in the resolve of our (3) driving a dynamic and relevant sales team to understand and add innovation pipeline; (4) optimizing value to their Canadian customers’ organizational structure and business. In 2014, they completed increasing efficiencies; and more than 15,000 informal surveys (5) positioning the Company to of retail and on-premise customers! exploit growth opportunities outside For the third straight year, Corby was Canada. What changes is the recognized as one of Canada’s execution, as we respond to dynamic best workplaces, a company that trends, opportunities and challenges. develops Canadian talent and creates rewarding jobs. We were In conclusion, I’d like to thank our also recognized for an innovative Board of Directors for their invaluable OUR EMPLOYEES LIVE partnership with the Toronto Transit guidance and our management team AND WORK ACROSS and employees for the passion they Commission (TTC) in which we OUR GREAT NATION bring to their jobs each and every committed to pay the New Year’s Eve AND THEY’RE DEEPLY day. It’s a joy to work with them as, fares for TTC riders for three years COMMITTED TO SERVING in a row as a means of promoting together, we seek to establish Corby THEIR LOCAL BUSINESS responsible consumption. You can as the leading spirits and wine AND COMMUNITY NEEDS read more about these stories company in Canada. throughout this report. Sincerely, OPTIMISM FOR THE FUTURE Corby is well positioned for future growth and we’re confident in our ability to deliver strong value to our shareholders, customers, employees and communities. Our five-pronged strategy has proven successful and R. PATRICK O’DRISCOLL we see no reason to change course. President & Chief Executive Officer CorbY AR2014 | 3 The Numbers CORBY’S FINANCIAL RESULTS CLEARLY REFLECT OUR STRATEGY OF GAINING MARKET SHARE IN OUR KEY PRIORITY AREAS OF THE DOMESTIC MARKET AND GROWING TOP-LINE REVENUES IN THE DYNAMIC US MARKET. WHILE PROFITABILITY WAS AFFECTED BY THE UPFRONT ADVERTISING AND PROMOTION INVESTMENT REQUIRED TO CREATE A SUSTAINABLE GROWTH PLATFORM IN THE US, THE BUSINESS ENJOYED SOLID UNDERLYING PERFORMANCE.
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