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Annual Report 2013 Our goal Our goal is to become Central and Eastern Europe’s leading spirits company – commanding a major stake in each of our core operating markets and making our presence felt in the wider global market. Contents Strategic report Chairman’s statement 02 Group at a glance 04 Our “millionaire” brands 06 Our heritage 08 Chief Executive Officer’s statement 10 Our business model 14 Strategy and KPIs 16 Our markets 18 HIGHLIGHTS Spirits market overview 20 Regional reviews Poland 22 17.4 m €340.5m Czech Republic 24 Italy 26 9 LITRE CASES NET SALES REVENUE Other 27 +11.4% +16.4% Operations 28 2012: 15.6m 9 litre cases 2012: €292.4m Our people 29 Corporate responsibility 30 €83.7m €47.7m Financial review 32 Principal risks 36 ADJUSTED EBITDA* OPERATING PROFIT Directors and +22.3% -44.2% Company Secretary 42 2012: €68.4m 2012: €85.4m Senior management 44 Corporate governance 46 Chairman’s letter 46 €74.4 m €8.9m Corporate governance framework 47 ADJUSTED EBIT* PROFIT FOR THE YEAR Audit Committee report 52 +26.7% -66.0% 2012: €58.7m 2012: €26.2m Nomination Committee report 56 Directors’ remuneration * Stock Spirits Group uses alternative performance measures as key financial indicators to assess the underlying performance of the Group. These include adjusted EBITDA, adjusted EBIT and adjusted free cash flow. report 57 The narrative in the Annual Report & Accounts is based on these alternative measures and an explanation is set out in note 7 to the consolidated financial statements included in the Annual Report & Accounts. Directors’ report 70 Statement of Directors’ responsibilities 73 Independent auditor’s report 74 For more information www.stockspirits.com Financial statements 77 Notes to the accounts 84 Shareholders’ information 143 Useful links 144 Stock Spirits Group Annual Report 2013 01 CHAIRMAN’S STATEMENT I am pleased to present The IPO attracted significant People demand from investors and I would Stock Spirits Group is a lean my inaugural report as like to welcome a broad range of organisation at the top, with most Chairman of Stock Spirits new shareholders, both from the resources in the markets where we UK and internationally, onto our operate. The central management Group PLC following the register and I look forward to your team has world-class credentials successful Initial Public continued support in the future. with successful backgrounds in We are starting out on our journey global spirits / consumer companies. Offering on the London as a fully listed company and I am We have implemented a revised Stock Exchange in personally very confident about remuneration policy in line with that the prospects of the Group. of a public company, to ensure that October 2013. the interests of the Executive As you can see in our financial Directors and senior managers are highlights that precede this aligned to those of the shareholders. statement, the Group’s performance Details of the new remuneration has been very strong in 2013 policy are contained in the corporate and we continue to improve our governance section of the report. All results in marketing, new product senior managers have a significant development, sound financial portion of annual remuneration tied management, operations and to performance targets. A system procurement. We expect of formal and informal performance that continued organic growth, evaluations leads to a culture that combined with sensible acquisitions is built on results. or mergers, will enable us to deliver results in line with our strategic plan. I would like to recognise the commitment of all our employees The Group’s two new distribution and thank them for their contribution agreements, with Beam Inc. in to the Group’s performance. Poland and Diageo plc in the Czech Republic, provide us with premium brands that complement our portfolio. These agreements demonstrate well the excellent quality of our trading platforms in both of these markets where we are the clear market leader in spirits. 02 Stock Spirits Group Annual Report 2013 Governance Looking ahead Stock Spirits Group complies I believe that the outlook for Stock with high standards of corporate Spirits Group is very promising. governance as a London listed We have a clear mission statement company. Following the IPO, and strategic plan and a proven we have a very strong Board executive team. of Directors. Combining with our Chief Executive Officer, I look forward to reporting on our Chris Heath, and Chief Financial progress as we deliver benefits to Officer, Lesley Jackson, who shareholders, consumers, customers have been building the business and employees. in recent years are three newly appointed independent Non- Executive Directors. The Board is benefiting greatly from the I would like to welcome experience of Andrew Cripps, David Maloney and John Nicolson Jack Keenan a broad range of who respectively chair the Audit, Chairman new shareholders. Nomination and Remuneration 27 March 2014 Committees. I would also like to express my gratitude to Karim Khairallah who serves as a shareholder Non-Executive Director representing Oaktree Capital Management. Karim has guided the development of Stock Spirits Group from the very beginning. Stock Spirits Group Annual Report 2013 03 GROUP AT A GLANCE Building our strength in spirits. 2013 NET SALES REVENUE (Total number and comparative 2012) 100% 60% €340.5m €206.2m 2012: €292.4m 2012: €175.3m MARKET POSITION Group Poland Stock Spirits Group is No.1 in spirits headquartered in the UK 37.6% market share • Vodka and vodka-based liqueurs CORE BRANDS We have over 25 brands and Żołądkowa Czysta de Luxe export internationally to more Lubelska than 40 countries worldwide Żołądkowa Gorzka Stock Prestige 1906 HEADCOUNT 962 544 Full time equivalents Source Poland: Nielsen, total Poland, total off trade, total vodka, flavoured vodka & vodka based liqueurs MAT Dec 2013. Czech Republic: Zoominfo, Nielsen & Dunnhumby off trade retail sales data, dataservis on trade retail sales data MAT Dec 2013. Italy: IRI retail sales data, total Italy, total off trade, total spirits MAT Dec 2013. 04 Stock Spirits Group Annual Report 2013 19% 11% 10% €63.2m €36.7m €34.4m 2012: €54.7m 2012: €36.6m1 2012: €20.8m Czech Republic Italy Other No.1 in spirits No.1 in vodka-based liqueurs Slovakia, Croatia, 40.4% market share and Limoncello Bosnia & Herzegovina. • Bitters, rum, vodka and 5.3% market share International exports: USA, vodka-based liqueurs • Vodka-based liqueurs Germany, Canada, UK, Slovenia • Limoncello and brandy and other Balkan countries Fernet Stock Keglevich Keglevich Božkov range Keglevich Fruit Imperator (Slovakia) Amundsen Limoncè Stock 84 Stock Original Fernet Stock Citrus Hammer Head 201 49 168 In the Czech Republic, the “Rum” category of the spirits market includes traditional rum, which is a spirit drink made from sugar cane, and so-called “local rum”, or “Tuzemak”, which is made from sugar beet. As used herein, “Rum” refers to both traditional and local rum, while “Czech rum” refers to local rum. 1. €36.6m excluding discontinued US operations; €41.6m including discontinued US operations. Stock Spirits Group Annual Report 2013 05 OUR “MILLIONAIRE” BRANDS* Żołądkowa Gorzka Poland Produced since 1950 to an unchanged recipe, this is a traditional Polish vodka-based liqueur made using the time honoured practice of infusing herbs in alcohol. Made from selected herbs, spices and dried fruits, including oranges, cloves, cinnamon and nutmeg, then matured in vats before bottling, its distinctive aroma and lightly spicy-sweet taste have long confirmed it as a household name brand in Poland Lubelska and one of the Group’s flagship products. Poland It is available in a variety of blends and The number one brand1 by volume in the flavours, including traditional, mint Polish vodka-based liqueurs category, with and honey. nine flavours and a “Three Grains” clear vodka. Żołądkowa Gorzka1 is the second largest Relaunched in 2004, Lubelska’s success brand by volume in the vodka-based liqueurs grew from trendsetting in flavour category in Poland and has also been innovation; developing a fun, contemporary introduced to other markets. The brand has range of flavours with particular appeal to won many international awards, including younger adult and female drinkers who three golden stars for Traditional from the enjoy the brand in shots or cocktails. International Taste & Quality Institute (iTQi) awards 2013. Lubelska won a silver medal in the 2013 International Spirits Challenge and a golden star from the International Taste & Quality Institute (iTQi) awards 2013 for the new grapefruit variety. 1906 Poland 1906 is the leading brand in the economy sector in Poland and is sold in over thirty countries around the world. An outstanding, clear vodka which is made through a process of quadruple distillation. It was created to honour the 100th anniversary of the opening of the first spirit distillery Rektyfikacja Lubelska in the city of Lublin in Poland. In 2009 this vodka brand achieved the status of being the second fastest growing vodka brand2 in the world (after Żołądkowa Czysta de Luxe). 06 Stock Spirits Group Annual Report 2013 Stock Prestige Poland Stock Prestige is a premium vodka launched in Poland in 2009. Stock Prestige is the result of combining 130 years of experience in producing top quality spirits with the most Żołądkowa Czysta de Luxe recent technological advancements. Poland We are delighted to report that it has This crystal-clear vodka is the number one achieved “millionaire” brand status in 2013.3 brand1 by volume in the Polish market, the 10th biggest selling vodka brand by volume2 A six-step distillation process with additional in the world and the best selling vodka in chilled filtration results in a high quality Stock Spirits’ portfolio. vodka with an exceptionally smooth taste. The raw materials used for Stock Prestige Produced to an original recipe using selected undergo careful selection and a multi-step grain, a six-step distillation and filtration control process.
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