DGL – 2018 Interim Results Presentation

HALF-YEAR RESULTS
23 February 2018

Introduction to meeting.
Business Performance –Half Year
review.
Outlook.
AGENDA
2

Global case sales of 1,377,000.
10% sales growth in the key North
America region.
Record Operating NPAT of $26.9 million.
9% higher than last year.
Strong cash flows from operations.
PERFORMANCE HIGHLIGHTS
3

CASE SALES AND FX
4
Case Sale s (000' s)
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
UK, Ireland and Europe358 449 -20%
North America (USA and Canada)568 518 10%
Australia, NZ and Asia Pacific451 479 -6%
Total Cases1,377 1,446 -5%
Foreign Currency Rates
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
GB£0.5323 0.5396 1%
AU$0.9119 0.9428 3%
US$0.7148 0.7132 0%
CA$0.8952 0.9438 5%

REVENUE GROWTH ANALYSIS
5
NZ$ millions
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
Operating Revenue134.4 133.7 1%
Sales movements breakdown:
Volume
-5%
Value6%
Foreign Exchange2%
Underlying Price/Product Mix4%

OPERATING PERFORMANCE
6
NZ$ millions
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
Sales Revenue134.4 133.7 1%
Operating Revenue136.9 135.8 1%
Operating Gross Profit80.0 76.7 4%
Operating Gross Margin58%56%
Operating Expenses( 36.6) ( 35.3) -3%
Operating EBIT43.4 41.4 5%
Operating EBIT % of Revenue32%30%
Interest and Tax( 16.5) ( 16.7) 1%
Operating NPAT26.9 24.7 9%
Operating NPAT % of Revenue20%18%
Operating EBITDA50.9 48.5 5%
Operating EBITDA % of Revenue37%36%

OPERATING PROFIT MOVEMENT – LAST YEAR
7
NZ$millions
0.0
4.0
8.0
12.0
16.0
20.0
24.0
28.0
32.0
Dec 2016 ActualMargin impactPromotion costsNet FX ImpactInterestOtherDec 2017 Actual
($1.1m)
($0.3m)
$24.7m
$26.9m
$0.9m
$2.1m
$0.6m

IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS
8
NZ$ millions
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
Operating NPAT26.9 24.7 9%
Operating NPAT % of Sales20%18%
Biological Produce (Grapes)
1
( 8.9) ( 8.3) -7%
Derivative Instruments ( 1.4) 0.6
n/m
2
Total Fair Value Items(10.3) (7.7) -34%
Less: Tax 2.8 2.1 34%
Fair Value Items after Tax (7.5) (5.6) -34%
Reported NPAT19.4 19.1 2%
1. Biological Produce (Grapes) is the difference between market value paid for grapes versus the cost to grow grapes. The harvest
provision is reversed and only recognised when the finished wine is sold.
2. n/m means not meaningful.

REPORTED PROFIT MOVEMENT – LAST YEAR
9
NZ$millions
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Dec 2016
Actual
Margin impactPromotion costsNet FX ImpactInterestOtherDec 2017
Actual
($1.1m)
$0.0m
$19.1m
$19.4m
$0.9m
$1.6m
($1.1m)

BALANCE SHEET SUMMARY
10
NZ$ millions
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
Assets
Current Assets169.5 174.3 -3%
Fixed Assets497.9 471.3 6%
Total Assets667.4 645.6 3%
Liabilities
Current Liabilities23.2 29.9 -22%
Deferred Tax Liabilities33.7 32.0 5%
Net Debt291.3 292.0 0%
Other Non-current Liabilities3.8 6.0 -37%
Total Liabilities352.0 359.9 -2%
Equity
Shareholders' Equity315.4 285.7 10%
Total Equity315.4 285.7 10%
Total Liabilities and Equity667.4 645.6 3%

NET DEBT MOVEMENT – JUNE 17 TO DEC 17
11
NZ$millions
150.0
160.0
170.0
180.0
190.0
200.0
210.0
220.0
230.0
240.0
250.0
260.0
270.0
280.0
290.0
300.0
June 2017
Actual
Cash from
Operations
Working CapitalCapexDividendFXDecember 2017
Actual
$2.7m
$21.7m
$278.0m
$291.3m
$9.3m
($33.5m)
$13.1m

NET DEBT OVERVIEW
12
NZ$ millions
De c 2017
Actual
De c 2016
Actual
% Change
vs 2016
Funding
Operating Cash Flow24.2 24.9 -2%
Net Debt291.3 292.0 0%
Key Ratios
Operating Interest Cover7.19 6.03 19%
Equity / (Equity + Net Debt) %52.0%49.5%5%
Senior Debt Ratio3.48 3.85 10%

Introduction to meeting.
Business Performance – Half Year
review.
Outlook.
AGENDA
13

FULL YEAR OUTLOOK
The Group is on target to achieve its
sales forecast of 2,782,000 cases, up
5% on last year.
The Group forecasts a 2018 operating
profit result of at least $40.7 million,
up on last year's record performance
by 6%.
14

Thank you