DGL – Interim 2019 Powerpoint presentation

HALF-YEAR RESULTS
25 February 2019

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

Record global case sales of 1,576,000.
14% higher than last year.
13% sales growth in the key North
America region.
New distribution listing with a major UK
independent co-operative has contributed
to 31% growth in UK, Ireland and Europe
region.
Record Operating NPAT of $31.4 million.
17% higher than last year.
Strong cash flows from operations.
PERFORMANCE HIGHLIGHTS
3

CASE SALES AND FX
4
Case Sale s (000' s)
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
UK, Ireland and Europe469 358
31%
North America (USA and Canada)640 568 13%
Australia, NZ and Asia Pacific467 451 4%
Total Cases1,576 1,377 14%
Foreign Currency Rates
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
GB£0.5138
0.5358 4%
AU$0.9301 0.9124 -2%
US$0.6787 0.7151 5%
CA$0.8789 0.8967 2%

REVENUE GROWTH ANALYSIS
5
NZ$ millions
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
Operating Revenue141.4 125.1 13%
Revenue movements breakdown:
Volume14%
Value-1%
Foreign Exchange2%
Country/Product Mix-3%

OPERATING PERFORMANCE
6
NZ$ millions
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
Sales Revenue141.4 125.1
13%
Operating Revenue
143.0 127.6
12%
Operating Gross Profit
78.3 70.7
11%
Operating Gross Margin55%55%
Operating Expenses( 28.5) ( 27.3) -4%
Operating EBIT49.8
43.4 15%
Operating EBIT % of Revenue35%34%
Interest and Tax( 18.4)

( 16.5)
-12%
Operating NPAT31.4
26.9 17%
Operating NPAT % of Revenue22%21%
Operating EBITDA57.5 50.9 13%
Operating EBITDA % of Revenue40%40%

OPERATING PROFIT MOVEMENT – LAST YEAR
7
NZ$millions
16 .0
18 .0
20 .0
22 .0
24 .0
26 .0
28 .0
30 .0
32 .0
34 .0
36 .0
Dec 2017 ActualMargin impactPromotion costsNet FX ImpactInterestOth erDec 2018 Actual
($0.4m)
$1.0m
$26.9m
$31.4m
($3.3m)
$7.2m
$0.0m

IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS
8
NZ$ millions
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
Operating NPAT31.4 26.9 17%
Operating NPAT % of Revenue22%21%
Biological Produce (Grapes)
1
( 9.8) ( 8.9) -10%
Derivative Instruments 1.3 ( 1.4)
n/m
2
Total Fair Value Items(8.5) (10.3) 19%
Less: Tax 2.4 2.8 -19%
Fair Value Items after Tax (6.1) (7.5) 19%
Reported NPAT25.3 19.4 30%
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
8.0
10 .0
12 .0
14 .0
16 .0
18 .0
20 .0
22 .0
24 .0
26 .0
28 .0
Dec 2017
Actual
Margin impactPromotion costsNet FX ImpactInterestOth erDec 2018
Actual
($0.4m)
$3.5m
$19.4m
$25.3m
($3.3m)
$6.6m
($0.5m)

BALANCE SHEET SUMMARY
10
NZ$ millions
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
Assets
Current Assets192.8 169.4 14%
Fixed Assets523.5 498.0
5%
Total Assets716.3
667.4 7%
Liabilities
Current Liabilities30.3
23.2 31%
Deferred Tax Liabilities37.8 33.7
12%
Net Debt291.5
291.3 0%
Other Non-current Liabilities4.3 3.8
14%
Total Liabilities363.9 352.0 3%
Equity
Shareholders' Equity352.4 315.4 12%
Total Equity352.4 315.4
12%
Total Liabilities and Equity716.3 667.4 7%

NET DEBT MOVEMENT – JUNE 18 TO DEC 18
11
NZ$millions
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 2018
Actual
Cash from
Operations
Working CapitalCapexDividendFXDecember 2018
Actual
($2.4m)
$18.5m
$281.5m
$291.5m
$13.1m
($34.4m)
$15.2m

NET DEBT OVERVIEW
12
NZ$ millions
De c 2018
Actual
De c 2017
Actual
% Change
vs 2017
Funding
Operating Cash Flow
21.3 24.2 -12%
Net Debt291.5 291.3 0%
Key Ratios
Operating Interest Cover8.16 7.19 13%
Equity / (Equity + Net Debt) %54.7%52.0%5%
Senior Debt Ratio3.05 3.48 12%

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

FULL YEAR OUTLOOK
The Group forecasts to achieve record
global case sales of 3,040,000 cases,
up 11% on last year.
The Group forecasts arecord2019
operating profit result of at least $50.3
million, up on last year's record
performance by 12%.
14

Thank you