DGL – 2019 Full Year Results Presentation

FY19 RESULTS
23 August 2019

Introduction to meeting.
Business Performance –2019 Year
under review.
Investing for the Future.
Delegat Outlook.
AGENDA
2

Record global case sales of 3,008,000.
10% higher than last year.
Record Operating NPAT of $51.4 million.
14% higher than last year.
Strong cash flows from operations of $55.4
million.
Dividend increased on strong operational
performance and cash flows –17.0 cents.
PERFORMANCE HIGHLIGHTS
3

CASE SALES AND FX
4
Case Sales (000's)
Jun 2019
Actual
Jun 2018
Actual
% Change
vs 2018
UK, Ireland and Europe896 687 30%
North America (USA and Canada)1,332 1,250 7%
Australia, NZ and Asia Pacific780 799 -2%
Total Cases3,008 2,736 10%
Foreign Currency Rates
Jun 2019
Actual
Jun 2018
Actual
Restated*
% Change
vs 2018
GB£0.5146 0.5349 4%
AU$0.9320 0.9181 -2%
US$0.6774 0.7037 4%
CA$0.8888 0.9041 2%
*The financial statements for the year ended 30 June 2018 have been restated following the adoption of NZ IFRS 15: Revenue from Contracts with Customers on 1 July 2018. Refer to Note 1 of the financial statements.

REVENUE GROWTH ANALYSIS
5
NZ$ millions
Jun 2019
Actual
Jun 2018
Actual
Restated*
% Change
vs 2018
Operating Revenue269.4 246.5 9%
Revenue movements breakdown:
Volume10%
Value-1%
Foreign Exchange2%
Country/Product Mix-3%
*The financial statements for the year ended 30 June 2018 have been restated following the adoption of NZ IFRS 15: Revenue from Contracts with Customers on 1 July 2018. Refer to Note 1 of the financial statements.

OPERATING PERFORMANCE
6
NZ$ millions
Jun 2019
Actual
Jun 2018
Actual
Restated*
% Change
vs 2018
Sales Revenue269.4 246.5 9%
Operating Revenue278.0 255.8 9%
Operating Gross Profit139.1 130.3 7%
Operating Gross Margin50%51%
Operating Expenses(55.4) (55.8) 1%
Operating EBIT83.7 74.5 12%
Operating EBIT % of Revenue30%29%
Interest and Tax(32.3) (29.6) -9%
Operating NPAT51.4 44.9 14%
Operating NPAT % of Revenue18%18%
Operating EBITDA99.3 89.6 11%
Operating EBITDA % of Revenue36%35%
*The financial statements for the year ended 30 June 2018 have been restated following the adoption of NZ IFRS 15: Revenue from Contracts with Customers on 1 July 2018. Refer to Note 1 of the financial statements.

OPERATING PROFIT MOVEMENT –LAST YEAR
7
NZ$millions
30.0
32.0
34.0
36.0
38.0
40.0
42.0
44.0
46.0
48.0
50.0
52.0
54.0
Jun 2018 Actual
Margin impact
Promotion costs
Net FX Impact
Interest
Other
Jun 2019 Actual
($1.2m)
$2.1m
$44.9m
$51.4m
($1.0m)
$6.6m
($0.0m)

IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS
8
NZ$ millions
Jun 2019
Actual
Jun 2018
Actual
% Change
vs 2018
Operating NPAT51.4 44.9 14%
Operating NPAT % of Revenue18%18%
Biological Produce (Grapes)
1
(4.2) 5.5
n/m
2
Derivative Instruments (1.5) (2.9) 48%
Total Fair Value Items(5.7) 2.6
n/m
2
Less: Tax 1.7 (0.7)
n/m
2
Fair Value Items after Tax (4.0) 1.9
n/m
2
Reported NPAT47.4 46.8 1%
1. Bi ol ogi ca l Produce (Gra pe s ) i s the di ffe re nce be twe e n ma rke t va l ue pa i d for gra pe s ve rs us the cos t
to grow gra pe s . The ha rve s t provi s i on i s re ve rs e d a nd onl y re cogni s e d whe n the fi ni s he d wi ne i s s ol d.
2. n/m me a ns not me a ni ngful .

REPORTED PROFIT MOVEMENT –LAST YEAR
9
NZ$millions
30.0
32.0
34.0
36.0
38.0
40.0
42.0
44.0
46.0
48.0
50.0
52.0
Jun 2018 ActualMargin impactPromotion costsNet FX ImpactInterestOtherJun 2019 Actual
($1.2m)
$5.7m
$46.8m
$47.4m
($1.0m)
($0.3m)
($2.6m)

BALANCE SHEET SUMMARY
10
NZ$ millions
Jun 2019
Actual
Jun 2018
Actual
% Change
vs 2018
Assets
Current Assets199.0 190.1 5%
Fixed Assets529.5 514.5 3%
Total Assets728.5 704.6 3%
Liabilities
Current Liabilities41.7 42.5 -2%
Deferred Tax Liabilities35.6 33.7 6%
Net Debt270.3 281.5 -4%
Other Non-current Liabilities6.3 3.7 71%
Total Liabilities354.0 361.4 -2%
Equity
Shareholders' Equity374.5 343.2 9%
Total Equity374.5 343.2 9%
Total Liabilities and Equity728.5 704.6 3%

NET DEBT MOVEMENT
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 CapitalCapexDividendFXJune 2019
Actual
($3.6m)
$32.6m
$281.5m
$270.3m
$8.6m
($64.0m)
$15.2m

NET DEBT OVERVIEW
12
NZ$ millions
Jun 2019
Actual
Jun 2018
Actual
% Change
vs 2018
Funding
Operating Cash Flow55.4 57.8 -4%
Net Debt270.3 281.5 4%
Key Ratios
Operating Profit Measures
Interest Cover6.98 6.23 12%
Return on Equity
1
16.0%15.7%2%
Return on Capital Employed
2
14.0%13.2%6%
Reported Profit Measures
Interest Cover6.50 6.45 1%
Equity / (Equity + Net Debt) %58.1%54.9%6%
Return on Equity13.2%14.4%-8%
Return on Capital Employed12.3%12.7%-4%
1. Return on Equi ty (Operati ng) excl udes al l fai r val ue i tems from both NPAT and As s ets /Li abi l i ti es .
2. Return on Capi tal Empl oyed (Operati ng) excl udes al l fai r val ue i tems from both EBIT and
As s ets /Li abi l i ti es .

◆Group Harvest:
◆-exceptional quality across all three of
our wine regions
◆-35,500 tonnes, down 11% on 2018
2019 HARVEST
13

Introduction to meeting.
Business Performance –2019 Year
under review.
Investing for the Future.
Delegat Outlook.
AGENDA
14

15
◆2017: Includes vineyard and winery
developments in Hawke’s Bay,
Marlborough and Barossa Valley.
◆2018: Includes vineyard and winery
developments in Hawke’s Bay,
Marlborough and Barossa Valley, and
land acquisition in New Zealand.
◆2019: Includes vineyard and winery
developments in Hawke’s Bay,
Marlborough and Barossa Valley.
◆2020: Includes vineyard and winery
developments in Hawke’s Bay,
Marlborough and Barossa Valley, and
land acquisition in New Zealand.
INVESTING IN GROWTH -CAPITAL EXPENDITURE UPDATE
Million of $
0
20
40
60
80
100
120
2016
2017
2018
2019
2020
114
40
47
33
43

Introduction to meeting.
Business Performance –2019 Year
under review.
Investing for the Future.
Delegat Outlook.
AGENDA
16

DELEGAT SALES GROWTH 2017 -2022
17
Thousands 9 Litre Cases
Case Sales (000s)
2019
Actual
2020
Forecast
2021
Projection
2022
Projection
Total Cases3,008 3,240 3,419 3,651
% Increase8%6%7%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
201720182019202020212022

FY20 Operating Profit Guidance
18
Based on prevailing exchange rates, the Group forecasts to achieve a FY20
operating profit that is in line with the FY19 record performance.

Thank you