DGL – Interim 2020 Powerpoint Presentation

HALF-YEAR
RESULTS
UPDATE
24 February 2020

Record global case sales of 1,733,000,
10% higher than last year
13% sales growth in key North
America region
Record Operating NPAT of $34.4
million, 10% higher than last year
Record cashflows from operations of
$35.5 million.
PERFORMANCE HIGHLIGHTS
2

RECORD OPERATING NPAT
3
“Delegat achieved record
Operating NPAT in the first half of
the 2020 financial year.”
JIM DELEGAT
EXECUTIVE CHAIRMAN

CASE SALES AND FX
4
Case Sale s (000' s)
De c 2019
Actual
De c 2018
Actual
% Change
vs 2018
UK, Ireland and Europe601 469 28%
North America (USA and Canada)722 640 13%
Australia, NZ and Asia Pacific410 467 -12%
Total Cases1,733 1,576 10%
Foreign Currency Rates
De c 2019
Actual
De c 2018
Actual
% Change
vs 2018
GB£0.5054 0.5138 2%
AU$0.9393 0.9301 -1%
US$0.6519 0.6787 4%
CA$0.8651 0.8789 2%

SALES REVENUE GROWTH ANALYSIS
5
*The financial statements for 31 December 2018 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019.
NZ$ millions
De c 2019
Actual
De c 2018
Actual
% Change
vs 2018
Operating Revenue154.1 141.4 9%
Revenue movements breakdown:
Volume10%
Value-1%
Foreign Exchange1%
Country/Product Mix-2%

OPERATING PERFORMANCE
6
*The financial statements for 31 December 2018 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019.
NZ$ millions
De c 2019
Actual
De c 2018
Actual
Restated*
% Change
vs 2018
Sales Revenue
154.1
141.4
9%
Operating Revenue156.7

143.0 10%
Operating Gross Profit82.6
78.3
5%
Operating Gross Margin
53%55%
Expenses (excl Promotion and Marketing)( 24.3)
( 22.7)
-7%
Promotion and Marketing( 4.8)
( 5.6)
14%
Operating EBIT53.5 50.0
7%
Operating EBIT % of Revenue34%35%
Interest and Tax( 19.1) ( 18.6)
-3%
Operating NPAT
34.4
31.4 10%
Operating NPAT % of Revenue22%22%
Operating EBITDA64.2
60.1 7%
Operating EBITDA % of Revenue
41%42%

OPERATING PROFIT MOVEMENT – LAST YEAR
7
NZ$millions

IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS
8
*The financial statements for 31 December 2018 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019.
NZ$ millions
De c 2019
Actual
De c 2018
Actual
Restated*
% Change
vs 2018
Operating NPAT34.4
31.4 10%
Operating NPAT % of Revenue22%22%
Biological Produce (Grapes)
1
( 8.7)
( 9.8) 11%
Derivative Instruments
2.4 1.3 85%
Total Fair Value Items(6.3) (8.5) 26%
Less: Tax 1.8 2.4
-25%
Fair Value Items after Tax (4.5) (6.1)
26%
Reported NPAT29.9 25.3 18%
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.

REPORTED PROFIT MOVEMENT – LAST YEAR
9
NZ$millions

BALANCE SHEET SUMMARY
10
NZ$ millions
De c 2019
Actual
De c 2018
Actual
Restated*
% Change
vs 2018
Assets
Current Assets197.6 193.2 2%
Fixed Assets593.5 587.7 1%
Total Assets791.1 780.9 1%
Liabilities
Current Liabilities35.0 34.3 2%
Lease Liability80.3 84.5 -5%
Deferred Tax Liabilities33.9 31.1 9%
Net Debt267.8 291.5 -8%
Other Non-current Liabilities4.8 4.3 12%
Total Liabilities421.8 445.7 -5%
Equity
Shareholders' Equity369.3 335.2 10%
Total Equity369.3 335.2 10%
Total Liabilities and Equity791.1 780.9 1%
*The financial statements for 31 December 2018 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019.

NET DEBT MOVEMENT – JUNE 19 TO DEC 19
11
NZ$millions

NET DEBT OVERVIEW
12
*The financial statements for 31 December 2018 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019.
NZ$ millions
De c 2019
Actual
De c 2018
Actual
Restated*
% Change
vs 2018
Funding
Operating Cash Flow35.5 23.2 53%
Net Debt267.8 291.5 8%
Key Ratios
Interest Cover9.39 7.94 18%
Equity / (Equity + Net Debt) %58.0%53.5%8%
Senior Debt Ratio2.60 3.05 15%

FULL YEAR OUTLOOK
13
The Group is on target to achieve global case
sales for the full year of 3,240,000, up 8% on
last year.
Based on prevailing exchange rates, the Group
forecasts a2020 Operating Profit result in line
with market consensus of $52.4 million.

Thank you