DGL – 2022 Full Year Results Presentation

FY22 Results
26 August 2022

Introduction to meeting.
Business Performance –2022 Year under review.
Investing for the Future.
DelegatOutlook.
Agenda

Record Global Case Sales of 3,360,000
-Up 182,000 cases on last year (6%)
Operating NPAT of $58.1 million
-Down $7.1 million on last year (-11%)
Operating EBITDA of $112.2 million
-Down $10.2 million on last year (-8%)
Reported NPAT of $63.0 million
-Up $1.1 million on last year (2%)
Strong cash from operations of $65.6 million
Australian Drinks Awards 2022:
Oyster Bay voted fan favourite for white wine
Performance Highlights
3

Case Sales and FX
4
Case Sales (000's)
June 2022
June 2021
% Change
vs 2021
UK, Ireland and Europe
1,060


1,074


-1%
North America (USA and Canada)
1,608


1,487


8%
Australia, NZ and Asia Pacific
692


617


12%
Total Cases
3,360


3,178


6%
Foreign Currency Rates
GB£
0.5066


0.4988


-2%
AU$
0.9263


0.9301


0%
US$
0.6765


0.6737


0%
CA$
0.8650


0.8838


2%

Revenue Growth Analysis
5
NZ$ millions
June 2022
Actual
June 2021
Actual
% Change
vs 2021
Sales Revenue319.3 295.1 8%
Sales movements breakdown:
Volume6%
Value2%
Foreign Exchange-1%
Price2%
Country/Product Mix1%

Operating Performance
6
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS38: Intangible Assets.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2022
Jun 2021
Restated*
% Change
vs 2021
Sales Revenue
319.3


295.1


8%
Operating Revenue
325.4


302.7


7%
Operating Gross Profit
144.2


150.9


-4%
Operating Gross Margin
44%
50%
Expenses (excl Promotion and Marketing)
(45.7)


(43.4)


-5%
Promotion and Marketing
(9.7)


(7.9)


-23%
Operating EBIT
88.8


99.6


-11%
Operating EBIT % of Revenue
27%
33%
Interest and Tax
(30.7)


(34.4)


11%
Operating NPAT
58.1


65.2


-11%
Operating NPAT % of Revenue
18%
22%
Operating EBITDA
112.2


122.4


-8%
Operating EBITDA % of Revenue
34%
40%

Operating Profit Movement –Last Year
NZ
$millions
7
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS38: Intangible Assets.
Refer to Note 1 of the financial statements.
$65.2m*
($4.1m)

Impact of ‘Fair Value’ Adjustments
8
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS38: Intangible Assets.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2022Jun 2021
Restated*
% Change
vs 2021
Operating NPAT58.1 65.2 -11%
Operating NPAT % of Revenue18%22%
Biological Produce (Grapes)
1
6.6 (7.3)
n/m
2
Derivative financial Instruments 0.2 2.7 -93%
Total Fair Value Items6.8 (4.6)
n/m
2
Taxation of NZ IFRS fair value items(1.9) 1.3
n/m
2
Fair Value Items after Tax 4.9 (3.3)
n/m
2
Reported NPAT63.0 61.9 2%
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
NZ
$millions
9
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS38: Intangible Assets.
Refer to Note 1 of the financial statements.
$61.9m*

Balance Sheet Summary
10
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS38: Intangible Assets.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2022Jun 2021
Restated*
% Change
vs 2021
Assets
Current Assets257.9 225.3 14%
Fixed Assets706.7 658.5 7%
Other Non-current Assets2.8 - 100%
Total Assets967.4 883.8 9%
Liabilities
Current Liabilities100.9 44.8 125%
Lease Liability79.5 93.9 -15%
Deferred Tax Liabilities33.0 31.7 4%
Senior Debt Facilities253.8 258.0 -2%
Other Non-current Liabilities0.7 1.6 -55%
Total Liabilities467.9 430.0 9%
Equity
Shareholders' Equity499.5 453.8 10%
Total Equity499.5 453.8 10%
Total Liabilities and Equity967.4 883.8 9%
Net Debt248.7 249.1 0%

Net Debt Movement
NZ
$millions
11

Net Debt Overview
12
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS38: Intangible Assets.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2022Jun 2021
Restated*
% Change
vs 2021
Funding
Operating Cash Flow65.6 74.3 -12%
Net Debt248.7 249.1 0%
Key Ratios
Operating Profit Measures
Interest Cover9.45 10.15 -7%
Return on Equity
1
13.2%16.5%-20%
Return on Capital Employed
2
11.4%13.8%-17%
Reported Profit Measures
Interest Cover10.17 9.69 5%
Equity / (Equity + Net Debt) %66.8%64.6%3%
Return on Equity13.2%14.4%-8%
Return on Capital Employed11.8%12.5%-6%
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:
-Delivered excellent quality in all regions
-44,816 tonnes, up 20% on 2021
2022 Harvest
13

Introduction to meeting.
Business Performance –2022 Year under review.
Investing for the Future.
DelegatOutlook.
Agenda

Investing in Growth –Capital Expenditure Update
2020: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley, and land acquisition in
New Zealand.
2021: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley, and land acquisition in
New Zealand.
2022: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley.
2023: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley.
Million of $
15
33
29
62
39
52
0
10
20
30
40
50
60
70
2019
2020
2021
2022
2023

Introduction to meeting.
Business Performance –2022 Year under review.
Investing for the Future.
DelegatOutlook.
Agenda

Delegat Sales Growth 2020 -2025
Thousands 9 Litre Cases
17
Case Sales (000s)
2022
Actual
2023
Forecast
2024
Projection
2025
Projection
Total Cases3,360 3,672 3,910 4,080
% Increase9%6%4%

FY23 Operating Profit Guidance
Based on prevailing exchange rates, the Group forecasts to achieve a
FY23 operating profit that is in the range of $60 to $64million.
Ongoing supply chain disruption will be continued to be monitored
closely.
18

Thank you