Stock Spirits Group PLC H1 2015 Results 20 August 2015

Disclaimer

This presentation has been prepared by Stock Spirits Group PLC (“Stock Spirits Group” or the “Group”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to be bound by the following conditions.

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2

Agenda

SECTION PRESENTER

Business Review & Outlook

Chris Heath (CEO)

Financial Results Lesley Jackson (CFO)

Concluding Remarks Chris Heath (CEO)

Q&A

3

Chris Heath Chief Executive Officer

Business Review

Summary

5

• Weak H1 results due to difficult Q1 - Caused by continued disruption resulting from the 2014 duty increase in Poland

• Stock Polska is fighting back

• Much better Q2 in Poland, and therefore for the Group

• GDP growth and most other economic indicators improving in all core markets

• Other markets performing well and overall in line with expectations

• Despite issues in Poland, we have continued to invest in our core brands and NPD across the group

Poland Operational Highlights Summary Recap on 2014

6

• Market disruption

• 15% Excise duty increase on January 1st 2014 • Adversely affected consumer demand and disrupted customer buying patterns • Customers pre duty increase buy-in at the end of 2013 resulted in high

customer inventories at the start of 2014 • High customer inventories were maintained in H1 as customers continued to

buy product at pre duty increase prices • As expected, discounts and rebates to customers increased to encourage the

sell through of excess inventories • Competitors became more aggressive on price and launched some successful

NPD • Market disruption continued through the whole of 2014 and into 2015

• Lessons have been learnt…

Poland Operational Highlights Summary We are fighting back!

7

• Actions taken

• Stock Polska MD left the business in January 2015 and Group management were moved in to run Stock Polska until a new MD is recruited

• Ian Croxford, Group COO as acting Managing Director • Richard Hayes, Group Sales & Marketing Director as acting Marketing

Director • Paula Cardwell, Group Finance as acting Polish Finance Director

• Sales force has been restructured, refocused and re-motivated • Relationships are being rebuilt with key customers • Core brand packaging has been upgraded and exciting new marketing

activities introduced • The NPD programme for 2015 and beyond has been expanded and

accelerated

• Results are coming through • Market share is stabilising / growing • Profitability is improving • Excellent results from Beam Suntory distribution agreements

Spirits Route to Market in Poland

8

Wholesalers Customers

Modern Trade Stores

Discounter Stores

Market Highlights Traditional Stores

Horeca (On Trade Bars etc)

• c.85

• c.3,100

• c.3,100

• c.64,000

• c.20,000

• >30 million consumers

• Vodka and vodka based liqueurs represent c.87% of the total spirits market

• Polish GDP growth and other economic indicators getting stronger

• Poland remains a very large and attractive spirits market

Typically 2-4 months Stock sales Consumer purchase

Source: Management estimates, Nielsen and OECD

Vodka Market Trends by Channel Discounters gaining at the expense of Traditional and Modern Trade channels

9

Discounters Traditional Modern Trade

% M

AT T

rend

Total market

1.7%

-4.4%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20% ValueVolume

-0.3%

-5.9%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20% ValueVolume

0.1%

-5.8%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20% ValueVolume

10.5%

1.7%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20% ValueVolume

Source: Nielsen, Total Poland, Total Vodka YTD Value % Change x.x%

YTD Volume % Change x.x%

-2.7%

+0.8%

10.2%

+15.9%

-6.0%

-2.4%

-4.8%

-1.4%

Market Share Trends - Discounters Roust aggressively growing share in Discounters

• We have broadly maintained our

volumes in this channel whilst others have been aggressively growing their volumes through heavy discounting

• We are happy to work with Discounters on a basis that benefits both parties, whilst competitors appear to be using this channel to achieve fast volume gains

10

Volume shares in discounters Key highlights

16% 11%

51% 28% 22%

7% 29% 20%

60% 30% 19%

2%

Soplica R Zubrowka R Bols R Krupnik R CDL StockPrestige R

June 2013 June 2015

(Roust) (Roust) (Marie Brizard) (Stock)

Proportion of key brand volumes through discounters

Source : Nielsen, Total Poland, Total Vodka Volume

16.8%

40.0%

20.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

JUN2013

SEP2013

DEC2013

MAR2014

JUN2014

SEP2014

DEC2014

MAR2015

JUN2015

Stock Polska Roust Marie Brizard

(Roust) (Stock)

Average vodka retail price index since June 2013

• Stock’s vodka price trends fully

reflect the 2014 excise duty increase and our ongoing premiumisation strategy

11

Key highlights

Vodka Pricing Trends

Source : Nielsen, Total Poland, Total Vodka

13.8%

7.7%

10.2%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

JUL

2013

AUG

201

3SE

P 20

13O

CT 2

013

NO

V 20

13DE

C 20

13JA

N 2

014

FEB

2014

MAR

201

4AP

R 20

14M

AY 2

014

JUN

201

4JU

L 20

14AU

G 2

014

SEP

2014

OCT

201

4N

OV

2014

DEC

2014

JAN

201

5FE

B 20

15M

AR 2

015

APR

2015

MAY

201

5JU

N 2

015

Stock Polska Roust Marie Brizard

Mainstream Vodka Pricing Trends

12

• Both directly competitive brands (Zubrowka R and Krupnik R) have significantly reduced price in relation to CdL

• Zubrowka repositioned shelf price from a 3% premium to CdL to a 6% discount

Key highlights Competitor brand prices relative to CdL

-5.7%

-4.7%

-8%

-6%

-4%

-2%

0%

2%

4%

JUN2013

SEP2013

DEC2013

MAR2014

JUN2014

SEP2014

DEC2014

MAR2015

JUN2015

Zubrowka R (Roust)

Krupnik R (Marie Brizard)

Average market price - % difference to CdL

June'13 June'14 June'15

Zubrowka R (Roust) 2,6% -2,7% -5,7%

Krupnik R (Marie Brizard) -1,3% -0,6% -4,7%

Pre

miu

m

Dis

coun

t

Source : Nielsen, Total Poland, Total Vodka

New more premium packaging for ŻOŁĄDKOWA GORZKA

Communications focus • “Inspired by a recipe from 1822”

New more premium packaging for ŻOŁĄDKOWA DE LUXE

Communications focus • “This is how vodka should taste” 13

OLD NEW OLD NEW

Unique slimmer, taller, more elegant bottle

Enhanced embossing for more premium feel

6 x distilled and awards highlighted to emphasise quality

Unique slimmer, taller, more elegant bottle

Awards highlighted and fuller description of unique ingredients and taste to emphasise quality

1822 date and prominent emboss to emphasise heritage

Stock is Fighting Back Brand ‘refreshment’ initiative

14

Innovative and impactful off shelf displays to

generate trial

Added value on pack driving repeat purchase rather than

price reduction

Improved fridge utilisation Store specific planograms and reallocation of fridges

to higher value stores

Stock is Fighting Back Active brand support by channel

Illustrative example

15

New Premium Clear Vodka

New ZG Flavour Variant

New Packaging Innovation

The Spirit of Adventure

Pot Shots Affordable Fun

Heritage with a Modern Twist

Stock is Fighting Back New Products Launched in H1 2015

Market Share Trends - Summary Stock market shares stabilising / growing

• Roust core brands show aggressive pricing and focus on growth in Discounters

• Stock has maintained it’s focus on value creation rather than chasing uneconomic market share

• Stock’s share is now stabilising / growing as a result of improved packaging, better marketing activities, innovative & successful NPD

• Traditional Trade returning to normal

16

Monthly market shares – total market Key highlights

Source : Nielsen, Total Poland, Total Vodka, % shares by month (1) As of end of June 2015

10%

15%

20%

25%

30%

35%

40%

45%

JUN2013

SEP2013

DEC2013

MAR2014

JUN2014

SEP2014

DEC2014

MAR2015

JUN2015

Stock Polska (Value) Stock Polska (Volume)

Roust (Value) Roust (Volume)

Marie Brizard (Value) Marie Brizard (Volume)

34.9% 31.6%

31.4% 34.6%

14.0% 13.8%

Monthly value

market share(1)

MAT value

market share(1)

17 Innovative New Product Concepts

Premium Sparkling

Vodka

New Creamy Style Lubelska Flavours

New Range of Mainstream RTDs

Stock is Fighting Back More New Products for Q3 2015

18

Expansion into growing new categories – Premium Vermouth Aperitivo Prosecco RTD ‘spritzers’.

Leveraging the ‘Stock’ Brand Equity

Stock is Fighting Back More New Products for Q3 2015

Other Markets Operational Highlights Summary

20

• Profitable market share growth in Czech Republic, Slovakia, Croatia & Bosnia

• Successful New Product Launches in line with growth strategies

• New Beam Suntory distribution agreements started well in Croatia and Bosnia

• New MD for Italy & International (former Drambuie CEO) joined in April 2015

Czech Republic Operational Highlights Summary

21

• Profitable market share growth • Spirits leadership position extended

• Successful rejuvenation of Herbal Bitters Category

• Successful launch of new Fernet Stock Flavours

• Successful launch of new Bozkov flavours

31.0%

33.4%

YTD June 2014 YTD June 2015

Value share of total spirits (%)

41.6% 42.3%

YTD June 2014 YTD June 2015

Value share of HBL category (%)

45.4%

53.0%

YTD June 2014 YTD June 2015

Value share of domestic category (%)

Source : Nielsen, Total Czech Republic, Total Off Trade

Current New

• 2014 - Inspirational Nevymeknem marketing campaign making the highly profitable herbal bitters category relevant again

• Distinctive new serving ritual to promote consumption growth

NPD • 2015 - Two new flavours in a highly

profitable category that has seen little innovation for many years

• Building on the very successful Nevymeknem marketing campaigns

Enhanced Marketing Support & Portfolio Expansion in Czech Republic

22

Current

New

• Taking economy advertising to a

new level • Building awareness and

frequency amongst lapsed and new users on the Czech Republic’s number one spirits brand by volume

• Communications include core flavour variants and NPD

NPD • Two new flavours in a very large

category that has seen little innovation for many years

Enhanced Marketing Support & Portfolio Expansion in Czech Republic

23

Current

New in 2014/15

• Two new flavours in a highly profitable category that has seen little innovation for many years

• Building on the very successful Nevymaknem marketing campaigns

• Innovative new ‘Iced’

concept in the long established & highly profitable Fruit Distillate category

• Leverage existing core

brands to enter growing flavoured vodka category

Further Portfolio Expansion in Slovakia

36.9% 39.1%

YTD June 2014 YTD June 2015

Value share of HBL category (%)

19.7% 19.8%

YTD June 2014 YTD June 2015

Value share of Fruit Distillates (%)

6.8% 7.8%

YTD June 2014 YTD June 2015

Value share of Vodka (%)

Source : Nielsen, Total Slovakia, Total Off Trade 24

• A key driver of Stock’s market share and EBITDA growth since 2007

• Will continue to be our focus going forward

• Stepped up a gear in 2015 • 10 new product launches in H1 • 14 new products to be launched in Q3 • More to come in Q4

• Significant launch costs in H1 to support current and

future growth

• Delights consumers, helps to improve relationships with customers

25

Innovation and NPD is at the heart of our strategy

25 25

Operational Highlights Summary The building blocks are in place for a stronger H2

26

Poland • Normalised trading/purchasing conditions since Easter have continued

• Shipments more inline with depletions

• No significant destock expected in H2 • New terms have been agreed with almost all wholesalers

• Reduced levels of aggressive pricing are emerging – competitor prices rising in wholesale

channel

• Reinvigorated sales force – changes having a positive effect on performance

• Strong NPD pipeline - will help drive additional sales

• Market share has started to recover

Other Markets

• Continued positive momentum in Czech and Slovakia

• Other markets in line with expectations

Lesley Jackson Chief Financial Officer

Financial Results

Consolidated Statutory P&L

Consolidated statutory P&L Key highlights

• Net sales revenue and COGS impacted by poor Q1 in Poland

• Revenue per case up 8.9%, increase in gross margin to 53.9%, driven by: • Market mix • Product mix • Reductions in discounts & rebates

• COGS per case unchanged from 2014. Market and product mix have impacted movement

• Increase in selling expenses driven by NPD investment

• Other operating expenses impacted by 2nd year of performance share plan and negative FX

• EBITDA margin declined in Q1, improvement in Q2

28

(€k) H1 2014 H1 2015 % Change

Revenue 137,726 108,049 -21.5% Cost of goods sold (64,618) (49,758)

Gross profit 73,108 58,291 -20.3% Gross profit margin % 53.1% 53.9% Selling expenses (31,932) (33,399) Other operating expenses (17,964) (19,680)

Operating profit before exceptional items 23,212 5,212 -77.5% Exceptional items (479) 0

Operating profit 22,733 5,212 Net finance costs (3,227) (3,248)

(Loss) / profit before tax 19,506 1,964 Income tax credit / (expense) (2,673) (1,733)

Profit for the year 16,833 231

EBITDA before exceptional 28,610 10,759 -62.4% EBITDA Margin % 20.8% 10.0%

Earnings per share (basic) €0.08 €0.0012

3.5

2.0

3.3

2.9

6.8

4.9

Clear Vodka Other Net Sales Revenue (€m)

137.7

108.0

Volume & Net sales revenue overview

Volume (m 9L cases) and Net sales revenue (€m)

Key highlights

29

-17.2% -21.5%

H1 2014 H1 2015

% change y-o-y • Improving mix of underlying product

sales volumes • In H1 2014, 51% of volume was

represented by clear vodka • In H1 2015, clear vodka had fallen to

41%

• Typically, the “Other” category has higher margins vs. clear vodka

25.3

9.2

H1 14 H1 15

EBITDA (€m)

Key financials

81.8

52.5

H1 14 H1 15

Poland H1 performance

Key highlights

• Extremely weak Q1, but with major improvement in Q2 on the re-emergence of more normal trading conditions

• Reported results • Net Sales revenue down to €52.5m • EBITDA before exceptionals down to

€9.2m • Margin impaired by poor Q1 performance

30

31.0%

Net sales revenue (€m)

EBITDA margin (%)

17.4%

xx.x%

Poland Quarterly EBITDA Re-emergence of more normal trading conditions since Easter

Q1 Polish EBITDA Trends(1)

100

Average 2012-14 2015

Q2 Polish EBITDA Trends(1)

31

100

78.2

Average 2012-14 2015

(1) Indexed to the average quarterly Polish EBITDA, where the average is benchmarked to 100

Polish shipments vs. depletions Comparison of retail sales out vs. Stock Polska sales in

Stock sales to customers indexed to retail sales out(1)

Comments

• Depletions in Q1 were much higher than shipments into customers

• In Q2 Depletions more closely matched shipments

32

Source : Nielsen with coverage factor of 1.18 applied, management information

(1) Indexed to retail sales out, where retail sales out is benchmarked to 100

100 100 100

49

92

69

Total Q1 2015 Total Q2 2015 Total H1 2015

Retail sales out Stock sales in to customers

Sales Patterns Customer ordering trends can disrupt reported earnings

Order volumes in June vs. July(1)

75.1

111.1 100 100

Average 2012-14 2015

June July

33

Comments

• Typically there is a higher volume of orders in June vs. July

• However, orders in July 2015 were 11% higher than in June 2015 as a result of customer ordering trends

• Strong start to Q3

(1) Indexed to the June volume, where the June volume is benchmarked to 100

Source : management information

Poland Key operational drivers of H1 EBITDA performance

Re-emergence of more normal trading conditions since Easter

34

Q1 2015 factors Q2 2015 factors

↓ Erratic customer ordering

↓ 2015 customer terms not all agreed

↓ Supply chain destocking

↓ Competitive pricing environment

↓ Market volume decline of 3.8%

↓ NPD investment

↓ Loss of market share

↑ Normalised purchasing

↑ New commercial terms with customers

↑ Sales force restructuring

↑ Stabilisation of market share

↓ Competitive pricing environment

↓ Market volume decline of 2.6%

↓ NPD investment

↓ Period end sales timing

Key Financials

6.6 6.7

H1 14 H1 15

26.1 27.7

H1 14 H1 15

Czech Republic Company performance

Comments

• Reported results for H1 2015 vs. H1 2014 • Net sales revenue up by 6.3% to

€27.7m • EBITDA up 0.5% to €6.7m

• NPD investment in: • Fernet herbal bitters • Bozkov

• Leading to growth in both categories

35

24.0% 25.3%

Net sales revenue (€m)

EBITDA margin (%) x.x%

EBITDA (€m)

Key financials

16.2 14.6

H1 14 H1 15

Net sales revenue (€m)

3.4 2.8

H1 14 H1 15

Italy Company performance

Comments

• Net sales declined by 9.8% to €14.6m due to:

• Raw material price increases and recent duty increases, resulting in a significant increase in selling prices have impacted brandy category

• As brandy category leader we have been impacted more than competitors

• Three core categories performing better than recent trends

36

18.9% 20.8%

EBITDA margin (%) x.x%

EBITDA (€m)

Other Segment Slovakia, Croatia, Bosnia, Baltic Distillery & Exports

Key financials Comments

• Financial results in line with expectations and driven by: • Full year impact of portfolio

restructuring of the Slovakian business • Business as usual in other markets

• Slovakian performance reflects on-going: • Revenue decline as a result of the

elimination of uneconomic SKUs • The initial cost of launching new

products • Two new flavours of Fernet herbal

bitters, leading to category and margin growth

• New distribution agreements with Beam Suntory for Croatia and Bosnia started well

37

1.1 0.9

H1 14 H1 15

13.6 13.1

H1 14 H1 15

Net sales revenue (€m)

EBITDA (€m)

6.8% 8.1%

EBITDA margin (%) x.x%

3.4

2.0

H1 2014 H1 2015

Free Cash Flow

Adjusted free cash flow H1 2014 vs. H1 2015

Comments

38 % Adjusted cash flow conversion x.x%

11.8%

18.2%

• Cash flow in H1 2015 impacted relative to H1 2014 by:

• Decline in EBITDA

• Inventory build for new Polish warehouse

• Final dividend paid in H1 2015 (no dividend payment in H1 2014)

• Company will pay an interim dividend of €0.0125 per share in September

• Inventory build expected to reverse in H2

(82.4)

(92.0)

3.4

(3.9) (1.4)

(3.7)

(4.9)

0.9

-95

-90

-85

-80

-75

-70

Net debt Dec-14 Net cash inflowfrom op.activities

Income tax paid Net capital exp. &sale proceeds for

PPE

Net interest paid Final Dividend Exchange rate Net debt Jun-15

Net debt

Net debt H1 2014-15 development (€m)

39

• H1 closing net debt impacted by: • Decline in EBITDA, driven by poor Q1 in Poland • Inventory build for new warehouse in Poland

• Significant liquidity available to the business

Net debt to EBITDA ratio y.yyx

1.24x 1.90x

Net Finance Costs

Net finance costs H1 2015 (€m)

H1 2014 H1 2015

Interest payable on bank loans 4.9 2.8

Bank commissions and guarantees 1.5 1.0

Interest rate swap instruments (0.3) 0.0

Other net interest (income) / expense 0.0 0.3

Foreign currency exchange loss / (gain) (2.9) (0.9)

Total 3.2 3.2

Comments

• Significant reduction in interest payable on bank loans following reduction in margins in the second half of 2014

• Interest rate swap derivative has now ceased, so no impact during 2015

• Foreign exchange translation gain has had a lower impact on net finance costs in H1, largely due to movements in the GBP/EUR rate. This is a non-cash movement

40

Taxes

Comments

41

H1 2014 H1 2015

Current tax expense 5.7 1.1

Prior year tax expense (0.1) 0.5

Deferred tax charge / (Credit) (2.9) 0.1

Total tax expense 2.7 1.7

• Current tax expense reflects decline in taxable profit

• Prior year expense associated with routine corporate tax adjustments

• Deferred tax credit in 2014, created as a result of continued post IPO corporate restructuring, now complete

(€m)

Impact of FX Movements

Net sales revenue bridge H1 2014-15

Comments

42

EBITDA bridge H1 2014-15

• Overall impact upon net sales revenue and adjusted EBITDA have not been material during 2015

• €12m increase in the carrying value of intangible assets; driven by FX translation

137.7

108.0

(30.3) 0.6

Net sales revenueH1 2014

Operatingactivities

Impact of FX Net sales revenueH1 2015

28.6

10.8 (16.7) (1.1)

EBITDA H1 2014 Operatingactivities

Impact of FX EBITDA H1 2015

Outlook for H2 vs H1 2015 Building blocks in place for a stronger H2

43

Poland Other Markets

• Continuation of positive market and category trends

• Planned price increases achieved

• Expected returns from NPD achieved

• No duty increases expected

• More normal trading since Easter

• Discounts and promotions expected to continue at ‘normal’ levels

• No further customer destocking expected

• Continued stabilisation of market share

• No significant change in market trends

• Expected returns from NPD achieved

• Strong start to Q3

Historically H2 is stronger than H1

Outlook for Full Year Cautious optimism – a weak H1 but we are fighting back

2015 Full Year EBITDA forecast and prior years’ results

Key assumptions

• The assumptions supporting our forecast are:

• No significant change in market trends

• No change in market shares

• Normal customer ordering patterns

• Further NPD in H2

• No significant change in the cost of raw materials

• Main risks: • More aggressive competitor behaviour

• Irregular customer buying patterns

44

68.4

83.7

66.4

60

68

40

45

50

55

60

65

70

75

80

85

90

FY 2012 act. FY 2013 act. FY 2014 act. FY 2015 est.

€m

• Expected EBITDA range for FY 2015 is €60m-€68m

Chris Heath Chief Executive Officer

Concluding Remarks

Concluding Remarks

• H1 2015 was a very challenging period in Poland

• Q1 was very weak, Q2 much better and Q3 has started well

• Poland remains an attractive market, with strong fundamentals

• Sticking to our strategy is starting to deliver results

• Other markets performing as expected

• Near term focus is Poland and growth through NPD and innovation

• Company will pay an interim dividend of €0.0125 per share in September

46

Q&A

Appendix

To create the leading spirits business in CEE

Bringing global operational excellence to the region

Our Mission Statement

Key Contact

50

Lesley Jackson (CFO)

• Tel: +44 1628 648503 • Mob: +44 759 5085745 • Email: lesley.jackson@stockspirits.com • Solar House, Mercury Park, Wooburn Green, Buckinghamshire, HP10

0HH

Page Source Notes

7 Nielsen “Market share is stabilising” – source Nielsen total Poland, total off trade, total vodka Stock % market share May and June 2015

8 Management Estimates, IWSR,Nielsen and OECD

IWSR 2014 for vodka share of total spirits in Poland. Number of stores Nielsen total Poland, total off trade and management estimates for on trade. Poland economic forecast summary (June 2015) http://www.oecd.org/economy/Poland-economic-forecast-summary.htm

9,10,11,12,16

Nielsen Nielsen, total Poland, total off trade, total vodka to June 2015 and Nielsen, total Poland, total discounters to June 2015.

16 Nielsen

(1) As of end of June 2015

20 Nielsen “market share growth” source Nielsen total Czech republic, total off trade, total spirits to June 2015 and total Slovakia, total off trade, total spirits to June 2015

21 Nielsen Czech volume and value share performance – Total Czech Republic, total off trade, total spirits to June 2015.

24 Nielsen Slovakian volume and share performance – Total Slovakia, total off trade, total spirits to June 2015

Sources and footnotes

Page Source Notes

26 CMR data and Nielsen

“competitor shelf prices rising in wholesale” source CMR data. “market share recovery” source Nielsen total Poland, total off trade, total vodka to June 2015

31 Management information

(1) Indexed to the average quarterly Polish EBITDA where the average is benchmarked to 100

32 Nielsen, Management information

Nielsen with coverage factor of 1.18 applied, management information (1) Indexed to retail sales out, where retail sales out is benchmarked to 100

33 Management information

(1)Indexed to the June volume where the June volume is benchmarked to 100

34 Nielsen Market volume and share performance source Nielsen, total Poland, total off trade, total vodka to June 2015

35 Nielsen “growth in both categories” source Nielsen, total Czech Republic, total off trade, total HBL and total rum & domestic categories

37 Nielsen “HBL category and margin growth” source Nielsen, total Slovakia, total off trade, total HBL category to June 2015.

43 Management estimates

“Poland share stabilised” and “other markets continuation of positive trends”

Sources and footnotes Continued