FY17 RESULTS

28 August 2017

Introduction to meeting. Business Performance – 2017 Year under review. Investing for the Future. Delegat Outlook.

AGENDA

2

Record global case sales of 2,656,000.

10% higher than last year.

Record Operating NPAT of $38.5 million.

6% higher than last year.

Record harvest – 37,355 tonnes.

Record cash flows from operations of

$59.2 million.

Dividend increased on strong operational

performance and cash flows – 13.0 cents.

PERFORMANCE HIGHLIGHTS

3

CASE SALES AND FX

4

Case Sales (000's)Jun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

UK, Ireland and Europe 736 694 6%

North America (USA and Canada) 1,135 1,012 12%

Australia, NZ and Asia Pacific 785 705 11%

Total Cases 2,656 2,411 10%

Foreign Currency RatesJun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

GB£ 0.5262 0.4675 -13%

AU$ 0.9374 0.9140 -3%

US$ 0.7056 0.6855 -3%

CA$ 0.9359 0.8796 -6%

REVENUE GROWTH ANALYSIS

5

NZ$ millionsJun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

Operating Revenue 247.7 240.0 3%

Revenue movements breakdown:

Volume 10%

Value -7%

Foreign Exchange -4%

Underlying Price/Product Mix -3%

OPERATING PERFORMANCE

6

NZ$ millionsJun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

Sales Revenue 247.7 240.0 3%

Operating Revenue 251.3 242.7 4%

Operating Gross Profit 134.0 125.7 7%

Operating Gross Margin 53% 52%

Operating Expenses (66.7) (65.4) -2%

Operating EBIT 67.3 60.3 12%

Operating EBIT % of Revenue 27% 25%

Interest and Tax (28.8) (24.1) -19%

Operating NPAT 38.5 36.2 6%

Operating NPAT % of Revenue 15% 15%

Operating EBITDA 81.1 73.0 11%

Operating EBITDA % of Revenue 32% 30%

OPERATING PROFIT MOVEMENT – LAST YEAR

7

NZ $millions

20.0

24.0

28.0

32.0

36.0

40.0

44.0

48.0

52.0

56.0

60.0

Jun 2016 Actual Margin impact Promotion costs Net FX Impact Interest Other Jun 2017 Actual

$0.0m

($2.6m)

$36.2m$38.5m

($12.9m)

$20.3m

($2.5m)

IMPACT OF ‘FAIR VALUE’ ADJUSTMENTS

8

NZ$ millionsJun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

Operating NPAT 38.5 36.2 6%

Operating NPAT % of Sales 13% 13%

Biological Produce (Grapes) 1 1.6 11.8 -87%

Derivative Instruments 1.4 4.7 -71%

Total Fair Value Items 3.0 16.5 82%

Less: Tax (0.8) (4.6) 82%

Fair Value Items after Tax 2.2 11.9 80%

Reported NPAT 40.7 48.1 -15%

1. Biologica l Produce (Grapes) i s the di fference between market va lue paid for grapes versus the cost to grow grapes . The harvest

provis ion is reversed and only recognised when the finished wine is sold.

REPORTED PROFIT MOVEMENT – LAST YEAR

9

NZ $millions

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Jun 2016 Actual Margin impact Promotion costs Net FX Impact Interest Other Jun 2017 Actual

$0.0m

($11.3m)

$48.1m

$40.7m($12.9m)

$13.0m

$3.8m

BALANCE SHEET SUMMARY

10

NZ$ millionsJun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

Assets

Current Assets 171.4 178.6 -4%

Fixed Assets 482.9 456.9 6%

Total Assets 654.3 635.5 3%

Liabilities

Current Liabilities 34.3 36.9 -7%

Deferred Tax Liabilities 31.1 28.8 8%

Net Debt 278.0 282.7 -2%

Other Non-current Liabilities 3.8 7.1 -47%

Total Liabilities 347.2 355.5 -2%

Equity

Shareholders' Equity 307.1 280.0 10%

Total Equity 307.1 280.0 10%

Total Liabilities and Equity 654.3 635.5 3%

NET DEBT MOVEMENT

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NZ $millions

150.0

160.0

170.0

180.0

190.0

200.0

210.0

220.0

230.0

240.0

250.0

260.0

270.0

280.0

290.0

June 2016Actual

Cash fromOperations

Working Capital Capex Dividend FX June 2017Actual

$1.0m

$41.4m

$282.7m$278.0m

($4.5m)($54.7m)

$12.1m

NET DEBT OVERVIEW

12

NZ$ millionsJun 2017

Actual

Jun 2016

Actual

% Change

vs 2016

Funding

Operating Cash Flow 59.2 42.5 39%

Net Debt 278.0 282.7 2%

Key Ratios

Operating Profit Measures

Interest Cover 5.14 6.26 -18%

Return on Equity1 15.1% 15.6% -3%

Return on Capital Employed2 12.6% 12.7% -1%

Reported Profit Measures

Interest Cover 5.37 7.93 -32%

Equity / (Equity + Net Debt) % 52.5% 49.8% 5%

Return on Equity 13.9% 18.3% -24%

Return on Capital Employed 12.2% 15.2% -20%

1. Return on Equity (Operating) excludes all fair value items from both NPAT and Assets/Liabilities.

1. Return on Capital Employed (Operating) excludes all fair value items from both EBIT and Assets/Liabilities.

NZ Harvest was a record 34,595 tonnes:

- delivered very good quality; - was 4% higher than last year. Barossa Valley Harvest was 2,760

tonnes: - one of the best of recent times; - was 6% higher than last year.

2017 HARVEST

13

Introduction to meeting. Business Performance – 2017 Year under review. Investing for the Future. Delegat Outlook.

AGENDA

14

15

2015: Includes vineyard developments in Hawke’s Bay, Marlborough and Barossa Valley, construction of Hawke’s Bay Winery, expansion of Marlborough winery.

2016: Includes vineyard developments in Hawke’s Bay, Marlborough and Barossa Valley, completion of Hawke’s Bay Winery, land acquisition in New Zealand and Australia.

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 winery development in Auckland.

INVESTING IN GROWTH - CAPITAL EXPENDITURE UPDATE

Mil

lio

n o

f $

0

20

40

60

80

100

120

2014 2015 2016 2017 2018

30

79

114

40 46

Introduction to meeting. Business Performance – 2017 Year under review. Investing for the Future. Delegat Outlook.

AGENDA

16

DELEGAT SALES GROWTH 2015 - 2022

17

Th

ou

san

ds

9 L

itre

Ca

ses

0

500

1000

1500

2000

2500

3000

3500

4000

2015 2016 2017 2018 2019 2020 2021 2022

2,210 2,411

2,656 2,782

3,021

3,333 3,504

3,685

Case Sales (000's)

2017

Actual

2018

Forecast

2019

Projection

2020

Projection

2021

Projection

2022

Projection

UK, Ireland and Europe 736 680 680 699 718 725

North America (USA and Canada) 1,135 1,304 1,512 1,765 1,895 2,047

Australia, NZ and Asia Pacific 785 798 829 869 891 913

Total Cases 2,656 2,782 3,021 3,333 3,504 3,685

FY18 Operating Profit Guidance

18

The Group faces risks in the form of exchange rate volatility which make it difficult to accurately forecast financial performance. Based on budget exchange rates, the Group forecasts a 2018 operating profit result at least in line with this year's record performance.

Foreign Currency Rates 2018

GB£ 0.5666

AU$ 0.9577

US$ 0.7210

CA$ 0.9705

Thank you