DGL – 2021 Full Year Results Presentation

FY21 Results
27 August 2021

Introduction to meeting.
Business Performance –2021 Year under review.
Investing for the Future.
DelegatOutlook.
Agenda

Record Operating NPAT of $65.5 million.
8% higher than last year.
Record Operating EBITDA of $122.9 million.
5% higher than last year.
Strong cash from operations of $74.7 million.
13.8% Operating Return on Capital Employed.
Performance Highlights
3

Case Sales and FX
4
1
Global case sales in FY21 was impacted by ongoing global port congestion and constrained shipping line capacity.
Case Sales (000's)
Jun 2021
1
Jun 2020
% Change
vs 2020
UK, Ireland and Europe1,074 1,101 -2%
North America (USA and Canada)1,487 1,438 3%
Australia, NZ and Asia Pacific617 738 -16%
Total Cases3,178 3,277 -3%
Foreign Currency RatesJun 2021Jun 2020
% Change
vs 2020
GB£0.4988 0.5025 1%
AU$0.9301 0.9313 0%
US$0.6737 0.6493 -4%
CA$0.8838 0.8648 -2%

Revenue Growth Analysis
5
NZ$ millionsJune 2021June 2020
% Change
vs 2020
Sales Revenue295.1 296.8 -1%
Sales movements breakdown:
Volume-3%
Value2%
Foreign Exchange-2%
Price3%
Country/Product Mix1%

Operating Performance
6
*The financial statements for the year ended 30 June 2020 have been restated for growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2021
Jun 2020
Restated*
% Change
vs 2020
Sales Revenue
295.1


296.8


-1%
Operating Revenue
302.8


302.9


0%
Operating Gross Profit
150.9


151.2


0%
Operating Gross Margin
50%
50%
Expenses (excl Promotion and Marketing)
(43.0)


(48.6)


12%
Promotion and Marketing
(8.0)


(7.5)


-7%
Operating EBIT
99.9


95.1


5%
Operating EBIT % of Revenue
33%
31%
Interest and Tax
(34.4)


(34.4)


0%
Operating NPAT
65.5


60.7


8%
Operating NPAT % of Revenue
22%
20%
Operating EBITDA
122.9


116.7


5%
Operating EBITDA % of Revenue
41%
39%

Operating Profit Movement –Last Year
NZ$millions
7
*The financial statements for the year ended 30 June 2020 have been restated for growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.

Impact of ‘Fair Value’ Adjustments
8
*The financial statements for the year ended 30 June 2020 have been restated for growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2021Jun 2020
Restated*
% Change
vs 2020
Operating NPAT65.5 60.7 8%
Operating NPAT % of Revenue22%20%
Biological Produce (Grapes)
1
(7.3) 1.2
n/m
2
Derivative financial Instruments 2.7 1.3 108%
Total Fair Value Items(4.6) 2.5
n/m
2
Taxation of NZ IFRS fair value items1.3 (0.7)
n/m
2
Reinstatement of Building tax depreciation- 2.9 -100%
Fair Value Items after Tax (3.3) 4.7
n/m
2
Reported NPAT62.2 65.4 -5%
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 2020 have been restated for growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
45.0
50.0
55.0
60.0
65.0
70.0
Jun 2020
Actual
Margin
impact
Trade and
Brand
Marketing
Net FX
Impact
InterestOtherBuilding Tax
Depreciation
Restatement
Impact*
Jun 2021
Actual
$3.2m
($5.6m)
$65.4m
$62.2m
($0.7m)
($2.1m)
$6.3m
($2.9m)
($1.4m)

Balance Sheet Summary
10
*The financial statements for the year ended 30 June 2020 have been restated for growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2021Jun 2020
Restated*
% Change
vs 2020
Assets
Current Assets225.3 225.6 0%
Fixed Assets659.3 601.7 10%
Total Assets884.6 827.3 7%
Liabilities
Current Liabilities44.8 46.7 -4%
Lease Liability93.9 79.5 18%
Deferred Tax Liabilities31.9 30.4 5%
Senior Debt Facilities258.0 254.3 1%
Other Non-current Liabilities1.6 5.9 -72%
Total Liabilities430.2 416.8 3%
Equity
Shareholders' Equity454.4 410.5 11%
Total Equity454.4 410.5 11%
Total Liabilities and Equity884.6 827.3 7%
Net Debt249.1 239.5 4%

Net Debt Movement
NZ$millions
11

Net Debt Overview
12
*The financial statements for the year ended 30 June 2020 have been restated for growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
NZ$ millions
Jun 2021
Jun 2020
Restated*
% Change
vs 2020
Funding
Operating Cash Flow
74.7


84.3


-11%
Net Debt
249.1


239.5


4%
Key Ratios
Operating Profit Measures
Interest Cover
10.19


8.82


16%
Return on Equity
1
16.5%
17.5%
-6%
Return on Capital Employed
2
13.8%
13.9%
-1%
Reported Profit Measures
Interest Cover
9.71


9.04


7%
Equity / (Equity + Net Debt) %
64.6%
63.2%
2%
Return on Equity
14.4%
17.0%
-16%
Return on Capital Employed
12.5%
13.5%
-8%
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
-37,470 tonnes, down 2% on 2020
2021 Harvest
13

Introduction to meeting.
Business Performance –2021 Year under review.
Investing for the Future.
DelegatOutlook.
Agenda

Investing in Growth –Capital Expenditure Update
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.
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.
Million of $
15

Introduction to meeting.
Business Performance –2021 Year under review.
Investing for the Future.
DelegatOutlook.
Agenda

Delegat Sales Growth 2019 -2024
Thousands 9 Litre Cases
17
Case Sales (000s)
2021
Actual
2022
Forecast
2023
Projection
2024
Projection
Total Cases3,178 3,419 3,734 3,976
% Increase8%9%6%

FY22 Operating Profit Guidance
Based on prevailing exchange rates, the Group forecasts to achieve a
FY22 operating profit that is in the range of $57 to $61 million.
Ongoing supply chain disruption will be continued to be monitored
closely.
18

Thank you