Belvédère 2015-2018 Plan Investor Day...Roadmap September 2014 Entry of Diana Holding at capital (13.1% of share capital) 2015 Plan BiG 2018 (Back in the Game) BiG 2018 A new high

Belvédère 2015-2018 PlanInvestor Day

December 16th, 2014

BiG 2018Back in the Game

1. New Belvédère platform

2. 2015-18: restore profitability and grow

3. Financial targets

1New Belvédère platform

A renewed and experienced leadership

5

Today Speakers

Jean-Noël Reynaud

CEO

Previously Deputy Managing Director at

Lactalis

20 years experience in Food & Beverages

Stanislas Ronteix

Chief Marketing Officer

Previously Marketing General Manager of

Bisquit Cognac, at Distell


Daniel Rougé

Chief Operations Officer

Previously Plant Manager at Candia Sodiaal


Alain Degand

Chief Purchasing Officer

Previously Director of Purchasing & Supply

Chain at Bormioli Rocco


BiG 2018

A successful financial restructuring paving the way for the operating upturn

6

April 2013

Completed

restructuring of

existing debt

through a debt

to equity swap

of €532m

October 2013

Creation of an

Audit Committee

by the board

April 2014

Jean-Noël Reynaud

appointed as CEO

September 2014

Benoît Hérault

nominated

Chairman of

Belvédère

July 2014

Belvédère

shares exited

from

“compartment

special” of

Euronext Paris

December 2014

Launch of the

New Strategic

Roadmap

September 2014

Entry of Diana

Holding at capital

(13.1% of share

capital)

2015

Plan BiG 2018

(Back in the Game)

BiG 2018

A new high profile governance supporting Plan BiG 2018

7

Benoît Hérault

Chairman since Sept.-14

Director since Sept.-13

Director of Alstria Office

Non-independent board members

affiliated to Diana Holding

Rita Maria Zniber


CEO of Diana Holding

* Mehdi Bouchaara

Director since Oct.-14

Head of Strategy at

Diana Holding

*

Board observer

Independent board members

**

*

Constance Benqué


President of Lagardère

Publicité

*

Benoît Ghiot


CFO of D’Ieteren

*Jacques Bourbousson

Director since Feb.-13

Previous mayor of

Beaucaire

*

Christine Mondollot


Former CEO of Virgin

France

*

*Board of Directors

Serge Heringer

Board Observer since

Oct.-14

Advisor to Diana

Holding

*

7BiG 2018

7 clusters

An integrated group organized in geographical clusters

BiG 2018 8

COMEX

France / Spain Central Europe Eastern Europe North America South AmericaBelvedere

International

South Eastern

Europe

D. Jamiola J. Daunys N. Guillant X. Iaru N. Smirnof N. Belliard

G. Lopez-Bravo

H. Holmgreen

J. Morieux

N. Passi

A. Poircuitte

Board of Directors

Leading and resilient positions in selected chosen markets: 4 strategic pillars

# 3 in France and # 3 in Poland

Krupnik and Sobieski: 2 Polish rooted Vodkas

9

William Peel # 1 in the leading market in the

world: France

# 9 worldwide

Recognized flavor assemblage know-how of

Marie Brizard

Fruits & Wine # 1 in France

Vodka

Scotch

whisky

Liqueurs

Flavored

wines

BiG 2018

Our values to build and grow

Implement the best practices to strengthen

customer satisfaction

10

Value

Grow our skills and foster constructive

behaviours

Adopt a cost conscious and entrepreneurial

mind-set to develop a result-driven culture

Think out of the box and act pro-actively to be

ahead of competition

Excellence

People &

Stakeholders

friendly

Accountability

Innovation

Purpose

BiG 2018

Belvédère’s mission

11

We deliver value

by providing our customers and

consumers

with trustworthy,

bold and flavorful brands

BiG 2018

22015-18: restore profitability and grow

A strong growth of the market over 2005-2013

13

2005-2013 spirits value growth CAGR

Source: IWSR, Accenture Research

3.6% 3.5% 2.8%

6.7%

10.1%

3.8%

2.1%

7.5%

15.1% 14.6%

4.9%

(0.3)%

4.8% 5.4%

10.6%

Total Value Standard Premium Super premium

France Poland USA

BiG 2018

44%

66%

11%

42%

29%

43%

11%4%

32%

3% 1%14%

France Poland USA

Value and Standard are the dominant segments, especially in France and Poland

14

Market breakdown in value in 2013

54%86% 95%

44%

66%

43%

29%

11%4%3%1%

France

Superpremium

Premium

Standard

Value


BiG 2018

43%35%

17%

5%

39%49%

10% 2%

41%34%

25%

Value and Standard segments are leading the growth since 2005

15

Contribution to growth since 2005

USAFrance Poland

41%78% 88%

44%

66%

43%

29%

11%4%3%1%

France

Superpremium

Premium

Standard

Value


BiG 2018

Spirits market to grow by 6%, driven by vodka, scotch whisky and local spirits

16

Key highlightsGlobal Spirit Value 2014 – 2017e growth

Vodka will be the main contributor of

white spirits’ growth, with 7% CAGR

Scotch whisky will continue its growth

(6% CAGR)

Local spirits will grow thanks to local

brands acquired by global players, new

local brew launches and premiumization

Sources: Euromonitor, IWSR, Accenture Research

In USDbn

12 12 13 14 38 40 41 43

48 51 56 61 41 42 43 44

93 98 104 108

147 159

173 189

118 125

132 139

2014 2015 2016 2017

+6%

11 11 12 12 13 14 34 37 38 40 41 43 41 44 48 51 56 61 38 40 41 42 43 44 82 88 93 98 104 108 124 136 147 159 173 189 105 113 118 125 132 139

2012 2013 2014 2015 2016 2017

Tequila Rum Brandy & Cognac

Liqueurs White Spirits Local Spirits

Scotch whisky

BiG 2018

Healthy alcohol

A perfect match with consumer trends

17

Cocktailization

& Mixology

Gen Y

& Z

Small

indulgences:

premium

promise

not price

Private-label

exclusive brands

Get more buzz

from your buck Shots!

Flavour

sophistication

For women only

Beyond the drink:

experiential

moments

Convenience

Rooted history,

craft and

story-telling

BiG 2018

Campari

Value Standard Premium Super Premium

Local

Global

Rémy Cointreau

Diageo

Pernod Ricard

Alliance Global

Stock Spirits CEDC

La Martiniquaise

Bacardi

William Grant & Sons

Brown Forman

Beam Suntory

Leading the way in the profitable multiregional high standard segment

18

Competitive intensity

Multiregional

Very high High Low

BiG 2018

2014 EoY Rationalize Optimize Grow 2018 target

>0

~50-70


~420-460~455

By FY2018, Belvédère performance towards the industry standards

19

Net sales

€m

c. +25-35% net sales

increase on our

Core Business

EBITDA

€m

~12-15% EBITDA margin

on net sales,

towards the

industry

standards

m cases 9l equivalent ~26 ~20-23

% of net sales >0% ~12-15%

1 2 3

2014e 2018 targetRationalize Optimize Grow

BiG 2018

~€50-60m cumulated

by FY2018CAPEX (€m) Self-financed plan

Rationalize

Optimize

Grow


Disposal of non strategic and / or loss making assets to generate > €20m proceeds

21

Wholesale &

retail

Impact on net

sales

~(€120m)

Impact on

EBITDA

~+€10m

Expected value

> €20m

Manufacturing

equipments

Real estate

Poland

Poland

Poland

France

Rationalize Optimize Grow

Note: 2014e figures

BiG 2018

Rationalize

Optimize

Grow


5 optimization levers to deliver €20-30m incremental EBITDA

23


Upgrade the industrial footprint

1

Better sourcing

2

Strengthened Route to Market

3

Streamline the business

4

Develop core capabilities

5

BiG 2018

Upgrade the industrial footprint

24

Insource distillation capability and rationalize footprintVodka

manufacturing

1

Secure and upgrade to support high growthFruits & Wine

manufacturing

Review the footprintLiqueur

Manufacturing

MonCigale / Indirect purchasing synergiesLogistic network

reconfiguration


BiG 2018

Distillation Rectification Blending &

bottlingP

ola

nd Starogard

Lancut

Lit

hu

an

ia Vilnius

Obeliai

Outsourcing of alcohol production over the last 10 years

25

Asset available but

CAPEX required

(capacity /

efficiency)

Outsourced

Asset

available

Vodka manufacturing


80% of manufacturing value-added

BiG 2018

Distillation Rectification Blending &

bottlingP

ola

nd Starogard

Lancut

Lit

hu

an

ia Vilnius

Obeliai

Strong rationales to re-insource and upgrade manufacturing process

26

Asset available but

CAPEX required

(capacity /

efficiency)

Outsourced

Asset

available

New

manufacturing

assets

Vodka manufacturing


~€20m required capex to generate

~€10-12m run rate incremental EBITDA

Insource distillation

consistent with our

positioning as a

vodka specialist

Production costs:

c. 25+% of savings

vs. current

outsourcing model

BiG 2018

Additional industrial projects

27


BiG 2018

Fruits & Wine

manufacturing

Liqueur Manufacturing

Logistic network

reconfiguration

Secure sourcing for growth:

- Modernisation of Beaucaire facility (France)

Merger of William Pitters with Marie Brizard

Transfer of Fondaudège production

Sale of Fondaudège Building (part of the disposal program)

Opex savings: €1.5m per year

Consolidation of inventory sites

Savings in renting and transportation costs

Opex savings: €0.7m per year

F&W manufacturing Liqueur Manufacturing Logistics reconfiguration

Better sourcing

28

Group synergies and purchasing productivityPurchasing

costs

Improve sourcing for William Peel

Scotch whisky

sourcing

strategy


2

BiG 2018

Purchasing costs savings > €8m by FY2018

29

Savings on addressable purchasing costs >6%

Optimization of scotch whisky sourcing contracts

Leverage relationship with current bulk scotch whisky suppliers

through privileged and optimized supply contract

Better sourcing


BiG 2018

Strengthened Route to Market

30

Focus on the USARoute to Market

reconfiguration

Integrated organization / streamlined logisticsExport

organization


3

BiG 2018

Reconfiguration of the Route to Market in the USA

31

Source: Adams Liqueur 2013

Resources focused on 9 key states

generating 50% of net salesKey highlights

Priority states

NY

Illinois New Jersey

Florida

Michigan Massachusetts

CaliforniaOhio Pennsylvania

46% of total consumption (210m cases)

Focus resources on limited scope

Increase share of voice with key distributors (account

management, investment, A&Ps)

Develop assortment on our own brands

Joint account planning / detailed objectives / pay for

performance rebates

Progressive extension on new states

Strengthen Off-trade: one dedicated team and specific

funds allocated to specific retail chains (e.g. Walmart)

Re-invest incremental margin in A&Ps and national

distributors incentives

Optimize SG&A

Adjust pyramid: more FSF and less Regional manager

Reduce other expenses


Route to Market

BiG 2018

Belvédère International to double its sales on non-clusterised countries by FY2018

32

Europe

W Africa

APAC

DFDuty Free

1 to 2 distributors per market

Full portfolio adapted to local market features

Duty-Free as part of premiumization strategy

Focus on priority brands

A&Ps support

Dedicated organization relying on

clusters

Use Private labels when needed

to enter key markets

Focus on key export marketsImprove distributors’ network

and Route to MarketGrow priority brands

Integrated Export

organization

Relying on clusters

Clusters accountable for sales and customer service for their export territories


Export organization

BiG 2018

Streamline the business

33

Simplify the portfolio to enhance the manufacturing

efficiency (focus on vodka and MB liqueurs)

Cut of the less profitable and less strategic SKUs of the

tail (approximatively 50%) and optimized stock level (3

days reduction)

Stock Keeping

Units (SKU)

rationalization

Cost reductionValue

engineering


4

BiG 2018

Develop core capabilities

34

Category management

Commercial and pricing strategy

Top line financial control

Excellence in sales execution

Commercial

excellence

Consistent sales & operations planning organization and

processes to be implemented in each country

Sales &

operations

planning


5

BiG 2018

Launch of the commercial excellence program

35

Build Category management

approach

Lead development of category strategies and

tactics and collaborate with our trade partners

to increase categories value

Increase effectiveness of promotion and

brands activation

Drive innovation pipe of our categories

1Develop Effective commercial &

pricing strategy

2

Effective price increase improving profitability

for our brands and our trade partners

Increase control of our trade investments and

develop share of « pay for performance »

Control back-margin drifts

Strengthen our Terms & conditionsCustomer

relationship

Management

Develop robust Topline Financial

control

Develop further Revenue management and

profitability analysis

Harmonized net sales waterfall and trade

terms structure across entities

Strengthen financial control and trade

investments (scale rebates, promo, efficiency

& business drivers)

3Reinforce Excellence in sales

execution

4

Redeployment of our sales force

Tighter tracking of sales calls

Sales team Incentivization based on sales

targets AND brands activation effectiveness

(MS, ND, promo, …)

Tighter control of claims and deductions


Commercial excellence

BiG 2018

Rationalize

Optimize

Grow


Grow strategic pillars

Grow in geographies

Grow

Portfolio segmentation

38

Strategic Pillars Branded Wines Complementary Brands

Vodka

William Peel

Marie Brizard

Liqueurs

Fruits & Wine

MonCigale /

Eclat du Rhône

Domain Menada

/ Tcherga

Bodega

Marques del

Puerto

Tequila San

José

Cognac

Gautier

Bitters

Old Lady’s

Gin

Punch &

Cocktails

Pitterson

Porto Pitters

MB syrups

Berger

Vodka

Wine

NichePortfolio

assortment

Private

Labels

(1) Financials of Cellier de Meknes not included in the strategic plan


Cellier de

Meknes(1)

BiG 2018

Value Standard Premium Super premium

A vodka specialist portfolio from value to premium, building upon local & global brands

39

Global

Local

Krupnik

# 2 in

Poland

Starogardzka

Polish vodka

used as

exclusive

Private Label

brand

Shotka

Disruptive

and bold

Biala Dama

Traditional

rooted Polish

vodka

Wisent

Traditional

Bison grass

Polish vodka

Differentiated &

complementary

premium offers


Sobieski

Rooted Polish

vodka sold in

Pol, Fr, US, Bra,

Spa, Den, Lit

Sobieski

Estate

Contemporary

& rooted

BiG 2018

Vodka - focus on Sobieski: become a top 3 brand in imported standard vodkas in our key markets

40

Business rationale

Vodka market growth

Standard market segment

outperforms category average

Affordable media segment,

underinvested to date

Levers

Price & positioning through portfolio

expansion and premiumization

“Truth in vodka” platform

Media spend in line with targeted

market share

Flavor optimization

More efficient route to market

Sales growth in volumes (m 9lc)

Main contributors to growth: USA, Poland and France

Breakdown of 2014e net sales


18%

19%

45%

18%

France Poland USA Others

BiG 2018

2014e 2018e

>3.0

~1.8

CAGR: +14%

William Peel: replicate internationally the French success

41

Business rationale

Success in France

Fast growth in Poland, Brazil,

Lithuania

Price segment outperforms category

USA too mature & expensive

Levers

Nourish brand franchise through

increased A&Ps investment

Expand assortment in France

Strong Poland route to market


Main contributors to growth: France and Poland



BiG 2018

97%3%

France Spain

2014e 2018e

>3.0

~2.6

CAGR: +4%

Marie Brizard: rejuvenate the icon

42

Business rationale

Strong fit with consumer trends:

• Women, Cocktailization, Experiential, Flavor

• Rooted category with successfully reinvented brands

Levers

Brand rejuvenation

Flavor expertise

Expand franchise in current key

markets with strong opportunities in

both on + off trade

A&Ps investment

Revisited route to market


Main contributors to growth: USA, Japan and Brazil



BiG 2018

2014e 2018e

>0.65

~0.50

CAGR: +7%

24%

50%

3%

23%

France Spain USA Others

Fruits & Wine: reach leadership in international fruit flavoured wine

43

Business rationale

France’s favourite at a premium

price

Wine growth internationally

Strong fit with consumer trends:

Women, Flavor, Healthy

More casual drinking

Levers

Unique DNA and occasion

Flavor expertise

Strong A&Ps support

Geographic expansion in our key

markets


Main contributors to growth: France, USA and Poland



BiG 2018

2014e 2018e

>1.5

~1.0

CAGR: +12%

99%

1%

France Spain

Grow strategic pillars

Grow in geographies

Grow

Belvédère route to success

45

Grow strongly Belvédère presence, high growth potential in volume/value

Grow core Belvédère presence “cruising speed”

Bet / challenge High growth potential, yet challenging market position

Test and try High growth potential, progressive approach

Export opportunity Key opportunistic markets addressed by exports

Expand footprint Market opportunity with local partnership


BiG 2018

Country Category Main focus

France Grow core Strengthen # 3 position by keeping

growth momentum

PolandGrow

strongly

From a leading product to a leading

portfolio

USABet /

challenge

Finalize turnaround then grow

profitably

LithuaniaGrow

strongly

Leverage local brands and become

# 1 in vodka

Spain Grow core Disrupt and innovate

BrazilBet /

challenge Accelerate profitable growth

Growth strategy per country

46


BiG 2018

France: strengthen # 3 position by keeping growth momentum

47

Objective

Business rationale

Commercial Strategy

Marketing strategy

Strengthen William Peel and Fruits & Wine leadership

Establish Sobieski as a strong # 2 in vodka

Improve pricing power

Value and Standard:

- >80% of total spirits market

- 77% of total market growth

Very price sensitive consumers

Commercial excellence program

On trade focus

William Peel: strengthen its leadership position

- Launch of premium variants

- A&P support

Fruits & Wine: strengthen the brand leadership

- Pursue segment growth

- Innovation and stronger A&P support

Vodka: pursue Sobieski growth

- A&P support

- Launch of new variants

34%

4%

7%1%

54%

Net sales 2014e

Sales growth

In volumes (m 9lc) In value (EURm)

Main features

Main contributors to

2014e-2018e growth:

William Peel and

Fruits & Wine


William Peel SobieskiFruits & Wine Marie BrizardOthers

Sources: IWSR, Euromonitor, Accenture Research

2014e 2018e

~10

CAGR: +2%~11

2014e 2018e

~190

CAGR: +2%

>200

BiG 2018

Poland: from a leading product to a leading portfolio

Objective

Business rationale

Commercial Strategy

Marketing strategy

Regain the # 2 position in vodka

More balanced portfolio by building a strong position with William Peel and

launching Fruits & Wine

Strong market potential: 12% growth expected in the next 4 years

Weakening competitors

Value and Standard:

- Over 90% of total market

- 88% of growth

Scotch whisky: 50% of total spirits growth until 2018

Success of sweet wines, as an opportunity for Fruits & Wine

Commercial excellence program

On trade focus

Off Trade: establish a strong partnership with the buyer

Vodka: address all the segments

- Krupnik, Sobieski, Shotka & Biala Dama, Starogardzka

- Relaunch of Krupnik and Sobieski

Scotch whisky: establish William Peel as a major brand

Fruits & Wine: launch of the product

Main features

48

Sales growth


Net sales 2014e

9%

68%

23%


2014e-2018e growth:

Other vodka and

Sobieski


Sobieski Other vodka Others

2014e 2018e

~4.8

CAGR: +8%>6.5

2014e 2018e

~55

CAGR: +10%>80


(1) Pro forma disposal of non strategic activities

(1)

BiG 2018


USA: finalize turnaround then grow profitably

Objective

Business rationale

Commercial Strategy

Marketing strategy

Top 3 imported vodkas in the standard category

Portfolio diversification with

- “New” brands: Fruits and Wine, Moncigale…

- Third party: Kerrygold

Vodka: 11.5% volume growth expected by FY2018

- Standard vodka: 61% of total (past 8 years)

Sobieski: +64% CAGR (2007 - 2013)

Wine: USA consumers are opening to new variants (rosé, fruit-flavored, etc.)

Leverage USA RTM reconfiguration

- Focus on a limited number of distributors with increased share of mind

- Strengthen key account management, investment, A&Ps

Maintain national distribution

Strengthen position in off-trade national chains

Distribution of third party brand to increase size

Vodka: increase Sobieski share of voice

- Fuel market share growth in line with standard competitors

Fruits & Wine: launch of the product

- Leverage the “French brand” to position at a premium price

Marie Brizard: leverage its heritage

Main features

49

Sales growth


Net sales 2014e


2014e-2018e growth:

Sobieski and Fruits

& Wine

Sobieski Marie Brizard Others

90%

6%4%

2014e 2018e

~0.8

CAGR: +22%>1.8

2014e 2018e

~20

CAGR: +26%>50


BiG 2018

Lithuania: leverage local brands and become # 1 in vodka

Objective

Business rationale

Commercial Strategy

Get the # 1 position in vodka by 2018

Portfolio covering each price segment and both local & global brands

Launch of William Peel and Fruit & Wine to expand key Belvedere brands

Market expected to grow by 14% in value by FY2018

Growth mainly driven by whisky, vodka, brandy & cognac and liqueurs

Vodka:

- Increase volumes of imported and local brands

- Market leadership with 30% market share

- Launch new Sobieski flavors and position Shotka as a disruptive brand

Brandy: enlarge portfolio with a premium brand (Caligula) and private label

Bitters: pursue growth targeting 30% market share by FY2018

Main features

50

Sales growth


Net sales 2014e


2014e-2018e growth:

local brands (Bajoru,

Renaissance,

Caligula)



BiG 2018

Sobieski Owned local brands

Shotka Others

2014e 2018e

>1.3

CAGR: +7%

>1.7

2014e 2018e

>15

CAGR: +11%>23

31%

20%3%

46%

Spain: disrupt & innovate

Objective

Business rationale

Commercial Strategy

Marketing strategy

Drive growth through

- Disruption and innovation

- Private-label production business: Starogardzka

Pockets of growth within a declining market: vodka and gin

Fruits and Wine holds strong growth potential

Private-label vodka in Spain: significant share of total volume sold

Strengthen relationships with retailers

On trade focus

Capitalize on Marques del Puerto and Marie Brizard brands equity in Spain

Disrupt in vodka

Fruits and Wine: play the “French card” to differentiate from Sangria

Old Lady’s: capitalize on premium gin trends in Spain

Main features

51

Sales growth


Net sales 2014e


2014e-2018e growth:

Other vodka and

Fruits & Wine


2014e 2018e

~0.50

CAGR: +7%>0.65

2014e 2018e

~15

CAGR: +7%>20


BiG 2018

40%

14%8%

2%

36%

Marie Brizard William Peel Sobieski

Fruits & Wine Others

2014e 2018e

~5

CAGR: +12%

>8

Brazil: accelerate profitable growth

Objective

Business rationale

Commercial Strategy

Marketing strategy

Focus growth on brands produced locally as door openers for key brands

Launch of William Peel, Other Vodka and Fruits & Wine to expand key

Belvédère brands

Market to grow by 13% in value by FY2018

Market highly dominated by local products

But 90% of future growth expected to come from vodka and scotch whisky

Imported products are subject to high taxes in some territories

Focus on a limited geography for new brands

Reinforce capabilities by strengthening the team

Sobieski: pursue growth

William Peel: launch with strong A&Ps support

Marie-Brizard: position as a premium brand with attractive price

- Strong A&Ps support

Main features

52

Sales growth


Net sales 2014e


2014e-2018e growth:

Sobieski and Marie

Brizard


2014e 2018e

~0.3

CAGR: +8%

~0.4


Sobieski

Owned local brands

BiG 2018

4%

96%

3Financial targets

>1.8

>3.0

>2.6

>3.0>0.5

>0.7

>1.0

>1.5

>5.9

>8.2

2014e 2018e

~40% volumes growth for the 4 key brands

54

2014e-2018e - growth by brands Main contributors to growth

~+40% in m 9lc

+50%

+67%

+15%

+30%

BiG 2018

Belvédère’s mid term financial targets by countries

55

2014e-2018e - growth by geographies Main contributors to growth

in €m

BiG 2018

+45%

+150%

+53%+33%

+5%

+60%

>190 >200

>55

>80>20

>50

>15

>23

>15

>20

>5

>8

>300

>381

2014e 2018e

> +27%


>0

~50-70

~10

~20-30

~20-30


~420-460~455 (~120) (~85-125)

By FY2018, Belvédère performance towards the industry standards

56

Net sales

€m

c. +25-35% net sales

increase on our

Core Business

EBITDA

€m

~12-15% EBITDA margin

on net sales,

towards the

industry

standards

M cases 9l equivalent ~26 ~20-23

% of net sales >0% ~12-15%

1 2 3

2014e 2018 targetRationalize Optimize Grow

~€50-60m cumulated

by FY2018

BiG 2018

CAPEX (€m) Self-financed plan

BiG 2018Back in the Game

Documents

Belvédère 2015-2018 Plan Investor Day...Roadmap September 2014 Entry of Diana Holding at capital (13.1% of share capital) 2015 Plan BiG 2018 (Back in the Game) BiG 2018 A new high