Stock Spirits Group PLC H1 2016 Results

10 August 2016

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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No statement in this presentation is intended to constitute a profit forecast, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Group. Each forward looking statement relates only as of the date of the particular statement. Except as required by the Listing Rules, the Disclosure and Transparency Rules, the Prospectus Rules, the Market Abuse Regulation, the London Stock Exchange or otherwise by law, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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2

David Maloney

Chairman

Group Overview

Agenda

SECTION PRESENTER

Group Overview David Maloney

(Chairman)

Business Review Mirek Stachowicz

(CEO)

Financial Results Lesley Jackson

(CFO)

Concluding Remarks Mirek Stachowicz

(CEO)

Q&A

4

2016 Interim Results Summary

5

• Positive trading performance with Adjusted EBITDA growth in all markets

− Group Net Sales of €116.0m, an increase of 7.3% on H1 2015

− Adjusted Group EBITDA of €17.9m, an increase of 65.9% on H1 2015

• Signs of stabilisation in Poland in H1 2016

− Early signs of positive results in volume and value

− Net Sales up 15.7% to €60.7m and Adjusted EBITDA up 64.8% to €15.1m

• Cash generation continues to be strong

− Special dividend of 10 pence per share paid in July (€0.1190 per share)

− Interim dividend of €0.0227 taking total dividends to be paid in CY 2016 to €0.1872 per share

− Reduction in balance sheet leverage

• Minimal impact on the business from Brexit

• Full management teams now in place in all markets

• Mirek Stachowicz announced as CEO

Update on Strategic Review Good progress to date with further work to go

6

Return Poland

to sustainable

growth

Net Sales and Adjusted EBITDA growth in H1 2016

Introduced strategic pricing regime on certain products to increase market competitiveness

Experienced management appointed in Poland to oversee next phase of growth

June saw both volume and value market share gains following initiatives in H1

Optimise return

on all assets

Review of Group cost base has identified a number of initiatives

− Head office review – closure of Swiss office

− Re-tendering of key professional services contracts

− Further work to be done in H2 2016 once we are satisfied with the trajectory in Poland

M&A and

business

development

While we focus on the Polish turnaround, significant M&A transactions are on hold

We continue to review smaller strategic bolt-on acquisitions that can grow shareholder value

New distribution agreements with Distell and Synergy strengthen Stock’s brand platform

Shareholder

returns

Strong cash generation in H1 2016 has enabled a special dividend to shareholders of 10 pence

per share

Shareholders will receive total dividends of €0.1872 in CY 2016

Stock will continue a policy of targeting an annual dividend of 35% of Group Net Free Cash Flow

Mirek Stachowicz

Chief Executive Officer

Business Review

Poland Vodka Market Gradual overall market recovery

8

Total vodka market trend (%)

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

Jun2015

Jul2015

Aug2015

Sep2015

Oct2015

Nov2015

Dec2015

Jan2016

Feb2016

Mar2016

Apr2016

May2016

Jun2016

% M

AT

Tre

nd

1

Value Volume

• Encouraging signs of a

gradual recovery with the

rate of MAT volume

decline reduced

• Total vodka volume

growth June YTD of

+2.5% vs a weak prior

comparable period

+0.6%

-0.03%

+2.9% YTD Value % Change

Source: Nielsen, total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume and value MAT.

1. % MAT Trend represents the change in MAT vs the prior comparable period.

+2.5% YTD Volume % Change

9

Poland Market Share Trends Market Trends by Channel

• Traditional Trade

channel remains our key

focus area and continues

to dominate Poland

• Overall, percentage of

total vodka volume by

the traditional trade

channel has grown in

2016

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun

20

13

Jan

20

14

Jun

20

14

Jan

20

15

Jun

20

15

Jan

20

16

Jun

20

16

6.4% 5.8%

9.8% 9.7%

19.6% 19.1%

64.3% 65.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

YTDJun 2015

YTDJun 2016

Discounters

Supermarkets

Hypers

Traditional Trade

Share of total vodka volume by trade channel over time (%)

Source: Poland, total off trade, total vodka (defined as sum of clear vodka, flavoured vodka and vodka based flavoured liqueurs) volume YTD June 2016 with a coverage factor

of 1.18 applied to the traditional trade to reflect its true scale.

Note: From comparisons to IWSR shipments data, Management believe that it is under reported in the Nielsen survey.

Poland Mainstream Vodka Pricing Trends

10

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

Jul2015

Aug2015

Sep2015

Oct2015

Nov2015

Dec2015

Jan2016

Feb2016

Mar2016

Apr2016

May2016

Jun2016

Dis

co

un

t to

Z. D

e L

uxe

(%

)

Zubrowka R (Roust) Krupnik R (Marie Brizard)

-3.0%

-1.2%

Competitor brand prices relative to Zoladkowa De Luxe

Jul-15 Dec-15 Jun-16

Zubrowka R (Roust) -5.6% -6.4% -3.0%

Krupnik R (Marie Brizard) -3.1% -3.5% -1.2%

Source: Nielsen, Total Traditional Trade, average price per litre (PLN) in 50cl, Total Vodka.

Competitor brand prices relative to Zoladkowa De Luxe • Traditional Trade price

differential has narrowed

against directly

competitive brands

following pricing

initiatives implemented in

H1 2016

Poland Update

11

• Local management appointments in June 2016

− New Managing Director, Marek Sypek, with experience in private equity and

senior positions in FMCG corporates in Central and Eastern Europe

− New Sales Director, Piotr Dziarski with FMCG and alcoholic beverage industry

experience

• Our relationships with customers are improving

− Targeting traditional trade which experienced market volume growth of 4.5%

YTD vs the prior comparable period1

• Focus remains on improving sales performance of Poland

− Good progress made in 2016 YTD

− Update on ‘Root and Branch’ review

Marek Sypek

Piotr Dziarski

1. Total Poland, total off trade, total vodka, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume by month to June

2016, sourced from Nielsen.

Poland ‘Root and Branch’ review Recap on actions being taken

12

Increase

Traditional store

coverage

Fair share of

Discounter

channel

Reallocate

resources to drive

returns

Supporting

Wholesalers

Competitive

pricing of core

brands

Expand product

portfolio

Strengthen

consumer

insight

Refocus & retrain

sales teams

Adapt route to

customer

Good progress made in H1 2016 on several areas

Actions well underway

Actions initiated

H2 2016 / 2017 opportunities

Eliminate waste

Customer &

margin

management tools

Poland ‘Root and Branch’ review Update on H1 2016 progress

13

Narrow down the price differential through trade promotions so

that customers can provide a more compelling shelf-price

proposition vs key competitors

Strategic reallocation of A&P spend across the Group to focus

investment on implementing competitive pricing in Poland

across key brands and throughout key sales channels

Sales teams are working with selected, priority trade partners to

achieve the proper brand positioning and strategy for our

brands in the market with particular focus on the traditional

trade channels

Improve the merchandising presence in the currently covered

retail universe and cover additional stores by changing the

sales force priorities during the sales call and redesigning the

sales routes

Competitive

pricing of core

brands

Supporting

Wholesalers

Increase

Traditional store

coverage

Reallocate

resources to drive

returns

Poland ‘Root and Branch’ review Update on H1 2016 progress

14

Eliminate waste

Customer &

margin

management tools

Sales force structure is being redesigned to shorten the trips to

customer, allow management more time in the field and

improve control over sales team activities. Essential

competencies that were outsourced are being brought in-house

through recruitment

New distribution agreements with Synergy for ultra premium

vodka brand Beluga. Selected NPD releases to provide

additional momentum in existing brands

Review of all spend items, with particular focus on external

services and consultancies

Salesforce Automation System to be implemented

We will commence work on certain remaining action items in H2 2016/ 2017 as appropriate

however there is still work to be done this year on cementing the above areas

Refocus and

retrain sales

teams

Expand product

portfolio

Poland Market Share Trends Stabilisation in Q2 2016 vs competitors

15

Volume market share (%, all channels)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Jun 2014 Dec 2014 Jun 2015 Dec 2015 Jun 2016

Stock Polska Roust Marie Brizard

Change in volume share last 3 months (%)

25.0%

(26.4% value)

41.7%

(40.4% value)

15.7%

(14.7% value)

(0.6%)

0.8% 1.2%

(1.4%)

(0.0%)

2.0%

(1.2%)

(0.7%)

0.9%

(1.2%)

0.2% 0.0%

Stock Polska Roust Marie Brizard Other

Source: Nielsen, total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume and value by month.

April, May and June %

change in share

16

Poland Traditional Trade Market Share Trends Showing growth in Traditional Trade

Volume market share by producer (%, Traditional Trade)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Aug2015

Sep2015

Oct2015

Nov2015

Dec2015

Jan2016

Feb2016

Mar2016

Apr2016

May2016

Jun2016

Jul2016

Stock Polska Roust Marie Brizard

Pernod Ricard Polmos Bielsko Biała Brown Forman

34.6%

41.2%

13.2%

• July 2016 CMR data

adds support to other

Nielsen data for

Traditional Trade

• Highlights stabilisation of

market share but it

remains early days

4.8%

1.0%

1.6%

Source: CMR. Data represents third party retail tracking survey of c.400 traditional trade outlets in Poland, measured on a weekly basis.

Mar-16

31.1%

Mar-16:

42.9%

Mar-16

14.8%

Mar-16

4.3%

Poland Traditional Trade Market Share Trends Positive volume momentum from core brands in Traditional Trade

17 Source: CMR. Data represents third party retail tracking survey of c.400 traditional trade outlets in Poland, measured on a weekly basis.

1. Movement represents change volume share between April and June 2016.

• Recent CMR market

share data highlights

positive momentum of

Stock’s vodka brands

over the past 3 months

• Each brand has gained

volume market share

from April to June at the

expense of core

competitors

18.2%

11.7%

9.2% 9.5%

8.0%

6.0%

4.8%

3.5%

2.4%

18.3%

12.1%

9.9%

9.0%

8.0%

5.8%

5.0%

3.7%

2.6%

17.7%

10.8% 10.6%

9.1% 8.6%

5.4% 5.0%

3.9%

2.8%

ŻubrówkaBiała

KrupnikCzysty

Żołądkowade Luxe

Żytniówka LubelskaFlavours

SoplicaFlavours

ŻołądkowaGorzka

1906 StockPrestige

Apr-16 May-16 Jun-16

Volume market share by brand (%, Traditional Trade)1

Czech Republic Operational Highlights

• H1 2016 was focused on a change in strategy

on our core brand Bozkov Tuzemsky to

broaden consumer offering and differentiate

from local competition. MAT value share growth

has been achieved in the “Rum” category

• Good growth in Herbal Bitters category

following recent brand rejuvenation of Fernet

Stock, 0.6% increase in value market share

• Good performance in vodka category, holding

market share at 25.1% in an otherwise flat

period

33.9% 34.0%

MAT Jun 2015 MAT Jun 2016

41.8% 42.4%

MAT Jun 2015 MAT Jun 2016

55.3% 55.7%

MAT Jun 2015 MAT Jun 2016

Value share of total spirits (%)

Value share of HBL category (%)

Value share of rum category (%)1

Source: Nielsen, total Czech Republic, total off trade MAT June 2016.

1. “Rum” category includes both traditional rum, made from sugar cane and “local rum”, made from sugar beet. 19

12.2%

12.8%

MAT Jun 2015 MAT Jun 2016

Slovakia Operational Highlights

+0.6%

• Strong performance in H1 2016 with gains in both

value and volume market share

• Fruit Spirits performed well, growing value market

share by 4.0% to 24.7%1, driven by new variants

announced in late 2015/early 2016

• New distribution agreement with Distell

commenced, adding strength to Stock’s brand

portfolio and platform

11.1%

11.9%

MAT Jun 2015 MAT Jun 2016

Volume share of total spirits (%)

+0.8%

Value share of total spirits (%)

Source: Nielsen, total Slovakia, total off trade MAT June 2016.

1. MAT Value Share as at June 2016, sourced from Nielsen.

20

Italy Operational Highlights

• Italy continues to be a

challenging environment

− Slowdown in demand for

flavoured vodka likely to

remain for H2 2016

• Good recovery in the brandy

segment, leading positions

maintained in our four focus

categories

• Recent distribution agreement

with Distell to commence in H2

2016

Stock brand ranking in category

24.3%

19.8%

Keglevich Nearest competitor

60.2%

8.0%

Keglevich Nearest competitor

21.8%

5.5%

Limonce Nearest competitor

13.2%

24.6%

Stock Original Nearest competitor

1

1

1

1

1

2

Value share of total clear vodka (%) Value share of total vodka-based

flavoured liquers (%)

Value share of limoncello (%) Value share of brandy (%)

Source: IRI, total Italy, total off trade MAT Value June 2016.

21

Distribution brands

22

We now have third party distribution agreements in all wholly owned key markets

Countries with distribution agreement

Partner Overview

• Exclusive distributor of

Diageo’s portfolio of brands in

Czech Republic

Partner(s) Example products Overview

• Exclusive distributor of

Synergy’s super premium

Beluga Vodka and Beam

Suntory’s portfolio of

brands

Partner Overview

• Exclusive distributor of

selected Distell premium

brands in Italy and Slovakia

Partner Overview

• Exclusive distributor of Beam

Suntory’s portfolio of brands

in Croatia and Bosnia &

Herzegovina

Example products

Example products

Example products

New in 2016

New Product Development

23

• NPD remains important in maintaining and growing consumer demand,

particularly in Poland as a ‘dark’ market

• Stock Spirits is ideally placed to lead innovation in key markets given the

quality of its facilities, broad distribution network and track record for NPD

− In H1 2016 however we continue to embed major launches from H2

2015, supporting current organic growth momentum and investment

in core brands

− As part of this range review, certain under-performing NPD lines will

be discontinued

H1 2016 highlights:

Poland: Żołądkowa de Luxe pepper, Stock Prestige Monaco (special

edition)

Italy: New look Keglevich bottle

Amundsen Expedition now in all wholly owned markets

Operational Changes

24

• Ongoing review of central costs

− Head office review – closure of Swiss office

− Reduction in headcount

− Re-tendering of key professional services contracts – head office and other

markets

• Review of operating structure and process efficiencies

− Re-tender of Italian logistics partner

− Reorganisation of the commercial structure in Czech

− Review of external consultancy service arrangements in Poland

Lesley Jackson

Chief Financial Officer

Financial Results

Consolidated Statutory P&L

26

• Good overall improved performance in H1

2016, recovering from a weak Q1 and H1

2015

• Revenue growth supported by volume

growth of 9.1%. Selling expenses reduced to

support discounts in Poland

• Strategic price management and market mix

resulted in a minor reduction in H1 2016

Gross Margin

• Lower selling expenses and other operating

expenses have improved EBITDA margin by

5.4% to 15.4%

• Reduced interest costs following facility

refinance in November 2015

• H1 2016 earnings per share of €0.04

Consolidated statutory P&L

€’000s H1 2015 H1 2016 % Change

Revenue 108,049 115,989 7.3%

Cost of goods sold (49,758) (54,077)

Gross profit 58,291 61,912 6.2%

Gross profit margin % 53.9% 53.4%

Selling expenses (33,399) (30,829)

Other operating expenses (19,680) (18,610)

Operating profit before exceptional items

5,212 12,473 139.3%

Exceptional items 0 0

Operating profit 5,212 12,473

Net finance costs (3,248) 252

Profit before tax 1,964 12,725

Income tax expense (1,733) (4,346)

Profit for the year 231 8,379

EBITDA before exceptional 10,759 17,870 66.1%

EBITDA margin % 10.0% 15.4%

Earnings per share (basic and diluted) 0.00 0.04

Volume and Net Sales Revenue overview

27

108.0 116.0

H1 15 H1 16

Net Sales Revenue (€m)

Volume (m 9L cases)

2.0 2.3

2.9 3.0

4.9 5.4

H1 15 H1 16Clear Vodka Other

• Improvement in both volume and net

sales revenue compared to H1 2015

• Good growth in “Other” category which

is typically higher margin vs. Clear

Vodka

• Net revenue per case marginally

declined 1.5% due to market mix and

investment in Poland

• Commenced investment in core Polish

brands in Q2 to be competitive on

price

9.2

15.1

H1 15 H1 16

Poland H1 financial performance

28

• Actions taken during H1 starting to

yield results, with a 17% increase in

net sales revenue vs. H1 2015

• Improved mix

• Reallocation of investment toward core

brand pricing

• Improved performance has led to

increased operational gearing

Net Sales Revenue (€m)

EBITDA (€m)

17.4%

24.8%

xx.x% EBITDA %

52.5 60.7

H1 15 H1 16

Czech H1 financial performance

29

• Net sales revenue flat compared to H1

2015

• EBITDA increase of 17% and 4.1%

uplift in margin following reallocation of

A&P spend toward Poland

Net Sales Revenue (€m)

EBITDA (€m)

xx.x% EBITDA %

6.7 7.8

H1 15 H1 16

27.7 27.6

H1 15 H1 16

24.0% 28.1%

Italy H1 financial performance

30

• Net sales revenue declined 7% due to

product mix as a result of market

softness

− Decline in flavoured vodka offset

by gains in brandy category

• Overall growth in EBITDA with a 2.6%

uplift in margin

Net Sales Revenue (€m)

EBITDA (€m)

xx.x% EBITDA %

2.8 2.9

H1 15 H1 16

14.6 13.6

H1 15 H1 16

18.9% 21.5%

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

31

• Strong performance with growth in both

Net sales revenue and EBITDA

• Good performance in

− Slovakia with Golden Ice

− Bosnia and Croatia via new

distribution brands and Stock Brandy

• EBITDA grew 71.7% vs H1 2015 with

EBITDA margin increasing to 10.9%

Net Sales Revenue (€m)

EBITDA (€m)

xx.x% EBITDA %

0.9

1.5

H1 15 H1 16

13.1 14.0

H1 15 H1 16

6.8% 10.9%

Free Cash Flow

32

• We continue to have a strong focus on

cash flow

− Strong cash flow supported

payment of a special dividend of

10 pence per share in July

− Interim dividend announced of

€0.0227 per share

H1 15 H1 16

18.2%

2.0

15.9

88.9%

xx.x% % Adjusted cash flow conversion

1. Adjusted free cash flow calculated as Adjusted EBITDA less Capex, Net Working Capital change and Tax, excluding any costs associated with M&A and financing.

Adjusted free cash flow1 (€m)

Net debt

33

57.2 58.0

(19.9) 2.4 4.1 1.2

9.2

3.8

Net debtDec-15

Net cashinflow fromop. activities

Income taxpaid

Net capitalexp. & salesproceeds for

PPE

Net interestpaid

FinalDividend

Exchangerate

Net debtJun-16

0.96x 1.07x

y.yyx Net debt to EBITDA ratio

• Strong net cash flow

from operating activities

in the period

• Leverage reduced to

under 1.0x

• Significant liquidity

available to the

business

Net debt bridge: 31-Dec-15 to 30-Jun-16 (€m)

Net Finance Costs

34

• Significant reduction in interest payable

on bank loans following refinancing in

November 2015

• Refinancing switched from term loans to

a flexible RCF arrangement, and

materially lower margins

• Currency gains in H1 2016 a result of

the settlement of intercompany loans

• Reduction of finance costs (pre-FX

movements) equivalent to €0.01 per

share1

€m H1 2015 H1 2016

Interest payable on bank loans 2.8 0.9

Bank commissions and guarantees 1.0 0.3

Other net interest expense 0.3 0.1

Finance costs (pre-FX movement) 4.1 1.3

Foreign currency exchange gain (0.9) (1.5)

Net finance costs 3.2 (0.2)

1. Based on H1 2016 total number of ordinary shares in issue of 200m.

Taxes

35

• Current tax expense reflects the

increase in taxable profits in the

period

• Deferred tax charge represents

amortisation of post IPO

restructuring cost

• Deferred tax is a non-cash item in

the profit and loss account

Taxes €m H1 2015 H1 2016

Current tax expense 1.1 3.4

Prior year tax expense 0.5 -

Deferred tax charge 0.1 1.0

Total 1.7 4.3

Effective tax rate % 88.2% 34.2%

Corporate Costs

36

• Underlying corporate costs

reduced versus last year

• Action implemented to reduce

corporate costs

• Re- tender of professional

services

• Closure of Swiss office

announced today

• Restructuring costs

expected in H2 in the region

of €0.8m to €1.3m

• Savings from 2017

expected to be circa €1.5m

€m H1 2015 H1 2016

Head Office costs 4.7 4.5

PLC related costs including NEDs, internal audit and external communication

0.8 1.0

Group external audit 0.2 0.1

PSP and share based payments 0.6 0.6

Local market support costs including operations and IT

2.2 2.2

Group NPD projects 0.2 0.3

Insurance 0.5 0.4

Sub total 9.2 9.1

Senior team recruitment, incremental 2016 AGM & other one-off costs

0.0 1.0

Other including consolidation adjustments and FX

(0.5) (0.7)

Total H1 8.7 9.4

Impact of FX movements in H1 2016

37

• Overall impact of FX impact during H1

2016 was not material

• Net revenue impacted by weakening of

Polish Zloty, partially offset by

strengthening Czech Republic Koruna

• €8.1m impact to balance sheet reserves

arising on the translation from the

functional currencies of the Groups

foreign subsidiaries into Euros

108.0 116.0

10.4

(2.4)

Net sales revenueH1 2015

Operatingactivities

Impact of FX Net sales revenueH1 2016

Net Sales revenue bridge H1 2015-16 (€m)

10.8

17.9

6.9 0.2

EBITDAH1 2015

Operatingactivites

Impact of FX EBITDAH1 2016

EBITDA bridge H1 2015-16 (€m)

Mirek Stachowicz

Chief Executive Officer

Concluding Remarks

Concluding Remarks

39

• Positive Group trading performance with Net Sales increasing 7.3% and Adjusted EBITDA increasing 65.9%

vs the prior comparable period

• Good progress on Root and Branch review in Poland in H1 2016, but work still to be done

− Growth in volumes, Net Sales and Adjusted EBITDA

− Signs of stabilisation in Poland from both a customer and consumer perspective

− Positive momentum in volumes over the past three months across key brands and traditional trade channel

since price initiatives in H1 2016

− Strengthened local management team

• We continued to have a strong focus on cash generation

− Special dividend of 10 pence per share paid in July

− Reduction in balance sheet leverage

• Well positioned and on track to meet management expectations for FY 2016

− Further headway in Poland to come from additional Root and Branch initiatives

− Significant M&A transactions on hold for the remainder of the year, strategy remains unchanged

− Continuing cost reviews

− Brexit not expected to materially impact the Group

Q&A

Appendix

Our Head Office

42

Page Source Notes

8 Nielsen Total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume by month to June 2016.

9 Nielsen Total Poland, total off trade, total vodka (defined as Total Poland, total off trade, total vodka, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) % volume share by channel to June 2016.A coverage factor of 1.18 has been applied to the traditional trade Nielsen base volume data to estimate the channel’s overall volume. From comparison to IWSR shipments data, Management believe that the volume base data understates the traditional trade and requires this coverage factor up-weight.

10,11 Nielsen Total traditional trade, average price per litre (PLN) in 50cl, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs).

15 Nielsen Total Poland, total off trade, total vodka (defined as Total Poland, total off trade, total vodka, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume and value by month.

16, 17 CMR data Data represents third party retail tracking survey of c.400 traditional trade outlets in Poland, measured on a weekly basis

19 Nielsen Total Czech Republic, total off trade, total spirits, herbal bitters category, rum category and vodka category MAT to June 2016. Rum category includes both traditional rum, made from sugar cane and “local rum”, made from sugar beet.

20 Nielsen Total Slovakia, total off trade, total spirits to MAT to June 2016

21 IRI Italy, total off trade (defined as the sum of the modern trade and discounters) Stock brands’ MAT % value share by category. Nearest competitor is the share of the nearest ranking competitor e.g. if Keglevich equals the number one brand, the “nearest competitor” shown is the number two brand. If Stock Original is the number two brand, the “nearest competitor” shown in the number one brand.

Sources and footnotes

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