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9M 2019 Investor Presentation | November 2019

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Key elements defining

our model

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3

4

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Trusted and reliable partner with a clear

value proposition

Entrepreneurial segments powered by our

centralised Group platform

Leading positions in attractive channels and

specialised markets

Track record of strong and consistent

profitable growth

Focused on organic growth complemented

with strategic M&A

VALUE

distributionADDING

partner

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Linking suppliers

and customers that are

difficult to connect

Delivering FMCG to the

right place,

at the right time

Differentiated

sourcing

Fully bonded

supply chain

Highly efficient

logistical

platform

Regulatory

expertise

Supply chain

excellence

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Serving a diversified customer base worldwide

Empowering wholesalers and retailers (B2B)

Partner in remote distribution Experienced in retail (B2C)

Serving complex end-markets in maritime

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Three entrepreneurial segments with a centralised backbone

Distribution of bonded liquors and

health & beauty products to

specialty retailers and online end-

customers

IT Distribution Legal &

ComplianceHR Finance &

Control

Specialty distribution of FMCG

products to maritime and remote

markets

Specialty retail at high traffic

airports and remote locations

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Solid sales channels that are exposed to attractive long term trends

Business segments

Turnover per segment 2018

B&S Group markets/ channels

Contribution to B&S Group turnover 2018

Column1

ChannelMarket

Outsourcing

Fragmentation and

complexity

Globalisation

A-brands and

luxury

Compliance

Value retail

E-commerce

Travel

Attractive long term trends

40.7%

27.2%

6.7%

7.3%

10.3%

7.8%

€ 1,197 M

€ 446 M

€ 137 M

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A defensive profile towards macro economic developments

Robust and global

product categories

with mainly A-

branded products that

outperform in

economic hardship

Bonded supplier

status

limiting the impact

of geopolitical

developments

Diversified supplier

and customer basis

with limited

dependency on a

single market

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Striving for continuous

economies of scale

Investments in logistics

and IT solutions on

Group level

Utilising our global

footprint to leverage

price position

Combining segmental

purchasing and sourcing

activities

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Firmly focused on continuous organic turnover growth

complemented with selective M&A

573 695

816 845 964

1,152

1,338 1,275

1,393

1,633 9 58

38

65

103

114

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Acquisitive

Organic

IFRSDutch GAAP

Topbrands

FragranceNet.com

Capi

UCVF

Alcodis

Discontinuation of

non-premium-brand

perfumes

(in million €)

10

26

38

47

59

52

65

84

89

106 109

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

IFRSDutch GAAP

Turnover

CAGR ’09 - ’18EBITDA

CAGR ’09 - ’18

17.3% p.a.

IFRSDutch GAAP

Resulting in a strong track record of profitable growth

Pressure on

China luxury

gifting

Discontinuation of non-

premium-brand

perfumes

573

677

825

903

1,002

1,152

1,3381,339

1,495

1,747

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

13.2% p.a.

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Synergy

effects

Well positioned to capture growth opportunities

Organic

growth

Acquisitive

growth

• Business model fit

• Integration focused

on organic growthExpansion by increasing presence in

our current markets

Tapping into new products and

markets

Cross-selling of products to existing

customers

Utilising the growth of existing

customers by matching

their increased demand for our

products

Strategy

Disciplined on price

Initially structured as

partnership or JV

Rapid back office and

sourcing integration

Boosting organic

growth of acquired

company

Sourcing synergies

Centralised backbone

– plug & play

Value chain expansion

Combined market

knowledge

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products

geographies

markets

Continuously expanding our role in the value chain

2012 2017 2018 2019

Middle

East

expansion

Personal

carePharma

ceuticals

Value

Retail

B2B

Travel

retail

B2C

E-

commerce

B2C

USA

2015

EU

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9M 2019

Trading

update

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9M 2019 highlights

Overall turnover growth ▪ 17.0% to € 1,373.4 M at reported rates (15.2% on a constant currency basis)

Outlook

Organic turnover growth ▪ Growth of 5.8% (4.0% at constant currency)

Dividend ▪ Interim dividend for 2019 of € 10.9 million or € 0.13 per share, payable on December 4, 2019

▪ Further turnover growth throughout the Group for remainder of the year

▪ Long term growth drivers remain intact

Business segment

contribution▪ All business segments contributed to topline growth individually

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Overall turnover growth analysis

▪ The HTG segment is the main

contributor to organic turnover

growth;

▪ The inclusion of the

acquisitions of

FragranceNet.com, Lagaay

and airport retail Rotterdam

and Weeze contributed

€ 131.8 M

▪ The development of the

EUR/USD exchange rate had

an effect of € 20.7 M on

turnover

Commentary

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Key developments 9M 2019

▪ The Health & Beauty category was the main growth driver

▪ Evident recovery of B&S Segment with reported turnover growth of

13.8% in Q3 compared to Q3 2018

▪ The Retail segment performed in line with expectations

▪ Trade war between USA and China and the turmoil in Hong Kong had an

impact on margins in Liquor category in Asia.

▪ This effect is continuing in Q4, the quarter where we traditionally realise

the higher turnover and gross margin in this category, and impacting our

results in this category.

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▪ Further turnover growth throughout the Group

with the Health & Beauty category accelerating its

contribution to overall FY Group results.

▪ The B&S Segment is expected to continue its

performance in line with the trend we saw in Q3,

and we foresee our Retail segment to grow in line

with current levels.

▪ Current market circumstances in Liquor Asia are

expected to have a short-term impact as this

margin pressure results in lower purchase prices in

the market, thus enabling us to return to normal

margin in 2020

Outlook

Medium-term

▪ Our focus for 2020-2022 lies on growth

in all segments, supported by

operational efficiency and enhanced cost

leadership.

▪ Our investments in IT and infrastructure

enable further operational synergies

between our segments, facilitate data

driven service offerings throughout the

value chain and allow us to move closer

towards the end-consumer.

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