August 11, 2016

Q2 2016 results presentation Q2 2016 results 1

August 11, 2016 Q2 2016 results 2

Disclaimer

This presentation contains forward-looking statements that reflect Refresco’s current views with respect to future events

and financial and operational performance. These forward-looking statements are based on Refresco’s beliefs,

assumptions and expectations regarding future events and trends that affect Refresco’s future performance, taking into

account all information currently available to Refresco, and are not guarantees of future performance. Such forward-

looking statements are intended to be identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’,

and ‘project’ and similar expressions as they relate to the company. By their nature, forward-looking statements involve

risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the

future, and Refresco cannot guarantee the accuracy and completeness of forward-looking statements. A number of

important factors, not all of which are known to Refresco or are within Refresco’s control, could cause actual

results or outcomes to differ materially from those expressed in any forward-looking statement as a result of risks and

uncertainties facing Refresco. Any forward-looking statements are made only as of the date of this press release, and

Refresco assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new

information or for any other reason. The numbers in this presentation have not been audited or reviewed by an external

auditor.

Agenda

August 11, 2016 Q2 2016 results 3

• Execution of buy & build strategy

• Q2 2016 highlights

• Market facts & trends

• Key financials

• Medium term guidance

• Key takeaways

• Q&A

Execution of buy & build strategy

• Announced on February 24, 2016 and closed on May

31, 2016

• Including 2 long term co-packing contracts:

– Punica & Lipton ice tea 10 year contract of

100 million liters

– CSD 10 year contract of 100 million liters as

of 2017

• Strengthens our position in Germany and in Co-Packing

Acquisition of PepsiCo plant in Hamburg, Germany

August 11, 2016 5 Q2 2016 results

• Announced on March 29, 2016 and closed on

May 11, 2016

• Share purchase price €72 million

• Multiple paid appr. 7.5x EBITDA (LTM)

• 1 plant in Sittard (NL), 5 canning production lines

• Volume 300 million liters (800 million cans)

• Estimated synergies of 3.5 – 4 % of revenue within

24 months in procurement, operations and

overhead

August 11, 2016 Q2 2016 results 6

Acquisition of DIS in the Netherlands

• First step in a new geography, creating a 2nd growth platform

• Announced on July 26, 2016. Completion expected in September 2016

• Purchase price $129 million

• Multiple paid 7.3x EBITDA

• Leading co-packer in the US

• More than 80% overlap with Refresco’s Co-Packing customers

• Volume 900 million liters (98% Co-Packing)

• 3 plants, 26 production lines (cans, cartons and hot-fill aseptic PET)

August 11, 2016 Q2 2016 results 7

First step into North America by acquiring Whitlock Packaging

Fort Gibson (OK)

Lakeland (FL)

Wharton (NJ)

HQ: Tulsa (OK)

Q2 2016 – highlights

Adjusted

EPS

Gross profit

margin per liter

Co-Packing/

Private Label

M&A Completed the acquisitions of DIS and the PepsiCo bottling plant. Announced acquisition of

US-based Whitlock Packaging and Sanpellegrino’s bottling facility in Recoaro, Italy.

Adjusted

net profit

Adjusted net profit amounted to €30.3 million (Q2 2015: €29.0 million).

8

Group volume

Group volume increased by 1.9% to 1,703.3 million liters, including DIS. Like-for-like group

volume decreased 1.8%.

August 11, 2016 Q2 2016 results

Adjusted EPS increased 4.5% to 37.3 euro cents (Q2 2015: 35.7 euro cents).

Gross profit margin per liter 14.0 euro cents (Q2 2015: 14.2 euro cents) reflecting the impact

from DIS acquisition and the weaker British pound.

Co-Packing volume increased 18.8% and amounted to 25.2% of total volume. Private Label

volumes decreased 2.8%.

Total volume 1.7bn liters

Germany 22%

Benelux 20%

France 15%

Italy 14%

UK 11%

Iberia 9%

NEE 9%

August 11, 2016 9

Q2 2016 volume by location of sales

• Group volume in Q2 2016 increased

1.9% to 1.7bn liters in a declining soft

drinks market. The increase is driven

by the DIS acquisition.

Q2 2016 results

Volume (in million liters) Q2 2016 Q2 2015 Change in % Q2 2016

% of total volume Q2 2015

% of total volume

Co-Packing 428.4 360.7 18.8% 25.2% 21.6%

Private Label 1,274.9 1,311.5 (2.8%) 74.8% 78.4%

Total 1,703.3 1,672.2 1.9% 100.0% 100.0%

August 11, 2016 10

Strategic focus on Co-Packing pays off

• Continued double digit growth in Co-Packing to 25.2% of total volume.

• Private Label decreased 2.8% mainly due to the in previous quarters discontinued high

volume water and CSD contracts and unfavourable weather conditions.

• Advantages Co-Packing: better volume and revenue visibility based on multi year contracts,

less exposure to raw materials and working capital neutral.

Q2 2016 results

Market facts & trends

August 11, 2016 11

• Total soft drinks market in Q2 2016 in Western

Europe decreased; consumption of CSDs and juices

in decline; energy drinks, ice teas and (flavoured)

water are growing categories.

• Challenging market conditions in private label.

• Hard discounters keep gaining market share versus

traditional retail, primarily in the Benelux, Poland

and the UK.

• For 2017 we expect increasing price levels for

orange juice (FCOJ) and sugar.

Q2 2016 results

August 11, 2016 12

Key financials Q2 2016

In millions of € unless stated

otherwise Q2 2016 Q2 2015 HY 2016 HY 2015

Volume (millions of liters) 1,703.3 1,672.2 3,027.9 3,049.5

Revenue 558.7 548.4 1,006.6 1,006.6

Gross profit margin per liter (euro cents) 14.0 14.2 14.3 14.2

EBITDA 66.6 62.3 100.6 79.4

Adjusted EBITDA 68.3 67.6 102.6 104.7

Net profit/(loss) 28.9 5.4 34.6 (9.9)

Adjusted net profit/(loss) 30.3 29.0 36.3 31.6

Adj. EPS (euro cents) 37.3 35.7 44.7 40.6

Net debt ratio - - 2.6 2.4

Q2 2016 results

Gross profit margin per liter

August 11, 2016 13

Q2 2016 results

11.6 11.7 12.2

14.2 14.2 14.3

0

2

4

6

8

10

12

14

16

2011 2012 2013 2014 2015 HY-2016

Gross margin per liter (in euro cents) • Gross margin in Q2 2016 was

14.0 euro cents (Q2 2015: 14.2

euro cents), reflecting the DIS

acquisition and the weaker

British pound.

• Gross profit margin per liter in

the first half year increased to

14.3 euro cents (HY 2015: 14.2

euro cents).

• Total one-off costs of €1.7

million versus €5.3 million in

Q2 2015.

• Operating profit increased by

19.3% to €45.8 million.

August 11, 2016 14

Profitability development

In millions of € Q2 2016 Q2 2015 HY 2016 HY 2015

Operating profit 45.8 38.4 59.6 35.1

D&A 20.8 23.9 41.0 44.3

EBITDA 66.6 62.3 100.6 79.4

Acquisition & restructuring

costs 0.1 3.3 0.4 3.8

Refinancing costs - 1.3 - 1.3

IPO related costs - 0.7 - 20.5

Fair value adjustment

inventory 1.4 - 1.4 -

Sale of fixed assets 0.2 - 0.2 (0.3)

Adjusted EBITDA 68.3 67.6 102.6 104.7

Q2 2016 results

15

Reconciliation to adjusted net profit

In millions of € Q2 2016 Q2 2015 HY 2016 HY 2015

Net profit/(loss) 28.9 5.4 34.6 (9.9)

Non-controlling interest - - - 0.4

Profit for shareholders 28.9 5.4 34.6 (9.5)

Impairments, acquisition &

restructuring costs 0.1 6.6 0.4 7.1

Refinancing related costs - 23.2 - 23.2

IPO related costs - 0.7 - 20.5

Fair value adjustment inventory 1.4 - 1.4 -

Sales of fixed assets 0.2 - 0.2 (0.3)

Tax effect (0.3) (6.9) (0.3) (9.4)

Adjusted net profit 30.3 29.0 36.3 31.6

• Total one-off costs of €1.4

million versus €23.6 million

in Q2 2015.

• Adjusted EPS increased to

37.3 euro cents

(Q2 2015: 35.7 euro cents).

• Liquidity on June 30, 2016:

– Cash €65.6 million

– Undrawn RCF €70.0 million

• Solid cash position is partly exploited for

pre-purchases of specific raw and

packaging materials.

• Management targets maximum leverage

ratio at a 2.5-3.0x. Bank covenant is 4.0x.

• Net debt/adjusted EBITDA ratio was 2.6x

on June 30, 2016.

August 11, 2016 16

Balance sheet

In millions of € 30/6/2016 31/12/2015 30/6/2015

Total assets 1,767.1 1,641.1 1,643.5

Total non-current

liabilities 699.4 604.6 613.5

Total current

liabilities 572.3 522.7 574.2

Total equity 495.4 513.8 455.8

Cash and cash

equivalents 65.6 95.7 36.1

Q2 2016 results

August 11, 2016 17

Free cash flow

• Net cash investing & acquisition activities includes payment for the acquisition of DIS (Netherlands)

and the PepsiCo bottling facility (Germany).

• In Q2 2016 an amount of €23.5 million was paid out as dividend.

• Cash flow in HY 2015 included €100 million proceeds of the IPO at 27 March 2015.

In millions of € Q2 2016 Q2 2015 HY 2016 HY 2015

EBITDA 28.9 5.4 34.6 (9.9)

Working capital change (15.9) (27.1) (33.5) (28.8)

Net cash operating activities 32.1 (5.6) 39.9 17.8

Net cash investing & acquisition activities (99.5) (16.3) (121.9) (30.2)

Net cash financing activities 55.6 (141.8) 54.6 (47.7)

Free cash flow (13.2) (165.8) (30.1) (60.5)

Q2 2016 results

Working capital – seasonal pattern

• Working capital increased to €78 million in Q2 2016, in line with normal seasonal pattern.

• Working capital management continues to be a key area of attention.

107 113

62 56

42

75

38 43

70 78

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2014 2015 2016

Working capital (€m)

August 11, 2016 18 Q2 2016 results

We confirm our medium term guidance of:

• Low to mid-single digit average organic annual volume growth.

• Gross profit margin per liter on a like-for-like basis may come down marginally

due to product mix effects.

Based on current outlook on the market, weak start of the third quarter and

competitive environment we expect:

• For 2016 we expect volumes to be below the medium term guidance.

• Excluding acquisitions, we expect the gross profit margin per liter for 2016 to

remain flat.

• Volume guidance is also based on slow start of the 3rd quarter with low volumes.

August 11, 2016 19

Medium term guidance

Q2 2016 results

August 11, 2016 Q2 2016 results

20

Key takeaways

Total soft drinks market volume in Western Europe under pressure

In line with our strategy Co-Packing increased 18.8%

Accelerated execution of our buy & build strategy

Solid Q2 2016 results with 1.9% volume growth and net profit increase of 4.5%

Q&A

August 11, 2016 Q2 2016 results 21

Financial calendar

3rd Quarter results 2016

Thursday, November 10, 2016