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Investor Presentation | HY 2019

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Providing customers

tailored solutions

Long term relation-

ships with A-brand

suppliers

Broad and relevant

assortment of FMCG

Serving complex niche

markets worldwide

Linking suppliers

and customers that are difficult to

connect

Delivering to the right place,

at the right time

A unique value adding proposition

Differentiated

sourcing

Fully bonded

supply chain

Highly efficient

logistical

platform

Regulatory

expertise

Supply chain

excellence

3

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

4

Entrepreneurial segments supported by centralised backbone

IT DistributionLegal &

ComplianceHR Finance & Control

Distribution of bonded liquors and

health & beauty products to

specialty retailers and online end-

customers

of 2018 Group turnover

Specialty distribution of FMCG

products to maritime and remote

markets

of 2018 Group turnover

Specialty retail at high traffic

airports and remote locations

of 2018 Group turnover

67% 25% 8%

5

Key elements defining

our model

1

2

3

4

5

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

6

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

7

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

8

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

9

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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HY 2019 Highlights

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HY 2019 – Financial Highlights

Organic turnover growth▪ Growth of 7.4% (5.4% at constant currency)

▪ Of this growth, 0.9% stems from FragranceNet.com

EBITDA▪ EBITDA amounted to € 52.9 M

▪ pre IFRS 16 EBITDA came in at € 48.1 M

Overall turnover growth ▪ 17.1% to € 898.3 M (15.1% at constant currency)

Business segment

contribution▪ HTG +28.5% | B&S +0.5% | Retail +1.6%

Financial position▪ Solvency close to 34%

▪ Net debt / EBITDA at 2.9

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Key developments HY 2019

Investments on Group level

▪ Expansion of robotised warehouse in

HTG segment and combined with

FNET technology to further boost

Health & Beauty category

▪ Logistics operations in B&S Segment

on track

▪ Acquisition Lagaay Medical Group in

B&S Segment enhances single source

supply concept

▪ Acquisition Rotterdam & Weeze

Airport in Retail Segment strengthens

regional store portfolio

Performance on Segment level

▪ Growth driven by Health & Beauty value retail and e-commerce markets

▪ Strengthened international positions, intensified relationships in value

retail and increased focus on the online platform business

▪ Synergies from combined sourcing in Health & Beauty category

▪ Maritime market circumstances remain unfavourable

▪ Opportunities identified in remote markets

▪ Performance in B&S Segment as expected given market conditions and

additional costs in logistics (as communicated) with clear performance

improvement in B&S Segment trend noticeable in H2

▪ Lagaay integration into the B&S Segment in preparation

▪ Retail segment performed as expected

15

Key figures HY 2019

▪ Turnover grew 17.1%, gross

profit grew 19.9%, margin was

14.1%

▪ EBITDA grew 15.2%

▪ IFRS 16 positively impacted

EBITDA by € 4.8 M, logistical

costs B&S Segment negatively

impacted EBITDA

▪ FragranceNet.com straight-line

amortisation of intangible fixed

assets has a material impact

on contribution to results in H1

from Fnet

Commentary€ million (unless otherwise

indicated)

HY 2019

reported

HY 2019

pre IFRS 16

HY 2018

reported

Δ (%)

reported

Profit or loss account

Turnover 898.3 898.3 766.9 17.1%

Gross profit 126.3 126.3 108.5 19.9%

EBITDA 52.9 48.1 45.9 15.2%

Depreciation & Amortisation 12.1 7.6 4.4

Profit before tax 35.1 35.5 38.4 (8.6%)

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HY 2019 – Segmental breakdown

€ million HY 2019 HY 2018 Change

HTG

Turnover 643.5 500.8 28.5%

Gross profit 82.9 58.7 41.1%

EBITDA 40.4 30.8 31.4%

EBITDA margin 6.3% 6.1% 0.2%

B&S

Turnover 221.3 220.3 0.5%

Gross profit 27.2 31.3 -13.0%

EBITDA 9.5 11.5 -17.1%

EBITDA margin 4.3% 5.2% -0.9%

Retail

Turnover 64.7 63.7 1.6%

Gross profit 16.5 15.8 4.3%

EBITDA 4.2 4.1 0.6%

EBITDA margin 6.4% 6.5% -0.1%

▪ HTG overall growth mainly

attributable to Health & Beauty

category: value retail, e-

commerce platforms and online

B2C

▪ Organic growth of HTG was

13.6% (12.1% on a constant

currency basis): strengthened

international positions, intensified

relationships in value retail and

increased focus on online

platform business

▪ B&S EBITDA impacted by

additional € 4 M logistics costs

(as communicated in CMD)

▪ Retail performed as expected

Commentary

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Overall turnover growth analysis

▪ The HTG segment is the main

contributor to Group organic

growth in H1 2019

▪ The inclusion of the acquisition

of FragranceNet.com

contributed € 81.8 M of which

€ 6.9 M was organic growth

stemming largely from

combined sourcing advantages

▪ The development of the

EUR/USD exchange rate had a

positive effect of € 15.3 M on

turnover growth

Commentary

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Financial Position

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HY 2019 - Financial position

€ million (unless stated otherwise) HY 2019 HY 2018

Financial position

Solvency ratio 33.7% 37.3%

Net debt 329.8 277.0

Net debt / EBITDA 2.9* 2.7

Inventory in days 98 103

Working capital in days 100 107

▪ Financial position within pre-

determined objectives

▪ Balance sheet and as such

solvency impacted by € 87 M

intangibles following Fnet

acquisition

▪ Net debt increase mainly

resulting from Fnet acquisition

and associated consolidation,

and the investment in working

capital

▪ Increase in working capital:

mainly related to inventory

supporting our growth

expectations; working capital in

days improved

Commentary

*Taking into account the LTM EBITDA of FragranceNet.com

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Net debt development HY 2019

▪ HY 18 negative cash flow from

operating activities: € 48.2 M

▪ HY 19 only € 0.4 M. Investment

in inventory in 2019 set-of by

cash inflow from late Q4 2018

sales as indicated at FY18

▪ Dividend represents payment to

minority shareholders

FragranceNet.com

▪ Investing activities mainly

investment in software € 3.0 M

and logistical infrastructure €

7.1M

▪ Net debt excluding IFRS 16

Commentary

21

Working capital development

▪ Inventory development (+14%) in line with business

development (+17.1%)

▪ Trade receivables in line with business development

▪ Increase in trade payables is fully in line with the increase in

turnover and inventory

Commentary

Trade payables

Working capital

(days)

Inventory

(days)

Trade receivables

(days)

112.6 79.2

512.7

(100)

460.3

(107)

431.9

(98)

379.0

(103)

193.4

(38)

160.5

(37)

HY 2019 HY 2018(€ x 1,000)

1,300.0

1,500.0

1,700.0

1,900.0

2,100.0

300.0

350.0

400.0

450.0

500.0

550.0

2016 HY 2016 FY 2017 HY 2017 FY 2018 HY 2018 FY 2019 HY

WC Turnover

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Outlook

23

Outlook

Management focus

▪ Expanding e-commerce

platform business

▪ Integration of Lagaay into B&S

Segment

▪ Capturing further opportunities

for organic growth

Expectations H2 and beyond

▪ Strong H2 in Health & Beauty with new business opportunities in B2B

distribution to value retailers and e-commerce platforms

▪ Demand in online B2C business of FragranceNet.com continues to grow

▪ Seasonality further amplified and continued trend in sales shifting to late Q4

▪ Turnover growth and - over time - profitability at stable margins in B&S

Segment by serving volume contracts in a cost-efficient way

▪ Lagaay expected to contribute to maritime and remote business in B&S

segment

▪ New shop openings to contribute to turnover and profitability in Retail

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Appendices

25

Our balance as at December 31, 2018

Net debt to be seen

in combination

with/as part of WC

76% of assets = WC

High turnaround

inventory and AR =

high turn-around

Net debt

IFRS 16 and

Options

following Fnet

acq ≠ Net Debt

Other current assets; 29.4

Accounts receivable; 205.7

Inventory; 377.9

Non-current assets; 157.3

Other current liabilities; 93.7

Trade payables; 90.8

Net Debt; 312.7

Equity; 273.1

Assets Equity and Liabilities

AR 27%

Inventory49%

Other24%

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Effects of prepayment to suppliers

INCREASED

INVENTORY

POSITION

Inventory already

recognised at balance

during transit

ACCOUNTS PAYABLE

REPLACED BY BANK

DEBT

AP days low compared to

‘classic’ distributor model

PRODUCTS

AVAILABLE

AT BEST PRICES

Competitive

advantage

in the market

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Our balance as at December 31, 2018

Other current assets; 29.4

Accounts receivable; 205.7

Inventory; 377.9

Non-current assets; 157.3

Other current liabilities; 93.7

Trade payables; 246.7

Net Debt; 156.8

Equity; 273.1

Assets Equity and Liabilities

Other current assets; 29.4

Accounts receivable; 205.7

Inventory; 377.9

Non-current assets; 157.3

Other current liabilities; 93.7

Trade payables; 90.8

Net Debt; 312.7

Equity; 273.1

Assets Equity and Liabilities

Net debt/EBITDA 2.9 | Days WC 103 Net debt/EBITDA 1.4 | Days WC 70

Accounts payable at 60 daysAccounts payable as is

OR

28

Working capital development

WC

€ mln

Turnover

€ mln

600

800

1,000

1,200

1,400

1,600

1,800

2,000

60

110

160

210

260

310

360

410

460

510

560

1612 1703 1706 1709 1712 1803 1806 1809 1812 1903Accounts receivable Inventory Accounts payable Working capital

Turnover LTM Linear (Working capital) Linear (Turnover LTM)

Start of

inventory

build-up

Peak

following

seasonal

sales

29

Managing

our portfolio

1

2

3

4

Controls proven to be effective

Provision for doubtful debt (as %

of turnover)

2016: 0.12%

2017: 0.08%

2018: 0.06%

Extensive KYC procedures

All debtors insured or payment

guaranteed by other means

IT controls on credit limits

Dashboards to follow our

portfolio real time

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Managing

our inventory

1

2

3

4

Controls proven to be effective

Write down (as % of turnover)

2016: 0.32%

2017: 0.29%

2018: 0.19%

Sourcing worldwide and building

up inventory for seasonal sales

Dedicated departments with

category management

Mainly A-brands with limited

exposure to economic hardship

Weekly KPI reporting for tracking

developments

31

Our balance as at December 31, 2018

Balance sheet

remained solid post

FragranceNet

acquisition

WC forms main part

of asset side

balance sheet

Inventories and

receivables partly

financed by debt

As result of M&A price

discipline, goodwill on

balance sheet limited

(€ 59.9 M)

Other current assets; 29.4

Accounts receivable; 205.7

Inventory; 377.9

Non-current assets; 157.3

Other current liabilities; 184.5

Net Debt; 312.7

Equity; 273.1

A SSETS EQUITY A ND L IA BIL IT IES

Healthy

positions with

high

turnaround

and cash

generation

32

Net debt development 2018

*After dividend distribution

Acq.

Topbrands

174.1

Increase of 12.1%

Turnover +12.5%

Increase of 16.3%

Turnover +16.8%

30.4

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Tax position explained

Expectations 2019

Delay of tax decrease in Netherlands to 2020 (22.55%)

No significant change in composition of result expected

January 1, 2018

Transfer pricing agreement for all 100% group companies worldwide

Januari 1,

2018

December

31, 2018

2018

Expected tax charge: 19%

Actual tax charge: 21%

Result of:

▪ Increased contribution of Topbrands and JTG to result however taxed

at 25%

▪ FragranceNet taxed at 28%

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Forward-looking information / disclaimer

This presentation includes forward-looking statements. Other than reported financial results and historical information, all

statements included in this presentation, including, without limitation, those regarding our financial position, business strategy and

management plans and objectives for future operations, are, or may be deemed to be, forward-looking statements. These forward-

looking statements may be identified by the use of forward-looking terminology, including the terms ''believes'', ''estimates'',

''plans'', ''projects'', ''anticipates'', ''expects'', ''intends'', ''may'', ''will'' or ''should'' or, in each case, their negative or other variations or

comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.

These forward-looking statements are based on our current expectations and projections about future events and are subject to

risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

Many of these risks and uncertainties relate to factors that are beyond B&S Group’s ability to control or estimate precisely, such as

future market conditions, the behaviour of other market participants and the actions of governmental regulators. Readers are

cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation

and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on

which our securities may be traded, we have no intention or obligation to update forward-looking statements.

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