83.0% 12.2% 4.

8%

Series 1 Series 2 Series 3

Estimated 2019* 182,085 26,700 10,600 219,385
Qty increase 109,693 109,693 16,000 7.3%
Price increase 117,693 117,693 11,000 5.0%
Mix 123,193 123,193 3,090 1.4% 81.0%
Buget 2020 201,975 33,500 14,000

300,000
NET SALES

250,000
11,000
16,000
10,600
200,000 26,700

150,000

100,000
182,085

50,000

-
Estimated 2019* Qty increase Price increase
Estimated 2019: Horeca
Export
Retail Romania
2016 140,450 6200 8,080
2017 154,100 6,200 12,300
2018 168,540 7,440 18,500
2019 182,085 10,600 26,700
2020 202,275 14,000 33,500
2022 230,000 20,000 50,000
2025 290,000 35,000 75,000

NET SALES EVOLUT

400,000

350,000

300,000

250,000
 400,000

350,000

300,000

250,000

200,000 26,70
18,500 10,60
12,300 7,440
150,000 8,080 6,200
6,200

100,000
168,540 182,0
140,450 154,100
50,000

-
2016 2017 2018 201

CAGR: 2016-2019 2019-2022 2022-2025

Export 48.95% 23.26% 14.47%
Horeca 19.57% 23.57% 20.51%
Retail Romania 9.04% 8.10% 8.03%

HORECA

net sales 2016 6,200 2019 10,600

2019 10,600 2022 20,000
3 3
CAGR 19.57% CAGR 23.57%

EXPORT

net sales 2016 8,080 2019 26,700

2019 26,700 2022 50,000
3 3
CAGR 48.95% CAGR 23.26%

RETAIL

net sales 2016 140,450 2019 182,085

2019 182,085 2022 230,000
3 3
CAGR 9.04% CAGR 8.10%
 NET SALES

3,090 14,000
11,000
33,500

201,975

Price increase Mix Buget 2020

NET SALES EVOLUTION- K RON

75,000

35,000
50,000

33,500 20,000
 75,000

35,000
50,000

33,500 20,000
26,700 14,000
0 10,600
0
290,000
230,000
202,275
40 182,085

2019 2020 2022 2025

2022 20,000
2025 35,000
3
CAGR 20.51%

2022 50,000
2025 75,000
3
CAGR 14.47%

2022 230,000
2025 290,000
3
CAGR 8.03%
 Other *
Full 12 month on products launched 2013
Increasing availability - no of POS and No of SKU in each shop
Launching new products
Trade marketing improvement
More consumer facing marketing investments vs. 2013
Other

75,000

35,000
75,000

35,000

290,000

2025
 2011 2012 2013 2014 2015
TONE 7,804 7,900 9,264 10,362 9,783
Net Sales Mii Ron 85,809 91,610 110,799 127,662 136,521
7% 21% 15% 7%
Gross Margin Mii 14,857 18,682 30,331 39,388 47,489
Gross Margin % 17.31% 20.39% 27.37% 30.85% 34.60%
% 25.7% 62.4% 29.9% 20.6%

Gross Margin % evolu

45.00%

40.00% 38
34.60%
35.00%
30.85%
30.00% 27.37%
25.00%
20.39%
20.00%
17.31%
15.00%

10.00%

5.00%

0.00%
2011 2012 2013 2014 2015 2

Tons evolutiom
16,000
14,000
12,000
10,362 10
9,783
10,000 9,264
7,804 7,900
8,000
6,000
4,000
2,000
-
2011 2012 2013 2014 2015 2

an 2011 2012 2013 2014 2015

Alka's Brands 59,278,506 60,988,105 80,761,237 102,337,952 111,210,525
Rest of portfolio 38,923,858 42,503,784 44,292,087 44,542,581 46,691,462
TOTAL 98,202,364 103,491,889 125,053,323 146,880,533 157,901,987
an 2011 2012 2013 2014 2015
brand 60.36% 58.93% 64.58% 69.67% 70.43%

Weighted branded portfolio from tota

100.0%

90.0%
30.3% 29.6% 29.4%
35.4%
80.0% 39.6% 41.1%

70.0%

60.0%

50.0%

40.0%
69.7% 70.4% 70.6%
60.4% 64.6%
30.0% 58.9%

20.0%

10.0%

0.0%
2011 2012 2013 2014 2015 2016

2011 2012 2013 2014 2015

Own productions 68,823,063 64,573,633 77,173,740 100,864,647 108,023,782
Purchased products 29,379,301 38,918,256 47,879,584 46,015,885 49,878,205
98,202,364 103,491,889 125,053,323 146,880,533 157,901,987

Weighted own productions vs p

100.0%

90.0%
29.9% 31.3% 31.6% 28.4%
80.0% 37.6% 38.3%

70.0%

60.0%

50.0%

40.0%
70.1% 68.7% 68.4% 71.6%
30.0% 62.4% 61.7%
70.0%

60.0%

50.0%

40.0%
70.1% 68.7% 68.4% 71.6%
30.0% 62.4% 61.7%

20.0%

10.0%

0.0%
2011 2012 2013 2014 2015 2016
 2016 2017 2018 2019 Budget 2020
10,645 11,419 12,522 13,335 14,273
154,825 172,672 194,448 220,952 249,475
13% 12% 13% 14% 13%
59,532 65,022 75,035 84,659 94,786
38.45% 37.66% 38.59% 38.32% 37.99%
25.4% 9.2% 15.4% 12.8% 12.0%

oss Margin % evolution

38.45% 37.66% 38.59% 38.32% 37.99%

34.60%

2015 2016 2017 2018 2019 Budget 2020

Tons evolutiom
14,273
13,335
12,522
11,419
10,645
9,783

2015 2016 2017 2018 2019 Budget 2020

2016 2017 2018 2019 2011

127,082,756 137,235,795 156,645,969 179,701,236 60.4%
53,035,949 64,528,111 73,621,954 83,056,684 39.6%
180,118,705 201,763,906 230,267,923 262,757,920
 2016 2017 2018 2019
70.56% 68.02% 68.03% 68.39%

portfolio from total

29.4% 32.0% 32.0% 31.6%

Rest of portfolio
Alka's Brands

70.6% 68.0% 68.0% 68.4%

2016 2017 2018 2019

2016 2017 2018 2019 2011

128,983,047 143,487,828 161,512,196 184,694,568 70.1%
51,135,657 58,276,080 68,755,724 78,062,401 29.9%
180,118,704 201,763,908 230,267,921 262,756,969

wn productions vs purchased products

31.6% 28.4% 28.9% 29.9% 29.7%

Purchased products
Own productions

68.4% 71.6% 71.1% 70.1% 70.3%

 Purchased products
Own productions

68.4% 71.6% 71.1% 70.1% 70.3%

2015 2016 2017 2018 2019

 2012 2013 2014 2015 2016 2017 2018 2019
58.9% 64.6% 69.7% 70.4% 70.6% 68.0% 68.0% 68.4%
41.1% 35.4% 30.3% 29.6% 29.4% 32.0% 32.0% 31.6%
 2012 2013 2014 2015 2016 2017 2018 2019
62.4% 61.7% 68.7% 68.4% 71.6% 71.1% 70.1% 70.3%
37.6% 38.3% 31.3% 31.6% 28.4% 28.9% 29.9% 29.7%