Investor Presentation January 2014

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1 Investor Presentation January 2014

2 Forward Looking Statements This presentation contains forward looking statements intended to come within the safe harbor provisions of the Private Securities Litigation Reform Act of All statements other than statements of historical fact in this presentation are forward looking statements. These forward looking statements are based on our current expectations, assumptions, estimates and projections about the Company and its industry and involve various risks and uncertainties. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, actual results could be materially different from the Company's expectations. Important risks and considerations that could cause the Company's actual results to be materially different from the Company's expectations are generally set forth under Risk Factors in our annual report on Form 10 K for the fiscal year ended December 31, Also, certain information contained herein concerning economic trends and performance is based upon or derived from information provided by third party consultants and other industry sources. We have not independently verified and cannot assure the accuracy of any data obtained by or from these sources. The forward looking statements contained in this presentation are made only as of the time of this presentation. We do not undertake any obligation to revise or update them to reflect changes that occur thereafter. 2

3 Beer Industry Industry Structure Breweries In the majority of states, breweries cannot own distributors. Local Market Distribution Primarily independent businesses that have chosen to align with one of the two major systems (AB or MC) Each system has separately aligned, contiguous trade boundaries established. Each system has different and unique business processes. In many markets, the wholesaler is protected by franchise law. The brewery cannot unilateral change distributors. More than 500 AB distributors Approximately 450 MC distributors Retail National & Regional Chains, Sole Proprietor Off Premise On Premise The brewery provides local & national sales people and marketing spend 3

4 CB A Advantaged Strategy in an Advantaged Segment 4

5 PORTFOLIO VARIETY STRONG BRANDS NATIONAL BREWING RETAIL ACTIVATION THE SOUL OF A CRAFT BREWER THE BODY OF A BIG BREWER SEAMLESS ABI WHOLESALER NETWORK ALLIANCE EXPERIENCED LEADERSHIP 5

6 Uniquely Positioned for Growth Craft Segment Growth Significant, accelerating compound growth: 14% 5 year CAGR * Driven by consumer demand better beer experiences, quality and variety CB A s Ownable Advantages Innovative portfolio of distinct craft beer and cider brand families Evolving national brewing footprint with national sales & marketing reach Expertise developing partnerships and new growth strategies Leadership Team with 100+ years beer and growth company expertise Proven ability to manage brand lifecycle development to turn around Successful track record managing mergers, divestitures and acquisitions * Source: IRI Data, Calendar Year 2013 Ending As defined by the IRI s definition of the Craft segment. IRI MULO+C Definition: Multi Outlet + Convenience. 6

7 CB A Strategy Development Leads to Strong Growth Merger Integration and Building Business Model Foundation National Portfolio Strategy Development and Initial Market Introduction National Portfolio Strategy Growth and Value Creation 15.0% 10.0% Volume Growth Rate* 6% 6% 11% 7% 11% 5.0% 2% 2% 0.0% Redhook/ Widmer Merger Kona Merger FSB Sale Omission Launch Square Mile Launch * As represented by sales to retailers of our owned brand volume, excluding contract brewing volume. Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 7

8 A Three Year Perspective (P) Brand Characteristics 1 Licensed Brand Growing 4 Owned Brands Growing 2 Owned Brands Declining 1 Owned Brand in turnaround STR Growth vs. Prior Year 1% 7% 11% Innovation Square Mile Cider Company Geographic Development West: 85%; East: 15% West: 75%; East: 25% Prior Year East Growth 6% +36% International Development Kona Japan Only All Brands Export to 15 Countries Gross Margin Rate 26% 28.5% 30.5% Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 8

9 CB A Positioning 9

10 Shifting Beer Market s THE 80 S & 90 S THE 00 S TODAY 5 Year CAGR* Domestic Full Calorie 1% Domestic Lights 1% Imports +4% Craft +14% * Source: IRI Data, Calendar Year 2013 Ending IRI MULO+C Definition: Multi Outlet + Convenience. 10

11 Consumer Choice in Beer Where & with whom am I drinking? Why am I drinking? What am I looking to get from this situation? What type of consumer am I? Age, gender, education, etc? 11

12 Driven By Evolving Consumer Tastes Three Consumer Trends Fueling Craft Growth 1. Drink Less, Drink Better 2. Seek Variety, Desire To Discover New And Different 3. Move Toward Authentic, Local, Artisanal and Flavor Loyal to a repertoire of styles and brands based on need state and occasion Resulting In Craft Beer Growth 12

13 Flavor & Occasion Continuum Milder TODAY Special/ Distinct Everyday Domestic Full Calorie Domestic Lights Imports Richer Craft 13

14 What s happening in the market? Milder 1. Movement from Domestic Premiums and Domestic Lights Special/ Distinct Everyday 2. Movement from Imports 3. Expansion of the craft palate Richer 14

15 Complementary Portfolio Strategy CBA is the only craft beer brewer with three distinct beer brand families Imports Mainstream Lifestyle brand, with a focus on sustainability, community and inviting consumers to participate in Liquid Aloha Innovative pioneering craft beer brand, with a focus on creative collaborations and new interpretations of classic brews Highly approachable, crushable craft beer brand, with a focus on gamechanging partnerships that build awareness and reach 15

16 Omission Growth Potential Innovative gluten free beer brand positioned to lead the $45B beer market, as well as $4.2B GF market 16

17 CB A s portfolio helps maximize gross margin for all players in the value chain Each display represents $48 in gross profit to a wholesaler 34 cases sub premium 30 packs OR 20 cases premium 30 packs OR 10 cases CBA core brands (3 WB, 4 RH, 3 Kona) OR 1 case Widmer Brothers Limited Release 17

18 Top 10 Craft Vendors Based on Retail Dollar Sales Total U.S. 52 Weeks Ending Dec 29, 2013 MULO+C Retail Dollar Sales ($MM) SAM ADAMS SIERRA NEVADA $181 NEW BELGIUM $129 GAMBRINUS $121 CRAFT BREW ALLIANCE $115 NORTH AMERICAN $65 DESCHUTES $50 LAGUNITAS $44 STONE $31 GOOSE ISLAND $26 WIDMER BROS $41 REDHOOK $40 KONA $31 OMISSION $2 CBA BRAND $1 $318 Dollar Sales % Chg YA Dollar Share of Total Craft % Distribution (CWD) Average Items Per Store Selling +13.0% % % % % (6.5%) % % % % (5.6%) % % % % Source: IRI Data, Calendar Year 2013 Ending Top 10 Craft Vendors as defined by the IRI s definition of the Craft segment. IRI MULO+C Definition: Multi Outlet + Convenience. 18

19 Geographic Opportunity: Craft beer and CBA are still underdeveloped in large geographies; the west demonstrates the upside Craft Dollar Share of Beer by Region 20.8% 18.6% 15.4% 13.2% 11.8% 10.5% 8.8% 8.4% 33.9% Case Volume Contribution by Region 8.7% 12.1% 28.2% 18.0% 30.9% 3.8% 8.0% 12.5% 75.7% Northeast Southeast Midwest/Plai ns/texas 29.2% 39.0% West BEER CRAFT CRAFT BREW ALLIANCE CRAFT Source: IRI Grocery Data; Calendar Year 2013 Ending Craft is defined by the IRI s definition of the Craft segment 19

20 CB A Operations & Financials 20

21 Evolving National Brewing & Distribution Redhook, Widmer Brothers, and Omission distributed in all states & internationally Kona currently distributed in 38 states and internationally Evolving national brewing capability to support expansion and quality. Original brew pubs hosting 1.5 million guests annually. 21

22 2014 Guidance Top Line Volume (Depletion) growth: 7% to 11% Pricing: 1% 2% Contract brewing: 25% 50% increase over 2013 Volume Growth Rate 15.0% 10.0% 5.0% 0.0% 11% 7% 11% 6% 6% 2% 2% Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 22

23 Significant Gross Margin Opportunity Significant gross margin expansion from 2008 as a result of brand health, production leverage, and executed transactions. During 2012 and 2013, product mix, variable costs, supply chain challenges and pubs pressured gross margin. Longer term positive impacts of capacity utilization and efficiency, supply chain improvements, and product mix will generate positive margin trends. Expected 5 year gross margin expansion of 500 to 700 basis points. Gross Margin Rate 40.0% 30.0% 20.0% 10.0% 30.3% 29.6% % 28.1% 25.6% 22.4% 17.7% Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 23

24 Activating the Portfolio: National Sales and Marketing Capabilities Significant re investment of gross profit expansion into sales and marketing initiatives beginning in Q to drive refreshed brands on a national basis. Sales team footprint and marketing reach allows CB A to selectively target markets and to meet national chains purchasing requirements will see a reevaluation of sales & marketing to optimize spend. SG&A In millions, And as a percent of Net sales $44.9 $46.5 $52.0 $54.0 $39.7 $24.9 $ % 22.7% 26.6% 26.5% 25.9% 26.5% Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 24

25 Solid Economics and Financial Footing Support Aggressive Growth 2013 reflects strength of long term growth initiatives on the top line coupled with growing pains at the margin rate level. In 2014, expect continuing top line growth along with improved gross margin and marginally higher SG&A rates. Robust profit growth over the three to five year horizon as a result of continued top line strength, margin expansion and SG&A leverage. 25

26 Solid Economics and Financial Footing Support Aggressive Growth Capital Expenditures $15 $20M estimated in Estimated maintenance capital $3.0M Leverage Total debt/ttm EBITDA at year end 2013 stood at 0.9x Debt/EBITDA x 2.3 x 1.0 x 1.0 x 0.9 x Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 26

27 Key Investment Drivers Advantaged Segment : Craft is positioned for continued significant long term growth Advantaged Strategy: CB A is uniquely positioned to take advantage of segment growth and new opportunities Powerful, diversified portfolio of innovative craft beer brands National sales, marketing reach with seamless distribution Evolving national brewing capability Retail activation and partnerships Executive leadership team & proven brand expertise Proven M&A and divestiture experience 27

28 Appendix 28

29 Executive Bios Andy Thomas, Chief Executive Officer Mr. Thomas became Chief Executive Officer for CBA, effective January 1, Previously, he served as President of Commercial Operations from 2011 to He spent 12 years, from 1995 to 2007, at Heineken International, and served as president & CEO of Heineken USA from Mr. Kenneth C. Kunze, Chief Marketing Officer Mr. Kunze joined CBA as Chief Marketing Officer on November 4, He previously served as CMO for Heineken USA and Sabra Dipping Co., a PepsiCo joint venture. Mr. Kunze is responsible for the marketing and management of CBA s dynamic portfolio of brands, as well as oversees CBA s Restaurant & Retail division. Mr. Mark D. Moreland, Chief Financial Officer and Treasurer Mr. Moreland has served as the primary financial officer of the company since the July 1, 2008 merger between Widmer Brothers Brewing and Redhook Brewery, holding the title of CFO and Treasurer since August 15, 2008 and Chief Accounting Officer prior to that appointment. Mr. Moreland served as CFO of the predecessor company, Widmer Brothers Brewing from April 1, 2008 to June 30, Mr. John W. Glick, Vice President, Supply Chain & Logistics Mr. Glick has served as VP, Supply Chain & Logistics since He brings more than 19 years experience working with beer wholesalers to optimize forecasting, inventory planning, purchasing and production. He spent five years leading Operations for Anheuser Busch ( ABI ), as VP, Business Development. Mr. J. Scott Mennen, Vice President, Brewery Operations Mr. Mennen has served in the role of Vice President, Brewery Operations since 2013, where he oversees the brewing, packaging and warehousing operations, as well as quality management across the company s breweries in the U.S. He previously served as VP, Operations for Pabst Brewing Company and was Global Director of Brewing and Quality for Anheuser Busch. 29

30 Executive Bios Mr. Peter W. Schauf, Vice President, General Manager East Region Mr. Schauf has served as Vice President/General Manager East Region for Craft Brew Alliance since Previously, he was VP, Business Development for Kona Brewing Company, responsible for managing the business across the Mainland U.S. & Hawaiian islands, and prior to that he. served as Director of Key Accounts for Gambrinus Importing. Dan J. Partelow, Vice President, General Manager West Region Mr. Partelow has served in the role of Vice President/General Manager West Region for Craft Brew Alliance since Prior to joining CBA, Mr. Partelow was VP, General Manager Wholesale Operations for Anheuser Busch (ABI) from , where he managed all ABI company owned operations in Southern California. Mr. Derek Y. Hahm, Chief of Staff Mr. Hahm has served as Chief of Staff since In this role, he brings more than two decades serving in key sales and operations management roles to lead the company s shared services functions, including human resources and corporate communications. Prior to that, he held several sales positions from 2004 to 2013 including most recently as Vice President, National Sales Operations. 30

31 Appendix Square Mile Cider Company 2013 launch and expansion to 10 states Varietals: The Original: Hard Apple Spur & Vine: Hopped Apple Naturally Gluten Free 31

32 Appendix CB A Financial Snapshot (in $000s, except per share data) December 31, Full Year (P) 2014 Guidance Depletions growth, year over year 6% 6% 7% 11% Revenue $169,300 $179,200 Change, year over year 13.5% 5.8% Pricing change, year over year 1% 2% Gross Margin Rate 29.6% 28.1% 28.5% 30.5% Selling, General & Administrative $44,900 $46,500 $ 52,000 $ 54,000 Earnings per Diluted Share $0.13 $0.10 EBITDA $13,100 $12,700 Cash Flow from Operations $13,100 $8,600 Capital Expenditures $9,100 $10,200 $ 15,000 $ 20,000 Leverage Ratio (Total debt/ttm EBITDA) (P) are preliminary results. Note: 2014 reflects guidance as provided in the January 28, 2014 Guidance Release. 32

33 Appendix Brand Mix Brand Mix In Barrels TTM Q (P) Widmer Brothers 35% Redhook 30% Kona 35% Brand Depletion Growth TTM Q (P) Kona Redhook 15% 23% Widmer Brothers 3% 2013 (P) are preliminary results. 33

34 Appendix CBA Export Markets Exclusive export relationship Kona Only Markets Hong Kong South Korea Kona & Redhook Markets Iceland Switzerland Kona, Redhook & Widmer Brothers Markets China Norway Japan Finland Denmark Sweden Italy Ireland United Kingdom Omission Only Market Canada 34

35 Appendix CBA Restaurant & Retail Woodinville, WA Seats: 430 Sq Feet: 10,277 Guests/Year: 540K Total CBA Restaurant & Retail Seats: 1,331 Square Feet: 41,183 Guests/Year: 1.5 Million Total 2012 Revenue: $23.6 Million Portland, OR Seats: 162 Sq Feet: 5,188 Guests/Year: 207K Hawaii Kai, Hawaii Seats: 255 Sq Feet: 6,846 Guests/Year: 211K Kona, Hawaii Seats: 215 Sq Feet: 7,595 Guests/Year: 314K Portsmouth, NH Seats: 269 Sq Feet: 10,277 Guests/Year: 260K 35

36 Appendix Sales & Marketing Spend Dynamics Uses of Incremental Funding Packaging Rework (All Brands) Redhook (DP) Sales East Kona Investment Sales West 30+ new sales positions Enhanced Brand Marketing resources Brand Repositioning and package refresh National Association with Dan Patrick Kona Investment 36

37 Appendix Industry Growth 37

38 Appendix Ownership Structure 43% Ownership Structure 3% 10% 32% 12% A B Widmer Brothers Kona founders Management and Board Minority A B Distributor Agreement No special voting rights associated with A B ownership. A B has the right to designate two directors to our 8 member Board. Acquisitions of brewers over $30M require A B s consent. CBA may sell new brand families outside of the Agreement. There are certain limitations to the number shares CBA may issue in a given year and the change in ratio of A B ownership share. CBA has the right of first refusal to purchase A B s shares if A B intends to divest. Public Float and Access to BREW Stock CBA has approximately 8.2M shares of public float available. BREW s 3 month average daily trade volume is approximately 82,000 shares. 38

39 Appendix Pre Merger History History of CBA, Pre Merger 1981 Redhook Ale Brewery is founded in Seattle, WA 1984 Widmer Brothers Brewery is founded in Portland, OR 1994 Anheuser Busch and Redhook sign a distribution and equity partnership agreement, whereby A B takes a 25% stake in Redhook 1995 Kona Brewing is founded and begins distributing in Hawaii 1997 Anheuser Busch signs a distribution agreement with Widmer Brothers whereby A B purchases a 27% stake 2003 Widmer Brothers forms a strategic alliance with Kona Brewing, whereby Widmer Brothers takes a 20% stake in Kona Brewing and allows Kona access into the A B distribution network in the Continental U.S Redhook and Widmer Brothers form a JV sales and marketing entity which advertises, sells, and distributes through an agreement to use the A B distribution channel 2007 Goose Island sells a 42% stake to Widmer Brothers and joins the A B distribution network 2008 The merger between Redhook and Widmer Brothers is consummated and CB A is formed 39

40 Appendix Non GAAP Reconciliations EPS Excluding Gain on Sale of Fulton Street Brewery (FSB) $000s Diluted EPS $ 0.51 Pre Tax Gain on Sale of FSB $ 10,432 Effective Tax Rate 37.8% Post Tax Gain on Sale of FSB $ 6,494 Diluted Shares (000s) 18,942 Post Tax Gain on Sale of FSB per Share $ 0.34 $ (0.34) EPS Excluding Gain on Sale of FSB $ 0.17 Adjusted EBITDA to Net Income $000s Net Income $ 1,686 $ 9,651 $ 2,526 Interest Expense 1, Income Tax Provision 1,100 6,041 1,951 Depreciation Expense 6,494 6,912 7,116 Amortization Expense Gain on Sale of FSB (10,432) Merger Related Expense 559 Other Non Cash Charges Adjusted EBITDA $ 11,997 $ 13,849 $ 13,056 Note: 2013 EBITDA reconciliation will be updated once the 2013 Form 10 K is filed. 40

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