1

CEDC

Central European Distribution Corporation

CEDC Investor Presentation

Exhibit 99.1

2

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities

Litigation

Reform

Act

of

1995.

These

statements

include,

without

limitation,

predictions

and

guidance

relating to CEDC’s future financial and operating performance, brand and product category diversity,

market share and customer demand for CEDC’s products. Forward-looking statements involve known and

unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC

to be materially different from any future results, performance or achievements, expressed or implied, by

forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of

future performance and that undue reliance should not be placed on such statements. CEDC undertakes

no obligation to publicly update or revise any forward-looking statements or to make any other forward-

looking statements, whether as a result of new information, future events or otherwise unless required to do

so by the securities laws. Investors are referred to the full discussion of risks and uncertainties included in

CEDC’s Form 10-K for the fiscal year ended December 31, 2006, and in other periodic reports filed by

CEDC with the Securities and Exchange Commission.

3

Who is CEDC?

•

Central Europe’s largest spirits company and one of the world’s

largest vodka producers

•

Originally founded in 1990

•

Poland’s

leading

importer

and

the

largest

distributor

of

alcoholic beverages

•

Operates largest nationwide next-day alcoholic beverage

delivery

service

with

16

distribution

centers

and

76

satellite

branches located throughout Poland

•

International

expansion

started

in

2006

with

the

purchase

of

Bols Hungary

•

NASDAQ listed since 1998, market capitalisation of

approximately

US$1.1bn

•

Warsaw

Stock

Exchange

listed

since

December

2006

•

Large

free

float

(approximately

75%)

and

trading

volumes

( US $8m daily)

4

Who is CEDC? (cont’d)

•

Distributes over 700 brands of alcoholic beverages

-

Polish vodka

-

imported spirits

-

imported wines

-

Polish and imported beers

•

Over 3,200 employees

-

700 in production

-

2,500 in distribution in Poland

-

55 in distribution in Hungary

•

Net Sales CAGR of 36% over the last five years

•

Earning per shares (EPS) CAGR of 80% over the last five

years

•

Operating cash flow per share of US$1.98 for the twelve

months ending December 31, 2006

CEDC stock performance 2002-2006

0

5

10

15

20

25

30

35

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

CEDC

Nasdaq

WIG (US$)

5

Our business model in Poland

CEDC-

owned

brands

Exclusive

import

brands

Our sales

and

distribution

network

3

rd

Party

Wholesalers

Retail

outlets

3

rd

party

suppliers

Key

Accounts

Distilleries

Distribution centers

Satellite branches

6

Direct distribution gives us a competitive edge

Challenges to overcome

•

Poor road infrastructure

•

No print and media

advertising allowed for

spirits

•

Fragmented retail

•

New restrictive laws for

expansion of large retail

outlets

CEDC has the largest and

most effective sales and

distribution platform in

alcoholic beverages with

national footprint serving

over 40,000 outlets direct

through 700 sales people

Solution –

win battle at the

point of sale

•

Retail shelf

-

merchandising

-

price point

•

Bar

•

Restaurant

•

Club

7

Growth with Margin Expansion

•

Expand sales of higher margin products

-

CEDC brands

-

exclusive import brands

-

Exports

•

Target opportunities outside Poland

•

Reduce costs of goods sold

•

Reduce operating costs

CEDC

Owned

Brands

CEDC

Agency

Brands

CEDC

Export

Brands

3rd

Party

Distribution

Develop sales growth

of higher margin

products

Higher

margin

products

8

Our top brands

Bols Vodka

•

#1 Premium Vodka in Poland and Hungary

by value

•

Sales of more than 1.5 million cases

Zubrówka

•

Leading brand for export

•

Strongly connected with tradition and

Polish culture

•

Considered one of the top icons of Poland

•

Approaching 1 million cases sold in 2006

•

Pricing upside opportunities

•

New domestic and export package to be

launched in 2007

Soplica

•

One of the oldest vodka brands in Poland

•

Associated with Polish nobility and heritage

•

Currently starting export to other markets

•

Over 1 million cases sold in 2006

Absolwent

•

One of the top 10 selling vodka brands in the

world

•

High quality at a reasonable price

•

Brand has continued to outperform the category

•

Positioned in the mainstream

•

Over 4 million cases sold in 2006

Most profitable brand in Poland

Fastest growing brand (*)

(*) excluding economy segment

#1 Brand Equity in Poland

#1 Vodka in Poland for last 7 years

9

Accelerate growth of our own brands

Market shares for key brands by value

Vodka producers market share by value

Leverage

market

position

for

further

market

share gains

94% of spirits sold in Poland are vodka

Other

1%

Brown Forman

3%

Pernod

3%

Diageo

3%

32%

State

owned

15%

Vin & Spirit

7%

Polmos

Lublin

10%

Sobieski

27%

Rank

Brand

Segment

Producer

Value

Share

1

Absolwent

Mainstream

14.5%

2

Starogardzka

Econony

Sobieski

9.1%

3

Bols

Premium

6.0%

4

Gorzka

Zoladkowa

Mainstream

Polmos

Lublin

5.7%

5

Sobieski

Premium

Sobieski

5.3%

6

Soplica

Mainstream

4.6%

7

Luksusowa

Mainstream

Vin

& Spirit

4.0%

8

Krakowska

Econony

Sobieski

3.5%

9

Zubrowka

Mainstream

3.4%

10

Smirnoff

Mainstream

Diageo

2.8%

10

Reduce costs of goods sold

Leverage purchasing power to reduce cost of raw materials

•

Largest spirit purchaser in Poland

•

Purchase over 120 million each of bottles, caps and labels per year

•

Build rectified spirit plant by mid 2007 at our two production sites

•

Backward integrate into distillation and potentially storage/production of grain

Grain

Rectified Spirit

Vodka

Currently

Mid 2007

2008-2009

Raw

spirit

11

Growth strategies

Super Premium  –

5%

of vodka market

Premium –

21% of

vodka market

Mainstream –

41% of

vodka market

Economy –

33% of

vodka market

Boss

Czysta Slaska

Niagara

5% of category

35% of category

by 2009

Abslowent

Soplica

Zubrowka

55% of

category

Growth of

existing

brands

Brand

acquisition

Planned

launch of new

flavored

vodka to

compete with

Zoladkowa

Gorzka

65% of category

by 2009

Bols

Palace

36% of category

50% of category

by 2009

30% of category

by 2009

Total growth of market share from 32% today to 50% in 2009

Rectification

and

distillation to

bring down

COGS

Aggressive

expansion

Existing

brand growth

Brand

acquisitions

Existing

brand

growth

New brand

launch

planned in

fall of 2007

Fastest growing

category in

Poland (+25%)

Current market share

Target 2009 market share

12

Reduce key operating overhead expenses

•

Combine purchasing power to reduce key SG&A costs

-

bank services

-

phone

-

fuel

-

administrative services

•

Continue to consolidate satellite branches

-

as road infrastructure improves, opportunities to reduce number of branches arise

•

Consolidate back office in 2008

-

centralization of key back office areas such as A/R, A/P, accounting

13

Expand higher margin import portfolio

CEDC exclusive import portfolio

Metaxa

(1)

Rémy Martin cognac

Passoa Liqueur

St. Rémy brandy

Cointreau Liqueur

Bols Liqueurs

(1)

Grant’s whisky

Jim Beam bourbon

(1)

Jaegermeister bitter

Camus Cognac

Raynal

Sierra

(1)

Teacher’s

Sauza

C&C

(2)

Disaronno

Amaretto

Spirits

Notes:

(1)

Hold a leading position in their respective sectors

(2)

In Hungary only

Above represents only partial selection of products imported

by CEDC

Amsterdam

Bitburger

Budweiser

Corona

Foster’s

Franziskaner

Grolsch

Guinness

Kilkenny

Evian

E&J Gallo wines

(1)

Sutter Home

(1)

Rosemount

Rothschild

Laroche

Moreau & Fils

Codorniu

Torres

Banfi

Frescobaldi

Penfolds

Concha y Toro

(1)

Georges Duboeuf

Piper Heidsieck

Beers/Water

Wines

January 2007 –

CEDC begins exclusive import of Campari

portfolio into Poland:

Campari, Cinzano, Old Smuggler

Glen

Grant,

Skyy

Vodka,

Gran

Cinzano

and

Cinzano

Asti

14

Expand higher margin export sales

New export package

developed to support

development of

Zubrowka as a

premium product in

export markets

15

Expand higher margin export sales

•

Vodka represents the fastest growing category world wide

•

Grow Zubrowka exports to reach 750,000 cases within five years

•

Expand

export

sales

of

other

brands

to

200,000

cases

within

five

years

•

Expand

geographical

reach

of

Zubrowka

from

current

small

base

of

countries

16

Bols Hungary –

First step in International

Expansion

•

With headquarters in Budapest our 100% owned subsidiary Bols Hungary is a leading importer and

distributor of alcoholic beverages in Hungary

•

Owner

of

the

number

one

vodka

brand

in

Hungary

–

Royal

Vodka

-

and

number

one

premium

vodka

brand

–

Bols (both produced at our Bols Poland distillery)

•

Hungary is the 4

th

largest market in the world for Jagermeister which is sold through Bols Hungary on an

exclusive basis

•

Sales and Marketing team of 36 people

CEDC brands

produced in

Poland

Exclusive

import brands

for Hungary

Bols Hungary

Wholesalers

Retail

Key Accounts

17

Target opportunities outside of Poland

Roll out CEDC model to other countries in the

region

Look for opportunities in fast growing spirit

markets like the US and the UK

•

Target companies with similar business model as

CEDC

•

Leverage our know how and business relations to

utilize in other markets

18

CEDC has delivered strong financial performance

Notes: (1) Presented on a comparable basis excluding impact of FX on the senior secured notes and other one-off transactions.

(2) Adjusted for Minority Interest

For

a

reconciliation

of

EBITDA

to

earnings

reported

under

United

States

Generally

Accepted

Accounting

Principles

(“GAAP”),

please

see

the

section

“Unaudited

Reconciliation

of

Non-GAAP

Measures”

at

the

end

of

this

presentation

12 months

(US$000's)

2003

2004

2005

2006

Guidance

2007

Net sales

429,118

580,744

749,415

944,108

1,050 –

1,100

Margin

56,480

74,331

122,047

198,387

Margin (%)

13%

13%

16%

21%

Operating profit

22,167

28,385

51,642

91,582

Operating profit (%)

5%

5%

7%

10%

EPS

(1)

0.64

0.87

1.09

1.28

1.50 –

1.66

EBITDA

(2)

24,235

31,992

55,909

101,440

Cash

6,229

10,491

60,745

159,362

Total assets

187,470

291,704

1,084,472

1,326,033

Total debt

30,441

37,396

394,322

418,098

Total equity

83,054

120,316

374,942

520,973

Operating cashflow

(8,252)

8,861

34,081

71,691

19

2007 Guidance

•

2007 EPS of $1.50 to $1.66 per fully diluted share.

•

Revenue projection of $1.05 billion to $1.10 billion, an increase of approximately 15% as

compared to 2006

•

Organic sales growth of 12% (organic growth of 7% excluding forecasted currency impact)

•

Continued double digit growth of imports and exports

•

7% volume growth of our of core vodka brands

•

Launch of new flavored vodka in 2007

•

Growth of new import brands (Campari/Cinzano)

•

Expansion of gross margins to 21.5%, including net costs of approximately $4 million ($0.10

per

fully

diluted

share),

resulting

from

increased

spirit

prices

and

savings

on

new

rectification

facilities.

•

Increase in the percentage ownership of Polmos Bialystok and related financing costs.

•

Reduction in SG&A as a percentage of sales by approximately 0.25%.

•

Continued strong cash flow generation with improved liquidity ratios

20

Selected ratios

0.0

200.0

400.0

600.0

800.0

1,000.0

2002

2003

2004

2005

2006

Net sales

Margin

0

20,000

40,000

60,000

80,000

100,000

2002

2003

2004

2005

2006

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2002

2003

2004

2005

2006

0

20,000

40,000

60,000

80,000

100,000

120,000

2002

2003

2004

2005

2006

Net sales and gross margin (US$000’s)

Operating profit (US$000’s)

EPS on a comparable basis (US$)

EBITDA (US$000’s)

21

Summary

GROWTH in emerging markets will

continue to fuel increasing consumer

demand for BRANDS

CEDC is well positioned to EXPAND and

GROW with these trends

22

UNAUDITED RECONCILIATION OF NON-GAAP

MEASURES

CEDC

has

disclosed

in

this

presentation

the

non-GAAP

measure

EBITDA,

adjusted

for

minority

interest,

on

a

historical

basis.

CEDC’s

management

believes

that

the

non-GAAP

reporting

giving

effect

to

the

adjustments

shown

in

the

attached

reconciliation

provides

meaningful

information

and

an

alternative

presentation

useful

to

investors'

understanding

of

CEDC’s

core

operating

results

and

trends.

EBITDA,

adjusted

for

minority

interest

represents

GAAP

earnings

excluding

interest,

taxes,

depreciation

and

amortization

and

other

financial

income

and

expenses,

and

adjusted

for

minority

interest.

EBITDA,

adjusted

for

minority

interest

is

presented

because

management

believes

it

provides

additional

information

with

respect

to

the

performance

of

CEDC.

CEDC’s

calculation

of

this

measure

may

not

be

the

same

as

similarly

named

measures

presented

by

other

companies.

This

measure

is

not

presented

as

an

alternative

to

net

income

computed

in

accordance

with

GAAP

as

a

performance

measure,

and

you

should

not

place

undue

reliance

on

such

measures.

-

2003

2004

2005

2006

GAAP net income/(loss)

15,075

$     

21,830

$     

20,268

$     

55,450

$     

Income tax

5,441

4,614

5,346

13,986

Net interest expense

1,500

2,115

15,828

31,750

Net other financial expense/(income)

92

19

7,678

(17,212)

Depreciation and amortization

2,127

3,414

4,529

8,739

Minority interest

-

2,261

8,727

EBITDA, adjusted for minority interest

24,235

$     

31,992

$     

55,910

$     

101,440

$   

Change in working capital and accruals

(26,744)

(17,369)

6,357

9,975

Financing charges

(1,592)

(2,134)

(23,506)

(31,750)

Non cash expenses

592

758

1,380

3,807

Tax adjustment

(4,743)

(4,386)

(6,060)

(11,781)

Net cash provided by Operating Activities

(8,252)

$      

8,861

$       

34,081

$     

71,691

$     

Twelve Months Ended

Dec 31,