8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) – November 27, 2007

CENTRAL EUROPEAN DISTRIBUTION CORPORATION

(Exact Name of Registrant as Specified in Charter)

DELAWARE	0-24341	54-18652710
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Two Bala Plaza, Suite 300 Bala Cynwyd, Pennsylvania	19004
(Address of Principal Executive Offices)	(Zip Code)

(610) 660-7817

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On November 29, 2007, Central European Distribution Corporation (“CEDC”) will make a presentation at the ING 10^th Annual EMEA Forum in Prague. In that presentation, CEDC will reiterate its full year 2007 and 2008 fully diluted earnings per share and net sales guidance. A copy of the presentation materials is furnished as Exhibit 99.1 hereto and incorporated by reference herein. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 PowerPoint slides.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Central European Distribution Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CENTRAL EUROPEAN DISTRIBUTION CORPORATION
By:	/s/ James Archbold
	James Archbold
	Vice President, Secretary and Director of Investor Relations

Date: November 27, 2007

EXHIBIT INDEX

Exhibit No.	Description
99.1	PowerPoint slides.

EX-99.1

1

CEDC

Central European Distribution Corporation

CEDC Investor Presentation

November 2007

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. Forward-looking statements involve known and unknown risks and

uncertainties,

including,

without

limitation,

economic

and

vodka

consumption

trends

in

Poland

or

other

markets

CEDC

serves,

risks

arising

from

exchange

rate

and

interest

rate

movements,

CEDC’s

ability

to

make and integrate acquisitions and CEDC’s

ability to implement its business plan, 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. Forward looking

statements are based on Management’s current expectations and assessments of market and other

conditions. 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 and prospectus for the fiscal year ended December 31, 2006, and in other periodic and

current reports filed by CEDC with the Securities and Exchange Commission.

3

Current Business Overview

Ongoing, strong economic trends in Poland continue to drive the premiumization

of the wine and spirits market

•

Imported spirit market has grown year to date over 20% in 2007

•

Polish vodka market is up 7% in value year to date

2007 CEDC business objectives continue to be executed leading to

a strong base

for 2008

•

Strong organic growth of core business (22% organic sales growth in Q3 2007–12 % excluding    

currency)

•

Successful

launch

of

new

flavored

vodka

brand

–

Zlota

Gorzka

•

Numerous packaging changes driving positive volume development

•

Zubrowka

new export packaging starting to roll out

•

Rectification

project

completed

–

significant

savings

on

spirit

pricing

•

Expanding business operations to Russia

4

CEDC Core Brands in Poland

•

Our four core brands (Bols, Zubrowka, Soplica and Absolwent) delivering double

digit growth year to date 2007

•

Bols Vodka up 18% after price adjustment in February 2007

•

New labeling of Zubrowka package in Poland has sparked

strong sales growth, with an increase in

value

over 15% since redesign in April 2007

•

Imports continue to see strong growth,

with Carlo Rossi up 47% in volume year to date

(Carlo Rossi is

now

the #1 wine brand in Poland)

5

Launch of Zlota Gorzka

•

August 1st 2007 launched new flavored vodka

•

Competitor for Zolakowa Gorzka from Lublin

•

Price at similar point as ZG from Lublin

•

Mint flavor to be launched this month

•

Our objective is to take 30% of the Gorzka

segment by 2009 (600,000 9L cases)

6

Export Forging Ahead

•

In Q3 2007 first shipments of Zubrowka in the new export

packaging began to U.S., U.K. as well as other export markets

•

Launch in the US supported by new marketing campaign

•

Creative focuses on the uniqueness of the product, with special

emphasis on the bison grass. Campaign “Play on Words”

uses

double entendre to bring together grass and seduction….

-

“SEDUCTIVE BY NATURE”

7

Zubrowka U.S. Marketing Campaign

8

Rectification Completed

•

Both rectification plants in Bols and Polmos

Bialystok completed and operational

•

Final investments for both facilities are

approximately $15 million with projected annual

cost savings of approximately $4.0

million (based

upon 36

million liters of 100% spirit)

•

Financial impact of rectification to begin Q4 2007

9

Other Polish Acquisition Opportunities

V&S process provides an acquisition opportunity for CEDC in Poland to

acquire Polmos

Zielona

Gora, a leading local producer

•

CEDC will be taking an active role in the process to bid for this business.  The

process is expected to close Q1-Q2 2008

•

Polmos

Zielona

Gora, owned by V&S, has a market share of approximately

7% in Poland through the Polska

and Luksusowa

brands

•

Luksusowa

brand is a potato vodka which will provide a complimentary

product to our grain based vodka portfolio

•

Combined portfolio would leave CEDC with an approximate 37% market

share,

which

is

below

the

typical

Polish

anti

trust

limits

of

40%

Still looking at other wholesalers that would fill distribution gaps

Evaluating niche brands that are still State owned in Poland that would

provide a good fit with our portfolio

10

Russian Expansion Strategy

•

We are looking to expand our business model into new growth markets –

with a

focus on Russia

•

CEDC has recently entered into a binding Letter of Intent to acquire the Parliament

business in Russia (#1 premium vodka in Russia)

11

Russia and Ukraine –

The Time is Right

Take leading role in the consolidation of a fragmented spirit market

Acquire leading brands with a national sales platform

Target import brands to add to local portfolio

Premiumization trends taking place in the region

Cost and sales synergies through expansion

Strong economic growth in the region

Leverage our regional know how to execute acquisitions

12

Russian Market

•

Russia

is

the

largest

vodka

market

in

the

world

and

the

2

nd

largest

alcohol

market in the world

•

Rapidly growing economy (GDP growth of 6.5% YTD 2007) which in turn

is driving consumer spending for premium branded products (both

imported and domestic)

•

Russian

market

is

very

fragmented

with

no

producer

having

over

a

7%

market share

•

The Russian Government is focused on reducing “grey zone”

vodka with

tighter

controls

over

spirit

production

and

distribution

->

expected

that

legalized spirits will grow from 50%-60% of current market share to 75%-

80% by 2011

Source: Renaissance Capital Report, August 2007

13

Russian Market

Global vodka market, by volume (2006)

Russian spirits market, by value (2006)

•

Russia is by far the world’s largest vodka market in volume

terms

•

The vodka market in Russia in volume terms is nearly four

times bigger than in the United States

Source: Euromonitor

Vodka

80%

Whiskey

3%

Other spirits

5%

Cognac and

Brandy

12%

.

4

5

7

8

8

11

22

34

44

176

Germany

Brazil

Belarus

Uzbekistan

United Kingdom

Kazakhstan

Poland

Ukraine

USA

Russia

mln.

decalitres

14

Russian Market

Russian vodka market by production

•

Although in volume terms the market has been in decline, the value branded segment of the

market

is

growing

rapidly

–

premium

segment

of

Parliament

is

fastest

growing

segment

•

Economic sector vodka is being replaced by more expensive branded vodka

•

Currently mainstream and premium segments make up approximately 40% of the market, and this is

expected to increase to 60% by 2011

276.4

275

272.2

253.1

246.8

239.4

237.5

231

224.1

217.1

210.1

9.3

9.6

10.8

12.9

14.2

15.1

16.5

17.6

18.6

19.6

20.5

0

50

100

150

200

250

300

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

-

5

10

15

20

25

30

Vodka market volume (mn dl)

Vodka market value ($bn)

Source: Renaissance Capital Estimates

15

Russian Market

Market Share of the Top-5 leaders (2006)

Number of players on the market

344

324

286

209

175

2003

2004

2005

2006

2007E

26%

58%

61%

78%

Russia

USA

Ukraine

Poland

•

The Russian vodka market is undergoing consolidation and the

number of players has halved in the last five years

•

However, compared to other developed consumer markets, the level

of consolidation is still comparatively low

Source: Management, Business Analytica Data as of January 2007

16

Parliament, #1 Market Share in the Premium

Sector

•

Forecasted 2007 sales of approximately

25 million liters –

5 year CAGR of 37%

•

Distributed in over 60,000 outlets across

Russia

•

53% brand awareness –

second only to

Russian Standard

•

115-240 RUR price segment (Parliament 170 RUR)

is the fastest growing vodka segment

•

Over 200 sales staff serving Russia

•

Currently

not

distributing

any

3

rd

party

agency

brands (represents a big potential)

•

Nearly 60% lower excise tax in Russia as compared to Poland, with similar retail

price, translating into higher margins for producers

Source: CEDC Management Estimates, Renaissance Capital Estimates

17

Parliament

The Group’s market share in the sub-premium segment (total market)

0

2

5

11

13

17

53

55

59

69

82

95

1%

4%

8%

15%

16%

18%

0

10

20

30

40

50

60

70

80

90

100

2001

2002

2003

2004

2005

2006E

0%

5%

10%

15%

20%

25%

30%

Parliament

Sub-premium segment

Market share of sub-premium segment

Source: Management, Business Analytica data as of January 2006

Strong brand growth driven primarily

by core brand Parliament Classic split

almost 50/50 in 0.5 liter and 0.7 liter

Also sold is a range of flavored vodka’s

•

Black current

•

Mandarin

•

Pepper

18

2007 and 2008 Guidance

•

2007 Comparable EPS of $1.65 to $1.79

per fully diluted share

•

2008 Comparable EPS of $2.03 to $2.13

per fully diluted share

•

2007 revenue projection of $1.17 billion to

$1.20 billion, an increase of approximately

25% as compared to 2006

•

2008 revenue projection of $1.26 billion to

$1.36 billion

•

Above guidance does not factor in the

impact of any future acquisitions, including

Parliament

EPS on a comparable basis (US$)

Net sales (US$000’s)

GAAP information for the relevant periods, and reconciling information, is set forth on page 21 and 22

19

Increased Distribution and Liquidity

•

Average trading volume increased from

approximately 350,000 to over 450,000

shares a day over the last 3 months

•

Shares dually traded on Nasdaq and WSE

•Diversified investor base with 74% of our

shares held by institutions (60% a year ago)

•

54% U.S. Investors

•

7% Polish Investors

•

13% Other non U.S. Investors

•

Market capitalization approximately        

$2 billion

CEDC closing price on Nasdaq

0

10

20

30

40

50

60

20

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

21

UNAUDITED RECONCILIATION OF NON-GAAP

MEASURES

CEDC

has

reported

net

income

and

diluted

net

income

per

share

in

accordance

with

GAAP

and

on

a

non-GAAP

basis,

referred

to

in

this

docment

as

comparable

non-GAAP

net

income.

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.

CEDC

discusses

results

on

a

comparable

basis

in

order

to

give

investors

better

insight

into

underlying

business

trends

from

continuing

operations.

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.

Our

full

year

guidance

is

forward-looking

information.

See

“Forward

Looking

Statements”

at

the

beginning

of

this

presentation.

Note: for periods prior to 2005 there is no difference between GAAP and comparable

non-GAAP net income in this presentation

A)

Represents the net after tax impact of the foreign currency revaluation related to our Senior Secured Notes and mark to market revaluation of financing

related hedges. CEDC closed a EURO 325 million Senior Secured Notes offering on July 25, 2005 in order to fund the acquisitions of Polmos

Bialystok and

Bols.

B)

Due to various delays in receiving final approval from the Polish Anti-Monopoly office, the acquisitions were not completed until August 17, 2005, in the case

of Bols, and October 12, 2005, in the case of Polmos

Bialystok.  These amounts represent the proportional share of interest accrued (net of interest earned in

escrow) on our senior secured

noted

prior

to

completion

of

the

acquisitions.

In

addition,

the

CEDC

incurred

additional

debt

to

support

the

deposit

payment

made

to

the

State

Treasury

as

pa

rt

of

the

Polmos

Bialystok acquisition.  The costs relating to this additional financing are also represented in this calculation.

C)

Represents other miscellaneous costs incurred in 2005, directly

related to the acquisitions of Bols

and Polmos

Bialystok and 2006 costs related to the tender

for additional shares of Polmos

Bialystok.

D)

Represents

cost

incurred

with

the

potential

acquisition

of

Polmos

Lublin

which

was

not

completed

and

has

since

been

acquired

by

another

company.

E)

On January 1, 2006, the Company adopted SFAS 123(R) and began to expense stock options. This amount represents the net after tax impact of the

expensing of stock options.

12 Months Ended December 31,

2005

2006

GAAP net income/(loss)

20,268

55,450

A. Foreign exchange impact and hedge revaluation

6,832

(11,810)

B. Pre-acquisition financing costs

3,907

-

C. Other acquisition costs

317

423

D. Impact of Polmos Lublin acquistion costs write-off

469

E. Impact of expensing stock options

1,548

Range for Comparable non-GAAP Fully Diluted Earnings per

31,324

46,080

Comparable net income per share of common stock, basic

1.11

1.29

Comparable net income per share of common stock, diluted

1.09

1.28

GAAP net income per share of common stock, basic

0.72

1.55

GAAP net income per share of common stock, diluted

0.70

1.53

Share base for fully diluted earnings per share calculation

28,820

36,137

22

UNAUDITED RECONCILIATION OF NON-GAAP

MEASURES

Note:

Although

changes

in

foreign

exchange

have

had

a

significant

impact

on

EPS

in

prior

periods,

it

is

not

possible

to

estimate

this

for

2008;

therefore,

no

adjustment

is

provided.

A)

Represents the net after tax impact of the foreign currency revaluation related to our Senior Secured Notes and mark to market revaluation of financing related

hedges as of September 30, 2007. The impact of foreign exchange revaluation will change which may have a material effect on our financial results.

B)

Represents

other

miscellaneous

costs

incurred

in

2007,

directly

related

to

the

tender

for

additional

shares

of

Polmos

Bialystok

and

other

acquisitions.

C)

Represents the net after tax impact associated with the early retirement of 20% of CEDC’s

outstanding Senior Secured Notes, including an 8% one-time

redemption premium payment to the Noteholders

and write-off of prepaid financing costs.

D)

On January 1, 2006 CEDC adopted SFAS 123(R) and began to expense stock options.  This amount represents the net after tax impact of the expensing of

stock options.

E)

Represents one time charge for early retirement incentive program and cost incurred with the potential acquisition of Polmos

Lublin, which was not completed in

2006.

Full Year Guidance, 12 Months Ending December 31,

2007

2008

1.44

$        

1.99

1.58

$        

2.09

A. Foreign exchange impact and hedge revaluation

(0.10)

-

B. Other acquisition related costs

0.03

-

C. Cost associated with early retirement of debt

0.23

-

D. Impact of expensing stock options

0.04

0.04

E. Other non recurring costs

0.01

-

1.65

$        

2.03

1.79

$        

2.13

Range for Comparable non-GAAP Fully Diluted Earnings per

Share

Range for GAAP  Fully Diluted Earnings per Share