Lucas Bols Full-year results 2018/19 (1 April 2018 – 31 March 2019).

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23/05/2019 09:51
Revenue up 1.2%, driven by 3.5% revenue growth of global brands
Route to market strengthened, credit facility improved and Avandis integration completed

Highlights full-year 2018/19(1)
Revenue of € 92.5 million, an increase of 1.2% compared to last year
The global brands reported revenue growth of 3.5%, mainly driven by strong growth in the US, the UK and China, while the decline in revenue of the regional brands moderated to 5.9% due to improved trends in the second half of the year
North America showed strong double-digit growth, driven by 20% revenue growth in the US, while Western Europe saw revenue decline by 3.9%. Asia-Pacific was in line with last year while Emerging Markets returned to growth on the back of a good performance in the second half year
The overall gross margin was 59.2% (down 160 bps) as a result of geographic mix with higher shipments to lower margin markets and the introduction of Nuvo
Normalised EBIT amounted to € 20.8 million, a decrease of 7.6% as a result of the lower gross margin. Currencies had a € 1.1 million negative impact on EBIT
One-off restructuring costs at Avandis (€ 0.6 million) and one-off advisory costs and finance costs (€ 1.0 million) were more than offset by a one-off tax gain of € 5.3 million
Normalised net profit came in at € 12.9 million; reported net profit amounted to € 16.6 million
The renewal of existing distribution contracts and signing of new ones, together covering around one third of total revenue, secures a strong route to market for the coming years
Proposed final dividend of € 0.25 per share, putting total full-year dividend at € 0.60 per share, equal to last year
Huub van Doorne, CEO Lucas Bols: “2018/19 was a year in which we accomplished a lot strategically and strengthened the base for further growth. We are pleased to see the global brands grow by 3.5%, driven by strong growth in the US, the UK and China. However, the retail environment in Western Europe was more challenging and the liqueurs market in Japan was in decline. We are glad to see that we outperformed the market in the US and China, both of which are important growth areas for our global brands. Thanks to a substantial number of new and renewed distribution contracts with both existing and new distribution partners, we have secured and optimised our access to important markets for the years to come. Our ability to partner with leading distributors around the world is a reflection of our strong portfolio of brands.”

Finance costs
Finance costs came in at € 3.7 million in 2018/19, compared to € 3.5 million the year earlier. The finance costs in 2018/19 include one-off costs related to the accelerated amortisation of financing costs associated with the
previous credit facility (€ 0.4 million).

Taxes
Normalised tax expenses amounted to € 4.6 million in 2018/19 compared to normalised expenses of € 5.3 million in 2017/18, in both years excluding the abovementioned one-off tax gains. Reported tax income for 2018/19
amounted to € 0.7 million, compared to € 0.3 million in 2017/18.
The effective tax rate, excluding the one-off tax benefit, was 26.4% for the 2018/19 financial year (2017/18: 26.5%), above the Dutch nominal tax rate as profits of Passoã are taxed at a higher rate in France.

Profit for the period
Net profit came in at € 16.6 million in 2018/19, a decrease compared to € 20.4 million in 2017/18. Excluding the one-off items, net profit was € 12.9 million, down 5.2% at constant currencies compared to the normalised net profit
of € 14.7 million in 2017/18. Normalised net profit per share came in at € 1.03 for 2018/19, compared to € 1.18 per share in 2017/18 (reported earnings per share for 2018/19: € 1.33 and for 2017/18: € 1.64).

Cash flow
The operating free cash flow decreased to € 11.0 million (2017/18: € 18.7 million) as a result of lower operating income (€ 2.8 million), higher taxes paid in France (€ 2.7 million, of which € 1.7 million was non-recurring as it
relates to a change in the French tax collection system) and one-off higher capital investments (€ 1.4 million, mainly related to the renovation of the new office).

Financial position
Equity
Equity increased by € 8.6 million to € 192.2 million at the end of the 2018/19 financial year, mainly as a result of the recorded net profit of € 16.6 million and the € 7.5 million dividend distribution.

Net debt
Net debt increased by € 2 million to € 48.8 million at 31 March 2019 (31 March 2018: € 46.8 million). The net debt to EBITDA ratio stood at 3.4 on 31 March 2019 (2.8 on 31 March 2018).

In December 2016, as part of the Passoã transaction, the company assumed a debt related to the exercise of the call/put option with a net present value of € 69.3 million as of 31 March 2019. The total net debt of the company, including assumed debt, was reduced to € 103.6 million at 31 March 2019 (€ 104.2 million at 31 March 2018). The net debt to EBITDA ratio including assumed debt was 4.8 at 31 March 2019 (4.3 at 31 March 2018).

Dividend
Lucas Bols will propose to the Annual General Meeting of Shareholders on 10 July 2019 that a final dividend of € 0.25 per share in cash be distributed for the 2018/19 financial year. Following the distribution of an interim
dividend of € 0.35 in November 2018, the total dividend for the financial year would amount to € 0.60, equal to last year. This represents a dividend pay-out ratio of 58% of the normalised net profit, in line with our dividend policy of
a pay-out of at least 50% of net profit.

New credit facility
In the third quarter of the 2018/19 financial year Lucas Bols entered into a new € 130 million syndicated credit facility agreement, replacing the previous agreement. This leverage-neutral transaction improves the terms and
conditions of Lucas Bols' financing structure through extended maturity, lower rates and increased operational flexibility to support the expected development of the business.

Outlook
Despite the geopolitical uncertainty and volatility that characterises current times, the underlying market dynamics in the global cocktail market remain healthy. At Lucas Bols we want to add flavour to the world and to provide great
cocktail experiences.
We will continue to activate and grow our global brands in line with our strategy, with innovative drink concepts and by acting on upcoming trends around the world. We will further capitalise on the growth of our global brands in the US and China by further strengthening our market position. The retail markets in Western Europe are likely to remain challenging, continuing to impact the performance of the regional brands.
We see upward pressure in our raw material and logistics costs, which we aim to offset by premiumisation and revenue management initiatives while prudently managing the indirect cost base.
Taking into account the foreign currency position already hedged and assuming the current level of the euro, foreign currencies are expected to have a broadly neutral impact on EBIT in the 2019/20 financial year.
We expect the operating free cash flow and Capex to return to normal levels, as the financial year under review was impacted by a number of non-recurring items.
Given the recent tax adjustments we expect the effective tax rate for the 2019/20 financial year to be around 25%.
We will continue to monitor potential add-ons of brands which can be integrated into our production and distribution
platform.

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