Full-year results 22/23 (1 April 2022 – 31 March 2023)
25 May 2023
9% revenue growth results in reaching the € 100 million milestone
Supply disruptions, cost inflation and brand investments impact profit
Revenue came in at € 100.6 million. The 9% growth was driven by premiumisation, the acquisition of Tequila Partida, price increases and positive exchange rate fluctuations
Revenue was 20% higher than 19/20 pre-pandemic, mainly driven by the US and our focus on cocktails, reflecting the successful implementation of our Fit for Growth strategy
In 22/23 there was a robust recovery in Japan and South-East Asia, and a strong performance in Southern and Eastern Europe. Industry-wide glass shortages materially held back US sales and profits, particularly in the second and third quarters
Depletions value (sales by distributors) were up 5% compared to 21/22 with a clear upward trend towards the end of the year
Gross margin decreased to 51.7% (21/22: 55.9%). Severe input cost inflation could only be partly offset by price increases and positive exchange rate fluctuations. Despite this, our successful premiumisation strategy resulted in a 4% higher gross profit per case (in €)
Normalised operating profit decreased to € 15.1 million (21/22: € 20.6 million) due to higher input costs, a clear step up in brand investments and significantly higher logistics costs (partly non-recurring). Normalised net profit came in at € 10.1 million (21/22: € 14.7 million)
After one-off items (all non-cash), including an impairment (€ 24.1 million), a book loss on the sale of Avandis (€ 3.9 million) and a gain related to expected earn-out payments (€ 2.4 million), reported net loss was € 16.2 million
Free operating cash flow came in at € 6.8 million (21/22: € 15.6 million) and was adversely impacted by lower operating profit, higher income tax paid and significant investments in inventory to counter global supply disruptions and support the integration of Tequila Partida and new product introductions
The balance sheet remains healthy: net debt was further reduced to € 59.6 million and leverage remains prudent at 3.36x. The financing arrangements with the banks were successfully extended to November 2025
The proposed final dividend of € 0.13 per share would put the total full-year dividend at € 0.34. This represents a dividend pay-out ratio of 50%, at the upper end of our dividend policy
Leading non-alcoholic spirits brand Fluère was acquired effective January 2023, a strategically important acquisition towards playing a leading role in the growing no- and lower-alcohol (cocktail) market
The sale and unbundling of Avandis was successfully completed in H2
Huub van Doorne, CEO of the Lucas Bols Company: “In 22/23 we operated in a very challenging environment. We put emphasis on countering global supply challenges while at the same time input costs increased significantly – adding to the already high cost levels experienced during the pandemic. We successfully implemented price increases across brands and markets.
We achieved a solid 9% revenue growth for the full year, but more importantly 20% growth versus pre-pandemic 19/20 resulting in 22/23 revenue exceeding the € 100 million milestone.
Sustainability plays an increasingly important role in our organisation and our license to operate. In the past year we invested in designing a more explicit and integrated ESG strategy and started embedding it in the day-to-day Lucas Bols operations. We have defined three ESG pillars – People, Planet and Pleasure – that contain clear commitments to further progress on our sustainability journey in the years to come together with our business partners.
The completion of the Tequila Partida integration, the sale of Avandis and the acquisition of Fluère – all achieved in 22/23 – also further strengthen our strategic business foundation. Although the geopolitical and economic climate remains volatile and costs are expected to remain inflated, we are confident in the continued growth of our brands. We will leverage that foundation, demonstrating the strength of our brands and the agility and resilience of the Lucas Bols organisation.”
230525 The Lucas Bols Company persbericht - Jaarcijfers 2223.pdf
230525 The Lucas Bols Company press release - full year results 2223.pdf
see for more, go to https://www.lucasbols.com/
The Lucas Bols Company convenes Annual General Meeting
Lucas Bols N.V. (“Lucas Bols”), a leading global cocktail and spirits player, has published the convocation for the Annual General Meeting of Shareholders (AGM), including the agenda with the accompanying explanatory notes and the annual report 22/23 on its website www.lucasbols.com today.
The Annual General Meeting of Shareholders will be held on 7 July 2023 at 14:00 CET at De Hermitage, Amstel 51, 1018 EJ Amsterdam, the Netherlands.
On the Company’s website you will find further information with regard to registration and instructions about how to submit votes.
For further information
+31 20 5708 575
Bij Lucas Bols is de Belastingdienst de grootste geld binnen haler qua prijsstijging door accijnzen.