For the full year 2019/20 reported revenue is expected to come in at € 84.0 million, a decrease of 3.5%, with a stable gross margin of around 56.5%. Profit before tax is expected to come in at € 14.4 million, a decrease of 8.5%
Free operating cash flow improved significantly and is expected to come in at € 15.8 million in 2019/20 (2018/19: € 11.8 million), reconfirming the company’s strong cash generation
COVID-19 started to negatively impact Lucas Bols’ results in the fourth quarter 2019/20, mainly as a result of the gradual closure of the on-trade around the world. As Lucas Bols is an on-trade driven company, revenue in H1 2020/21 will be severely impacted as long as the on-trade remains closed
Measures are implemented, including overhead cost reductions, limiting A&P investments and strict working capital management
Given the current uncertainties, we have decided to refrain from proposing a final dividend for 2019/20 and not to pay an interim dividend in December 2020. The interim dividend for fiscal year 2019/20 of € 0.35 was already paid in December 2019
The Management Board and Leadership Team waived their variable remuneration for the 2019/20 financial year and the first half of 2020/21
The company has sufficient liquidity to get through these unprecedented times
We agreed temporary amendments to our financing arrangements with the banks to comply with the bank covenants throughout the COVID-19 crisis. This reflects the banks’ ongoing support and commitment


Results full-year 2019/20 (preliminary and unaudited)
Revenue for the 2019/20 financial year is expected to amount to € 84.0 million, a decrease of 3.5% (4.7% organically), with a stable gross margin of around 56.5%. Revenue of the global brands is expected to decrease 2.8% (4.3% organically) and revenue of the regional brands to be down 5.4% (5.6% organically). Profit before tax is expected to amount to € 14.4 million, down 8.5% (14.7% organically). This includes a positive currency impact of around € 0.5 million. Free operating cash flow improved significantly and is expected to come in at € 15.8 million in 2019/20 (2018/19: € 11.8 million).

Impact COVID-19
The COVID-19 pandemic is having widespread repercussions on the worldwide economy. Lockdown and other measures are having a significant impact on Lucas Bols’ markets and business. COVID-19 started to negatively impact Lucas Bols’ results in the fourth quarter 2019/20, mainly as a result of the closure of the on-trade around the world. Over half of our business is on-trade driven, although this varies significantly between individual markets. The gradual closing of the on-trade resulted in an approximately 30% decrease in depletions (in-market sales) in March, especially impacting the global brands.

We expect revenue in H1 2020/21 to be severely impacted as long as the on-trade remains closed and distributors are reducing their stocks in the market. For markets which are predominantly retail driven, like the Netherlands, Australia, Germany and France, the impact of COVID-19 is expected to be less negative. Assuming that the on-trade will gradually re-open on a market by market basis, we expect a slow recovery of the business as from the second quarter 2020/21, albeit at significantly lower levels compared to last year.

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https://files.pressmailings.com/9a/a61d55ea0f418c812833e532ce7eb1/200430-Lucas-Bols-persbericht---Update-jaarcijfers-2019-20-en-COVID-19-impact-.pdf