- Important strategic initiatives successfully implemented
Highlights full-year 2021/22

Revenue came in at € 92.0 million, +10% compared to 2019/20 (pre COVID-19 level) and up a strong 61% year-on-year. This revenue growth is mainly driven by a solid performance in many key markets, organic growth of the core brands and gradual on-trade re-openings
Most markets saw a robust recovery and some markets even posted excellent growth vs. 2019/20, in particular the US (+53%), the UK (+62%) and Australia (+62%). Japan and travel-related markets were still adversely impacted by COVID-19
Depletions (sales by distributors) were up 28% compared to 2020/21 (+7% vs. 2019/20), reflecting a solid performance of our Global Cocktail Brands: Bols Cocktails, Passoã and Galliano
The gross margin of 55.9% (down 80bps vs. 2019/20) reflects increased input costs (in keeping with the industry as a whole), a different shipment mix and the addition of the distribution contract of Pallini in the US
Operating profit (excl. one-off items) increased 140% to € 20.6 million while net profit (excl. one-off items) rose from € 3.3 million in 2020/21 to € 14.7 million this year
Free operating cash flow came in at € 15.6 million (2020/21: € 11.4 million), which is solid given the investments in inventories to counter longer lead times. This, together with the December 2021 equity issue, enabled a substantial net debt reduction of € 31.7 million to € 60.7 million as at 31 March 2022, resulting in a leverage ratio of 2.74x (31 March 2020: 5.07x)
The Fit for Growth operating model was successfully implemented as of April 2021, further improving our focus on key brands, cocktails, innovation and the flawless execution of our asset-light business model
Lucas Bols acquired Tequila Partida, strengthening the brand portfolio in one of the fastest growing spirits categories in the US and a key ingredient of the Margarita cocktail
Bols Ready-to-Enjoy Cocktails were launched in the Netherlands and the US in H2, where important retail listings were gained and targeted campaigns implemented
Because of the recent equity issue (December 2021) and the objective to improve leverage the Management Board will refrain from proposing a dividend for the 2021/22 financial year but intends to return to dividend distribution as from the 2022/23 financial year
Building on the 2021/22 achievements we remain optimistic about the future despite the impact of the growing macroeconomic and geopolitical instability


Huub van Doorne, CEO of Lucas Bols: “We are very pleased with the solid results achieved in the 2021/22 financial year. Although COVID-19 remained a central theme, we were able to recover rapidly in most key markets, leading to revenue growth of 61%. Due to our ongoing interactions with our distributors, the resilience of our brands and the gradual reopening of the on-trade we bounced back to pre-pandemic levels and even outperformed in some markets including the US, the UK and Australia. This is a testament to our brand-building capabilities and the strong momentum and relevance of our brands.

Passoã performed excellently, with the brand’s premiumisation and cocktail positioning resulting in a second consecutive year of double-digit growth. The Bols Cocktails brand showed significant recovery following the reopening of the on-trade in various key markets and the successful expansion of outlets in the US to well over 50,000 accounts. We are excited about the acquisition of Tequila Partida, one of the world’s highest-rated ultra-premium tequila brands, and look forward to realising its full potential. The transition to our Lucas Bols USA platform has been seamless, leveraging our experience with Pallini, where growth was realised in its first year as part of the Lucas Bols portfolio in the US.

The implementation of Fit for Growth enables us to further accelerate the execution of our cocktail-focused strategy with the aim to step up growth. The whole Lucas Bols team is contributing to this and I am very grateful for their unwavering dedication.

Other strategic milestones achieved during the year under review include the creation of Maxxium BeLux, (a consequence of which is that we now control approximately 40% of our global distribution), the renewal of distribution contracts in some core markets and the major reduction in net debt, resulting in a healthy leverage ratio.

In 2021/22 global supply chain disruptions affected both the availability and pricing of raw materials and logistics which were further impacted by the recent increase in macroeconomic and geopolitical instability. This had an impact on our profitability and cash generation, which we offset with targeted measures where possible. As we foresee this continuing in the 2022/23 financial year, we have invested in our working capital by holding more inventory.

While global circumstances continue to pose uncertainties, we proudly look back on an important and successful year while looking forward to the future with optimism, not in the least because we expect our Global Cocktail Brands and key markets to continue growing.”

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Lucas Bols 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 and the accompanying explanatory notes, the annual report 2021/22 and the revised remuneration policy for the financial year 2022/23 – 2025/26, on its website www.lucasbols.com today.

The Annual General Meeting of Shareholders will be held on 7 July 2022 at 10:00 CET. In accordance with the temporary Dutch COVID-19 Act, shareholders cannot attend the Annual General Meeting in person. The AGM will only be electronically accessible for shareholders via a live audio-webcast.

On the Company’s website you will find further information with regard to registration and instructions about how to submit votes or questions prior to the AGM.