Resilient performance in challenging environment
Stable operating profit

Highlights
Market circumstances were challenging in 23/24, with softened consumer demand, some downtrading, widespread destocking and a consequent slowdown in industry sales
Despite these challenges, depletions value (sales by distributors) were up 3%. Revenue came in at € 96.6 million, 4% below last year
Gross margin was 50.9%, down 80bps year-on-year as sales price increases were offset by the full-year effect of input cost inflation and inventory write-offs
Normalised operating profit was € 15.1 million, in line with a year ago, supported by lower logistics costs
Normalised free operating cash flow improved to € 9.2 million (22/23: € 6.8 million). Net debt improved to € 45.8 million as at 31 March 2024, mainly driven by the € 20.0 million equity issue in March 2024
The public offer by Nolet was declared unconditional on 7 February 2024. Following the offer period and post-acceptance period Nolet holds approximately 75.8% of Lucas Bols’ outstanding capital

Huub van Doorne, CEO of the Lucas Bols Company: “Adverse market circumstances accelerated in the second quarter of our financial year, impacting our business performance. Customers have destocked heavily following a significant increase in interest rates, and consumers are much more wary when it comes to how and where they spend their money. Nevertheless we saw an increase in depletions, evidencing the resilience of our cocktail strategy and strong brands.



Despite industry-wide challenges, the Lucas Bols team worked hard to successfully deliver on important projects such as the transfer of production in the US and the implementation of our no- and lower-alcohol cocktail strategy, with significant strides also being made in our ESG journey.

While the macroeconomic environment remains challenging and a full recovery in consumer demand is not expected in the short term, I am confident that our distinctive brands are well positioned in the global cocktail market: an attractive sector with strong medium and long-term growth prospects. The exciting distribution partnership with the celebrity-backed Muff Liquor Company launches in the second half of the 24/25 financial year and will further strengthen our proven US distribution platform. The new ownership of the Lucas Bols Company is very supportive to us achieving our goals and we look forward to working with them on our future endeavours.”
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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 23/24 on its website www.lucasbols.com today.



The Annual General Meeting of Shareholders will be held on 27 June 2024 at 13:30 CET at the Postillion Hotel & Convention Centre Amsterdam, Paul van Vlissingenstraat 9-11, 1096 BK Amsterdam.



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



For further information

www.lucasbols.com

ir@lucasbols.com