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Analyst Presentation Annual Results 2017/18 7 June 2018 Disclaimer

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Analyst Presentation Annual Results 2017/18 7 June 2018 Disclaimer Analyst presentation annual results 2017/18 7 June 2018 Disclaimer DISCLAIMER THIS PRESENTATION may contain forward looking statements. These statements are based on current expectations, estimates and projections of Lucas Bols’ management and information currently available to the company. Lucas Bols cautions that such statements contain elements of risk and uncertainties that are difficult to predict and that could cause actual performance and position to differ materially from these statements. Lucas Bols disclaims any obligation to update or revise any statements made in this presentation to reflect subsequent events or circumstances, except as required by law. Certain figures in this presentation, including financial data, have been rounded. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures which precede them. 2 FY 2017/18 1. Lucas Bols at a glance 2. Highlights 3. Operational highlights 4. Financials 5. Outlook 3 Lucas Bols at a glance: Revenue +15%, EBIT +30% 13.4% 18.5% 20.0% 46.7% 22.7% 19.9% Revenue EBIT* €m €m 4 Strong offering of global brands and regional brands Global brands Revenue split 2017/18 Regional brands Regional brands Bols Liqueurs range € 22.3 mln. Liqueurs 24% 76% 29,8% White Spirits Italian Liqueurs 70,2% Dutch Jenever portfolio Global brands € 69.9 mln. Gross Profit split 2017/18 Regional brands € 10.2 mln. Passoã 18% Value brands 82% Global brands € 46.9 mln. 5 Sold in more than 110 countries around the world Group revenue per geographical segment based on FY 2017/18 6 Lucas Bols’ mission & strategic framework Mission Lucas Bols We create great cocktail experiences around the world. Strategic framework Lucas Bols Lead the Leverage Build the Accelerate global development of operational brand equity brand growth the cocktail market excellence • To strengthen and grow our global brands in the international cocktail market • To maintain the competitiveness of our regional brands in regional and local markets 7 FY 2017/18 1. Lucas Bols at a glance 2. Highlights 3. Operational highlights 4. Financials 5. Outlook 8 Highlights FY 2017/18 Revenue of € 92.2 million, an increase of 14.5% compared to last year, driven by the full year consolidation Revenue of Passoã (+1.8% organically) Brand Global brands reported 21.0% higher revenue, with organic growth of 3.3%, while the regional brands’ performance reported revenue was down 1.8% Western Europe reported 27.8% growth in revenue, mainly on the back of Passoã and North America Regional showed growth of 3.1%. Emerging Markets reported revenue was up 5.1% and Asia-Pacific returned to performance growth with a 1.3% rise in revenue. The US market showed strong organic revenue growth of 11.5% Gross profit increased 18.0% and gross margin was up 190 bps to 62.0%, attributable both to Passoã and Gross margin to margin growth of the global brands EBIT EBIT increased 29.6% to € 23.6 million at an EBIT margin of 25.6% Normalised net profit increased 20.1% to € 14.7 million compared to normalised net profit of € 12.3 million Net Profit in 2016/17. Reported net profit of € 20.4 million, includes a one-off tax benefit of € 5.6 million in 2017/18 Proposed final dividend of € 0.25 per share, putting total full-year dividend at € 0.60 per share, up 5.3% Dividend compared to 2016/17 9 FY 2017/18 1. Lucas Bols at a glance 2. Highlights 3. Operational highlights 4. Financials 5. Outlook 10 Operational highlights FY 2017/18 Bols Liqueurs: low single digit revenue growth • Two new flavours developed and introduced, Cucumber and Ginger • Good performance in retail markets Germany and UK • Retail position US significantly strengthened by two large retail chain listings in the last quarter • Introduction of three new flavours in the US in March 2018 • New low alcohol drink strategy with ‘Low Bols’ concept launched Bols Genever and Damrak Gin: double digit revenue growth • Bols Genever new brand identity and drink strategy finalized • Damrak Gin recorded strong growth in the US and the Netherlands • Bols Vodka is still experiencing pressure in Canada due to fierce price competition, while in its main markets such as Argentina and the Netherlands the brand continues to perform well 11 Operational highlights FY 2017/18 - continued Italian Liqueurs performed in line with last year • Further roll-out of the Galliano range in the US • New range extensions of Galliano in various new markets • Revival of the Galliano Hot Shot in Sweden supported by events and brand activations • New brand identity Vaccari well received in key markets The Passoã brand performed well, in line with expectations • First full year of inclusion in the global brands portfolio of Lucas Bols • Strong growth in the UK on the back of the Porn Star Martini cocktail • Also strong performance in the Netherlands and Switzerland • Expansion to 35 states in the US 12 Bols Genever Double digit revenue growth driven by the US and the Netherlands New brand identity and drink strategy takes Bols Genever to the next level as the original spirit of Amsterdam Bols Genever 100% Malt Spirit – launched in September 2017 in various markets, including the US Red Light Negroni – signature drink Bols Genever Ambassadors promoting Bols Genever in key cities around the world Bols Genever Barrel Aged introduced in the Netherlands 13 Passoã is clearly delivering on its promise Passoã is successfully integrated into the Lucas Bols organisation The commercial organisation has taken over all distribution contracts, and new agreements with distribution partners were signed Lucas Bols USA took over the distribution of Passoã from Rémy Cointreau and expanded the distribution from 15 states to 35 states at the end of March 2018 Strong new visual identity and campaign were developed and implemented New ‘fresh’ campaign activated in retail markets, including France and Belgium Porn Star Martini cocktail a continued success in the UK, also launched in other markets such as the US and the Netherlands Passoã was launched in a number of African countries and in Eastern Europe in H2 2017/18, further expansion is planned for 2018/19 14 Lucas Bols USA Strong organic revenue growth of 11.5% Bols Liqueurs Range – three new flavours added; Pineapple Chipotle, Mango and Ginger Significantly strengthened the retail position of Bols Liqueurs with new listings in two large retail chains Damrak gin - official gin of Delta Sky clubs as of 1 July 2017 Nuvo was reintroduced in the US in the spring of 2018 by our own organisation. 15 Awards in the USA Wine & Spirits Wholesalers of America (WSWA) Wine & Spirits Wholesalers of America (WSWA) 2018 Best Liqueur of show & Double gold 2018 Best Genever of show & Double gold 16 Nuvo In December 2017 Lucas Bols signed an agreement regarding a strategic partnership for the sparkling liqueur brand Nuvo Created in 2007, Nuvo is made of vodka, sparkling wine and a blend of fruit nectars. The brand is primarily consumed by women and is mostly sold in the retail The transaction fits within our asset-light business model as it strengthens the company’s existing distribution platform with limited additional overheads required In the spring of 2018 Nuvo is reintroduced in the US in 10 selected states by Lucas Bols USA Nuvo will be supported by strong retail activation programs 17 Regional brands Lucas Bols maintained its strong market-leading position in the Dutch genever and vieux segment In Western Africa distribution of Henkes Gin and Henkes Whisky was expanded The distribution network in Southern Africa was further strengthened resulting in good growth on the back of a solid performance by Bols Brandy Positive developments offset by significantly lower sales of concentrates in the Southern part of Africa due to a regulatory change and a weaker performance of our regional liqueurs Kontiki Sour Spiritz was introduced in the Netherlands in January 2018 18 FY 2017/18 1. Lucas Bols at a glance 2. Highlights 3. Operational highlights 4. Financials 5. Outlook 19 Strong revenue and EBIT growth Reported Organic Reported (in €million) FY 2017/18 FY 2016/17 growth growth* Highlights Revenue 92.2 80.5 14.5% 1.8% Revenue increase of 14.5% compared to last year (+1.8% organically) driven by Cost of sales -35.1 -32.1 9.3% 0.0% Passoã GROSS PROFIT 57.1 48.4 18.0% 3.1% Gross margin was up 190bps attributable to Passoã and margin growth of the Gross margin % 62.0% 60.1% ## 200.1% global brands D&A expenses -34.5 -32.4 6.5% OPERATING PROFIT 22.6 16.0 41.3% 43.1% A&P as a percentage of revenue amounted to 16.6%, as we continue to invest in Operating margin % 24.5% 19.9% ## 460.1% global brands that show strong growth potential in various strategic markets Share of profit of JVs, net of tax 1.0 2.2 -55.3% EBIT 23.6 18.2 29.6% 36.6% EBIT increased 29.6% to € 23.6 million with the EBIT margin coming in at 25.6% EBIT margin % 25.6% 22.7% ## 464.4% Income taxes included one-off tax benefits in both years, € 5.6 million in 2017/18 Finance costs -3.5 -2.9 20.4% and € 3.2 million in 2016/17 PROFIT BEFORE TAX 20.1 15.3 31.4% Income tax expense 0.3 -0.2 -216.3% Normalised net profit increased 20.1% to € 14.7 million (EPS of € 1.18) compared PROFIT FOR THE PERIOD 20.4 15.1 35.5% to normalised net profit of € 12.3 million in 2016/17 (EPS of € 0.98) Earnings per share € € 1.63 1.64 € 1.21 35.5% * at constant currencies, excluding one-off items and the first eight months of Passoã in 2017/18 20 Global brands Reported Organic Highlights Reported (in €million) FY 2017/18 FY 2016/17 growth growth* Revenue 69.9 57.8 21.0% 3.3% Reported growth of the global brands is mainly attributable to the Cost of sales -23.0 -20.7 10.9% -3.6% addition of the Passoã brand.
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