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Analyst presentation annual results 2015/16 Year ended 31 March 2016 - PowerPoint PPT Presentation

Analyst presentation annual results 2015/16 Year ended 31 March 2016 9 June 2016 Disclaimer DISCLAIMER THIS PRESENTATION may contain forward looking statements. These statements are based on current expectations, estimates and projections of


  1. Analyst presentation annual results 2015/16 Year ended 31 March 2016 9 June 2016

  2. Disclaimer DISCLAIMER THIS PRESENTATION may contain forward looking statements. These statements are based on current expectations, estimates and projections of Lucas Bols¹s 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

  3. 1. Lucas Bols at a glance 2. Highlights 2015/16 3. Operational review 4. Financials 2015/16 5. Outlook

  4. Lucas Bols at a glance 72.6 Over 1 1 0 countries, margin Am sterdam 5 3 % revenue outside Highlights 1 5 7 5 W estern Europe Emerging 17.6 Markets Western Europe 24% • Free operating cash flow 2) 12.5% North € 1 6 .7 m America 20.7% 47.3% Revenue EBIT 1) • Leverage ratio 2 .8 € m €m 19.5% 2 4 brands € 7 2 .6 m revenue Asia-Pacific 4 5 liqueur € 1 7 .6 m EBI T flavours % of total FY 2015/ 16 revenue Note 1: EBIT defined as ‘operating profit’ including ‘share of profit of joint ventures, net of tax’. 4 Note 2: FOCF defined as EBIT - taxes + D&A - Capex - other items - ∆ Working Capital

  5. Strong offering of global brands and regional brands Global brands Revenue structure Regional brands Bols Liqueurs Range FY 2015/16 Liqueurs Regional brands 30.7 % 69.3 % Dutch Jenever portfolio Global brands White Spirits Italian Liqueurs Value brands 5

  6. 1. Lucas Bols at a glance 2. Highlights 2015/16 3. Operational review 4. Financials 2015/16 5. Outlook

  7. Substantially higher net profit for FY 2015/16 Revenue of € 72.6 million, a decrease of 5.9% at constant currency, influenced by one-off in-market Revenue stock reductions Gross Gross margin at 58.8%, organic decrease of 70 bps Margin % EBIT EBIT of € 17.6 million, a 6.2% decrease at constant currency Operating free cash flow of € 16.7 million, in line with last year at constant currency FOCF Net profit increased to € 11.7 million (FY 2014/15: € 0.2 million) as a result of significantly lower interest Net Profit expenses post-IPO Net Debt Net debt reduced by € 10.2 million to € 51.0 million at 31 March 2016 EPS Earnings per share amounted to € 0.94 for 2015/16 (2014/15: € 0.02) Dividend Proposed final dividend of € 0.23 per share, bringing the total dividend for 2015/16 to € 0.54 per share 7

  8. 1. Lucas Bols at a glance 2. Highlights 2015/16 3. Operational review 4. Financials 2015/16 5. Outlook

  9. Lucas Bols’ mission & strategic framework Mission Lucas Bols We aim to create great cocktail experiences around the world . Strategic framework Lucas Bols Leverage Lead the Build the Accelerate global operational development of brand equity brand growth excellence the cocktail market • 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 9

  10. Global footprint - Steps taken in FY 2015/16 GREENLAND ALASKA ICELAND NORWAY FINLAND RUSSIA (USA) SWEDEN CANADA UK GERMANY POLAND KAZAKHSTAN FRANCE MONGOLIA ROMANIA BULGARIA UZBEKISTAN GEORGIA KYRGYSTAN ITALY PORTUGAL SPAIN UNITED STATES OF AMERICA TURKEY TURKMENISTAN TAJIKISTAN GREECE SOUTH JAPAN CHINA KOREA IRAQ ISRAEL IRAN MOROCCO PAKISTAN NEPAL ALGERIA LYBIA EGYPT SAUDI MEXICO U.A.E. ARABIA BURMA INDIA CUBA OMAN MAURITANIA LAOS MALI NIGER NORTH CHAD SUDAN THAILAND BENIN VIETNAM CAMBODIA COSTA RICA PHILIPPINES VENEZUELA NIGERIA GHANA SURINAME MALAYSIA PANAMA ETHIOPIA CAMEROON SINGAPORE TOGO COLOMBIA KENYA GABON ECUADOR DEMOCRAT. REP. OF THE CONGO INDONESIA TANZANIA BRAZIL PERU ANGOLA ZAMBIA BOLIVIA ZIMBABWE MADAGASCAR NAMIBIA MOZAMBIQUE PARAGUAY CHILE AUSTRALIA SOUTH AFRICA URUGUAY ARGENTINA NEW ZEALAND Existing distribution contracts in existing regions (before 31 March 2015). Renewed and new distribution contracts in existing regions New distribution contracts in new regions 10

  11. Route to market optimised Western Europe • The contract for the European Travel retail market was renewed. Asia Pacific • In South East Asia new distribution agreement will optimize our route to market: • Edrington Singapore (for Singapore, Malaysia, Indonesia and Philippines) • Alchemy Asia Trading (for Vietnam, Cambodia, Laos and Thailand) • The Philippines and Cambodia are new markets for the company. • Renewed distribution contract Australia and New Zealand. Emerging markets • We entered new markets Turkey and Caucasus (8 countries) by signing new distribution contracts. • In Mexico we signed a new contract with Monarq for the Bols Brands, Galliano and Damrak Gin. • We renewed our contract with Monarq for the Caribbean. • In Southern Africa we changed our route to market; including our distributor and local production partners. • We renewed the royalty contract in Argentina. • Renewed contracts in West Africa and Central Africa. 11

  12. Innovations vital to strengthening brand equity In 2015: In 2016 : In 2016: Bols Date Bols Pink Grapefruit Galliano l’Aperitivo Bols Pineapple Chipotle Bols Pear Pisang Ambon Spicy Banana Bols Blackberry Bols Ginger 12

  13. Brand initiatives Bols liqueurs in FY 2015/16 • Launched 2 new flavors in the USA to boost the classics category: Bols Maraschino, Bols Parfait Amour. Global • Awarded for Parfait Amour and Peppermint in the USA. Brands • USA’s newest hot cocktail – Skinny Colada. • Drink promotions introduced in the Netherlands (Flavour Selection), Austria (Bolsini) and the UK (Mixxit). 13

  14. Brand initiatives Galliano in FY 2015/16 • Launch of Galliano L’Aperitivo in Scandinavia, Canada, France and Israel. Global Brands • Development of a new strategy & visual identity for Galliano. 14

  15. Brand initiatives White Spirits in FY 2015/16 • A solid brand identity & campaign platform for Damrak Gin. Global • Damrak Gin is introduced on board by KLM business class. Brands • Product introductions in China of Bols Genever and Bols Vodka. • Built the brand equity of Bols Genever around the World. 15

  16. Brand initiatives Regional Brands in FY 2015/16 • Wynand Fockink redesign nominated for best packaging design 2016 in NL. Regional • The creation of Henkes Gin & Tonic cans to ride the Gin wave in NL Brands • Activation platform Pisang Ambon Let’s Go Bananas in Scandinavia. • Bols Corenwyn instore tastings & shelf communication tools. 16

  17. Bols Business class in FY 2015/16 • Bols Business Class is an open platform that inspires and educates bar owners/managers, as well as the Bols global bartending community. business • Through talks by the industries best, covering topics like industry insights, future trends of the industry to social class media, bars technology and cocktail menu design. 17

  18. Refurbishing House of Bols in FY 2015/16 House of • In February and March 2016 we updated the House of Bols to a new interactive experience. Bols • A new interactive tool has been created, which offers all visitors a personal audio guide. 18

  19. 1. Lucas Bols at a glance 2. Highlights 2015/16 3. Operational review 4. Financials 2015/16 5. Outlook

  20. Corporate P&L 2015/16 Reported Organic FY 2015/16 FY 2014/15 growth growth REPORTED (in €m) Revenue 72.6 77.7 -6.5% -5.9% GROSS PROFIT 42.7 46.9 -9.0% -7.0% 58.8% 60.4% D&A Expenses (26.0) (27.0) 35.8% 34.8% OPERATING PROFIT 16.7 19.9 -16.0% -10.2% 23.0% 25.6% Share of profit of JV, net of tax 0.9 0.1 EBIT 17.6 20.0 -11.9% -6.2% 24.2% 25.7% Finance costs (2.6) (17.5) PROFIT BEFORE TAX 15.0 2.4 Income tax expense (3.3) (2.2) PROFIT FOR THE PERIOD 11.7 0.2 Earnings per share (in € ) 0.94 0.02 20

  21. Revenue development by brands Revenue development at constant currency (in €m) Highlights 77.7 (3.2) In global brands, one-off in- (1.4) (0.4) market stock reductions in 72.6 -6.0% Australia & New Zealand, -5.7% South East Asia and the US. One-off One-off negative impact in (1.7) regional brands from the steps One-off (0.3) taken to improve our route to market in South Africa. Excluding these one-off effects and at constant currency revenue was down 3.5%, largely explained by lower shipments to Asia, weak Travel Retail and the declining Dutch domestic spirits market. Δ Δ FY 2014/15 FY 2015/16 Foreign exchange Global brands Regional brands effect 48.4% 60.4% 63.3% 58.8% Gross margin 21

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