Analyst presentation annual results 2016/17 Year ended 31 March 2017 - - PowerPoint PPT Presentation

Analyst presentation annual results 2016/17

Year ended 31 March 2017

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.

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1. Lucas Bols at a glance 2. Highlights 2016/17 3. Operational review 4. Financials 2016/17 5. Outlook

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Am sterdam 1 5 7 5

Lucas Bols at a glance

Over 1 1 0 countries, 5 3 % revenue outside W estern Europe > 2 5 brands 4 6 Bols liqueur flavours Great cocktail e experiences around the world FY 2 0 1 6 / 1 7

% of total FY 2016/ 17 revenue 45.9% 18.5% 22.7%

Note *: EBIT is defined as ‘operating profit’ including ‘share of profit of joint ventures, net of tax’

23%

margin EBIT* €m Revenue €m 18.2 80.5 19.9% 20.0% 46.7% 13.4% Western Europe North America Asia-Pacific Emerging Markets

Strategic framework:

 Build the brand equity  Lead the development of the cocktail market  Accelerate global brand growth  Leverage operational excellence 4

Strong offering of global brands and regional brands

Global brands Regional brands

Liqueurs Value brands Dutch Jenever portfolio

Revenue structure

FY 2016/17

70,2%

Regional brands Global brands

29,8%

Italian Liqueurs White Spirits Bols Liqueurs Range Passoã

71.8% 28.2%

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1. Lucas Bols at a glance 2. Highlights 2016/17 3. Business review 4. Financials 2016/17 5. Outlook

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Highlights 2016/17

Revenue Gross margin Net Profit Dividend Regional performance EBIT Gross profit was up 13.4% (4.3% organically) and gross margin increased by 130 bps to 60.1% (+50 bps

• rganically)

Net profit increased 28.6% to € 15.1 million (2015/16: € 11.7 million), including one-off tax benefit. Normalized net profit was € 12.3 million. Proposed final dividend of € 0.26 per share, bringing total full-year dividend to € 0.57 per share, up 5.6% compared to 2015/16 Substantially increased investments in the commercial organisation and A&P compared to a year ago (+ € 2.3 million) resulted in a slight decline in organic EBIT All regions performed well, with good revenue growth in Emerging Markets (+20.1% organically) and North America (+4.7% organically)

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Strong revenue growth of 10.8% to € 80.5 million as a result of both 3.4% organic growth and consolidation

• f the first four months of Passoã

Brand performance Revenue of the global brands increased by 14.8% (+4.2% organically), while regional brands delivered 1.8% revenue growth (+1.6% organically)

1. Lucas Bols at a glance 2. Highlights 2016/17 3. Business review 4. Financials 2016/17 5. Outlook

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Lead the development of the cocktail market

Use marketing techniques and strategic innovation to optimise the product

• ffering and positioning

Accelerate growth global brands

Tailor growth strategies for the brands to the markets within our four geographic segments

Lucas Bols: Four strategic pillars

Build the brand equity

Increase market position of the global brands and maintain the competitiveness

• f regional brands

Leverage operational excellence

Maintain and optimise current business model with a mix of in-house and outsourced activities

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Strengthening of the positioning of the Lucas Bols brands

Bols Liqueurs

Optimisation of Bols Liqueurs range portfolio, increase in market share US

• Continued introduction of new flavours in various markets worldwide.
• New listings, expansion of flavours in various states and the first good

results in retail in the US.

• Entering new markets, with focus on Africa and Eastern Europe.

White spirits

Continued good growth rates

• Bols Genever launched in Scandinavia, South-Korea, Italy and Poland.
• BATW contest accelerated Bols Genever knowledge and experience

among global bartending community.

• Damrak Gin gained market share in the Netherlands, achieved growth in

the US and was successfully launched in Italy.

• Introduction of Bols Vodka in China, Thailand and Vietnam, good

performance in Scandinavia and the Netherlands.

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Strengthening of the positioning of the Lucas Bols brands

Italian Liqueurs

Double digit revenue growth on the back of a recovery in Australia

• Full Galliano range introduced in a number of markets, including Italy, Poland and

Australia.

• Galliano L’Aperitivo was introduced in the Netherlands, Israel, Canada and the US.
• Vaccari performed well in the Mexican market and The Netherlands.

Passoã

The brand is performing well and in line with expectations

• Successful establishment and operation of Passoã SAS in France.
• First focus on understanding the Passoã brand, now ready to fully integrate Passoã

into brand plans.

• Strong performance in UK, Australia and Japan.
• Integration of Passoã into Lucas Bols USA.

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Regional brands performed well, especially outside NL

Dutch domestic portfolio

Increase in market share in still declining market

• Floryn and Legner further strengthened the market position in the Dutch domestic

spirits market.

• Market share increase to over 30% of the genever/vieux category.

Outside the Netherlands

Other regions are becoming increasingly important

• Regional brands are performing increasingly well outside the Netherlands,

contributing to the stabilization of the regional brands.

• Africa is one of the most promising regions for future growth for spirits.
• Leveraging the strong brand equity of the Henkes brand, Henkes Gin and Henkes

Whiskey were introduced in various African markets.

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Full revamp House of Bols Cocktail & Genever Experience

Full revamp

• After 10 years with nearly 500,000 visitors, The House of Bols was fully revamped in 2016/17

Redesign focused on:

• Craftsmanship: spectacular new extraction and ingredients room
• Flavour: new ‘art of flavour’ experience
• Do-It-Yourself: new bar for visitors to make their own cocktail

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Build the brand equity

Increase market position of the global brands and maintain the competitiveness

• f regional brands

Accelerate growth global brands

Tailor growth strategies for the brands to the markets within our four geographic segments

Lucas Bols: Four strategic pillars

Leverage operational excellence

Maintain and optimise current business model with a mix of in-house and outsourced activities

Lead the development of the cocktail market

Use marketing techniques and strategic innovation to optimise the product

• ffering and positioning

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• BATW is a global competition that aims to grow bartenders careers, as well as their passion for bartending.
• > 2.000 participants from over 75 countries.
• Grand final in Amsterdam on 10 May 2017 in ‘The Bols Genever Street’, attended by industry experts and endorsers from around the

world.

• Jessica Mili from Canada is the proud winner.
• Great online exposure and wide international press coverage.

Bols around the world – the Genever edition 2016/17

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• Bols Business Class aimed at bartenders and bar owners

in more sophisticated markets.

• Four editions were hosted in 2016/17 in Copenhagen,
• St. Petersburg, Bristol and Warsaw
• Bols Bartending Academy seminars are typically held in

countries where the cocktail market is still developing

• This year events were organized in amongst others

Indonesia, Vietnam, Malta, Spain and South Korea

Bols Business Class and Bols Bartending seminars

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Accelerate growth global brands

Tailor growth strategies for the brands to the markets within our four geographic segments

Lucas Bols: Four strategic pillars

Build the brand equity

Increase market position of the global brands and maintain the competitiveness

• f regional brands

Leverage operational excellence

Maintain and optimise current business model with a mix of in-house and outsourced activities

Lead the development of the cocktail market

Use marketing techniques and strategic innovation to optimise the product

• ffering and positioning

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Growth trend continues, each region at a different stage

• Sophisticated cocktail culture
• Demand for more flavored spirits to

use in cocktails

• Cocktail culture in the home has

taken off Trend

• Authenticity and heritage
• Classic cocktail with a modern twist

North America

• Cocktail culture becoming more

sophisticated

• Key cities are getting more

international

• UK is the trendsetter in cocktail

making innovation Trend

• Classic cocktails with a modern

twist Western Europe

• Cocktail scene is emerging and

growing, particularly in big cities

• Urbanisation and per capita

disposable income is increasing

• Growing population of > 21 years

Trend

• Premiumsation: consumers

becoming more aspirational in drinks and venue choices Emerging markets

• Developing cocktail culture &

bartender scene

• Rapid expansion of modern bars
• Large group of female consumers

Trend

• Simple, colourful and sweet

cocktails Asia-Pacific Growth drivers Regional Cocktail development

Urbanisation, disposable income is increasing Expenditure on spirits is increasing Premiumsation, from domestic to international brands. Cocktail scene is growing.

.

Bartenders set the quality standard Cocktail culture is expanding, both in

• n-trade and at

home.. Growing population of > 21 years

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4.2% organic growth of the global brands

Growth of the global brands:

• Double digit revenue growth of the Italian Liqueurs
• Continued strong revenue growth of Bols Genever and Damrak Gin
• Low single digit growth of Bols Liqueurs

Strengthening of the commercial organisation:

• Appointments on strategic positions, such as Commercial Director Southern Europe and National Accounts Manager Retail in

the US.

• Increased local presence in the markets.

Increased A&P spending:

• The extensive BMU (brand/market unit) matrix provides in-depth and detailed information, enables swift and very focused and

informed decisions on A&P spending.

• For example Lucas Bols’s decision to continue investing in Russia is clearly paying off.

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Adding the Passoã brand to the global brands portfolio

Galliano Vaccari Sambuca BOLS Genever BOLS Vodka Damrak Gin

BOLS Liqueurs Italian liqueurs White spirits Passoã

• Lucas Bols can further build the Passoã brand based on the recent successes of Passoã in the on-trade environment in

various markets like the UK.

• As Passoã is currently sold in over 40 countries, there are opportunities for distribution expansion into new markets,

building on the global presence of the Bols Liqueurs range and Galliano.

• Passoã can benefit from the positioning of Bols Liqueurs as the number one brand for the international cocktail market and

from Lucas Bols active marketing towards the bartending community.

• If Passoã had been consolidated for the full year 2016/17, the estimated contribution to revenue would have been € 18

million, to EBIT € 7 million and to the net profit € 3 million.

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Accelerate growth global brands

Tailor growth strategies for the brands to the markets within our four geographic segments

Lucas Bols: Four strategic pillars

Build the brand equity

Increase market position of the global brands and maintain the competitiveness

• f regional brands

Leverage operational excellence

Maintain and optimise current business model with a mix of in-house and outsourced activities

Lead the development of the cocktail market

Use marketing techniques and strategic innovation to optimise the product

• ffering and positioning

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Leveraging our strong asset light platform

Lucas Bols can leverage its strong distribution and production platform to accelerate growth and enhance gross as well as EBIT margins. This can be done by:

• Adding brands to the platform:
• As is done with the Passoã brand, to complement our global brands portfolio
• As well as the acquisition of the Floryn and Legner brands to strengthen the Dutch domestic portfolio
• Increase the leverage of the blending and bottling joint venture Avandis:
• As is done with the acquisition of the Cooymans distillery by Avandis

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1. Lucas Bols at a glance 2. Highlights 2016/17 3. Business review 4. Financials 2016/17 5. Outlook

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Strong revenue and net profit growth

Highlights

Strong revenue growth of 10.8% to € 80.5 million as a result of both 3.4% organic growth and consolidation

• f the first four months of Passoã

Gross profit performance has improved by changes in the regional and product mix D&A expenses increase reflects the continuous investments in the commercial organization and in A&P spend as well as one-off transaction and advisory costs Share in income of JVs includes one-off gain of € 1.4 million, related to the badwill recognized upon acquisition of distillery Cooymans by Avandis Reported taxes include a one-off tax benefit of € 3.2 million relating to the application of the research and development tax incentive over the previous fiscal years 24

Reported (* €million) FY 2016/17 FY 2015/16 Reported growth Organic growth Revenue 80.5 72.6 10.8% 3.4% Cost of sales

• 32.1
• 30.0

7.0% 2.2% GROSS PROFIT 48.4 42.7 13.4% 4.3%

Gross margin % 60.1% 58.8%

D&A expenses

• 32.4
• 26.0

24.7% 8.9% OPERATING PROFIT 16.0 16.7

• 4.0%
• 3.0%

Operating profit margin % 19.9% 23.0%

Share of profit of JVs, net of tax 2.2 0.9 152.1%

• 2.4%

EBIT 18.2 17.6 3.8%

• 3.0%

EBIT margin % 22.7% 24.2%

Finance costs

• 2.9
• 2.6

12.7% PROFIT BEFORE TAX 15.3 15.0 2.2% Income tax expense

• 0.2
• 3.3
• 92.4%

PROFIT FOR THE PERIOD 15.1 11.7 28.6% Earnings per share € 1.21 € 0.94 28.6%

Global brands

Highlights

Growth of the global brands was driven by the addition of the Passoã brand and double-digit revenue growth of the Italian Liqueurs In the white spirits segment, Bols Genever and Damrak Gin continued to achieve strong revenue growth Bols Liqueurs range showed low single-digit growth after an improvement in the second half year Gross margin rose 80 bps to 64.1% (2015/16: 63.3%) due to the positive impact of Passoã, while organically the gross margin was in line with last year

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1.6 0.9 19.7 FY 2015/16 +16.7% FY 2016/17 0.2 23.0 Δ Foreign exchange effect 0.5 Badwill Δ Global brands Passoa

EBIT development at constant currencies (in €m)

Reported (* €m) FY 2016/17 FY 2015/16 Reported growth Organic growth Revenue 57.8 50.4 14.8% 4.2% Cost of sales

• 20.7
• 18.5

GROSS PROFIT 37.0 31.9 16.1% 4.0%

Gross margin % 64.1% 63.3%

D&A expenses

• 14.6
• 12.4

18.3% 5.0%

% of revenues

• 25.3%
• 24.6%

OPERATING PROFIT 22.4 19.5 14.8% 3.4%

Operating margin % 38.8% 38.8%

Share of profit of JVs, net of tax

0.6 0.2 EBIT 23.0 19.7 16.7% 3.1%

EBIT margin % 39.8% 39.1%

Regional brands

Highlights

Excluding the one-off (€ 0.9 million badwill) and at constant currencies, the regional brands reported a growth of 6% for EBIT compared to last year Increase in revenue was mainly the result of the strong performance of our business in Africa as well as a further strengthening of our market share of domestic spirits in the Dutch market to over 30% Higher gross margin mainly as a result of changes in the regional mix, with higher sales in Africa

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Reported (* €m) FY 2016/17 FY 2015/16 Reported growth Organic growth Revenue 22.7 22.3 1.8% 1.6% Cost of sales

• 11.3
• 11.5

GROSS PROFIT 11.4 10.8 5.4% 4.9%

Gross margin % 50.1% 48.4%

D&A expenses

• 2.0
• 2.0

0.8% 0.0%

% of revenues

• 8.9%
• 9.0%

OPERATING PROFIT 9.3 8.8 6.4% 6.1%

Operating margin % 41.1% 39.4%

Share of profit of JVs, net of tax

1.7 0.7 EBIT 11.0 9.5 15.9% 6.0%

EBIT margin % 48.4% 42.5%

Badwill 0.9 Δ Regional brands FY 2016/17 0.6 9.5 FY 2015/16 +15.9% Δ Foreign exchange effect 0.0 11.0

EBIT development at constant currencies (in €m)

60.1%

Revenue growth of both global brands(+4.2% organically) and regional brands (+1.6% organically)

Revenue development at constant currencies (in €m)

64.1% 50.1% 58.8%

Reported gross margin

Group revenue structure (2016/17)

Global brands 28.2% 71.8% Regional brands Δ Foreign exchange effect Δ Regional brands +10.8% 0.3 2.1 Δ Global brands 0.4 80.5 FY 2015/16 FY 2016/17 Passoa 72.6 5.1

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72.5%

Revenue growth in all regions

Revenue development at constant currencies (in €m)

*) based on FY 2016/17 revenue FY 2015/16 0.8 1.8 Δ Western Europe Δ Emerging Markets 72.6

• 0.8

0.7 Passoa 5.1 0.3 Δ North America Δ Asia - Pacific +10.8% 80.5 FY 2016/17 Δ Foreign Exchange Impact

• Organically revenue remained more or less stable

compared to last year

• Shipments to Belgium were significantly down due to the

excise duty increase in November 2015. 2016/17 also saw deliberately lower shipments to the German/Scandinavian border

• Good performance in Germany, Italy and Spain
• The Dutch market of the Global brands remained strong

with double-digit growth, mainly from Damrak Gin and Bols Vodka

• As a result of the addition of Passoã , revenue increased

by 9.2%

4 6 .7 %

Western Europe

Revenue*

• Clear recovery of shipments to Australia and New Zealand
• In South Korea and Indonesia we experienced difficult

market circumstances

• Bols Liqueurs stabilised in Japan after the price increase
• Satisfactory results in the Chinese market, based on the

expansion of the number of outlets serving cocktails and the growing culture of mix drinks and cocktails Asia-Pacific

1 9 .9 % Revenue*

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Revenue (* €m) Reported FY 2016/17 Reported FY 2015/16 Reported growth % Organic growth % Western Europe 37.6 34.4 9.2%

• 2.3%

Asia - Pacific 16.0 14.2 13.2% 5.3% North America 16.1 15.0 7.4% 4.7% Emerging Markets 10.8 9.1 18.7% 20.1% Total 80.5 72.6 10.8% 3.4%

Revenue growth in all regions

Revenue development at constant currencies (in €m)

*) based on FY 2016/17 revenue

• Bols Liqueurs continues its good performance in the US

with mid-single-digit revenue growth due to more listings, the expansion of flavours in various states and the first good results in retail

• Market share in the US increased, as the category of range

liqueurs was slightly down compared to a year ago

• Decline in Canada in the second half of the year, mainly

due to lower shipments of Bols Vodka North America

Revenue*

• Russian and Polish markets achieved strong growth,

reflecting our continued investments

• First shipments to new markets including the Caucasus
• Lower revenue in South America following deliberately

lower shipments to traders in the region

• In Africa revenue rose significantly

Emerging Markets

Revenue* 2 0 .0 %

1 3 .4 %

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0.8 Δ Emerging Markets 0.7 72.6 Δ Foreign Exchange Impact 0.3 Δ North America Δ Western Europe Passoa 1.8 5.1 +10.8% FY 2016/17 80.5 FY 2015/16

• 0.8

Δ Asia - Pacific

Revenue (* €m) Reported FY 2016/17 Reported FY 2015/16 Reported growth % Organic growth % Western Europe 37.6 34.4 9.2%

• 2.3%

Asia - Pacific 16.0 14.2 13.2% 5.3% North America 16.1 15.0 7.4% 4.7% Emerging Markets 10.8 9.1 18.7% 20.1% Total 80.5 72.6 10.8% 3.4%

Gross profit margin increased by 130bps to 60.1% (+50bps organically)

53.3% 56.6% 73.8%

Gross profit development at constant currencies (in €m)

58.8% 60.1%

Reported gross margin

Gross margin development at constant currencies and excluding Passoã

42.7 Passoa 3.7 Δ Emerging Markets 0.5 Δ Western Europe

• 1.1

FY 2015/16 FY 2016/17 Δ Foreign Exchange Impact 1.8 0.7 +13.4% Δ North America 0.2 Δ Asia - Pacific 48.4

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69.2% 72.5%

Total +50 bps Western Europe ‐210 bps Asia ‐ Pacific + 90 bps North America +70 bps Emerging Markets +540 bps

22.7%

EBIT broadly in line with last year, despite substantially increased investments

EBIT development at constant currencies (in €m)

39.8% 48.4% 24.2%

Reported EBIT margin

30.6% 69.4% Δ Global brands 17.6 FY 2015/16 1.6 Other (overheads)

• 2.1

1.5

• 2.0

1.5 +3.8% FY 2016/17 18.2 Δ Foreign exchange effect 0.2 Transactions and advisory costs Δ Regional brands Passoa

Highlights

EBIT includes the one-off badwill impact of + € 1.4 million, which has been allocated to global and regional brands, and € 2 million advisory and transactions costs Increase in D&A expenses following increased investments in the commercial organization and A&P spend Inclusion of Passoa for 4 months added € 1.6 million to EBIT

One-off (+0.5) One-off (+0.9)

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31.8%

Effective tax rate

Highlights

Reported taxes include a one-off tax benefit of € 3.2 million relating to the application of the research and development tax incentive over the previous fiscal years

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*) In 2016/17 the non-deductible expenses are mainly related to the Passoã transaction.

Effective tax rate reconciliation % Profit before tax Tax at the Company’s domestic tax rate 25.0 Effect of tax rates in foreign jurisdictions 1.5 Non‐deductible expenses *) 1.5 Effect of share of profits of equity‐accounted investees ‐3.6 Changes in estimates related to prior years 0.7 R&D tax incentive ‐23.5 Effective tax rate 1.6 FY 2016/17

Reported (* €million) FY 2016/17 FY 2015/16 Reported growth Organic growth Revenue 80.5 72.6 10.8% 3.4% Cost of sales

• 32.1
• 30.0

7.0% 2.2% GROSS PROFIT 48.4 42.7 13.4% 4.3%

Gross margin % 60.1% 58.8%

D&A expenses

• 32.4
• 26.0

24.7% 8.9% OPERATING PROFIT 16.0 16.7

• 4.0%
• 3.0%

Operating profit margin % 19.9% 23.0%

Share of profit of JVs, net of tax 2.2 0.9 152.1%

• 2.4%

EBIT 18.2 17.6 3.8%

• 3.0%

EBIT margin % 22.7% 24.2%

Finance costs

• 2.9
• 2.6

12.7% PROFIT BEFORE TAX 15.3 15.0 2.2% Income tax expense

• 0.2
• 3.3
• 92.4%

PROFIT FOR THE PERIOD 15.1 11.7 28.6% Earnings per share € 1.21 € 0.94 28.6%

Net profit increased 28.6% to € 15.1 million

Highlights

Earnings per share of € 1.21 Dividend of € 0.57 per share, up 6% Number of shares outstanding are 12,477,298

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Normalized earnings per share of € 0.98

Balance sheet

Net working capital € 12.7million, below last year

Highlights

Investments in joint ventures increased mainly due to € 1.4million badwill on Cooymans transaction, € 0.5 million contribution to Avandis, and a capital contribution of € 0.4 million to BolsKyndal India Intangibles include Passoã brand (€ 70.3 million) and goodwill (€ 20 million)

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Other non-current liabilities include an assumed debt of € 66.6 million related to the call/put option related to Passoã

FY 2016/17 FY 2015/16 Deferred Tax (in €m) Deferred tax assets

• 8.0
• 7.4

Deferred tax liabilities 54.5 29.6 Total 46.5 22.2

Increase of deferred tax assets in 2016/17 is mainly due to R&D tax incentive Deferred tax liabilities increased as a result of the Passoa transaction

FY 2016/17 FY 2015/16 ASSETS (in €m) Intangible assets 306.5 214.9 Investments in joint ventures 7.8 5.8 Other 2.4 2.2 NON‐CURRENT ASSETS 316.8 222.9 Cash and cash equivalents 8.4 3.3 Net working capital 12.7 13.3 TOTAL 337.8 239.6 Funded by LIABILITIES & EQUITY (in €m) Loans and borrowings 48.7 49.7 Deferred tax liabilities 46.5 22.2 Other 67.8 1.2 NON‐CURRENT LIABILITIES 163.0 73.1 Loans and borrowings 4.0 4.0 Derivative financial instruments

• 0.7

CURRENT LIABILITIES 4.0 4.7 EQUITY 170.8 161.8 TOTAL 337.8 239.6

Continued strong cash flows from operations funded investments and dividends

Highlights

16.0 0.7 CAPEX FOCF 2016/17 1.1

• 0.8

Other items Working capital Depreciation FOCF 2015/16 16.7 17.5 Operating profit 2016/17 0.5 +4.7%

Cash flow development (in €m) 35

Strong operating cash flow was supported by an improvement in working capital compared to 2015/16 Cash flows were used to pay dividends (€6.7 million), and invest in Distillery Cooymans (€1.8 million) Net debt remained stable despite the investment in Passoã (€5 million)

Important aspects of Lucas Bols’ currency effects

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50.9% of revenue is denominated in foreign currencies in 2016/17 (compared to 52.8% in 2015/16)

JPY exchange rate USD exchange rate AUD exchange rate

1. Lucas Bols at a glance 2. Highlights 2016/17 3. Mission & strategy 4. Financials 2016/17 5. Outlook

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Outlook

Market developments strengthen our belief in the potential of our global brands and we therefore continue to foresee medium-term revenue growth for the global brands, in line with our strategy. The company will benefit from the inclusion of the Passoã results for the full 12 months of 2017/18 Lucas Bols will continue its investments to support the revenue growth of the global brands. The underlying market dynamics in the global cocktail market remain healthy. The growth trend is continuing, although each region is at a different stage of development.

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Q & A