April 30, 2020 / 6:29 AM / a month ago

BRIEF-Lucas Bols Amsterdam Sees COVID-19 Impact On H1 Revenue and EBITDA

April 30 (Reuters) - LUCAS BOLS AMSTERDAM BV:

* WE EXPECT REVENUE IN H1 2020/21 TO BE SEVERELY IMPACTED AS LONG AS ON-TRADE REMAINS CLOSED AND DISTRIBUTORS ARE REDUCING THEIR STOCKS IN MARKET

* COVID-19 WILL IMPACT REVENUE AND EBITDA

* FOR FY 2019/20 REPORTED REVENUE IS EXPECTED TO COME IN AT EUR 84.0 MILLION, A DECREASE OF 3.5%, WITH A STABLE GROSS MARGIN OF AROUND 56.5%

* WE EXPECT REVENUE IN H1 2020/21 TO BE SEVERELY IMPACTED AS LONG AS THE ON-TRADE REMAINS CLOSED AND DISTRIBUTORS ARE REDUCING THEIR STOCKS IN THE MARKET

* FREE OPERATING CASH FLOW IMPROVED SIGNIFICANTLY AND IS EXPECTED TO COME IN AT EUR 15.8 MILLION IN 2019/20 (2018/19: EUR 11.8 MILLION)

* FOR MARKETS PREDOMINANTLY RETAIL DRIVEN, LIKE THE NETHERLANDS, AUSTRALIA, GERMANY AND FRANCE, THE IMPACT OF COVID-19 IS EXPECTED TO BE LESS NEGATIVE

* WE WILL REFRAIN FROM PROPOSING A FINAL DIVIDEND FOR 2019/20 FINANCIAL YEAR AND NOT PAY AN INTERIM DIVIDEND IN DECEMBER 2020

* HAS SUFFICIENT LIQUIDITY TO GET THROUGH THESE UNPRECEDENTED TIMES

* MANAGEMENT BOARD AND LEADERSHIP TEAM WAIVED THEIR VARIABLE REMUNERATION FOR 2019/20 FINANCIAL YEAR AND FIRST HALF OF 2020/21

* GRADUAL CLOSING OF ON-TRADE RESULTED IN ABOUT 30% DECREASE IN DEPLETIONS (IN-MARKET SALES) IN MARCH, ESPECIALLY IMPACTING GLOBAL BRANDS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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