Your telephone keypad. If you would like technical assistance at any point, please press star zero and you'll be connected to an operator. I will now hand you over to Floor van Maaren to begin today's conference. Thank you. Thank you. Welcome all to our conference call and webcast. We do it simultaneously, so we have a conference call and people who are on the call can ask questions, as the operator just said, and we have a webcast where people can also follow the presentation by Huub and Frank. I will hand over to Huub van Doorne, our CEO, first to start with the presentation. Huub, the floor is yours. Thank you, Floor. Welcome everybody to the webcast and to the presentation of our annual results. As you know, our fiscal year runs from the 1st of April to the 31st of March, so we have been completely hit by the COVID-19 pandemic. It has had a significant impact, but fortunately, we see improving trends, and I think that is looking forward to the future positive. Our revenue was negatively impacted by COVID-19, it was mainly as a result of the on-trade closures, travel restrictions, and destocking by distributors. Our revenue came in at EUR 57.3 million, which was down 32% year-on-year. Depletions, which we see are the sales by our distributors, were down 16%, and that should be seen in the context of the fact that over half of Lucas Bols business was normally conducted in the on-trade. Relatively, a strong performance compared to that number. Important markets like the U.K., the U.S., France, Australia, and China showed growth in depletions for the 2020/2021 financial year, despite the pandemic. Emerging markets returned to growth in March 2021. Retail-oriented brands such as Passoã, Galliano, Pisang Ambon, and Nuvo performed strongly on the back of depletion growth in their core markets. The gross margin of 52.5%, down 420 basis points, reflects a different sales channel mix and lower production cost absorption. This was compensated by strong cost-saving measures. This led to a cost saving of EUR 8.9 million or 31% in total A&P and overhead expenses. Investments were further optimized between brands and markets. Operating profit, excluding one-off items, amounted to EUR 8.6 million, or -51.3%. Net profit, also excluding one-off items, came in at EUR 3.3 million. After one-off items, including an impairment of EUR 8.9 million and a non-cash tax expense of EUR 3.9 million, reported net loss was EUR 8.6 million. A strict focus on cash management resulted in a solid free operating cash flow of EUR 11.4 million compared to last year of EUR 15.8 million, enabling Lucas Bols to reduce its net debt by EUR 6.9 million to EUR 92.4 million. The Passoã acquisition was completed in December 2020, and the payment of the purchase price of EUR 71.3 million did not affect the net debt position. A two-year extension of the temporary amendments to the financing agreement arrangements was agreed with the banks in April 2021, facilitating the further execution of our growth strategy. In light of the impact of the pandemic, the management board decided not to propose a dividend for the 2021 financial year and also to waive its entitlement to a variable remuneration. If you would follow me to page six, please, where we talk about the Global Brands. The revenue of the Global Brands was down 35% to EUR 42.1 million. In total, it represents 73% of our total revenue. The depletions of the Global Brands was down 17% versus last year, with a better performance in quarter two of -4% and also a better performance in quarter four at -6%. COVID-19 impacted the more on-trade driven Bols Liqueurs and white spirits more than other brands, of course. [audio distortion] The Liqueurs range happened when the on-trades reopened in the second quarter, and it was also driven by strong growth in China after the measures were taken and the on-premise reopened. Also, and that's very good news, I believe, is that we saw a clear improvement in the depletion trends in the fourth quarter, including the U.S. Retail-oriented brands such as Passoã, Galliano, and Nuvo performed strongly on the back of depletion growth in their core markets, while the depletions were up year-on-year in key markets, the U.K., the U.S., the Netherlands, France, BeLux, and Puerto Rico. On page number seven, the regional brands, we saw a strong improvement in depletions in quarter four, but for the full year, the revenue of the regional brands was down 22% to EUR 15.2 million, while depletions were down 15% for the year. The portfolio performance within the regional brands was mixed, with more retail-oriented brands like Pisang Ambon performing well. The performance of the Dutch Genever and Bols portfolio, a category that has been in decline for several years, dropped further due to the on-trade lockdown measures. The Henkes brand performed well in Western Africa, with results mostly in line with the previous financial year, and the Delft Blue houses, of course, were significantly down due to the COVID-related travel reductions. On page number eight, it's more of the regional split of our business, and the depletions show here a clear improving trend. In Western Europe, which is 53.7% of the total, a number of markets like the Netherlands, Belgium, and Scandinavia, we did really well in the retail sales. However, this could only partially mitigate the downturn in the on-trade. On-trade-focused Southern European markets were more severely impacted. Due to travel restrictions, there were hardly any sales in the travel retail segment. However, when lockdown measures across Western Europe were eased in the second quarter, depletions bounced back to last year's levels, which is a good indication, as far as we are concerned, that when the on-premise opens up, we are rather quickly back to old levels. Asia Pacific of 18.6% of the total. We had a great year in Australia and New Zealand. The beginning was difficult in the first quarter, but then the retail really picked up, and people were enjoying cocktails and entertainment at home. We had a relatively very strong year in Australia and New Zealand with Galliano, and also the Passoã brand contributed to growth. In China, we continued our upward trajectory after the reopening of the on-trade. This is very good news because China is an important market for Lucas Bols, and here we see clearly that we are ahead of the business even versus the pre-COVID period. The Japanese market remains very challenging as a result of restrictive on-trade measures. At the moment, the Japanese market is still in a sort of a lockdown pre-Olympics, but we are hopeful that this will soon be lifted and that also in Japan we see a further recovery. Southeast Asia is still very much impacted by the lack of tourism. North America, 18.2% of the total revenue. We saw a strong recovery as soon as the on-trade reopened, and this was reflected both in the second quarter and the fourth quarter with depletions up 42%. Performance in the U.S. was mainly driven by the growth of retail-oriented brands Passoã, Galliano, and Nuvo, which is also a reflection of our successful premiumization strategy. The Bols Liqueurs made a strong comeback in March as a result of the reopening of the on-premise. Bols was heavily, of course, liqueurs was heavily impacted. We have seen that the reopening of the on-trade in the fourth quarter, and this is still continuing, is leading to strong numbers. We see our position strengthened in the on-trade in the U.S., which is good news looking at the future. Canada is largely retail-driven. Puerto Rico performed relatively well, both with stable performances year-over-year. Emerging markets. This region includes on-trade-driven markets in Eastern Europe and Latin America. Therefore depletions were down significantly from April to December. We have returned to growth in the fourth quarter with a plus of 5%. This is mainly fueled by Russia, Latin America, and Western Africa. We go to the brands, Bols Cocktails. As you can see here, we have worked very hard on the global relaunch of our Bols Liqueurs range with natural botanicals in all our markets. Also, we have revamped our packaging on the Bols Vodka brand. Now you can see on this picture that it is a one consistent look and feel for the Bols Cocktails brand. We have launched a ready-to-enjoy cocktail in a can, two cocktails in a can, basically, in the Netherlands, recently launched, and we're very excited about that. Bols Liqueurs on page 11. Bols Liqueurs was heavily impacted by COVID-19, of course, due to the high dependency on the on-trade sales, but strong recovery in the second quarter, mainly driven by China and the U.S. Sales training support. We have spent quite some time staying in touch with our customers around the world, and particularly in the U.S. and also in Russia, we train professional bartenders and salespeople via e-learning and brand ambassador trainings. From a cocktail point of view, we are focused a lot on the lower alcohol cocktails, like the Bols Spritz and the Bols Easy Mixers with Tonic. On page 12, we have also taken several new commercial initiatives. Retail activation programs to leverage the clear trend towards mixing and drinking cocktails at home and do-it-yourself packages. On e-commerce, we continued to develop our e-commerce proposition and increasing our exposure to in-home consumption, particularly in the U.K., but also in the Netherlands and also in the U.S. Online bartending engagement programs were very important during the pandemic, of course, and our team has been in constant contact with bartenders around the world with online bartending courses and free livestreams with online bartending master classes. On page 13, Passoã. A great brand and a brand which we now fully own. That is the great news, which we concluded the deal in December of 2020. Despite the pandemic, it has been a strong and promising year for Passoã. We are pleased with our year-on-year in key markets U.K., the U.S., the Netherlands, France, BeLux, and Puerto Rico. The Pornstar Martini consolidated its position as the number one cocktail in the U.K., strongly supporting Passoã as a key ingredient in this cocktail. Also the brand is a success in the retail channels, benefiting from expanding distribution and increased popularity of in-home cocktail mixing. The momentum in the U.S. remains very positive, driven mainly by retail sales, thanks to distribution gains and increased rotation that resulted in a significant brand growth, but also in other markets, including Australia, the popularity of Passoã is increasing. Galliano, we are pleased with the performance of the Galliano brand. It clearly reversed versus the declining trend, showing a solid year-on-year growth in 2021. Mainly driven by Australia and New Zealand, Galliano had a very strong performance driven by accelerated growth in retail sales as consumers socialized at home with the Galliano Sambuca. Also Scandinavia, before the lockdown of the on-trade in January, we have achieved very good results driven by the signature serve ritual, the original Galliano Hot Shot. The third market important for Galliano is the U.S., where also the brand returns to growth. Damrak, page number 15. As you know, we were the first global gin brand to introduce a non-alcoholic line extension, Damrak Virgin. It launched in the Netherlands in April, followed by a launch in the U.S. in August. It was the highest-rated non-alcoholic spirit in the Open Spirit Challenge 2020, and we secured the first retail chain listing in the U.S. Of course, Damrak has been influenced as well with the pandemic and the closure of the on-trade, but we have great programs in place to start benefiting again and developing the brands the moment the on-trade is going to reopen again. The Nuvo, a retail brand, which also performed well. The U.S. business showed strong growth due to expansion in the number of points of distribution and improved rotation, multiple e-commerce and direct-to-consumer activation programs in various states in the United States. We had a rollout to international markets, one or two markets in Latin America and some markets in Europe. The Pisang Ambon brand has been relaunched with a stronger positioning and a design. It has been relaunched as from February, March onwards. We achieved a new listing in Norway. Off-trade and in-home consumption are boosted in the key markets, France and Belgium. We are really pleased with the performance of the Pisang Ambon brand, especially in the French market, which was difficult last year, but we had a good year in 2021. On Genever in the Netherlands, we launched Bols Corenwyn 10 years and built our share in the Genever specialty segment. Of course, still a relatively small segment versus the bigger young Genever segment. We have improved our position in specialty Genevers, with increasing distribution for the Bokma specialties. And we had a great program with Gall & Gall, the leading retail chain in the Netherlands, where we trained store owners with digital tasting sessions about the Genever category. Page number 19, Pallini. We signed an agreement with Italy-based Pallini Limoncello for the U.S. market, and we started to distribute the brand in the U.S. as from December 2020 onwards. Pallini was successfully transferred onto the Lucas Bols U.S. distribution platform, including local marketing, sales, and logistics. As we speak, we can say that we have successfully made the transfer, and it is a brand which is showing growth also in the current circumstances with the pandemic. That is a promising development of the brand. That concludes my first part, and now I would like to hand over to Frank, Frank Cocx, for the financial highlights. Frank, please. Thank you very much, Huub, and good morning to everyone on the call. The financial part of this presentation starts with what we believe are the key messages from a financial perspective. First, of course, also financially, Lucas Bols was heavily impacted by the drop in volumes and the destocking at distributors impacting our revenue. On top of that, we saw a decline in gross margin due to a change in our mix and a lower absorption of production costs. The other three key financial messages have a more positive sound to them. Despite COVID-19, including the unanticipated second and third wave thereof, Lucas Bols remained profitable, and we have applied agility when it comes to A&P spend, and we've realized significant overhead cost reductions. We also remained cash generative. We've put a strict focus on working capital and cash in place, enabling us to improve our cash conversion rate versus last year and enabling us to further reduce our net debt. Lastly, we were able to fully comply with the governance in place. In this financial part of the presentation, I'll start with the profit and loss statement. I'll move on to the balance sheet thereafter, getting into the cash flows, and I'll end this financial part of the presentation with some other matters that we think are relevant. Moving on to the next page, which is the profit and loss statement in summary form on a normalized basis, so excluding one-offs. At the bottom, we have displayed a reconciliation from normalized net profit to reported net profit. Revenue, as Huub mentioned, was down 32% to EUR 57.3 million. The main reason for that drop, of course, being COVID-19 impacting our on-trade business in combination with the destocking that we've seen at distributors. Although the impact of individual currencies on revenue has been quite substantial, the net impact, net of between the currencies, is rather limited when it comes to revenue. Gross margin came in at 52.5%, which is a drop of 420 basis points compared to last year. As mentioned, part of that is due to a lower absorption of production costs, mainly at Avandis, but also to a large extent to a change in the mix of our revenue. From a channels perspective, we've seen that more revenue is generated in the retail channel, which also requires more commercial A&P to be spent. We've also seen a change in the mix from a markets perspective with a shift from more higher margin markets such as Japan to sometimes lower margin markets. Also on gross profit, the impact of currencies, the net impact of currencies, has been rather limited, and the combination of a lower revenue and a decline in gross margin resulted in a gross profit which was down EUR 17.5 million compared to last year. What we've done to mitigate the impact of the drop in gross profit, EUR 17.5 million in operating profit is, as mentioned, putting cost measures to work. We have scaled back A&P by EUR 4.6 million compared to last year, which is a drop of 51%, and overhead cost savings amount to almost EUR 4 million, a drop of 27%, part of which, as indicated during the H1 discussions, are considered to be of a structural nature. In the end, operating profit came in at EUR 8.6 million, which is almost 15% of revenue compared to just north of 20% of revenue last year. Normalized EBIT ended up being EUR 8.1 million for the year under review compared to EUR 18.6 million last year. Between operating profit and EBIT, we've got our share of profit in joint ventures. Compared to last year on a normalized basis, that is EUR 1.5 million lower, which is attributable to our share in the loss at Avandis, which saw a temporary decline in volumes, leading to that loss. As indicated at H1, the loss that we accounted for in H1, EUR 1.4 million, was by far the majority of that. In the second half, we only accounted for just over EUR 100,000 of a share of loss in Avandis. Normalized net profit comes in at EUR 3.3 million, which reflects net finance costs of EUR 3.4 million, which are in line in our expectations, also in line with last year. We saw a decline in our income tax expense following also the decline in the profit before tax, with an effective tax rate for the year being 28.7%, which is higher than last year, also higher than the Dutch nominal tax rate. That is due to the strong performance of Passoã, whose profits are taxed in France, which comes in at a higher nominal tax rate. Normalized earnings per share are EUR 0.26 compared to EUR 0.90 last year. If we adjust those for the one-off items, which I will discuss separately at the end of the presentation, we get to a reported earnings per share of minus EUR 0.69 for the year under review, compared to EUR 0.74 last year. If we then move on to the next page of the presentation, it's again about the P&L, but now about revenue and gross margins split between the global brands and the regional brands portfolio. The waterfall shows the same decline in revenue, which is the 32% or the EUR 26.7 million. I think unsurprisingly, we've seen the biggest impact happening in our global brands because that's more skewed towards the on-trade business, and this is where most of the destocking took place, specifically on Bols Liqueurs, as you'd mentioned. That impact was partly mitigated by the strong performance of the retail-driven brands in the global brands portfolio being Passoã, Galliano, and Nuvo. As we've also mentioned, also happy to report that as soon as the on-trade reopened, it was specifically the global brands that bounced back in Q2 and Q4. The overall decline in gross margin for Lucas Bols is only due to the decline in the global brand side of the business. There's a decline there of 590 basis points, which is due to the mix impacts, its products and markets and channels, as previously mentioned, and specifically the fact that we spend more on commercial A&P because that's more related to the retail side of the business and an impact on the gross margin for the global brand side of our business. Regional brands were impacted relatively less than what the global brands were. Again, unsurprisingly, because it's relatively more focused on retail with some good positives around Pisang Ambon in France and the Benelux and Henkes, as we've mentioned, in West Africa, but challenging circumstances still for the domestic portfolio, the travel-related business on the Delft Blue houses and the value brands. We've put quite some efforts in place over the past year and a half to protect our profitability on the regional brands, and that's one of the reasons that the gross margin that we can report on regional brands has actually increased from 43.3% to 46% in the year under review. Because of the decline in global brands being a bit higher than on regional brands, the relative part of revenue being attributable to global brands came down from 77% to 73% for the full year. On the next page, we've got a similar review of revenue and gross margin, but now split across each of the four regions. Western Europe has a decline in revenue of 27%, which is lower than the average decline, which is partly due to the fact that it's got a higher retail exposure, but also due to two or three markets outperforming, amongst which the U.K., and a good resilience that we've seen in France. The decline in gross margin has been substantial, however, in Western Europe, again, driven by mix effects and the fact that we spend more on commercial A&P to drive the profitable retail sales in this region. Asia-Pacific, in line with how we called it in our H1 presentation, truly is a mixed bag. Outstanding performance in the Pacific, Australia, New Zealand on Galliano and Passoã, China being back onto year-over-year growth again also for the full year. Japan and Southeast Asia, driven by a lack of tourism, remain challenging. There has also been a minor decline in gross margin here, which is driven by the fact that a lower share of revenue in this region is now coming from Japan at this stage. North America is impacted rather heavily, again, driven by on-trade closures during parts of the year and destocking that took place throughout the year. Here, the premiumization of our portfolio, specifically the retail brands, were able to partly mitigate those impacts and also Canada and Puerto Rico, while also part of North America, did relatively well. This is one of the key regions where as soon as the on-trade reopens, we see our performance and hence the resilience of our brands bouncing back to pre-COVID-19 levels. The last region as we know it is the emerging markets. You know, those key markets in emerging markets are also heavily on-trade driven, specifically Eastern Europe, so Russia and Poland, but also Latin America. There we've seen a very slow reopening of the on-trade, hence impacting revenue throughout the year. In Africa, it's really different by each of the various markets. West Africa not doing that bad at all, specifically not towards the second half of the year, but South Africa, where there has been a ban on the sale of alcohol in place for parts of the year, that has been one where we have been challenged, of course, from a revenue perspective. Here you see the same as what we saw for the regional brands. We've put a lot of work in protecting the profitability, which in the end led to an increase in the gross margin of around 90 basis points. The next slide is the last slide on the profit and loss statement, and it deals with our operating profit and the distribution and administrative expenses. The waterfall starts with the operating profit that we realized last year, which is that EUR 17.6 million, and then the first bar thereafter shows the decline in gross profit that we've discussed on the previous slide, being a decline of EUR 17.5 million. What we then see is that we have reduced that decline to a decline of EUR 9 million when it comes to operating profit, and that was done through those cost-saving measures. The first one being brand-building and corporate A&P. We've reduced that asset by EUR 4.6 million, which eventually means that we've spent 7.8% of our revenue on those means of A&P versus 10.8% last year. To put that into perspective and to also indicate that we have not been under-investing in our brands, if we also consider the commercial A&P, which as you may recall, is netted off in net revenue, then in the end, we've spent over the past year 16.5% of our revenue on total A&P versus just over 17% last year. That is a more comparable number to show that we have still invested in our brands also throughout this challenging year. Logistic costs have also come down EUR 0.2 million. This decline is relatively less than the decline that we see in shipments and in revenue. There's three key reasons for that. The first one being that part of our logistic costs are fixed. For example, the warehousing costs, so they don't move in a variable sense with how shipments are developing. We've also seen from a logistics cost perspective, unfavorable change in shipment mix. As we've mentioned a few times, Australia has shown outstanding performance, but from a logistics perspective, it is one of the most expensive countries to ship to. Last, and although very limited in the year under review fortunately, we have seen some impacts of the global disruption when it comes to logistics. For example, the scarcity of containers as we've seen it throughout the world for the most part of our financial year. Overheads is where we put through a lot of cost savings as well. Including commissions, this has come down EUR 4.1 million compared to last year, and those savings mainly came from personnel expenses, which includes the COVID-19 government support that we were granted. It also comes from travel and entertainment expenses. Of course, we were less able to travel than we've done in previous years, and because we've not been occupying our office buildings and also some of our experiences, such as Wynand Fockink, which was also subject to the on-trade closures, we've also seen less costs in that regard. It does mean that out of the overall, approximately EUR 4 million of reductions in overheads, some 40%, as we also disclose in our annual report, comes from government support. That's obviously not considered to be structural. About 30%, as I've also indicated at the H1 results, we consider that to be of a more structural nature, also leading into our numbers for the 2021 and 2022 year to come. The depreciation expenses have gone up slightly, which mainly reflects the fact that we have capitalized our ERP system on which we are now also depreciating. On the next slide, we make the shift from the P&L to the balance sheet. We start with discussing our non-current assets. The first part of non-current assets is the intangible assets, which is by far the biggest part of our total assets, close to EUR 300 million. The intangible assets have decreased by around EUR 9 million following the impairment on the Dutch brands, group of brands, which I'll discuss separately later on in the presentation. The investments in joint ventures on our balance sheet have increased by EUR 1.7 million during the year, which is the net impact of, on the one hand, the increase of our equity stake in Avandis from 33.3% to 50%, which is partly offset by, again, a non-cash one-off impairment of our joint venture in India called Bols Kyndal. Again, I'll discuss that separately at the end of this presentation. It's good to note on joint ventures that our joint venture, Maxxium's profitability has remained in line with previous years despite the impact of COVID-19. The movement that we see in other non-current assets, which is mainly property, plant, and equipment, there's a decrease there, which is the net impact of the capitalizations of the ERP, more than offset by the depreciations during the year. Current assets is one of the things we focused on throughout the year. We've put a strong focus on improving our net working capital, eventually leading to an improvement of EUR 4.5 million coming mainly out of receivables. Of course, part of the improvement in receivables is due to the fact that we've also seen lower trading, lower business as a consequence of COVID-19. A substantial part of the improvement, and hence we consider that to be of a more structural nature, also comes from a substantial reduction in overdue receivables. We have increased our inventories on the balance sheet for 31 March 2021 compared to a year before by EUR 2.7 million. On the one hand, last year, our inventory levels were really low because just prior to year end, we had done substantial shipments to our markets to prevent those markets from being out of stock, when those lockdown measures would become effective. On the other hand, we have deliberately increased our inventory levels towards the end of this year to be able to also supply our markets as soon as they reopen following the lift of some of the lockdown measures, and also to phase production at Avandis to avoid that we've had underproduction in the fourth quarter of our fiscal this year and then have overproduction in the first quarter of our current fiscal year. In non-current assets other than loans and borrowings, which I'll discuss as part of net debt, we only see an increase in deferred tax liabilities, which reflects the one-off remeasurement of our deferred tax liabilities, which again, I'll discuss later. On current liabilities, it's good to note that included in loans and borrowings, the current part of that, there is a EUR 2.5 million repayment on the acquisition facility, which we will be doing in March 2022. That's in line with the original agreements on the acquisition facility to reduce it by EUR 2.5 million by March 2022. The big movement, of course, on current liabilities is the decline in other current liabilities of around EUR 70 million, which reflects the execution of the Passoã call put option liability in December 2020, which then reduced the other current liabilities accordingly. As I mentioned, as part of the key messages, we have been able to reduce our net debt by close to EUR 7 million, despite the heavy impact of COVID-19 on our growth and our net profit. We've done that by focusing on cash and working capital. In the end, as mentioned, we've reduced it to EUR 92.4 million. We've also completed the Passoã acquisition in December, which did not impact our net debt because we've always accounted for the option liability in our net debt. What happened simply there is that that option liability was converted partially into an increase in facilities drawn, EUR 50 million, and on the other hand, on a decrease of cash. It's a net debt neutral transaction. Last on net debt, during the year, we have reduced or repaid on revolving credit facility amount of EUR 2 million. The next slide is on cash flows. We are happy to report a solid free operating cash flow, which is down only in the context of COVID-19, down only EUR 4.4 million compared to prior year, resulting in EUR 11.4 million free operating cash flow. What we've done from a cash perspective to offset that EUR 17.5 million COVID-related drop in gross profit was, on the one hand, put cost savings to work, as discussed previously. On the other hand, put to significant working capital improvements, some EUR 3.2 million. W e've also put focus on reducing CapEx, that mainly being limited to the ERP. That is an improvement in spend on CapEx of EUR 1.3 million, and we've paid EUR 0.2 million less of income taxes during the year, of course, driven by lower profitable taxes. We've received slightly lower dividends. That has come down close to EUR 0.2 million, which in the waterfall is included in other. The cash conversion for the year comes in at 108.5%, which is a really high number in the market, but also compared to what we realized last year, which was already a high number of 82.2%. If we look at the cash that we've generated through operations, working capital, and dividends received from joint ventures, we have used most of that for capital expenditures, the ERP as mentioned, and income tax payments, which we have only done from a payment perspective in France. The last slide of this part of the presentation deals with some other matters that we think are relevant, starting with the bank covenants. As at the end of our fiscal year under review, 31 March 2021, we have been fully compliant with the covenants that we amended in April 2020, so a year ago. We had an EBITDA covenant in place of EUR 2 million. We've realized over EUR 11 million of EBITDA, leaving more than EUR 9 million headroom there. The other covenant in place relates to a minimum liquidity level, which was required to be EUR 10 million. We realized a number of close to EUR 28 million. Again, sufficient headroom. In April 2021, as discussed in the press release issued on 29 April, we extended the amendments with the banks. From two angles, of course, there was a prolonged COVID-19 impact. When we discussed the bank amendments in 2020, we were only expecting one heavy hit from the first quarter, but then the second and the third wave came in. More importantly, I think that we also discussed the extension to the bank amendments in April 2021 from the perspective of us being able to really invest in our brands again, so to execute our growth strategy. The banks have been really supportive in taking that to be the key angle in the renegotiations that we did about a month ago. What does that mean? For the three testing periods ahead of us, so that's 30 September 2021, 31 March 2022, and 30 September 2022, we are again not testing ratios, but we are testing EBITDA and liquidity levels. In the table on this slide, I've put the actual covenant levels that we've agreed with the banks. I think as you can see there, we have deliberately agreed with the banks sufficient headroom for us and flexibility for us to be able to really invest in the brands again. Although it's, of course, increasing those covenant levels because we are expecting COVID-19 not to be part of our EBITDA in due course anymore, as much as it has been for the past 12 months. It is increasing, but again, also for the whole period, allowing sufficient headroom to really get back to growth. For the last testing period, which is 31 March 2023, we are going back to ratio testing, but the ratios we have made them to a certain level that we've got more headroom there. Rather than, for example, 4.0x on leverage, we've agreed 4.5x. For the interest cover ratio, which was 3x previously, we've agreed 2.76x. On supply chain, the partnerships that we got there, both from a production and logistics perspective, we are able to report some positive news there. We have not seen any raw material supply issues or constraints throughout the year, which is different than what we've heard and seen in the market and the industry at large. All three of our key production sites have remained fully operational throughout the year, and despite all of the global disruption, we were able to put our logistics to work throughout the full year again. We did not have any out of stocks. As per year-end, we've got additional inventory held at Lucas Bols, as mentioned, to cover for the markets reopening. By that heavy destocking that we've seen in the yearly review, we now also have healthy stock levels within our markets. Specifically on Avandis, of course, COVID-19 had a severe impact there as well. On the one hand, because from our perspective, we had less production there, increasing the production costs, which is included in our gross margin. On the other hand, we also saw a temporary drop in third-party volumes, resulting in a loss at Avandis, which is the EUR 1.5 million that we accounted for in share of profit into expenses. Under Avandis, we also increased our equity share, increased it from 33% to 50% to bring it more in line with our relative share in production volumes there. Last, we have successfully transferred the production of the Passoã bottles from Angers in France to Avandis throughout the year, essentially leading to cost reductions from a logistical perspective. On impairments and other one-offs, the biggest item there is a one-off non-cash impairment on our Dutch brands CGU, our Dutch brands group of brands. Roughly speaking, there's two types of brands making up this group of brands. On the one hand, there is the domestic portfolio brands, the Genever and Vieux, noting that this does not include the Bols Genever and Vieux, that's part of a different CGU, a different group of brands. On the other hand, there's the brands that are in fact ready for growth, and we're also investing in accordingly, such as Damrak, Henkes, but also the specialty products, for example, Bokma. The reasons that we have put through an impairment in the yearly review is that COVID-19, of course, had an impact on our business here as well. The domestic portfolio also has an on-trade share. We've also seen changes in the competitive market circumstances for our domestic portfolio brands in the Benelux, and there is still that continuing market decline that we've been reporting about in past years as well. The second one-off that we included in our numbers is a EUR 700,000 impairment on a joint venture in India, Bols Kyndal, where we also had put through a value reduction of close to EUR 500,000 last year. The carrying value now is nil at our balance sheet, and this additional impairment reflects the ongoing challenging circumstances from an economic, political, but also market perspective. We also have a one-off gain, also a non-cash one, which is what they call a bargain buy, or more popularly, it's also called badwill. It simply means that the share, the additional share that we bought in the equity of Avandis, the price that we paid for that was less than what the carrying value, or better said, I think the fair value of that share actually is. It leads in a gain, but it's non-cash, and we classified it as a one-off. The last one-off reported during the year is also non-cash and is one that I already indicated at the H1, I think also including the amount specifically already. For the third year in a row, we had to remeasure our deferred tax liabilities because of announcements that the future Netherlands income tax rate will change. First, it was supposed to come down from 25% to just over 20%, we had a gain of over EUR 5 million two years ago. Last year, it was going back up to 21.7%, so we had to take part of that back as a one-off income tax expense. Now, as it appears, we're going back to 25% in the end for the future tax rate, so we have to take back the remainder, which is a EUR 3.9 million one-off income tax expense. When we are heading into the next fiscal year, of course, we are seeing those improving trends as Huub already informed you about, and those are very comforting and also showing the strength and resilience of our brands. I think we also all know that there is some uncertainty and some impact of COVID-19 still, so we remain alert. Not just COVID-19 on the business, but it is also some of the disruption that it has caused, for example, on logistics, but also on raw material pricing, specifically, for example, on the price of alcohol. This means that, yes, we are investing specifically in our brands, but we will continue to focus on cost and cash measures as we have done throughout the year under review. I do think it is very fair to say that we are very well prepared for the recovery and to get to growth. On the one hand, the extension of the bank agreements allow for headroom and allow for brand investments. As Huub mentioned and shown with some examples, with more to come, we have accelerated our strategic and also product development initiatives. We will be putting some of the cost and cash measures to work also in the next fiscal years as being of a more structural nature. During the year, we put through some organizational and process improvements that will definitely help us towards the future. Last, as we can estimate it now, based on the current levels of FX and the positions that we've hedged, we expect for the year to come to have a negative FX impact on EBIT of EUR 1 million, mainly driven by the Japanese yen and the U.S. dollar. This marks the end of the financial part of the presentation. Huub, I'm happy to hand over back to you to wrap it up, also addressing the outlook in a bit more detail. Okay, thank you very much. For the outlook, we believe that now that the vaccination programs are being rolled out globally and markets are gradually reopening, we are confident that the strength and resilience of our brands will enable us to recover most of the COVID-19 sales decline, where shipments are expected to follow depletions. However, we do expect the pandemic to continue to impact our markets and performance in the first half of the 2021/2022 financial year, and we remain focused on cost control, cash management, and further net debt reduction, while at the same time, and that's important, executing our growth strategy by increasing A&P on a market-by-market basis, which means that those markets which are reopening will get a higher level of advertising and promotional support to come back to pre-COVID levels first, and also hopefully to accelerate growth in some markets. In light of the above, the management board and supervisory board expect there will be no interim dividends for the 2021/2022 financial year, because we will also be focusing on further reducing our debt. Frank already mentioned that the expected impact of foreign currency is expected to be a - EUR 1 million on EBIT. This concludes our presentation, so I now hand over to you for questions. As a reminder, if you would like to ask a question on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. You'll then be advised when you can ask a question. Again it is star one on your telephone keypad to a different question. The first question in the queue is coming from the line of Richard Withagen from Kepler. Richard, you are unmuted and now go ahead. Thank you all for the presentation. I have a couple of questions. First of all, which initiatives have you launched in the U.S. to benefit from the increase in in-home cocktail consumption, and what other plans will you launch? What we have done, and what we've seen in the U.S., is that the big development has been the takeaway cocktails, so that restaurants, when they were closed and moving more for takeout/takeaway, they have added cocktails. We have been working with our distributors and on-trade partners to facilitate that, and that is the most important one. We have been very flexible, agile, if you want to call it, to, on a state-by-state basis, monitor what the situation was, on-trade open, on-trade closed, partly closed, et cetera, which allowed us to also strengthen our position because some other companies were less paying attention to the on-trade, and now we start to see the benefit from that now that the markets are reopening. I think that is the big change for the future, because we see discussions now in the U.S. that by law, they would continue to let those outlets or on-trade outlets provide takeaway cocktails, and that would be a very good development if that would be allowed by many states in the United States. Yeah, clear, Huub. Two questions on Passoã then. First of all, the brand benefited from the on-trade closures in the past year, I think, with more retail sales. What are you doing to make sure you do not lose these retail sales as bars and restaurants open again? Secondly, what are the main initiatives to expand distribution of Passoã in existing and in new markets? Yeah. First, maybe on the Passoã brand in itself, it is truly a strong brand, which we developed along three angles, actually. It's the famous Pornstar Martini cocktail, it's also fresh, which are low alcohol, simple mixes, and the sangria program, which we are running also in the United States. In terms of distribution in the U.K., Passoã started really to grow strongly with the Pornstar Martini in the on-trade. Consumers also started to make cocktails and mixed drinks at home, that has led to a major expansion of distribution in retail in the U.K., and also rotation. Three elements actually working in our favor. The brand in itself is getting stronger and stronger. We expect that by continuing promotions also in the retail trade, we will maintain or even expand our position of Passoã in U.K. when also the on-trade, as it is happening now, is opening again. In the U.S., it's different. U.S., we have a triple opportunity. First is that, as you know, we are with Bols Liqueurs in around 35,000 to 40,000 accounts. Passoã has ample room to grow and to also expand its distribution in the on-trade. Also in the U.S., we see now that we get more retail distribution. That helps the brand as well. Passoã in general is in a very good place, I think. Okay, clear. One last question, maybe for Frank. You managed to lower working capital in fiscal 2021. At the end of the year, inventory seemed relatively high. You mentioned that in your presentation, Frank, the receivables, on the other hand, appear quite low, I think. How do you expect these two items to trend in the course of fiscal 2022? What is your overall expectation for working capital in the year? Indeed, the major saving per year end comes, as we also said in the presentation, from the receivable side. A large part of that will be reversed, of course, when the business picks up. When we're talking structural improvements, it will most definitely come from what we have achieved throughout the year on the output juice. Parts of that we definitely expect to be of structural nature. The high levels of inventory that we had for 31 March 2021, which equals to just over EUR 13 million. I do expect that to come down a bit because as said, the increase was relatively large, but that was also because last year was extremely low because we couldn't ship to other markets. I don't think that the level that we currently have is the level that we need to carry going forward. I would expect that to come down slightly as we get to a more normal business pattern. Okay, clear, Frank. Just one last one for you, Frank. I think there's still EUR 18 million, EUR 19 million in cash on your balance sheet. Has that to do with the new banking arrangements that you need to have a minimum level of liquidity? It seems quite high in a historical context. Yeah. Thank you for the question actually, Richard, because that's most definitely not the case. We had more cash on the balance sheet in prior years also at the Passoã, for example, because that was almost, not formally, but was like trapped cash because that was meant to be used for the transaction, which is what we eventually used it for as well. We don't have any agreements with the banks. We didn't have those, and we still don't have them, that we need to have a certain level of cash on the actual bank accounts. When we are talking levels of liquidity that we need to have, liquidity is measured by the difference between the committed facilities. Not the drawn facilities, but the committed facilities, which is EUR 120 million as of today. Then we deduct from that the net debt. Whether it's cash on our balance sheet or whether it's repaid as, for example, part of the facilities, that doesn't matter. There's no requirement from the banks to have a certain level of cash on our balance sheet in place. All right, clear. I'll pass it on. Thank you, Richard, for your question. The next question is coming from the line of Kristoff Becken from Kempen. Kristoff, you are unmuted and now go ahead. Hello, everyone. One question from my side, please. You've explained that it's clear that you have much more headroom on the balance sheet given the extended financing agreements with the lending banks. Besides that you will invest in existing brands and many similar things like that. Why would you have such a large headroom? Are you planning to execute on M&A in the coming two years? If you see also to the testing levels in the coming fiscal year and the year thereafter, you assume a relatively okay operational result already. Can you elaborate a bit more on that, please? Yes. There's no, let's call it, hidden expectations there. The levels of headroom that we agreed with the banks on top of, as you correctly summarized already, Kristoff, which is around us being able to be flexible to invest in our brands again. On top of that, there's two key reasons. One of them is that in these times of ongoing uncertainty, you of course want a bit more headroom compared to times where you can better forecast your results. That's one of the reasons in there. The second reason in there is that one of the things that we obviously, and together with us, the banks, that we would prevent from happening to the maximum extent possible, is that we have to sit around the table again to talk about governance. It is the combination of the uncertainty that there still is, together with the fact that we don't want to renegotiate again with the banks, and the third one being the most important one. We want to be flexible in terms of investing in our brands. We have not specifically assumed a particular M&A transaction or anything like that as part of the revised bank agreements. Okay, clear. The follow-up is, we've seen a non-cash impairment on the goodwill of the Dutch brands. It's of course known that you have asset-light business model, and that's reflected in your balance sheet. You have a relatively large position on intangibles. Are there any other positions in the intangible at risk? Of course they are not, otherwise you would have taken that in consideration here as well. I mean, going forward, are some positions on intangibles close to the value in the books at risk or not? Is it just really a one-off? No, thank you for that question too, Kristoff. Of course, it's always difficult because as you know, an impairment test is largely on the back of future expected performance. Those variables contribute a lot in there. I think we've done our utmost to make all of those forecasts as realistic as possible for the current year, which led to that particular impairment. As we've said last year in one of our analyst webcasts, I think it was, we have five groups of assets, five CGUs, and the ones that were closest to any impairment, at that stage not in an impairment yet, were the Dutch brands, I think not to anyone's surprise, because that's where we've seen the declining market trend hitting the business. The second one at that stage, again, not close to impairment, but closest to impairment, was Galliano. I think what we've seen throughout the years is that Galliano has actually shown really strong performance. If anything, the headroom there has gone up. That means that of course it's difficult to forecast. That is something that we never can predict, but specifically in this uncertain circumstance, we cannot. There's no reason to assume that any of the other CGUs at this stage already would have warranted a very close call when it comes to an impairment. In that regard, yes, absolutely. This is a one-off, and that's why we treat it like that, like a one-off non-cash item accordingly. Okay, many thanks. No problem. Thank you. Thank you for your question. As a reminder, it is star one on your telephone keypad if you would like to ask a question. The next question in the queue is coming from the line of Eric Wilmer from ABN AMRO. Eric, you're unmuted and now go ahead. Hey, good morning, all. First question is concerning your EUR 8.9 million impairment on your regional brands. I think you mentioned that you see a change in competitive dynamics during the call. I was wondering if you're referring to a specific competitor here. Secondly, could you give some more color on how this may have altered your medium-term to long-term view on the top-line growth and margin potential of these brands? That's my first question. Yes, as you may have heard, Huub and I are not in the same place, so we can't really agree on who's doing the answer on each of the questions. I'll start first, and of course, Huub can add to that if he feels the need to. When we're talking competitive market circumstances, we're not talking one competitor specifically. It's not like there's a new or an existing competitor that's taken over substantial market shares. What we're talking more specifically is, for example, that we've seen more and more private label, Genever products getting into the market, which are taking from a volume perspective, specifically a larger market share. That's one. On the horizon for the next few months to come, we also got the alcohol, as we say in Dutch, Preventieakkoord, Prevention Agreement, which is to a certain extent the objective of it in line with what we've seen in France under the EGalim law, which limits the amount to which you can do discounting, promo discounting on your prices to 25%. That combined with those private label products that more entered the business than before, than previously, that changed the competitive market circumstances. Again, it's not like one of our main competitors from a brand perspective is challenging us more than what we've seen in the past year. Maybe to add to that, so that new legislation for the Netherlands will start on the 1st of July and not only applies to spirits, but it is also for wine and for beer. That might have an impact. We are not sure of that, of course. It will take at least a year or two years to really sort it out. We have been conservatively assuming that this would have some impact as Genever is also a price-sensitive segment of the market. Yeah, that's absolutely a good point. To follow up onto your next question, Eric, which was, if I interpreted that correctly, it was more about sort of the future dynamics that we've put to work here. We've done an impairment during the year under review, we also disclose more details on our future expectations in the annual report. What you'll see there is that from a terminal growth rate perspective, so that is the expected growth rate for this CGU, this group of brands, Dutch brands specifically, we've put a 0% in, so not a decline. The reason why we believe that is realistic is because this group does not only exist of those domestic Genevers and trio's, excluding Bols, just to mention that again. It's more about Bokma, Hartevelt, Floryn, Legner, some of those brands. It also includes some of the brands that we continue to invest in for their growth. That's Damrak, that's Henkes, and as I mentioned, also some of the specialty products. Those two together, combined with the expectation that continuous market decline will at some point in time decrease, the decline will decrease. We put an average of 0% as our expectation for the more terminal growth rate in this calculation. Very helpful, thanks. When do you expect this, let's say, more aggressive growth of these retailer brands or private label brands to level off? Is this something that you would potentially be interested in? I'm assuming no, but in bottling yourself or providing yourself? Yes. Just to make sure I understand your question correctly, Eric, are you asking when and to what extent we think Damrak, for example, and Henkes and Specialties are going to be able to net off the loss in the domestic portfolio? No, sorry. The competitive pressure from private label, as you mentioned, when do you expect this to basically stop that growth of this private label? Yeah. I think what we've seen here is that it started during the year. We saw some of these products entering the market or more prominently entering the market. As Huub said, there's of course, quite some uncertainty around the impact of what this Preventieakkoord is going to do on our business, and also the presence of the private labels therein, because it's very arguable, and that's one of the things that Huub and I are, of course, thinking about and working on as well, that on the mid or longer term, this Preventieakkoord is actually protecting our margins, and not just from a percentage perspective, but also the euro margins that we could be able to generate here. In the end, the discounts being limited to a certain percentage could help there as well. Okay, thanks. My last question is actually on the Japanese market. That market seems to be changing forever post-COVID, dramatic closing of many Izakaya. As this is one of your most profitable regions and also quite a sizable one, how do you expect to combat this negative trend on your gross margin? Which markets will take over, and what is your game plan? The Japanese market indeed is a concern, and we have been heavily impacted in the fiscal year 2021 in two ways. Of course, it's the pandemic first, and second, the reduction of stock by our distributor. The honest answer today is that we are, and they are still in a lockdown. It's quite severe, the lockdown, because as I said, they want to host the Olympics. We need to see whether the fact that the Olympics are held and that the on-trade would open, to what extent the market will come down. We expect that fiscal year 2021/2022 will be a better year in terms of revenue for the Japanese market, because we will see some recovery. The big question is, to what extent are we capable of coming back at the old levels, which we don't expect for the Japanese market. On the other hand, the very positive was Australia and New Zealand, which has also relatively high margins, and the Chinese market, which is developing well, but the Chinese market has lower margins than Japan. We will see during 2021/2022 how this all will work out. Very helpful. Thanks very much. Yeah. Thank you, Eric, for your question. The next question in the queue is coming from the line of Paul Husman from BID. Paul, you are unmuted. Now go ahead. Yes. Good morning, all. Just a number of questions on the cost side of the business. Perhaps the first one is cost inflation going forward. You already provided some guidance on, for example, the FX impact. What can you say about the cost inflation? I predominantly look at, for example, the cost of goods sold and also distribution part. That's actually the first question. Yeah, I'll pick that up, Paul. Thank you for asking that question. As indicated in the outlook for the next year to come, we do expect, we already see, we also expect that for the upcoming fiscal year, some upward pressure on the raw materials and more specifically alcohol, which is of course, the most important part of our raw material pricing in there. That is an impact that we will not be able to ignore. I must say that's completely in line with what we see and hear in the market. The reason that we have not seen too much of that during the year under review is that specifically on alcohol, we had some forwards in place as a consequence of which we could still purchase at the pre-COVID-19 substantially lower prices. Yes, there will be upward pressure, again, most dominantly from an alcohol price perspective, but together with us, everybody expects that to be temporary. We think it's going to last for at least the first half of this year, but it should then come down during the second half of the year is what the expectations are. Similar storyline when it comes to the distribution in our language, to the logistics side of the business. We work together closely with our partner there, being Ned cargo, to assess that on a fortnightly basis. Based on that, we think that for the first four, five, six months, we will see some upward pressure on the prices, which is what we also take into account in forecast, for example, as we agreed it with the banks as part of those discussions. Again, that should be coming down to more pre-COVID-19 levels in the second half of the year. The year will be subject to price pressure both on raw materials and logistics, but in line with expert and market expectations, we expect that to be more of a temporary nature than a substantially structural nature. Okay, that's very clear. Thank you. A second question also about the cost levels. If I compare the various cost components in the first half versus the second half, actually I see that the A&P was stable in the two both half years, so EUR 2.2 million. You already highlighted, I believe, that you don't believe you were under-invested. Should I see these levels then in A&P as a kind of absolute minimum? Well, absolute minimum, that's more or less the level going forward also, to grow, of course. Secondly, actually the only cost category that grew significantly if you compare H2 with H1 was personnel costs. Could it be due to the government supports? Is that also the fact? Put differently, if I look at the government support of EUR 1.8 million, how was it distributed among the both half years, so in H1 and H2? Yeah. Picking up on the first question first, which was around the spend we've done on A&P, we would never have a policy where we would literally under-spend, because, of course, also in these times, we still want to drive the performance of our brands and our sales. There's two things I think we will see in the year and probably the years to come compared to this year. The first one is we will be increasing our spend. I don't think it was necessarily the bare minimum, but we will go up to reflect that we are recovering and trying to achieve growth in the future years ahead of us. The second thing, more importantly, because that's what's more visible in the numbers, is that in the year under review, we've seen a substantial shift from what we call brand-building A&P, which is part of the D&A expenses, into commercial A&P, which is part of net revenue. The commercial A&P is there predominantly in regard to the retail side of our business. That part should come down to a certain extent in the future, because, A, we expect again to be more on the on-trade side. The losses that we've seen there, we're of course planning to at least make up for that in the years ahead of us. The investments that you do through commercial A&P are, generally speaking, of a very short-term nature. They're more focused towards the commercial transactional side of sales as opposed to brand building, having a more mid and longer term. Those will be the two key trends, I think, in there. Personnel expenses, indeed, that is to a certain extent due to the phasing of the government grants. I don't know the exact split by heart, but a bit more than half of the EUR 1.8 million was indeed accounted for in the first half. That did cause that to be a relatively higher drop, if you like, in the expenses there. But from an underlying perspective, what we've done on personnel expenses is actually continue the trend that we've done throughout the first year, which is the focus on there and at least not increasing the spend that we do here. The underlying also here in the second half is more than in line with what we've done in the first half. There's no upward trend or anything going on there. Okay, thank you. Perhaps a final one, just for confirmation. You said of the EUR 4 million lower overhead expenses, if I heard it correctly, it was 30% you see as recurring or sustainable. EUR 1.2 million, more or less. That's of course a rough cut, if you like. To cut that EUR 4 million down into three pieces, indeed, EUR 1.8 million, as we disclosed in our annual report, and I think it's also public information, although still subject to final audits, of course, but it does government grants. That's included in that EUR 4 million. That leaves just over EUR 2 million for the rest, if you like. About half of that rest indeed is considered to have a more structural nature. The other half relates to, for example, the fact that we've not been able to travel at all due to COVID-19. Of course, it's something that we are currently looking at, as all companies globally do, to see if we need to return to the pre-COVID-19 levels or not. Not traveling is not something we can do as Lucas Bols being present in more than 100 countries, of course. That will return to more normal type of levels when we recover from COVID-19. Okay, very clear. Thank you. Thank you. Thank you, Paul, for your question. We do have a follow-up question from the line of Richard Withagen from Kepler. Richard, you are unmuted. I'm going to go ahead. Yeah, I got a couple of more questions. First of all, on e-commerce. How are you working with third-party e-commerce platforms like Drizly in the U.S. or JD.com in China to commercialize your products? Can you give us some more details on how those sales develop and what additional plans you may have? E-commerce, of course, depends very much by market. Let me start by saying that selling spirits on e-commerce platforms is not that easy and straightforward, as also regulations have to be taken into account, especially also delivery at home. You see at the moment many initiatives in the United States, but as you well know, in the United States, you have the three-tier system. You need always to go through a store and a distributor. It is a, let's say, a channel which is very interesting and developing fast. Consumers have to pay higher prices and sometimes have to wait for their products for a longer time. We are working with our distributors and our partners to see how this would evolve. Certainly, it is a segment of the market which also will promote cocktails, et cetera. We are present there. The other one is, of course, to work with retailers. Retailers are investing a lot also in their e-commerce capabilities. That is a growing segment, especially in Western Europe and the U.S., but also indeed in China. You have the pure play like Amazon, for example, in the U.K. That has been a fast-growing channel for us as well in the previous years because a lot of people, as I said before, are ordering bottles to make cocktails at home. That we have benefited definitely from that angle. In the Netherlands, we have our own web shop and activity. We are doing the things ourselves as well, to experiment do it yourself cocktail packs, a lot of new initiatives with retailers. Still in the Netherlands, of the total spirit sales, I think only 5%- 6% goes through e-commerce at the moment. It's still relatively small compared to the total market. Huub, I imagine it's small for Lucas Bols overall as well, but can you give a number there? Is it low single digits, your e-commerce sales overall? If you have to put a number on that, yeah. I would say, yeah, low single digits. That would be my guess. Yeah. Yeah. Okay. The other question. If you allow me to add something to the specific question of Richard on e-commerce, which was focused towards platforms. If I take it a bit broader, because, for example, platforms, which you've probably seen in the Netherlands, Richard, bol.com actually ceased their business when it comes to having spirits and alcoholic products on their platform. The platform specifically is, for the reasons Huub mentioned, quite a difficult one. If you take it a bit broader, we have been investing in our own web shops, not only in the Netherlands, but for example, also in the U.S., where for some of our brands, we carry specific web shops. There's further plans to further accelerate that. In my view, more importantly, if you think about e-commerce and take that broader for that to become digital, not so much focused on only generating sales online, but actually generating brand awareness, et cetera. That is where we have seen a major focus also internally here. More of the money that we spend on brand awareness, on also trying to convert people to go to stores and buy our products, is definitely going towards the more digital side of things. We're more present on social media. We've got more email marketing and campaigning than we've done previously. That's not necessarily e-commerce, but the shift to digital has been a priority in the past year within our own organization, and will continue to be like that for the year ahead of us, of course. Yeah, that's helpful, Frank. I was noticing actually in Huub's prepared remarks that for your launch, for example, damrak.com in the U.S., but you have to have a third party in between there, right, with the three-tier system? Yes, of course. Yeah. Okay. The other one I had on the U.S. In what way helps the relaunch of the Bols Liqueur Range to differentiate you from the portfolios of De Kuyper, Hiram Walker in the U.S.? The relaunch helps a lot because what we are doing actually in the U.S., and it's a long journey, is to transform the brand from more of an ingredient to a truly liquor range for cocktails. This is the next step in our upgrading of the product. We always want to be ahead of the competition in terms of quality and also in terms of appearance. We have had a lot of positive reactions to it, and at the moment, we see also that our products really can compete with the more well-known brands, like a coffee liqueur can compete with Kahlúa. The competition with the big brands in terms of quality is absolutely also possible, which opens up more opportunities, especially also in the on-premise to be part of the cocktails and have a wider distribution of the brand. In that sense, the reception has been very positive. Although it has taken, of course, more time due to the closure of the on-trade to move from the old packaging or the old pack to the new ones. That's now in a lot of markets behind us. We will also benefit from these developments, I think, in the current fiscal year 2021/2022. Yeah. Okay. Last one then, Huub, on the U.S. again. What's going to be the main commercial plans for this year for the U.S.? The main focus we have actually, the number one priority is Bols Cocktails. The Bols brands, to come back to the 19/20 levels in terms of depletions, which means activation, on-premise menu listings, expansion of distribution on a state-by-state basis. That's actually our priority number one. Priority number two is the expansion of distribution of Passoã and Nuvo. Those are two brands which are growing very well. We have high expectations from those two brands, especially also to expand in retail. We have Galliano with Autentico, Ristretto, and L'Aperitivo to continue, hopefully, the growth which we have seen also in 2021. Pallini, the brand now is transferred completely on our distribution platform. There we expect to push the brand also and expand and grow the brand in the on-premise and continue the growth in retail. Damrak is the brand which now the on-trade is reopening, we can build on that brand to continue to grow. We have high expectations from our U.S. market, and I'm really confident that that will show all the, I'll call it, potential, as long as the on-trade remains open, of course. Yeah. Okay. Very good. Thanks a lot, guys. Okay. Thank you. Thank you, Richard, for your question. There are no further questions in the queue, so I'll hand over to your host to conclude today's conference. Okay. Well, thank you all for joining our presentation. Thank you all for the questions. Let's hope we can see each other in person again very soon. Well, thank you again. Thank you for joining us on today's call. You may now disconnect your handsets. Host, please stay connected.