Thank you very much, welcome everybody to our presentation for the annual results, 2022, 2023. I'm joined here by Frank Cocx, our CFO, who will lead you through all the financials later. I would like to start on page 5 of the presentation for the highlights of fiscal year 2022, 2023. We have achieved a revenue growth of 9% to EUR 100.6 million. We have passed the important 100 million milestone, driven by premiumization, price increases, the addition of Tequila Partida and FX, foreign exchange. Our depletions value were up 5% versus 2021, 2022, with a clear upward trend towards the end of the year. Importantly, our revenue is up 20% versus 2019, 2020 pre-pandemic levels, and this is mainly driven by the U.S. market and our focus on cocktails, reflecting also the successful implementation of our Fit for Growth strategy. We saw a robust recovery in Japan and Southeast Asia, and a strong performance in Southern Eastern Europe, excluding Russia, of course, where we did not have any sales in this fiscal year 2022, 2023. The glass shortage on Bols Liqueurs, which was predominantly in H1, but also in the third quarter still hampering us, that had dug some U.S. revenue and profits, and we'll come back to that later. Normalized operating profit decreased to EUR 15.1 million, versus EUR 20.6 million in 2021, 2022, due to higher input costs, a step up in brand investments, and significantly higher logistics costs. Normalized net profit came in at EUR 10.1 million, compared to EUR 14.7 million in 2021-2022. We were very pleased to propose a final dividend of EUR 0.13 per share, which brings the total dividend to EUR 0.34 per share, which represents a payout of 50% of our normalized net profit. On page 6, as said, we achieved a solid performance of revenue, reaching the EUR 100 million milestone, with almost EUR 70 million revenue on the global cocktail brands, a +6% versus 2021-2022. While on the regional liqueurs and spirits, we achieved a revenue of EUR 30.7 million and +19%, which means that about 69% of our revenue was made by the global cocktail brands and 31% by the regional liqueurs and spirits. In gross profit, we achieved EUR 39.2 million on the global cocktail brands, and -2% versus 2021-2022, and on the regional liqueurs and spirits, EUR 12.8 million or +11% versus 2021-2022. Here you see that the gross profit for the global cocktail brands takes about 75% of the gross profit, while 25% for the regional liqueurs and spirits. If we then go to the markets, the cocktail markets, as you know, we have split the cocktail markets in three different segments: sophisticated markets, developed markets, and emerging markets. The sophisticated part of the business is North America. There we have achieved a revenue of EUR 27.5 million, plus of 7% versus 2021-2022, while depletions value also grew by 7%. In the developed cocktail markets, is Western Europe, Japan, and Australia, and New Zealand, we achieved a revenue of EUR 57.4 million, with a +10% and a depletions value of +4%. In the emerging cocktail markets, to the rest of the world, EUR 15.6 million revenue, +11% and depletions value +5%. We turn to the brands, on page 10, the global cocktail brands. The global cocktail brands achieved 6% revenue growth and 3% value depletions growth versus last year. The spirit sector, in general, remain an attractive sector with strong fundamentals, and the global cocktail market continues to be one of the key growth drivers. We are positive about the substantial long-term growth opportunities for our global cocktail brands, Bols Cocktails, Galliano, and Passoã. Our strategy positions us very well to continue to benefit from positive trends in consumer preferences and growing cocktail consumption around the world. To accelerate growth, we increased our A&P brand investments in 2022, 2023 in international cocktail markets with a focus on our global cocktail brands. Next page, on page 11. On Bols Cocktails. Bols Cocktails, which consist of the liqueurs, vodka, the Genever brand, the ready-to-enjoy cocktails, that showed a high single-digit revenue growth, and a 3% value depletions growth. The growth drivers were Japan, where we saw a recovery after COVID, Asia, excluding China, Southern Europe, Scandinavia, the Netherlands, and Germany. Lower revenue in the U.S., due to glass shortages impacting Bols Liqueurs, but this was partly compensated by growth of the ready-to-enjoy cocktails and the Bols Vodka introduction in the U.S. Strong recovery is expected in 2023, 2024, because these problems are now behind us. China had a difficult year due to COVID, but a solid recovery as from February 2023, with also a positive outlook for 2023, 2024. We remain focused on signature cocktails by market, this is driving the growth as well as retail distribution expansion. Excuse me. Emerging cocktail markets show their potential for future growth, with strong performances in Eastern Europe, excluding Russia, Southeast Asia and South Korea. Passoã, the passion drink. After strong growth in recent years, revenue was stable, but still 34% ahead of pre-pandemic, 34 ahead of pre-pandemic, and the value depletions were up 1%. Very positive dynamic in the on-trade, that's what we saw, which is driven by the popular Pornstar Martini cocktail. Strong performances in Southern and Eastern Europe, based on the Pornstar Martini cocktail, Scandinavia, and the Netherlands. We saw a slowdown in the UK due to lower retail and e-commerce, post-COVID, and lower shipments to Puerto Rico. We had a limited edition, the Passoã Sunset Limited Edition in six markets, which created great in-store visibility and PR coverage. In March 2023, we introduced Passoã in China and South Korea, thereby strengthening the global cocktail brands in these two markets. We continue to have social media campaigns, which contributed to brand awareness growth in key markets. On Galliano, our super premium brand, Galliano, continued its growth trajectory with double-digit revenue growth and 9% value depletion growth. In key markets, Australia, New Zealand, Galliano's solid performance is driven by retail sales as consumers keep socializing at home with Galliano Sambuca. Also we launched a refreshing summer drink, the Galliano Vanilla Mule, tapping into the trend of light cocktails. In the U.S., Galliano achieved double-digit growth, supported by an increase in distribution for Galliano L'Autentico, and a significant step up in distribution and rotation for Galliano Espresso, activating the popular Espresso Martini cocktail. The Galliano brand achieved strong growth over the last four years in Scandinavia, leveraging the Galliano Hot Shots with impactful social media campaigns around National Hot Shot Day. Galliano Espresso is the preferred coffee liqueur at Difford's Guide for the U.K. and the U.S., and is one of the biggest online platforms for cocktail professionals and consumers. Key drivers for future growth are the consistent activations and targeted social media support of the signature serve, the Hot Shots, Galliano Espresso Martini, and the Galliano Vanilla Mule. We move to the regional liqueurs and spirits on page number 15. Under the Fit for Growth model, the regional liqueurs and spirits portfolio is managed in a very focused and efficient manner. We focus on revenue growth of key regional brands, whilst optimizing the bottom line and cash generation of other brands. The regional liqueurs and spirits portfolio posted 19% revenue and 11% value depletion growth, mainly driven by the addition of Tequila Partida, but also the strong performance of Damrak, Vaccari, Nuvo, and Pallini. Revenue grew by over a third compared to pre-pandemic, 1920. The Dutch Genever and beer portfolio maintained its leading market share in a declining and price competitive market. Zwarte Kip faced a slowdown after 2 years of growth, but new initiatives are in place to return to growth on this brand. Vaccari Sambuca achieved double-digit revenue growth, driven by key market Mexico and the recovery in the on-trade in other markets. Nuvo continued to grow, particularly in the U.S. and Latin America. Great to report is the record high 60,000 visitors, which is +25% pre-COVID, in the House of Bols, here in Amsterdam, the cocktail and Genever experience, and also our Tasting Tavern, Wynand Fockink, had a record year, so we're very pleased with that. Tequila Partida. We had a very successful transition to our Lucas Bols USA distribution platform in H1. With the brand achieved good distribution growth in the U.S. to around 5,000 accounts, with the core expressions, Blanco, Reposado, and Añejo, already available in 37 states. Roble Fino, which, or the Elegante, which has a super premium qualities, is available in 26 states, showing that the super premium proposition of Partida is recognized as a reference in terms of quality. Tequila Partida Reposado and Roble Fino Reposado have been recognized by leading spirits guide, The Fifty Best, as the 2022 gold medal and double gold medal winners. Partida won 7 medals at the New Orleans Spirits Competition. Based on the excellent quality and the awards we have received for that, we continue to create value and increase, and as a result, we increased the customer sales price. We achieved important growth as from quarter four, based on distribution, expansion, and activation. We aim to accelerate growth in 2023, 2024, now that the fundamentals are in place and distributors implement support programs. 17, page 17, on Pallini Limoncello.... where we have a distribution contract in place in the U.S. Pallini continues to grow distribution and depletions by expanding on-trade share of the business and activations in retail through special gift packs. We launched Pallini Limonzero in quarter four as a limited edition item only, available in webshop, this will be expanded in 2023, 2024. This Pallini Limonzero received positive media attention, including a feature in The New York Times. Brand owner, Micaela Pallini, visited three important states in Q4, boosting brand visibility and distributors and top buyers, contributing to the growth and visibility of the brand. Pallini liters, Peachello, and Raspicello qualities are taking up a growing share of the brand, which is further evidence of our cocktail strategy and on-premise focus delivering positive brand results. Fluère, our non-alcoholic distilled spirit. Based on the key insights that consumers are choosing a more balanced lifestyle, no alcohol spirits consumption is significantly growing. Fluère is offering the most attractive and adventurous, no, and lower alcoholic cocktails in the market. It is a one-stop shop for non-alcoholic spirit alternatives with a unique, sophisticated flavor profile. Our key objective and vision is to grow the segment of non-alcoholic cocktails and the segment of cocktails with lower alcohol, often combined with other Lucas Bols products, like Bols, Galliano, and Passoã. This will give consumers the choice to enjoy cocktails at any moment or occasion, whether it is the original cocktail, the lower ABV variant, or no ABV cocktail. Fluère will be activated in around 25 markets, but it's focused on some markets, some key markets, including the U.S. This was the overview of the brands and the markets. An important topic, of course, is also the ESG strategy. The Lucas Bols company has spent an enormous amount of time with stakeholders and advisors and internal discussions about our ESG strategy, and we are very, very pleased to show you here a summary of what has been achieved by the teams. I refer to the annual report for more details. Basically, it's all about crafting sustainable cocktail history, and we have 3 important pillars for that: people, planet, and pleasure. On the people side, it's to empower the Lucas Bols community. We provide an inclusive and diverse working environment to our people and stimulate personal development. The material themes here are diversity, inclusivity, and employee well-being. For the planet, is, of course, the respect, the planet, and craftsmanship, to limit the impact of our craft on the environment and on the people involved. The material themes here are emissions, packaging, and sourcing. On the pleasure side, it is inspiring responsible cocktail enjoyment. We promote responsible hosting and a mindful lifestyle, and the material theme here is responsible consumption. This is only a summary of what we have been working on, but in our annual report, which we also published, you can read all about our ESG strategy and our plans moving forward. I would like to hand over to Frank for the financial highlights. Thank you. Yes, thank you, Huub. Good morning, everyone. I will start the financial section of this presentation with a comparison between the outlook statements we made in May and November of 2022, and what was actually achieved in 2023. First, we commented that we would expect revenue to continue to grow. In fact, revenue growth of 9% was achieved, breaking through the EUR 100 million barrier. Growth would have been much higher if the U.S. would not have suffered from the industry-wide glass shortages we already reported in H1. The second outlook statement had a more pessimistic tone, stating that cost inflation would put significant pressure on margin and profit, mainly in the second half of the year. 2022-2023 margin and profit did in fact suffer from global disruptions. First, the glass shortage in the U.S. led to significant missed sales and therefore also missed profits. In addition, the unprecedented input cost inflation brought down gross margin percentages despite the serious sales price increases we implemented. Logistic costs also rose sharply. On the one hand, container rates were record high and only to come down towards the end of the fiscal year. On the other hand, we decided to ship a substantial load of Bols Liqueurs to the United States to minimize the impact of the glass shortages there. This triggered EUR 1.4 million of incidental logistic costs. We also mentioned to step up brand investments to support the Fit for Growth strategy despite the global headwinds. We did in fact increase our A&P spend by 11%, which was mainly to drive premiumization, the cocktail brands, signature drinks, and the new product introductions. The last outlook statement promised we would do anything to maximize supply, certainty, and predictability in these challenging times, even if that would be at the expense of cash generation in the short run. To anticipate longer lead times and supply uncertainties, we increased our inventory levels, and inventory levels also went up further as a consequence of input cost inflation, new product introductions, and of course, the integration of Tequila Partida, and later towards the end of the year, also Fluère. These investments in inventory clearly reduce our cash generation temporarily, but in spite of that, we were able to further reduce net debt during the year. On the next page, I have set out the full PNL for 2022, 2023. Numbers are normalized for one-offs and will be discussed later in this presentation, and we do the analysis on this page versus last year. Starting with revenue, this grew 9% year-over-year on the back of a 5% depletion growth. Growth was mainly driven by the recovery of Japan and Southeast Asia, strong cocktail brands growth in Southern and Eastern Europe, and the addition of Tequila Partida. From a pricing perspective, revenue benefited from premiumization sales price increases, favorable Forex developments, which was mainly US dollar. At least in equally interesting is the observation that revenue increased by 20% compared to the pre-pandemic, 2019 to 2020 year. Gross profit went up only 1%, reflecting that the gross margin decline of 420 basis points almost fully offset up our revenue growth. Gross margin, which is now 51.7%, suffered from substantial global input cost inflation. This inflation could only be partly offset by sales price increases, among others, because the implementation of such sales price increases phased in over the year. In addition to such price increases, the inflationary impact was softened by premiumization and the earlier mentioned favorable Forex developments. Although gross margin percentage dropped, we were able to further grow the gross profit per case sold, measured in euros. Looking at normalized operating profit, a decline of 27% or EUR 5.5 million is observed. On the one hand, we deliberately stepped up the brand investments and also adjusted overhead costs for inflation and the post-pandemic environment, in which traveling is possible again, together resulting in EUR 3.4 million higher expenses. On the other hand, as already mentioned, logistic costs went up by EUR 2.7 million, half of which in relation to the incidental shipping of Bols Liqueurs to the United States. Net profit came in at EUR 10.1 million. Joint venture profits decreased by EUR 900,000 compared to last year, which is reflective of last year's strong post-pandemic recovery of Alfamos, which recorded a profit at the time. Despite the retail environment that is normalizing post COVID-19, Maxxium's profit, one of our other joint ventures, actually remained more or less in line with last year. The decrease in joint venture profits is almost fully absorbed by lower financing expenses, even in times of increasing interest rates, thanks to the substantial reductions in net debt we achieved over the past years. Our income tax expense is reduced proportionally to profit before tax. The effective tax rate remains in line with the Netherlands corporate income tax rate, 25.8%. Earnings per share goes down more than net profit does, simply because we've got a higher number of shares outstanding after we did an equity raise in December 2021. Despite the impact of global headwinds, both in profit and cash generation for the year, we comfortably resumed dividend payments in 2022. The strong business and balance sheet fundamentals enable us to propose a dividend payment at the upper end of our dividend policy, in other words, 50% of normalized net profit. The next page shows a waterfall chart of how revenue and gross margin have developed for each of the brand portfolios. Revenue for our three global cocktail brands grew 6% on the back of 3% higher depletions. Bols Cocktails did very well in Asia and Europe, and also benefited from the ongoing launch of the Bols Cocktails ready to enjoy portfolio and the growth of Bols Vodka, amongst which in the United States. Growth of the brand was softened by the earlier mentioned glass shortages in the United States, but also our decision to cease all business with Russia as soon as the war in Ukraine broke out. Passoã's revenue stabilized, as already commented on by Huub. Predominantly in the UK, we observed a slowdown in retail and e-commerce sales, but also Puerto Rico, a very important Passoã market, was facing high comps and suffered from Hurricane Fiona that hit the country in September 2022. The growth momentum fortunately continued in other markets, Japan, Southern Europe, Germany, Scandinavia, they all realized higher sales and often on the back of the Pornstar Martini, that is growing in popularity still. Galliano, the third global cocktail brand, did what we were hoping for, which is another year of double-digit growth. Revenue for the regional liqueur spirits portfolio improved by 19%. Brands that did well include Tequila Partida, which was added, of course, during the year, but also Vaccari, Nuvo and Pallini. As Hoot mentioned on this point already as well, revenue also benefited from the record year at our experiences, not only the House of Bols, but also Wynand Fockink, for example. Pisang Ambon had a somewhat tougher year in a competitive retail environment, but strategic brand reset is on its way to return to growth. The Genever and Vier segment experienced intensified pressure, both in terms of volume and price competition, but we were able to successfully protect our leading market position, nevertheless. On the next slide, a similar waterfall chart is displayed, now showing revenue growth for each of the three market clusters we operate. On a reported numbers basis, our sophisticated cocktail markets, Northern America and Puerto Rico, saw revenue go up by 7%, which is in line with depletions growth, and adjusted for FX, this revenue remains unchanged on a year-over-year basis. If you look at the developed cocktail markets, it's truly a mixed bag, because on the one hand, there's the earlier mentioned slowdown of Passoã in the U.K. and also of course, the decline in Genever and CO segment. Still, we think it performed very well. Overall, revenue increased by 10%, almost all key markets contributed notably to that growth, with Japan and Western Europe benefiting from the post-pandemic on-track recovery. Scandinavia becomes more important to us every year because this year all 3 global cocktail brands outperformed last year. Overall, the emerging cocktail markets, our third and last market cluster, performed very well, too. Revenue grew by 11%. Southeast Asian, Eastern European, and Latin American markets, as well as South Korea, achieved double-digit growth, and the growth in this market cluster was held back to a certain extent by Russia, where we seized all business. China, which was doing okay, but there was still COVID-19 that led to a volatile business environment, and also South Africa, where we are currently transitioning from 1 distributor to another. Since the introduction of our Fit for Growth strategy about two years ago, we cared about premiumization a lot. I added the next slide to the presentation to demonstrate how this premiumization, in fact, resulted in better business and financial performance. On this slide, I step away from focusing on gross margin percentages. Instead, both graphs show revenue and gross profit per case sold, measured in EUR. The left graph considers the Lucas Bols Group as a whole, whilst the right-hand side is about our U.S. business only. Both graphs show how the EUR per case sold have developed over the past four years, compared to pre-pandemic, that is. To already fast forward to the conclusion, although gross margin percentages have gone down in this period, EUR per case sold have improved much ahead of inflation. Starting with the group as a whole, revenue per case sold improved by 27% compared to the pre-pandemic year, whilst gross profit per case went up by 16%. This growth is directly related to the Fit for Growth strategy that we implemented, under which we add premium brands such as Tequila Partida to the portfolio, we step up our brand investments, and we focus more and more on cocktails and signature drinks. Revenue and gross profit per case even grew in 2022, 2023, a year of unprecedented inflation, by 12% and 3% respectively. We then focus on the U.S. market only, we can conclude that the premiumization strategy pays off even more. It started with a relaunch of the Bols Liqueurs, now having one consistent look and feel and being prepared with natural botanical ingredients. By adding Bellini and Tequila Partida to the US portfolio, the case rates went up further, as was also the case when the Galliano and Passoã brands started to grow on the back of one or more signature drinks. This resulted in an almost 80% higher revenue per case, versus pre-pandemic levels, and a 66% increase in gross profit per case. This implies that both revenue and gross profit per case grew with a CAGR of around 20%. Last year had remarkable growth in the US, driven by the addition of Tequila Partida, but also the sales price increases. Important to note, is that when our financials per case go up as a consequence of the premiumization strategy, so do those of our distributors and wholesalers in the United States. This is something they clearly appreciate and hence further strengthens the position of our Lucas Bols platform in the United States. From revenue and gross profit, we now move on to operating profit. To make a meaningful analysis of operating profit, we first adjust last year's operating profit for the EUR 400,000 of U.S. government grants received in that year, and this year's operating profit for the EUR 1.4 million of incidental logistic costs that we made to minimize the impact of the glass shortages in the United States. By doing so, a EUR 3.6 million or 18% year-over-year gap in operating profit is noted. This, the higher gross profit, where the 9% sales growth is almost fully offset by input cost inflation, adds EUR 600,000 to operating profit. This improvement is offset by three cost increases however, in line with plans, we stepped up brand investments to drive premiumization and support new product introductions. A&P went up by EUR 1.6 million, which means we now invest almost 10% of net revenue in our brands versus 8.7% last year. The second cost increase relates to logistics, which adjusted for the incidental costs, rose by EUR 1.3 million or 80%, which has three reasons. First, global container rates continued to go up during the year. Second, our shipment mix moved more towards the more expensive lines, such as to the U.S., Asia and Australia. Last, storage costs increased due to higher stock levels that are stored at higher prices now, too. The third and last cost increase is noted for overheads, going up 12% or EUR 1.6 million. The personnel costs rose in line with expectations following the acquisition of Tequila Partida, which has seven members of staff, wage indexations, and a minor expansion of our teams to support business recovery and growth. Travel expenses have gone up, too, but remain lower than pre-pandemic. Although overhead costs went up, the structural saving is still there. Only 14.6% of revenue is spent on overheads, which was 17.1% before COVID-19. We leave the PNL and now quickly address the balance sheet on the next page, starting with the non-current assets. Intangible assets decreased EUR 22.3 million versus a year ago, and the carrying value of our Dutch brands reduced EUR 24 million, following impairments that I will get back to later. This is partly offset by EUR 2 million of intangibles that we recognized as part of the Fluère acquisition. Investments in joint ventures go down EUR 8.7 million, which makes sense because that was the carrying value of Avandis that we sold to Refresco during the year. Other non-current assets are only EUR 800,000 lower than last year, with depreciation charges exceeding our capital expenditures. Current assets mainly consist of cash, which is discussed in the net debt, and then the net working capital. As indicated before, we have deliberately invested in inventory this year, and this also fully explains the EUR 6.9 million growth net working capital, because other working capital elements, such as trade receivables, remain under effective cash management. Under non-current liabilities, we see loans and borrowings go down by EUR 13.3 million. That's the long-term loans and borrowings. EUR 10 million of loans have now become current. We have almost repaid EUR 4 million voluntarily to further reduce interest payments. Our deferred tax liabilities have gone up by EUR 1.7 million. EUR 1.1 million is contributable to the tax laws carried forwards that we utilized during the year. On top of that, by depreciating the brands that we have capitalized for tax purposes, we add EUR 300,000 to the deferred tax liability. Other non-current liabilities decreased by EUR 3 million. This mainly reflects the derecognition of the Tequila Partida earn-out payments, a topic that I will also get back to later. Current liabilities show that loans and borrowings go up by EUR 4.3 million. That only relates to parts becoming payable within 12 months, as I mentioned earlier, because overall, our loans and borrowings were reduced by EUR 9.1 million during the year. Other current liabilities decreased just over EUR 3 million, and part of the decrease relates to the Bols Kyndal financial liability, which was recognized last year already, but paid during H1 of this year. Other current liabilities reduced by a further EUR 1 million because outstanding 2021, 2022 French income tax payments were paid for in 2022, 2023. That liability is no longer there. We now look at net debt, a further reduction of EUR 1.1 million is observed, with net debt being below EUR 60 million now. This net debt reduction was achieved despite the substantial inventory investments, the payment of the Bols Kyndal financial liability, that EUR 1.6 million, and significant income tax payments over last year's high SOLA profits in France. This means that although EBITDA decreased, leverage remains very prudent at a 3.36 times ratio. From net debt, it's an easy switch to cash flows. On the left-hand side, it is noted that free operating cash flow decreased sharply versus last year, down EUR 8.8 million or 57%. This gap was created in H1 only because cash flows in the second half of the year were in line with last year. Decrease in that cash flow generation has three reasons. First, as already discussed, operating profit went down. We invested in inventory levels to counter supply disruptions and support new product launches, which led to EUR 4.4 million higher inventory investments compared to last year. Last, cash generation was affected by the final 2021-2022 income tax payments we had to do in France, which were on high profit levels. The temporary drop in cash flows should by no means suggest that we have loosened cash control measures. In fact, our ongoing cash focus resulted in positive cash movements on all other working capital elements. Moving to the right-hand side of this page, the cash conversion, a similar temporary decrease is observed. The cash conversion rate for the year comes in at 41%, which is well below last year's 70%, again, driven by the reduced operating profits, substantial inventory investments, and the income tax payments we had to do in France. Final comments on this slide are a bit more positive, because our capital expenditures remained limited at EUR 300,000, and dividends received from our Maxxium joint venture, in fact, improved despite the Benelux retail environment normalizing after strong performance during the pandemic. On my last slide, I will address three other matters, M&A transactions and one-offs, the supply chain, and the company's financing. Given our press releases during the year, there should be no surprises when it comes to M&A transactions. Per H1, we already commented that the integration of Tequila Partida was successfully finalized early 2022, 2023, and early January, we announced the completion of the sale of Avandis to Refresco. Around that time, we also announced the acquisition of Fluère, the leading non-alcoholic spirits brand. This acquisition is now finalized. We have completed the integration. The transaction is also accounted for in our books in the annual report of 2022, 2023. As the three-year earn-out was set very challenging, it is now considered to be in the money, which means that the expected purchase price for Fluère is limited to EUR 1.1 million. Included in the balance sheet that we acquired are tax laws carry forwards that we can use for an amount of EUR 329,000. There's about EUR 600,000 of loans that came with the acquisition, and there was a negative net working capital amounting to just under EUR 300,000. Altogether, this means that on acquisition, we recognized EUR 1.6 million of brand value for Fluère, and another EUR 400,000 was allocated to goodwill. In 2022, 2023, we identified 4 one-offs, 3 of which are material, albeit all non-cash. The net impact of the one-offs on profit before tax is EUR 25.7 million. First, there's a minor one-off, EUR 150,000 of project costs that we've normalized, and more material is the non-cash loss on disposal in regards to Avandis. In line with expectations, the carrying value of our 50% share in Avandis exceeded the net purchase price received by EUR 3.9 million. Please note that almost half of that three point nine million euro book loss relates to a non-cash bargain buy that occurred when we increased our share in Avandis by 17% in 2020. The third one-off relates to a non-cash impairment on the Dutch brands of EUR 24 million. This group of brands mainly comprises of Genever and VO brands, which suffer from an accelerated category decline and increased pressure on profitability now that private labels win market share at everyday low pricing levels, and input costs for these products have been subject to above average inflation. Another very significant part of the impairment is, however, simply triggered by a substantial increase in discount rates now that the interest rates are rising fast globally. In fact, the applicable discount rate went up from 6.8% last year to 8.6% this year. The last one-off is a EUR 2.4 million gain that is recognized now that we no longer think the Tequila Partida earn-out payments are in the money. Our confidence in the medium-term business outlook for Tequila Partida is completely unchanged. The global supply disruptions we had on the Bols Liqueurs in the United States, together with a few last-minute hiccups in the distributor transition process, cause us to believe that there is a delay in realizing those business plans. When it comes to the supply chain, the challenges, mitigating actions and impacts as such have not changed. The industry continues to face availability and pricing issues, both in regards to raw materials and logistics. We therefore prolong our actions when it comes to tighter processes, keeping contingency stock where needed and increasing sales prices. We do observe some changes in the global challenges, however. Although not optimal yet, the availability of key raw materials is becoming better, slowly but surely. Input costs are expected to remain inflated, however, at least in the short run still. Logistical congestions are getting less common, so that's good news, and container rates have recently dropped to 50% to 70% of their 2022, 2023 peak levels. This does mean, unfortunately, that current container rates on shipment lines such as to the United States, are still twice as high as in pre-pandemic times. There's good news about the financing of the company. First, the bank covenants in place for 31 March 2023 were comfortably complied with. Sufficient headroom remains now that we reduced our net debt heavily over the past years. Second part of the good news here is that we were able to successfully extend our bank facilities for another two and a half years to November 2025. We were able to do this at favorable conditions and during what we think are very challenging macroeconomic, but also banking times. In our view, this accomplishment echoes our healthy balance sheet, but also the ongoing commitment and confidence that we get from the bank syndicate. This current balance sheet, together with the facilities extension and the cocktail strategy we have in place, provide for a short and medium-term financing and liquidity position that we perceive to be very strong. With this statement, I end my part of the presentation, and I hand back over to you, Huub, for a more comprehensive outlook then. Thank you very much, Frank. If you can follow me, please, to page 32 of the presentation regarding the outlook. As the global political and economic climate remains volatile and costs are expected to remain inflated, we will continue our mitigating efforts to control input costs and implement additional sales price increases. We believe in the fundamental strength of our portfolio of brands, the worldwide growth of cocktails and the further premiumization, supported by continued investments in marketing and brand building. In a still challenging environment, we aim for a revenue growth of our global cocktail brands ahead of our medium-term target of 4%-5%, amongst others, driven by the return to growth of both cocktails in the US and the growth potential of our cocktail brands in the developed and emerging cocktail markets. Furthermore, our regional liqueurs and spirits are expected to grow based on the expansion of Tequila Partida and the addition of Fluère. We expect growth margins to improve, mainly in the second half of the year, based on further price increases and continue to grow the gross profit per case as a result of premiumization, as explained by Frank. We aim for operating profit to return closely to the 2021, 2022 level, whilst brand investments remain elevated and logistics costs are expected to moderate now that container rates are coming down and manufacturing of Bols Liqueurs in the US has been restored. As a result of lower working capital investments and a reduction in inventory levels, we expect free operating cash flow to improve, allowing a further reduction in net debt. If the current put and call option in place on the Nuvo brand is executed in June 2023, we would acquire the full ownership and control of the Nuvo brand by the 1st of July 2023. Last but not least, in line with our policy, we have hedged more than 60% of our expected 2023, 2024 net cash flows in foreign currencies to minimize the impact of foreign currency development. This ends our presentation. Now we would like to give the floor to any questions there might be. Thank you very much. Thank you, sir. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. If you wish to cancel your request, please press star two, and please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. We will pause for just a moment to assemble the queue. Our first question comes from Richard Withagen from Kepler Cheuvreux. Please go ahead. Yeah, thanks, operator. Good morning, Huub. Good morning, Frank. Let me start off with a couple of questions. First on some of the brands. Obviously, you're mentioning how the Bols brand has been held back by lower sales in the U.S. Maybe can you say, how much lower was it? Then on, also on Bols, the ready to enjoy cocktail tubes, you know, how are they performing, and are you happy with the positioning of the tubes? How is the distribution evolving? Okay. Thank you very much. The Bols brand in the U.S. We have a, let's say, a decline of the brand of around 4% in total. The total Bols Cocktails brand, because we should, I think, make a distinction between the liqueurs, which is on the one hand, was impacted by the glass problems, but on the other hand, we had the ready-to-enjoy, because that's your question about the tubes and also the multi-serve bottles. There we made progress in sales, both in distribution and rotation. Also, importantly, we have introduced Bols Vodka in the U.S. As you know, vodka is one of the biggest segments in the market, that allows us to work more on the vodka-based cocktails. That has positively contributed to the revenue of the Bols Cocktails in the U.S. Maybe to add to that, I think, what Huub explains is indeed, that the Bols Cocktails has got the four components with the vodka and the RTE doing really well, also gaining distribution there, and vodka, of course, being one of the key drivers of the vodka-based cocktails. That's a great proposition. The loss we've had was predominantly on the Bols Liqueurs, the biggest part of the business, still there. If we talk lost sales there, we're definitely talking a few million euros that we lost on the Bols Liqueurs by itself. In terms of recovery that we're hoping for on the, let's call it, short to medium term, if we win back the accounts also, that we may have temporarily lost as part of the, out of stocks, we are talking a few million EUR in revenue on the Bols Liqueurs that we lost due to those out of stocks. On the ready to enjoy, Huub? The ready to enjoy, we have two markets which we are working or three markets, actually. It is the U.S., the Netherlands, and Belgium. This is going well because this is a segment where we have entered into the more also in retail, so it's more of a consumer proposition. It is a market which is growing in the U.S. It's a spirit-based cocktails, so a lot of competition, but we have a very good proposition, I think, in terms of quality of the product. Here we are confident that we can continue to expand the brand. Now that the Bols Liqueurs problem is behind us, we can go full steam ahead with all the four components of the Bols Cocktails brand. Okay. Clear. Clear, Huub. on Tequila Partida, can you talk a bit about the performance? Obviously the earn out has been reduced, so that suggests that not everything has gone according to your expectations. That's part one on Tequila Partida. The other part is you talked about more activation of the brand. Can you give some more background on how you plan to activate the brand and what the remaining distribution opportunity is? Yeah. I think it's important to. When you take over a brand, as we did with Tequila Partida, then, you get to the reality of the market. We have made a few changes from distributors. You move from one distributor, and you consolidate it with our portfolio, which midterm is, of course, very good, because then you can combine all the efforts with the distributor. The second point, also mentioned by Frank, also here, it was in the middle of our problems with liqueurs, but also the glass availability in general. That has impacted it. And the third one is that we are, according to the super premium positioning, where we, the brand is based on, we decided to increase price. This is, has a short-term impact on volume, but a longer-term positive on the volume development. Now, having said all that, in the fourth quarter, which I just mentioned, all these distributor changes where needed were made. Distributors now are putting also more of their weight behind the brand in terms of building the distribution points and activation through menus, for example. That is a positive thing. Short term as Frank explained, part of the earn out was not achieved and therefore, yeah, you have to recognize that. In terms of activation, is that, and remaining distribution opportunity that is more on-trade, huh? Because it used to be... Yes. More of an off-trade brand. You continue that work, right? Yeah, exactly. That's, as you know, our strength in the U.S., we have many accounts where we have listings for our brands. Therefore, the potential for growth is still important for the brand in the on-premise. We activate the high end of the market. It takes time, but we are very, very, yeah, motivated and positive about the quality of the brand itself and the recognitions we get. Yeah. Okay. Okay, very good. Then maybe 2 final and more financial questions, I guess. First, maybe you can give some update on the input cost inflation, 'cause I think, I mean, based on my numbers, I mean, the gross margin contraction in the second half of the year was more than I expected. An update on cost inflation, would be good. What is included in the contracts with Refresco on changes in underlying input cost changes? All right. I'll address that question, Richard. First, the split between H1 and H2, as you may recall from the outlook that we gave both last year's year end, but also at H1, is that we did expect H2 to suffer more from the cost increases for 2 reasons. One of it is that we started the year with quite some inventory, which, of course, was built up at the, let's call it, pre-Ukraine cost levels. That cycles through your P&L in the 3-6 months thereafter. The second one is that we had locked in prices for some of the key raw materials, such as alcohol, for 6-12 months when the war started. That was not knowing that war was taking place, but that also meant we were operating at relatively low prices at the time. That, of course, both came to an end and got into the second half of the year with higher prices. That was also where we did see the price increases being implemented. Some of them we were able to do pretty much in one or two months after the war in Ukraine broke out. Others, you know, there's not always a window to do it. Took six, seven, eight months before we could actually implement it. That should be phasing in from here onwards. A bit more, I think on how we look at it today. I always try to look at things relatively simple. In this instance, that means that there are 3 key raw materials that we follow. I'm not saying that the rest is not material, but also the 3 most materials. We're talking glass, we're talking alcohol, and we're talking sugar. Alcohol, to start, positive prices are definitely coming down, so they tripled compared to pre-COVID-19 in last sort of 6 to 18 months. They're now coming down to, let's say, 40%, 50% on top of what we saw three years ago. That's quite a significant decrease that we will benefit from. Glass should have all signs on green from a pricing perspective to come down as well, because the major cost driver for glass, as you know, Richard, is gas, and the gas prices have come down. Also the surpluses in the contracts that we got with our glass suppliers were taken out, which technically means price should come down. However, the market for glass is still very much stressed, which means that there's much more demand than there is supply. It's still a matter of getting in the right deal with the right availability as well, because we want to make sure, of course, that we don't run out of glass. Sometimes that comes still at very high prices. For sugar, we see a tendency for that to move towards the positive side as well. We don't expect costs to go up further. For glass, we don't see it coming down, but on the other two key ones, we do see it coming down, which of course, throughout the year, we should definitely see coming back in our gross margin, together with full year price increases and some additional price increases that we're putting in place. Again, more towards the second half of the year. If I remember well, Richard, your third sub-question here was on the Avandis contract that we now have, because we still have, it's a 5 plus 5 year contract, as we announced earlier, with Refresco or with Avandis, because it's the same production facility. Production prices, so that's basically just the bottling. We're locked in at favorable rates, we discussed before. When it comes to purchasing, not a lot has actually changed. That's a positive thing. What it means is that on a monthly basis, at least, we have a very detailed session with the purchasing manager at Avandis, which is the same person still, where they talk us through how prices develop. They also pose questions to us in terms of: Do you want us to hedge prices? Do you want us to lock in prices for three months? It's still our own decision to do it. That's one. The second one is that we have no obligation to purchase through Avandis. If we think we can make a better deal on buying alcohol somewhere else, we are perfectly allowed to do it. No repercussions there. The third one is, of course, in the next sort of, let's say, 6-18 months, we are definitely also hoping to leverage Refresco's purchasing power, because Avandis used to purchase together in a relatively small group. Now by also being able to leverage the sugar contract, for example, that Refresco has for all the soft drinks and the energy drinks that they bottle and buy the sugar for, we are hoping to leverage that also in due course. Very clear. Very clear. Let me ask you one last question from my side. The gross margin in the global cocktail brands was down 420 basis points last year. Can you give an estimate or sort of direction, how much of that is related to the disruption in U.S. production? Sorry, Richard, do you mean the gross margin%, how much that was affected? Yeah. Profit as a number? No, no, the gross margin percentage. It was down 420 basis points, as you reported. Yeah ... in the press release this morning. How much is that, you know, related to this US production issue? Not so much, because the margins that we have on those Bols Liqueurs are actually below the margins that we have on the global cocktail brands as a whole. Specifically, as you know, Triple Sec is a very, let's call it, price competitive product. By having a lower share of Triple Sec, predominantly, it actually drives up the margin. That means that that has no negative impact. In the global cocktail brands, we have a significant negative mix impact of the fact that Puerto Rico, where we've got very high margins, on Passoã, that the business slowed down there. The 420 basis points you see is not U.S. related. It's literally driven by the fact that input costs went up and that we had all on a net basis, it being relatively minor, but a unfavorable impact of country mix changes. Okay. Very clear. Thanks, Frank. Thanks, Huub. I'll pass it on. Thank you, Chris. Our next question comes from the line of Salomé Zaksman from Exane BNP Paribas. Please go ahead. Hi, good morning. I have two questions on my side. The first one is, could you please give us more details on the split between the price mix and the volume for your 9% growth in the full year? My second one is, could you maybe explain us a little bit more your action plan towards Fluère's development, please? Thank you. Yeah. Okay. Thank you, Salomé. The first question is about the price versus the quantity, the volume impact of revenue. That's always a difficult question, not because we're trying to make it complicated, but I always need to take one step back. That step back means that, looking at the volumes first, an important part, although becoming less important, of course, but is the Genever and Fiorito portfolio. That's still significant volumes, and those, as we explained already, decline as the category declines as a whole. You do see volumes going down there. If you look, however, at the global cocktail brands, also the growing brands in the regional liqueurs and spirits, so think about a Pallini, think about Pallini, think about Tequila Partida, we do see that absolutely the growth also comes from growth in volume. This year it's less than what we would expect in a normal environment, largely driven by the fact that the U.S. sales that we missed on the Bols Liqueurs, which is part of the global cocktail brands, of course, had a major volume impact. For this year, it's more price driven than volume driven, but had the, let's call it, incidental courses that I just touched on. Thank you. maybe on the second question you had about Fluère, if I understood it correctly? Exactly, yeah. On the Fluère brand, as I explained, is the stage where we are now in, is that we are discussing with our distributor network on where we would integrate the Fluère brand. That is, as we speak, happening, that will be still taking place in the first 6 months of our fiscal year, current fiscal year, 2023, 2024. Activation, as you say, that is all about, yeah, on premise, on trade, oriented, the cocktail world, offering no alcohol cocktails or lower alcohol cocktails. That is where we see the development for the future. This is still a smaller segment of the market, definitely a growing market. This is what we aim for, to tap into this growing, yeah, demand actually for cocktails. And so- first thing. Yeah, maybe could you provide us with, more details on the geographical, expansion that you're planning? The geographical expansion, in total, we expect to have around 25 markets. The most important market is cocktails, as you know, is the U.S., that is a priority market to put it on our own distribution platform. Also we will integrate the brands in Maxxium, the Netherlands, our distributor, in the Benelux, also in Belgium and Luxembourg. We are already, that was before, with the current distributor in Germany. We have multiple markets in Western Europe, which we will activate, and we will go to a few Eastern European markets and maybe a few markets in Asia. In total, about 25 markets. The main markets for cocktails are, of course, the first one to touch, and that's clearly the U.S. Maybe to add to that, Salome, the thing that Huub mentioned, which we internally feel is very important in terms of how we put our strategy for the non-alcoholic parts of our business together, is that we don't focus on the consumers directly and/or on off-trade and/or on e-com. The reason is bifold. One of them is that you see a lot of margin pressure in the retail when it comes to non-alcoholic drinks. If you follow the prices since introduction, you see that that's quite a competitive part of the business to be in. The second one is that we ourselves, but also our industry experiences, that people need to be educated on how to consume non-alcoholic experience. Because people, if they buy it in retail, they either drink it neat, or they drink it in a simple mix, and then they start comparing it, for example, with a Gin Tonic, and then their conclusion is that this is not a good alternative. We are really of the fission that we shouldn't push it too fast, but there, where we push it, is through premium on-trade bartending, mixology accounts. We deliberately do not go into markets just on the back of Amazon sales, for example. We could easily do it. We could easily sell quite a lot of volumes by getting on Amazon platforms and making hardly any margins, but our view deliberately is to focus on premium cocktail on-trade mixology. Okay. Thank you a lot. Okay. Thank you. As a reminder, to ask a question, please signal by pressing star 1. We'll pause for just a moment to allow you to signal. We have a follow-up question from Richard Withagen from Kepler. Please go ahead. Your line is open. Yeah, thanks. On the Galliano brand, you know, it's still dependent on only a few markets where the brand performs well. What are the plans going forward in these key markets, in Australia, Scandinavia, and the U.S.? Perhaps are you looking at other markets as well? Yeah, the Galliano brand is a good example of a brand where it is possible to turn a brand around from, let's say, decline, back to growth. I think we have successfully repositioned the brand. Australia, New Zealand is clearly driven on the basis of the Sambuca still. The brand is still going strong. It's a retail brand. It's a consumer brand. It's a well-known brand, and there we activate now also the Galliano Vanilla quality in the cocktail, the mule, which I explained. If you go to Scandinavia, that is the hotshot phenomena with tremendous growth over the past few years. Last year also, the growth continued, so that is positive for the Hot Shot. Then the, one of the fastest growing cocktails in the world is the Espresso Martini. Galliano Espresso, yeah, then provides the base for a superior, high quality cocktail, and that is the driver behind the growth in the U.S. Based on this, as you well said, we first decided to, let's say, concentrate on these three markets, which we still do, but slowly but surely, we are looking at emerging cocktail markets to see whether we can also reactivate or reintroduce the Galliano brand, and then focusing clearly on cocktails. For example, the Espresso Martini. that will already take- Sorry? Will be this year, this year already, who. 23, 24. Yeah. Yeah. Yeah, in a few markets. Yeah. Yeah. Yeah. But it's- Okay it's a seeding strategy, as we call it, huh? Yeah. Yeah. On RTDs, that's also, certainly in the U.S., a quickly growing segment of the market. Are you planning any more RTD launches? We first, we are first focusing now on the ones which we have developed. It's mainly now about the ones we have in the tubes, the qualities we have there, and also in the bottles. It's a very competitive market, the solution is not always to add a tremendous amount of flavors. It's also to get the listings and the rotation going. That is what we are focused on now in the Netherlands, for example, and also in the US. What we do have, Richard, is that's what Huub also means by, I think, further developing. We're improving. For example, we recently relaunched the Pornstar Martini, ready to enjoy, for it to have an even thicker foam layer, which is one of the things that the audience apparently appreciates even more than we already thought they would. Also important is that we already do quite a bit in the RTD, RTE section, so it's not just the Bols Cocktails. To give you an idea, if you look at how Passoã has developed in the Netherlands in the past 12 months, a significant amount of the growth was actually driven by the, let's call it, the old school Passoã orange juice can. That's also an RTD. We still have the dust very well, It's also about making sure that we get the right price points there, that if needed, we upgrade packaging or whatever. Same applies to Pisang. We got, you know, a few RTDs with the Pisang brand as well. It's not only the RTDs that we're in the Bols Cocktails, there's actually more we have, but there's no active plans of moving into more RTDs amongst others, because of the fact we already have it, and that there's a huge number of new RTDs flooding the market, specifically in the United States, pretty much every week. It's not one of the things that we are sort of putting our focus on for the next year. Okay, clear. On China, you mentioned Passoã has been launched in China. What is the strategy in China after, you know, obviously a couple of difficult years, but zero COVID has now been abolished? What are you planning to do in China? Yeah, China is a, is a huge market to conquer, and it is a complex system of multiple layers of distributors. What we see, and historically, the Bols brand is a strong brand in China and has the number three position in terms of liquors. If you take all liquors together, then the Bols brand is the number three brand. We see, yeah, let's say enough potential, even in growth potential for liquors in general. That's why we have decided to add Passoã to the brand set. That takes a while to get it listed, activated, et cetera, but I think it's an important step that the Lucas Bols company is capable of offering, let's say, our global cocktail brands in the Chinese in the Chinese market. 2022, 2023 was a very difficult year, but that has been echoed by multiple companies. Since February, March, you see clearly a rebound of activations, but also people returning to the on-trade. The Chinese people started to travel again. In that sense, yeah, we think that there is a growth for our brands in China moving forward. Clear. Huub, thanks for that. Maybe one last question then, maybe for Frank. If you look at working capital, obviously there's a lot of swings in there, due to the pandemic in the last few years, but also in the last fiscal year, there were quite some swings there. We know a bit why, but working capital was around, I think, 20% of sales in the last, 5, 6 years. We're now at something like 27% of sales. What should we expect in 2024? Should we expect a normalization back to this 20% of sales level, or, do you expect something different? Yeah, excellent question, Richard. I think, the 20% that you mentioned is the bottom that we've hit, because, sort of the 4 or 5 years prior to COVID-19, we were around the 23%, 24%, which at the time we said, sort of what we expect to work with. This year, and I'm doing this from memory, but we're just below 30%, I think, which is only driven by inventory, because the trade receive et cetera, have dropped enormously and continues to be very low due to the focus on the on the offer juice. I think that on a normalized basis, we should be around the 25%. Why not back to the lowest ever 20%? A big reason, of course, is the fact that we acquired Tequila Partida, and Tequila Partida, as you know, has a significant part of the product portfolio being aging products. That means that, you know, you cannot do with 30, 60 or 90 days of stock. Some of the products actually go up to 48, sometimes even 60 months or 5 years of aging. That definitely adds to the inventory. You know, technically speaking, on sort of the very longer term, there could be options to reduce inventory levels, for example, by looking at how our production is, our production footprint is across the globe, because we currently, we only do it in the Netherlands and the United States. We could shift a bit more potentially between the Netherlands and United States, potentially do something in other parts of the world, but for now, there's no plans to do that because we're very happy with the production as is. I think to normalize to around the 25% mark, including the aging stock for Tequila Partida, that should be the aim. Okay, very good. That's all for me for now. Thanks, Frank. Thanks, Huub. Thank you. All right. Thank you. As a final reminder to ask a question, please signal by pressing star one. We will pause for just another moment to allow you to signal. As there are no further questions in the queue, I'd like to hand the call back over to Huub van Doorne, CEO, for any additional or closing comments. Over to you, sir. Okay. I would like to thank everybody for your attendance, so your questions, and I wish you a great day. Thank you very much. Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.