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1. Lotus Bakeries
Financial Analysts’ Meeting
Year Result 2011
February 14th, Lembeke

2. ➲ Net sales
➲ Financial Results
➲ Overview 2011
➲ Outlook 2012

3. ➲ Net sales
➲ Financial Results
➲ Overview 2011
➲ Outlook 2012

4. 100
125
150
175
200
225
250
275
300
0
25
50
75
1986
1987
1988
1989
in mio EUR
1990
1991
1992
1993
1994
1995
1996
1997
Evolution of Total Net Sales
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

5. Evolution of Total Net Sales
in mio EUR
275,6
261,1 264,8
256,7
224,5
179,3
2006 2007 2008 2009 2010 2011

6. Evolution of Total Net Sales per Semester
x 1000 EUR
2011 2010 Evolution %
Sem 1 Sem 1
133,571 127,190 + 5.0
Sem 2 Sem 2
142,027 137,633 + 3.2
12 m 12 m
275,598 264,823 + 4.1

7. Evolution of Net Sales by Geographical Area
N-America UK Export
6,0% 3,4% 6,8% Belgium
31,8%
NE EU
7,1%
France
16,3%
Netherlands
28,7%

8. Evolution of Net Sales; Area Belgium
➲ Further support growth potential
➲ Strong media campaigns
➲ Focus on TOP-products
➲ Assortments optimalisation

9. Evolution of Net Sales; Area Netherlands
➲ Growth gingerbread market
➲ Relevant for specific target groups and specific markets
➲ Further optimization baking process for more tender and delicious
gingerbread “Wholegrain“ (volkoren) and “Less sugar"

10. Evolution of Net Sales; Area France

11. France: billboard campaign 2011

12. Evolution of Net Sales; Area North-Eastern Europe
➲ Start SOF Poland
➲ Lotus Speculoos and Anna’s Pepparkakor available.

13. Evolution of Net Sales; Area UK
➲ Growth in retail and out of home

14. Evolution of Net Sales; Area North America
➲ Significant growth of OCB
➲ Good introduction OCB-spread
➲ Relaunch Anna’s products (new packaging design).

15. Media campaign in Spain

16. Evolution of Net Sales; Area Export
China
➲ Growth sales Lotus Caramelized biscuits thanks to the sampling at the
Shanghai World Expo.
➲ Start of sales office in China for further growth in China and other export
markets.

17. ➲ Net sales
➲ Financial Results
➲ Overview 2011
➲ Outlook 2012

18. Income statement & Ratio’s
Income Statement 2011 2010 Evolution %
Turnover 275,598 264,823 + 4.1
REBIT 36,363 34,955 + 4.0
REBITDA 49,362 48,713 + 1.3
EBIT 33,668 34,081 - 1.2
Financial Result (688) (2,960) - 76.8
Result before taxes 32,980 31,121 + 6.0
Taxes (9,165) (8,055) + 13.8
Net result 23,815 23,066 + 3.2
Ratio’s 2011 (%) 2010 (%) Evolution %
REBIT on turnover 13.2 13.2 -
REBITDA on turnover 17.9 18.4 - 2.8
Tax on EBT 27.8 25.9 + 7.3

19. Financial Result
➲ The financial result amounted to a cost of kEUR 688 compared to a cost
of EUR 3 million in 2010.
➲ Main reasons of the positive evolution:
➲ considerably lower interest expense
➲ positive evolution of the market value of the instruments used to hedge
interest rate and exchange risks in 2011
➲ positive exchange rate differences.

20. Net Financial Debt
63,4
42,3 40,4
27,0 23,8
10,9
2006 2007 2008 2009 2010 2011
31/12/2011 31/12/2010 Evolution %
Net financial debts 10,882 23,763 - 54.2

21. Net Financial Debt/REBITDA
2,23
1,09
0,88
0,56 0,49
0,22
2006 2007 2008 2009 2010 2011

22. Evolution Capital Expenditure
in mio EUR
17,1 17,0
10,3 10,8
9,2
7,3
2006 2007 2008 2009 2010 2011

23. Evolution Gross Dividend
in mio EUR
8,80 9,40
7,80
6,80
5,40
4,40
2006 2007 2008 2009 2010 2011

24. ➲ Net sales
➲ Financial Results
➲ Overview 2011 - CSR
➲ Outlook 2012

25. Corporate Social
Responsibility
"Care for today , Respect for tomorrow"
Meeting the needs of today's generations, without endangering the
means of existence of future generations.

26. “Care for today, Respect for tomorrow”
Lotus Bakeries products meet the current food legislation and are
intended to be as healthy as possible. In the ‘semi-luxury’ foods
category they guarantee a consummate taste experience.
Sustainable use
Food & Health Employees Society
of Resources

27. ➲ Net sales
➲ Financial Results
➲ Overview 2011
➲ Outlook 2012 – Investments

28. Outlook 2012
1. Investments Geldrop & Sintjohannesga
2. New Headquarter Lembeke

29. Investments Geldrop and Sintjohannesga
➲ Koninklijke Peijnenburg plans to invest around € 18 million in Geldrop
and Sintjohannesga in order to continue to produce the most tasty
gingerbread in the most modern gingerbread bakeries.
➲ The out-of-date bakery in Geldrop wil be closed and production will be
relocated to the second bakery in Geldrop and to the bakery at
Sintjohannesga in Friesland.
➲ 25 jobs will be lost in Geldrop, while 17 additional jobs will be created
in Sintjohannesga.
➲ By doing so, Koninklijke Peijnenburg will be better able to react to the
growing and changing demand for gingerbread.
Production Geldrop Production Sint Johannesga

30. Outlook 2012
1. Investments Geldrop & Sintjohannesga
2. New Headquarter Lembeke