Lotus Bakeries: Intermediate Statement

Lembeke / BE. (lbbv) Lotus Bakeries Group achieved good sales growth during the first four months of 2013. This sales increase came mainly from the continued international growth of its branded products. The investment programme to expand production capacity for caramelized biscuits in Lembeke and for cakes at Oostakker is now complete. The final phase, the transfer of the Frangipane line from Lembeke to Oostakker, was successfully undertaken last month. The optimization of the Geldrop production plant together with the capacity expansion in Sintjohannesga will permit a better and more flexible response to the increasing and changing demand for gingerbread in the Netherlands. This investment project in the Netherlands is fully on track and will be completed by the middle of this year. The expected internal sales growth and the consolidation of Biscuiterie Willems will contribute positively to the earnings in the first half of 2013. On the other hand the additional depreciation related to the significant investments in the Belgian and Dutch plants as described above will significantly impact the group´s total cost base in 2013. At the same time Lotus has opted to increase its marketing efforts for the various brands in different countries in 2013. Lotus Bakeries is convinced that the investments in the production facilities along with the additional investment in brand marketing are necessary to secure the long-term growth of the company.

Lotus Bakeries in a nutshell

Lotus Bakeries Group focuses on authentic specialties from the biscuit and cake world: caramelized biscuits (speculoos), gingerbread, cake specialties, waffles and pepparkakor biscuits. Lotus Bakeries, with headquarters in Belgium, is a dynamic, internationally oriented company with production facilities in Belgium, the Netherlands, France and Sweden, own sales organizations in ten European countries, in the United States, Hong Kong, China, Chile and an export department for the other countries. With some 1’218 employees, Lotus Bakeries produces and sells high-quality, tasty products under the Lotus, Peijnenburg and Annas brand names. By maintaining a healthy balance between tradition and innovation, Lotus Bakeries indulges consumers with a unique range of products. In 2012 the Group achieved a turnover of 288,5 million EUR. The shares are listed on Euronext Brussels.

Lotus Bakeries: Intermediate Statement

Lembeke / BE. (lbbv) During the first four months of 2012 the consolidated turnover of the Lotus Bakeries Group again increased. This growth was achieved mainly with the brand products, the Group said in a short statement. Lotus Bakeries expects profitability for the first half of 2012, expressed as a percentage of turnover, to be in line with that of the previous financial year. The investment programme to expand production capacity for caramelized biscuits at Lembeke and for cakes at Oostakker is proceeding to schedule.

The new production hall in Lembeke has been brought into use, with the first biscuits produced on the new line at the end of April. The second line will come into operation in the coming months. In Oostakker the expansion work on the production hall is almost completed. This is fully in line with the proposed time schedule, and will enable the frangipane line to transfer from Lembeke to Oostakker in 2013.

Karel Boone takes his leave as director and chairman

Karel Boone, having reached the age limit of 70 years, takes his leave of the Board of Directors of Lotus Bakeries NV after a term of 46 years, including 20 years as its Chairman. He began his professional career at Lotus Bakeries in 1966 and was its CEO from 1974 to 2006.

The Board wishes to thank Karel Boone. He has always sought to maintain the family anchoring of the business with full respect for Corporate Governance. His vision, courage, perseverance and sheer hard work have enabled Lotus Bakeries to develop into a well-known and highly respected international Group.

A proposal was made to the ordinary general meeting of 11 May 2012 to appoint Benedikte Boone as a non-executive director of Lotus Bakeries NV. Benedikte Boone is Karel Boone´s youngest daughter, and will replace her father in the Board of Directors in the capacity of director.

Karel Boone will be succeeded as Chairman of the Board of Directors of Lotus Bakeries NV, after the ordinary general meeting on 11 May 2012, by his brother, Matthieu Boone, former CEO of Lotus Bakeries.

Lotus Bakeries opts in this way to increase the female presence in its Board of Directors. With Benedikte Boone, the Board of Directors will have three (?) female directors. From 11 May 2012, the Board of Directors consists of:

  • two executive directors
    • Jan Boone, CEO (via Mercuur Consult NV)
    • Jan Vander Stichele, COO (via CofigoMM BVBA)
  • four non-executive directors representing the majority shareholder Stichting Administratiekantoor van aandelen Lotus Bakeries
    • Matthieu Boone (via Beukenlaan NV)
    • Johan Boone (via PMF NV)
    • Benedikte Boone (via Bene Invest BVBA)
    • Anton Stevens

Payment of the Dividend

The Ordinary General Meeting of Shareholders on May 11, 2012 has decided to allocate from the profit of the financial year 2011 a net dividend per share of 7,05 EUR (gross dividend per share = 9,40 EUR).

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