Lotus Bakeries: reports 22% profit-jump in H1/2009

Lembeke / BE. (lbbv) Lotus Bakeries NV reports a 22 percent profit-jump in the first half 2009. The net profit for the first half amounts to 12,2 million EUR. This is 2,2 million higher than in 2008. Net cash flow amounted to 20,0 million EUR in the first half of 2009; compared with 17,9 million EUR in the same period in 2008 – the company said in a statement. Half-yearly results (summary):

Income statement (in thousands EUR) 30/06/2009 30/06/2008 Evolution (%)
Turnover 125’857 123’707 1,7
Depreciation (5’471) (4’978) 9,9
Current operating result (REBIT) 16’069 16’857 – 4,7
Current operating cash flow (REBITDA) (1) 22’655 22’574 0,4
Non-current operating result (160) (222) -28,0
Operating result (EBIT) (2) 15’909 16’635 -4,4
Financial result (1’682) (3’166) -46,9
Profit before taxes 14’227 13’469 5,6
Taxes (3’880) (3’594) 8,0
Result after taxes 10’347 9’875 4,8
Share in results of equity-consolidated enterprises 0 122 0
Result from discontinued operations 1’889 0 0
Net result 12’236 9’997 22,4
Net result: minority interest 45 74 -39,2
Net result: Group share 12’191 9’923 22,9
Self financing (in EUR thousands)
Net cash flow (3) 19’893 17’943 10,9
Investments (4) 5’216 5’196 0,4
Balance sheet statement (in EUR thousands)
Balance sheet Total 219’160 207’304 5,7
Equity 86’977 75’602 15,0
Net financial debts (5) 43’622 43’099 1,2
Key figures per share (in EUR)
Current operating result (REBIT) 21,00 22,16 -5,2
Current operating cash flow (REBITDA) (1) 29,61 29,67 -0,2
Net result: Group share 15,93 13,04 22,2
Weighted average number of shares 765’120 760’843
(1) Current operating cash flow is defined as current operating result + depreciation + provisions and valuation allowances + non-cash costs valuation option- and warrant plan
(2) EBIT is defined as current operating result + non-current operating result
(3) Net cash flow is defined as net result + all non-cash costs – all non-cash income items
(4) Investments in intangible and tangible fixed assets
(5) Net financial debts are defined as financial debts – cash investments – liquid assets – own shares

Main markets stable, export markets stagnating

Turnover in the first half of 2009 rose by over 1,7 percent. On a like-for-like basis, that is taking into account the acquisition of Anna´s Pepparkakor, the divestment of Harry´s Benelux and the falling business-to-business production for Mc Vities Cake Company, turnover grew by 1,5 percent in the first six months of 2009.

In the two main home markets, Belgium and the Netherlands, turnover, excluding Harry´s turnover in 2008, has remained globally stable. Turnover has risen in France on good sales of caramelized biscuits and waffles. Turnover has developed positively in the United States and the UK, mainly thanks to good caramelized biscuit sales.

After several years of rapid growth, sales to the export markets stagnated in the first half of the year. Here the economic crisis has had a negative effect, in particular in those countries where imported biscuits are viewed as luxuries. This applies to exports to the Middle and Far East.

Anna´s contribution to the North-East European region is somewhat limited, as Pepparkakor are very much a seasonal product. It should make a larger contribution to turnover in the second half.

For several years now Lotus Bakeries has been producing a number of products for Mc Vities Cake Company, which is part of United Biscuits. Mc Vities now wants to produce its Jaffa Cake Bars itself. Sales to Mc Vities therefore dropped sharply in the first half compared with 2008.

Info: Lotus Bakeries: Half-Yearly Report 2009 (statement).