Lotus Bakeries Nv · EURONEXT:LOTB
Lotus Bakeries Nv — H1 2023 Earnings Presentation
13 slides from Lotus Bakeries Nv's earnings presentation, Aug 11, 2023
Slide 1: Lotus Bakeries Half-Year 2023 Report
LOTUS BAKERIES HALF-YEAR 2023 REPORT AUGUST 11, 2023
Slide 2: Half-Year 2023 Highlights
HALF-YEAR 2023 REACHING REVENUE MILESTONE OF HALF A REBITDA INCREASING WITH 16% TO EUR 96 HIGHLIGHTS BILLION EURO IN SALES AT HALF-YEAR MILLION WHILST GENERATING AN EQUALLY STRONG NET RESULT INCREASE OF 16% NET FINANCIAL DEBT REMAINS LOW RECORD TOP LINE GROWTH OF AT 1 TIMES REBITDA DRIVEN BY EUR 84
Slide 3: Record Growth in First Half-Year 2023
RECORD GROWTH IN FIRST HALF-YEAR 2023 Revenue Growth in % Revenue Growth in €M 84.4 19.7 20.2 75.7 14.1 13.0 13.2 51.5 45.0 42.0 8.1 25.4 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 HY 2 HY 1 2020 2021 2021 2022 2022 2023 2020 2021 2021 2022 2022 2023 3 — Lotus Bakeries — Half-Year 2023 Report
Slide 4: Geographical Distribution of Branded Revenue
GEOGRAPHICAL DISTRIBUTION BRANDED 25% REVENUE 16% 14% 13% 9% 8% 3% 3% 3% 1% 1% 1% 1% 1% 1% OTHER UK US FR BE NL CN ES DE CH KOR CZ IL AUS KSA 4 — Lotus Bakeries — Half-Year 2023 Report
Slide 5: Strong Top Line and Profitability Growth
STRONG TOP LINE AND PROFITABILITY GROWTH REVENUE REBITDA 16% CAGR 13% CAGR 501 96 417 83 77 365 323 67 HY 1 HY 1 HY 1 HY 1 HY 1 HY 1 HY 1 HY 1 2020 2021 2022 2023 2020 2021 2022 2023 REVENUE in €M REBITDA in €M 2020-2023 CAGR % 2020-2023 CAGR % 5 — Lotus Bakeries — Half-Year 2023 Report
Slide 6: Record Top-Line Growth of 20% Combined With a 16% Increase of REBITDA and Net Result
RECORD TOP-LINE GROWTH OF 20% COMBINED WITH A 16% INCREASE OF REBITDA AND NET RESULT HY 1 2023 % Revenue HY 1 2022 % Revenue % Evolution REVENUE 501.1 416.8 20.2% RAW MATERIALS, PACKAGING AND CO-MANUFACTURING -169.5 -142.0 SERVICES AND OTHER GOODS -132.6 -106.3 EMPLOYEE BENEFIT EXPENSE -100.0 -85.3
Slide 7: Focus on Price Increases, Hedging, Organic Volume Growth and Efficiencies
FOCUS ON A COMBINATION OF PRICE INCREASES, PROACTIVE HEDGING POLICIES, ORGANIC VOLUME GROWTH AND EFFICIENCIES Raw Materials, Packaging Services and Other Goods Employee Benefit Expense and Co-Manufacturing 35.2% 34.4% 32.7% 26.2% 25.5% 25.4% 20.5% 20.3% 19.6% LTM HY 1 LTM HY 1 LTM HY 1 LTM HY 1 LTM
Slide 8: Execution of Announced Investment Programme
EXECUTION OF ANNOUNCED INVESTMENT PROGRAMME CAPITAL EXPENDITURES OF EUR 205 MILLION IN THE LATEST 24 MONTHS IN €M 89 87 CAPEX Maintenance Expansion 21 15 14 9 LTM HY 1 LTM HY 1 LTM HY 1 2021 2022 2023 Maintenance as % on revenue 1.3% 1.8% 1.5% 8 — Lotus Bakeries — Half-Year 2023 Report
Slide 9: Execution of Announced Investment Programme
EXECUTION OF ANNOUNCED INVESTMENT PROGRAMME 120 83 IN €M 48 Investment programme 2023 of €100M CAPEX 34 Biscoff Plant – Mebane Maintenance 17 Biscoff Plant – Thailand Expansion 14 12 12 10 10 Lotus Natural Foods – South Africa 2019 2020 2021 2022 Estimate FY 2023 Maintenance as % on revenue 2.0% 1.5
Slide 10: Strong Cash Flow Generation Supporting Record Investments
STRONG CASH FLOW GENERATION SUPPORTING RECORD INVESTMENTS IN €M HY 1 2023* HY 1 2022* REBITDA 183.2 156.1 CHANGE IN WORKING CAPITAL -15.3 +11.7 MAINTENANCE CAPEX -14.3 -14.8 FREE CASH FLOW 153.5 153.1 CASH CONVERSION 84% 98% EXPANSION CAPEX -88.7 -87.3 FREE CASH FLOW AFTER EXPANSION CAPEX 64.8 65.8
Slide 11: Net Financial Debt at 1 Times REBITDA
NET FINANCIAL DEBT* AT 1 TIMES REBITDA 1.0 NFD / REBITDA 1 0.9 0.9 0.9 0.8 0.5 0.6 0.3 0 June 2021 December 2021 June 2022 December 2022 June 2023 184 180 NFD IN €M 154 150 130 133 120 90 82 60 30 0 June 2021 December 2021 June 2022 December 2022 June 2023 *Excluding IFRS 16 11 — Lotus Bakeries — Ha
Slide 12: Strong Balance Sheet With Low Leverage
STRONG BALANCE SHEET WITH LOW LEVERAGE Key Balance Sheet Components in €M 838 Non-current Assets 820 750 43 Working Capital 12 27 589 Equity 572 535 203 Net Financial Debt* 171 150 HY 1 2023 FY 2022 HY 1 2022 0 100 200 300 400 500 600 700 800 900 *Including IFRS 16 12 — Lotus Bakeries — Half-Year 20
Slide 13: Thank You
THANK YOU 13 — Lotus Bakeries — Half-Year 2023 Report