Lotus Bakeries Nv · EURONEXT:LOTB
Lotus Bakeries Nv — FY2024 Earnings Presentation
38 slides from Lotus Bakeries Nv's earnings presentation, Feb 6, 2025
Slide 1: Lotus Bakeries Annual Results 2024
LOTUS BAKERIES ANNUAL RESULTS 2024 February 6, 2025
Slide 2: Highlights of 2024
HIGHLIGHTS OF 2024 REVENUE 1,232 €M + 16% EBITDA(u) 243 €M + 17% STRONG CASH FLOW GENERATION RESULTING 0.5 NET RESULT 152 €M + 18% IN NET FINANCIAL DEBT AT 0.5 TIMES EBITDA(u) DIVIDEND PER SHARE 76 € + 18 € INVESTMENTS OVER THE LAST 24 MONTHS 210 €M NET ZERO ROAD MAP Scope 1 PEOPLE 3,364 SUBMITTED T
Slide 3: An impeccable track record of sustainable growth
AN IMPECCABLE TRACK RECORD OF SUSTAINABLE GROWTH 15 YEARS OF STRONG GROWTH in €m Lotus Bakeries Group - Revenue 1,300 1,200 11.6% CAGR 1,100 1,000 900 800 700 600 500 400 300 200 100 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3 – Lotus Bakeries – Annual Results 2024
Slide 4: 2024 Milestones
“I am proud to 2024 MILESTONES announce, once again, Lotus Bakeries reports record this outstanding set Lotus Bakeries enters volume growth in HY1 2024 of results for 2024 BEL20 Index and I want to thank all 3,364 colleagues of the Lotus family that have contributed to another successful year.” - Ja
Slide 5: Three pillars: a focused and proven strategy
THREE LOTUS BISCOFF LOTUS NATURAL FOODS LOTUS LOCAL HEROES PILLARS: A FOCUSED Share of Revenue ** 56% 24% 20% AND PROVEN STRATEGY 2024 Growth 21% 16% 5% Historic CAGR 17% (2014–2024) 17%* (2015–2024) 3% (2014–2024) Strategic Build Lotus Biscoff Become a leader in the better-for-you Secure market lea
Slide 6: Broad-based growth across segments in 2024
BROAD-BASED GROWTH ACROSS SEGMENTS IN 2024 Revenue* share by segment Revenue* growth in % by segment Rest of the World 14% Continental 13.4 Europe Americas UK 12.3 15% Continental 49% Europe Americas 17.1 ROW 30.2 UK 22% * Revenue from external customers as per segment information 6 – Lotus Bakeries
Slide 7: Build Lotus Biscoff to a top 3 global cookie brand
BUILD LOTUS BISCOFF TO A TOP 3 GLOBAL COOKIE BRAND
Slide 8: Lotus Biscoff revenue growth
≈ €600M CAGR 2014 - 2024: +17% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LOTUS BISCOFF 8 – Lotus Bakeries – Annual Results 2024
Slide 9: Solidifying the top 5 position in the global cookie ranking
SOLIDIFYING THE TOP 5 POSITION IN THE GLOBAL COOKIE RANKING* TODAY 2022 2021 2023 Brand 7 Brand 6 Brand 4 Brand 3 * Source: External data (sweet biscuits category: mono cookie concepts). Biscoff retail sales value based on internal calculations. 9 – Lotus Bakeries – Annual Results 2024
Slide 10: 10 – Lotus Bakeries – Annual Results 2024
10 – Lotus Bakeries – Annual Results 2024
Slide 11: Joining forces with Mondelez International to expand Biscoff in India
- LOTUS BAKERIES JOINING FORCES WITH MONDELEZ INTERNATIONAL TO EXPAND THE BISCOFF BRAND IN INDIA AND CREATE CO-BRANDED CHOCOLATE INNOVATIONS 11 – Lotus Bakeries – Annual Results 2024 11
Slide 12: Two pillars to the partnership
TWO PILLARS TO THE PARTNERSHIP 1 2 GLOBAL BISCUIT CHOCOLATE LICENSE INDIA LICENSE 12 – Lotus Bakeries – Annual Results 2024
Slide 13: Global chocolate license - Cadbury x Biscoff designs
GLOBAL CHOCOLATE LICENSE - CADBURY X BISCOFF DESIGNS 13 – Lotus Bakeries – Annual Results 2024
Slide 14: Natural Foods: become a leader in better-for-you snacking
NATURAL FOODS BECOME A LEADER IN THE BETTER-FOR-YOU SNACKING SEGMENT
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Slide 16: Lotus Natural Foods revenue growth
LOTUS NATURAL FOODS REVENUE GROWTH ≈ €250M CAGR* 2015 - 2024: +17% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 * Based on acquisition adjusted organic growth 16 – Lotus Bakeries – Annual Results 2024
Slide 17: Natural Foods Strategy
NATURAL FOODS STRATEGY One Brand DNA: Purpose and brand guardrails 1 The big WHY and the differentiated WHAT Where to play 2 Strategic ambition by country Rotation-led growth: The activation levers Distribution & Visibility Range Innovation 3 Marketing Price & Promo (Media and Community) Natural Foo
Slide 18: Purpose
PURPOSE 18 – Lotus Bakeries – Annual Results 2024
Slide 19: Bear Purpose
BEAR PURPOSE 19 – Lotus Bakeries – Annual Results 2024
Slide 20: Brand guardrails | Bear
BRAND GUARDRAILS | BEAR 1 CORE CONSUMERS 2 PRODUCT SPECS 3 BRAND ASSETS Our core consumers are kids, we are also loved by Our products are 100% fruit, no added sugar, BEAR logo & visual, strawberry & brown colour, cards parents preserve fruit fibres and tasty and fun & engaging BEAR We should remain
Slide 21: Natural Foods Strategy | The brand DNA guides the overall strategy
NATURAL FOODS STRATEGY | THE BRAND DNA GUIDES THE OVERALL STRATEGY One Brand DNA: Purpose and brand guardrails 1 The big WHY and the differentiated WHAT Where to play 2 Strategic ambition by country 3 4 21 – Lotus Bakeries – Annual Results 2024
Slide 22: 22 – Lotus Bakeries – Annual Results 2024
22 – Lotus Bakeries – Annual Results 2024
Slide 23: Natural Foods Strategy | The brand DNA guides the overall strategy
NATURAL FOODS STRATEGY | THE BRAND DNA GUIDES THE OVERALL STRATEGY One Brand DNA: Purpose and brand guardrails 1 The big WHY and the differentiated WHAT Where to play 2 Strategic ambition by country Rotation-led growth: The activation levers Distribution & Visibility Range Innovation 3 Marketing Pri
Slide 24: Natural Foods Strategy | The brand DNA guides the overall strategy
NATURAL FOODS STRATEGY | THE BRAND DNA GUIDES THE OVERALL STRATEGY One Brand DNA: Purpose and brand guardrails 1 The big WHY and the differentiated WHAT Where to play 2 Strategic ambition by country Rotation-led growth: The activation levers Distribution & Visibility Range Innovation 3 Marketing Pri
Slide 25: Bear New Commercial
BEAR NEW COMMERCIAL 25 – Lotus Bakeries – Annual Results 2024
Slide 26: Sustainability & Financials
SUSTAINABILITY & FINANCIALS ANNUAL RESULTS 2024
Slide 27: Ready for the EU Corporate Sustainability Reporting Directive
READY FOR THE EU – CORPORATE SUSTAINABILITY REPORTING DIRECTIVE DOUBLE MATERIALITY ASSESSMENT PROVIDES BASIS FOR THE APPLICABLE EUROPEAN SUSTAINABILTY REPORTING STANDARDS (ESRS) 27 – Lotus Bakeries – Annual Results 2024
Slide 28: Delivering strong set of annual results in 2024
DELIVERING STRONG SET OF ANNUAL RESULTS IN 2024 Revenue EBITDA(u) Free Cash Flow* Investments Net Financial Debt** Dividend in €m in €m in €m in €m in €m in €/share NFD/EBITDA(u)** + 16% + 17% + 15% + 38% - 8% + 18 € 1,232 243 1,063 208 215 187 877 170 154 148 153 121 120 110 89 76 58 45 0.9 0.6 0.5
Slide 29: Record volume growth in 2024
RECORD VOLUME GROWTH IN 2024 Volume Growth in % Revenue Growth in % Revenue Growth in €m 185 21.1 169 17.0 15.9 127 14.1 9.7 8.1 2022 2023 2024 2022 2023 2024 2022 2023 2024 29 – Lotus Bakeries – Annual Results 2024
Slide 30: Statement of profit or loss
STATEMENT OF PROFIT OR LOSS IN €m 2024 % Revenue 2023 % Revenue % Evolution REVENUE 1,231.9 1,063.0 15.9% RAW MATERIAL, PACKAGING AND CO-MANUFACTURING -420.0 -368.9 SERVICES AND OTHER GOODS -331.9 -277.0 EMPLOYEE BENEFIT EXPENSES -234.6 -205.3 DEPRECIATION AND AMORTISATION EXPENSES -36.5 -34.1 OTHER
Slide 31: Volume growth supporting investments in brands and organisation
VOLUME GROWTH SUPPORTING INVESTMENTS IN BRANDS AND ORGANISATION SECURING STABLE HIGH MARGINS Raw Materials, Packaging and Services and Other Goods Employee Benefit Expense Co-Manufacturing (%on Revenue) (%on Revenue) (%on Revenue) 35.5% 34.7% 33.4% 34.1% 32.6% 26.9% 26.7% 26.1% 25.6% 24.9% 20.7% 20.
Slide 32: Investment programme to support organic growth
INVESTMENT PROGRAMME TO SUPPORT ORGANIC 120 GROWTH 105 BISCOFF PLANT THAILAND IN €m ANTICIPATED TO BE COMPLETED AND CAPEX 59 FULLY OPERATIONAL BY Q2-2026 48 CAPEX FOR 2025 ESTIMATED IN THE RANGE OF 155 €M Maintenance Expansion 19 14 15 12 10 10 2020 2021 2022 2023 2024 Maintenance as % on revenue 1.
Slide 33: Strong cashflow generation supporting expansion capex and low leverage
STRONG CASHFLOW GENERATION SUPPORTING EXPANSION CAPEX AND LOW LEVERAGE IN €m 2021 2022 2023 2024 EBITDA(u) 151.0 169.9 207.5 243.1 CHANGE IN WORKING CAPITAL -0.1 -7.8 -2.0 -12.8 MAINTENANCE CAPEX -11.5 -14.3 -18.8 -15.6 FREE CASH FLOW 139.4 147.8 186.7 214.7 CASH CONVERSION 92% 87% 90% 88% EXPANSION
Slide 34: Net financial debt reduced to 0.5 times EBITDA(u)
NET FINANCIAL DEBT* REDUCED TO 0.5 TIMES EBITDA(u) 1 0.9 1.0 IN €m NFD / REBITDA 0.8 0.6 0.7 0.5 0.5 0.3 0 December 2022 June 2023 December 2023 June 2024 December 2024 NFD 180 184 IN €m 150 154 150 120 120 110 90 60 30 0 December 2022 June 2023 December 2023 June 2024 December 2024 *Excluding IFRS
Slide 35: Strong balance sheet with low leverage and control on working capital
STRONG BALANCE SHEET WITH LOW LEVERAGE AND CONTROL ON WORKING CAPITAL REQUIREMENTS Key Balance Sheet Components in €m 993 Fixed Assets 876 820 27 Working Capital 14 12 791 Equity 656 572 130 Net Financial Debt* 140 171 2024 2023 0 100 200 300 400 500 600 700 800 900 1000 2022 *Including IFRS 16 35 –
Slide 36: Evolution of earnings per share
EVOLUTION OF EARNINGS PER SHARE in €/share 16.5% CAGR 187.8 159.4 127.4 111.8 102.0 2020 2021 2022 2023 2024 36 – Lotus Bakeries – Annual Results 2024
Slide 37: 24 consecutive years of dividend growth
24 CONSECUTIVE YEARS OF DIVIDEND GROWTH 76.0 58.0 Dividend growth in €/share 45.0 40.0 35.5 32.0 29.0 19.5 16.2 14.2 12.4 10.8 9.8 9.4 8.8 7.8 6.8 5.4 4.4 3.0 2.4 1.4 1.0 0.7 2001 2005 2010 2015 2020 2024 37 – Lotus Bakeries – Annual Results 2024
Slide 38: Thank you
THANK YOU