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Lotus Bakeries

Financial Analysts’ Meeting

Year Result 2011

February 14th, Lembeke

➲ Net sales

➲ Financial Results

➲ Overview 2011

➲ Outlook 2012

➲ Net sales

➲ Financial Results

➲ Overview 2011

➲ Outlook 2012

Evolution of Total Net Salesin mio EUR

0

25

50

75

100

125

150

175

200

225

250

275

300

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

2006 2007 2008 2009 2010 2011

179,3

224,5

256,7 261,1 264,8275,6

Evolution of Total Net Salesin mio EUR

Evolution of Total Net Sales per Semester

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

x 1000 EUR

Evolution of Net Sales by Geographical Area

Belgium 31,8%

Netherlands 28,7%

France 16,3%

NE EU 7,1%

N-America 6,0%

UK3,4%

Export 6,8%

Evolution of Net Sales; Area Belgium

➲ Further support growth potential

➲ Strong media campaigns

➲ Focus on TOP-products

➲ Assortments optimalisation

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"

Evolution of Net Sales; Area France

France: billboard campaign 2011

Evolution of Net Sales; Area North-Eastern Europe

➲ Start SOF Poland

➲ Lotus Speculoos and Anna’s Pepparkakor available.

Evolution of Net Sales; Area UK

➲ Growth in retail and out of home

Evolution of Net Sales; Area North America

➲ Significant growth of OCB

➲ Good introduction OCB-spread

➲ Relaunch Anna’s products (new packaging design).

Media campaign in Spain

Evolution of Net Sales; Area Export

➲ 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.

China

➲ Net sales

➲ Financial Results

➲ Overview 2011

➲ Outlook 2012

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

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.

Net Financial Debt

2006 2007 2008 2009 2010 2011

63,4

42,3 40,427,0 23,8

10,9

31/12/2011 31/12/2010 Evolution %

Net financial debts 10,882 23,763 - 54.2

Net Financial Debt/REBITDA

2006 2007 2008 2009 2010 2011

2,23

1,090,88

0,56 0,49

0,22

Evolution Capital Expenditurein mio EUR

2006 2007 2008 2009 2010 2011

10,3

7,3

10,89,2

17,1 17,0

Evolution Gross Dividendin mio EUR

2006 2007 2008 2009 2010 2011

4,405,40

6,807,80

8,80 9,40

➲ Net sales

➲ Financial Results

➲ Overview 2011 - CSR

➲ Outlook 2012

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.

“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 useof Resources

Employees SocietyFood & Health

➲ Net sales

➲ Financial Results

➲ Overview 2011

➲ Outlook 2012 – Investments

Outlook 2012

1. Investments Geldrop & Sintjohannesga

2. New Headquarter Lembeke

Investments Geldrop and Sintjohannesga

➲ Koninklijke Peijnenburg plans to invest around € 18 million in Geldropand 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

Outlook 2012

1. Investments Geldrop & Sintjohannesga

2. New Headquarter Lembeke

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