Lotus Bakeries: growth of turnover of 1.5 percent

From the beginning of the year, the turnover and results of Harry’s Benelux are no longer included in the Lotus Bakeries Group consolidated statements. Anna’s Pepparkakor has been consolidated from 1 December 2008. According to the company turnover in the first half of 2009 rose by over 1.7% to EUR 125.9 million. On a like-for-like basis, that is taking into account the acquisition of Anna’s, the divestment of Harry’s Benelux and the falling business-to-business production for Mc Vities Cake Company, turnover grew by 1.5% 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 of Lotus Bakeries 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.

The recurrent operating result (REBIT) for the first half of 2009 amounted to EUR 16.1 million, compared with EUR 16.9 million in the first half of 2008. REBIT as a percentage of turnover was 12.8% as against 13.6 % in 2008. Recurrent operating cash flow (REBITDA) reached 18.0 % of sales which is in line with the first half of 2008 (18.2%) and with 2008 as a whole (17.8%).

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