At a Glance Despite the Historic Impact of the Coronavirus on the Horeca “ and Food Industries, La Lorraine Bakery Group Ended 2020 with a Positive Net Result

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At a Glance Despite the Historic Impact of the Coronavirus on the Horeca “ and Food Industries, La Lorraine Bakery Group Ended 2020 with a Positive Net Result 2020At a glance Despite the historic impact of the coronavirus on the horeca “ and food industries, La Lorraine Bakery Group ended 2020 with a positive net result. We’re weathering this storm not only by expanding our business in multiple bakery segments and in different countries, but also through the passion and commitment of all our employees . And now we’re looking to the future. As the lockdown measures in Belgium and other countries are lifted, we expect to see a rapid recovery in revenue as well as new growth. In 2021, we aim to resume our long-term growth plan“ and, just like in previous years, return to average annual revenue growth of around 8%. We’re very optimistic about the future! Guido Vanherpe, CEO of La Lorraine Bakery Group La Lorraine Bakery Group Mission that drives us Having access to a more qualitative bakery offer, easily accessible, enables consumers to improve the quality of their life. Doing so in a responsible way preserving our planet is part of our journey. LLBG’s mission is to improve the bakery offer worldwide, for Collaboration within our company and everybody. Upgrading bakery step withour stakeholders is deeply rooted in by step, and giving people access to LLBG’s DNA. If you want to go fast, go better bread, viennoiserie, savoury, alone;if you want to go far, go together. American pastry and patisserie. 2020 At a glance INTERNATIONAL EXPANSION Publication first Increasing bakery footprint SUSTAINABILITY in Romania, Hungary, REPORT TECHNOLOGICAL ARTISAN & RUSTIC TOUCH Greece and Italy PRODUCT LEADERSHIP Further innovation in bread category MILLING New bakery products lines in 100% durum range New applications in filo Poland, Turkey & CZ Republic, dough, waffles & rolls where we also opened a viennoiserie competence center INNOVATION IN PATISSERIE Launch Maison La Lorraine & Chez Claire 5th anniversary Tarte à Moi STORE CONCEPTS Employees moving all together FOOTPRINT 784.859 km or 80x distance Opening >40 Panos & Deliway Ninove-Tokyo FIRST EMPLOYEE E-commerce with Deliveroo ENGAGEMENT SURVEY INNOVATION 72% participation rate & in branded concepts group wide action plan Donut Worry be Happy COVID-19 PANDEMIC Our LLBG Bakery Heroes ensured business continuity 2020 Key figures 100% Belgian family-owned > 80 years of entrepreneurship Group EBITDA Group EBIT Group CAPEX Debt/EBITDA ratio 91 Mio € 27 Mio € 51 Mio € 1,72 12 >4.200 state-of-the-art passionate bakery plants 744 Mio € employees Group Revenue Central/ Eastern Europe 36% Western Milling Revenue Europe 1 +50 94 Mio € 64% Milling plant countries Bakery Revenue Bakery 650 Mio € 74% 26% 2020 >450 Panos, Deliway & Retail Foodservice +40 in 2020 La Lorraine stores 2020 Financial performance The Group achieved a The family business’ EBITDA CONSOLIDATED REVENUE of amounted to 744 Mio € in 2020 91 Mio € in 2020, down 11.8% vs 2019. down 21% vs 2019. Like for many companies in the horeca and food sector, the far-reaching Covid-19 Despite the decline in sales, La Lorraine Bakery Group government measures with La Lorraine Bakery Group’s invested a CAPEX of multiple waves of lockdowns NET PROFIT 51 Mio € in 2020 had an impact remained positive in its GEOGRAPHICAL EXPANSION, on La Lorraine Bakery Group’s in 2020 (+3 Mio €). to be ready for the post-corona relaunch. operating & financial results. Consolidated Financial Statements Balance sheet Equity & liabilities in K EUR 2020 2019 EQUITY 225 205 244 771 Assets MINORITY INTERESTS 364 289 PROVISIONS AND DEFERRED TAXES 20 572 20 837 in K EUR 2020 2019 LIABILITIES 451 474 455 097 FIXED ASSETS 463 281 464 788 Amounts payable after one year 316 313 306 270 Formation Expenses 446 62 Subordinated Retail Bond 100 000 Intangible Assets 3 947 3 926 Non Subordinated Retail Bond 75 000 Positive Consolidation Differences 26 312 9 047 Long-term lease liabilities 3 284 1 507 Bank Financial Debt 212 968 228 964 Tangible Assets 425 154 449 845 Other Financial Debt 61 799 Financial Assets 7 422 1 908 Amounts payable within 1 year 133 120 147 068 CURRENT ASSETS 234 334 256 206 Current portion of long term debt 3 653 2 578 Amounts receivable after one year 345 208 Short term debt 1 575 4 463 Inventories 56 053 55 846 Trade payables 94 825 100 644 Amounts receivable within 1 year 107 321 148 010 Taxes, remuneration and Social Security Charges 22 853 29 228 Current investments / Cash & Banks 66 649 48 683 Other Amounts Payable 10 214 10 156 Deferred charges & Accrued Income 3 966 3 459 Accruals and Deferred Income 2 041 1 759 TOTAL ASSETS 697 615 720 994 TOTAL EQUITY AND LIABILITIES 697 615 720 994 Consolidated Financial Statements Income statement Evolution Key Figures in Mio EUR 2016 2017 2018 2019 2020 Consolidated revenue 708,6 749,4 797,8 864,7 765,1 Income statement EBIT 52,9 52,4 54,9 59,1 27,4 in K EUR 2020 2019 EBIT % 7.5% 7.0% 6.9% 6.8% 3.6% REVENUE FROM SALES AND SERVICES 765 080 864 741 EBITDA 102 107,7 111,7 116,4 91,5 Turnover 743 993 843 906 EBITDA % 14.4% 14.4% 14.0% 13.5% 12.0% Other Operating Income 21 087 20 835 OPERATING EXPENSES -737 692 -805 598 Purchases raw materials, packaging and consumables -335 331 -401 205 Profit before income tax 31,6 37,2 31,7 37,4 4,9 Services and other goods -195 047 -203 612 Net profit of the year 19,5 26,4 21 26,7 3,3 Remuneration, Social security and pensions -139 712 -139 965 Depreciation and amounts written off -61 942 -55 233 Other Operating expenses -3 526 -3 510 Equity 181,9 210,3 222,4 244,7 225,2 Amounts written of on positive consolidation differences -2 154 -2 073 Net Debt 195,1 228,3 254,5 269,9 259,3 OPERATING PROFIT (EBIT) 27 388 59 143 Working Capital 46,8 65,6 81,4 74 45,7 EBITDA 91 484 116 449 Net financial result -18 195 -18 339 Total Balance 570,2 622,2 685,2 721,0 697,6 Non recurring income/expenses -4 279 -3 444 PROFIT BEFORE INCOME TAX 4 914 37 360 Solvency 31.9% 33.8% 32.5% 34.0% 32.3% Corporate income taxes -1 618 -10 582 NET PROFIT OF THE YEAR 3 296 26 777 NET DEBT/EBITDA 2,26 2,12 2,28 2,32 1,72 2020 Explained LLBG is a healthy diversified group The group’s healthy financial position with a solid Trade receivables and cash position • operating in 4 business units: track record of high recurring profitability, sufficient were closely monitored, and Bakery Frozen, Bakery Fresh,Store Concepts & Milling liquidity reserves and a healthy solvency ratio gives possible payment arrears are kept • 6 different product categories: the group sufficient strength to prepare a strong well under control. As a result, the flour, bread, patisserie, viennoiserie,American pastry restart per division to rebuild the lost volumes in covenants of the bank financing and (donuts), savory snacks the various markets as quickly as possible after the the bond loan were amply met.` • 3 different sales channels: relaxation of the COVID-19 measures. LLBG can count on a highly Retail, Foodservice and Industry The company has worked on a reduced cost base, committed team and leadership, • 50 different countries: which has helped to reduce the negative effects of which, on the basis of solidarity and Europe, Turkey & the Middle East, Russia the COVID-19 decline in sales. as one strong team, is efficiently This diversification provides a good balance between heavier handling this crisis and intends, with Also, a significant part of the planned 2020 versus lighter hit business segments strong determination, to get back on investments were postponed to 2021. This will track with its future growth ambition • Milling & Fresh Bakery under less pressure allow the growth trajectory to continue in the in the post-corona era. • Store Concepts & Frozen Bakery more heavily affected due coming years, albeit with a delay of 9 to 12 months. to a strong presence in the Foodservice channel. 2021 Outlook La Lorraine Bakery Group expects a recovery “ of its sales in 2021, which should exceed the “ pre-COVID level of 2019. The company is investing in all its operations to reconnect with its long range growth plan. 840 773 734 747 697 626 560 575 480 519 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LRP, in Mio € 2021 Outlook Bakery Frozen The Bakery Frozen business unit is preparing for the reopening of the horeca sector in the second half of the year and the Group continues to invest in its Go East strategy, with investments in new lines in its bakeries in eastern Europe and the construction of a new bakery site in Russia. Meanwhile, the Group’s shareholdings in two frozen bakery facilities in Italy and Greece strengthened its position in the Southern European market. It is also investing in its home market Belgium by, among other things, completely innovating and rebuilding its frozen bakery facility in Erpe-Mere into the most modern facility of its kind in Europe. The new site should be up and running by mid-2022. 2021 Outlook Bakery Fresh The Bakery Fresh business unit will further strengthen its market leadership position as a fresh bakery in Belgium, through innovation and investments in the bread and patisserie segment, and through its patisserie brands Tarte à Moi and Maison La Lorraine. 2021 Outlook Bakery Store Concepts The Group’s Store Concepts division, with more than 450 points of sales, namely the 282 Panos, 94 Deliway and 78 La Lorraine shops, is preparing for a recovery in revenue growth as the horeca sector is allowed to reopen its doors.
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