Lotus Bakeries : Annual Report 2021 - Financial Supplement

ANNUAL REPORT 2021

FINANCIAL SUPPLEMENT

The consolidated financial statements for 2021 shown below have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted for application within the European Union with comparative IFRS figures for 2020.

The condensed statutory financial statements are presented in the financial supplement and are prepared in accordance with Belgian accounting standards (BEGAAP).

Only the consolidated financial statements, as set out on the following pages, present a faithful picture of the assets, financial position and results of the Lotus Bakeries Group.

In light of the fact that the statutory annual financial statements give only a limited picture of the financial situation of the Group, the Board of Directors considers it appropriate to only present an abridged version of the statutory annual statements of Lotus Bakeries NV, in accordance with Article 3:17 of the Belgian Companies and Associations Code.

The full statutory annual statements, together with the statutory annual report of the Board of Directors and the statutory audit report of the Auditor, will be submitted to the National Bank of Belgium within the legally prescribed term. These documents are available on the corporate website of Lotus Bakeries,www.lotusbakeries.com (Investor Relations) or can be obtained for free from the Corporate Secretary of Lotus Bakeries on simple request.

This financial supplement is a part of the 2021 annual report of Lotus Bakeries NV. This annual report consists of three parts which are available on the Lotus Bakeries corporate website and also on simple request, separately and free of charge, from the Lotus Bakeries Corporate Secretary.

The Auditor has issued an unqualified audit opinion with respect to the consolidated and the statutory annual statements of Lotus Bakeries NV.

INDEX

4	22. Trade payables and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . 49
5	23. Personnel costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
6	24. Share-based payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
8	25.Depreciationandamortisationon(in)tangibleassets . . . . . . . . . . . . . 52
26. Other operating income and charges . . . . . . . . . . . . . . . . . . . . . . 53
27. Non-recurrent operating result . . . . . . . . . . . . . . . . . . . . . . . . . . 53
1	Consolidated companies	10	28. Financial result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
11 List of consolidated companies	10	29. Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
1 2 Changes in the group structure in 2021	12	30. Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
1 3 Legal structure	13	31. Related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
2	Accounting principles	14	32. Rights and commitments not reflected in the balance sheet . . . . . . . . 56
3	Segment reporting by geographical region	28	33. Financial risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
4	Acquisitions and disposal of subsidiaries	32	34. Categories and fair value of financial instruments . . . . . . . . . . . . . . . 56
5	Property, plant and equipment	33	35. Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
6	Goodwill	35	36. Subsequent events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
7	Intangible assets	36	37. Management responsibility statement . . . . . . . . . . . . . . . . . . . . . . 60
8	Deferred taxes	40	38. Information about the Statutory Auditor,
9	Participations, investments in other companies	its remuneration and additional services rendered . . . . . . . . . . . . . . . 61
and other long-term receivables	41
10	Inventories	41	AUDITOR'S REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
11	Trade receivables and other amounts receivable	42
12	Cash and cash equivalents	42	ABRIDGED FIVE-YEAR FINANCIAL SUMMARY
13	Net financial debt	43	LOTUS BAKERIES GROUP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
14	Issued capital	43
15	Dividends	44	ABRIDGED STATUTORY FINANCIAL STATEMENTS
16	Treasury shares	44	OF LOTUS BAKERIES NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
17	Interest-bearing liabilities	45	Balance sheet after appropriation of profit . . . . . . . . . . . . . . . . . . . . . . 70
18	Net employee defined benefit liabilities	46	Non-consolidated income statement . . . . . . . . . . . . . . . . . . . . . . . . . . 71
19	Provisions	48	Appropriation of the result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
48	Extract from the notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
49	Accounting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

CONSOLIDATED FINANCIAL STATEMENTS Consolidated balance sheet Consolidated income statement Consolidated statement of changes in equity Consolidated cash flow statement

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

• 20 Financial derivatives

• 21 Other non-current liabilities

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET

IN THOUSANDS OF EUR

ASSETS

NON-CURRENT ASSETS Property, plant and equipment Goodwill

Intangible assets

Investment in other companies Deferred tax assets

Other non-current assets

CURRENT ASSETS Inventories

Trade receivables VAT receivables Income tax receivables Other amounts receivable Cash and cash equivalents

Deferred charges and accrued income

TOTAL ASSETS

Non-controlling interests

NON-CURRENT LIABILITIES Interest-bearing loans and borrowings Deferred tax liabilities

Retained earnings 539,590 476,724

IN THOUSANDS OF EUR

EQUITY AND LIABILITIES

EQUITY

Share Capital

Treasury sharesOther reserves (26,932) (47,961)

Net employee defined benefit liabilities Provisions

Derivative financial instruments Other non-current liabilities

CURRENT LIABILITIES Interest-bearing loans and borrowings Net employee defined benefit liabilities Provisions

Trade payables

Employee benefit expenses and social security VAT payables

Tax payables

Other current liabilities

Accrued charges and deferred income

TOTAL EQUITY AND LIABILITIES

CONSOLIDATED INCOME STATEMENT

• Services and other goods (192,231) (176,804)Employee benefit expense

  IN THOUSANDS OF EUR

  TURNOVER

• Raw materials, consumables and goods for resale (250,617) (216,376)Non-recurrent operating result

  OPERATING RESULT (EBIT) (2)

  Financial result

  Impairment on inventories, contracts in progress and trade debtors

  Other operating charges Other operating income

  Depreciation and amortisation on intangible and tangible assets

  PROFIT FOR THE YEAR BEFORE TAXES Taxes

  RESULT AFTER TAXES

  NET RESULT - attributable to:

  RECURRENT OPERATING RESULT (REBIT) (1) 123,805 111,114

  Interest income (expense) Foreign exchange gains (losses) Other financial income (expense)

  Non-controlling interests Equity holders of Lotus Bakeries

  IN THOUSANDS OF EUR

  OTHER COMPREHENSIVE INCOME

  Items that may be subsequently reclassified to profit and loss

  Currency translation differences 21,160 (27,299)Gain/(Loss) on cash flow hedges, net of tax

  Items that will not be reclassified to profit and loss

  Remeasurement gains/(losses) on defined benefit plans 18

  Other comprehensive income 21,086 (27,169)

  Total comprehensive income - attributable to: 111,829 55,376

  Non-controlling interests Equity holders of Lotus Bakeries

  EARNINGS PER SHARE 30

  • Weighted average number of shares 811,550 809,664

    Basic earnings per share (EUR) - attributable to:

  • Non-controlling interests (0.03) (0.06)

  • Equity holders of Lotus Bakeries 111.84 102.01

  • Weighted average number of shares after effect of dilution 813,677 811,184

    Diluted earnings per share (EUR) - attributable to:

  • Non-controlling interests (0.03) (0.06)

  • Equity holders of Lotus Bakeries 111.55 101.82

  • Total number of shares (3) 816,013 816,013

    Earnings per share (EUR) - attributable to:

  • Non-controlling interests (0.03) (0.06)

  • Equity holders of Lotus Bakeries 111.23 101.22

  • (1) REBIT is defined as the recurrent operating result, consisting of all the proceeds and costs relating to normal business.

  • (2) EBIT is defined as recurrent operating result + non-recurrent operating result.

  • (3) Total number of shares including treasury shares at 31 December

  NOTE

  2021

  2020

  21,419 (27,191)

  259 108

  (333) 22

  (333) 22

  33 (104) 111,796 55,480