Royal Wessanen nv

Annual General Meeting of Shareholders

Amsterdam, 16 April 2013

2012: Organic is our choice

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Portfolio approach focus on organic food

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2009 2012

€711m

Focus and investment into core brands & categories in organic in Europe

Grocery

HFS

IZICO

ABC

Others

€1585m

Focus on Organic makes sense !

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5-1-5-10% consistent growth per annum Spend per capita could more than doublein core countries

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Nutrition and food issues Transparency

Sustainability Weight and obesity

ORGANIC

Our vision is to build the most desired brandsin Europe in our focus area

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Healthy nutrition

Ethicalsustainable

Authentictaste

Functionalfood

Strategic objectives

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Sales growthSales growth

• Grow core brands

• Grow core categories

• Build strongholds in new markets

• Country specific growth strategies

• Launch fewer, bigger, better

innovations

• Execute acquisitions shortlist

Profitabilty

improvement

Profitabilty

improvement

• Central sourcing savings

• Pricing strategies towards

customers

• Improve operational excellence

with SAP

• Filling own factories

EnablersEnablers

• Improve talent performance

management / building

connected leadership

• Simplify how we are conducting

business

• Activate Organic Expertise Centre

(OEC), integrate Quality

Wessanen 2015Wessanen 2015

A more integrated

consumer and customer driven organisation,

being focussed, less complex, more efficient and integrated

A more integrated

consumer and customer driven organisation,

being focussed, less complex, more efficient and integrated

Transformation programme ‘Wessanen 2015’

1. Create more focus on our activities

• Reduction of approx. 300 FTE

• Expected one-off costs €(21) mln cash and €(7.0) mln non-cash impairment Deurne plant

• Expected savings €15 mln p.a. from 2014 onwards

• Reduction of approx. 300 FTE

• Expected one-off costs €(21) mln cash and €(7.0) mln non-cash impairment Deurne plant

• Expected savings €15 mln p.a. from 2014 onwards

3. Addressing low-yielding and non-performing activities

• Strongly reducing German grocery presence, changing go-to-market approach

• Focus in Italian grocery on non-dairy (soy)

2. Reduce complexity and simplify processes

• Cutting the tail / reducing number of SKUs at

− Dutch brands; French HFS brands; Export

• Centralising quality department

• In the Netherlands, focus on one franchise formula (Natuurwinkel), to end GooodyFooods formula

• Supply chain to manage our plants as of 2013 and to streamline processes

• Further increased focus on core brands and core categories

• Expansion number of CBTs (category brand teams)

• Split in branded and distribution organisation

− Benelux operations

− French HFS operations

Financial results 2012

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Key figures 2012

In € mln 2012 2011

Revenue 710.8 706.0

Autonomous growth (in %) 0.7%

Gross contribution 270.5 263.6

In % of revenue 38.1% 37.3%

Operating result (EBIT) (45.8) (19.0)

Net result (Wessanen equity holders) (53.2) (17.1)

Shareholders’ equity 101.6 163.2

Net result per share (in €) (0.70) (0.23)

Dividend per share (in €) 0.05 0.08

Shareholders’ equity per share (in €) 1.34 2.16

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2012 figures per segment

Revenue Normalised EBIT

2012 2011 2012 2011

Grocery 272.8 243.9 22.0 18.0

HFS (Health Food Stores) 204.8 247.5 - 5.0

IZICO 112.5 113.1 1.8 2.3

ABC 128.6 112.6 6.3 9.9

Non-allocated * (7.9) (11.1) (11.3) (11.5)

Wessanen 710.8 706.0 18.8 23.7

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* Eliminations before inter-segment revenue (Grocery and HFS)

EBIT - from reported to normalised

In € mln 2012 2011

EBIT (45.8) (19.0)

Impairments (46.8) (39.6)

EBIT bef. impairments 1.0 20.6

Exceptionals (17.8) (3.1)

Normalised EBIT 18.8 23.7

2012 Impairments Exceptionals

Grocery (15.8) (4.7)

HFS (23.9) (6.5)

IZICO (7.0) (6.2)

ABC (0.1) 0.1

Non-allocated - (0.5)

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Grocery: Goodwill impairment Kallo HFS: Goodwill impairments Allos, Tartex and HFS France IZICO: PP&E impairment Favory plant Deurne

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Net debt

Target financial policy: to maintain net debt structurally below 2.5x EBITDA

Financial overview 2012

0

1

2

3

4

5

2008 2009 2010 2011 20120

50

100

150

200

250

2008 2009 2010 2011 2012

1.7x

€54.9

In € mln

Management letter

• Framework of Internal Control (FIC):

– The roll-out and implementation of FIC has matured further

– Timely completion and quality of self assessments can be further improved

• Actions taken:

• More dynamic testing throughout the year by IAD

• Improve user friendliness of automated tool (GMRT)

• IT environment and automated controls:

– A number of Segregation Of Duty conflicts exist in the IT environment, partly due to size of the

operating companies

– Further remediation during 2013 are planned when economic viable, otherwise continued reliance

on compensating controls

• Internal controls at smaller Operating Units

– Adequate financial controls at smaller units remains attention point – not material at Wessanen

level

– Deloitte scope increased on request of CFO during 2012 and FIC reviews by IAD planned for 2013

Grocery

Focus on brand growth

+4.6%

Breakfast Cereals

DairyAlternative

Tea

Bread Biscuit

Replacer

Sweet inbetween

VeggieMeals&Spreads

Strong autonomous sales growth

Six out of

eight

core

categories

growing2011 2012

Strong growth driven by

• Brand support (TV/360°)

• In-store & consumer activation

• Innovation

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• First TV commercials since 2007

• A challenger to all conventional food brands

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• 11% growth in the UK

• Integration in UK on plan

• Roll-out Europe

- France: Q1

- Netherlands: Q2

- Germany: Q3

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Health Food Stores(HFS)

• HFS showing a disappointing performance in all three businesses

– Various issues addresses as part of ‘Wessanen 2015’

• France impacted by changing health food stores landscape

– Rise of chains at expense independent stores

– Lower sales, especially in wholesale and at fresh

• Benelux impacted by lost customers and weak performance at Fresh

– Existing Natuurwinkel and independent stores growing

• Germany impacted by weak brand performance Allos and declining revenues at Reformhaus channel (Tartex)

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New positioning and

Communication

New range from

March 2013

IZICO

• Full ownership acquired of Favory Convenience Food Group

– Paved the way for creation one integrated company

• New management team in place

• New name IZICO

– easy (IZI), go (CO), ice (IZ) and company (CO)

• Milestone plan being executed for full alignment and process integration Beckers Benelux and Favory

– Combining both headquarters in Breda

– Integration marketing, sales, operations, finance and HR

– Favory Deurne plant closed as of the end of March

American Beverage Corporation (ABC)

Daily’s defending its strong position via innovation,communication and brand activation

Little Hug •Extending its flavour range•Introducing drinks with 75% less sugar

Closing remarks

• 2012 was a turbulent year for the global economy and the Eurozone in particular

– Organic food markets continue to trend positively nevertheless

• We have made clear progress in numerous areas, however not all initiatives have resulted in the desired outcome

• We have initiated a comprehensive transformation programme to become more profitable

– More consumer & customer-led European integrated company

– More focused and agile, less complex and more efficient

• Wessanen has a great future ahead of it with authentic brand and strong market positions

• 2013 will be another challenging year: “Store is open while we are renovating and innovating”

• The seamless effort of our people to contribute to healthier and happier life for consumers makes Wessanen a unique company

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