Royal Wessanen nv

Kepler CM French investors field trip8 December 2011

Q3 2011 published: 27 Oct. 2011

2

3

Content

Highlights Q2 2011 4.

Markets 11.

Strategy 13.

Segment overview 19.

Grocery; HFS; Frozen Foods; ABC

Financial details 29.

Q2 performance

Cash flow; net debt; 2011 guidance

4

Q3 2011 highlights

Another quarter with progression

Autonomous revenue growth 8.0% Grocery up 7.5% and ABC 53.5%

Grocery continues to perform well showing growing sales and strengthening position of its brands

HFS working hard to implement multiple improvements Autonomous growth (7.1)%

Focus at Frozen Foods on both sales growth and managing operating costs. Innovations gaining traction

ABC showing a very strong performance this quarter Benefiting from strongly increased distribution of RTDs

5

Going forward

Strategy is clear, we are more focused, and in better shape

Different businesses response with different speed to strategic initiatives

Going forward, we are cautiously optimistic A strong team in place Execution of strategy is progressing

To deal with element of uncertainty Persistently subdued European economic environment Consumer confidence remains fragile

Firmly determined To improve performance step-by-step To further solidify our positions and brands

6

160

170

180

190

200

Q3 2010 Volume Price/ mix Tradingdays

Currency Divestments Q3 2011

Bridge - revenue growth

0.5%

In € mln

5.2%

2.8%

(0.8)%

(1.9)%

(4.8)%

8.0%

Autonomous revenue growth

Reportedrevenue growth

7

Q3/9M 2011 key figures

In € million Q3 2011 Q3 2010 9M 2011 9M 2010

Revenue ¹ 174.3 173.4 548.8 539.7

Autonomous growth 8.0% 3.5%

Normalised EBIT ¹ 6.2 1.6 25.0 18.9

As % of revenue 3.6% 0.9% 4.6% 3.5%

EBIT ¹ 5.4 1.6 20.9 17.4

Net result ² 8.1 1.0 18.0 2.8

Earnings per share (EPS) ² 0.11 0.01 0.24 0.04

Operating cash flow ¹ 4.2 9.2 0.9 12.9

¹ Continuing operations; ² Attributable to Wessanen equity holders

8

Q3 2011 financials

Normalised EBIT €6.2 mln, clear increase year-on-year Driven by strong performances at Grocery and ABC Increased margins and operational leverage

Reported EBIT of €5.4 mln Includes exceptionals of €(0.8) mln

Income taxes €3.8 mln positive Recognition of tax carry forward losses in US;

deferred tax asset of €4.7 mln at quarter-end

Operating cash flow €4.2 mln Negative impact of €9.2 mln due to discontinuation

factoring of debtors

Net debt fell to €35.9 mln Leverage ratio 0.9x (Q2 2011: 1.1x)

• Additional data available in appendix (e.g. on net debt / cash flow / exceptionals)

9

Cash flow Q3 2011

In € mln13.9 (10.7)

Derivatives and FX

0.5

Sources Uses

Discontinuation Factoring

France Grocery

Net I nvestments

4.9Decrease working capital

3.2Reduction of net debt

Cash flow from

earnings8.5

(1.5)

(9.2)

10

0

50

100

150

200

250

Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

0

1

2

3

4

5

Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Net debt

Leverage ratio

€35.9 mln

0.9x

Net debt and leverage ratioIn € mln

11

Organic food market is still attractive

Organic food engaged mainstream consumers

Penetration 70% consumption per capita low

Mainstream consumer willing to pay price premium (~20%)

Consumers seek clear consumer benefits from organic

Organic food industry dynamics become similar to

conventional ‘FMCG’ markets

Consumer price based on perceived value

and consumer benefits

Private label has become more a price reference point

‘Organic’ image builder for grocery

One single European certification

12

Organic food market review

European market growth modest in 2010, despite

Loyal group of traditional organic food customers, and

Ever growing group of mainstream consumers becoming engaged

Clear impact by economic downturn and low consumer confidence

Particularly HFS impacted, while grocery markets fared better

Total European organic market ± €19 bn in 2010 Historically, growth ± 10% up to 2008

Countries where we are active grew estimated 2% to € 14 billion

Part of growth attributable to catering and categories (fresh, meat) we are hardly involved in

Per capita consumption still low in the countries where we operate

Organic, on average, 2.6% of total spending on food/beverages

• 1.7% for UK; 3.3% for Germany and Italy

13

Our Vision

“To make our organic brands most desired in Europe”

14

Our Mission

“Our organic food, your natural choice”

15

Brands in

Grocery

Roadmap focused on 3 different business models

DescriptionDescription

Sourcing/developing, marketing and selling of own brands to grocery

• Including distribution to distribution centers and/or stores

Countries, Brands & EntitiesCountries, Brands & Entities

France: BjorgBenelux: Zonnatura, Biorganic, MerzaUK: Kallo, Whole EarthGermany: Whole Earth, Culinessa, BjorgItaly: Bjorg

Sourcing/developing, marketing and selling of own brands to HFS

• Via wholesaler in Germany• Direct to stores (France, NL)

France: Bonneterre, EvernatNL: Ekoland, De Rit, Fertilia

MolenaartjeGermany: Allos, Tartex, De Rit

Brands in HFS

Sourcing, category management, sales and distribution to HFS stores

• Focus on full range product portfolio and high share of products per store

France: Bonneterre, BiodistrifraisNL: Natudis, KroonBelgium: Hagor

Whole-sale

In HFS

BusinessBusiness

16

Financial Holding

Requiring strong central steering and different organisation and governance model

Strategic Architect

Strategic Orchestrator

Operator

Financial

Strategic guidelines

Strategic development

Operational

Stand-alone business

Shared skillsShared

business systems

Same business systems

Degree of Business Integration

Natu

re o

f C

orp

ora

te G

uid

an

ce

Wessanen in

transit

ion

Maximize value creation by

adapting governance model, decision rules and

effciency and effectiveness HQ support functions

17

European brand-platform-category map

Organic Nutrition– Dairy alternatives– Biscuits (nutrition)– Bread replacers– Cereals– Tea– Spreads (nutrition)

Organic Taste-Indulgence– Spreads– Biscuits– Cereals – Juices

Organic Taste-Cooking– Condiments– Bouillon, Stock & Gravies– Meal components – Ready meals

France

Grocery HFS

TBD TBD

TBD

Netherlands

Grocery HFS

Germany

Grocery HFS

UK

Grocery HFS

TBD TBD

Other Europe

Grocery HFS

TBD

Consumer Benefit Platform

Organic Basics– Multi categories TBD TBD TBD TBD TBD TBD TBD TBD

18

Strategic objectives 2011-2013

Top-line growth

Market share gains in core categories and brands

Add-on acquisitions

Improve EBIT-margins

Increase gross margins (central sourcing savings, richer product mix)

Manage non-core brands for cash

Increase capacity utilisation own factories

Reduce overhead costs

Grow our export business and aim to establish footprint in other

European countries

Improve operational performance / Establish cross-country organisation

Raise the overall talent bar / Increase people engagement

19

4.02.2 2.2

3.8

Q3 10 Q3 11

Wessanen Europe Grocery Revenue growth remained robust, growing by 5.3% to

€57.5 million

Continued focus on core brands, making further progress in areas such as brand activation, innovations and operational excellence

Bjorg continues to gain market share Zonnatura launched sizeable 360º activation

campaign * Focus on organic teas and its natural taste

Range of soy milks relaunched under Kallo brand* Diary alternatives European core category* 1 strong brand, therefore phased out So Good

Bjorg launched on German market* Its nutritional positioning complementary to indulgence of Whole Earth

Normalised EBIT up to €3.8 million Increased revenue and higher gross margin %

57.5

54.6

7.5%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

20

Grocery examples of activation

Yearly award magazine „Lebensmittel Praxis“Whole Earth Inka Taler (4 varieties)Criteria based on:Quality/Design/Distribution/Communication/Sustainability

Kallo soy launch activityDairy alternatives key categoryKallo core brand, phased out So Good

Bjorg commercialBased on success of Q2 airing, repeated in SeptemberResults: increased awareness, higher sales

21

Zonnatura 360°campagne

Radio campaign Week 43-45

Margriet Winterfair Week 46-47

TastingsIn-store tastings tea / barsIn week 44

In-store Retail promotions Week 43-47

Television Sponsoring GTST Week 43-44

Outdoor - busshelter Nationwide coverage Week 43-44

Site Consumer activation

Social mediaFree sampling From week 43

22

Rebuilding

23

-2.5

1.4 1.4

-0.5

Q3 10 Q3 11

Wessanen Europe HFS Revenue down 19.9%

Divestment TOL UK (12.2% impact)

Autonomous revenue (7.1)% >2% decline due to weak performance Kalisterra

• Divested as of 1 October

Brands performing satisfactorily Focus on brand activation and innovations Brands such as Allos, Bonneterre, De Rit

At wholesale activities working hard on implementing multiple improvements, several yet to translate in tangible results

Focus on operational excellence and expanding Dutch own format stores

54.768.3

(7.1)%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

24

HFS examples of activation

New GooodyFooods storeOpened early October in Zaandam4th store, new ones in the pipeline

Allos cookiesNew range of cookies launchedAvailable in German HFS stores

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1.1

0.2

Q3 10 Q3 11

Frozen Foods Autonomous revenue growth 0.8%

Branded up due to Belgian out-of-home, export Somewhat lower volumes at Dutch retail and

out-of-home Private label about stable

EBIT decreased to €0.2 million Increased raw material prices Marketing spending in line with last year

In October, Bicky Double Chicken burger introduced in Belgian out-of-home

Further extension of Bicky range Supported by TV commercials and online

27.327.1

0.8%

EBIT (in € mln)

Revenue (in € mln)

Autonomous revenue growth

Reported

26

Frozen Food examples of activation

Bicky Double Chicken burgerIntroduced in October in Belgian out-of-homeFurther extension Bicky rangeNewly designed carton boxSupported by TV commercials and online campaign

Online campaign in Flanders (Dutch) and Wallonia (French)

27

-0.7

6.2

-0.7

5.2

Q3 10 Q3 11

American Beverage Corporation Very strong Q3, driven by success Daily’s RTD pouches

Development right packaging concepts Change distribution strategy to serve grocery

chains Consistent execution Attractive price-value positioning

Daily’s bag-in-a-box and premixes doing well either

Little Hug stable sales Continued competitive activity Active pruning/de-emphasising lower margin

products 20-count doing well / new packaging Revitalisation continues

2011: EBIT of US$10-12 mln, excluding impairment reversal and any non-recurring items

2012: further revenue and earnings growth

37.7

26.5

53.5%

EBIT (in € mln)

Revenue (in € mln)

Autonomous revenue growth

Reported, Normalised

28

ABC examples of activation

29

20.9

17.4

25.0

18.9

9M 10 9M 11

Q3 performance

548.8539.7

3.5%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

1.6

5.4

1.6

6.2

Q3 10 Q3 11

174.3173.4

8.0%

EBIT (in € mln)

Revenue (in € mln)

Reported, Normalised

Autonomous third party revenue growth

9M performance

30

15%

21% 33%

31%

WE GroceryRevenue €57.5 mlnNormalised EBIT €3.8 mln

Revenue Q3 2011 €174.3 mln

Frozen FoodsRevenue €27.3 mlnNormalised EBIT €0.2 mln

WE HFSRevenue €54.7 mlnNormalised EBIT €(0.5) mln

ABCRevenue €37.7 mlnNormalised EBIT €5.2 mln

Non-allocated & eliminations Revenue €(2.9) mlnNormalised EBIT €(2.5) mln

31

15%

17%33%

35%

WE GroceryRevenue €185.2 mlnNormalised EBIT €16.2 mln

Revenue 9M 2011 €548.8 mln

Frozen FoodsRevenue €84.0 mlnNormalised EBIT €2.1 mln

WE HFSRevenue €194.2 mlnNormalised EBIT €3.8 mln

ABCRevenue €94.6 mlnNormalised EBIT €10.4 mln

Non-allocated & eliminations Revenue €(9.2) mlnNormalised EBIT €(7.5) mln

32

160

165

170

175

180

Q3 2010 Grocery HFS FrozenFoods

ABC I nter-segment

eliminations

Q3 2011

Bridge - revenue

€174.3

€173.4

In € mln

€2.9 €(13.6)

€0.2

€11.2 €0.2

33

0

2

4

6

8

10

Q3 2010 Grocery HFS FrozenFoods

ABC Corporateentities

Q3 2011

Bridge - normalised EBIT

In € mln

€1.6

€6.2

€1.6 €(1.9)

€(0.9)

€5.9

€(0.1)

34

EBIT - from normalised to reported

Q3 2011 Q3 2010

Normalised EBIT 6.2 1.6

Grocery Release restructuring provisions 0.2 -

HFS Mainly exchange loss deferred in equity (2.0) -

ABC Minor asset adjustments 0.2 -

ABC Net reversal impairment losses 0.8 -

EBIT 5.4 1.6

35

Financial guidance 2011 Net financing costs €3-4 mln

2010: €(8.3) mln; 2009: €(19.9) mln

Effective tax rate around 25-30% Excluding recognition of deferred tax assets regarding

tax carry forward losses 2010 impacted by country mix and non-deductible impairments,

partly compensated by recognition tax losses

Depreciation and amortisation (excl. impairments) about €14 mln 2010: €(14) mln

Capex about €10-11 mln 2010: €11.5 mln

Non-allocated expenses (incl. corporate) around €10 mln 2010: €(12.3) mln (normalised €(10.2) mln)

Royal Wessanen nv