Royal Wessanen nv

Q3 2012

Amsterdam, 25 October 2012

www.wessanen.com @RoyalWessanen

Revenue and EBIT split Q3>80% revenue in our organic activities

19%

47%

34%

2

GroceryRevenue €65.8 mlnEBIT €5.7 mln

Frozen FoodsRevenue €26.6 mlnEBIT €0.4 mln

HFS (Health Food Stores)Revenue €48.0 mlnEBIT €(0.3) mln

Non-allocated & eliminationsRevenue €(1.9) mlnEBIT €(2.5) mln

9mon 2012

35%

46%

19%

Q3 performance

• Organic food market continues to trend favourably– Growth potential significant and sustainable– Increasing number of consumers appreciating rich taste; healthy nature; and

sustainable production methods– Increased availability and still (too) low per capita consumption

• We also see reduced consumer confidence and related reduction of spending– Result of subdued European economies

• Assessment of structure and cost base well under way– Conclusions to be shared late November– Aim to reduce complexity, streamline processes and improve speed to market

and decision making – As a result substantial costs savings are to be achieved

3

Q3 2012 performance (cont’d)

• Grocery continues to show healthy performance, growing volumes, sales and

operating profits – Addressing issues such as i) stop distributing Italian grocery brands and ii)

reviewing go-to-market approach Germany– Healthy autonomous growth, increased operating result– Our brands (e.g. Bjorg, Clipper, Whole Earth) performing well

• Developments disappointing at health food stores (HFS) – Also first positive signs such as

• Development German brands• New customer wins in France• Positive like-for-like sales Dutch formula stores and independent stores

4

Q3 performance (cont’d)

• At Frozen Foods, both operations combined under single management– Objective to realise further strategic alignment, corporation and process

integration– Performance in line with previous quarters

• Discontinued operations (ABC)– Divesting progressing as planned, signing targeted for the current fourth

quarter – Ready-to-Drink cocktail market continued to grow driven by frozen pouches– Y-on-y comparison distorted due to last year’s allocation

5

Q3 2012 key figures

In € mln Q3 2012 Q3 2011

Revenue ¹ 138.5 136.6

Autonomous growth (0.2)%

Gross contribution ¹ 54.6 52.8

As % of revenue 39.4% 38.7%

Normalised EBIT ¹ 3.3 1.0

As % of revenue 2.4% 0.7%

EBIT ¹ 3.0 (0.8)

Result discontinued operations (net of tax) 2.3 10.1 ²

Net result 3.7 8.1

Earnings per share (EPS) 0.05 0.11

6

¹ Continuing operations² Includes €4.7 mln of deferred tax assets and net reversal impairment losses of €0.8 million.

Q3 revenue

33%

48%

19%

Grocery HFS Frozen Foods

Cash flow Q3

7

In € mln

4.2(8.9)

Sources

(3.9)

Uses

(7.9) Decrease

of net debt (**)

Discontinued operations

Increase working capital (*)

Net Investments (*)

12.6

Cash flow from

earnings (*)

(0.6) Derivatives and FX

4.2 (4.4)

Closing remarks

Macro economy• Organic food market continues to trend favourably• Reduced consumer confidence and related reduction of spending

Q3 results• Grocery continues to grow volumes, sales and operating profits • HFS developments disappointing, although first positive developments visible

Own actions• Non-core activities

– At Frozen Foods new single management– Divestment ABC progressing

• Core activities– Addressing several issues such as

• French distribution and Italian grocery activities– Assessment of structure and cost base well under way

8

Royal Wessanen nv

To make our organic brands most desired in Europe

Strategic priorities 2012-14

Strategic focus Activities

Topline growth • Grow core brands

• Grow core categories

• Build strongholds in new markets

• Country specific growth strategies

• Launch fewer, bigger, better innovations

• Execute acquisitions shortlist

Profitability

improvement

• Central sourcing savings

• Pricing strategies towards customers

• Improve operational excellence with SAP

• Filling own factories

Enablers • Improve talent performance management / building connected

leadership

• Simplify how we are conducting business

• Activate Organic Expertise Centre (OEC), integrate Quality

10

Q3 figures per segment

In € mln Revenue Normalised EBIT

Q3 12 Q3 11 Q3 12 Q3 11

Grocery 65.8 57.5 5.7 3.8

HFS (Health Food Stores) 48.0 54.7 (0.3) (0.5)

Frozen Foods 26.6 27.3 0.4 0.2

Non-allocated * (1.9) (2.9) (2.5) (2.5)

Wessanen 138.5 136.6 3.3 1.0

11* Eliminations for inter-segment revenue (between Grocery and HFS)

Revenue breakdown per segment

48,054,7

12

138,5136,6

(4.2)%

HFS

Autonomous third party revenue growth

65,8

57,5

4.4%

Grocery

Autonomous third party revenue growth

26,627,3

(2.5)%

Frozen Foods

Autonomous third party revenue growth

(0.2)%

Royal Wessanen

Autonomous third party revenue growth

Bridge - revenue growth

120

130

140

150

Q3 11 Volume Price/ mix Currency Acq&div. Q3 12

13

1.5%

In € mln

(1.9)% 1.7% 0.8% 1.0%

€136.6 €2.3€(2.6) €1.0 €138.5€1.2

14

120

130

140

150

Q3 11 Grocery HFS Frozen Foods Intersegment Q3 12

Bridge - segment revenue growth

€138.5

In € mln

€(6.7)€8.3

€1.0€(0.7)€136.6

Bridge - EBITE development y-on-y

0

2

4

6

Q3 11 Grocery HFS Frozen Foods Corporate Q3 12

15

In € mln

€1.0 €3.3€1.9 €0.2 -€0.2

Financials Q3 / guidance 2012

Financials Q3

• Net financing costs €(0.9) mln Q3 2011: €(1.0) mln

• Income tax expenses €(0.7) mln Q3 2011: €(0.2) mln

• Capex €(1.4) mln Q3 2011: €(2.5) mln

Guidance FY2012

• Net financing costs €(3-4) mln

• Effective tax rate around 35%

• Capex €6-8 mln

• Depreciation and amortisation €10-11 mln

• Non-allocated expenses (incl. corporate) €11-12 mln

16

-40

-20

0

20

40

Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 17

Working capital

0

20

40

60

80

Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12

17

4 quarter average working capital

q-on-q movement working capital

Cont. operations ABC

Net debt and leverage ratio

0

75

150

Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

0

2

4

Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

18

Net debt

Leverage ratio

€57 mln

2.0x

In € mln

A very sound financial position

In € mln Sept 12 Dec 11

Assets

Property, plant and equipment 55.1 86.4

Intangible assets 106.8 90.6

Investment associates/other 0.5 1.0

Deferred tax assets 6.8 8.8

Non-current assets 169.2 186.8

Inventories 60.7 67.5

Income tax receivables 0.7 2.2

Trade receivables 77.4 78.9

Other receivables / prepayments 14.8 24.4

Cash (equivalents) 13.9 8.2

Assets classified as held for sale 58.8 -

Current assets 226.3 181.2

TOTAL ASSETS 395.5 368.019

In € mln Sept 12 Dec11

Liabilities

Total equity 164.9 166.1

Interest-bearing loans 64.7 37.4

Employee benefits 23.7 24.0

Provisions / Deferred tax liabilities 6.4 3.9

Non-current liabilities 94.8 65.3

Bank overdrafts / current debt 5.7 3.0

Provisions 2.1 3.3

Income tax payables 2.2 0.5

Trade payables 64.6 70.5

Non-trade payables&accrued expenses 50.3 59.3

Liabilities classified as held for sale 10.9 -

Current liabilities 135.8 136.6

TOTAL EQUITY & LIABILITIES 395.5 368.0

Appendix - Sustainability

20

Attractiveness organic food markets

European organic food an attractive, growing segment– Size €21 bn; 2011 growth around 6%– <3% of total European food market

Increasing consumer appreciation

Still low per capita consumption

– European Union <€30> p.a.

Consumers increasingly convinced of benefits of organic foodregarding health, taste and environment

Grocery and HFS channels developing at different growth path– Decline percentage of households shopping in HFS channel in

the Netherlands halted

21

What is organic?!

Strict criteria to be allowed to be labelled organicDemonstrably free from GMO, pesticides and growth hormonesStrict rules on animal welfareSevere restrictions on fertilisers, herbicides and pesticidesSevere restrictions on additives and processing aids

All about being produced and processed in line with organic principles

Organic products promote health and well-being

Holding benefits for the planet and for future generations

All about nutrition and taste !

Organic food is controlled by a unique European certification system

22

“Sustainability is an essential and

natural part of our daily work.”

Wessanen Business principles

• Compliance with laws: being a responsible partner in society, acting with integrity towards all stakeholders and others who can be affected by our activities

• Environment: in line with commitment to sustainable development, we will do all that is reasonable and practicable to minimise adverse effects on the environment

• Product safety: we aim at all times to supply safe products and services

• Free market competition: we support free market competition as basis of conducting business; we observe applicable competition laws and regulations

• Child, bonded and forced labour: under no circumstances we are making use of forced or bonded labour; we do not employ children in violation of relevant conventions of ILO

• Human rights: we support and respect human rights and strive to ensure that our activities do not make it an accessory to infringements of human rights

23We expect suppliers and business partners to comply with the above principles

Commitment to minimise environmental impact

• Committed to minimising impact on environment by measuring and monitoring the effects of our operations

• All our organic products are free of GMO

• We are working on reducing our CO2 footprint and usage of water

• Additionally, organic products do not use pesticides, therefore contributing to a decrease

• ISO 14001 is an internationally recognised standard for embedding processes to analyse and reduce our impact on the environment

24

Additional information at www.wessanen.com for

sustainability, such as

GRI G3 table | Performance fact sheet

Wessanen’s supply chain

25

Palm oil - member RSPO

• Palm oil is important, versatile raw material for food

– Only be cultivated in tropical areas of Asia, Africa and South America

– Concerns that demand causing expansion of plantations into eco-sensitive areas

• Since March 2011 Member of Roundtable on Sustainable Palm Oil (RSPO)

– Global multi-stakeholder initiative

– Encouraging sustainable production/use palm oil

– Wessanen commits to organisation’s objectives

• In 2011, we developed policy to govern palm oil sourcing and guidelines for implementation in

partnership with our suppliers

• Committed to switching palm oil to RSPO certified sustainable palm oil during 2012-13

– RSPO certified segregated palm oil for organic

– GREEN PALM certificates for conventional

26

Organic Expertise Centre (OEC)

• We established our internal expertise - named OEC - in 2010 To stimulate exchange of knowledge / experience that is widely available

within Wessanen To educate and inspire our internal / external stakeholders in organic values

• Specialists join forces and work on pan-European issues

• To legitimise our position in organic world by championing the organic case

• Focal areas will be: Training (incl. training package for newcomers) and founding Organic Academy Knowledge building by teaming up with external researchers and experts Lobbying to promote organic food Communication for more general awareness / knowledge of organic food

27

Employee engagement• 2012 Leadership development programme

Top-65 Focus on strategy execution, connected leadership

• Employee turnover is key focus area

• Competency model deployed Defines behaviour expectations for all employees Translates ambitions/values into behaviour conventions

and skills

0

40

80

120

2009 2010 2011

Injury severity rate

0%

25%

50%

75%

100%

Executives Managers Associates

Men Women28

0

2

4

6

8

2009 2010 2011

Injury frequency rate