Q3 2014 results

Analyst. investor & media call 24 October 2014

Our vision: We are building a European champion in healthy and sustainable food

ORGANIC FAIRTRADE VEGETARIAN NUTRITION

HEALTHY AND SUSTAINABLE FOOD

5 Sources of value creation

Grow core brands

Acquire selectively

Green & Entrepren

eurialCulture

Upgrade operations

Divest non-Core

Q3 / 9m key figures

In € mln Q3 2014 Q3 2013 9m 2014 9m 2013

Revenue 106.4 98.6 325.3 305.4

Autonomous growth 6.7% 3.3%

Normalised EBIT 4.9 3.8 22.3 17.2

as % of revenue 4.6% 3.9% 6.9% 5.6%

EBIT 4.9 3.6 21.6 15.4

Profit from continuing operations 2.9 (1.6) 12.4 3.3

Profit/(loss) from discontinued operations 2.8 5.3 39.3 4.3

Profit for the period 5.7 3.7 51.7 7.6

Earnings per share 0.07 0.05 0.68 0.10

Grow own brands

Demand for healthy and sustainable food continues to rise

Core brands performed well

Six brands growing double-digit

On the back of new product launches and increased distribution

A&P investments increased in the quarter

TV commercials for Bjorg, Alter Eco, Zonnatura

In store and online activation

Grow core brands

Acquire selectively

Green & Entrepren

eurialCulture

Upgrade operations

Divest non-Core

Dairy alternatives

Multi country

Sweets in between

Bread replacers

Breakfast cereals

Key innovations H2 2014

Key innovations H2 2014

Hot drinks

Savoury spreads

Sweet spreads

Cold drinks & juices

Multi country

Zonnatura - What happened to our food?Zonnatura wants consumers to wonder about what happened with their food

10 new TV commercials being aired, each having its own topic

Hosted symposium for 30 food bloggers and journalists

Launch of 30 new products in Q3

Most are based on products already successful in our other markets

Growth of distribution at grocery (e.g. Albert Heijn, Jumbo, Superunie) and drug stores (e.g. Etos)

Including 3 kinds of sugar and artificial added fibres

Upgrade operations

Excellent data management (SAP)

New operations director started as of September

Integrating manufacturing, supply chain & central sourcing

Supply chain projects (logistics)

Reduction non-quality costs through sales and operational planning (S&OP)

Increase filling rate of factories; run on-going productivity projects

Bundle volumes with portfolio alignment & SKU reduction program

Grow Core brands

Acquire selectively

Green & Entrepren

eurialCulture

Upgrade operations

Divest Non-Core

Green & entrepreneurial culture

Top Teams: excellence in execution and expert in sustainable food

Run business as one business (as long as it creates value), otherwise local

On-going assessment of operating costs to re-invest in business

Make Wessanen a ‘green place’ to work

Conducting a qualitative assessment through stakeholder dialogue to define material sustainability topics

Grow Core brands

Acquire selectively

Green & Entrepren

eurialCulture

Upgrade operations

Divest Non-Core

ABC - business review

Classified as discontinued operations as of 30 September

We have commenced a divestment process

Grow Core brands

Acquire selectively

Green & Entrepren

eurialCulture

Upgrade operations

Divest Non-Core

In US$ mln Q3 14 Q3 13 9m 14 9m 13

Revenue 32.6 37.9 105.9 117.2

Normalised EBIT 3.1 (2.7) 10.2 (4.2)

as % of revenue 9.5% (7.1)% 9.6% (3.6)%

Closing remarksExecute strategy to transform into focused European player in healthy & sustainable food

EBITE to increase in 2014; increase in EBITE Branded in H2 (after increase in H1 as well)

Core brands growing profitable

On the back of new products launches and increased distribution

Increased spending on marketing in the quarter

Divestment process ABC initiated, last non-core operation

A unique contribution to sustainability

A sound financial position

Restated figures - 2013 and Q1/Q3 2014Wessanen (in € mln) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14

Revenue 101.8 105.0 98.6 101.9 407.3 109.9 109.0 106.4

EBITE 8.1 5.3 3.8 2.3 19.5 9.2 8.2 4.9 Exceptional items

(0.4) (1.2) (0.2) (4.5) (6.3) (0.1) (0.6) -

EBIT 7.7 4.1 3.6 (2.2) 13.2 9.1 7.6 4.9

Branded (in € mln) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14

EBITE 8.9 5.6 4.2 3.9 22.6 10.0 8.1 5.5 Exceptional items (0.4) (1.2) - (4.7) (6.3) (0.1) - -

EBIT 8.5 4.4 4.2 (0.8) 16.3 9.9 8.1 5.5

Non-allocated (in € mln) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14

EBITE (0.8) (0.3) (0.4) (1.6) (3.1) (0.8) 0.1 (0.6) Exceptional items - - (0.2) 0.2 - - (0.6) -

EBIT (0.8) (0.3) (0.6) (1.4) (3.1) (0.8) (0.5) (0.6)

Q3 13 Q3 1495

100

105

110Q3 revenue

Branded - key figures

EBIT contributors

Gross margin (%)

Operating costs

Marketing spending

Q3 13 Q3 140

2

4

6Q3 EBITE

Volume Price/mix Acquisitions Currency Reported0%

2%

4%

6%

8%

10%Q3 revenue growth

3.5%

+8.2%

Volume Price/mix Underlying0%

2%

4%

6%

8%

10%

Q3 underlying autonomous revenue growth

2.5% 1.5%n.a.

3.9% 4.6%

8.2%

4.2%

€ mln

€ mln

2.5%

5.8%

8.3%

A very sound financial position

In € mln Sept 14 Jun 14 Dec 13

Non-current assets 91.5 116.6 118.0

Current assets 207.8 174.6 219.7

Total assets 299.3 291.2 337.7

In € mln Sept 14 Jun 14 Dec 13

Total equity 159.8 149.6 105.4

Non-current liabilities 11.5 11.8 72.5

Current liabilities 128.0 129.8 159.8

Total equity & liabilities 299.3 291.2 337.7

-25

0

25

50

75

100

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Net debt

-1

0

1

2

3

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Leverage ratio

(21.3)(0.6)x

In € mln

Q3 / 9m financials

Tax expensesQ3: €(1.6) mln Q3 13: €(4.6) mln9m: €(7.6) mln 9m 13: €(10.6) mln

In Q2 €(0.5) mln net addition to provision for uncertain tax positions

Net financing costsQ3: €(0.4) mln Q3 13: €(0.6) mln9m: €(1.6) mln 9m 13: €(1.5) mln

Financial guidance 2014 (continuing operations only)

FY 2014 EBITE

EBITE at Branded is expected to increase in H2 2014 versus H2 2013

EBITE Non-allocated (corporate) expenses of around €(2-3) million

Financial items

Net financing costs around €(2) mln

Tax rate around 38%

Includes net addition for uncertain tax positions of €(0.5) mln in Q2

Capital expenditures €4-5 mln

Depreciation and amortisation €6-7 mln

Wessanen overview

TSR peer group

Bonduelle Lotus Bakeries

Bongrain Nutreco

Corbion Premier Foods

Ebro Foods Sligro

Fleury Michon Wessanen

7.3%3.8%

Executive Board

CEO Christophe Barnouin (1968)

CFO Ronald Merckx (1967)

Shares 2013

Avg. # of shares 75.7 mln

EPS €0.00

Dividend €0.05

Pay-out ratio 42%

Ratios 2013

EBITE (in%) 2.6%

RoCE (in %) 7.0%

Leverage ratio 1.6 x

Debt to equity 48%

Capex to revenue 1.0%

Royal Wessanen

1765 Incorporated

1913 Royal warrant granted

1959 Listed at Euronext

Corporate Communications & Investor Relations

Carl Hoyer

+31 20 3122 140 +31 6 123 556 58

Carl.hoyer@wessanen.com

www.wessanen.com Twitter: @royalwessanen

Valuation

Market cap €360 mln (23 Oct)

Net cash €21.3 mln (30 Sep)

Calendar 2015

Fri 20 February Q4 / FY results

Fri 27 February Publication Annual Report (online)

Thu 16 April Annual General meeting of Shareholders (AGM)

Fri 24 April Q1 trading update

Fri 24 July Q2/H1 report

Fri 23 October Q3 trading update