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Q4 & FY 2014

results Amsterdam, 20 February 2015

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Wessanen Today

2014 results

Vision & Strategy

Our 2015 priorities

Christophe Barnouin (CEO)

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Food that’s good for people and planet

What we care about

Michel Granger

What we need to eat to be healthy The environmental impact of food

Our focus

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Market growth rates in

organic food have

consistently been high single

digits figures over time and

across countries

Other strong growth drivers

are vegetarian and free from.

We are building a European Champion in Healthy & Sustainable Food

Our Vision

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We believe that what’s good for us

can also be good for the planet and

vice versa.

A virtuous rather than a vicious

cycle

That’s why our sustainability

strategy has four pillars

Our mission

ORGANIC FAIRTRADE VEGETARIAN NUTRITION

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A house of strong brands

We have many leading brands

and pioneers of the European

organic market: – Bjorg: market leader organic in France

– Bonneterre: market leader HFS in France

– Alter Eco: market leader fair trade in France

– Zonnatura: Dutch market leader organic

– Clipper: market leader organic/fair trade in

the UK

– Allos: No.2 organic brand in German HFS

– Isola Bio: market leader organic dairy

alternatives in Italy

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Focus on core categories

While we cover a broad range of

organic products under most of

our brands, we have chosen a

clear category focus

Our core categories are:

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Grow core brands

Acquire selectively

Green & Entrepre

-neurial

Culture

Upgrade operations

Divest

non-Core

Wessanen Strategy

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A year of strong progress

2014 results

Q4 14 Q4 13 FY 14 FY 13

Revenue 108.2 101.9 433.5 407.3

Autonomous revenue growth 5.2% 3.4%

EBITE 1.3 2.3 23.6 19.5

Result from continuing operations (1.0) (1.9) 20.6 13.2

Result from discontinued operations (5.4) (5.8) 33.9 (1.5)

Result for the period (6.4) (7.7) 45.3 (0.1)

Dividend per share 0.10 0.05

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Grow core brands

Acquire selectively

Green & Entrepre

-neurial

Culture

Upgrade operations

Divest

non-Core

In 2014, we have made good progress on the execution

of our strategy

(nearly) completed

1 deal closed,

active list

Early results Plans in place, early

internal / external signals

Profitable take-off

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Growing markets with existing solid positions to grow

– Market growth mid-single digit for sustainable food

Activate innovations on our 6 core categories

Focus on core brands: number 1 or 2 brands

– Our core brands growing close to 7%

Increase our marketing investments

– Our spending was up as we will in 2015 (in € and as % of revenue)

What we planned for and what we did

Grow our core brands

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Almost 7% grow in 2014

Our core brands are performing well

¹

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Winning innovations 2014

Dairy alternatives

Sweets in between

Bread replacers

Breakfast cereals

Multi country

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Winning innovations 2014

Hot drinks

Sweet spreads

Veggie

Multi country

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Excellent data management (SAP)

Integrating manufacturing, supply chain and

central sourcing

Supply chain projects (logistics)

Reduction non-quality costs through S&OP

Bundle volumes with portfolio alignment &

SKU reduction program

INVENTORIES REDUCTION:

-10% in 2014

Upgrade our operations

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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

Green and entrepreneurial culture

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Sustainability is in our DNA

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Criteria

– Healthy and sustainable brands in Europe

– To expand our core categories

– Small to medium-sized companies

– Ensure synergies to increase operating margin

Clipper Teas (March 2012)

– Strengthening UK presence

– Pan-European roll-out Clipper

Alter Eco (June 2013)

– A leading fair-trade organic brand

– Strengthening our French grocery presence

Providing additional growth, building scale in our markets

Acquire selectively

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Acquired 8th of January

– Purchase price of €52 mln

Unique expertise dairy alternatives

Own R&D and production capabilities

Critical mass in Italy

– Isola Bio leading in Italian HFS

– Creating a new home market

2014 revenue: €41.4 mln, EBIT margin 13.5%

EV/EBITDA <7.5x

Major step in executing our strategy

Abafoods - European expert in organic vegetal drinks

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We execute our strategy

We will deliver profitable

growth

Our 2015 priorities

Grow core brands

Acquire selectively

Green & Entrepre

-neurial

Culture

Upgrade operations

Divest

non-Core

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Discontinued operations

ABC

Our financials

Ronald Merckx (CFO)

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2014 result¹ €33.9 mln (2013: €(1.5) mln)

€3.6 mln net result (2013: €(1.5) mln)

€(1.2) mln remeasurement loss related to Bio-Distrifrais

€31.5 mln after tax gain divestment Natudis and IZICO

Q4 result¹ €(5.4) mln

2013: €(5.8) million

Includes aforementioned remeasurement loss of €(1.2) mln

Natudis, IZICO and Bio-Distrifrais² divested successfully

Discontinued operations

¹ Net of income tax; ² Bio-Distrifrais divested per 2 January 2015

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Q4 traditionally a seasonally weak quarter

– Revenue €15.4 mln (Q4 13: €12.4 mln)

– EBITE €(2.6) mln (Q4 13: €(2.9) mln)

Full year 2014

– Revenue -7% to €94.0 mln, EBIT up to €4.9 mln

Little Hug continued to perform very well

– Growing its volume and market share

Daily’s impacted by weak RTD pouches market

– Market share up (new listings, increased shelf space)

Divestment process progressing

American Beverage Corporation (ABC)

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A year of strong progress

2014 financials

In € mln Q4 14 Q4 13 FY 14 FY 13

EBITE 1.3 2.3 23.6 19.5

- Branded 3.6 3.9 27.2 22.6

- Non-allocated (2.3) (1.6) (3.6) (3.1)

Q4 EBITE impacted by:

• Increased marketing spending vs Q4 last year

• €1.1 mln higher accruals for long-term incentive plans (due to Q4 share price appreciation)

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A year of strong progress

2014 financials (cont’d)

In € mln Q4 14 Q4 13 FY 14 FY 13

Exceptional items (2.3) (1.6) (3.0) (4.5)

• Restructuring warehouse infrastructure France. Alter Eco integration costs

Q4 14 Q4 13 FY 14 FY 13

Net financing costs 0.0 (0.3) (1.6) (1.8)

- Interest expenses (0.7) (1.3)

- Other financial expenses (0.9) (0.5)

Income tax expenses 0.0 0.6 (7.6) (10.0)

- Effective tax rate 40.1% 87.8%

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Net debt/(cash) development

-30

0

30

60

27.3

50.7

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in € mln

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Working capital down to €23

mln, 5.3% of revenue

– In 2013: €26 mln, 6.4% of

revenue

Return on Capital Employed

(RoCE) increased to 17.7%

– 2013: 10.3%

2013 2014

100

125

150

Average Capital Employed

Average capital employed / RoCE

10.3%

17.7%

in € mln

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Closing remarks

Christophe Barnouin (CEO)