Wessanen agm 16 april 2013 en final
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Wessanen agm 16 april 2013 en final

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Wessanen agm 16 april 2013 en final Wessanen agm 16 april 2013 en final Presentation Transcript

  • Royal Wessanen nvAnnual General Meeting of Shareholders Amsterdam, 16 April 2013 2012: Organic is our choice
  • Portfolio approach → focus on organic food Focus and investment into core brands & categories in organic in Europe 2009 2012 Grocery HFS €1585m IZICO €711m ABC Others 2
  • Focus on Organic makes sense ! 5-1- 5-10% consistent growth per annum Spend per capita could more than double in core countries 3
  • Nutrition and food issues Transparency ORGANICSustainability Weight and obesity 4
  • Our vision is to build the most desired brandsin Europe in our focus area Healthy Ethical nutrition sustainable Functional Authentic food taste 5
  • Strategic objectives A more integrated consumer and customer driven organisation, being focussed, less complex, more efficient and integrated Sales growth Sales growth Profitabilty Profitabilty Enablers Enablers improvement improvement • Grow core brands • Central sourcing savings • Improve talent performance • Grow core categories • Pricing strategies towards management / building • Build strongholds in new markets customers connected leadership • Country specific growth strategies • Improve operational excellence • Simplify how we are conducting • Launch fewer, bigger, better with SAP business innovations • Filling own factories • Activate Organic Expertise Centre • Execute acquisitions shortlist (OEC), integrate Quality Wessanen 2015 6
  • Transformation programme ‘Wessanen 2015’ 1. Create more focus on our activities • 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 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 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) • 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
  • Financial results 2012 8
  • Key figures 2012In € mln 2012 2011Revenue 710.8 706.0Autonomous growth (in %) 0.7%Gross contribution 270.5 263.6In % of revenue 38.1% 37.3%Operating result (EBIT) (45.8) (19.0)Net result (Wessanen equity holders) (53.2) (17.1)Shareholders’ equity 101.6 163.2Net result per share (in €) (0.70) (0.23)Dividend per share (in €) 0.05 0.08Shareholders’ equity per share (in €) 1.34 2.16 9
  • 2012 figures per segment Revenue Normalised EBIT 2012 2011 2012 2011Grocery 272.8 243.9 22.0 18.0HFS (Health Food Stores) 204.8 247.5 - 5.0IZICO 112.5 113.1 1.8 2.3ABC 128.6 112.6 6.3 9.9Non-allocated * (7.9) (11.1) (11.3) (11.5)Wessanen 710.8 706.0 18.8 23.7 * Eliminations before inter-segment revenue (Grocery and HFS) 10
  • EBIT - from reported to normalised In € mln 2012 2011 2012 Impairments ExceptionalsEBIT (45.8) (19.0) Grocery (15.8) (4.7)Impairments (46.8) (39.6) HFS (23.9) (6.5)EBIT bef. impairments 1.0 20.6 IZICO (7.0) (6.2)Exceptionals (17.8) (3.1) ABC (0.1) 0.1Normalised EBIT 18.8 23.7 Non-allocated - (0.5) Grocery: Goodwill impairment Kallo HFS: Goodwill impairments Allos, Tartex and HFS France IZICO: PP&E impairment Favory plant Deurne 11
  • Financial overview 2012In € mln 250 5 Net debt 4 200 150 3 1.7x 100 2 €54.9 50 1 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012  Target financial policy: to maintain net debt structurally below 2.5x EBITDA 12
  • 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 Strong autonomous sales growth Breakfast Cereals +4.6% Six out of Dairy Alternative eight core categories Tea 2011 2012 growing Bread Biscuit Replacer Focus on brand growth Sweet in between Veggie Meals& Spreads
  • Strong growth driven by• Brand support (TV/360°)• In-store & consumer activation• Innovation 15
  • • First TV commercials since 2007• A challenger to all conventional food brands
  • • 11% growth in the UK• Integration in UK on plan• Roll-out Europe - France: Q1 - Netherlands: Q2 - Germany: Q3 17
  • 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) 18
  •  New positioning and Communication New range from March 2013 19
  • 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) Little Hug •Extending its flavour range •Introducing drinks with 75% less sugar Daily’s defending its strong position via innovation, communication and brand activation
  • 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 22