Q2 2011 presentation for analysts and investors, used on raodshows

1. Royal Wessanen nv
Q2 2011
Amsterdam, 27 July 2011

2. Royal Wessanen - who we are
 A long and rich history as a food company
 Incorporated in 1765; Royal since 1913; listed on Euronext since 1959
 Headquartered in Amsterdam
 Operations in the Benelux, France, Germany, UK, Italy, USA
 Over 2,200 employees Revenue split 2010
€712mln
 A leading player in the major organic food markets in Europe
 Vision: ‘To make our brands most desired in Europe’ 13%
32%
 Frozen Foods: leading frozen snacks producer/marketer in Benelux 16%
 ABC: leading producer fruit drinks/cocktail mixers in USA 39%
WE Grocery WE HFS Frozen Foods ABC
2

3. Piet Hein Merckens (CEO)
Review Q2 performance
3

4. Q2 2011 highlights
 Wessanen fitter and more focused
 Q2 results reconfirmation of continuous progress we are making
 Revenue +1.1%, autonomous growth +2.3%
 Volume 1.0%, Price/mix 1.3%
 Normalised EBIT €11.8 mln, up 8.3%
 Successful renegotiation and extension of €100 million credit
facility at more favourable terms
 Divestment Tree of Life UK and Kalisterra (per 1 October)
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5. Q2 2011 highlights
 Strategy is clear, we are more focused, and in better shape,
although we have to improve in multiple areas
 Despite subdues economic growth, awareness and appreciation for
organic food continue to grow
 Grocery continues to grow
 Focus on core brands, innovations, brand activation, more
consistent execution
 HFS wholesale challenging quarter, while branded performed
satisfactorily
 Numerous initiatives undertaken to address issues
 We expect result to improve gradually
 Increasingly implementing one consistent way of working
 Areas such as brand activation, innovation, central sourcing,
operational excellence and ICT
 ABC performed strongly in Q2, expected to continue based on
current momentum and plans in place
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6. Wessanen Europe Grocery
 Continued focus on core brands, making further progress Revenue (in € mln)
 Revenue up 7.2% 5.1%
 Autonomous growth 5.1%
 Volume 4.4%; Price/mix 0.7%
65.9
 France: Bjorg continues to grow and gain market share 61.1
First nationwide TV commercial aired in May-June
 Benelux sales up, driven by Biorganic, Merza and Dr
Schär. Zonnatura to relauch its tea range in August
♦ Autonomous third party revenue growth
 In Germany, Whole Earth and Culinessa further gaining EBIT (in € mln)
distribution
 In UK, revenue about stable, impacted by focus on
‘cutting the tail’
5.5 6.8 6.5
 Italian sales continue to grow 5.1
The soy plant is performing well, expanded with a water
treatment facility which just was started up
Q2 10 Q2 11
♦ Reported, ♦ Normalised 6

7. Brand activation - Bjorg
7

8. Wessanen Europe HFS
 Revenue down (5.9)% Revenue (in € mln)
 Autonomous growth (6.8)%
 Volume (6.6)%; Price/mix (0.2)%
(6.8)%
 Increased focus on branded and high value added
wholesale due to divesting Tree of life UK and Kalisterra
73.2 68.9
 Benelux sales are lower due to fewer stores;
Kroon (our fresh supplier) gaining new customers;
At existing own-format stores, revenue trending up;
New Natuurwinkels Huizen, Zoetermeer and Maastricht
♦ Autonomous third party revenue growth
 France: sales at Bonneterre stable with Bonneterre EBIT (in € mln)
brand up. Dietetic market (Kalisterra) facing strong
competition
2.6 2.0
 Germany stable. HFS stores (‘Naturkost’) up, more 1.9
specialised stores down (‘Reformhauses’)
-2.7
Plants in Freiburg and Dreber performed well
Q2 10 Q2 11
♦ Reported, ♦ Normalised 8

9. Innovations - Allos and Tartex
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10. Activation - Little Green Bag
 Goal Little Green Bag
 Connect retailers to Natudis and its brands
 Generate additional traffic to shops
 Pull new consumers by low prices organic offer
 Generate additional promotional revenue (high traffic to stores)
 What is it?
 A red paper bag which can be filled in HFS store
 5 organic products for only €5 (normal price about €10)
 ‘Green’ because of 5 ‘green’ products
 Tied to a theme - now ‘Picnic’
 Additional promotional material was included (f.e. instore material,
advertising campaign, PR)
 A large advertising campaign in local newspapers
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11. Frozen Foods
 Revenue (2.8)% Revenue (in € mln)
 Autonomous growth (6.0)%
 Volume (7.5)%; Price/mix 1.5% (6.0)%
 Branded volumes (Beckers, Bicky) up
 Higher sales in Belgian and Dutch retail
29.7
30.7
 Private label volumes remaining weak
 Marketing spending somewhat lower
 Spending weighted to 2nd half
♦ Autonomous revenue growth
 2010 TV campaign featuring Beckers brothers
EBIT (in € mln)
 EBIT down to €1.1 mln
 Lower revenue, increased raw material prices
2.0
1.1
Q2 10 Q2 11
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12. Beckers ‘Family man of the year’
Consumer action - period May-September
 Media
 Media partners
 Free publicity
 Online
 Retail activation
 Out-of-home activation
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13. American Beverage Corporation
 Q2 showing strong performance; expected continuation Revenue (in € mln)
strong performance in H2 2011
 Revenue growth in US$ 21.2%, in Є up 7.8% 24.6%
 Autonomous growth 24.6%
 Volume 21.1%; Price/mix 3.5%
34.6
 Ongoing success RTDs Daily’s 32.0
 Capacity expanded
 Launch ‘Summerology’ promotion Daily’s
♦ Autonomous revenue growth
 Little Hug softness, showing growth in second half EBIT (in € mln)
quarter
 Competitive activity
 Lapping bonus pack promotion 2010
 Active pruning lower margin products
4.5 4.5
3.5 3.6
 Revitalisation Little Hug continues
 Application new design to all SKU’s completed
 Print advertising continues
Q2 10 Q2 11
♦ Reported, ♦ Normalised 13

14. 2011 innovations year-to-date
Little Hug Daily’s Fruit Mixers Daily’s Ready-to-Drink
New packaging New Sangria Mixer New Lemonade Bag-in-a-box
New Kiwi Strawberry flavor
New Tropical variety w/bi-lingual
packaging
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15. Ronald Merckx (CFO)
 Started at Wessanen as of 1 June
Financials
15

16. Q2/H1 2011 key figures
In € million Q2 2011 Q2 2010 H1 2011 H1 2010
Revenue ¹ 195.7 193.7 374.5 366.3
Autonomous growth 2.3% 1.3%
Normalised EBIT ¹ 11.8 10.9 18.8 17.3
EBIT ¹ 7.4 9.4 15.5 15.8
Net result ² 5.4 6.6 9.9 1.8
Earnings per share (EPS) ² 0.07 0.08 0.13 0.03
Operating cash flow ¹ 1.9 18.0 (3.3) 3.7
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¹ Continuing operations; ² Attributable to Wessanen equity holders

17. Bridge - sales
In € mln
200
198
€195.7
196
€193.7
194
192
€4.8 €(4.3) €(1.0) €2.6 €(0.1)
190
Q2 2010 Grocery HFS Frozen ABC Inter- Q2 2011
Foods segment
allocations
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18. EBIT - from normalised to reported
Q2 2011 Q2 2010
Normalised EBIT 11.8 10.9
Exceptionals/impairments (4.4) (1.5)
EBIT 7.4 9.4
Tree of Life UK (divested as of 18 July)
 €(3.3) mln impairment
 Q3: non-cash net cumulative exchange loss deferred in equity
of €(2.1) mln
Kalisterra (Asset held for sale) (sale as of 1 Oct)
€(1.4) mln exceptional costs
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19. Bridge - normalised EBIT
In € mln
13
€11.8
12
€10.9
11
10
€1.0 €(0.6) €(0.9) €0.9 €0.5
9
Q2 2010 Grocery HFS Frozen ABC Corporate Q2 2011
Foods entities
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20. Net debt and leverage ratio
In € mln
250
Net debt
200
150
100
€39.1 mln
50
0
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 11
5
Leverage ratio
4
3
2
1.1x
1
0
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11
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21. Cash flow Q2 2011
In € mln
8.5 (10.9)
Derivatives
(0.5)
and FX
(2.5) Investments
Cash flow
from 8.5 Dividends
(1.3)
earnings paid
(6.6)
Sources Increase
Increase of
working 2.4
net debt
capital
Uses
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22. Piet Hein Merckens (CEO)
Closing remarks
22

23. Closing remarks
 Strategy is clear, we are more focused, and in better shape,
although we have to improve in multiple areas
 Very pleased with the quality of the people at Wessanen
 Increasingly implementing one consistent way of working
 Q2 results reconfirmation of continuous progress we are making
 Confident that we are well on track to further improve our
performance
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24. Q&A
24

25. Appendices

26. Revenue H1 2011 €374.5 mln
ABC WE Grocery
Revenue €56.9 mln Revenue €127.7 mln
Normalised EBIT €5.2 mln Normalised EBIT €12.4 mln
15%
34%
15%
Frozen Foods
Revenue €56.7 mln
Normalised EBIT €1.9 mln
36%
WE HFS
Revenue €139.5 mln
Normalised EBIT €4.3 mln
Inter-segment eliminations
Revenue Є(6.3) mln
Normalised EBIT €(5.0) mln
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27. Q2 performance H1 performance
Revenue (in € mln) Revenue (in € mln)
2.3%
1.3%
195.7
193.7
374.5
366.3
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth
EBIT (in € mln) EBIT (in € mln)
18.8
11.8 17.3
10.9
9.4 7.4 15.8 15.5
Q2 10 Q2 11 H1 10 H1 11
♦ Reported, ♦ Normalised ♦ Reported, ♦ Normalised 27

28. Financial guidance 2011
 Net financing costs around €(4) mln
 2010: €(8.3) mln; 2009: €(19.9) mln
 Effective tax rate around 25-30%
 2010 impacted by country mix and non-deductible impairments, partly compensated by
recognition tax losses
 Depreciation and amortisation (excluding impairments) around €(14) mln
 2010: €(14) mln
 Capex (pp&e and intangibles) around €(15) mln
 2010: €(14) mln
 Non-allocated expenses (incl. corporate) around €(10) mln
 2010: €(12.3) mln (normalised €(10.2) mln)
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29. European brand-platform-category map
France Netherlands Germany UK Other Europe
Consumer Benefit
Platform
Grocery HFS Grocery HFS Grocery HFS Grocery HFS Grocery HFS
Organic Nutrition
– Dairy alternatives
– Biscuits (nutrition)
– Bread replacers
– Cereals
– Tea
– Spreads (nutrition)
Organic Taste-Indulgence
– Spreads
– Biscuits
– Cereals
– Juices TBD TBD
Organic Taste-Cooking
– Condiments
– Bouillon, Stock & Gravies TBD TBD TBD TBD
– Meal components
– Ready meals
Organic Basics
TBD TBD TBD TBD TBD TBD TBD TBD
– Multi categories
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30. 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
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31. Wessanen’s building blocks
Six important assets on which Wessanen’s success is built, reasons
why our brands will be your natural choice and why Wessanen can make its
organic brands the most desired in Europe:
I. Passionate people
II. Pioneering brands
III. Customer partnerships & multi-channel approach
IV. Network of strategic supplier partnerships
V. European scale
VI. Unique expertise & industry authority
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32. Royal Wessanen nv