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Royal Wessanen nv

Q3 2013 trading update
Amsterdam, 25 October 2013

www.wessanen.co

@RoyalWessanen
Q3 performance

A continuation of trends witnessed in the first half of 2013
•

Rather low consumer confidence; European economies remain depressed

•

Strong underlying trend of consumers looking for healthier, more sustainable food
–

•

Transformational programme ‘Wessanen 2015’ largely completed
–

•

Lasting growth for organic, natural, free-from and fair trade products

Full run-rate savings of €15 mln expected from 2014 onwards

Results in the quarter showing mixed picture
–

Revenue impacted by various initiatives (e.g. cutting the tail, closing Deurne plant)

–

Underlying revenue growth healthy at Grocery, HFS and IZICO

–

EBITE increased at Grocery, HFS and IZICO

–

ABC bringing in weak performance

Q3 revenue

16%
42%

14%

28%

2
Grocery

HFS

IZICO

ABC
Q3 2013 key figures
In € mln

Q3 2013

Q3 2012

Revenue

171.2

175.4

Autonomous growth

(2.9)%

Normalised EBIT

2.6

7.5

As % of revenue

1.5%

4.3%

Exceptional costs / income

6.7

(0.8)

EBIT

9.3

6.7

Net result, attributable to equity holders

3.7

3.9

0.05

0.05

Earnings per share (EPS)

EBIT contributors
Gross margin (%)

→

Operating costs

↓

Marketing spending

3

↑
Q3 performance - Grocery
•

Autonomous revenue 6.4%, driven by 5.3% volume and 1.1% price/mix
–

Strategic actions impacting growth negatively by about 3%

•

Integration Alter Eco progressing as planned

•

Most core brands and categories continue to grow
–
–

Zonnatura aired successfully its 2nd TV campaign “What happened to our food?”

–
•

Bjorg showing strong growth, driven by TV campaign and promotions
Rebranding into Kallø been favourable responded to by consumers

Clipper has been launched in NL and Germany
–

Very positive feedback by trade and consumers

–

Further distribution expansion in France

4
Q3 performance - HFS
•

Autonomous revenue growth (1.4)%
–
–

•

German SAP go-live moved 1.5% volume to Q2 (pre-ordering)
Additional (3)% effect of discontinuing most of fruits & vegetables distribution

Branded business to perform in line with expectations
–

•

Bonneterre and Evernat growing (inroads at specialty chains and HFS buying groups)

Dutch wholesale (Natudis) growing sales,
–
–

•

Natuurwinkel stores and independent stores growing
Dutch fresh distribution (Kroon) and Belgium operations also up

Underlying French wholesale activities growing
–

Impacted by ceasing distribution of chilled and large part fruit & vegetables

–

Refocus Bonneterre company going well

Q3 revenue split

33%
67%

Brands

Wholesale

5
Bjorg - 17 new products
All launched in September

6
Clipper - Dutch introduction

• Available at Albert Heijn (4
variants)
• Available at numerous health
food stores (8 variants)
• Working on further
distribution expansion

7
Kallø

Extensive rebrand across entire portfolio from autumn 2013

•
•
•

New ‘folk tale’ designs
Packaging features hand drawn illustrations and poetry
Focus on loving food and embracing life

•

Available in stores from mid-September

8
Q3 performance - IZICO / ABC
•

Revenue IZICO impacted by closure Deurne plant / cutting the tail projects
–

Branded sales up in NL and Belgium, private label growing as well

•

EBITE clearly improved as result of ‘Wessanen 2015’

•

Beckers and Bicky performing well
–
–

•

Activation in out-of-home channel (scratch card, ‘Win a Vesta’)
Beckers expanded distribution at Albert Heijn

At ABC, market weakness for ready-to-drink pouches remained
–

Market down over 20% in volume and value year-to-date

–

Daily’s remains clear market leader

•

Little Hug continued to perform well, delivering double digit revenue growth

•

Negative EBITE in Q3 (and expected to be as well in Q4). To become profitable again in 2014

9
Net debt development year-to-date
In € mln

90
75
60
45

4,1
14

14

3,2

5

3,8

73

55

30

10
Closing remarks
• Q3 showing continuation of trends witnessed in first half 2013
• Ongoing positive developments for healthy and sustainable food such as organic,
natural, free-from and fair trade products.
• Vast majority of our core brands and categories has been growing
– We continue to invest in A&P behind our core brands
• Transformational program Wessanen 2015 largely completed
– On track to deliver annualised cost savings of €15 million p.a. as of 2014
• Encouraged by progress made in Europe year-to-date. Focused to bring the year
to a good end and being well-positioned for a good start in 2014

11
Healthy food, healthy people, healthy planet
Segment overview
In € mln

Revenue

Normalised EBIT

Q3 13

Q3 12

Q1 13

Grocery

72.7

65.8

↑

HFS (Health Food Stores)

48.9

48.0

↑

IZICO

24.7

26.6

↑

ABC

28.4

36.9

↓

Non-allocated

(3.5)*

(1.9)*

↑

Wessanen

171.2

175.4

↓

* Eliminations for inter-segment revenue (between Grocery and HFS)
13
Revenue breakdown per segment
Grocery

Health Food Stores

80

40

6.4%
(1.4)%

72,7
65,8

48,9

48,0

0

♦ Autonomous third party revenue growth
 €2mln partly exiting German/Italian grocery, delisting Biorganic
and exiting UK private label contract

♦ Autonomous third party revenue growth
 €1.3mln of discontinued fruit & vegetables business France

IZICO

ABC

(18.2)%
(7.2)%
26,6

36,9
24,7

♦ Autonomous third party revenue growth
 €3mln of discontinued volume (closure Deurne plant, cutting the tail)

28,4

♦ Autonomous third party revenue growth

14
Revenue / EBIT guidance 2013-14
In general, we do not provide guidance on revenue or EBIT(E) for Royal Wessanen.
We however do provide specific guidance, on certain topics.
Revenue
•

Grocery: downsizing German and Italian grocery operations, exiting UK private
label contract and delisting Biorganic (in NL)
–

•

H1 2014: €(2-3) mln

HFS: cutting the tail projects in France and NL
–

•

Q4 2013: €(2.5) mln;
Q4 2013: €(2.5) mln;

H1 2014: €(3-4) mln

IZICO: closing of Deurne plant (as of March 2013) and cutting the tail projects
–

Q4 2013: €(3.5) mln;

Q1 2014: €(4) mln

EBIT
•

Non-allocated expenses are expected to be €10 mln in 2013

•

ABC is expected to show a loss of $8-10 mln in 2013

•

ABC is expected to be profitable in 2014

•

In Q4, in relation to Wessanen 2015, exceptional costs <€(1) mln are expected

15
Q3 financials / FY13 guidance
Financials Q3
•

Net financing costs €(0.7) mln

Q3 2012: €(0.6) mln (restated)

•

Income tax expenses €(4.9) mln ¹

Q3 2012: €(2.2) mln

Guidance FY2013
•

Net financing costs €(2-2.5) mln

•

Effective tax rate around 45% ²

•

Capex €(6-7) mln

•

Depreciation and amortisation €(13-14) mln

Revised IAS 19 - impacted FY 2012 / yearend 2012
•

Personnel expenses - €0.5 mln higher

•

Net financing costs - €1.1 mln lower

•

Equally distributed over all four quarters

•

Equity €9.2 mln higher as at yearend 2012

¹ Including €2.3 mln addition to provision for uncertain tax positions
² Effective tax rate excludes recognition of provisions for uncertain tax positions

16
Net debt / Leverage ratio
In € mln
100

Net debt

€73 mln

75

50

25

0

Q3 11

Q4 11

Q1 12

3

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Leverage ratio

Q3 13

2.2x

2

1

0

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

17
A very sound financial position
In € mln

Sept 13

Dec 12 *

In € mln

Sept 13

Dec 12 *

Dec 12

Restated Reported

Restated
Total equity

115.5

110.8

101.6

- Non-current liabilities

100.4

81.0

90.2

153.0

146.1

146.1

Non-current assets

145.4

154.5

- Current liabilities

Current assets

223.5

183.4

Total liabilities

368.9

337.9

TOTAL ASSETS

TOTAL EQUITY & LIABILITIES

253.4

227.1

236.3

368.9

337.9

337.9

*Restated for revised IAS19 (employee benefits)

18

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Wessanen Q3 2013 trading update

  • 1. Royal Wessanen nv Q3 2013 trading update Amsterdam, 25 October 2013 www.wessanen.co @RoyalWessanen
  • 2. Q3 performance A continuation of trends witnessed in the first half of 2013 • Rather low consumer confidence; European economies remain depressed • Strong underlying trend of consumers looking for healthier, more sustainable food – • Transformational programme ‘Wessanen 2015’ largely completed – • Lasting growth for organic, natural, free-from and fair trade products Full run-rate savings of €15 mln expected from 2014 onwards Results in the quarter showing mixed picture – Revenue impacted by various initiatives (e.g. cutting the tail, closing Deurne plant) – Underlying revenue growth healthy at Grocery, HFS and IZICO – EBITE increased at Grocery, HFS and IZICO – ABC bringing in weak performance Q3 revenue 16% 42% 14% 28% 2 Grocery HFS IZICO ABC
  • 3. Q3 2013 key figures In € mln Q3 2013 Q3 2012 Revenue 171.2 175.4 Autonomous growth (2.9)% Normalised EBIT 2.6 7.5 As % of revenue 1.5% 4.3% Exceptional costs / income 6.7 (0.8) EBIT 9.3 6.7 Net result, attributable to equity holders 3.7 3.9 0.05 0.05 Earnings per share (EPS) EBIT contributors Gross margin (%) → Operating costs ↓ Marketing spending 3 ↑
  • 4. Q3 performance - Grocery • Autonomous revenue 6.4%, driven by 5.3% volume and 1.1% price/mix – Strategic actions impacting growth negatively by about 3% • Integration Alter Eco progressing as planned • Most core brands and categories continue to grow – – Zonnatura aired successfully its 2nd TV campaign “What happened to our food?” – • Bjorg showing strong growth, driven by TV campaign and promotions Rebranding into Kallø been favourable responded to by consumers Clipper has been launched in NL and Germany – Very positive feedback by trade and consumers – Further distribution expansion in France 4
  • 5. Q3 performance - HFS • Autonomous revenue growth (1.4)% – – • German SAP go-live moved 1.5% volume to Q2 (pre-ordering) Additional (3)% effect of discontinuing most of fruits & vegetables distribution Branded business to perform in line with expectations – • Bonneterre and Evernat growing (inroads at specialty chains and HFS buying groups) Dutch wholesale (Natudis) growing sales, – – • Natuurwinkel stores and independent stores growing Dutch fresh distribution (Kroon) and Belgium operations also up Underlying French wholesale activities growing – Impacted by ceasing distribution of chilled and large part fruit & vegetables – Refocus Bonneterre company going well Q3 revenue split 33% 67% Brands Wholesale 5
  • 6. Bjorg - 17 new products All launched in September 6
  • 7. Clipper - Dutch introduction • Available at Albert Heijn (4 variants) • Available at numerous health food stores (8 variants) • Working on further distribution expansion 7
  • 8. Kallø Extensive rebrand across entire portfolio from autumn 2013 • • • New ‘folk tale’ designs Packaging features hand drawn illustrations and poetry Focus on loving food and embracing life • Available in stores from mid-September 8
  • 9. Q3 performance - IZICO / ABC • Revenue IZICO impacted by closure Deurne plant / cutting the tail projects – Branded sales up in NL and Belgium, private label growing as well • EBITE clearly improved as result of ‘Wessanen 2015’ • Beckers and Bicky performing well – – • Activation in out-of-home channel (scratch card, ‘Win a Vesta’) Beckers expanded distribution at Albert Heijn At ABC, market weakness for ready-to-drink pouches remained – Market down over 20% in volume and value year-to-date – Daily’s remains clear market leader • Little Hug continued to perform well, delivering double digit revenue growth • Negative EBITE in Q3 (and expected to be as well in Q4). To become profitable again in 2014 9
  • 10. Net debt development year-to-date In € mln 90 75 60 45 4,1 14 14 3,2 5 3,8 73 55 30 10
  • 11. Closing remarks • Q3 showing continuation of trends witnessed in first half 2013 • Ongoing positive developments for healthy and sustainable food such as organic, natural, free-from and fair trade products. • Vast majority of our core brands and categories has been growing – We continue to invest in A&P behind our core brands • Transformational program Wessanen 2015 largely completed – On track to deliver annualised cost savings of €15 million p.a. as of 2014 • Encouraged by progress made in Europe year-to-date. Focused to bring the year to a good end and being well-positioned for a good start in 2014 11
  • 12. Healthy food, healthy people, healthy planet
  • 13. Segment overview In € mln Revenue Normalised EBIT Q3 13 Q3 12 Q1 13 Grocery 72.7 65.8 ↑ HFS (Health Food Stores) 48.9 48.0 ↑ IZICO 24.7 26.6 ↑ ABC 28.4 36.9 ↓ Non-allocated (3.5)* (1.9)* ↑ Wessanen 171.2 175.4 ↓ * Eliminations for inter-segment revenue (between Grocery and HFS) 13
  • 14. Revenue breakdown per segment Grocery Health Food Stores 80 40 6.4% (1.4)% 72,7 65,8 48,9 48,0 0 ♦ Autonomous third party revenue growth  €2mln partly exiting German/Italian grocery, delisting Biorganic and exiting UK private label contract ♦ Autonomous third party revenue growth  €1.3mln of discontinued fruit & vegetables business France IZICO ABC (18.2)% (7.2)% 26,6 36,9 24,7 ♦ Autonomous third party revenue growth  €3mln of discontinued volume (closure Deurne plant, cutting the tail) 28,4 ♦ Autonomous third party revenue growth 14
  • 15. Revenue / EBIT guidance 2013-14 In general, we do not provide guidance on revenue or EBIT(E) for Royal Wessanen. We however do provide specific guidance, on certain topics. Revenue • Grocery: downsizing German and Italian grocery operations, exiting UK private label contract and delisting Biorganic (in NL) – • H1 2014: €(2-3) mln HFS: cutting the tail projects in France and NL – • Q4 2013: €(2.5) mln; Q4 2013: €(2.5) mln; H1 2014: €(3-4) mln IZICO: closing of Deurne plant (as of March 2013) and cutting the tail projects – Q4 2013: €(3.5) mln; Q1 2014: €(4) mln EBIT • Non-allocated expenses are expected to be €10 mln in 2013 • ABC is expected to show a loss of $8-10 mln in 2013 • ABC is expected to be profitable in 2014 • In Q4, in relation to Wessanen 2015, exceptional costs <€(1) mln are expected 15
  • 16. Q3 financials / FY13 guidance Financials Q3 • Net financing costs €(0.7) mln Q3 2012: €(0.6) mln (restated) • Income tax expenses €(4.9) mln ¹ Q3 2012: €(2.2) mln Guidance FY2013 • Net financing costs €(2-2.5) mln • Effective tax rate around 45% ² • Capex €(6-7) mln • Depreciation and amortisation €(13-14) mln Revised IAS 19 - impacted FY 2012 / yearend 2012 • Personnel expenses - €0.5 mln higher • Net financing costs - €1.1 mln lower • Equally distributed over all four quarters • Equity €9.2 mln higher as at yearend 2012 ¹ Including €2.3 mln addition to provision for uncertain tax positions ² Effective tax rate excludes recognition of provisions for uncertain tax positions 16
  • 17. Net debt / Leverage ratio In € mln 100 Net debt €73 mln 75 50 25 0 Q3 11 Q4 11 Q1 12 3 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Leverage ratio Q3 13 2.2x 2 1 0 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 17
  • 18. A very sound financial position In € mln Sept 13 Dec 12 * In € mln Sept 13 Dec 12 * Dec 12 Restated Reported Restated Total equity 115.5 110.8 101.6 - Non-current liabilities 100.4 81.0 90.2 153.0 146.1 146.1 Non-current assets 145.4 154.5 - Current liabilities Current assets 223.5 183.4 Total liabilities 368.9 337.9 TOTAL ASSETS TOTAL EQUITY & LIABILITIES 253.4 227.1 236.3 368.9 337.9 337.9 *Restated for revised IAS19 (employee benefits) 18

Editor's Notes

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