Royal Wessanen nv                               Q1 2012 roadshow                                 Q1 published: 27April 201...
Royal Wessanen in a nutshell• Leading European organic food player• Pioneering brands | well-managed supply chain | Indulg...
FY2011 overview                  Revenue                      EBIT before exceptionals                                    ...
ContentPage5.     History7.     Markets9.     What is organic?10.    Vision, mission, strategy17.    Business principles /...
A long and rich history2015 will mark 250th anniversary of Wessanen 1765 - Incorporated around river De Zaan  – Adriaan W...
Transformation 2009-2011In € mln           1,586                            Clipper (March 12)1600                        ...
Attractiveness organic food markets  An attractive and growing segment    - <3% of total European food market  Market size...
Per capitaconsumption(est.) (per annum)European Union€30Our exportmarkets• Switzerland €150• Denmark €140• Austria €115• S...
What is organic?!    Strict criteria to be allowed to be labelled organic      – Demonstrably free from GMO, pesticides an...
Our Vision“To make our organic brands most desired in Europe”          GROCERY                HEALTH FOOD STORES          ...
Wessanen’s Strategy                       ARENAS                        Healthy & sustainable nutrition through organic f...
Strategic objectives 2012-14Strategic focus   ActivitiesTopline growth    •   Grow core brands                  •   Grow c...
A more integrated, centrally steered businessNature of Corporate Guidance                                Operational      ...
OGSM to align plans and objectives                       Corporate                        OGSM                           C...
Roadmap focused on 3 business modelsBusiness                Description                      Countries, Brands & Entities ...
Driving our brands in 2 channels               Health Food Specialty Stores                          Grocery RetailProfile...
Wessanen Business principles   Compliance with laws: being a responsible partner in society,    acting with integrity tow...
Wessanen’s supply chain                          18
Palm oil - member RSPO•   Palm oil is important, versatile raw material for food      –   Only be cultivated in tropical a...
Commitment to minimise environmental impact   Committed to minimising impact on environment by    measuring and monitorin...
Organic Expertise Centre (OEC)   We established our internal expertise - named OEC - in 2010      To stimulate exchange ...
Employee engagement       2012 Leadership development programme           Top-70           Focus on strategy execution,...
Segments           23
Revenue breakdown per segment                     Grocery                                     HFS                      5.8...
Grocery                                                                         Strategic focus   Activities•   Autonomous...
Grocery examples of activation                                                                 Kallo soy launch activity  ...
Clipper• UK based tea and coffee company  – Founded in 1984• 100% branded business  – Tea, coffee, hot chocolate  – Grocer...
28
HFS                                                                   Strategic focus   Activities•   Autonomous revenue g...
HFS examples of activationAllos cookiesNew range of cookies launchedAvailable in German HFS stores                        ...
Frozen Foods•   Autonomous revenue 3.0%      –   Volume 1.0%, price/mix 2.0%      –   Private label, out-of-home and foods...
Frozen Food examples of activationBicky Double Chicken burgerIntroduced in October in Belgian out-of-homeFurther extension...
ABC•   Revenue +6.5% (price/mix 7.7% and volume (1.2)%)•   Cocktail business about stable      –   Further expanding distr...
ABC examples of activation                             34
Q1 2012          35
Revenue Q1 - €171 mln    ABC    Revenue   €24.7 mln    EBIT       €0.9 mln                                                ...
Q1 2012 key figures In € mln                                                     Q1 2012   Q1 2011Revenue ¹               ...
Q1 highlights                                                                              Revenue (in € mln)•   Continued...
Q1 figures per segment                                                    Revenue                 Normalised EBIT         ...
Bridge - revenue growthIn € mln190185                  (1.0)%              2.3%      0.7%       1.0%       (7.6)%     (4.6...
Bridge - segment revenue growthIn € mln 190               €178.8          €4.6       €(16.7)             €0.8       €2.4  ...
Bridge - EBIT development y-on-yIn € mln10              €7.0      €(1.1)   €(1.7)        €(0.7)     €0.2     €(0.7)     €3...
Cash flow Q1In € mln                    2.4     (27.5)      Cash flow        from        2.4      earnings                ...
Working capital80                          4 quarter average working capital604020  0      Q4   Q1   Q2   Q3   Q4    Q1   ...
Net debt and leverage ratioIn € mln200                                                                        Net debt1501...
Financials Q1 / guidance 2012Financials Q1   Net financing costs €(0.9) mln        (Q1 2011: €(0.6) mln)   Income tax ex...
Royal Wessanen nv             www.wessanen.com
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Rabobank Consumer Staples Conference Milan June2012

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Presentation for investors at annual Rabobank Consumer Staples Conference in Milan late June.
it includes slides on sustainability, supply chain and 'what is organic?!'

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  • Objective: to gain a understanding of So Good consumers/Soya category. Methodology: 2x focus groups (online); outputs used to create main U&amp;A questionnaire; Online U&amp;A (600 sample); Segmentation &amp; U&amp;A report Sample Focus Group 10-15 Current So Good users Lapsed So Good users (but still in the soya category) Non So Good users (users of other soya products) Category non users (but non rejecters) Online U&amp;A n=200 current So Good users (past 2 months) n=200 So Good non or lapsed users but users of other soya alternatives n=200 dairy alternative non users but non rejecters
  • Objective: to gain a understanding of So Good consumers/Soya category. Methodology: 2x focus groups (online); outputs used to create main U&amp;A questionnaire; Online U&amp;A (600 sample); Segmentation &amp; U&amp;A report Sample Focus Group 10-15 Current So Good users Lapsed So Good users (but still in the soya category) Non So Good users (users of other soya products) Category non users (but non rejecters) Online U&amp;A n=200 current So Good users (past 2 months) n=200 So Good non or lapsed users but users of other soya alternatives n=200 dairy alternative non users but non rejecters
  • Rabobank Consumer Staples Conference Milan June2012

    1. 1. Royal Wessanen nv Q1 2012 roadshow Q1 published: 27April 2012Rabobank International “Made in Benelux”Consumer Staples Investor ConferenceStarhotels Rosa Grand Friday 29 June 2012 www.wessanen.com
    2. 2. Royal Wessanen in a nutshell• Leading European organic food player• Pioneering brands | well-managed supply chain | Indulgence & Nutritional• Bjorg | Clipper | Zonnatura | Tartex | Allos | Bonneterre | Kallo | De Rit | Whole EarthOrganic market• Attractive part of food market | growing | low per capita consumption | €21bn sized• Organic means no colouring/flavouring | GMO-free | no artificial fertilisers• Unique certification system | grown and processed according to EU regulation• Turnover €706mln (2011) | EBITE €24mln | >2,100 employees• Mcap - ca €170mln | No of shares outstanding - 76mln• Dividend policy: 35-45% pay-out of net result, excluding major non-recurring effects• Two-tier board | CEO Piet Hein Merckens (1962) & CFO Ronald Merckx (1967) 2
    3. 3. FY2011 overview Revenue EBIT before exceptionals excl non-allocated 113 9,9 244 113 €24mln €706mln 18,0 2,3 5,0 248 Grocery HFS FF ABC Grocery HFS FF ABC FTEs (at year end) Avg Capital Employed (in € mln) 63 11 379 416 40 63 1,998 €248mln 51 501 639 84 3 Grocery HFS FF ABC HQ Grocery HFS FF ABC HQ
    4. 4. ContentPage5. History7. Markets9. What is organic?10. Vision, mission, strategy17. Business principles / sustainability23. Segments35. Q1 2012 4
    5. 5. A long and rich history2015 will mark 250th anniversary of Wessanen 1765 - Incorporated around river De Zaan – Adriaan Wessanen started to trade in mustard, canary and other seeds Around 1910 first consumer products such as oatmeal and cocoa 1913 - Distinguished title Royal 1959 - Listed on Euronext Amsterdam Seventies, eighties, nineties - range of acquisitions, such as  1993 - Merger Bols and Wessanen (split 1998)  2000/01 – Acquisition of Distriborg, Zonnatura and Natudis  2010 - Divestment Tree of Life, Inc 2009 - Strategic reorientation → focus on organic food in Europe 2012 - To make our organic brands most desired in Europe 5
    6. 6. Transformation 2009-2011In € mln 1,586 Clipper (March 12)1600 KK, LR, Righi TOL NA PANOS1200 ABC Frozen Foods Kalisterra 800 712 706 694 Tree of Life UK HFS Grocery 400 0 2009 2010 2011 2011 Pro Forma 6
    7. 7. Attractiveness organic food markets An attractive and growing segment - <3% of total European food market Market size €21 bn in 2011 growth est. 6% Increasing consumer appreciation Still low per capita consumption – European Union <€30> p.a. Consumers increasingly convinced of benefits of organic food - Health, taste and environment Grocery and HFS channels developing at different growth path 7
    8. 8. Per capitaconsumption(est.) (per annum)European Union€30Our exportmarkets• Switzerland €150• Denmark €140• Austria €115• Sweden €85• Spain €20Own operations• Germany€75• France €55• Netherlands €50• Belgium €40• UK €30• Italy €25 8
    9. 9. What is organic?! Strict criteria to be allowed to be labelled organic – Demonstrably free from GMO, pesticides and growth hormones – Strict rules on animal welfare – Severe restrictions on fertilisers, herbicides and pesticides – Severe restrictions on additives and processing aids• All about being produced and processes in line with organic principles• Organic products promote health and well-being• Holding benefits for the plane and future generations• All about nutrition and taste !• Organic food is controlled by a unique European certification system nd en tial a sa n ess work.” nab ility i ur daily “S ustai part of o al natur 9
    10. 10. Our Vision“To make our organic brands most desired in Europe” GROCERY HEALTH FOOD STORES 10
    11. 11. Wessanen’s Strategy ARENAS  Healthy & sustainable nutrition through organic food in EuropeSTAGING VEHICLES Boost growth of current  Own/build organic business and resolve ‘big pioneering brands in all bets’ (OGSM!) ECONOMIC LOGIC relevant food channels At least one major  Preferred brands that can  Focus on sizeable, growing acquisition p.a. command a premium markets and categories Divest non-core businesses  European scale (COGS, where organic creates value at sensible speed innovation, expertise)  Acquire businesses with strong brands and European potential DIFFERENTIATORS  Preferred brands and impactful innovation  Superior product quality  Orchestration of a fast, flexible and efficient value chain  We are Europe’s No 1 and committed to Organic: our people have credibility and expertise (OEC) and we provide the most comprehensive thought leadership, service, consumer insight, product range 11
    12. 12. Strategic objectives 2012-14Strategic focus ActivitiesTopline growth • Grow core brands • Grow core categories • Build strongholds in new markets • Country specific growth strategies • Launch fewer, bigger, better innovations • Execute acquisitions shortlistProfitability • Central sourcing savings • Pricing strategies towards customersimprovement • Improve operational excellence with SAP • Filling own factoriesEnablers • Improve talent performance management / building connected leadership • Simplify how we are conducting business • Activate Organic Expertise Centre (OEC), integrate Quality 12
    13. 13. A more integrated, centrally steered businessNature of Corporate Guidance Operational Operator in en n an o e ss siti Strategic W ra n Strategic development t Orchestrator Maximise value creation by Strategic Strategic adapting governance model, guidelines Architect decision rules and effciency and effectiveness HQ Financial support functions Financial Holding Stand-alone Shared business Same business Shared skills business systems systems Degree of Business Integration 13
    14. 14. OGSM to align plans and objectives Corporate OGSM County and Functional OGSM Performance FeedbackStrategies & Goals Link to Performance Management (Bottom-Up) (Top-Down) Align to individual objectives and development plans  Linking corporate level goals to country and functional goals, and ultimately to the individual  Downwards providing clear and definitive direction to supporting functions and employees  Bottom-up providing feedback on the resources and timing required to accomplish the strategies 14
    15. 15. Roadmap focused on 3 business modelsBusiness Description Countries, Brands & Entities Sourcing/developing, marketing France: Bjorg Brands and selling of own brands to Benelux: Zonnatura, Biorganic, Merza in grocery UK: Kallo, Whole Earth, Clipper • Including distribution to distribution Germany: Whole Earth, Culinessa, Bjorg Grocery centers and/or stores Italy: Bjorg Sourcing/developing, marketing France: Bonneterre, Evernat and selling of own brands to HFS NL: Ekoland, De Rit, Brands • Via wholesaler in Germany Germany: Allos, Tartex, De Rit in HFS • Direct to stores (France, NL) Sourcing, category management, France: Bonneterre, Biodistrifrais Whole- sales and distribution to HFS stores NL: Natudis, Kroon sale • Focus on full range (ambient and Belgium: Hagor fresh) of products and high share of in HFS products per store NL: GooodyFooods, Natuurwinkel store franchise concepts 15
    16. 16. Driving our brands in 2 channels Health Food Specialty Stores Grocery RetailProfile Small, independent, large exclusively Professional chains, organic core assortmentProfile organic assortmentDevelopment Concentration, modern formats Dedicated shelf results in strong growthDevelopmenOpportunity Attract & activate mainstream consumers, Build credibility and profile through strongOpportunity innovative concepts organic ranges Wessanen Building powerful brands, large ranges, Aggressive growth, powerful in-store marketingWessanen Focus moving from push to pull marketing Focus on fewer, bigger brandsFocus Wholesale (NL, BEL, FR) All countries Retail formulas (NL) 16
    17. 17. Wessanen Business principles Compliance with laws: being a responsible partner in society, acting with integrity towards all stakeholders and others who can be affected by our activities Environment: in line with commitment to sustainable development, we will do all that is reasonable and practicable to minimise adverse effects on the environment Product safety: we aim at all times to supply safe products and services Free market competition: we support free market competition as basis of conducting business; we observe applicable competition laws and regulations Child, bonded and forced labour: under no circumstances we are making use of forced or bonded labour; we do not employ children in violation of relevant conventions of ILO Human rights: we support and respect human rights and strive to ensure that our activities do not make it an accessory to infringements of human rightsWe expect suppliers and business partners to comply with the above principles 17
    18. 18. Wessanen’s supply chain 18
    19. 19. Palm oil - member RSPO• Palm oil is important, versatile raw material for food – Only be cultivated in tropical areas of Asia, Africa and South America – Concerns that demand causing expansion of plantations into eco-sensitive areas• Since March 2011 Member of Roundtable on Sustainable Palm Oil (RSPO) – Global multi-stakeholder initiative – Encouraging sustainable production/use palm oil – Wessanen commits to organisation’s objectives• In 2011, we developed policy to govern palm oil sourcing and guidelines for implementation in partnership with our suppliers• Committed to switching palm oil to RSPO certified sustainable palm oil during 2012-13 – RSPO certified segregated palm oil for organic – GREEN PALM certificates for conventional 19
    20. 20. Commitment to minimise environmental impact Committed to minimising impact on environment by measuring and monitoring the effects of our operations All our organic products are free of GMO We are working on reducing our CO2 footprint and usage of water Additionally, organic products do not use pesticides, therefore contributing to a decrease ISO 14001 is an internationally recognised standard for embedding processes to analyse and reduce our impact on the environment or en. com f essan twww.w tion a forma sheet onal in as Additi bility, such mance fact na or sustai table | Perf 3 G RI G 20
    21. 21. Organic Expertise Centre (OEC) We established our internal expertise - named OEC - in 2010  To stimulate exchange of knowledge / experience that is widely available within Wessanen  To educate and inspire our internal / external stakeholders in organic values Specialists join forces and work on pan-European issues To legitimise our position in organic world by championing the organic case Focal areas will be:  Training (incl. training package for newcomers) and founding Organic Academy  Knowledge building by teaming up with external researchers and experts  Lobbying to promote organic food  Communication for more general awareness / knowledge of organic food 21
    22. 22. Employee engagement  2012 Leadership development programme  Top-70  Focus on strategy execution, connected leadership  Employee turnover is key focus area  Competency model deployed  Defines behaviour expectations for all employees  Translates ambitions/values into behaviour conventions and skills100% 120 875% 6 8050% 4 4025% 2 0% 0 0 Executives Managers Associates 2009 2010 2011 2009 2010 2011 22 Men Women Injury severity rate Injury frequency rate
    23. 23. Segments 23
    24. 24. Revenue breakdown per segment Grocery HFS 5.8% 66,4 (5.1)% 70,6 53,9 61,8♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth Frozen Foods ABC 3.0% 6.5% 27,8 27,0 24,7 22,3♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth 24
    25. 25. Grocery Strategic focus Activities• Autonomous revenue growth 5.8% Topline growth • Grow core brands – Volume 3.6%, price/mix 2.2% • Grow core categories Topline growth • Build strongholds in new markets • Country specific growth strategies • Launch fewer, bigger, better innovations• Grow core brands and categories • Execute acquisitions shortlist – Bjorg gaining market share Profitability • Central sourcing savings improvement • Pricing strategies towards customers – Whole Earth spreads (UK) performing well Profitability • Improve operational excellence with SAP • Filling own factories – Kallo soy milk (UK) reversing downward trend improvement Enablers • Improve talent performance management / building connected – Whole Earth, Bjorg and Culinessa growing in Germany leadership • Simplify how we are conducting business – Gayelord Hauser strong performance (promotion driven) • Activate Organic Expertise Centre, integrate Quality – Dutch Biobest shelf progressing well• Increased marketing spending – Bjorg TV commercial – Zonnatura follow-up campaign (radio, billboards)• EBIT decreased due to: - Increased marketing, warehouse, transportation and ICT costs - Partly phasing, partly temporarily, partly structural - Despite higher volumes and gross margin up 25
    26. 26. Grocery examples of activation Kallo soy launch activity Dairy alternatives key category Kallo core brand, phased out So GoodYearly award magazine „Lebensmittel Praxis“Whole Earth Inka Taler (4 varieties)Criteria based on:Quality/Design/Distribution/Communication/Sustainability Bjorg commercial Based on success of Q2 airing, repeated in September Results: increased awareness, higher sales 26
    27. 27. Clipper• UK based tea and coffee company – Founded in 1984• 100% branded business – Tea, coffee, hot chocolate – Grocery, HFS, food service, export• Leading position in UK organic & fair trade tea – Everyday, green, white, infusion, specialties• Revenue £16mln, ca 90 employees• Manufacturing plant (incl. blending) in Dorset (UK)• Tea is one of our core categories• Clear potential in UK as well as other European markets 27
    28. 28. 28
    29. 29. HFS Strategic focus Activities• Autonomous revenue growth (5.1)% Topline growth • Grow core brands • Grow core categories – Volume (5.9)%, price/mix 0.8% Topline growth • Build strongholds in new markets • Country specific growth strategies • Launch fewer, bigger, better innovations • Execute acquisitions shortlist• Bonneterre (Fr) declined at wholesale and branded, Profitability • Central sourcing savings while Bio-Distrifrais reported stable sales improvement • Pricing strategies towards customers Profitability • Improve operational excellence with SAP – SAP implementation at Bonneterre early 2012 went well • Filling own factories Enablers improvement • Improve talent performance management / building connected leadership • Simplify how we are conducting business• German sales stable • Activate Organic Expertise Centre, integrate Quality – Allos slightly declining, Tartex and Export both growing – Tartex continues to gain traction within HFS channel• Benelux operations showed mixed performance – Continued impact of previously lost customers – Benefitted from previously opened GooodyFooods stores, newly gained customers – Fresh wholesaler Kroon increasing volumes, moved to premises Vroegop-Windig – New managing director and finance director• Operating result lower than last year – Lower volumes and increased operating expenses both contributed 29
    30. 30. HFS examples of activationAllos cookiesNew range of cookies launchedAvailable in German HFS stores New GooodyFooods store Opened early October in Zaandam 5 stores open, new ones in the pipeline 30
    31. 31. Frozen Foods• Autonomous revenue 3.0% – Volume 1.0%, price/mix 2.0% – Private label, out-of-home and foodservice sales increased, whereas retail sales were about stable• Customers continue to focus on price in Dutch retail and out-of-home food markets, resulting in a competitive environment and difficulties in passing on commodity cost prices, especially for private label• EBIT decreased to €0.1 million mainly due to increased raw material prices• Marketing spending in line with last year• We successfully launched a new concept ‘Broketje’, thereby also creating entries at new customers 31
    32. 32. Frozen Food examples of activationBicky Double Chicken burgerIntroduced in October in Belgian out-of-homeFurther extension Bicky rangeNewly designed carton boxSupported by TV commercials and online campaign Online campaign in Flanders (Dutch) and Wallonia (French) 32
    33. 33. ABC• Revenue +6.5% (price/mix 7.7% and volume (1.2)%)• Cocktail business about stable – Further expanding distribution, increase Daily’s marketing spending, grow in-store displays and introducing new products – Competition increasing: new players entering RTD pouches market, which we consider a normal pattern given its growth• Juices up driven by Little Hug and single serves – Despite impact pruning low-margin products• EBIT up as mixture increased marketing spending, increased gross contribution (more favourable product mix) and beneficial impact of low-margin product pruning 33
    34. 34. ABC examples of activation 34
    35. 35. Q1 2012 35
    36. 36. Revenue Q1 - €171 mln ABC Revenue €24.7 mln EBIT €0.9 mln Grocery Revenue €66.4 mln 14% EBIT €4.8 mln 39% 16% Frozen Foods Revenue €27.8 mln EBIT €0.1 mln 31% HFS (Health Food Stores) Revenue €53.9 mln EBIT €0.6 mln Non-allocated & eliminations Revenue € (2.2)mln EBIT € (3.4)mln 36
    37. 37. Q1 2012 key figures In € mln Q1 2012 Q1 2011Revenue ¹ 170.6 178.8Autonomous growth 1.3%Gross contribution 65.8 65.8As % of revenue 38.6% 36.8%Normalised EBIT ¹ 3.0 7.0As % of revenue 1.8% 3.9%EBIT ¹ 3.0 8.1Net result ² 1.5 4.5Earnings per share (EPS) ² 0.02 0.06Operating cash flow ¹ (5.8) (5.2) ¹ Continuing operations; ² Attributable to Wessanen equity holders 37
    38. 38. Q1 highlights Revenue (in € mln)• Continued to set further steps on our transformational journey to build our European organic business• Witnessed comparable trends as seen last year 178,8 – European consumer confidence remains low 170,6 – The economy subdued – Organic food market developed relatively favourably 1.3%• Gross margin up ♦ Autonomous third party revenue growth – Due to Grocery, ABC and HFS – Central sourcing initiatives and pricing discipline EBIT (in € mln)• EBIT declining, due to step up in costs• Increased marketing investments 8,1 7,0• Acquisition Clipper, UK market leader in organic and fair trade tea 3,0 3,0 Q1 11 Q1 12 ♦ Reported, ♦ Normalised 38
    39. 39. Q1 figures per segment Revenue Normalised EBIT Q1 12 Q1 11 Q1 12 Q1 11Grocery 66.4 61.8 4.8 5.9HFS (Health Food Stores) 53.9 70.6 0.6 2.3Frozen Foods 27.8 27.0 0.1 0.8ABC 24.7 22.3 0.9 0.7Non-allocated (2.2)* (2.9)* (3.4) (2.7)Wessanen 170.6 178.8 3.0 7.0 * Eliminations for inter-segment revenue (between Grocery and HFS) 39
    40. 40. Bridge - revenue growthIn € mln190185 (1.0)% 2.3% 0.7% 1.0% (7.6)% (4.6)%180175170 1.3% Autonomous165 revenue growth160 Q1 11 Volume Price/mix Currency Clipper Divestments Q1 12 €178.8 €(1.8) €4.1 €1.3 €1.8 €(13.8) €170.6 40
    41. 41. Bridge - segment revenue growthIn € mln 190 €178.8 €4.6 €(16.7) €0.8 €2.4 €0.7 €170.6 185 180 175 170 165 160 t ds FS ry 2 1 C en 1 1 B ce o H m A 1 1 Fo ro Q Q eg G n rs ze te o In Fr 41
    42. 42. Bridge - EBIT development y-on-yIn € mln10 €7.0 €(1.1) €(1.7) €(0.7) €0.2 €(0.7) €3.0 5 0 Q1 11 Grocery HFS Frozen Foods ABC Corporate Q1 12 42
    43. 43. Cash flow Q1In € mln 2.4 (27.5) Cash flow from 2.4 earnings Increase Sources (8.2) working capital Increase of 25.1 net debt Net Investments (19.3) Uses 43
    44. 44. Working capital80 4 quarter average working capital604020 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 08 09 09 09 09 10 10 10 10 11 11 11 11 1240 Q-on-q movement working capital20 0-20-40 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 08 09 09 09 09 10 10 10 10 11 11 11 11 12 44
    45. 45. Net debt and leverage ratioIn € mln200 Net debt150100 €57.3 mln 50 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 5 Leverage ratio 4 3 1.6x 2 1 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 45
    46. 46. Financials Q1 / guidance 2012Financials Q1 Net financing costs €(0.9) mln (Q1 2011: €(0.6) mln) Income tax expenses €(0.8) mln (Q1 2011: €(3.0) mln) Capex €(2.0) mln (Q1 2011: €(2.5) mln)Guidance FY2012 Net financing costs €(3-4) mln Effective tax rate around 30-40% Capex about €12-14 mln Depreciation and amortisation about €15 mln Non-allocated expenses (incl. corporate) around €12-13 mln 46
    47. 47. Royal Wessanen nv www.wessanen.com

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