First quarter 2012 presentation, providing overview of Wessanen performance (financially and business wise).

1. Royal Wessanen nv
Q1 2012 roadshow
Q1 published: 27April 2012
www.wessanen.com

2. 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 2

3. Content
Page
4. History
7. Vision, mission, strategy
11-12 Clipper
17. Q1 2012
29. Segments
3

4. A long and rich history
2015 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 introducing 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 Distriborg, Zonnatura, 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
4

5. Transformation 2009-2011
In € mln
1,586 Clipper (March '12)
1600
KK, LR, Righi
TOL NA
PANOS
1200 ABC
Frozen Foods
Kalisterra
800 712 706 694 Tree of Life UK
HFS
Grocery
400
0
2009 2010 2011 2011 Pro
Forma
From portfolio approach to focus on the core
5

6. Attractiveness organic food markets
European organic food market is an attractive and growing segment
– €21 bn market, 2011 growth est. 6%
– <3% of total European food market
Increasing consumer appreciation and still low per capita consumption
– European Union <€30> p.a.
– Germany <€75>, France <€55>, NL <€50>, UK <€30>
Consumers increasingly convinced of benefits of organic food regarding
health, taste and environment
Grocery and HFS channels developing at different growth path
– Decline percentage of households shopping in HFS channel in
the Netherlands halted
Wessanen has unique selling points;
– Active in both channels (HFS and Grocery)
– Strong brands in both channels
– Increasingly orchestrating our European businesses
– One of very few with true European presence
6

7. Our Vision
“To make our organic brands most desired in Europe”
GROCERY HEALTH FOOD STORES
7

8. Our Mission
“Our organic food, your natural choice”
8

9. Wessanen’s Strategy
ARENAS
 Healthy & sustainable nutrition through organic food in Europe
STAGING 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
9

10. Strategic objectives 2012-14
Strategic focus Activities
Topline growth • Grow core brands
• Grow core categories
• Build strongholds in new markets
• Country specific growth strategies
• Launch fewer, bigger, better innovations
• Execute acquisitions shortlist
Profitability • Central sourcing savings
• Pricing strategies towards customers
improvement
• Improve operational excellence with SAP
• Filling own factories
Enablers • Improve talent performance management / building connected leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre (OEC), integrate Quality
10

11. 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
11

12. 12

13. Moving to a more integrated,
centrally steered business
Nature 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. OGSM to align our plans and objectives
Corporate
OGSM
County and Functional
OGSM
Performance Feedback
Strategies & Goals Link to Performance Management (Bottom-Up)
(Top-Down)
Align to individual objectives and
development plans
 Linking corporate level goals to the 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. Roadmap focused on 3 business models
Business 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
• 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, Fertilia
Brands • Via wholesaler in Germany Molenaartje
in HFS • Direct to stores (France, NL) Germany: Allos, Tartex, De Rit
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
15

16. Driving our brands in 2 channels
Health Food Specialty Stores Grocery Retail
Profile Small, independent, large exclusively Professional chains, organic core assortment
Profile organic assortment
Development Concentration, modern formats Dedicated shelf results in strong growth
Developmen
Opportunity Attract & activate mainstream consumers, Build credibility and profile through strong
Opportunity innovative concepts organic ranges
Wessanen Building powerful brands, large ranges, Aggressive growth, powerful in-store marketing
Wessanen
Focus moving from push to pull marketing Focus on fewer, bigger brands
Focus
Wholesale (NL, BEL, FR) All countries
Retail formulas (NL)
16

17. Q1 2012
17

18. Q1 2012 key figures
In € mln Q1 2012 Q1 2011
Revenue ¹ 170.6 178.8
Autonomous growth 1.3%
Gross contribution 65.8 65.8
As % of revenue 38.6% 36.8%
Normalised EBIT ¹ 3.0 7.0
As % of revenue 1.8% 3.9%
EBIT ¹ 3.0 8.1
Net result ² 1.5 4.5
Earnings per share (EPS) ² 0.02 0.06
Operating cash flow ¹ (5.8) (5.2)
¹ Continuing operations; ² Attributable to Wessanen equity holders
18

19. 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
19

20. Q1 figures per segment
Revenue Normalised EBIT
Q1 12 Q1 11 Q1 12 Q1 11
Grocery 66.4 61.8 4.8 5.9
HFS (Health Food Stores) 53.9 70.6 0.6 2.3
Frozen Foods 27.8 27.0 0.1 0.8
ABC 24.7 22.3 0.9 0.7
Non-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)
20

21. Bridge - revenue growth
In € mln
190
185 (1.0)% 2.3% 0.7% 1.0% (7.6)% (4.6)%
180
175
170
1.3%
Autonomous
165 revenue growth
160
Q1 11 Volume Price/mix Currency Clipper Divestments Q1 12
€178.8 €(1.8) €4.1 €1.3 €1.8 €(13.8) €170.6
21

22. Bridge - EBIT development y-on-y
In € mln
10
€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
22

23. Working capital
80
4 quarter average working capital
60
40
20
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 12
40
Q-on-q movement working capital
20
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 23

24. Cash flow Q1
In € 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
24

25. Net debt and leverage ratio
In € mln
200
Net debt
150
100
€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
25

26. Financials Q1 / guidance 2012
Financials 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
26

27. 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
27

28. Bridge - segment revenue growth
In € mln
190
€178.8 €4.6 €(16.7) €0.8 €2.4 €0.7 €170.6
185
180
175
170
165
160
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28

29. Segments
29

30. 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
30

31. Grocery examples of activation
Kallo soy launch activity
Dairy alternatives key category
Kallo core brand, phased out So Good
Yearly 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
31

32. • Rebuilding
32

33. 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
33

34. HFS examples of activation
Allos cookies
New range of cookies launched
Available in German HFS stores
New GooodyFooods store
Opened early October in Zaandam
4th store, new ones in the pipeline 34

35. 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
35

36. Frozen Food examples of activation
Bicky Double Chicken burger
Introduced in October in Belgian out-of-home
Further extension Bicky range
Newly designed carton box
Supported by TV commercials and online campaign
Online campaign in Flanders (Dutch) and Wallonia (French)
36

37. 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
37

38. ABC examples of activation
38