The document summarizes Q3 2014 results for Wessanen, a European company focused on healthy and sustainable food. It reported revenue growth of 6.7% for Q3 and increased marketing spending. Core brand performance was strong with six brands growing double-digits. The company continues executing its strategy to divest non-core operations and upgrade operations to increase efficiency. Financial guidance for 2014 anticipates increased profits in the second half of the year.

1. Q3 2014 results
Analyst. investor & media call
24 October 2014

2. Our vision: We are building a European
champion in healthy and sustainable food
ORGANIC FAIRTRADE VEGETARIAN NUTRITION
HEALTHY AND SUSTAINABLE FOOD

3. 5 Sources of value creation
Grow core
brands
Acquire
selectively
Green &
Entrepren
eurial
Culture
Divest
non-Core
Upgrade
operations

4. Q3 / 9m key figures
In € mln Q3 2014 Q3 2013 9m 2014 9m 2013
Revenue 106.4 98.6  325.3 305.4
Autonomous growth 6.7% 3.3%
Normalised EBIT 4.9 3.8  22.3 17.2
as % of revenue 4.6% 3.9% 6.9% 5.6%
EBIT 4.9 3.6  21.6 15.4
Profit from continuing operations 2.9 (1.6)  12.4 3.3
Profit/(loss) from discontinued operations 2.8 5.3  39.3 4.3
Profit for the period 5.7 3.7  51.7 7.6
Earnings per share 0.07 0.05  0.68 0.10

5. Grow own brands
Demand for healthy and sustainable food continues to rise
Core brands performed well
Six brands growing double-digit
On the back of new product launches and increased distribution
A&P investments increased in the quarter
TV commercials for Bjorg, Alter Eco, Zonnatura
In store and online activation
Grow core
brands
Acquire
selectively
Green &
Entrepren
eurial
Culture
Divest
non-Core
Upgrade
operations

6. Dairy alternatives
Multi country
Sweets in between
Bread replacers
Breakfast cereals
Key innovations H2 2014

7. Key innovations H2 2014
Hot drinks
Savoury spreads
Sweet spreads
Cold drinks & juices
Multi country

8. Zonnatura -What happened to our food?
Zonnatura wants consumers to wonder about what happened with their food
10 new TV commercials being aired, each having its own topic
Hosted symposium for 30 food bloggers and journalists
Launch of 30 new products in Q3
Most are based on products already successful in our other markets
Growth of distribution at grocery (e.g. Albert Heijn, Jumbo, Superunie) and drug stores
(e.g. Etos)
Including 3 kinds
of sugar and
artificial added
fibres

9. Upgrade operations
Excellent data management (SAP)
New operations director started as of September
Integrating manufacturing, supply chain & central sourcing
Supply chain projects (logistics)
Divest
Non-Core
Reduction non-quality costs through sales and operational planning (S&OP)
Increase filling rate of factories; run on-going productivity projects
Bundle volumes with portfolio alignment & SKU reduction program
Grow Core
brands
Acquire
selectively
Green &
Entrepren
eurial
Culture
Upgrade
operations

10. Green & entrepreneurial culture
Top Teams: excellence in execution and expert in sustainable food
Run business as one business (as long as it creates value), otherwise local
On-going assessment of operating costs to re-invest in business
Make Wessanen a ‘green place’ to work
Grow Core
brands
Divest
Non-Core
Conducting a qualitative assessment through stakeholder dialogue to define material
sustainability topics
Acquire
selectively
Green &
Entrepren
eurial
Culture
Upgrade
operations

11. ABC - business review
Classified as discontinued operations as of 30 September
We have commenced a divestment process
Grow Core
brands
Acquire
selectively
Green &
Entrepren
eurial
Culture
Divest
Non-Core
Upgrade
operations
In US$ mln Q3 14 Q3 13 9m 14 9m 13
Revenue 32.6 37.9 105.9 117.2
Normalised EBIT 3.1 (2.7) 10.2 (4.2)
as % of revenue 9.5% (7.1)% 9.6% (3.6)%

12. Closing remarks
Execute strategy to transform into focused European player in healthy & sustainable food
EBITE to increase in 2014; increase in EBITE Branded in H2 (after increase in H1 as well)
Core brands growing profitable
On the back of new products launches and increased distribution
Increased spending on marketing in the quarter
Divestment process ABC initiated, last non-core operation
A unique contribution to sustainability
A sound financial position

14. Restated figures - 2013 and Q1/Q3 2014
Wessanen (in € mln) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14
Revenue 101.8 105.0 98.6 101.9 407.3 109.9 109.0 106.4
EBITE
8.1 5.3 3.8 2.3 19.5 9.2 8.2 4.9
Exceptional items
(0.4) (1.2) (0.2) (4.5) (6.3) (0.1) (0.6) -
EBIT
7.7 4.1 3.6 (2.2) 13.2 9.1 7.6 4.9
Branded (in € mln) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14
EBITE 8.9 5.6 4.2 3.9 22.6 10.0 8.1 5.5
Exceptional items (0.4) (1.2) - (4.7) (6.3) (0.1) - -
EBIT 8.5 4.4 4.2 (0.8) 16.3 9.9 8.1 5.5
Non-allocated (in € mln) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14
EBITE (0.8) (0.3) (0.4) (1.6) (3.1) (0.8) 0.1 (0.6)
Exceptional items - - (0.2) 0.2 - - (0.6) -
EBIT (0.8) (0.3) (0.6) (1.4) (3.1) (0.8) (0.5) (0.6)

15. Branded - key figures
110
105
100
95
Q3 revenue
Q3 13 Q3 14
Q3 revenue growth
3.5%
EBIT contributors
Gross margin (%) 
Operating costs 
Marketing spending 
10%
8%
6%
4%
2%
6
4
2
0
Q3 EBITE
Q3 13 Q3 14
0%
Volume Price/mix Acquisitions Currency Reported
+8.2%
10%
8%
6%
4%
2%
0%
Q3 underlying
autonomous revenue growth
Volume Price/mix Underlying
2.5% n.a. 1.5%
3.9% 4.6%
8.2%
4.2%
€ mln
€ mln
2.5%
5.8%
8.3%

16. A very sound financial position
In € mln Sept 14 Jun 14 Dec 13
Non-current assets 91.5 116.6 118.0
Current assets 207.8 174.6 219.7
Total assets 299.3 291.2 337.7
In € mln Sept 14 Jun 14 Dec 13
Total equity 159.8 149.6 105.4
Non-current liabilities 11.5 11.8 72.5
Current liabilities 128.0 129.8 159.8
Total equity & liabilities 299.3 291.2 337.7
100
75
50
25
0
-25
Net debt
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
3
2
1
0
-1
Leverage ratio
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
(21.3)
(0.6)x
In € mln

17. Q3 / 9m financials
Tax expenses
Q3: €(1.6) mln Q3 13: €(4.6) mln
9m: €(7.6) mln 9m 13: €(10.6) mln
In Q2 €(0.5) mln net addition to provision for uncertain tax positions
Net financing costs
Q3: €(0.4) mln Q3 13: €(0.6) mln
9m: €(1.6) mln 9m 13: €(1.5) mln

18. Financial guidance 2014 (continuing operations only)
FY 2014 EBITE
EBITE at Branded is expected to increase in H2 2014 versus H2 2013
EBITE Non-allocated (corporate) expenses of around €(2-3) million
Financial items
Net financing costs around €(2) mln
Tax rate around 38%
Includes net addition for uncertain tax positions of €(0.5) mln in Q2
Capital expenditures €4-5 mln
Depreciation and amortisation €6-7 mln

19. Wessanen overview
TSR peer group
Bonduelle Lotus Bakeries
Bongrain Nutreco
Corbion Premier Foods
Ebro Foods Sligro
Fleury Michon Wessanen
7.3%
3.8%
Executive Board
CEO Christophe Barnouin (1968)
CFO Ronald Merckx (1967)
Shares 2013
Avg. # of shares 75.7 mln
EPS €0.00
Dividend €0.05
Pay-out ratio 42%
Ratios 2013
EBITE (in%) 2.6%
RoCE (in %) 7.0%
Leverage ratio 1.6 x
Debt to equity 48%
Capex to revenue 1.0%
Royal Wessanen
1765 Incorporated
1913 Royal warrant granted
1959 Listed at Euronext
Valuation
Market cap €360 mln (23 Oct)
Net cash €21.3 mln (30 Sep)
Corporate Communications & Investor Relations
Carl Hoyer
+31 20 3122 140 +31 6 123 556 58
Carl.hoyer@wessanen.com
www.wessanen.com Twitter: @royalwessanen

20. Calendar 2015
Fri 20 February Q4 / FY results
Fri 27 February Publication Annual Report (online)
Thu 16 April Annual General meeting of Shareholders (AGM)
Fri 24 April Q1 trading update
Fri 24 July Q2/H1 report
Fri 23 October Q3 trading update