Q3 2011 presentation used for analyst and investors on roadshows

1. Royal Wessanen nv
Q3 2011
Amsterdam, 27 October 2011

2. Q3 2011 highlights
 Another quarter with progression
 Autonomous revenue growth 8.0%
 Grocery up 7.5% and ABC 53.5%
 Grocery continues to perform well showing growing sales and
strengthening position of its brands
 HFS working hard to implement multiple improvements
 Autonomous growth (7.1)%
 Focus at Frozen Foods on both sales growth and managing
operating costs. Innovations gaining traction
 ABC showing a very strong performance this quarter
 Benefiting from strongly increased distribution of RTDs
2

3. Q3/9M 2011 key figures
In € million Q3 2011 Q3 2010 9M 2011 9M 2010
Revenue ¹ 174.3 173.4 548.8 539.7
Autonomous growth 8.0% 3.5%
Normalised EBIT ¹ 6.2 1.6 25.0 18.9
As % of revenue 3.6% 0.9% 4.6% 3.5%
EBIT ¹ 5.4 1.6 20.9 17.4
Net result ² 8.1 1.0 18.0 2.8
Earnings per share (EPS) ² 0.11 0.01 0.24 0.04
Operating cash flow ¹ 4.2 9.2 0.9 12.9
3
¹ Continuing operations; ² Attributable to Wessanen equity holders

4. Bridge - revenue growth
In € mln
200
Autonomous
revenue growth
8.0%
2.8%
190
5.2%
Reported
revenue growth
(0.8)%
180 (1.9)% 0.5%
(4.8)%
170
160
Q3 2010 Volume Price/mix Trading Currency Divestments Q3 2011
days
4

5. 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
5

6. Zonnatura 360°campagne
Television Outdoor - busshelter
 Sponsoring GTST  Nationwide coverage
Radio campaign  Week 43-44
 Week 43-45  Week 43-44
In-store
 Retail promotions
 Week 43-47
Tastings
Site
In-store tastings tea / bars
 Consumer activation
In week 44
Social media
Free sampling
 From week 43
Margriet Winterfair
 Week 46-47
6

7. 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 7

8. 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)
8

9. ABC examples of activation
9

10. Q3 2011 financials
 Normalised EBIT €6.2 mln, clear increase year-on-year
 Driven by strong performances at Grocery and ABC
 Increased margins and operational leverage
 Reported EBIT of €5.4 mln
 Includes exceptionals of €(0.8) mln
 Income taxes €3.8 mln positive
 Recognition of tax carry forward losses in US;
deferred tax asset of €4.7 mln at quarter-end
 Operating cash flow €4.2 mln
 Negative impact of €9.2 mln due to discontinuation
factoring of debtors
 Net debt fell to €35.9 mln
 Leverage ratio 0.9x (Q2 2011: 1.1x)
• Additional data available in appendix (e.g. on net debt / cash flow / exceptionals)
10

11. Closing remarks
 Strategy is clear, we are more focused, and in better shape
 Different businesses response with different speed to strategic
initiatives
 Going forward, we are cautiously optimistic
 A strong team in place
 Execution of strategy is progressing
 To deal with element of uncertainty
 Persistently subdued European economic environment
 Consumer confidence remains fragile
 Firmly determined
 To improve performance step-by-step
 To further solidify our positions and brands
11

12. Appendices

13. Q3 performance 9M performance
Revenue (in € mln) Revenue (in € mln)
3.5%
8.0%
539.7 548.8
174.3
173.4
♦ Autonomous third party revenue growth ♦ Autonomous third party revenue growth
EBIT (in € mln) EBIT (in € mln)
25.0
20.9
5.4
17.4 18.9
6.2
1.6 1.6
Q3 10 Q3 11 9M 10 9M 11
♦ Reported, ♦ Normalised ♦ Reported, ♦ Normalised 13

14. Revenue Q3 2011 €174.3 mln
ABC WE Grocery
Revenue €37.7 mln Revenue €57.5 mln
Normalised EBIT €5.2 mln Normalised EBIT €3.8 mln
21% 33%
Frozen Foods
Revenue €27.3 mln 15%
Normalised EBIT €0.2 mln
31%
WE HFS
Revenue €54.7 mln
Normalised EBIT €(0.5) mln
Non-allocated & eliminations
Revenue €(2.9) mln
Normalised EBIT €(2.5) mln
14

15. Revenue 9M 2011 €548.8 mln
ABC WE Grocery
Revenue €94.6 mln Revenue €185.2 mln
Normalised EBIT €10.4 mln Normalised EBIT €16.2 mln
17%
33%
Frozen Foods 15%
Revenue €84.0 mln
Normalised EBIT €2.1 mln 35%
WE HFS
Revenue €194.2 mln
Normalised EBIT €3.8 mln
Non-allocated & eliminations
Revenue €(9.2) mln
Normalised EBIT €(7.5) mln
15

16. Bridge - revenue
In € mln
180
€2.9 €(13.6)
€11.2 €0.2 €174.3
175 €173.4
170
165 €0.2
160
Q3 2010 Grocery HFS Frozen ABC Inter- Q3 2011
Foods segment
eliminations
16

17. Bridge - normalised EBIT
In € mln
10
8
€5.9 €6.2
6
€(0.1)
€1.6 €(1.9)
4
€1.6
€(0.9)
2
0
Q3 2010 Grocery HFS Frozen ABC Corporate Q3 2011
Foods entities
17

18. EBIT - from normalised to reported
Q3 2011 Q3 2010
Normalised EBIT 6.2 1.6
Grocery Release restructuring provisions 0.2 -
HFS Mainly exchange loss deferred in equity (2.0) -
ABC Minor asset adjustments 0.2 -
ABC Net reversal impairment losses 0.8 -
EBIT 5.4 1.6
18

19. Cash flow Q3 2011
In € mln
13.9 (10.7)
Derivatives
0.5
and FX (1.5) Net Investments
Decrease
working 4.9
capital
Discontinuation
(9.2) Factoring
France Grocery
Cash flow
from 8.5
earnings
Reduction
3.2
of net debt
Sources Uses
19

20. Net debt and leverage ratio
In € mln
250
Net debt
200
150
100
€35.9 mln
50
0
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
5
Leverage ratio
4
3
2
0.9x
1
0
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
20

21. Financial guidance 2011
 Net financing costs €3-4 mln
 2010: €(8.3) mln; 2009: €(19.9) mln
 Effective tax rate around 25-30%
 Excluding recognition of deferred tax assets regarding
tax carry forward losses
 2010 impacted by country mix and non-deductible impairments,
partly compensated by recognition tax losses
 Depreciation and amortisation (excl. impairments) about €14 mln
 2010: €(14) mln
 Capex about €10-11 mln
 2010: €11.5 mln
 Non-allocated expenses (incl. corporate) around €10 mln
 2010: €(12.3) mln (normalised €(10.2) mln)
21

22. Wessanen Europe Grocery
 Revenue growth remained robust, growing by 5.3% to Revenue (in € mln)
€57.5 million
7.5%
 Continued focus on core brands, making further progress
in areas such as brand activation, innovations and
operational excellence
 Bjorg continues to gain market share 57.5
 Zonnatura launched sizeable 360º activation 54.6
campaign
* Focus on organic teas and its natural taste
 Range of soy milks relaunched under Kallo brand
♦ Autonomous third party revenue growth
* Diary alternatives European core category
* 1 strong brand, therefore phased out So Good EBIT (in € mln)
 Bjorg launched on German market
* Its nutritional positioning complementary to
indulgence of Whole Earth
 Normalised EBIT up to €3.8 million
4.0
 Increased revenue and higher gross margin % 2.2 2.2
3.8
Q3 10 Q3 11
♦ Reported, ♦ Normalised 22

23. Wessanen Europe HFS
 Revenue down 19.9% Revenue (in € mln)
 Divestment TOL UK (12.2% impact)
 Autonomous revenue (7.1)% (7.1)%
 >2% decline due to weak performance Kalisterra
• Divested as of 1 October
 Brands performing satisfactorily 68.3
 Focus on brand activation and innovations 54.7
 Brands such as Allos, Bonneterre, De Rit
 At wholesale activities working hard on implementing ♦ Autonomous third party revenue growth
multiple improvements, several yet to translate in EBIT (in € mln)
tangible results
 Focus on operational excellence and expanding
Dutch own format stores
1.4 1.4
-2.5 -0.5
Q3 10 Q3 11
♦ Reported, ♦ Normalised 23

24. Frozen Foods
 Autonomous revenue growth 0.8% Revenue (in € mln)
 Branded up due to Belgian out-of-home,
export 0.8%
 Somewhat lower volumes at Dutch retail and
out-of-home
 Private label about stable
27.3
 EBIT decreased to €0.2 million 27.1
 Increased raw material prices
 Marketing spending in line with last year
♦ Autonomous revenue growth
 In October, Bicky Double Chicken burger introduced
in Belgian out-of-home EBIT (in € mln)
 Further extension of Bicky range
 Supported by TV commercials and online
1.1
0.2
Q3 10 Q3 11
♦ Reported 24

25. American Beverage Corporation
 Very strong Q3, driven by success Daily’s RTD pouches Revenue (in € mln)
 Development right packaging concepts
 Change distribution strategy to serve grocery
chains 53.5%
 Consistent execution
 Attractive price-value positioning
37.7
 Daily’s bag-in-a-box and premixes doing well either
26.5
 Little Hug stable sales
 Continued competitive activity
♦ Autonomous revenue growth
 Active pruning/de-emphasising lower margin
products EBIT (in € mln)
 20-count doing well / new packaging
 Revitalisation continues
 2011: EBIT in range of US$17-19 mln; autonomous
revenue expected to show strong growth year-on-year
6.2 5.2
 2012: further revenue and earnings growth
-0.7 -0.7
Q3 10 Q3 11
♦ Reported, ♦ Normalised 25