WELL-
THROUGHVEGETABLEPRODUCTS
LIVING
STRATEGY► Vegetable products, a huge market► Bonduelle, the only vegetable front-runner► Continuous growth► Priority given to long term projects► Unique infrastructure► Technological expertise► International scope► Four strong brands► Customer brands► Distribution circuits
OUR CHALLENGES AND COMMITMENTS►Man and respect for natural environment►Management integrated►Key figures►Man and safety►Quality and nutrition►Stakeholders: share, discuss, consider►Agronomy►Natural resources► Transport and supply chain
BUSINESS KEY FIGURES► The Bonduelle Group
in figures
► Half Year Results
► Ready Pac
► Outlooks
THE BONDUELLE GROUP►A family-based agroindustrial history►Shareholder objectives►Our governance►Our organisation ►Our ambition► The values
CONTENTS
A
A
A
BONDUELLE
HISTORY...AND VALUES
BONDUELLE
BUSINESSMODEL
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
3 |
A FAMILY-BASED AGROINDUSTRIAL HISTORYGENERATIONS INVOLVED SINCE 1853
Distillery,followed by sugar and
yeast
1853
Bonduelle starts
working in agriculture
1862 1926 1947
P. and B. Bonduellerequired the construction
of a cannery
1962
Frozen foodsrange launched
Creationof the
Bonduellebrand
Launch of thefresh range
1997 2017
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
4 |
SHAREHOLDER OBJECTIVESTHE BONDUELLE GROUP
INDEPENDANCE
DURABILITY EMPLOYEEDEVELOPMENT
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
5 |
GENERAL PARTNER
BONDUELLE FAMILY
29,80%
OUR GOVERNANCELISTED FAMILY BUSINESS
OTHER BONDUELLE
FAMILIES
24,59%
MANAGER:General partner
Supervisory BoardAudit CommitteeEthics Committee
PUBLIC
40,53%
EMPLOYEES+ TREASURY STOCK
5,08%
CHAIMAN:Christophe BONDUELLE
Executive CommitteeAdministrative Board
Compensation Committee
INDUSTRIAL AND COMMERCIAL
BUSINESS UNITS
BONDUELLE SAS
BONDUELLE SCA
99,99%
2013 PRIZEFORSHAREHOLDER RELATIONS
2014 PRIZEFORINVESTORSRELATIONS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
6 |
MartinDucroquet(Chairman)
Laurent Bonduelle
Marie-Ange Verdickt
Yves Tack
Matthieu Duriez
Isabelle Danjou
(Vice-Presidente)
Élisabeth Minard
OUR GOVERNANCETHE SUPERVISORY BOARD
Ensures permanent control of company management on behalf of the Shareholders.
Marie-France Tisseau
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
7 |
OUR GOVERNANCETHE AUDIT COMMITTEE
By delegation of the Supervisory Board, this committee is responsible for supervising the financial matters.
MartinDucroquet
YvesTack
(Chairman)
Marie-Ange Verdickt
Isabelle Danjou
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
8 |
Philippe Vasseur
Jean-Bernard Bonduelle
Marie-France Tisseau
Arno Van Dongen
OUR GOVERNANCETHE ETHICS COMMITTEE
Its aim is to support the ethical principles implemented by Bonduelle. It also provides advice on ethical issues; its role is purely advisory.
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
9 |
It encompasses Chairman, the branch directors located in and outside Europe, the Director of “Pôle Prospective et Développement” and the Directors of Finances and Human Resources.
OUR GOVERNANCETHE EXECUTIVE COMMITTEE
Christophe Bonduelle (Chaiman)
Benoît Bonduelle (« Pôle Prospective et
Développement » Manager)
Bruno Rauwel(Human Resources
Manager)
Grégory Sanson(Chief Financial
Officer)
CORPORATE DEPARTMENTS
BUSINESS UNITS LOCATED IN EUROPEBUSINESS UNITS LOCATED OUTSIDE EUROPE
Daniel Vielfaure(Bonduelle Americas
General Manager)
Guillaume Debrosse(Bonduelle EurAsia Markets
General Manager)
Pascal Bredeloux(Bonduelle Fresh Europe
General Manager)
Philippe Carreau(Bonduelle Europe Long Life General Manager)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
10 |
GuillaumeDebrosse
Christophe Bonduelle (Chairman)
Jérôme Bonduelle
François Bonduelle
MarcBonduelle
BenoîtBonduelle
Jean-Bernard Bonduelle
PierrePâris
AntoineFiévet
Pierre Deloffre
MiriamFedida
Made up of Bonduelle family members and independent members, this Board is responsible for defining the company's strategy and investment policy.
OUR GOVERNANCETHE BOARD OF DIRECTORS
Philippe Vasseur
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
11 |
Pierre Deloffre
(Chairman of the Committee)
This committee is independent and recommends the compensation granted Bonduelle family members working at Bonduelle. The committee also gives its opinion on the compensation of top managers.
OUR GOVERNANCETHE COMPENSATION COMMITTEE
AntoineFiévet
HarryTouret
KalyaTea
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
12 |
OUR ORGANISATION
BONDUELLE
FRESHEUROPE
4 agricultural own production sites
18 industrial production sites
5 logistical platforms
BONDUELLE
EUROPELONG LIFE
BONDUELLE
AMERICAS
BONDUELLE
EURASIAMARKETS
CANNED AND FROZEN CANNED AND FROZENCANNED AND FROZEN
EUROPE ZONE
EUROPE ZONE
NON EUROPE ZONE
1 agricultural own production site
8 industrial production sites
EUROPE ZONE1 agricultural own production site
12 industrial production sites
1 logistical platforms
AMERICAS2 agricultural own production sites
2 industrial production sites
RUSSIA
EXECUTIVE COMMITTEE
CENTRAL DEPARTMENTS• External Relations & Communication
Corporate Marketing and Sustainable Development• Finances• Human Resources
FRESH CUT AND PREPARED SALADS
POLE PROSPECTIVE & DEVELOPPEMENT• New markets• Research and development• Information systems• International sourcing
4 BUSINESS UNITS WORLDWIDE at July 1, 2016)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
13 |
OUR AMBITION
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
14 |
THE VALUESTHAT GUIDE US
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
15 |
CHALLENGES
FEEDING people
VALUE OUR PEOPLEAnd put them at the heartof our economic project
MAN AND RESPECT FOR NATURAL ENVIRONMENTAT THE HEART OF OUR DEVELOPMENT
OUR COMMITMENTS
PROTECTINGthe planet
SOCIAL AND SOCIETAL People and safety
Quality and nutritionStakeholders
ENVIRONMENTALAgronomy
Natural resourcesTransport and supply chain
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
16 |
BUSINESS UNITSSTEERING COMMITTEES
CSR STEERING COMMITTEE
EXTERNAL STAKEHOLDERS
Guarantee the application of the CSR policy
BUSINESS UNITS REPRESENTATIVES
AREA AND SUPPORT EXPERTS
Supports and coordinates the action
Respond & influence
EXECUTIVECOMITTEE
Sets the CSR policy
Introduce the action plans
SITE AND COUNTRY EMPLOYEES
MANAGEMENT INTEGRATEDINTO GOVERNANCE
ALL ACTORS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
17 |
95% OF 3 440 FARMERSsupply charter
signatories.
AGRONOMY
171PROJECTS
SUPPORTEDby the Louis Bonduelle
Foundation.
NUTRITIONQUALITY
December 2016
KEY FIGURESCSR PERFORMANCE
24 to 4,03 in 5 yearsFREQUENCY OF OCCUPATIONAL
ACCIDENTS
PEOPLE AND SAFETY
-50% WATER CONSUMPTION
SAVINGS in 10 years
27 PROJECTS INITIATED
in connection with the local communities where
Bonduelle is present.
STAKEHOLDERS
7 000 TONNES OF CO2 EMISSIONS
saved with piggybacktransport.
SUPPLY CHAIN AND
PURCHASING
NATURAL RESOURCES
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
18 |
CREATION OF AN ETHICS COMMITTEE >>> IMPLEMENTATION OF THE CHARTER
MAN AND SAFETYFOCUS ON TRUST AND PERSONAL DEVELOPMENT
WORK ACCIDENTS DIVERSITY
OBJECTIVE 0
281 EMPLOYEES with disabilities(full time equivalent)2003
4,03
40
2016
TRAINING EMPLOYEE DEVELOPMENT
MEETING79% in 2015 / 2016
1,44% TRAINING
RATE OBJECTIVE 100%
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
19 |
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
20 |
QUALITY AND NUTRITIONINCREASINGLY SAFE PRODUCTS, NUTRITIONAL ANSWERS
QUALITY AND SAFETY
Site and processCERTIFICATION
97% CERTIFIED PRODUCTION SITES
in 2015/2016
HEALTHY AND NATURAL EATING
NutritionalOPTIMISATION of recipes
REDUCED use additives
OBJECTIVE 100%
REDUCEDComplaint rates
RAISING consumerawareness on healthy eating
Louis BonduelleFOUNDATION
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
21 |
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
22 |
SUSTAINABLY DEVELOPINGEATING HABITS
THE LOUIS BONDUELLE FOUNDATION Is present in these countries
INFORM AND RAISE AWARENESS
Recognised by health professionals
91% favourable opinion
ACT IN-FIELD171 projects supported
SUPPORT RESEARCH
ITS OBJECTIVES SINCE 2004
www.fondation-louisbonduelle.org
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
23 |
SOCIAL PLAN27 of the sites have either
implemented a project
OBJECTIVE: 1 ON EACH SITE10 projets VEGEGO lancés
HUMANITARIAN DEVELOPMENT PROJECT
OBJECTIVE: LAUNCHING A GROUP PROJECT
RELATIONS WITH STAKEHOLDERSOBJECTIVE: FOR ALL
COUNTRIES
3 864tOF FOOD DONATIONS
IN 2015/2016(France, Italy, Poland, Hungary and
North of Amercia)
STAKEHOLDERS:SHARE, DISCUSS, CONSIDER
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
24 |
THE SUPPLY CHARTER
95%SIGNATURESin 2015/2016
SUPPORTFOR INNOVATIVE
TECHNIQUES
INCREASING LOYALTY
ECOLOGICALLYINTENSIVEFARMING
84%Of the farmers have been
evaluated
3 440AGRICULTEURS(turnover <5%)
AGRONOMY: SHARED DYNAMICS WITH THE AGRICULTURAL WOR LD
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
25 |
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
26 |
AGRONOMICDEPARTMENT
France, Germany, Spain, Italy, Portugal, Canada
77%
PRODUCER GROUPS
OF SURFACE AREAS
Poland, Brazil, Hungary, USA
11%
INDEPENDENT PRODUCERS
OF SURFACE AREAS
France, Spain, Canada, USA, Russia
7%
COMPANY PRODUCTION SITES
OF SURFACE AREAS
France, Spain, Canada, USA, Russia
5%
COURTIERS
OF SURFACE AREAS
SUPPLY MODELSPRODUCER ORGANISATIONS, COOPERATIVES, FEDERATIONS
LANDMANAGER
LANDMANAGER
CROPMANAGER
AGRONOMICPURCHASER
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
27 |
CONTRACTS SIGNED WITH
3 440FARMERS
OVER
118 000HECTARES
TURNOVER
< 5%
A CLOSE PARTNERSHIPANNUAL CONTRACTS AND SMALL TURNOVER
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
28 |
PROVISIONAL PROGRAMMESurfaces to be harvested
CHOICE OF PRODUCER
RÉSERVATION DES SURFACES
CONTRACT
VARIETIES
CROP/SOWING PLANCROP MONITORING
MATURITY/HARVESTINGDECISION MONITORING
PRE-ACCEPTANCE/CHECKED
AGRO CHARTER
LAND RECORD FEEDBACK
COMPLAINT FOLLOW-UPPRODUCER ASSESSMENT
PROGRESS PLAN
HARVEST
REPORTS:Technical, economic,
quality
RECEIPTACCEPTANCE
TRANSPORTLOGISTICS
THE SOURCING CHARTERSIGNATURE
THE SUPPLY CHARTER
95%SIGNATURESin 2015/2016
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
29 |
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
30 |
NATURAL RESOURCESENSURING INDUSTRIAL AND ENVIRONMENTAL DURABILITY
-22% of waterFor the group
from 2010 to 2015
NON-RENEWABLE RESOURCES
40Kg/TMP82%
ordinary industrial wasteare valorized
170 195 TeqCO2 from Greenhouse gas emissions
(purchase of fossil energy, refrigerant fluid leaks, …)
-12% of energyFor the group
from 2010 to 2015
APPENDICESA
559 Kg/TPFValorizes at 100%
Of green waste
10 490 000 m3of water discharged.
84% go to the treatmentplant
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
31 |
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
32 |
MEASURING THE COMPANY'S ENVIRONMENTAL FOOTPRINT
RESPONSIBLE SUPPLIES (CHARTERS/CONTRACTS)
REDUCED INPUT (GROWING METHODS)
LIMITING DISTANCES COVERED BY VEGETABLE PRODUCTS
RESPONSIBLE MANUFACTURING
NUTRITIONALLY OPTIMAL RECIPES
LIMITED ADDITIVES
USE OF ENVIRONMENTALLY OPTIMISED PACKAGING
TRANSPORT OPTIMISATION FOR FINISHED PRODUCTS
USAGE ADVICE TO CONSUMERS (ENVIRONMENTAL IMPACT, FO OD WASTE)
PROTECTINGNATURAL RESOURCES
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
33 |
FOOD RAW MATERIAL PURCHASED(Manufacturing + transport)
20%
PACKAGING(packages, cardboard, pallets –manufacturing + transport + end-of-life)
36%
FOOD RAW MATERIAL GROWN(growing + transport)
25%
INDUSTRY(energy sources + refrigerants + waste)
10%
SUPPLY CHAIN(transport to customersand between plants)
8%
PROFESSIONALAND PERSONALTRIPS
1% 1 820 000tof CO2
1,8tof CO2
per tonne of finished products
2011/2012 financial year
PROTECTINGNATURAL RESOURCES
2 / 2< BACK
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
34 |
CO2EMISSIONS
CALCULATED FOR2015/2016
in accordance with new standards and the Agency for the
Environment andEnergy Management (ADEME)
TRANSPORT AND SUPPLY CHAININNOVATION LEADING TO OPTIMISATION
- 8 000t
2015/2016
MOTORWAY OF THE SEA
ROAD /TRAIL TRANSPORT
ALTERNATIVES TO ROAD
TRANSPORT
RESPECTFOR THE
PRINCIPLES OF
EMISSIONS OF CO2OBJECTIVE:
- 5 000 t
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
35 |
+/- 6%FOOD
EXPENSES
Source : Food for thought 2016
VEGETABLE PRODUCTSA HUGE MARKET
€81 Billion
EUROPENORTH
AMERICA
€72 Billion
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
36 |
FROZEN
D’AUCYGÉANT VERT
BONDUELLECASSEGRAIN
GLOBUS
HAKALLENS
DEL MONTESENECA
FRESH PREPAREDCANNED GOODS
IGLOBIRDS EYEMC CAINPINGUINFINDUS
BONDUELLEARCTIC GARDENS
ARDOGÉANT VERT
BONDUELLE
CRUDETTESFLORETTE
MIX BUFFETSODEBO
STALAVENMARTINET
BONDUELLE
Ready meals, pizza, fish,
etc.
Vegetables
Source : Bonduelle 2015
BONDUELLE, THE ONLY VEGETABLE FRONT-RUNNER
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
37 |
THRIVES THANKS TO:INTERNATIONAL DEVELOPMENT
NEW PRODUCT CATEGORIES
€150 M
€1 968 M
Sweetcorn
SpainPortugal
CentralEurope
Fresh
Preparedgoods
Mushrooms
EasternEurope
Canada
SouthAmerica
USA
40PLANTS IN
11 COUNTRIES
1975 1980 1985 1990 1995 2000 2005 2009 2010 2011 2012 2013
2PLANTS IN FRANCE
2014 2016
CONTINUOUS GROWTH
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
38 |December 2015
PRIORITY GIVEN TOLONG TERM PROJECTS
IN OUR BRANDS
INDUSTRIAL PRODUCERS
40 PLANTS
€69 Min 2015/2016
RESEARCH AND DEVELOPMENT
MORE THAN 1%OF TURNOVER
MORE THAN 100ENGINEERS NUTRITIONISTS
AND CHEFS
6%OF
BRAND TURNOVER
INVESTMENT AGRONOMICINVOLVEMENT
3 440FARMERS
118 000 HA
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
39 |
UNIQUE INFRASTRUCTURECLOSER TO OUR CUSTOMERS
54 INDUSTRIAL OR COMPANY AGRICULTURAL PRODUCTION SI TES (in July 1st, 2016)
CANADA8 plants
1 agricultural site
USA3 plants
1 logistical platform
BRAZIL1 plant
GERMANY2 plants
BELGIUM1 logistical platform
FRANCE14 plants
4 agricultural sites4 logistical platforms
SPAIN2 plants
1 agricultural site
RUSSIA2 plants
2 agricultural sites
CENTRALAND
EASTERNEUROPEEUROPE
NORTH AMERICA
SOUTH AMERICA
HUNGARY3 plants
ITALY2 plants
PORTUGAL1 plant
POLAND2 plants
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
40 | September 2016
CLOSER TO OUR CUSTOMERSIN EUROPE
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
41 | November 2015
CLOSER TO OUR CUSTOMERSIN AMERICA
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
42 | November 2015
BONDUELLEIN FRANCE
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
43 |June 30th, 2016
TECHNOLOGICAL EXPERTISE
TURNOVER2015/2016
PER TECHNOLOGY
€1 968 M
30%
21%49%
Frozen (-18 °C) Canned (room temperature) Fresh processed (+4 °C)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
44 |
CANNEDIN LESS THAN HALF A DAY
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
45 |
MANUFACTURING OF FROZEN VEGETABLE PRODUCTSIN LESS THAN HALF A DAY
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
46 |
READY-TO-USE SALADSIN LESS THAN HALF A DAY
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
47 |
MANUFACTURING OF PREPARED SALADSIN LESS THAN HALF A DAY
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
48 |
SALES
June 30th, 2016
INTERNATIONAL SCOPE
« MULTI LOCAL » DEVELOPMENT
Compliance with market specificities
Local supply preferred
31% 35%
34%
France Others within Europe Outside Europe zone
TURNOVER2015/2016
€1 968 M
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
49 |
BONDUELLE
N°1IN EUROPE
27%OF MARKET SHARES
CUT AND WASHED SALADSPREPARED SALADS
N°120%
N°130%
N°234%
N°124%
FRESHPRODUCTS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
50 |
N°1IN CANADA
12%OF MARKET SHARES IN EUROPE
84%OF MARKET SHARES IN CANADA
Market share for Retail producer, by value
BONDUELLE
N°2IN EUROPE
N°184%
N°25%
N°212%
N°212%
N°119%
N°113%
FROZENPRODUCTS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
51 |
BONDUELLE
N°1IN EUROPEAND IN CANADA
30%OF MARKET SHARES IN EUROPE
83%OF MARKET SHARES IN CANADA
N°142%
N°128%
N°133%
N°37%
N°135%
N°132%
N°311%
N°132%
N°131%
N°145%
N°36%
N°135%
N°110%
N°183%
Market share for Retail producer, by value
CANNEDPRODUCTS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
52 |
FOUR STRONG BRANDS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
53 |
Unaided awareness 2014 Market shares(total to date)
Position
Germany 43% 14.2%(1) LEADERBelgium 33% 16.2% LEADERCanada (Arctic Gardens) 16% 13.4% No.2Spain 20% 4.7% No.3France (Bonduelle) 59% 13.1%
LEADERFrance (Cassegrain) 9% 10.1%Italy 54% 11.1%(1) LEADERNetherlands 41% 16.2% No.2Poland 53% 9.3% LEADERRussia (Bonduelle, Globus…) 83% 39.4% LEADER
Sources: IRI/NIELSEN/IPSOS(1) Average multi-technology market share
EXCELLENT BRANDAWARENESS
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
54 |
CUSTOMER BRANDS
EUROPE CENTRALE ET
ORIENTALE
51%43%
6%
Brands Retail brands Other*
BY BRAND
Retail brands Nationale brands
70%
30%
MARKET BY VALUE
*Co-packing and industry sales
• A wide array of brands that meet all customer requiremen ts• A highly selective retail brand policy
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
55 |
DISTRIBUTION CIRCUITSSTRONG PRESENCE IN HYPERMARKETS/SUPERMARKETS AND IN THE FOOD SERVICE SECTOR
Catering Industrial customers General public
74%
20%6%
TURNOVER2015/2016
€1 968 M
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
56 | Key figures for 2015/2016
A FEW FIGURESCONCERNING THE BONDUELLE GROUP
104 M€in current operating
profit
9,961employees expressedin full-time equivalent
54 PLANTSindustrial or companyagricultural production
in 12 countries
4 BRANDS
1,000,000 tof canned goods 450,000 t
of frozen goods
120,000 tof fresh goods
€1,968 Min turnover
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
57 |
31%France
11%Germany
8%Eastern Europe(1)
4%Central Europe(2)
4%Others
26%North
America
10%Italy
2%Iberian countries
4%Benelux
(1) Russia + other countries from the Commonwealth of Independent States (CIS). (2) Former East-European countries having joined the European Union.
TURNOVER DISTRIBUTION2015/2016 ACCORDING TO GEOGRAPHICAL ZONES
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
58 |
1992
€600 M
Germany
50%25%25%
Otherswithin
Europe
France
67%
33%
Frozen Canned
2015/2016
€1 968 M
DEVELOPMENT OF THE DISTRIBUTIONOF TURNOVER
OutsideEurope zone
Otherswithin
Europe
France
35% 34% 31%
21%
30%
49%
Frozen Canned Prepared fresh
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
59 |
1988
3500PERMANENTS
7100PERMANENTS
2015/2016
A DEEP CULTURAL SHIFT
76%
24%
Outside France France
46%
32%
22%
France Europe (excluding France) Outside Europe
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
60 |
RESILIENCE OF ACTIVITY AND PROFITABILITY
1ST HALF YEAR 2016-20171ST HALF YEAR 2016-2017
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
61 |
RESILIENCE OF ACTIVITY AND PROFITABILITYIN A DIFFICULT ENVIRONMENT
AND A TRANSFORMING ACQUISITION IN US
RESILIENCE OF ACTIVITY AND PROFITABILITYIN A DIFFICULT ENVIRONMENT
AND A TRANSFORMING ACQUISITION IN US
ACTIVITY AND PROFITABILITY IN LINE WITH ANNUAL OBJECTIVE • Low dynamic markets and unfavorable climate• Growth of activity in line with annual objective• A nearly stable profitability • A strong financial profile
A MAJOR STEP TOWARDS VEGEGO! 2025 : ACQUISITION OF READY PAC
CONFIRMATION OF ANNUAL OBJECTIVES AT HIGH END OF TARGET RANGE
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
62 |
RESISTANCE OF 1ST HALF YEAR 2016-2017 ACTIVITYRESISTANCE OF 1ST HALF YEAR 2016-2017 ACTIVITYTURNOVER GROWTH
ACTIVITY GROWTHSTILL NEGATIVE IMPACT OF FOREIGN CURRENCIES
HY 15-16 Exchange rates impact Organic growth HY 16-17 HY 16-17 at 15-16exchange rates
1,011.6 M€
1,025.6 M€
+ 1.4%
- 5.5 M€
- 0.5%
+ 19.7 M€
+ 1.9%
► Growth in line with the annual objective (2 à 3 % at constant exchange rates)
62 |
1,030.8 M€
+ 1.9%
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
63 |
GROWTH IMPACTED BY EXCHANGE RATES EFFECTSGROWTH IMPACTED BY EXCHANGE RATES EFFECTSEVOLUTION OF CURRENCIES
A LIMITED NEGATIVE IMPACT
63 |
Currencies evolutionAverage rate HY 2016-2017/€ Evolution HY 2016-2017
vs HY 2015-2016
- 1.1%
+ 0.1%
- 3.9%
+ 11.8%
+ 0.5%
CAD
USD
RUB
BRL
HUF
1.45
1.11
71.27
3.59
310.19
PLN 4.35 - 3.4%
-66.2
-17.5
-61.1
-5.5
2013-2014 2014-2015 2015-2016 HY 2016-2017
In million of euro
Currencies impact over 4 years
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
64 |
STABILITY IN EUROPE, GROWTH OUTSIDE EUROPESTABILITY IN EUROPE, GROWTH OUTSIDE EUROPETURNOVER PER AREA
A GROWTH SUPPORTED BY THE NON-EUROPE ZONE
64 |
TURNOVER
HY 2016-17
in million of €
▲
Like for like*
▲
Reported figures
Europe Zone 632.1 - 0.8% - 0.9%
Non-Europe Zone 393.5 + 6.6% + 5.3%
Total 1,025.6 + 1.9% + 1.4%
► Europe : stability of the activity despite sluggish markets► Outside Europe : good activity in North America and decrease of activity in Russia
*Like for like : at constant exchange rates and scope of consolidation
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
65 |
SIGNIFICANT FLUCTUATIONS OF ACTIVITYSIGNIFICANT FLUCTUATIONS OF ACTIVITYEVOLUTION OF TURNOVER
FAVORABLE START OF THE FINANCIAL YEARQUARTER 2 MORE DIFFICULT
65 |
-0.3%-1.-%
0.4%
-1.8%
3.7%
-0.5%
0.9%
4.1%
3.-%
1.5%
4.6%
-0.3%
Q1 15-16 Q2 15-16 Q3 15-16 Q4 15-16 Q1 16-17 Q2 16-17
Constant rates
Current rates
2015-2016 + 2.4 % HY 2016-2017 + 1.9 %
► High basis for comparison for quarter 2
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
66 |
RESILIENCE IN EUROPE ET GROWTH OUTSIDE EUROPERESILIENCE IN EUROPE ET GROWTH OUTSIDE EUROPEEVOLUTION OF BUSINESS PORTFOLIO
GEOGRAPHICAL BREAKDOWN OF SALES
66 |
► Resistance of activity in France and Europe ► Part of non-Europe zone in continuous growth (37% in 2015-2016)
HY 2016-2017 Growth HY 2016-2017
FRANCE
30%
Germany
10 %
Italy
9 %Benelux
4 %Iberian peninsula
2 %
Central Europe
3 %
Eastern Europe
8%
Canada
15%
USA
13 %
South America
1%
NON-EUROPE
39%
EUROPE EXCLUD. FRANCE
31 %
At constant exchange rates and scope of consolidation
Northern Europe
3 %+ 6.-%
- 0.7%
- 0.8%FRANCE
EUROPE EXCLUD. FRANCE
NON-EUROPE
Others non-Europe
2 %
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
67 |
GROWTH OF BRANDS SALES EXCEPTED RUSSIAGROWTH OF BRANDS SALES EXCEPTED RUSSIAEVOLUTION OF BRANDS PORTFOLIO
SALES GROWTH BY BRANDS
67 |
BRANDS
50%
OTHERS
8%
PRIVATE LABEL
42%
► Brands sales predominant and growing in Europe► Growth of private labels sales thanks to North America
HY 2016-2017 Growth HY 2016-2017At constante exchange rates and scope of
consolidation
4.5%
- 0.6%
PRIVATE LABELAND OTHERS
BRANDS
1.1%-5.6%
EuropeNon-Europe
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
68 |
A DYNAMIC FOOD SERVICE, A STABLE RETAILA DYNAMIC FOOD SERVICE, A STABLE RETAIL
SALES GROWTH BY DISTRIBUTION CHANNEL
68 |
RETAIL
72%
OTHERS
8%
FOOD SERVICE
20%
► ≈ ¾ of sales from retail segment► Food service: return to growth in Europe and North America dynamic
HY 2016-2017 Growth HY 2016-2017
At constant exchange rates and scope of consolidation
3.2%
0.0%
1.9%4.6%
-0.4%0.9%
RETAIL
FOOD SERVICE
EuropeNon-Europe
EuropeNon-Europe
EVOLUTION OF BUSINESS PORTFOLIO
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
69 |
CONTRASTED TRENDS IN TECHNOLOGIESCONTRASTED TRENDS IN TECHNOLOGIESEVOLUTION OF BUSINESS PORTFOLIO
SALES GROWTH BY TECHNOLOGY
69 |
CANNED
49%
READY-TO-USE FRESH
20%
FROZEN
31%
HY 2016-2017 Growth HY 2016-2017
► Canned: decrease in Russia► Frozen: growth in Europe (retail and food service), strong growth in North America► Ready-to-use: stable, growth in ready-to-eat
0.0%
7.0%
-0.3%CANNED
FROZEN
READY-TO-USE FRESH
At constant exchange rates and scope of consolidation
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
70 |
ACTIVITY GROWTH AND RESILIENT PROFITABILITYACTIVITY GROWTH AND RESILIENT PROFITABILITYCURRENT OPERATING PROFITABILITY PER AREA
RESISTANCE OF CURRENT OPERATING PROFITABILITY
70 |
in million of €
HY
2016-2017
Constant rates*
HY
2016-2017
Reported
HY
2015-2016
ReportedConstant
rates*Reported
Sales 1,030.8 1,025.6 1,011.6 + 1.9% + 1.4%
Current operating
profitability61.9 61.- 64.- - 3.4% - 4.8%
% of sales 6.-% 5.9% 6.3% - 33 bp - 39 bp
► Slight decrease of current operating margin� Difficult 2016 campaigns� Dilutive effect due to the decrease of the business in Russia
*Performance 2016-2017 at 2015-2016 constant exchange rates
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
71 |
CONTRAST ALWAYS HIGH BETWEEN AREAS
71 |
HY 2016 - 2017 HY 2015 - 2016
In million of € Europe Non-Europe
Non-Europe at constant
rates*Europe Non-
Europe
Sales 632.1 393.5 398.1 637.7 373.8
Current operating
profitability25.6 35.4 36.2 26.8 37.2
% of sales 4.1% 9.-% 9.1% 4.2% 10.-%
► Current operating margin nearly stable in Europe despite 2016 campaigns► Non-Europe: decrease of activity in Russia with preserved margin excluding campaigns effects
*Performance 2016-2017 at 2015-2016 constant exchange rates
ACTIVITY GROWTH AND RESILIENT PROFITABILITYACTIVITY GROWTH AND RESILIENT PROFITABILITYCURRENT OPERATING PROFITABILITY PER AREA
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
72 |
EVOLUTION OF NET INCOME
ACTIVITY AND PROFITABILITY IN LINE WITH TARGETS
72 |
In million of € HY 2016-2017 HY 2015-2016
Sales 1,025.6 1,011.6 + 1.4%
Current operating profit 61.- 64.- - 4.8%
Non-recurring items (0.7) (1.2)
Operating profit 60.3 62.9 - 4.2%
Financial results (9.5) (10.3)
Taxes (14.5) (16.2)
Partnership consoliditation (equity method) 0.1 0.1
Net Income% of sales
36.53.6%
36.63.6%
- 0.2%-
REBITDA*% of sales
104.810.2%
109.910.9%
- 4.6%- 70 bp
* EBITDA excluding non-recurring items
ACTIVITY GROWTH AND RESILIENT PROFITABILITYACTIVITY GROWTH AND RESILIENT PROFITABILITY
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
73 |
FINANCIAL RESULT AND TAXES
73 |
In million of € HY 2016-2017 HY 2015-2016
Debt cost (8,6) (12,1)
Currency result (0,8) + 1,4
Other components (0,1) + 0,4
(9,5) (10,3)
FINANCIAL RESULT:
TAXES:
In million of € HY 2016-2017 HY 2015-2016
Income tax (14,5) (16,2)
Effective tax rate 28,5% 30,7%
► Decrease of debt and its cost
► Impact of the future decrease of the corporate taxes on deferred tax liabilities in France
DECREASE OF FINANCIAL EXPENSES AND TAXESDECREASE OF FINANCIAL EXPENSES AND TAXES
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
74 |
EVOLUTION OF NET INCOME
ACTIVITY AND PROFITABILITY IN LINE WITH ANNUAL TARG ETS
74 |
In million of € HY 2016-2017 HY 2015-2016
Sales 1,025.6 1,011.6 + 1.4%
Current operating profit 61.- 64.- - 4.8%
Non-recurring items (0.7) (1.2)
Operating profit 60.3 62.9 - 4.2%
Financial results (9.5) (10.3)
Taxes (14.5) (16.2)
Partnership consoliditation (equity method) 0.1 0.1
Net Income% of sales
36.53.6%
36.63.6%
- 0.2%-
REBITDA*% of sales
104.810.2%
109.910.9%
- 4.6%- 70 bp
* EBITDA excluding non-recurring items
ACTIVITY GROWTH AND RESILIENT PROFITABILITYACTIVITY GROWTH AND RESILIENT PROFITABILITY
► Net result stable despite decrease of the current operating profit
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
75 |
SOLID FINANCIAL PROFIL: DECREASE OF DEBTSOLID FINANCIAL PROFIL: DECREASE OF DEBTSIMPLIFIED BALANCE SHEET (IN MILLION OF €)
75 |
ASSETS
Fixed assets
Working capital
LIABILITIES
Equity
Net debt
HY 2016-2017ASSETS LIABILITIES
HY 2015-2016
GEARING
653.-
540.7
0.96
609.5
584.2
GEARING
► Decrease of €84M of the debt► Gearing less than 1 at peak debt
653.8
544.7
1.26
530.3
668.2
Fixed assets
Working capital
Equity
Net debt
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
76 |
EVOLUTION OF DEBT
76 |
30 June 2012 31 December2012
30 June 2013 31 December2013
30 June 2014 31 December2014
30 June 2015 31 December2015
30 June 2016 31 December2016
608.4 591.9
524.6
NET FINANCIAL DEBT (in million of €)2012 acquisitionsRussia – Hungary – USA
696.3 675.9
813.9
512.4
668.2
440.6
584.2
► 31 December: peak of debt► Continuous decrease of debt and gearing
Gearing* 1.21 1.61 1.15 1.34 1.04 1.37 0.98 1.26 0.78 0.96
* Gearing = net debt/equity
SOLID FINANCIAL PROFIL: DECREASE OF DEBTSOLID FINANCIAL PROFIL: DECREASE OF DEBT
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
77 |
DIVERSIFIED AND ATTRACTIVE DEBT PROFILEDIVERSIFIED AND ATTRACTIVE DEBT PROFILE
77 |
AN ATTRACTIVE DEBT PROFILE
USPP
24%BANKS
51%
EURO PP
25%
Average rate: 2,79 %
Average maturity: 3,7 ans
Desintermediation rate: ≈ 50 %
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
78 |
READY PAC, ATRANSFORMING ACQUISITION
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
79 |
READY PAC, A TRANSFORMING ACQUISITIONREADY PAC, A TRANSFORMING ACQUISITION
79 |
Financials impacts
A business complementary to Bonduelle
A good fit with consumer trends
A leading national player
4
3
2
1
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
80 |
READY PAC, A TRANSFORMING ACQUISITIONREADY PAC, A TRANSFORMING ACQUISITION
80 |
Financials impacts
A business complementary to Bonduelle
A good fit with consumer trends
A leading national player
4
3
2
1
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
81 |
Retail84%
Foodservice16%
Branded62%
Private Label38%
Bowls45%
Salads18%
Salad Kits7%
Snacks5%
All Other25%
A LEADING PLAYERA LEADING PLAYEROVERVIEW OF READY PAC
READY PAC IS A LEADING, INNOVATIVE PRODUCER OF VALU E-ADDED SINGLE-SERVE SALAD BOWLS, SALAD KITS, FRESH SNACKS, AND FRESH CUT FRUI TS, AND VEGETABLES
81 |
Channel MixChannel Mix Product MixProduct Mix Label Mix (1)Label Mix (1)
World-class operations with a national footprintWorld-class operations with a national footprint
CAGR FY’ 13 -16: +7.2%
~3,500 FULL TIMEEMPLOYEES
~650TOTAL SKUS
400+ NEW SKUSLAUNCHED SINCE
2014
4 PLANTS WITHABILITY TO SERVICE
ALL 50 STATES
FOUNDED IN 1969
Swedesboro, NJ
Florence, NJ
Irwindale, CA (HQ)
Jackson, GA
FY 2016:$715m
75% of Bistro Bowls® are branded
Note: FY ends in July(1) Retail only, excludes foodservice(2) Includes retail products sold by foodservice chains
(2)
FY 2016:$715m
FY 2016:$715m
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
82 |
A LEADING PLAYERA LEADING PLAYERPRODUCTS OVERVIEW
DIVERSIFIED PORTFOLIO IN FRESH PRODUCTS
82 |
BISTRO BOWL BAGGED SALADS SALADS KITS FRESH SNACKSFRESH CUT FRUIT,
VEGETABLES & OTHER
FOODSERVICEPRODUCTS
~$322M(45%)
~$131M(18%)
~$49M(7%)
~$34M(5%)
~$68M(10%)
~$114M(16%)
SALES FY 2016:
- Bistro Bowl®- Organic Bistro
Bowl®- Multi-packs of
Bistro Bowl®
- Pre-washed salad greens / vegetables (primarily salad blends)
- Complete salad kits
- Chopped ingredients and dressing / spices
- Snack packs with variety of ingredients
- Fruit cups
- Fresh cut fruit- Fruit platters
with veggies and dips
- Bags of individual vegetables
- Processed lettuce, tomatoes, onions, etc. targeted to foodservice accounts
Retail FY16 Foodservice FY16
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
83 |
A BRANDED PRODUCTS LEADERA BRANDED PRODUCTS LEADERBRANDS REPRESENT 62% OF SALES
READY PAC’S RETAIL OFFER IS DECLINED UNDER 4 BRANDS
83 |
BrandBrand LogoLogo Overview and positioningOverview and positioning
Ready Pac®(58% of retail
sales)
Bistro Bowl®(40% of retail
sales)
Ready Snax® (3% of retail
sales)
elevAte™ (5% of retail
sales)
- High-quality products that take the burden of meal prep off of the consumer or foodservice operator
- Several blends and leaf types (e.g., romaine, kale, escarole) provide options for a wide range of different combinations
- Affordable, ready-to-eat single-serve complete meal brand for on-the-go consumers
- National brand that also uses regional / seasonal flavors to target specific demographics
- Kid-friendly, convenient, between-meal snack brand with calorie counts under 300
- Offerings that appeal to all consumers, given fruit blends and a wide variety of supplementary sides
- Premium salads that are nutrient dense, organic and non-GMO and target a higher-end consumer
- “eat clean – feel great” slogan
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
84 |
A PROVEN SUCCESS STORYA PROVEN SUCCESS STORYA LEADING PLAYER
READY PAC’S DEVELOPMENT RELIES ON 5 KEY PILLARS
84 |
- 85% share in single-serve salad bowls
- Bistro Bowl® category growing at a 20%+ CAGR
Market leader in an attractive categoryMarket leader in an attractive category1
- Diverse, high-quality customer base comprised of national retailers and QSRs(1)
- Sticky relationships driven by merchandising and category management solutions
Blue-chip customer baseBlue-chip customer base2
- US-wide distribution through four high-quality processing facilities with 100% cold-chain integrity
- Industry-leading delivery, fill rate, and food safety metrics
World-class operationsWorld-class operations3
- Extensive supply network across the US
- Flexible, asset-lite model and purchasing power rive lowest cost inputs
Differentiated sourcing strategyDifferentiated sourcing strategy4
Note: (1) Quick Service Restaurants
- ~40% of FY 2016 sales from SKUs introduced in the past three years
- 2x innovation rate vs. competitors
Successful new SKUs developmentSuccessful new SKUs development5
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
85 |
75%
25%
85 |Note: FY ends in July
Leading market positionLeading market position Rapidly-growing Ready Pac Bistro Bowl® salesRapidly-growing Ready Pac Bistro Bowl® sales
Bowls Label MixBowls Label Mix
AllOther
(Single-serve salad bowls market share)
BrandedNon-branded
85%
5% 2% 8%
117
149
193
258
322
2012 2013 2014 2015 2016
MARKET LEADER IN AN ATTRACTIVE CATEGORYMARKET LEADER IN AN ATTRACTIVE CATEGORYA LEADING PLAYER – A PROVEN SUCCESS STORY
1
READY PAC IS THE UNDISPUTED LEADER IN A FAST-GROWIN G MARKET
(in $m)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
86 |86 |
Channel MixChannel Mix RetailRetail
84%
16%
Retail(1)
Foodservice
FoodserviceFoodservice
- ~$604m of retail sales in FY2016
- Retail customers consist in major US retailers and supermarket chains- 53% of retail sales from Bistro Bowls® - category growing at 20% p.a.- Customer retention of 100%
- ~$114m of foodservice sales in FY2016
- Foodservice customers consist in major US foodservice and quick service restaurant chains
BLUE-CHIP CUSTOMER BASEBLUE-CHIP CUSTOMER BASE
Notes: FY ends in July(1) Includes retail products sold by foodservice chains
A LEADING PLAYER – A PROVEN SUCCESS STORY2
READY PAC SELLS ITS PRODUCTS THROUGH A BLUE-CHIP CU STOMER BASE
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
87 |87 |
- Four facilities across the U.S.
- 100% cold chain integrity
- Lean TPM productivity principles optimize quality and limit waste and equipment downtime
- Safe Quality Food (SQF) Level 3, Quality Assurance International Certified Organic, and USDA Organic certified
- All Bistro Bowl® lines are USDA-certified for protein ingredients
4PLANTS
~870,000SQ. FT. OF OPERATIONS
~650TOTAL SKUS
19BISTRO BOWL®
PRODUCTION LINES
400+NEW SKUS LAUNCHED
SINCE 2014
Jackson, GA
Irwindale, CA (HQ)
Florence, NJ
Swedesboro, NJ
ABILITY TO SERVICE ALL50 STATES
WORLD-CLASS OPERATIONSWORLD-CLASS OPERATIONSA LEADING PLAYER – A PROVEN SUCCESS STORY
3
READY PAC CAN SERVE ALL THE US FROM ITS WORLD-CLASS FACILITIES
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
88 |88 |
WORLD-CLASS OPERATIONSWORLD-CLASS OPERATIONSA LEADING PLAYER – A PROVEN SUCCESS STORY
3
READY PAC CAN SERVE ALL THE US FROM ITS WORLD-CLASS FACILITIES
Swedesboro (NJ)
Irwindale (CA) Jackson (GA)
Florence (NJ)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
89 |
- Partnership - Products are sourced directly from long-time growers and with a highly collaborative and consultative approach that allows strong volume and pricing visibility
89 |
Supplier tenureSupplier tenure Robust sourcing processRobust sourcing process
� Reliable High Quality� Collaborative�
DIFFERENTIATED SOURCING STRATEGYDIFFERENTIATED SOURCING STRATEGYA LEADING PLAYER – A PROVEN SUCCESS STORY
4
Main leafy greens sourcing area
West(Year-round) South
(Winter and Spring)
Northeast(Fall)
Midwest(Summer)
Quebec(Summer)
Leafy greens sourcing regionsLeafy greens sourcing regions
- Diverse platforms of leafy greens suppliers, 2/3 of which have been suppliers for 10 or more years
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
90 |
History of market leading innovationHistory of market leading innovation
SUCCESSFUL NEW SKUS DEVELOPMENTSUCCESSFUL NEW SKUS DEVELOPMENT
90 |
- Bistro Bowls®
- European Blends
- Pillow Pack
- Triple Wash System
A LEADING PLAYER – A PROVEN SUCCESS STORY5
Innovation as a strong growth engineInnovation as a strong growth engine
- Largest R&D team in industry
- 2x innovation rate vs. peers
- Over 1/3 of sales from new products (new since 2014)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
91 |91 |
Financials impacts
A business complementary to Bonduelle
A good fit with consumer trends
A leading national player
4
3
2
1
READY PAC, A TRANSFORMING ACQUISITIONREADY PAC, A TRANSFORMING ACQUISITION
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
92 |
A PERFECT ALIGNMENT ON KEY CONSUMER TRENDSA PERFECT ALIGNMENT ON KEY CONSUMER TRENDS
FOOD TRENDS INDICATE TAILWINDS FOR READY PACPRODUCT OFFERING
92 |
Key trendKey trend DescriptionDescription
Health and wellness with focus on fruits
and vegetables
Organic / natural produce is on the rise
Increase in “Ready to eat” / on-the-go / portable meals
Snacking for on-the-go lifestyles
- Consumers are interested in eating healthier food, driving purchases of packaged salads and vegetable products
- Organic produce penetration has increased from 5% in 2004 to 12% in 2014, organic salad kits and bowls estimated to be underpenetrated
- By 2020, Millenials will account for 40% of US discretionary spending; they desire less-processed, fresh, and all natural products
- The composition of eating occasions is changing with “ready meals” growing in popularity, creating tailwinds for single-serve salad bowls
- 52% of the best-selling new foods launched in 2013 were classified as ready-to-use / on-the-go
- Consumers are snacking more frequently throughout the day
�
�
�
�
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
93 |
1% 4%
9% 10%
31%
24%
6% 6%
Bagged salads Foodservicevalue-addedvegetables
Fresh snacks Fresh cut fruits Salad kits Single-servesalad bowls
Single-servedeli salads
Non-comm.single-servesalad bowls
POSITIONED ON FASTEST GROWING SEGMENTSPOSITIONED ON FASTEST GROWING SEGMENTS
SINGLE SERVE SALAD BOWLS AND SALAD KITS TO FURTHER BOOST READY PAC SALES
93 |
Mar
ket g
row
th
(201
2 -
2016
CA
GR
)
Emerging: ~15% p.a.Established: ~4% p.a.
Total: ~7.5
~0.3 ~0.2 ~0.1
Total: ~0.6x 2015 market size ($bn)
~0.6~0.5~0.2~2.6 ~3.6
Sources: Nielsen, Westport Consulting
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
94 |
AN INNOVATIVE BRAND FOCUSED ON SINGLE-SERVE SALAD BOWLSAN INNOVATIVE BRAND FOCUSED ON SINGLE-SERVE SALAD BOWLSA GOOD FIT WITH CONSUMER TRENDS
A NICHE PLAYER PROTECTED BY ITS FIRST MOVER ADVANTA GE AND INNOVATION RATE
94 |Source: Nielsen
Bags Single-Serve
High innovation
Low innovation
Jamaican Style
(Bistro Bowl®)
Santa Fe Style
(Bistro Bowl®)
Pumpkin Spice
(Bistro Bowl®)
Kale Caesar (elevAte)
Competitor average
LTM 2015-2016 innovation rate
9.7% 8.2%
4.0% 2.6% 2.1%
4.2%
2x+
Kits
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
95 |
A SUPERIOR PRODUCT ENABLED BY READY PAC’S EXPERTISEA SUPERIOR PRODUCT ENABLED BY READY PAC’S EXPERTISEA GOOD FIT WITH CONSUMER TRENDS
KEY BISTRO BOWLS ATTRIBUTES TO MATCH CONSUMER TREND S
BISTRO BOWL® BRANDSYNONYMOUS WITH THE
CATEGORY
EIGHT DIFFERENT PROTEINOPTIONS, INCLUDING
CHICKEN, TURKEY, BACON , HAM, AND OTHERS
40 UNIQUE RECIPES,MULTIPLES LARGER THAN
THE NEXTLARGEST COMPETITOR
$3.49 TYPICAL PRICE POINTDELIVERS EXCEPTIONAL
VALUE
300 CALORIES PERSERVING OR LESS
UNIQUE RECIPESTHAT OFTEN FEATURE
4+ INGREDIENTS
PROPRIETARYDRESSINGS AND
MERCHANDISING ARE KEYDIFFERENTIATORS
HIGHLY-ENGINEEREDPACKAGING ENABLESLONGER SHELF LIFE
95 |
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
96 |96 |
Financials impacts
A business complementary to Bonduelle
A good fit with consumer trends
A leading national player
4
3
2
1
READY PAC, A TRANSFORMING ACQUISITIONREADY PAC, A TRANSFORMING ACQUISITION
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
97 |
CREATION OF A UNIQUE PLATFORM IN NORTH AMERICACREATION OF A UNIQUE PLATFORM IN NORTH AMERICAA BUSINESS COMPLEMENTARY TO BONDUELLE
A COMPLEMENTARY NORTH AMERICAN REACH
97 |
ItemItem
US
Canada
Private Label
Retail
Foodservice
Branded products
Innovation
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BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
98 |
A WELL BALANCED GLOBAL FOOTPRINTA WELL BALANCED GLOBAL FOOTPRINTA BUSINESS COMPLEMENTARY TO BONDUELLE
US TO BECOME #1 COUNTRY
98 |
FY 15-16 revenues - BonduelleFY 15-16 revenues - Bonduelle FY 15-16 revenues - Bonduelle + Ready Pac (Pro Forma)FY 15-16 revenues - Bonduelle + Ready Pac (Pro Forma)
Note: Based on Ready Pac calendarized financials and LTM EUR/USD average rate as of 06/30/2016: 1.1099
North America: 26%
Eastern Europe and other: 12%
North America: 44%
Eastern Europe and other: 9%
France
Germany
Italy
Benelux
Iberian peninsula
Central Europe
USA
Canada
Eastern Europe
Other
31%
11%
10%
4%2%4%
14%
12%
8%4%
24%
9%
7%
3%2%3%
35%
9%
6% 3%European Union: 63%
European Union: 47%
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
99 |
A WELL BALANCED BUSINESS MODELA WELL BALANCED BUSINESS MODELA BUSINESS COMPLEMENTARY TO BONDUELLE
FRESH PREPARED TO BECOME #1 SEGMENT
99 |
FY 15-16 revenues - BonduelleFY 15-16 revenues - Bonduelle FY 15-16 revenues - Bonduelle + Ready Pac (Pro Forma)FY 15-16 revenues - Bonduelle + Ready Pac (Pro Forma)
Note: Based on Ready Pac calendarized financials and LTM EUR/USD average rate as of 06/30/2016: 1.1099
Brands
Segments
Fresh
Frozen
Canned
Fresh
Frozen
Canned
Brands
Private Labels
Other
Brands
Private Labels
Other
21%
30%
49% 40%
23%
37%
51% 40%
9%
51% 43%
6%
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
100 |
STRONG LEADERSHIP IN BOTH THE US AND EUROPESTRONG LEADERSHIP IN BOTH THE US AND EUROPEA BUSINESS COMPLEMENTARY TO BONDUELLE
A KEY MILESTONE TO STRENGTHEN BONDUELLE GLOBAL LEAD ERSHIP
100 |
BONDUELLE
N°1IN EUROPE
≈ 30%OF MARKETSHARES
Prepared salads
Fresh cut salads
No.130%
No.130%
No.124%
No.134%
No.185%
READY PAC DRIVES THESINGLE SERVE SALADBOWL CATEGORY IN THE US
No.44%
Fresh cut salads
Prepared salads
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
101 |
�
A NEW STEP IN BONDUELLE’S GROWTH STRATEGYA NEW STEP IN BONDUELLE’S GROWTH STRATEGYA BUSINESS COMPLEMENTARY TO BONDUELLE
DELIVER PROFITABLE GROWTH OVER THE LONG-TERM
101 |
�
�Invest in growth markets
- North America, fastest growing advanced economy
- Focus on healthy market and consumer convenience trends
Enhance brand presence
- A scalable platform with a national footprint
Leverage innovation
- Wider customer base for brand and innovation
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
102 |
A KEY MILESTONE TO ACHIEVE THE GOALS OF VEGEGO! 2025A KEY MILESTONE TO ACHIEVE THE GOALS OF VEGEGO! 2025A BUSINESS COMPLEMENTARY TO BONDUELLE
VEGEGO! 2025 TARGETS AMBITIOUS OBJECTIVES
102 |
INCREASEOURGROWTH
GROWTH OBJECTIVE
€3.5bn(in 2025)
IMPROVEOUR PROFITABILITY
PROFIT OBJECTIVE (EBIT)
€250m(in 2025)
Pro Forma(1)
FY 16-17(e) sales
€2.8bn
Pro Forma(1)
FY 16-17(e) EBIT
€125m
Note: (1) Bonduelle estimates
FY 16-17(e) sales
€2.0bn
FY 16-17(e) EBIT
€100m
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
103 |103 |
Financials impacts
A business complementary to Bonduelle
A good fit with consumer trends
A leading national player
4
3
2
1
READY PAC, A TRANSFORMING ACQUISITIONREADY PAC, A TRANSFORMING ACQUISITION
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
104 |
TRANSACTION OVERVIEWTRANSACTION OVERVIEW
104 |
- Acquisition of 100% of shares
- EV of $409m
- 10.8x 2017e adjusted EBITDA
Offer terms
- Financing underwritten by Credit Agricole
- Post closing refinancing scheduled by end 2017
Financing
- Purchase agreement signed on 23 February 2017
- Transaction subject to customary authorizations
- Closing expected in Q3-Q4 of FY 2016/2017
Timing
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
105 |
VALUATION BENCHMARKVALUATION BENCHMARKTRANSACTION MULTIPLES OVERVIEW
HIGH-GROWTH / HEALTH & WELLNESS COMPARABLE PREVIOUS TRANSACTIONSDateDate AcquirerAcquirer TargetTarget EV(1) ($m)EV(1) ($m) % Acquired% Acquired X SalesX Sales X EBITDAX EBITDA
Dec-15 929 100% 2.18x 21.3x
Nov-15 975 100% 1.89x n.a.
Oct-15 1,910 100% 2.21x 18.2x
Jun-15 231 100% 2.31x 12.5x
Nov-14 155 100% 2.69x n.a.
Sep-14 820 100% 3.94x 36.2x
Mar-14 729 30% 3.70x 15.3x
Sep-12 340 100% 2.50x 12.1x
Jul-12 1,550 100% 2.25x 9.5x
May-12 125 100% 1.73x 13.3x
Daniel Lubetzky
AverageMedian
17.3x14.3x
2.54x2.28x
Sources: Factset, Mergermarket, press105 |
Feb-17 409 100% 0.5x 10.8x(1) Enterprise Value
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
106 |
6.9x10.3x
13.9x 13.8x 12.5x 13.2x15.2x
12.3x13.7x
9.6x
14.1x 12.6x
16.3x
VALUATION BENCHMARKVALUATION BENCHMARKTRADING MULTIPLES OVERVIEW
TRADING COMPARABLE COMPANIES EV (1)/EBITDA MULTIPLES
EV/
EBITDA 2017e
Branded food playersFruit and vegetable player
Average: 13.4xMedian: 13.7x
Sources: Factset, companies, brokers, press106 |
(1) Enterprise Value
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
107 |
IMPACT ON NET FINANCIAL DEBTIMPACT ON NET FINANCIAL DEBT
BONDUELLE WILL MAINTAIN ITS INVESTMENT GRADE PROFIL E
107 |Note: Based on Ready Pac calendarized financials and a EUR/USD rate of: 1.05
(in €m)1.9x 3.5x
Leverage +1.6x
- Acquisition 100% financed by debt
- 2017e Pro Forma leverage <3.5x
340
740
400
Bonduelle netdebt (estimateas of June 30,
2017e)
Ready Pacacquisition
New net debtPost transaction
net debt
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
108 |
OUTLOOKS2016-2017
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
109 |
OUTLOOKS 2016-2017 (EXCLUDING READY PAC FOODS)OUTLOOKS 2016-2017 (EXCLUDING READY PAC FOODS)
CONFIRMATION OF THE 2016-2017 OBJECTIVES AT THE HI GH END OF THE TARGET RANGE
109 |
In million of € 2016 – 2017 (*) 2015 - 2016 ▲ %
SALES 2,010 – 2,025 1,968 + 2% / + 3%
CURRENT OPERATING PROFITABILITY
(EXCLUDING 2016 CAMPAIGNS)109 104 + 4,8%
2016 + 2017 CAMPAIGNS EFFECTS <9> -
CURRENT OPERATING PROFITABILITY 100 104
NON RECURRING ITEMS <2> <8>
OPERATING PROFITABILITY 98 96 + 2%
► A growth of the current operating profitability excluding campaigns► A stable+ operating profitability despite very penalizing 2016 campaigns including salads segment in the
second half year ► Possible favorable currency effect
* 2016-2017 outlooks at constant exchange rate and scope of consolidation, excluding acquisition of Ready Pac Foods
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
110 |
A NEW UNIT ADDED TO THE GROUP’S CURRENT 4 UNITSA NEW UNIT ADDED TO THE GROUP’S CURRENT 4 UNITS
READY PAC BONDUELLE’S 5 TH BUSINESS UNIT
110 |
Bonduelle Europe
Long Life
Canned and frozen
Bonduelle FreshEurope
Fresh-cut and prepared salads
1 agricultural own-production facilities
Bonduelle Americas Long Life (ex BAM)
Canned and frozen
EUROPE AMERICAS
NON EUROPE
4 industrial production facilities
Bonduelle FreshAmerica
(ex- Ready Pac)
Single-serve and bagged salads & bowls
1 agricultural own-production facilities
12 industrial production facilities
8 industrial production facilities
4 agricultural own-production facilities
18 industrial production facilities
1 logistics platform5 logistics platforms
2 agricultural own-production facilities
2 industrial production facilities
Bonduelle EurAsia Markets
Canned and frozen
Notes:Calendarized financials (LTM as of June 2016) and LTM EUR/USD average rate as of 06/30/2016: 1.1099(1) Full time employees(2) FY 2015-2016 sales
BELL4,736 FTE(1)
€885m(2)
BFE1,825 FTE(1)
€400m(2)
BALL2,300 FTE(1)
€480m(2)
BEAM701 FTE(1)
€215m(2)
BFA3,500 FTE(1)
€640m(2)
BONDUELLE
BUSINESS KEY FIGURES
BONDUELLE
BUSINESSMODEL
BONDUELLE
HISTORY...AND VALUES
111 |
AN EXPERIENCED AND SKILLFUL MANAGEMENT AN EXPERIENCED AND SKILLFUL MANAGEMENT A LEADING PLAYER – A PROVEN SUCCESS STORY
A STRONG MANAGEMENT TEAM LED BY TONY SARSAM
111 |
- Joined Ready Pac from Nestle, where he was President of the $2.5bn Dreyer’s and $4.5bn DSD business
Tony Sarsam – Chief Executive Officer
- Joined Ready Pac from Popchips, where he was CFO
Dan Redfern – Chief Financial Officer
- Joined Ready Pac from Nestle, where he was a Divisional Vice President in charge of the Frozen Business
Jay Ellis – Chief Sales Officer
- Joined Ready Pac from Pandol Bros, where she was VP of Marketing
Tristan Simpson – Chief Marketing Officer
- Joined Ready Pac from Dunkin’ Brands, where he was VP of Global Supply Chain & Manufacturing
Peter Laport – Chief Supply Chain Officer
- Joined Ready Pac from Nestle’s Grand Dreyer Ice Cream Division, where he served as CIO
Robert Estes – Chief Information Officer
- Joined Ready Pac from Red Digital Cinema Camera, where he served as Head of Human Resources
Tim Clark – Chief Human Resources Officer
- Joined Ready Pac from Sealy Corporation, where he served as SVP, General Counsel, & Secretary
Michael Murray – General Counsel
WELL-
THROUGHVEGETABLEPRODUCTS
LIVING