Royal Wessanen nv

Q3 2013 trading update

Amsterdam, 25 October 2013

www.wessanen.com @RoyalWessanen

Q3 performanceA continuation of trends witnessed in the first half of 2013

• Rather low consumer confidence; European economies remain depressed

• Strong underlying trend of consumers looking for healthier, more sustainable food

– Lasting growth for organic, natural, free-from and fair trade products

• Transformational programme ‘Wessanen 2015’ largely completed

– Full run-rate savings of €15 mln expected from 2014 onwards

• Results in the quarter showing mixed picture

– Revenue impacted by various initiatives (e.g. cutting the tail, closing Deurne plant)

– Underlying revenue growth healthy at Grocery, HFS and IZICO

– EBITE increased at Grocery, HFS and IZICO

– ABC bringing in weak performance

2

Q3 revenue

28%

42%

16%

14%

Grocery HFS IZICO ABC

Q3 2013 key figures

In € mln Q3 2013 Q3 2012

Revenue 171.2 175.4

Autonomous growth (2.9)%

Normalised EBIT 2.6 7.5

As % of revenue 1.5% 4.3%

Exceptional costs / income 6.7 (0.8)

EBIT 9.3 6.7

Net result, attributable to equity holders 3.7 3.9

Earnings per share (EPS) 0.05 0.05

3

EBIT contributors

Gross margin (%)

Operating costs

Marketing spending

Q3 performance - Grocery

• Autonomous revenue 6.4%, driven by 5.3% volume and 1.1% price/mix

– Strategic actions impacting growth negatively by about 3%

• Integration Alter Eco progressing as planned

• Most core brands and categories continue to grow

– Bjorg showing strong growth, driven by TV campaign and promotions

– Zonnatura aired successfully its 2nd TV campaign “What happened to our food?”

– Rebranding into Kallø been favourable responded to by consumers

• Clipper has been launched in NL and Germany

– Very positive feedback by trade and consumers

– Further distribution expansion in France

4

Q3 performance - HFS

• Autonomous revenue growth (1.4)%

– German SAP go-live moved 1.5% volume to Q2 (pre-ordering)

– Additional (3)% effect of discontinuing most of fruits & vegetables distribution

• Branded business to perform in line with expectations

– Bonneterre and Evernat growing (inroads at specialty chains and HFS buying groups)

• Dutch wholesale (Natudis) growing sales,

– Natuurwinkel stores and independent stores growing

– Dutch fresh distribution (Kroon) and Belgium operations also up

• Underlying French wholesale activities growing

– Impacted by ceasing distribution of chilled and large part fruit & vegetables

– Refocus Bonneterre company going well

5

Q3 revenue split

33%

67%

Brands Wholesale

Bjorg - 17 new productsAll launched in September

6

• Available at Albert Heijn (4

variants)

• Available at numerous health

food stores (8 variants)

• Working on further

distribution expansion

7

Clipper - Dutch introduction

KalløExtensive rebrand across entire portfolio from autumn 2013

8

• New ‘folk tale’ designs• Packaging features hand drawn illustrations and poetry• Focus on loving food and embracing life

• Available in stores from mid-September

Q3 performance - IZICO / ABC

• Revenue IZICO impacted by closure Deurne plant / cutting the tail projects

– Branded sales up in NL and Belgium, private label growing as well

• EBITE clearly improved as result of ‘Wessanen 2015’

• Beckers and Bicky performing well

– Activation in out-of-home channel (scratch card, ‘Win a Vesta’)

– Beckers expanded distribution at Albert Heijn

• At ABC, market weakness for ready-to-drink pouches remained

– Market down over 20% in volume and value year-to-date

– Daily’s remains clear market leader

• Little Hug continued to perform well, delivering double digit revenue growth

• Negative EBITE in Q3 (and expected to be as well in Q4). To become profitable again in 2014

9

Net debt development year-to-date

55

7314 14

4,13,2

53,8

30

45

60

75

90

10

In € mln

Closing remarks

• Q3 showing continuation of trends witnessed in first half 2013

• Ongoing positive developments for healthy and sustainable food such as organic,

natural, free-from and fair trade products.

• Vast majority of our core brands and categories has been growing

– We continue to invest in A&P behind our core brands

• Transformational program Wessanen 2015 largely completed

– On track to deliver annualised cost savings of €15 million p.a. as of 2014

• Encouraged by progress made in Europe year-to-date. Focused to bring the year to

a good end and being well-positioned for a good start in 2014

11

Healthy food, healthy people, healthy planet

Segment overview

In € mln Revenue Normalised EBIT

Q3 13 Q3 12 Q1 13

Grocery 72.7 65.8

HFS (Health Food Stores) 48.9 48.0

IZICO 24.7 26.6

ABC 28.4 36.9

Non-allocated (3.5)* (1.9)*

Wessanen 171.2 175.4

13* Eliminations for inter-segment revenue (between Grocery and HFS)

Revenue breakdown per segment

48,948,0

14

28,4

36,9

(1.4)%

Health Food Stores

Autonomous third party revenue growth €1.3mln of discontinued fruit & vegetables business France

72,765,8

0

40

80

6.4%

Grocery

Autonomous third party revenue growth €2mln partly exiting German/Italian grocery, delisting Biorganic and exiting UK private label contract

26,6 24,7

(7.2)%

IZICO

Autonomous third party revenue growth €3mln of discontinued volume (closure Deurne plant, cutting the tail)

(18.2)%

ABC

Autonomous third party revenue growth

Revenue / EBIT guidance 2013-14

In general, we do not provide guidance on revenue or EBIT(E) for Royal Wessanen.

We however do provide specific guidance, on certain topics.

Revenue

• Grocery: downsizing German and Italian grocery operations, exiting UK private label

contract and delisting Biorganic (in NL)

– Q4 2013: €(2.5) mln; H1 2014: €(2-3) mln

• HFS: cutting the tail projects in France and NL

– Q4 2013: €(2.5) mln; H1 2014: €(3-4) mln

• IZICO: closing of Deurne plant (as of March 2013) and cutting the tail projects

– Q4 2013: €(3.5) mln; Q1 2014: €(4) mln

EBIT

• Non-allocated expenses are expected to be €10 mln in 2013

• ABC is expected to show a loss of $8-10 mln in 2013

• ABC is expected to be profitable in 2014

• In Q4, in relation to Wessanen 2015, exceptional costs <€(1) mln are expected

15

Q3 financials / FY13 guidance

Financials Q3

• Net financing costs €(0.7) mln Q3 2012: €(0.6) mln (restated)

• Income tax expenses €(4.9) mln ¹ Q3 2012: €(2.2) mln

Guidance FY2013

• Net financing costs €(2-2.5) mln

• Effective tax rate around 45% ²

• Capex €(6-7) mln

• Depreciation and amortisation €(13-14) mln

Revised IAS 19 - impacted FY 2012 / yearend 2012

• Personnel expenses - €0.5 mln higher

• Net financing costs - €1.1 mln lower

• Equally distributed over all four quarters

• Equity €9.2 mln higher as at yearend 2012

16¹ Including €2.3 mln addition to provision for uncertain tax positions² Effective tax rate excludes recognition of provisions for uncertain tax positions

Net debt / Leverage ratio

0

25

50

75

100

Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

0

1

2

3

Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

17

Net debt

Leverage ratio

€73 mln

2.2x

In € mln

A very sound financial position

In € mln Sept 13 Dec 12 *

Restated

Non-current assets 145.4 154.5

Current assets 223.5 183.4

TOTAL ASSETS 368.9 337.9

18

In € mln Sept 13 Dec 12 *

Restated

Dec 12

Reported

Total equity 115.5 110.8 101.6

- Non-current liabilities 100.4 81.0 90.2

- Current liabilities 153.0 146.1 146.1

Total liabilities 253.4 227.1 236.3

TOTAL EQUITY & LIABILITIES 368.9 337.9 337.9

*Restated for revised IAS19 (employee benefits)