Q2 2011 highlights
- Normalised EBIT €11.8 million, up 8.3%
- Increased focus due to sale of Tree of Life UK and Kalisterra
- Improved brand strength within Grocery
CEO Statement
Piet Hein Merckens, Wessanen CEO, comments: "Our second quarter reconfirmed the continuous progress we are making as a company. The strategy is clear, we are more focused and in better shape and we have stronger market positions, although we still have to improve our performance in multiple areas. Increasingly we are implementing one consistent way of working in different areas such as brand activation, innovation process, central sourcing, operational excellence and ICT.

Despite a subdued European economy, awareness and appreciation for organic food continue to grow. Wessanen is well-placed to benefit due to its European presence and strong pioneering organic brands. Our Grocery operations continue to grow, driven by a focus on our core brands, innovations, brand activation and more consistent execution.

Our HFS wholesale operations had another challenging quarter, while the branded activities performed satisfactorily. Numerous initiatives are undertaken to address the various issues and take the necessary steps. Although our behaviour is focused and consistent, we expect results to improve gradually since reaching the consumer and building brands within the HFS channel requires patience. By selling Tree of Life UK and the agreed sale of Kalisterra, we created more focus on high value added activities within wholesaling

ABC has performed strongly in the first half. They are showing continued progress, which is expected to continue based on current momentum and sound plans in place. We previously flagged our intention to divest ABC this year. We are on track with our internal preparations and we expect clarity in the course of the second half of the year on how to proceed.

Our strategy is clear and we have a strong team to execute it. It feels we got the right people on the bus to make our strategy work and execute flawlessly. I am pleased with the appointment of Ronald Merckx as our new CFO and my colleague in the Executive Board and our new hires to lead our marketing and export activities.

Given the performance in the second quarter, our many initiatives underway and the growth markets we operate in, I am confident that we are well on track to further improve our performance."

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Q2 2011 highlights
• Revenue¹ up 1.1% to €195.7 million, autonomous growth² 2.3%
• Autonomous² revenue growth Wessanen Europe Grocery 5.1%, Wessanen Europe HFS (6.8)%
• Normalised operating result (EBIT) €11.8 million, up 8.3% versus last year
• Improved brand strength within Grocery
• More streamlined portfolio within HFS by sale of Tree of Life UK and agreement to sell Kalisterra
• Successful renegotiation and extension of €100 million credit facility at more favourable terms
• Ronald Merckx started as CFO and member of the Executive Board per 1 June

Consolidated key figures Q2 2011
in € million, unless stated otherwise
Q2 2011 Q2 2010 % change H1 2011 H1 2010 % change
Revenue ¹ 195.7 193.7 1.1% 374.5 366.3 2.2%
Autonomous revenue development ¹ ² 2.3% 1.3%
EBITDA ³ 14.3 12.9 25.8 22.7
Normalised operating result (EBIT) ¹ 11.8 10.9 18.8 17.3
as % of revenue 6.0% 5.6% 5.0% 4.7%
Operating result (EBIT)
1
7.4 9.4 15.5 15.8
Net result, attributable to equity holders 5.4 6.6 9.9 1.8

Operating cash flow ¹ 1.9 18.0 (3.3) 3.7
Net debt 39.1 63.1
Earnings per share (in euro) (total Wessanen) 0.07 0.08 0.13 0.03
Average nr. of outstanding shares (x 1,000) 75,231 74,466 75,017 73,151
1)
From continuing operations;
2)
Including adjustments currency effects, acquisitions and trading days;
3)
Excluding impairments

CEO Statement
Piet Hein Merckens, Wessanen CEO, comments: “Our second quarter reconfirmed the continuous
progress we are making as a company. The strategy is clear, we are more focused and in better
shape and we have stronger market positions, although we still have to improve our performance in
multiple areas. Increasingly we are implementing one consistent way of working in different areas such
as brand activation, innovation process, central sourcing, operational excellence and ICT.

Despite a subdued European economy, awareness and appreciation for organic food continue to
grow. Wessanen is well-placed to benefit due to its European presence and strong pioneering organic
brands. Our Grocery operations continue to grow, driven by a focus on our core brands, innovations,
brand activation and more consistent execution.
Our HFS wholesale operations had another challenging quarter, while the branded activities
performed satisfactorily. Numerous initiatives are undertaken to address the various issues and take
the necessary steps. Although our behaviour is focused and consistent, we expect results to improve
gradually since reaching the consumer and building brands within the HFS channel requires patience.
By selling Tree of Life UK and the agreed sale of Kalisterra, we created more focus on high value
added activities within wholesaling
ABC has performed strongly in the first half. They are showing continued progress, which is expected
to continue based on current momentum and sound plans in place. We previously flagged our
intention to divest ABC this year. We are on track with our internal preparations and we expect clarity
in the course of the second half of the year on how to proceed.
Our strategy is clear and we have a strong team to execute it. It feels we got the right people on the
bus to make our strategy work and execute flawlessly. I am pleased with the appointment of Ronald
Merckx as our new CFO and my colleague in the Executive Board and our new hires to lead our
marketing and export activities.
Given the performance in the second quarter, our many initiatives underway and the growth markets
we operate in, I am confident that we are well on track to further improve our performance.”
Priorities FY2011
Our priorities for the full year 2011 remain unchanged:
• Wessanen Europe Grocery:
o Achieve revenue growth and gain market share
o Increase the process and success rate of innovations
o Improve operating margins through focus on core brands and strengthening brand equity
o Improve operational excellence
• Wessanen Europe HFS:
o Achieve revenue growth (excluding divestments) and gain market share
o Increase the process and success rate of innovations
o Improve operating margins through focus on core brands and strengthening brand equity
o Improve operational excellence
• Frozen Foods:
o Increase innovation and relevance of Beckers and Bicky for customers and consumers
o Improve operational efficiency by continuously improving quality of processes, systems and production

ABC:
o Build brand equity and improve distribution for sales growth and margin improvement
o Intention to divest, in principle, in 2011
• Financing policy:
o Aim to maintain net debt structurally below 2.5x EBITDA

Financial guidance FY 2011
• Net financing costs are expected to be around €4 million
• The effective tax rate is expected to be around 25-30%
• Capital expenditures are expected to be about €15 million
• Depreciation and amortisation (excl. impairments) are expected to be about €14 million
• Non-allocated expenses (including corporate expenses) are expected to be around €10 million
Financial summary Q2 2011
Revenue increased 1.1% to €195.7 million, including a negative currency effect of (2.8)% (a weaker
British pound and US dollar). Autonomous growth was 2.3% with price/mix contributing 1.0% and
volume 1.3%. Wessanen Europe Grocery continued to grow at a good autonomous rate, while also
ABC continued its strong sales performance in the second quarter. This growth was partly offset by
Wessanen Europe HFS and Frozen Foods which both reported lower revenue, due to lower volumes.

tijd 09.04
Wessanen EUR 2,96 +8ct