Highlights
�� Total revenue in Q1-08 was EUR 384.6 million (Q1-07: EUR 388.5 million). Currency effect contributed EUR 36.2 million negatively. Autonomous sales growth was 5.1%.
�� EBIT amounted to EUR 12.4 million in Q1-08 (Q1-07: EUR 12.1 million). Negative currency effect of EUR 0.4 million.
�� Profit attributable to equity holders of Wessanen was EUR 7.2 million in Q1-08 (Q1-07: EUR 6.8 million, excluding profit from (divestment of) discontinued operations).
�� Cash generated from continuing operations ended in the first quarter of 2008 at EUR 3.1 million (Q1-07: EUR 14.3 million).

CEO statement
Ad Veenhof, Wessanen CEO, comments: “Following the growth trend from previous quarters, all our businesses are again posting solid growth figures. I am particularly pleased with the growth in our North American operations. North America Branded did well as a result of last year’s acquisition, continued product innovation and channel extension. North America Distribution showed a solid performance as a result of sales increases at both our Top Ten customers and in the natural food channel. Our European operations are performing on target. European Health brands achieved good results with 5.5% organic growth. New product launches and stronger advertising and promotion should result in a further improvement of the growth levels over the coming quarters. The earlier growth trend in Europe Distribution continues with good profitability.”

Consolidated key figures first quarter 2008
X EUR million, unless stated otherwise
Q1 2008 Q1 2007
Revenue 384.6 388.5
Revenue at constant exchange rates 420.8
EBIT (operating profit) 12.4 12.1
Profit attributable to equity holders of Wessanen
7.2 21.5
Earnings per share (in euro)
0.11 0.30
Average number of outstanding shares (x 1,000 shares)
67,585 71,624

Outlook
• Achieve revenue growth in all four businesses reaching a growth target level of 6-8% at North America Branded and North America Distribution and 5-7% at Europe Branded (Health) and Europe Distribution.
• Continue to achieve profit increase in all four businesses reaching a strategic profit target level of 10-12% at North America Branded and Europe Branded (Health), 4-5% at Europe Distribution and 3-4% at North America Distribution with some delay.
• Broaden and internationalize our brands and brand portfolio in the key product categories.
• Strengthen our distribution business via organic growth, new contracts and complementary consolidations.
• Improve working capital and cash flow.

Financial summary
Total revenue decreased by 1.0% to EUR 384.6 million, due to a negative foreign currency effect (of a weak US Dollar and British Pound against the euro in Q1-08) of EUR 36.2 million. Excluding the negative foreign currency effect, revenue increased by 8.3%, partly caused by acquisitions. Autonomous sales growth, excluding currency and acquisition effects, was 5.1%.
EBIT increased by EUR 0.3 million to EUR 12.4 million (Q1-07: EUR 12.1 million), including a negative currency effect of EUR 0.4 million.
Primary working capital decreased in Q1-08 by EUR 7.6 million to EUR 249.3 million, mainly due to a positive foreign exchange effect of EUR 11.6 million.
Cash generated from operations decreased with EUR 11.2 million to EUR 3.1 million in Q1-08 from EUR 14.3 million in Q1-07, mainly due to a negative secondary working capital development.
The total net cash outflow in Q1-08 amounted to EUR 14.4 million (Q1-07: net cash inflow of EUR 7.6 million, excluding the cash inflow from (divestment of) discontinued operations of EUR 91.2 million).
Net debt decreased in Q1-08 with EUR 1.7 million to EUR 141.3 million, as at March 31, 2008, including a foreign currency effect of EUR 5.9 million.

Royal Wessanen nv announces today that Han Wagter,
Chief Financial Officer (CFO) and member of the Executive Board, has decided to leave the company to pursue other interests. Mr. Wagter will be succeeded by Frans Eelkman Rooda, who assumes the responsibilities of his new position as of June 1, 2008.

Frans Eelkman Rooda (age 56) was previously employed as CFO at OPG Group, a Dutch-based international retail and distribution company for pharmaceuticals and medical supplies. In this position, he played a major role in OPG's gradual transformation from a distribution-focused organisation with manufacturing companies to a retail group, while retaining the group’s robust financial position. Before joining OPG Group, Mr. Eelkman Rooda was, amongst others, partner at McKinsey & Company.