- In Q1 2014, revenue grew 4.3% to €129.6 million, with autonomous growth of branded revenue at 4.1% and ABC revenue declining 8.9%. - EBIT increased, driven mainly by growth in branded products. Good progress was made on divesting discontinued operations. - Branded revenue was up 8% to €109.9 million, with autonomous growth of 4.1% from increased volumes of core brands. - ABC revenue declined 12.5% to €19.7 million, with autonomous decline of 8.9%. The company remains focused on driving core brands and finalizing portfolio changes in 2014.

1. Q1 2014 results
Analyst, investor & media call
25 April 2014

2. Off to a good start of the year
Revenue growing 4.3%
Autonomous revenue growth at Branded 4.1%, at ABC (8.9)%
Core brands and categories growing
EBITE increased , mainly driven by Branded
Good progress on divesting discontinued operations
Sale Natudis closed
Agreement signed with Egeria for sale of IZICO

3. Q1 key figures
In € mln Q1 2014 Q1 2013
Revenue 129.6 124.3 
Autonomous growth 1.7%
Normalised EBIT 9.3 8.1 
as % of revenue 7.2% 6.5%
EBIT 9.2 7.4 
Profit from continuing operations 5.6 4.7 
Profit/(loss) from discontinued operations (0.6) 0.4 
Profit for the period 5.0 5.1 
Earnings per share 0.07 0.07 

4. Branded - business review
Revenue up 8.0% to €109.9 mln
Autonomous revenue growth 4.1%, all due to volume
Core brands and categories showing good growth
Clipper, Zonnatura and Tartex showing double digit growth
European roll out Clipper progressing well
France, Germany and UK growing; Benelux impacted by cutting the tail project
Integration Alter Eco on track
85%
Branded ABC

5. ABC - business review
Revenue declined (12.5)% to €19.7 mln
Autonomous growth (8.9)%
Little Hug continued to grow double digit, outpacing declining category
2nd production line added to Arizona manufacturing facility
RTD frozen pouch segment remained under pressure
Daily’s clear market leader, gaining market share
ABC back to profitability in 2014
15%
Branded ABC

6. Closing remarks
Solid foundation in health and sustainable food
5 sources of value creation
• Divest non-core
• Grow market share of core brands
• Acquire selectively
• Upgrade operations
• Green and entrepreneurial culture
2014: Focus on driving core, finalise portfolio pruning, realise divestments

8. A sound financial position
In € mln Mar 14 Dec 13
Non-current assets 116.7 118.0
Current assets 242.3 219.7
Total assets 359.0 337.7
In € mln Mar 14 Dec 13
Total equity 111.3 105.4
Non-current liabilities 67.9 72.5
Current liabilities 179.8 159.8
Total equity & liabilities 359.0 337.7
0
25
50
75
100
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Net debt
0
1
2
3
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Leverage ratio
56.6
1.8x
In € mln

9. (Financial) guidance (continuing operations only)
FY 2014 EBIT(E)
Wessanen is expected to report a higher EBITE in 2014
ABC is expected to be profitable again in 2014
Non-allocated expenses (including corporate expenses) €(2-3) mln
Financial items
Net financing costs €(2) mln
Effective tax rate around 30-35%
Capital expenditures €(4) mln
Depreciation and amortisation €(11) mln

10. Wessanen overview
TSR peer group
Bonduelle Lotus Bakeries
Bongrain Nutreco
Corbion Premier Foods
Ebro Foods Sligro
Fleury Michon Wessanen
7.3%
3.8%
Executive Board
CEO Christophe Barnouin (1968)
CFO Ronald Merckx (1967)
Shares 2013
Avg. # of shares 75.7 mln
EPS €0.00
Dividend €0.05
Pay-out ratio 42%
Ratios 2013
EBITE (in%) 2.6%
RoCE (in %) 7.0%
Leverage ratio 1.6 x
Debt to equity 48%
Capex to revenue 1.0%
Royal Wessanen
1765 Incorporated
1913 Royal warrant granted
1959 Listed at Euronext
Corporate Communications & Investor Relations
Carl Hoyer
+31 20 3122 140 +31 6 123 556 58
Carl.hoyer@wessanen.com
www.wessanen.com Twitter: @royalwessanen
Valuation
Market cap €307 mln (24 April)
Debt €56.6 mln (31 Mar)