Presentation Groupe Bonduelle investisseurs 02.03.2017 - GB …...RELATIONS 2014 PRIZE FOR INVESTORS RELATIONS. BONDUELLE BUSINESS KEY FIGURES BONDUELLE ... 8 industrial production

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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


4 |

SHAREHOLDER OBJECTIVESTHE BONDUELLE GROUP

INDEPENDANCE

DURABILITY EMPLOYEEDEVELOPMENT

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


EUROPE ZONE1 agricultural own production site


1 logistical platforms

AMERICAS2 agricultural own 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


BONDUELLE

BUSINESSMODEL

BONDUELLE


13 |

OUR AMBITION

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


14 |

THE VALUESTHAT GUIDE US

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


19 |

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


21 |

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


25 |

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


27 |

CONTRACTS SIGNED WITH

3 440FARMERS

OVER

118 000HECTARES

TURNOVER

< 5%

A CLOSE PARTNERSHIPANNUAL CONTRACTS AND SMALL TURNOVER

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


29 |

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


31 |

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


35 |

+/- 6%FOOD

EXPENSES

Source : Food for thought 2016

VEGETABLE PRODUCTSA HUGE MARKET

€81 Billion

EUROPENORTH

AMERICA

€72 Billion

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


40 | September 2016

CLOSER TO OUR CUSTOMERSIN EUROPE

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


41 | November 2015

CLOSER TO OUR CUSTOMERSIN AMERICA

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


42 | November 2015

BONDUELLEIN FRANCE

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


44 |

CANNEDIN LESS THAN HALF A DAY

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


45 |

MANUFACTURING OF FROZEN VEGETABLE PRODUCTSIN LESS THAN HALF A DAY

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


46 |

READY-TO-USE SALADSIN LESS THAN HALF A DAY

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


47 |

MANUFACTURING OF PREPARED SALADSIN LESS THAN HALF A DAY

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


49 |

BONDUELLE

N°1IN EUROPE

27%OF MARKET SHARES

CUT AND WASHED SALADSPREPARED SALADS

N°120%

N°130%

N°234%

N°124%

FRESHPRODUCTS

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


52 |

FOUR STRONG BRANDS

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


60 |

RESILIENCE OF ACTIVITY AND PROFITABILITY

1ST HALF YEAR 2016-20171ST HALF YEAR 2016-2017

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

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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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


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BUSINESSMODEL

BONDUELLE


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


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BUSINESSMODEL

BONDUELLE


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


3.2%

0.0%

1.9%4.6%

-0.4%0.9%

RETAIL

FOOD SERVICE

EuropeNon-Europe

EuropeNon-Europe

EVOLUTION OF BUSINESS PORTFOLIO

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


73 |

FINANCIAL RESULT AND TAXES

73 |


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:


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


74 |

EVOLUTION OF NET INCOME

ACTIVITY AND PROFITABILITY IN LINE WITH ANNUAL TARG ETS

74 |


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


76 |

EVOLUTION OF DEBT

76 |

30 June 2012 31 December2012





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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


78 |

READY PAC, ATRANSFORMING ACQUISITION

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


80 |


80 |

Financials impacts




4

3

2

1

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


91 |91 |

Financials impacts




4

3

2

1


BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


96 |96 |

Financials impacts




4

3

2

1


BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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

�

��

�

��

�

��

�

��

-��

�

��

�

��

��

��

��

��

��

��

��

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


103 |103 |

Financials impacts




4

3

2

1


BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


108 |

OUTLOOKS2016-2017

BONDUELLE


BONDUELLE

BUSINESSMODEL

BONDUELLE


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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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 logistics platform5 logistics platforms



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


BONDUELLE

BUSINESSMODEL

BONDUELLE


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

Presentation Groupe Bonduelle investisseurs 02.03.2017 - GB …...RELATIONS 2014 PRIZE FOR INVESTORS RELATIONS. BONDUELLE BUSINESS KEY FIGURES BONDUELLE ... 8 industrial production

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