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press
        pr ss
             release
                   e
               Q3
               Q 2012 press releas
                                 se




Grocery co
         ontinues to perform
                     p     m
well
   l

Normalise EBIT up to €3.3 m
        ed   T            mln

Dive
   estmen ABC under way
        nt  C     r
Press release                                                                                                    25 October 2012



Q3 2012 highlights
      Autonomous revenue growth of (0.2)%, Grocery operations continue to perform well
      Normalised operating result up to €3.3 million
      Divestment ABC progressing as planned
      Rudy Kluiber appointed to the Supervisory Board
      Assessment of the company structure well under way: sharing conclusions planned for late
       November


Consolidated key figures Q3 2012
     in € million, unless stated otherwise                                Q3 2012            Q3 2011               9m 2012        9m 2011

     Revenue ¹                                                              138.5              136.6                 435.2          454.2

     Autonomous revenue development ¹ ²                                     (0.2)%                                  (0.7)%

     EBITDAE 1                                                                 5.9                3.5                 15.2           21.9

     Normalised operating result (EBITE) ¹                                     3.3                1.0                  7.6           14.6

     as % of revenue                                                         2.4%               0.7%                 1.7%            3.2%

     Operating result (EBIT) 1                                                 3.0               (0.8)                 7.3             9.5

     Result from discontinued operations (net of income tax)                   2.3               10.1                  5.0            14.4

     Net result, attributable to equity holders                                3.7                8.1                  8.3            18.0




     Operating cash flow 1                                                   (0.2)              (6.1)                  5.2          (11.7)

     Net debt                                                                56.6               35.9

     Earnings per share (in euro) (total Wessanen)                           0.05               0.11                  0.11           0.24

     Average nr. of outstanding shares (x 1,000)                           75,691             75,671               75,690          75,237
1)                                  2)
     From continuing operations;         Including adjustments for currency effects and acquisitions/divestments




CEO Statement
Piet Hein Merckens (CEO) comments: “The organic food market in Europe continues to trend
favourably. Its growth potential is also significant and sustainable. Increasing numbers of consumers
are appreciating the rich taste, healthy nature and sustainable production methods of organic food.
Increased availability also contributed to its growth, notwithstanding that consumption per capita is still
(too) low.

At the same time, we see reduced consumer confidence and related reduction of spending as a result
of subdued European economies negatively impacting our businesses in the various channels albeit to
a different extent.

Our third quarter performance in Grocery trended in line with previous quarters and reconfirmed that
we are on the right track. Developments in the health food stores (HFS) channel remained



                                                                                                                             Page 2 of 12
Press release                                                                                25 October 2012



disappointing, although several improvements become visible such as at our German brands, positive
like-for-like sales at our Dutch formula stores and to independent stores and new customer wins at our
French operations.

We remain committed to executing our strategic agenda in a consistent way. As previously
announced, we have also implemented short term measures to lower operational costs, while at the
same time we are assessing the company’s structure and cost base on a more structural basis.

This assessment is well under way and we plan to share the conclusions late November. We aim to
reduce complexity, streamline processes and making steps to improve the speed to market and
decision making as a result of which substantial cost savings are to be achieved. Eventually, I
envisage us to be a leaner, fitter and more profitable company as well as a great place to work for all
those embracing organic, sustainable and healthy food.”



ABC’s divestment process under way
After announcing the start of the divestment process of our US subsidiary ABC at the end of June, we
have made clear progress in the process during the last months. Based on current insights, we target
signing for the latter part of the fourth quarter.



Financial guidance FY 2012 (continuing operations only)
       Net financing costs expected to be €3-4 million
       Effective tax rate expected to be around 35%
       Capital expenditures expected to be €6-8 million
       Depreciation and amortisation expected to be €10-11 million
       Non-allocated expenses (including corporate expenses) expected to be €11-12 million



Segment overview

    in € million, unless       Grocery               HFS             Frozen Foods     Non-allocated      Wessanen
    stated otherwise
                           Q3 12    Q3 11   Q3 12          Q3 11    Q3 12    Q3 11   Q3 12    Q3 11    Q3 12    Q3 11

    Revenue                65.8      57.5    48.0           54.7    26.6     27.3    (1.9)     (2.9)   138.5    136.6

    Normalised EBIT         5.7      3.8    (0.3)          (0.5)     0.4      0.2    (2.5)     (2.5)    3.3      1.0

    As % of revenue        8.8%      6.6%   (0.7)%         (0.9)%   1.3%     0.7%      -         -     2.4%     0.7%

    Exceptionals           (0.3)     0.2      -            (2.0)      -        -       -         -     (0.3)     (1.8)

    EBIT                    5.4      4.0    (0.3)          (2.5)     0.4      0.2    (2.5)     (2.5)    3.0      (0.8)




                                                                                                        Page 3 of 12
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                                                                                                      ber



Groce
    ery
 in € milli
          ion, unless sta
                        ated otherwise                        Q3 20
                                                                  012         Q3 2011          9m 2012            9m 2011
                                                                                                                        1

 Revenue                                                         65.8            57.5            203.9              185.2
                                                                                                                        2

 EBITDAE                                                          6.3             4.1              17.1                 17.0
                                                                                                                           0

 Normalise EBIT
         ed                                                       5.7             3.8              15.7                 16.2
                                                                                                                           2

 Operating result (EBIT)
         g                                                        5.4             4.0              14.5                 17.2
                                                                                                                           2


Revenue has grown to €65.8 mill
        e                        lion. Autonom
                                             mous revenu growth wa 4.4% with both price/m and
                                                           ue           as                      mix
volume ccontributing 22.2%. The appreciation o the British pound adde 1.8% and Clipper cont
                                             of                        ed                       tributed
€5.2 million (9.0%). N
                     Normalised EBIT was up to €5.7 million as a resu of higher s
                                 E          p                           ult        sales, a sligh
                                                                                                htly
increase gross mar
       ed            rgin and lowe marketing spending (due to phasing), partly offs by higher other
                                 er                                                fset
operating costs. Exceptional cost of €0.3 mi llion relate to restructurin provisions
         g                       ts                        o            ng         s.

In a Fren market g
        nch        growing low-s               Bjorg continu to grow market share driven by strong
                                 single digit, B           ued          m          e
performaances of dair alternative sweets-in
                    ry          es,           n-between, br                        kfast cereals. In a
                                                            read replacers and break
modestly growing French dietetic market, Dr Schär was winning mark share, wh Gayelord Hauser
        y                       c                          w           ket         hile        d
was stab Other bra
        ble.        ands such as Krisprolls c
                                 s             continue to grow as well.
                                                           g

We are o track with the integration of our UK operations Kallo and Clipper with th merging of sales
        on         h                        K                        C             he        o
and marrketing teams being comp
                    s          pleted. Our ccategories, in general, showed health trends in a
                                                          n                        hy
competittive UK mark Whole Earth continue to grow. Clipper also gained marke share in a stable
                   ket.                      ed           C            g          ket
tea mark driven by amongst ot
       ket,         y           thers targete promotions. Dairy alter
                                            ed                         rnatives perf
                                                                                   formed weak
                                                                                             kly,
notwithstanding that Almond Breeze distributtion got off to a good star
                                                          o           rt.

While ma arket growth in Dutch supermarkets w margina organic an sustainab le food continued to
                      h                          was         al,          nd
grow dou uble-digit. Gr                         brands such as Dr. Schär, Biorganics Pataks and Merza.
                       rowth was visible in our b                                     s,          d
Zonnatura was abou stable, imp
                      ut         pacted by the delisting of ‘knijpfruit’ at McDonalds, while the bu
                                                e                                      ,          uilding
up of dis
        stribution for new product is in progre
                                  ts             ess. During the quarter we further inc
                                                             t            w           creased our number
of dedica
        ated organic shelves, cal lled Biobest, for retailers to well over 200.




Clipper tea
          as                             New Zonn atura loose tea varieties      New lightly w
                                                                                             whipped chocolate spread


In Germaany, our sale trended in line with a m
                    es         n             modestly gro
                                                        owing market Since build
                                                                   t.          ding a more sizeable
                                                                                           s
and prof
       fitable grocer business is progressin slower tha expected, we are asse
                    ry                      ng          an                     essing our go
                                                                                           o-to-
market a
       approach.

While we continue to operate our Italian soy p
        e          o           r             plant and to sell our soy products und Buon per Te and
                                                                                     der        r
Sole e N
       Natura brand, we decided to stop distr
                              d              ributing the Bjorg and Eff
                                                          B            ficance brand in Italy. These
                                                                                     ds
operations have been loss makin and lack p
                               ng           perspective to become pr  rofitable in th foreseeab future.
                                                                                    he         ble


                                                                                                          Page 4 of 12
Press release                                                                        25 October 2012



Health Food Stores (HFS)
 in € million, unless stated otherwise                 Q3 2012           Q3 2011        9m 2012          9m 2011

 Revenue                                                  48.0              54.7          153.9            194.2

 EBITDAE                                                   0.1               0.0            0.5                5.4

 Normalised EBIT                                          (0.3)            (0.5)          (0.8)                3.8

 Operating result (EBIT)                                  (0.3)            (2.5)          (0.8)               (2.3)


Revenue amounted to €48.0 million. Autonomous revenue growth was (4.2)% with a price/mix effect of
1.0% and volume (5.2)%, while last year’s divestments had an impact of (6.6)%. Operating result
modestly improved to €(0.3) million as a result of an about stable gross profit and lower operating
expenses, partly offset by lower sales. This was a disappointing performance, although there are
some first positive developments in our various markets.

In France, we are changing our operating model by expanding our branded business and adjusting
our portfolio to be better capable to service larger nationwide chains. The market was stable with the
larger nationwide chains continuing to outpace the independent stores. At Bonneterre, wholesale and
branded business both declined, especially in fruits and vegetables. Our fresh distribution business
Bio-Distrifrais started to grow again.

In the Netherlands, more focus and best-in-class execution are required as competitive pressure
remained strong. In a growing market, both our existing formula stores and independent stores
continue to increase their like-for-like revenue. We also increasingly see the benefit of actions to grow
our brands and distribution activities, although we still feel the impact of previously lost customers. Our
Belgian operations are growing steadily and gaining market share.

In Germany, we are revitalising our brands, putting more focus on
consumer-led innovations and working on product portfolio
rationalisation. The market is trending in line with previous quarters
with general HFS stores being up, while specialised stores
(‘Reformhaus’) are declining. We realised higher sales to general
organic stores and in export, partly offset by lower sales in the
specialty channel.



Frozen Foods
 in € million, unless stated otherwise                 Q3 2012           Q3 2011        9m 2012          9m 2011

 Revenue                                                  26.6              27.3           83.5               84.0

 EBITDAE                                                   1.4               1.4            4.2                5.6

 Normalised EBIT                                           0.4               0.2            1.1                2.1

 Operating result (EBIT)                                   0.4               0.2            1.1                2.1




                                                                                                  Page 5 of 12
Press release                                                                                   25 October 2012



Autonomous revenue decreased (2.5)% driven by (4.1)% lower volumes and partly compensated by a
positive price/mix effect of 1.6%. In the Dutch retail and out-of-home food market, focus remained on
price, resulting in a competitive environment with more promotions and difficulties in passing on
commodity cost prices.

The operating result improved to €0.4 million (Q3 2011: €0.2 million) as a result of lower operating
expenses, including lower marketing expenses.

Focus remains on brand activation in the out-of-home and retail channels to support and grow the
Beckers and Bicky brands. Since its launch in the Belgian out-of-home channel in spring, the Bicky
Crunchy Chicken continues to perform well. Its launch further complemented the Bicky range.

In September both Frozen Foods activities (Beckers Benelux and Favory) were combined under a new
single management. Our objectives are to realise further strategic alignment and cooperation and
process integration between both organisations with a view to execute the strategy.




Bicky Crunchy Chicken       Beckers ’Proeffestijn’ (‘Taste Festival’)     ‘Beckers Krokettenfacts’ (in Dutch) on YouTube


Non-allocated and eliminations (including corporate expenses)
 in € million, unless stated otherwise                         Q3 2012     Q3 2011           9m 2012          9m 2011

 Revenue ¹                                                        (1.9)       (2.9)             (6.1)            (9.2)

 EBITDAE                                                          (1.9)       (2.0)             (6.6)            (6.1)

 Normalised EBIT                                                  (2.5)       (2.5)             (8.4)            (7.5)

 Operating result (EBIT)                                          (2.5)       (2.5)             (7.5)            (7.5)


Inter-segment revenue between Grocery and HFS was €(1.9) million. Non-allocated expenses,
reflecting corporate costs not charged to operating segments, was stable at €(2.5) million.

Discontinued operation (ABC)
The Ready-to-Drink (RTD) cocktail market continued to grow driven by frozen pouches. While Daily’s
reported lower quarterly volumes and lost some market share in the pouches segment, it remains the
clear market leader. Consumption figures (based on IRI data), penetration, level of repeat purchases
and high investments in advertising and promotion are supportive of Daily’s leadership position in this
attractive market with sustainable growth characteristics.

The third quarter year-on-year comparison is distorted due to the fact that last year frozen pouches
were on allocation. This resulted in high shipments as customers sought to build up inventories in
excess of consumer off take during the same period. Revenue amounted to US$46.4 million (Q3 2011:


                                                                                                             Page 6 of 12
Press release                                                                             25 October 2012



US$ 53.2million). This year, the distribution and roll-out of two new season-extending pouches (spiced
sangria, hard cider) are continuing and innovative flavours for 2013 are under development. Little Hug
continued to grow, thereby gaining market share in a stable single-serve fruit drinks market.

EBIT declined to US$4.9 million (Q3 2011: US$8.7 million), reflecting these lower volumes and a
significant increase in marketing investments, largely focused on strengthening Daily’s brand equity on
the medium to long term.

Financial summary Q3 2012
Revenue grew 1.5% as a mixture of a positive acquisition/divestment effect of 1.0% and currency
effects of 0.8%, while autonomous growth amounted to (0.2)%. A stable gross margin and lower
operating expenses (mainly as a result of phasing in marketing spending) resulted in a higher
operational result of €3.0 million. Excluding smaller exceptional items of €(0.3) million, normalised
operating result was €3.3 million (Q3 2011: €1.0 million). All three segments contributed with most of
the increase due to Grocery.

Net financing costs were €(0.9) million, of which half
related to interest expenses on net debt. Income tax
                                                                            19%
expenses increased to €(0.7) million (Q3 2011: €(0.2)
million) as a consequence of higher profitability.
                                                                                          47%
Profit from discontinued operations amounted to €2.3
million. Last year’s Q3 number of €10.1 million included the               34%
positive impact of a deferred tax asset of €4.7 million and a                                      Grocery
net reversal of impairment losses of €0.8 million.                                                 HFS
                                                                                                   Frozen Foods
Profit for the period was €3.7 million, resulting in earnings per share of €0.05.

Operating cash flow increased to €(0.2) million versus €(6.1) million last year, largely due to a €3.7
million reduction in working capital (versus an increase last year).

Net debt decreased to €56.6 million (Q2 2012: €62.0 million). Consequently, the net debt / EBITDAE
ratio declined to 2.0x as of 30 September (30 June: 2.1x).

 in € million, unless stated otherwise                           Q3 2012    Q3 2011      9m 2012         9m 2011

 Profit (after income taxes) from continuing operations              1.4         (2.0)       3.0             3.7

 Profit/(loss) from discontinued operations, net of income tax       2.3         10.1        5.0            14.4

 Profit/(loss) for the period                                        3.7          8.1        8.0            18.1

 Attributable to:

 Equity holders of Wessanen                                          3.7          8.1        8.3            18.0

 Non-controlling interests                                             -             -     (0.3)             0.1




                                                                                                        Page 7 of 12
 ress rel
  Pr      lease                                                                                                    25 Octob 2012
                                                                                                                          ber



Import
     tant dates
Friday 22 February 2
         2          2013                   Q4 2012 resu (7h15)
                                           Q          ults
Tuesday 16 April 201
        y           13                     Annual Share
                                           A          eholders Meeting (14h00
                                                                            0)
Friday 26 April 2013
         6                                 Q1 2013 resu (7h15) (t
                                           Q          ults       trading update)
Thursday 25 July201 13                     Q2 2013 resu (7h15)
                                           Q          ults
Friday 25 October 20
         5          013                    Q3 2013 resu (7h15) (t
                                           Q          ults       trading update)

Analys invest & med confer
     st,    tor   dia    rence cal
                                 ll
An analy investor and media conference ca will be hosted by Rona Merckx ( CFO) at 10h CET.
         yst,                   c          all                  ald                 h00
The dial- number is +31 20 794 8504 (toll fr 0800-265
         -in          s          4         ree      5-8528). The press relea and prese
                                                               e           ase       entation
will be av
         vailable for d
                      download at www.wessan
                                  w        nen.com.

Press, investor and ana
     ,        r       alyst enqu
                               uiries
Carl Hoyyer
VP Corpporate Comm
                 munications
Phone + 20 3122 140 / +316 1235 5658
        +31      2
Twitter @
        @RoyalWesssanen                                                          Wessanen.com                   @Royalwess
                                                                                                                         sanen

Company profi
            ile
Royal We essanen is a le
                       eading compa in the Euro
                                    any           opean organic food market. In 2011, Wes
                                                               c                            ssanen genera ated
revenue o €594¹ millio employing 1,600¹ people at year-end. Operating mai
         of           on             1                          O             inly in France,, the Benelux, UK,
Germany and Italy, we manage and develop our b
        y                                         brands and prooducts in the grocery and he
                                                                              g              ealth food cha
                                                                                                          annels.
Our vision is to make o organic bra
         n            our            ands most dessired in Europe. Our brands such as Bjor Whole Ear
                                                                             s,              rg,          rth,
Zonnatura Kallo, Clipp Bonneterre, Ekoland, A llos and Tarte are pioneer
         a,           per,                                     ex,            ring brands in the organic fo
                                                                                                          ood
markets.
Next to ou leading pos
         ur           sition in organic food busine
                                                  esses, we also produce and market brand (Beckers, Bicky)
                                                               o                            ded
and priva label frozen snack produ
        ate            n            ucts in the Ben
                                                  nelux (Frozen Foods).

¹ Revenue and number of employees refl
                        f            lect our US-bas cocktail mixe and fruit drin business AB being report as
                                                   sed           ers            nks         BC           ted
‘discontinu operations’
          ued


Note o forwar
     on     rd-looking stateme
                     g       ents
This press release include forward looking statements. Other than repo
                            es                                                                                  orical information, all
                                                                                orted financial results and histo
statements included in this press release, including, with
           s                                                  hout limitation, th
                                                                                hose regarding our financial po osition, business strategy
                                                                                                                                 s
and plans and objectives of management for future oper
                                              t               rations, are forw
                                                                              ward-looking statements. These forward-looking
                                                                                                                e
statements are based on our current expectations and p
           s                                                 projections abou future events and are subjectt to risks and un
                                                                               ut                                               ncertainties
that could cause actual re  esults to differ materially from th
                                             m                hose expressed in the forward-looking stateme     ents. Many of thhese risks
and uncert tainties relate to factors that are beyond Wess
                            o                 e               sanen's ability to control or estim
                                                                               o                mate precisely, such as future market
                                                                                                                                 m
conditions, the behaviour of other market participants an the actions of governmental regulators. Rea
                                              t               nd                f                               aders are cautiooned not to
place undu reliance on th
          ue                 hese forward-looking statemen which speak only as of the date of this pres release and are subject
                                                              nts,             k                                 ss
to change without notice. Other than as required by appllicable law or the applicable rules of any excha        ange on which ouro
securities m be traded, we have no inte
           may                                ention or obligattion to update foorward-looking statements.




                                                                                                                                Page 8 of 12
Press release                                                                                   25 October 2012



Condensed consolidated income statement
In € millions, unless stated otherwise
     Q3 2012          Q3 2011                                                         9 months 2012    9 months 2011
  (unaudited)      (unaudited)                                                           (unaudited)      (unaudited)
                                 Continuing operations
       138.5           136.6     Revenue                                                      435.2            454.2

        (83.9)          (83.8)   Raw materials and supplies                                  (262.4)          (279.1)
        (23.1)          (22.8)   Personnel expenses                                           (71.5)           (71.9)
         (2.6)           (2.4)   Depreciation, amortisation and impairments                    (7.6)           (10.5)
        (25.9)          (28.4)   Other operating expenses                                     (86.4)           (83.2)
       (135.5)         (137.4)   Operating expenses                                          (427.9)          (444.7)

          3.0            (0.8)   Operating result                                               7.3              9.5

         (0.9)           (1.0)   Net financing costs                                           (2.7)            (2.5)

          2.1            (1.8)   Profit/(loss) before income tax                                4.6              7.0
         (0.7)           (0.2)   Income tax expense                                            (1.6)            (3.3)
                                 Profit/(loss) after income tax from continuing
          1.4            (2.0)                                                                  3.0              3.7
                                 operations

                                 Discontinued operations
                                 Profit/(loss) from discontinued operations, net of
          2.3            10.1                                                                   5.0             14.4
                                 income tax
          3.7             8.1    Profit/(loss) for the period                                   8.0             18.1

                                 Attributable to:
          1.4            (2.0)   Total attributable from continuing operations                  3.3              3.6
          2.3            10.1    Total attributable from discontinued operations                5.0             14.4
          3.7             8.1    Equity holders of Wessanen                                     8.3             18.0
          -               -      Non-controlling interests                                     (0.3)             0.1
          3.7             8.1    Profit/(loss) for the period                                   8.0             18.1



                                 Earnings per share attributable to equity
                                 holders of Wessanen (in EUR)
        0.05             0.11    Basic                                                         0.11             0.24

                                 Earnings per share from continuing operations
                                 (in EUR)
        0.02            (0.02)   Basic                                                         0.04             0.05

                                 Earnings per share from discontinued
                                 operations (in EUR)
        0.03             0.13    Basic                                                         0.07             0.19

                                 Average number of shares (in thousands)
       75,691          75,671    Basic                                                       75,690           75,237

      0.7934          0.7096     Average USD exchange rate (Euro per USD)                    0.7758          0.7062
      1.2628          1.1420     Average GBP exchange rate (Euro per GBP)                    1.2312          1.1415




                                                                                                            Page 9 of 12
Press release                                                           25 October 2012



Condensed consolidated statement of financial position
In € millions, unless stated otherwise
                                                         30 September    31 December
                                                                 2012            2011
                                                           (unaudited)       (audited)
Assets
Property, plant and equipment                                    55.1           86.4
Intangible assets                                               106.8           90.6
Investments in associates and other investments                   0.5            1.0
Deferred tax assets                                               6.8            8.8
Total non-current assets                                        169.2          186.8

Inventories                                                      60.7           67.5
Income tax receivables                                            0.7            2.2
Trade receivables                                                77.4           78.9
Other receivables and prepayments                                14.8           24.4
Cash and cash equivalents                                        13.9            8.2
Assets classified as held for sale                               58.8            -
Total current assets                                            226.3          181.2

Total assets                                                    395.5          368.0

Equity
Share capital                                                    76.0           76.0
Share premium                                                   102.9          102.9
Reserves and retained earnings                                  (14.0)         (15.7)
Total equity attributable to equityholders of Wessanen          164.9          163.2
Non-controlling interests                                         -              2.9
Total equity                                                    164.9          166.1

Liabilities
Interest-bearing loans and borrowings                            64.7           37.4
Employee benefits                                                23.7           24.0
Provisions                                                        2.6            2.5
Deferred tax liabilities                                          3.8            1.4
Total non-current liabilities                                    94.8           65.3

Bank overdrafts                                                   2.4            2.9
Interest-bearing loans and borrowings                             3.3            0.1
Provisions                                                        2.1            3.3
Income tax payables                                               2.2            0.5
Trade payables                                                   64.6           70.5
Non-trade payables and accrued expenses                          50.3           59.3
Liabilities classified as held for sale                          10.9            -
Total current liabilities                                       135.8          136.6

Total liabilities                                               230.6          201.9

Total equity and liabilities                                    395.5          368.0

End of period USD exchange rate (Euro per USD)                 0.7734         0.7729
End of period GBP exchange rate (Euro per GBP)                 1.2531         1.1972




                                                                                     Page 10 of 12
Press release                                                                                                 25 October 2012



Condensed consolidated statement of cash flows
In € millions
     Q3 2012       Q3 2011                                                                             9 months 2012    9 months 2011
  (unaudited)   (unaudited)                                                                               (unaudited)      (unaudited)
                              Cash flows from operating activities
         3.0          (0.8)   Operating result                                                                   7.3              9.5

                              Adjustments for:
         2.7           2.5    Depreciation, amortisation and impairments                                         7.7             10.6
         0.3           2.3    Other non-cash and non-operating items                                             2.0              2.3

                              Cash generated from operations before changes in working
         6.0           4.0    capital and provisions                                                            17.0             22.4

        (4.4)         (8.6)   Changes in working capital                                                        (4.4)           (22.9)
        (0.3)         (0.3)   Payments from provisions and changes in employee benefits                         (4.4)            (4.9)

         1.3          (4.9)   Cash generated from operations                                                     8.2             (5.4)

        (0.6)         (0.4)   Interest paid                                                                     (1.6)            (0.8)
        (0.9)         (0.8)   Income tax paid                                                                   (1.4)            (5.5)

        (0.2)         (6.1)   Operating cash flow from continuing operations                                     5.2            (11.7)
        12.9          10.3    Operating cash flow from discontinued operations                                   5.7             12.6
        12.7           4.2    Net cash from operating activities                                                10.9              0.9

                              Cash flows from investing activities
        (0.9)         (1.9)   Acquisition of property, plant and equipment                                      (3.2)            (5.7)
         -             -      Proceeds from sale of property, plant and equipment                                0.1              -
        (0.5)         (0.6)   Acquisition of intangible assets                                                  (0.9)            (1.6)
         -             0.1    Proceeds from investments                                                         (0.1)             0.7
         -             1.7    Proceeds from sale of business                                                     3.9              1.7
        (2.5)          -      Acquisition of subsidiaries and businesses, net of cash acquired                 (22.9)             -

        (3.9)         (0.7)   Investing cash flow from continuing operations                                   (23.1)            (4.9)
        (0.3)         (0.8)   Investing cash flow from discontinued operations                                  (1.4)            (1.3)
        (4.2)         (1.5)   Net cash from investing activities                                               (24.5)            (6.2)

         8.5           2.7    Net cash flow before financing activities                                        (13.6)            (5.3)

                              Cash flows from financing activities
        (8.9)         (0.2)   Proceeds from/ (Repayments of) interest bearing loans and borrowings              27.9              9.6
         -             -      Net payments of finance lease liabilities                                          -               (0.1)
        (0.5)          0.4    Cash payments derivatives                                                         (2.2)            (0.3)
         -             -      Dividends paid                                                                    (6.1)            (1.3)

        (9.4)          0.2    Financing cash flow from continuing operations                                    19.6              7.9
         -            (0.1)   Financing cash flow from discontinued operations                                   -               (0.2)
        (9.4)          0.1    Net cash from financing activities                                                19.6              7.7

        (0.9)          2.8    Net cash flow                                                                      6.0              2.4

        12.4           7.0    Cash and cash equivalents at beginning of period                                   5.3              7.7
        (0.9)          2.8    Net cash from operating, investing and financing activities                        6.0              2.4
        (0.1)          0.2    Effect of exchange rate differences on cash and cash equivalents                   0.1             (0.1)
                              Cash and cash equivalents related to discontinued operations at end of
         0.1          (0.5)   period                                                                             0.1             (0.5)
                              Cash and cash equivalents of continuing operations at end of
        11.5           9.5    period                                                                            11.5              9.5




                                                                                                                           Page 11 of 12
 ress rel
  Pr      lease                                                                                                25 Octob 2012
                                                                                                                      ber



Conde
    ensed consolidate statem
                    ed     ment of co
                                    omprehen
                                           nsive inco
                                                    ome
In € millions
     Q3 2012           Q3 2011
                        3                                                                     9 months 20012          onths 2012
                                                                                                                   9 mo
  (unaudit
         ted)       (unau
                        udited)                                                                  (unaudit
                                                                                                        ted)          (u
                                                                                                                       unaudited)

          3.7
          3                    8.1    Pro
                                        ofit/(loss) for the period
                                                          e                                             8.0
                                                                                                        8                   18.1

                                      Oth comprehens
                                         her              sive income
                                      Forreign currency tra
                                                          anslation differen
                                                                           nces, net of
         (1
          1.0)                 6.8                                                                      1.4
                                                                                                        1                    1.6
                                      income tax
                                      Effective portion of changes in fair v
                                                                           value of cash
          0.2                 (0.3)                                                                     0.2
                                                                                                        0                   (0.1)
                                      flow hedges, net of income tax
                                         w
         (0
          0.8)                 6.5    Oth comprehens
                                         her              sive income/(los ss)                          1.6
                                                                                                        1                    1.5

          2.9
          2                   14.6    Tot comprehens
                                        tal        sive income/(los
                                                                  ss)                                   9.6
                                                                                                        9                   19.6

                                      Att
                                        tributable to:
          2.9
          2                   14.6    Equity holders of W
                                                        Wessanen                                        9.9
                                                                                                        9                   19.5
          -                    -      Non-controlling inte
                                                         erests                                        (0
                                                                                                        0.3)                 0.1
          2.9
          2                   14.6    Tot comprehens
                                         tal             sive income/(los
                                                                        ss)                             9.6
                                                                                                        9                   19.6




Conde
    ensed consolidate statem
                    ed     ment of ch
                                    hanges in equity
                                            n
In € millions

                                                                           30 September       30 Septem
                                                                                                      mber
                                                                                   2012               2011
                                                                            (unaudited)                ed)
                                                                                               (unaudite

Balance a beginning of year
        at                                                                          166.1             183
                                                                                                        3.8

Profit/(loss for the period
           s)             d                                                            8.0             18
                                                                                                        8.1

Other com mprehensive in ncome
Foreign exxchange translaation differences net of income tax
                                         s,            e                               1.4              1.6
                                                                                                        1
Effective p
          portion of chang in fair value of cash flow he
                         ges            e              edges,
net of inco
          ome tax                                                                      0.2             (0
                                                                                                        0.1)
Total othe comprehens
          er             sive income                                                   1.6              1.5

Total com
        mprehensive in
                     ncome for the p
                                   period                                              9.6              9.6
                                                                                                       19

Transacti
        ions with owne
                     ers, recorded d
                                   directly in equity

Contributtions by and distributions to owners
Dividends to shareholder
        s               rs                                                            (6.1)            (1
                                                                                                        1.3)
Change in non-controlling interests
        n               g                                                             (5.0)             0.1
                                                                                                        0
Share-bas payment tra
        sed             ansactions                                                     0.3              0.3
                                                                                                        0
Total con
        ntributions by aand distributio
                                      ons to owners                                  (10.8)            (0
                                                                                                        0.9)

Total tran
         nsactions with owners                                                       (10.8)            (0
                                                                                                        0.9)

Balance a end of perio
        at           od                                                             164.9             202
                                                                                                        2.5


          ributable to equity holders of W
Equity attr                              Wessanen                                   164.9             195
                                                                                                        5.6
Non-contr rolling interests                                                            -                6.9
                                                                                                        6
Total equuity at the end of the period                                              164.9             202
                                                                                                        2.5




                                                                                                                       Page 12 of 12

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Wessanen q3 2012 press release

  • 1. press pr ss release e Q3 Q 2012 press releas se Grocery co ontinues to perform p m well l Normalise EBIT up to €3.3 m ed T mln Dive estmen ABC under way nt C r
  • 2. Press release 25 October 2012 Q3 2012 highlights  Autonomous revenue growth of (0.2)%, Grocery operations continue to perform well  Normalised operating result up to €3.3 million  Divestment ABC progressing as planned  Rudy Kluiber appointed to the Supervisory Board  Assessment of the company structure well under way: sharing conclusions planned for late November Consolidated key figures Q3 2012 in € million, unless stated otherwise Q3 2012 Q3 2011 9m 2012 9m 2011 Revenue ¹ 138.5 136.6 435.2 454.2 Autonomous revenue development ¹ ² (0.2)% (0.7)% EBITDAE 1 5.9 3.5 15.2 21.9 Normalised operating result (EBITE) ¹ 3.3 1.0 7.6 14.6 as % of revenue 2.4% 0.7% 1.7% 3.2% Operating result (EBIT) 1 3.0 (0.8) 7.3 9.5 Result from discontinued operations (net of income tax) 2.3 10.1 5.0 14.4 Net result, attributable to equity holders 3.7 8.1 8.3 18.0 Operating cash flow 1 (0.2) (6.1) 5.2 (11.7) Net debt 56.6 35.9 Earnings per share (in euro) (total Wessanen) 0.05 0.11 0.11 0.24 Average nr. of outstanding shares (x 1,000) 75,691 75,671 75,690 75,237 1) 2) From continuing operations; Including adjustments for currency effects and acquisitions/divestments CEO Statement Piet Hein Merckens (CEO) comments: “The organic food market in Europe continues to trend favourably. Its growth potential is also significant and sustainable. Increasing numbers of consumers are appreciating the rich taste, healthy nature and sustainable production methods of organic food. Increased availability also contributed to its growth, notwithstanding that consumption per capita is still (too) low. At the same time, we see reduced consumer confidence and related reduction of spending as a result of subdued European economies negatively impacting our businesses in the various channels albeit to a different extent. Our third quarter performance in Grocery trended in line with previous quarters and reconfirmed that we are on the right track. Developments in the health food stores (HFS) channel remained Page 2 of 12
  • 3. Press release 25 October 2012 disappointing, although several improvements become visible such as at our German brands, positive like-for-like sales at our Dutch formula stores and to independent stores and new customer wins at our French operations. We remain committed to executing our strategic agenda in a consistent way. As previously announced, we have also implemented short term measures to lower operational costs, while at the same time we are assessing the company’s structure and cost base on a more structural basis. This assessment is well under way and we plan to share the conclusions late November. We aim to reduce complexity, streamline processes and making steps to improve the speed to market and decision making as a result of which substantial cost savings are to be achieved. Eventually, I envisage us to be a leaner, fitter and more profitable company as well as a great place to work for all those embracing organic, sustainable and healthy food.” ABC’s divestment process under way After announcing the start of the divestment process of our US subsidiary ABC at the end of June, we have made clear progress in the process during the last months. Based on current insights, we target signing for the latter part of the fourth quarter. Financial guidance FY 2012 (continuing operations only)  Net financing costs expected to be €3-4 million  Effective tax rate expected to be around 35%  Capital expenditures expected to be €6-8 million  Depreciation and amortisation expected to be €10-11 million  Non-allocated expenses (including corporate expenses) expected to be €11-12 million Segment overview in € million, unless Grocery HFS Frozen Foods Non-allocated Wessanen stated otherwise Q3 12 Q3 11 Q3 12 Q3 11 Q3 12 Q3 11 Q3 12 Q3 11 Q3 12 Q3 11 Revenue 65.8 57.5 48.0 54.7 26.6 27.3 (1.9) (2.9) 138.5 136.6 Normalised EBIT 5.7 3.8 (0.3) (0.5) 0.4 0.2 (2.5) (2.5) 3.3 1.0 As % of revenue 8.8% 6.6% (0.7)% (0.9)% 1.3% 0.7% - - 2.4% 0.7% Exceptionals (0.3) 0.2 - (2.0) - - - - (0.3) (1.8) EBIT 5.4 4.0 (0.3) (2.5) 0.4 0.2 (2.5) (2.5) 3.0 (0.8) Page 3 of 12
  • 4.  ress rel Pr lease 25 Octob 2012 ber Groce ery in € milli ion, unless sta ated otherwise Q3 20 012 Q3 2011 9m 2012 9m 2011 1 Revenue 65.8 57.5 203.9 185.2 2 EBITDAE 6.3 4.1 17.1 17.0 0 Normalise EBIT ed 5.7 3.8 15.7 16.2 2 Operating result (EBIT) g 5.4 4.0 14.5 17.2 2 Revenue has grown to €65.8 mill e lion. Autonom mous revenu growth wa 4.4% with both price/m and ue as mix volume ccontributing 22.2%. The appreciation o the British pound adde 1.8% and Clipper cont of ed tributed €5.2 million (9.0%). N Normalised EBIT was up to €5.7 million as a resu of higher s E p ult sales, a sligh htly increase gross mar ed rgin and lowe marketing spending (due to phasing), partly offs by higher other er fset operating costs. Exceptional cost of €0.3 mi llion relate to restructurin provisions g ts o ng s. In a Fren market g nch growing low-s Bjorg continu to grow market share driven by strong single digit, B ued m e performaances of dair alternative sweets-in ry es, n-between, br kfast cereals. In a read replacers and break modestly growing French dietetic market, Dr Schär was winning mark share, wh Gayelord Hauser y c w ket hile d was stab Other bra ble. ands such as Krisprolls c s continue to grow as well. g We are o track with the integration of our UK operations Kallo and Clipper with th merging of sales on h K C he o and marrketing teams being comp s pleted. Our ccategories, in general, showed health trends in a n hy competittive UK mark Whole Earth continue to grow. Clipper also gained marke share in a stable ket. ed C g ket tea mark driven by amongst ot ket, y thers targete promotions. Dairy alter ed rnatives perf formed weak kly, notwithstanding that Almond Breeze distributtion got off to a good star o rt. While ma arket growth in Dutch supermarkets w margina organic an sustainab le food continued to h was al, nd grow dou uble-digit. Gr brands such as Dr. Schär, Biorganics Pataks and Merza. rowth was visible in our b s, d Zonnatura was abou stable, imp ut pacted by the delisting of ‘knijpfruit’ at McDonalds, while the bu e , uilding up of dis stribution for new product is in progre ts ess. During the quarter we further inc t w creased our number of dedica ated organic shelves, cal lled Biobest, for retailers to well over 200. Clipper tea as New Zonn atura loose tea varieties New lightly w whipped chocolate spread In Germaany, our sale trended in line with a m es n modestly gro owing market Since build t. ding a more sizeable s and prof fitable grocer business is progressin slower tha expected, we are asse ry ng an essing our go o-to- market a approach. While we continue to operate our Italian soy p e o r plant and to sell our soy products und Buon per Te and der r Sole e N Natura brand, we decided to stop distr d ributing the Bjorg and Eff B ficance brand in Italy. These ds operations have been loss makin and lack p ng perspective to become pr rofitable in th foreseeab future. he ble Page 4 of 12
  • 5. Press release 25 October 2012 Health Food Stores (HFS) in € million, unless stated otherwise Q3 2012 Q3 2011 9m 2012 9m 2011 Revenue 48.0 54.7 153.9 194.2 EBITDAE 0.1 0.0 0.5 5.4 Normalised EBIT (0.3) (0.5) (0.8) 3.8 Operating result (EBIT) (0.3) (2.5) (0.8) (2.3) Revenue amounted to €48.0 million. Autonomous revenue growth was (4.2)% with a price/mix effect of 1.0% and volume (5.2)%, while last year’s divestments had an impact of (6.6)%. Operating result modestly improved to €(0.3) million as a result of an about stable gross profit and lower operating expenses, partly offset by lower sales. This was a disappointing performance, although there are some first positive developments in our various markets. In France, we are changing our operating model by expanding our branded business and adjusting our portfolio to be better capable to service larger nationwide chains. The market was stable with the larger nationwide chains continuing to outpace the independent stores. At Bonneterre, wholesale and branded business both declined, especially in fruits and vegetables. Our fresh distribution business Bio-Distrifrais started to grow again. In the Netherlands, more focus and best-in-class execution are required as competitive pressure remained strong. In a growing market, both our existing formula stores and independent stores continue to increase their like-for-like revenue. We also increasingly see the benefit of actions to grow our brands and distribution activities, although we still feel the impact of previously lost customers. Our Belgian operations are growing steadily and gaining market share. In Germany, we are revitalising our brands, putting more focus on consumer-led innovations and working on product portfolio rationalisation. The market is trending in line with previous quarters with general HFS stores being up, while specialised stores (‘Reformhaus’) are declining. We realised higher sales to general organic stores and in export, partly offset by lower sales in the specialty channel. Frozen Foods in € million, unless stated otherwise Q3 2012 Q3 2011 9m 2012 9m 2011 Revenue 26.6 27.3 83.5 84.0 EBITDAE 1.4 1.4 4.2 5.6 Normalised EBIT 0.4 0.2 1.1 2.1 Operating result (EBIT) 0.4 0.2 1.1 2.1 Page 5 of 12
  • 6. Press release 25 October 2012 Autonomous revenue decreased (2.5)% driven by (4.1)% lower volumes and partly compensated by a positive price/mix effect of 1.6%. In the Dutch retail and out-of-home food market, focus remained on price, resulting in a competitive environment with more promotions and difficulties in passing on commodity cost prices. The operating result improved to €0.4 million (Q3 2011: €0.2 million) as a result of lower operating expenses, including lower marketing expenses. Focus remains on brand activation in the out-of-home and retail channels to support and grow the Beckers and Bicky brands. Since its launch in the Belgian out-of-home channel in spring, the Bicky Crunchy Chicken continues to perform well. Its launch further complemented the Bicky range. In September both Frozen Foods activities (Beckers Benelux and Favory) were combined under a new single management. Our objectives are to realise further strategic alignment and cooperation and process integration between both organisations with a view to execute the strategy. Bicky Crunchy Chicken Beckers ’Proeffestijn’ (‘Taste Festival’) ‘Beckers Krokettenfacts’ (in Dutch) on YouTube Non-allocated and eliminations (including corporate expenses) in € million, unless stated otherwise Q3 2012 Q3 2011 9m 2012 9m 2011 Revenue ¹ (1.9) (2.9) (6.1) (9.2) EBITDAE (1.9) (2.0) (6.6) (6.1) Normalised EBIT (2.5) (2.5) (8.4) (7.5) Operating result (EBIT) (2.5) (2.5) (7.5) (7.5) Inter-segment revenue between Grocery and HFS was €(1.9) million. Non-allocated expenses, reflecting corporate costs not charged to operating segments, was stable at €(2.5) million. Discontinued operation (ABC) The Ready-to-Drink (RTD) cocktail market continued to grow driven by frozen pouches. While Daily’s reported lower quarterly volumes and lost some market share in the pouches segment, it remains the clear market leader. Consumption figures (based on IRI data), penetration, level of repeat purchases and high investments in advertising and promotion are supportive of Daily’s leadership position in this attractive market with sustainable growth characteristics. The third quarter year-on-year comparison is distorted due to the fact that last year frozen pouches were on allocation. This resulted in high shipments as customers sought to build up inventories in excess of consumer off take during the same period. Revenue amounted to US$46.4 million (Q3 2011: Page 6 of 12
  • 7. Press release 25 October 2012 US$ 53.2million). This year, the distribution and roll-out of two new season-extending pouches (spiced sangria, hard cider) are continuing and innovative flavours for 2013 are under development. Little Hug continued to grow, thereby gaining market share in a stable single-serve fruit drinks market. EBIT declined to US$4.9 million (Q3 2011: US$8.7 million), reflecting these lower volumes and a significant increase in marketing investments, largely focused on strengthening Daily’s brand equity on the medium to long term. Financial summary Q3 2012 Revenue grew 1.5% as a mixture of a positive acquisition/divestment effect of 1.0% and currency effects of 0.8%, while autonomous growth amounted to (0.2)%. A stable gross margin and lower operating expenses (mainly as a result of phasing in marketing spending) resulted in a higher operational result of €3.0 million. Excluding smaller exceptional items of €(0.3) million, normalised operating result was €3.3 million (Q3 2011: €1.0 million). All three segments contributed with most of the increase due to Grocery. Net financing costs were €(0.9) million, of which half related to interest expenses on net debt. Income tax 19% expenses increased to €(0.7) million (Q3 2011: €(0.2) million) as a consequence of higher profitability. 47% Profit from discontinued operations amounted to €2.3 million. Last year’s Q3 number of €10.1 million included the 34% positive impact of a deferred tax asset of €4.7 million and a Grocery net reversal of impairment losses of €0.8 million. HFS Frozen Foods Profit for the period was €3.7 million, resulting in earnings per share of €0.05. Operating cash flow increased to €(0.2) million versus €(6.1) million last year, largely due to a €3.7 million reduction in working capital (versus an increase last year). Net debt decreased to €56.6 million (Q2 2012: €62.0 million). Consequently, the net debt / EBITDAE ratio declined to 2.0x as of 30 September (30 June: 2.1x). in € million, unless stated otherwise Q3 2012 Q3 2011 9m 2012 9m 2011 Profit (after income taxes) from continuing operations 1.4 (2.0) 3.0 3.7 Profit/(loss) from discontinued operations, net of income tax 2.3 10.1 5.0 14.4 Profit/(loss) for the period 3.7 8.1 8.0 18.1 Attributable to: Equity holders of Wessanen 3.7 8.1 8.3 18.0 Non-controlling interests - - (0.3) 0.1 Page 7 of 12
  • 8.  ress rel Pr lease 25 Octob 2012 ber Import tant dates Friday 22 February 2 2 2013 Q4 2012 resu (7h15) Q ults Tuesday 16 April 201 y 13 Annual Share A eholders Meeting (14h00 0) Friday 26 April 2013 6 Q1 2013 resu (7h15) (t Q ults trading update) Thursday 25 July201 13 Q2 2013 resu (7h15) Q ults Friday 25 October 20 5 013 Q3 2013 resu (7h15) (t Q ults trading update) Analys invest & med confer st, tor dia rence cal ll An analy investor and media conference ca will be hosted by Rona Merckx ( CFO) at 10h CET. yst, c all ald h00 The dial- number is +31 20 794 8504 (toll fr 0800-265 -in s 4 ree 5-8528). The press relea and prese e ase entation will be av vailable for d download at www.wessan w nen.com. Press, investor and ana , r alyst enqu uiries Carl Hoyyer VP Corpporate Comm munications Phone + 20 3122 140 / +316 1235 5658 +31 2 Twitter @ @RoyalWesssanen Wessanen.com @Royalwess sanen Company profi ile Royal We essanen is a le eading compa in the Euro any opean organic food market. In 2011, Wes c ssanen genera ated revenue o €594¹ millio employing 1,600¹ people at year-end. Operating mai of on 1 O inly in France,, the Benelux, UK, Germany and Italy, we manage and develop our b y brands and prooducts in the grocery and he g ealth food cha annels. Our vision is to make o organic bra n our ands most dessired in Europe. Our brands such as Bjor Whole Ear s, rg, rth, Zonnatura Kallo, Clipp Bonneterre, Ekoland, A llos and Tarte are pioneer a, per, ex, ring brands in the organic fo ood markets. Next to ou leading pos ur sition in organic food busine esses, we also produce and market brand (Beckers, Bicky) o ded and priva label frozen snack produ ate n ucts in the Ben nelux (Frozen Foods). ¹ Revenue and number of employees refl f lect our US-bas cocktail mixe and fruit drin business AB being report as sed ers nks BC ted ‘discontinu operations’ ued Note o forwar on rd-looking stateme g ents This press release include forward looking statements. Other than repo es orical information, all orted financial results and histo statements included in this press release, including, with s hout limitation, th hose regarding our financial po osition, business strategy s and plans and objectives of management for future oper t rations, are forw ward-looking statements. These forward-looking e statements are based on our current expectations and p s projections abou future events and are subjectt to risks and un ut ncertainties that could cause actual re esults to differ materially from th m hose expressed in the forward-looking stateme ents. Many of thhese risks and uncert tainties relate to factors that are beyond Wess o e sanen's ability to control or estim o mate precisely, such as future market m conditions, the behaviour of other market participants an the actions of governmental regulators. Rea t nd f aders are cautiooned not to place undu reliance on th ue hese forward-looking statemen which speak only as of the date of this pres release and are subject nts, k ss to change without notice. Other than as required by appllicable law or the applicable rules of any excha ange on which ouro securities m be traded, we have no inte may ention or obligattion to update foorward-looking statements. Page 8 of 12
  • 9. Press release 25 October 2012 Condensed consolidated income statement In € millions, unless stated otherwise Q3 2012 Q3 2011 9 months 2012 9 months 2011 (unaudited) (unaudited) (unaudited) (unaudited) Continuing operations 138.5 136.6 Revenue 435.2 454.2 (83.9) (83.8) Raw materials and supplies (262.4) (279.1) (23.1) (22.8) Personnel expenses (71.5) (71.9) (2.6) (2.4) Depreciation, amortisation and impairments (7.6) (10.5) (25.9) (28.4) Other operating expenses (86.4) (83.2) (135.5) (137.4) Operating expenses (427.9) (444.7) 3.0 (0.8) Operating result 7.3 9.5 (0.9) (1.0) Net financing costs (2.7) (2.5) 2.1 (1.8) Profit/(loss) before income tax 4.6 7.0 (0.7) (0.2) Income tax expense (1.6) (3.3) Profit/(loss) after income tax from continuing 1.4 (2.0) 3.0 3.7 operations Discontinued operations Profit/(loss) from discontinued operations, net of 2.3 10.1 5.0 14.4 income tax 3.7 8.1 Profit/(loss) for the period 8.0 18.1 Attributable to: 1.4 (2.0) Total attributable from continuing operations 3.3 3.6 2.3 10.1 Total attributable from discontinued operations 5.0 14.4 3.7 8.1 Equity holders of Wessanen 8.3 18.0 - - Non-controlling interests (0.3) 0.1 3.7 8.1 Profit/(loss) for the period 8.0 18.1 Earnings per share attributable to equity holders of Wessanen (in EUR) 0.05 0.11 Basic 0.11 0.24 Earnings per share from continuing operations (in EUR) 0.02 (0.02) Basic 0.04 0.05 Earnings per share from discontinued operations (in EUR) 0.03 0.13 Basic 0.07 0.19 Average number of shares (in thousands) 75,691 75,671 Basic 75,690 75,237 0.7934 0.7096 Average USD exchange rate (Euro per USD) 0.7758 0.7062 1.2628 1.1420 Average GBP exchange rate (Euro per GBP) 1.2312 1.1415 Page 9 of 12
  • 10. Press release 25 October 2012 Condensed consolidated statement of financial position In € millions, unless stated otherwise 30 September 31 December 2012 2011 (unaudited) (audited) Assets Property, plant and equipment 55.1 86.4 Intangible assets 106.8 90.6 Investments in associates and other investments 0.5 1.0 Deferred tax assets 6.8 8.8 Total non-current assets 169.2 186.8 Inventories 60.7 67.5 Income tax receivables 0.7 2.2 Trade receivables 77.4 78.9 Other receivables and prepayments 14.8 24.4 Cash and cash equivalents 13.9 8.2 Assets classified as held for sale 58.8 - Total current assets 226.3 181.2 Total assets 395.5 368.0 Equity Share capital 76.0 76.0 Share premium 102.9 102.9 Reserves and retained earnings (14.0) (15.7) Total equity attributable to equityholders of Wessanen 164.9 163.2 Non-controlling interests - 2.9 Total equity 164.9 166.1 Liabilities Interest-bearing loans and borrowings 64.7 37.4 Employee benefits 23.7 24.0 Provisions 2.6 2.5 Deferred tax liabilities 3.8 1.4 Total non-current liabilities 94.8 65.3 Bank overdrafts 2.4 2.9 Interest-bearing loans and borrowings 3.3 0.1 Provisions 2.1 3.3 Income tax payables 2.2 0.5 Trade payables 64.6 70.5 Non-trade payables and accrued expenses 50.3 59.3 Liabilities classified as held for sale 10.9 - Total current liabilities 135.8 136.6 Total liabilities 230.6 201.9 Total equity and liabilities 395.5 368.0 End of period USD exchange rate (Euro per USD) 0.7734 0.7729 End of period GBP exchange rate (Euro per GBP) 1.2531 1.1972 Page 10 of 12
  • 11. Press release 25 October 2012 Condensed consolidated statement of cash flows In € millions Q3 2012 Q3 2011 9 months 2012 9 months 2011 (unaudited) (unaudited) (unaudited) (unaudited) Cash flows from operating activities 3.0 (0.8) Operating result 7.3 9.5 Adjustments for: 2.7 2.5 Depreciation, amortisation and impairments 7.7 10.6 0.3 2.3 Other non-cash and non-operating items 2.0 2.3 Cash generated from operations before changes in working 6.0 4.0 capital and provisions 17.0 22.4 (4.4) (8.6) Changes in working capital (4.4) (22.9) (0.3) (0.3) Payments from provisions and changes in employee benefits (4.4) (4.9) 1.3 (4.9) Cash generated from operations 8.2 (5.4) (0.6) (0.4) Interest paid (1.6) (0.8) (0.9) (0.8) Income tax paid (1.4) (5.5) (0.2) (6.1) Operating cash flow from continuing operations 5.2 (11.7) 12.9 10.3 Operating cash flow from discontinued operations 5.7 12.6 12.7 4.2 Net cash from operating activities 10.9 0.9 Cash flows from investing activities (0.9) (1.9) Acquisition of property, plant and equipment (3.2) (5.7) - - Proceeds from sale of property, plant and equipment 0.1 - (0.5) (0.6) Acquisition of intangible assets (0.9) (1.6) - 0.1 Proceeds from investments (0.1) 0.7 - 1.7 Proceeds from sale of business 3.9 1.7 (2.5) - Acquisition of subsidiaries and businesses, net of cash acquired (22.9) - (3.9) (0.7) Investing cash flow from continuing operations (23.1) (4.9) (0.3) (0.8) Investing cash flow from discontinued operations (1.4) (1.3) (4.2) (1.5) Net cash from investing activities (24.5) (6.2) 8.5 2.7 Net cash flow before financing activities (13.6) (5.3) Cash flows from financing activities (8.9) (0.2) Proceeds from/ (Repayments of) interest bearing loans and borrowings 27.9 9.6 - - Net payments of finance lease liabilities - (0.1) (0.5) 0.4 Cash payments derivatives (2.2) (0.3) - - Dividends paid (6.1) (1.3) (9.4) 0.2 Financing cash flow from continuing operations 19.6 7.9 - (0.1) Financing cash flow from discontinued operations - (0.2) (9.4) 0.1 Net cash from financing activities 19.6 7.7 (0.9) 2.8 Net cash flow 6.0 2.4 12.4 7.0 Cash and cash equivalents at beginning of period 5.3 7.7 (0.9) 2.8 Net cash from operating, investing and financing activities 6.0 2.4 (0.1) 0.2 Effect of exchange rate differences on cash and cash equivalents 0.1 (0.1) Cash and cash equivalents related to discontinued operations at end of 0.1 (0.5) period 0.1 (0.5) Cash and cash equivalents of continuing operations at end of 11.5 9.5 period 11.5 9.5 Page 11 of 12
  • 12.  ress rel Pr lease 25 Octob 2012 ber Conde ensed consolidate statem ed ment of co omprehen nsive inco ome In € millions Q3 2012 Q3 2011 3 9 months 20012 onths 2012 9 mo (unaudit ted) (unau udited) (unaudit ted) (u unaudited) 3.7 3 8.1 Pro ofit/(loss) for the period e 8.0 8 18.1 Oth comprehens her sive income Forreign currency tra anslation differen nces, net of (1 1.0) 6.8 1.4 1 1.6 income tax Effective portion of changes in fair v value of cash 0.2 (0.3) 0.2 0 (0.1) flow hedges, net of income tax w (0 0.8) 6.5 Oth comprehens her sive income/(los ss) 1.6 1 1.5 2.9 2 14.6 Tot comprehens tal sive income/(los ss) 9.6 9 19.6 Att tributable to: 2.9 2 14.6 Equity holders of W Wessanen 9.9 9 19.5 - - Non-controlling inte erests (0 0.3) 0.1 2.9 2 14.6 Tot comprehens tal sive income/(los ss) 9.6 9 19.6 Conde ensed consolidate statem ed ment of ch hanges in equity n In € millions 30 September 30 Septem mber 2012 2011 (unaudited) ed) (unaudite Balance a beginning of year at 166.1 183 3.8 Profit/(loss for the period s) d 8.0 18 8.1 Other com mprehensive in ncome Foreign exxchange translaation differences net of income tax s, e 1.4 1.6 1 Effective p portion of chang in fair value of cash flow he ges e edges, net of inco ome tax 0.2 (0 0.1) Total othe comprehens er sive income 1.6 1.5 Total com mprehensive in ncome for the p period 9.6 9.6 19 Transacti ions with owne ers, recorded d directly in equity Contributtions by and distributions to owners Dividends to shareholder s rs (6.1) (1 1.3) Change in non-controlling interests n g (5.0) 0.1 0 Share-bas payment tra sed ansactions 0.3 0.3 0 Total con ntributions by aand distributio ons to owners (10.8) (0 0.9) Total tran nsactions with owners (10.8) (0 0.9) Balance a end of perio at od 164.9 202 2.5 ributable to equity holders of W Equity attr Wessanen 164.9 195 5.6 Non-contr rolling interests - 6.9 6 Total equuity at the end of the period 164.9 202 2.5 Page 12 of 12