Koninklijke Wessanen nv

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Koninklijke Wessanen nv
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Results Q1 2003May 14, 2003
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Key messages

• Net sales up 5 at constant exchange rates weak
  dollar causes sales to drop by 10
• Good results of main brands and synergy benefits
  TOL Europe
• Margin pressure and higher operational expenses
  TOL NA
• Efficiency improvements Cereals
• Slow start sales CFG

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Consolidated income statement
Q1 2003 Q1 2002 Net sales 614.8 755.0 EBITA1 0.7
13.8 Goodwill amortization (2.6) (1.9) Exceptiona
l items - - Interest (2.6) (4.3) Taxes 3.0 (2.3) I
ncome from participations and minority
interest 0.1 - Net income (1.4) 5.3 Net
income1 1.0 7.2 1Before exceptional items and
goodwill amortization
x millions euro
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Consolidated balance sheet
March 31, 2003 Dec 31, 2002 Fixed
assets 449.8 462.3 Current assets 734.8 731.5 1,1
84.6 1,193.8 Group equity 632.4 642.9 Provisions
55.9 56.9 Long-term liabilities 144.9 155.7 Other
liabilities 351.4 338.3 1,184.6 1,193.8 Net
debt/equity ratio 17 16 Shareholders
equity/total assets ratio 53.1 53.6
x millions euro
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Tree of Life Europe

• Increased sales main brands, autonomous growth 3
• Synergies collective purchasing concept
  sharing
• Increased stake in Natudis (now 71)
• Acquisition Whole Earth (annual sales EUR 8
  million) in March
• consolidated as from May 1, 2003

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Tree of Life North America

• Net sales increased 5 under constant exchange
  rates. Autonomous growth 3.3
• Pressure on margins as a result of changes in
  customer portfolio and economic climate
• Accelerated reorganization program, saving USD 10
  million

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Cereals

• EBITA increase partly due to cost efficiencies
  reorganization
• Sales flat as a result of lower Euro/UK pound
  rateautonomous sales growth 3

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Convenience Food

• Lower sales due to lower consumer spending
• Lower EBITA in line with lower sales
• Acquisition Luckhardt Tiefkühlprodukte GmbH
  (annual sales EUR 7 million) in April

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Outlook

• Q2 2003
• Net results more or less equal to Q1 2003
• Full year 2003
• No guidance due to uncertainty in the timing of
  benefits from TOL NA reorganization

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Koninklijke Wessanen nv