through vege- table · the vegetable market ... 2013 prize for shareholder relations january 31,...

THROUGH

VEGE-TABLEPRODUCTS

“WELLLIVING ”

Key figures► A few figures regarding

the Bonduelle Group

Half-Year Statements

Outlooks

The Bonduelle group►A company history...and values►Shareholder objectives►Governance►Our organization

Company goals►Our goal►Values

Our challenges and commitments►Social, societal and

environmental commitments►CSR governance►CSR key figures►People and safety►Quality and nutrition►Stakeholders►Agronomy►Natural resources►Transport and supply chain

Strategy► The vegetable market► The only vegetable front-runner brand► Ongoing growth► Long-term priority► Unique infrastructure► Technological expertise► International scope► Four strong brands► Customer brands► Distribution circuits

A COMPANYHISTORY...ANDVALUES

BUSINESSMODEL

KEY FIGURESHALF-YEARSTATEMENTSOUTLOOKS

CONTENTS“WELL LIVING”throughVEGETABLE products

“WELL LIVING”throughVEGETABLE products

A company history...and values

Businessmodel

Key figuresHalf-Year StatementsOutlooks

3 |

1850 1900 1930 1960 1990 2015

A FAMILY-BASEDAGRO-INDUSTRIAL HISTORY

Bonduelle startsworking in agriculture

1862

P. and B. Bonduellerequired the construction

of a cannery

1926

Creationof the Bonduellebrand

19477GENERATIONS

INVOLVEDSINCE 1853

Distillery,followed by sugar and yeast

1853

Launch of Frozen foodsrange

1962

Launch of thefresh range

1997



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4 |

INDEPENDENCE SUSTAINABILITY

SHAREHOLDER OBJECTIVES

EMPLOYEEDEVELOPMENT



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5 |

GOVERNANCE – A PUBLIC FAMILY-RUN COMPANY

Manager:General partner

MAIN SHAREHOLDERBONDUELLE FAMILY

29.80%

OTHER BONDUELLE FAMILIES

24.56%

FLOATING

39.83%

EMPLOYEES + TREASURY STOCK

5.81%

Chairman:Christophe Bonduelle

BONDUELLE SCA

99.99%

BONDUELLE SAS

INDUSTRIAL AND COMMERCIAL BUSINESS UNITS

Supervisory BoardAccounts CommitteeEthical Committee

Executive CommitteeAdministrative BoardCompensation Committee

2013 PRIZEFORSHAREHOLDER RELATIONS

January 31, 2016

2014 PRIZEFOR

INVESTORSRELATIONS



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6 |

THE SUPERVISORY BOARD

Ensures permanent control of company management on behalf of the Shareholder.

Isabelle Danjou

Yves Tack

Martin Ducroquet, Chairman

Matthieu Duriez Élisabeth Minard

Marie-France Tisseau

Laurent Bonduelle

Marie-Ange Verdickt



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Martin Ducroquet

7 |

THE ACCOUNTS COMMITTEE

Yves Tack,Chairman

Isabelle Danjou

By delegation of the Supervisory Board, this committee is responsible for supervising the financial matters.

Marie-Ange Verdickt



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8 |

THE ETHICAL COMMITTEE

Its aim is to support the ethical principles implemented by Bonduelle. It also provides advice on ethical issues; its role ispurely advisory.

Philippe Vasseur

Jean-Bernard Bonduelle

Marie-France Tisseau

Arno Van Dongen



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9 |

THE BOARD OF DIRECTORS

Jérome Bonduelle

Christophe Bonduelle, Chairman

Benoît Bonduelle

François Bonduelle

Jean-Bernard Bonduelle

Marc Bonduelle

Philippe Vasseur

Pierre Deloffre

Antoine Fievet Pierre Pâris

GuillaumeDebrosse

Mainly made up of Bonduelle family members, this Board is responsible for defining the company's strategy and investment policy.

Miriam Fedida



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10 |

THE COMPENSATION COMMITTEE

Antoine Fievet Pierre Deloffre

Harry TouretKalya Tea

This committee is independent and decides on the compensation granted Bonduelle family members working at Bonduelle.The committee also gives its opinion on the compensation of top managers.



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11 |

CENTRAL DEPARTMENTS• External Relations & Communication,

Corporate Marketing and Sustainable Development• Information technologies• Finance• Human Resources• Research and Development

Bonduelle Europe Long LifeCanned and frozen

4 agricultural own production sites

22 industrialproduction sites

5 logistical platforms

Bonduelle Fresh EuropeFresh-cut and prepared salads

1 agricultural own production site


Bonduelle AmericasCanned and frozen

1 agricultural own production site


1 logistical platform

Bonduelle DevelopmentCanned and frozen

2 agricultural own production sites


OUR ORGANIZATION

Executive Committee

EUROPE ZONE NON EUROPE ZONE



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12 |

THE EXECUTIVE COMMITTEE

It encompasses Chairman, the branch directors located in and outside Europe, as well as Finance and Human Resources.

Grégory Sanson

Chief Financial Officer

Bruno Rauwel

Human Ressources Manager

Christophe Bonduelle

Chairman

Pascal Bredeloux

Bonduelle Fresh Europe General Manager

Philippe Carreau

Bonduelle Europe Long Life General Manager

Daniel Vielfaure

Bonduelle Americas General Manager

Benoît Bonduelle

Bonduelle Development General Manager



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13 |

OUR GOAL

TO BE THEWORLDREFERENCE

“WELL LIVING”through VEGETABLE products

WHOensures



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14 |

THE VALUESTHAT GUIDE US

EXCELLENCEOPEN

MINDEDNESS

PEOPLE MINDED

SIMPLICITY

INTEGRITYCONFI-DENCE

FAIRNESS



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15 |

PEOPLE AND RESPECT FOR OUR NATURAL ENVIRONMENTAT THE HEART OF OUR DEVELOPMENT

Challenges Our commitments

SO

CIA

L A

ND

SO

CIE

TA

L People and safety

Quality and nutrition

Stakeholders

EN

VIR

ON

-

ME

NT

AL

Agronomy

Natural resources

Transport and supply chain

FEEDING people

VALUE OUR PEOPLEand put them at the heart of our economic project

PROTECTING the planet



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MANAGEMENT INTEGRATED

INTO GOVERNANCE

Guarantee the application of the CSR policy

Respond & influence

Sets the CSR policy

Executive Committee

Business Unit steering committees

Business Unit representativesArea and support expertsSupports and coordinates the action

CSR Steering CommitteeExternal stakeholders

16 |

Site and country employees

Introduce the action plans



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CSR PERFORMANCE

KEY FIGURES

SUPPLY CHAIN AND

PURCHASING 5,838tonnes of CO2 emissionssaved with piggyback transport.

NATURALRESOURCES -50%

water consumption savings in 10 years

PEOPLE AND SAFETY

40 to 7.4In 10 years

Frequency of occupational accidents

99%

of 3,490farmerssupply charter signatories.

AGRONOMY

STAKEHOLDERS

projects initiated

12in connection with the local communities where Bonduelle is present.

NUTRITION QUALITY

217projects supportedby the Louis Bonduelle Foundation.

17 |

December 2015



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18 |

SEE THE SLIDE SHOWMAN AND SAFETY:FOCUS ON TRUST AND PERSONAL DEVELOPMENT

WORK ACCIDENTS

DIVERSITY

OBJECTIVE 0

EMPLOYEES WITH DISABILITIES(FULL TIME EQUIVALENT)264

OBJECTIVE 100%

EMPLOYEE DEVELOPMENT MEETING

78%in 2014-2015

RAISING INTERNAL AWARENESS ON THE CSR POLICY

DISTRIBUTIONETHICAL CHARTER

OBJECTIVE 100%

-22% TRAINING

TRAINING RATEIN 2014-2015

1.44%



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20 |

QUALITY AND NUTRITION:INCREASINGLY SAFE PRODUCTS,NUTRITIONAL ANSWERS

Quality and safety

SITE AND PROCESS

CERTIFICATION

REDUCEDCOMPLAINT RATES

Healthy and naturaleating

NUTRITIONALOPTIMISATION OF RECIPES

REDUCED USEOF ADDITIVES

RAISING CONSUMERAWARENESS ON HEALTHY EATING

LOUIS BONDUELLEFOUNDATION

OBJECTIVE 100%

SEE THE SLIDE SHOW

CERTIFIED PRODUCTION SITES IN 2014/2015

97%



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22 |

SUSTAINABLY DEVELOPING

EATING HABITS

THE LOUIS BONDUELLEFOUNDATION

Act in-field 50,000

www.fondation-louisbonduelle.org

Support research

Inform and raise

awareness

ITS OBJECTIVES SINCE 2004

217PROJECTS SUPPORTED

MONTHLY VISITS TO THE WEBSITE

91%

FAVOURABLE OPINION

•Opinion Way 2014 survey conducted among 190 opinion leadersDecember 2015

RECOGNISEDBY HEALTH PROFESSIONALS*



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23 |

SUSTAINABLY DEVELOPING EATING HABITS

Opinion Way Foundation studyImage of organization or foundations

Very good

Quite good

Quite bad

Very bad

Don't know

The Louis Bonduelle Foundation

APRIFEL

French National Institute for Preventionand Health Education (INPES)

Nestlé Foundation

Danone Institute

Meat Information Centre(CIV)

French National Dairy Council(CNIEL)

French Research and DocumentationCentre for Sugar (CEDUS)

UPPIA Low base

OpinionWay – BJ7438 – Louis Bonduelle Foundation – May 2011

100%

Good opinion

94%

92%

90%

85%

80%

77%

77%

49% 43% 2%

9% 81% 4%

13% 72% 2%

18% 62% 2%

72% 6%

63% 0%

56% 38% 0%

2%

5%

11%

0%

0%

0%

0%

13%

6%

23%

11%

6%

6%

6%

14%

5%

0% 0%0%16% 84%

6%



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24 |

STAKEHOLDERS:SHARE, DISCUSS, CONSIDER

Involvement in local life

Relations withstakeholders

Humanitarian development project

OBJECTIVEFOR ALL COUNTRIES

OBJECTIVE1 ON EACH SITE

2,644tOF FOOD DONATIONSIN 2014/2015 (France, Italy, Poland, Hungary)

OBJECTIVELAUNCHING A GROUP PROJECT

PROJECTS INITIATED SINCE 2013

12



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25 |

AGRONOMY:SHARED DYNAMICS WITH THE AGRICULTURAL WORLD

SEE THE SLIDE SHOW

DEVELOPMENT OF PILOT FARMS5 YEAR SIGNATURES

RESPECT FOR SOIL AND BIODIVERSITY

BIODIVERSITY500 VEGETABLE VARIETIES

OBJECTIVE 100%

SIGNATURESIN 2014/2015

99%

THE SUPPLY CHARTER

ECOLOGICALLYINTENSIVEFARMING

MONITORING NETWORK 430 INSECT TRAPS

Strong relationships with producers

SUPPORTFOR INNOVATIVE TECHNIQUES

INCREASING LOYALTY

December 2015



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AGRONOMICDEPARTMENT

Land manager

Land manager

SUPPLY MODELS

France, Germany, Spain, Italy, Portugal, Canada

77%

Producer organisations, cooperatives, federations

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%

BROKERS

of surface areas

Crop manager

Agronomic purchaser



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TURN OVER

< 5%28 |

A CLOSE PARTNERSHIP WITH THE AGRICULTURAL WORLD

CONTRACTS SIGNED WITH

3,490FARMERS

OVER

128,000HECTARES

40,000 ha

35,000 ha

15,000 ha

16,000 ha

10,000 ha

7,000 ha

1,000 ha

4,000 ha

Canada

France

USA

Hungary - Poland

Russia

Fresh Produce Europe

Spain - Portugal

Brazil



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30 |

PROFICIENCY IN THE DIRECT SUPPLY PROCESS

PROVISIONAL PROGRAMMESurfaces to be harvested

Complaint follow-upProducer assessment

Progress plan

Contract Choice of producer

Technical recommendationsQuality references

AGRO CHARTERDocumentary

systemsTechnical

skillsRecordingsContinuous

improvement

REPORTS:technical, economic,

quality

ReceiptAcceptance

Transportlogistics

VarietiesCrop/Sowing plan

Crop monitoringMaturity/Harvestingdecision monitoring

Pre-acceptance/Checked

Harvest

Land record feedback



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31 |

NATURAL RESOURCES:ENSURING INDUSTRIAL AND ENVIRONMENTAL DURABILITY

NON-RENEWABLE RESOURCES

PACKAGING

WATER:

ECO-DESIGN GUIDE

-5.9%IN 2014/2015

2003/04

2013/14

-50%ENERGY:

4% TO BONDUELLE'S ENERGY MIX

WASTERECYCLING, RECOVERY

OBJECTIVE

82%NON-HAZARDOUSINDUSTRIAL WASTE-2.6%

IN 2014/2015

80%IN 2014/2015

SEE THE SLIDE SHOW

GROUP INVESTMENTS13.6%

ENVIRONMENTAL PROTECTION

December 2015



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33 |

PROTECTING NATURAL RESOURCES

BONDUELLE ECO -DESIGNMEASURING THE COMPANY'S ENVIRONMENTAL FOOTPRINT

RESPONSIBLE SUPPLIES (CHARTERS/CONTRACTS)

REDUCED INPUT (GROWING METHODS)

LIMITING DISTANCES COVERED BY VEGETABLES

RESPONSIBLE MANUFACTURING

NUTRITIONALLY OPTIMAL RECIPES

LIMITED ADDITIVES

USE OF ENVIRONMENTALLY OPTIMIZED PACKAGING

TRANSPORT OPTIMIZATION FOR FINISHED PRODUCTS

USAGE ADVICE TO CONSUMERS (ENVIRONMENTAL IMPACT, FO OD WASTE)



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34 |

PROTECTING NATURAL RESOURCES

GROUP'S CARBON FOOTPRINT REPORT

DISTRIBUTION OF GHG

EMISSION WITHIN THE GROUP

FOOD RAW MATERIAL PURCHASED (Manufacturing + transport)

20%

FOOD RAW MATERIAL GROWN (growing + transport)

25%

PACKAGING(packages, cardboard, pallets –manufacturing + transport + end-of-life)

36%

INDUSTRY(energy sources +

refrigerants + waste)

10%

SUPPLY CHAIN(transport to customers and between plants)

8%

PROFESSIONAL

AND PERSONAL TRIPS

1%

1,820,000t

of CO2

2011/2012 financial year

1.8t

of CO2

per tonne of finishedproducts



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35 |

TRANSPORT AND SUPPLY CHAIN:INNOVATION LEADING TO OPTIMISATION

CO2EMISSIONS

ALTERNATIVES TO ROAD TRANSPORT

AN EXPERIMENTAL PLAN

OBJECTIVEOBJECTIVE

-5,000 t

MOTORWAYSOF THE SEA

RAIL + ROAD

APPENDICESA

RESPECT FOR THE PRINCIPLES OF THE

-5,838tCO2

IN 2014/2015

SUPPLIER INVOLVEMENT

90%PURCHASESCOVERED

IN 2014/2015



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36 |

INNOVATING WITH A VIEW TO OPTIMIZING TRANSPORT

Plant

Plant

Fields

Customers

Plant

Plant

Fields

Sales warehouse

Logistical platform/Packaging

Customers

Product transport flow

Upstream agricultural supplies: agricultural raw material

Inter-site:semi-finished products

Distribution: finished products

Plant

“WELL LIVING”throughVEGETABLEproducts


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37 |

VEGETABLES, A HUGE MARKET

+/- 6% FOODEXPENSES

€81 billionNORTHAMERICA

€72 billionIN EUROPE



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38 |

BONDUELLE, THE ONLY VEGETABLE FRONT-RUNNER

BONDUELLE

Ready meals, pizza, fish, etc.

Vegetables

FROZEN

IGLOBIRDS EYE

MC CAINGÉANT VERT

PINGUINARDO

FINDUS

BONDUELLEARCTIC

GARDENS

CANNED GOODS

D’AUCYGÉANT VERT

BONDUELLECASSEGRAIN

GLOBUS

HAKALLENS

DEL MONTESENECA

PREPARED

MIX BUFFETSODEBO

STALAVENMARTINET

BONDUELLE

FRESH

BONDUELLE

CRUDETTESFLORETTE

The only brand sold in 4 different domains

Source: support



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39 |

CONTINUOUS GROWTH

THRIVES THANKS TO:

INTERNATIONALDEVELOPMENT

NEW PRODUCT CATEGORIES

€150 M

€1,982 M

Sweetcorn

SpainPortugal

CentralEurope

Fresh

Prepared goods

Mushrooms

EasternEurope

Canada

SouthAmerica

USA

44plants in

11 countries

1975 1980 1985 1990 1995 2000 2005 2009 2010 2011 2012 2013

Growth

50%

internal50%

external

2 plants inFrance

2014 2015



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40 |

PRIORITY GIVEN TO LONG TERM PROJECTS

Inour brands

INVESTMENTIndustrial producers

Research and development

6%OF BRANDTURNOVER

44PLANTS

more than

OF TURNOVER

ENGINEERSNUTRITIONISTS

AND CHEFS

AGRONOMICINVOLVEMENT

3,490PRODUCER PARTNERS

128,000 HA€64 MIN 2014 - 2015

1%

more than 100



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41 |

UNIQUE INFRASTRUCTURE:CLOSER TO OUR CUSTOMERS

CANADA

8 plants1 agricultural site

USA

3 plants1 logistical platform

BRAZIL

1 plant

POLAND

2 plants

GERMANY

2 plants

BELGIUM

1 logistical platform

FRANCE

17 plants4 agricultural sites4 logistical platforms

SPAIN

3 plants1 agricultural site

ITALY

2 plants

HUNGARY

3 plants

RUSSIA

2 plants2 agricultural sites

PORTUGAL

1 plant

58 industrial orcompany agricultural production sites



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42 |

CLOSER TO OUR CUSTOMERS…IN EUROPE

November 2015



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43 |

CLOSER TO OUR CUSTOMERS… IN AMERICA

43 |

November 2015



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44 |

BONDUELLE IN FRANCE

November 2015



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45 |

TECHNOLOGICAL EXPERTISE

A NATURAL PRESERVATION PROCESS : TEMPERATURE

FROZEN (-18°C)

28%

CANNED (room temperature)

52%

TURNOVER2014 - 2015PER TECHNOLOGY

€1,982 M

FRESH PROCESSED (+4°C)

20%



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46 |

CANNED IN LESS THAN HALF A DAY



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47 |

MANUFACTURING OF FROZEN VEGETABLES

IN LESS THAN HALF A DAY



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48 |

READY-TO-USE SALADS IN LESS THAN HALF A DAY



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49 |

MANUFACTURING OF PREPARED SALADS

IN LESS THAN HALF A DAY



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50 |

INTERNATIONAL SCOPE

"MULTI-LOCAL"DEVELOPMENT

SALES TURNOVER

Compliance with marketspecificities

Local supply preferred

OUTSIDE EUROPE ZONE

35%

FRANCE

32%

OTHERS WITHIN

EUROPE

33%

June 30, 2015



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51 |

FRESH PRODUCTS

BONDUELLE

No.1IN EUROPE

27%OF MARKET SHARES

Fresh cut salads

Preparedsalads

No.129%

No.124%

No.233%

No.121%

Market share for Retail producer, by valueSource: Bonduelle – November 2015



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52 |

BONDUELLE

No.2IN EUROPE

No.1IN CANADA

12%OF MARKET SHARESIN EUROPE

84%OF MARKETS SHARES IN CANADA

FROZEN PRODUCTS

No.184%

No.25%

No.212%

No.212%

No.119%

No.113%

Market share for Retail producer, by value



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53 |

CANNED PRODUCTS

BONDUELLE

No.1IN EUROPEAND IN CANADA

30%OF MARKET SHARESIN EUROPE

83%OF MARKETS SHARES IN CANADA

No.1

42%

No.1

28%No.1

33%

No.37%

No.1

35%

No.1

32%

No.3

11%

No.1

32%No.1

31%

No.1

45%

No.36%

No.1

35%

No.1

10%

No.1

83%

Market share for Retail producer, by value



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54 |

FOUR STRONG BRANDS

MARKET CORE

MULTI-TECHNO-LOGY

MULTI-CIRCUIT

INTERNA-TIONAL

HIGH-END

CANNED GOODS

FRANCE

MARKET CORE

FROZEN

CANADA

CANNED GOODS

RUSSIAAND CIS



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55 |

EXCELLENT BRAND AWARENESS

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% LEADERSources: IRI/NIELSEN/IPSOS(1) Average multi-technology market share



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56 |

30%

Nationalbrands

CUSTOMER BRANDS

A WIDE ARRAY OF BRANDSTHAT MEET ALLCUSTOMER REQUIREMENTS

70%

MARCHÉby value

Retail brands

A HIGH SELECTIVERETAIL BRAND POLICY

*Co-packing and industry sales

EUROPE BONDUELLE

51%

Bonduelle

41%Retail brands 8%

Other*

TURNOVERDISTRIBUTION

2014-2015



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57 |

DISTRIBUTION CIRCUITS: STRONG PRESENCE IN HYPERMARKETS/SUPERMARKETS AND

IN THE FOOD SERVICE SECTOR

TURNOVERDISTRIBUTION 2014-2015

FOOD SERVICE

19%

INDUSTRIAL CUSTOMERS

7%

RETAIL

74%



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58 |

A FEW FIGURES

CONCERNING THE BONDUELLE GROUP

€1,982 MIN TURNOVER

Of which 68% outside France

€111.5 MIN CURRENT OPERATING PROFIT

58INDUSTRIAL OR

COMPANY AGRICULTURAL

PRODUCTION SITES

In 12 countries

9,755 EMPLOYEESexpressed in full-time equivalent

Brands established in over

100countries

120,000 tof fresh goods

450,000 tof frozen goods

1,000,000 tof canned goods

June 30, 2015



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59 |

32%France

11%Germany

9%Eastern Europe(1)

4%Central Europe(2)

5%Others

24%North

America

9%Italy

2%Iberian countries

4%Benelux

TURNOVER DISTRIBUTION

2014 - 2015 ACCORDING TO GEOGRAPHICAL ZONES

€1,982 MIN TURNOVER

(1) Russia + other countries from the Commonwealth of Independent States (CIS). (2) Former East-European countries having joined the European Union.



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60 |

DEVELOPMENT OF THE DISTRIBUTION OF TURNOVER

1992

€600 M2014 - 2015

€1,982 M

CANNED

67%

FROZEN

33%

FRANCE

50%

OTHERS WITHINEUROPE

25%

GERMANY

25%

CANNED

52%FROZEN

28%

PREPARED FRESH

20%

FRANCE

32%

OTHERS WITHINEUROPE

33%

OUTSIDE EUROPE ZONE

35%



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61 |

A DEEP CULTURAL SHIFT

FRANCE

76%

OUTSIDE FRANCE

24%

1988

3,500PERMANENT

FRANCE

47%OUTSIDE EUROPE

31%

EUROPE (EXCLUDING FRANCE)

22%

6,974PERMANENT

2014-2015



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HALF YEAR 2015-2016 FINANCIAL RESULTS

GROWTH OF ACTIVITYAND IMPROVEMENT OF

HALF YEAR PROFITABILITY



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HY 14-15Current rates

Exchange ratesimpact

HY 14-15 at constantexchange rates

Organic growth HY 15-16 HY 15-16 at 14-15exchange rates

63 |

RESILIENCE OF HALF YEAR 2015-2016 ACTIVITY

SALES GROWTH

1,018.8 M€

1,045.6 M€

1,011.6 M€

- 0.7 %

- 33.1 M€

- 3.3 %

+ 25.9 M€

+ 2.6 %

985.7 M€

GROWTH OF ACTIVITYSTILL NEGATIVE IMPACT OF EXCHANGE RATES

► Growth in line with annual objectives (2 % at constant exchange rates)



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64 |

SALES BY REGION

STABILITY IN EUROPE, GROWTH OUTSIDE EUROPE

Turnover

HY 2015-16

In million of €Like for like* Reported figures

Europe zone 637.7 - 0.2 % - 0.3 %

Non-Europe zone 373.8 + 7.9 % - 1.5 %

Total 1,011.6 + 2.6 % - 0.7 %

GROWTH DRIVEN BY NON-EUROPE ZONE

*Like for like : at constant scope of consolidation and exchange rates

► Europe : non renewal of PL contracts in canned activity offset growth in fresh activity and branded sales► Non-Europe zone : good level of business in North America and remarkable resilience in Russia



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Q1 Q2 Q3 Q4 Q1 Q2

65 |

SOLID DYNAMIC GROWTH

SALES GROWTH

+ 4.9 %

+ 5.9 %

+ 3.2 %

+ 2.2 %

+ 0.9 %

+ 4.1 %

6 QUARTERS OF ORGANIC GROWTHSLOW-DOWN ON Q1 2015-2016 : PRIVATE LABEL CONTRACTS, RUSSIAA Q2 MORE DYNAMIC

2014-2015 + 4.1 % HY 15-16 + 2.6 %

*Like for like : at constant scope of consolidation and exchange rates



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66 |

BUSINESS PORTFOLIO GEOGRAPHICAL BREAKDOWN OF SALES

► Resistance of activity in France and Europe ► Part of non-Europe continues to grow at constant exchange rates (37 % vs 35 % last year)

HY 2015-2016

RESILIENCE IN EUROPE AND GROWTH OUTSIDE EUROPE

Growth HY 2015-2016

FRANCE

31%

Germany

11 %

Italy

9 %Benelux

4 %Iberian peninsula

2 %

Central Europe

4 %

EasternEurope

10%

Canada

13%

USA

13 %

South America

1%

NON-EUROPE

37%

EUROPE EXCL. FRANCE

32 %

At constant exchange rates and scope of consolidation

Others

2 %

5.3%

2.0%

7.9%

0.6%

-1.1%FRANCE

EXCL. CANNED PRIVATE LABELS

EUROPE EXCL. FRANCE

EXCL. CANNED PRIVATE LABELS

NON-EUROPE



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BUSINESS PORTFOLIO

67 |

BRANDS

51%OTHERS

7%

PRIVATE LABELS

42%

SALES GROWTH BY BRANDS

► Brand business predominating and growing► Growth of private labels thanks to North America

HY 2015-2016

CROISSANCE DES ACTIVITES A MARQUE

Growth HY 2015-2016

2.0%

3.3%

PRIVATE LABELSAND OTHERS

BRANDS




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BUSINESS PORTFOLIO

68 |

RETAIL

74%

OTHERS

7%

FOOD SERVICE

19%

SALES GROWTH BY DISTRIBUTION CHANNEL

► Growth of retail business activity representing ¾ of sales► Food service activity : stabilization in Europe and strong growth in North America

HY 2015-2016

GROWTH IN ALL THE DISTRIBUTION CHANNEL

Growth HY 2015-2016

-1.5%

8.4%

3.5%

2.4%

DONT EUROPE

WITH NORTH AMERICA

FOOD SERVICE & OTHERS

RETAIL

WITH EUROPE

WITH NORTH AMERICA




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BUSINESS PORTFOLIO

69 |

READY-TO-USE FRESH

20%

FROZEN

30%

SALES GROWTH BY TECHNOLOGY

HY 2015-2016

CONTRASTED DEVELOPMENT OF TECHNOLOGIES

Growth HY 2015-2016

► Canned : non renewal of private labels contracts, Russia less dynamic► Frozen : stabilization in Europe (Food service), strong growth in North America► Confirmed on HY 2015-2016, strong growth in ready-to-use fresh activity

1%

6.3%

11.2%

-3.1%CANNED

EXCL. EUROPE PROVATE LABELS

FROZEN

READY-TO-USE FRESH


CANNED

50%



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70 |

IMPROVEMENT OF CURRENT OPERATING PROFITABILITY AT CONSTANT EXCHANGE RATES

GROWTH OF ACTIVITY AND PROFITABILITY

In million of €HY

2015-2016Reported

HY 2015-2016Constant

rates

HY2014-2015Reported

ReportedConstant

rates

Sales 1,011.6 1,045.6 1,018.8 - 0.7 % + 2.6 %

Current operating

profitability64.- 71.4 66.5 - 3.7 % + 7.3 %

% Sales 6.3 % 6.8 % 6.5 % - 20 bp + 30 bp

► Impacted by currencies, slight decrease of reported operating profitability ► Growth of operating margin : 6.8 %, + 30 bp at constant rates



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CURRENT OPERATING PROFITABILITY BY REGION

HY 2015 - 2016 HY 2014 - 2015

In million of € Europe Non-Europe

Non-Europe at constant

ratesEurope Non-

Europe

Sales 637.7 373.8 407.8 639.4 379.4

Current operating

profitability26.8 37.2 44.5 26.5 39.9

% Sales 4.2 % 10.- % 10.9 % 4.2 % 10.5 %

► Stability of the current operating margin in Europe ► Non-Europe : growth of activity and operating margin at constant rates► Strong increase of marketing expenses (+ 10 % at constant rates)

CONTRAST BETWEEN REGIONS REMAINS MARKED




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CHANGE OF NET INCOME

In million of € HY 2015-2016 HY 2014-2015

Sales 1,011.6 1,018.8 - 0.7 %

Current operating profit 64.- 66.5 - 3.7 %

Non-recurring items (1.2) (0.8)

Operating profit 62.9 65.7 - 4.3 %

Financial result (10.3) (11.6)

Taxes (16.2) (16.8)

Partnerships consolidation (equity method) 0.1 (1.-)

Net income% Sales

36.63.6 %

36.43.6 %

+ 0.5 %

REBITDA*% Sales

109.910.9 %

112.711.1 %

- 2.5 %

► Financial result : positive currency result► Stability of net income

ACTIVITY AND PROFITABILITY IN LINE WITH TARGETS

* EBITDA excluding non-recurring items




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SOLID FINANCIAL PROFILE :DECREASE OF DEBT

(In million of €)

ASSETS

SIMPLIFIED BALANCE SHEET

Fixed assets

Working capital

LIABILITIES

Equity

Net debt

HY 2015-2016ASSETS LIABILITIES

HY 2014-2015

GEARING

Fixed assets

Working capital

Equity

Net debt

653.8

544.7

1.26

530.3

668.2

666.4

502.4

1.37

492.9

675.9

GEARING

► Decrease of debt despite the repurchase of equity warrants (BSAAR) in April 2015 and the buying of Lethbridge plant



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06/30/2012 12/31/2012 06/30/2013 12/31/2013 06/30/2014 12/31/2014 06/30/2015 12/31/2015

74 |

EVOLUTION OF DEBT

► Continuous deleveraging� 31 of December : maximum indebtedness

► Average coupon 3.40 % - maturity 3.4 years – Disintermediation rate ≈ 50 %

608.4 591.9

524.6

NET DEBT (in million of €)2012 Acquisitions Russia – Hungary – USA

696.3 675.9

813.9

512.4

668.2

SOLID FINANCIAL PROFILE :DECREASE OF DEBT



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OUTLOOKS2015 - 2016



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76 |

CHANGES IN GOVERNANCE

MARTIN DUCROQUETCHAIRMAN OF THE SUPERVISORY BOARD

MARIE-ANGE VERDICKT

Martin Ducroquet, 42 years old, graduated from ESCP Europe Business School (1997), workedfor Siparex Private Equity for about 10 years as Investment Director. As such, he was apermanent representative on various boards of directors and supervisory boards for non-listedcompanies. He is the founder and General Manager of Tactus, a high tech company specialisedin grocery shopping solutions, notably in the connected kitchen sector. Martin Ducroquet hasbeen a member of the Supervisory Board of Bonduelle SCA since 2012.

Marie-Ange Verdickt, 53 years old, graduated from Ecole Supérieure de Commerce de Bordeaux(1984) and is a member of SFAF (French Society of Financial Analysts). She started her careerwith Deloitte as an auditor and a management controller for Wang. She joined Euronext as afinancial analyst and was then in charge of the financial analysis office. From 1998 to 2012, sheworked for Financière de l'Echiquier as equity fund manager, specialised in French andEuropean mid-caps, where she developed, notably, socially responsible investment practices.Since 2012, she has been sitting on the boards of various companies as an IndependentDirector.

MEMBER OF THE SUPERVISORY BOARD



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OUTLOOKS 2015 - 2016

In million of €2015 – 2016

Adjusted (*)▲ %

2015-2016

Initial (*)▲ % 2014 - 2015

SALES 2,015 – 2,030 + 1.5 % / + 2.5 % 2,020 + 2 % 1,982

CURRENT

OPERATING

PROFITABILITY> 112 ≈ ≥ 112 ≈ 112

► Profitability impacted by idle capacity in canned european private labels market► Confirmation of increase in marketing investments + 10 %► Continued improvement in fresh Europe and mushrooms activities► Significant non-recurring items (restructuring of canned activity and JV)► Currencies fluctuations will impact our reported profitability

ACTIVITY AND PROFITABILITY OBJECTIVES CONFIRMED

* Outlooks 2015-2016 at constant scope of consolidation and exchange rates

SAME PROFITABILITY AS 2014-2015 AT CONSTANT RATES

A REMARKABLE STRENGTH IN A CHALLENGING ENVIRONMENT

through vege- table · the vegetable market ... 2013 prize for shareholder relations january 31,...

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