Focus on FoodFocus on Food

Company presentation

June 2012

Company presentation

June 2012

Focus on Food

Acomo at a glanceAcomo at a glance

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Focus on Food

Organizational chart Acomo GroupOrganizational chart Acomo Group

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Focus on Food

Different products – same background Different products – same background

Exclusive Focus on Food

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• Sorting• Cleaning• Blending• Packaging• Quality

control

Trading logistics & financing• Market information• Food safety & traceability• Tailor-made programs:

just-in-time, consignment stock, outsourced purchasing

• 300 natural raw materials & ingredients• from 50 countries worldwide• 300.000 M.T. p.a.

• Serving the food industry:bakeries, meat processors, beverage, savoury, ready food, sweets & snacks

• Worldwide• € 570 M sales

SourcingSourcing

TradingservicesTradingservices

ProcessingProcessingDistributionDistribution

Reliabilityof contractsReliability

of contracts

Focus on Food

Diversified activities and resultsDiversified activities and results

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2011 sales split

2011 results split

Tea27%

Food ingredients 2%

Tropicaland nuts

51%

Edibleseeds20%

Tea14%

Food ingredients 3%

Tropicaland nuts

57%

Edibleseeds26%

Netherlands14%

EU21%

USA/ Canada

27%

Other Europe

21%

Asia9%

Africa5%

Other3%

Focus on Food

A worldwide sourcing & sales networkA worldwide sourcing & sales network

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Colby, Kansas

Blantyre

Toronto

Lubbock, TexasCaïro

Mombasa

Moscow

Colombo

Djakarta

Hanoi

London

Ho Chi Min

Hangzhou

BeernemLondon

Beernem

Fargo, North DakotaFargo, North Dakota

Dongen

Bodegraven

Rotterdam

Zevenbergen

London

Fargo, North Dakota

Maasland

Focus on Food

Key figures 2011Key figures 2011

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Focus on Food

2011: Top year for the Acomo Group2011: Top year for the Acomo Group

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EPS € 1.13(+31%)

SALES€ 571 M (+52%)

EBIT€ 41 M (+37%)

DIVIDEND€ 0.65 (+31%)

EQUITY€ 112 M

NET PROFIT€ 26.2 M (+69%)

SOLVENCY >40%

RETURNON EQUITY

29%

TOTAL HR 500

Focus on Food

2011: Autonomous growth of 12.6%2011: Autonomous growth of 12.6%

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In € mln

14

18

22

26

30

10

15.3

+2.9

18.2

+ 6.5

+ 2.3

+ 0.6

Non-recurring result

Full year new Opco’s

Autonomous growth

Lower interest bonds

Net result 2010

- 0.7- 0.7

26.2

Lower HO costs + interest

Lower USD rate

Net result2011

Conclusion: 2011 performance fully meets expectations

Focus on Food

2011: Strong cash flow generation € 47M (+38%)2011: Strong cash flow generation € 47M (+38%)

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0

20

40

60

80

In € mln

40

60

80

In € mln

6.7

+ 47.1

+ 22.7

Cash flow from operations

WC bankfinancing

Liquidity 1 Jan 2011

- 12.1

- 41.4

0.5

Dividends to shareholders

Liquidity31 Dec 2011

- 12.2 Tax + interest

- 3.7 Capex

Growth working capital

Focus on Food

Robust financial positionRobust financial position

• Total assets Y/E 2011: € 276 M

• € 112 M equity and enlarged shareholders’ basis

• Successful € 40 M convertible bond fully converted in January 2011

• Solid balance sheet > 40% solvency – key for further growth

• Acquisition debt < 1 x EBITDA

• Ample bank lines in place to finance fluctuations in commodity prices and working capital needs

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Focus on Food

High dividend policyHigh dividend policy

Dividend track record• Dividend will be a substantial part of net cash profits• Dividend will reflect development of results• Dividend reflects nature of the business (asset light)• 2000 – 2011: around 60% of consolidated net result

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25 30 35 40 45 50 55 60 65

2007

2008

2009

2010

2011

2011 2010 2009 2008 2007

Dividend pay-out ratio 57.5% 57.8% 62.0% 65.4% 64.7%

Dividend return as % of average stock price 6.3% 6.6% 9.5% 8.6% 8.0%

Focus on Food

The way forwardReady for further growthThe way forwardReady for further growth

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Focus on Food

Mission Statement & StrategyMission Statement & Strategy

“Our mission is to achieve long-term sustainable growth for our shareholders through consistent growth of

earning per share, allowing for continued high dividend pay-outs representing above-market dividend returns.”

Strategy: Exclusive focus on food

“We will maximise profit opportunities in trading, processing and distribution of food commodities and

ingredients for the food industry”

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Long term growth for

shareholders

Mission

Consistent growth of

EPS

in practice

High dividendpay-outs

allowing for

Focus on Food

Market trends: Origins becoming strongerMarket trends: Origins becoming stronger

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Scarcity of land and

work force

9 Billion people in

2050

Higher consumption

in origins

Changingfood diets

High price volatility

Growingwelfare +

urbanizationFood safety

& quality

Food producers

– food assemblers

Surety of supply

Access to finance

Demand > supply

Focus on Food

Our responses: Diversification and IntegrationOur responses: Diversification and Integration

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Growers& farmers

Localsourcing

Trading &distribution

Value addedprocessing

Semi-finishedproducts

Finished foodproducts (brands)

Forwardintegration services

Backwardintegration services

New products,channels and services

New geographies

Diversification

Focus on Food

Ways to growWays to grow

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Right opportunity,right price, right time

No growth for the sake of size only Growth must support Acomo’s goals

Autonomous growth

• Diversify products, channels, geographies

• Capex investments in the supply chains

• Bolt-on acquisitions in adjacent markets

• Slower, safer, less costly• By and through OpCo’s

Acquisition growth• Substantial• Rapid• By Acomo• Fit in Focus on Food strategy

Focus on Food

Acomo growth criteriaAcomo growth criteria

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Financial robustness

Long-term EPS growth

Strong freecash flow

generation

Strengthen overallmarket position

Characteristics of targets

• Trade and distribution of food commodities & ingredients

• Profitable track record - no turn-around

• Management: experienced - independent - staying in place

• Business-to-business - No consumer products/brands

• Strong market position - proprietary advantages

• Niche products, non-bulk products

Focus on Food

Acomo HO – business units – business modelAcomo HO – business units – business model

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• Acomo HO acts as a strategic and financial holding company˗ Sharing best practices group-wide (s.a. performance, reporting, risk management)

˗ Central treasury and tax function

• Acomo Group uses a decentralized business model – HO staff: 6 FTE

• Business units are run independently˗ With a full Management team consisting of – at least – a MD and FD

˗ Fully responsible for the operations, risk management and financial performance

˗ Each unit supervised by a SB

• Finance structure of units must be robust˗ Equity provided - solvency minimum 30% and preferably 40% - no acquisition leverage

˗ Sound WC financing with ample head room, provided and/or guaranteed by the parent if needed

˗ Dividend paid out to the parent: 100% of annual net profit

˗ Additional investments by parent: based on sound business growth plans

˗ MT incentive scheme based on % of PBT of the respective business unit

Focus on Food

Business unit profilesBusiness unit profiles

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Focus on Food

Catz International - SpicesCatz International - Spices

• Established in 1856 in Groningen, now situated in Rotterdam

• Catz joined the Acomo group in 1982 and has since then been the main and most successful member of the group

• Leading trader in spices, coconut, dried fruit, seeds, dehydrated vegetables

• Over 100 products, 42 employees

• 2011 revenues € 232 M

• Tovano BV: packaged nuts, 6 employees, over € 20 M revenues

• Extremely profitable

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Focus on Food

Van Rees Group – TeaVan Rees Group – Tea

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• Founded in 1819, Van Rees is the largest independent cross border tea trader and processor in the world

• Joined Acomo in June 2010 together with Red River Commodities

• Extensive network and representations worldwide

• 2011 revenues US$ 213 M

• Approximately 125 employees in twelve offices worldwide

Focus on Food

Red River Commodities – Edible seedsRed River Commodities – Edible seeds

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• Established in the early 70‘s

• Joined Acomo in June 2010 together with Van Rees Group

• Leading US supplier of (mainly) confectionary sunflower seeds based product range. Sourcing, processing and distribution of varied seeds

• 4 different business lines: in-shell sunflower seeds, sunflower kernels, consumer products (snacks and SunButter™) and wild bird food.

• RRC owns modern and efficient roasting, salting and packaging operations, accommodating further growth

• 2011 revenues US$ 160 M

• Approximately 250 total staff

In-shell sunflower seeds

Consumer products

Sunflower seeds

Focus on Food

Food Ingredients Food Ingredients

• Tefco was established in 1978, Snick in 1993

• Tefco was acquired by the Acomo Group in August 2006, Snick in February 2009

• Both companies process and distribute manufactured food ingredients

• 300 products, amongst others:˗ Yeast and malt extracts˗ Flavorings˗ Dry and wet mixtures pesto, curry, etc.˗ Marine powders

• Combined revenues 2011: € 15 M

• Total 16 employees

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Focus on Food

King Nuts & Raaphorst - NutsKing Nuts & Raaphorst - Nuts

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• King Nuts & Raaphorst B.V. established in 1973

• King Nuts & Raaphorst became a member of the Acomo Group as from October 1st , 2010

• Distributes nuts, dried fruit and rice crackers, both nationally and internationally

• 2011 revenues € 55 M

• 26 employees

Focus on FoodFocus on Food

The EndThe End

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