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Presentation of the Bonduelle GroupFebruary 2021
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Plan
Purpose
.1 .2 .3 .4 .5
• Vision• Mission
Context Strategy Reporting Financial performances
• Pure-player• Innovation• Multi-local• Family-owned
• Planet• Food• People• Economics
• Food • Agronomy• Socio-economics
• Half-Year Financial Results 2020-2021
• Outlook
2BONDUELLE GROUP
How do we contribute to common good?
1
3BONDUELLE GROUP
We believe that human well-being is intrinsically linked to the health of our planet.
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4BONDUELLE GROUP
We believe that plant-based food is the solution for both a preserved planet and healthy people!
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5BONDUELLE GROUP
We inspire the transition toward a plant-based diet, to contribute to people’s well-being and planet health
6BONDUELLE GROUP
What are the global challenges we face?
2
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7BONDUELLE GROUP
Accelerate the transition toward a plant-based diet43% US consumers say they would replace meat-based protein with plant-based protein
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8BONDUELLE GROUP
Contribute with farmers to the agro-ecological transitionFertile soil is being lost at the
rate of 24 billion tons a year
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9BONDUELLE GROUP
Improve our socio-economic impact84% of investors believe Environmental, Social and Governance (ESG) integrated portfolios perform as well or better than portfolios that do not integrate ESG.
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10BONDUELLE GROUP
How do our actions fit into the long term?
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11BONDUELLE GROUP
We inspire the transition toward a plant-based diet, to contribute to people’s well-being and planet health
12
Inspiring 100% plant-based food with responsible sourcing
Sustainable farming: organic or without pesticides residues products
Packaging designed to be recyclable or reusable
Short ingredient list: natural products, made with cold and hot
BONDUELLE GROUP
We are a plant-based food pure player
13
Market coreMulti-technologyMulti-circuitWorldwide
High-end Ambient goodsRetail France
Market coreFrozen goodsMulti-circuitCanada
Market coreBowl saladsRetailUSA
Market coreAmbient goodsRetailRussia and CIS
Market coreAmbient fruitsRetailCanada
BONDUELLE GROUP
Our innovation know-how
1% of revenue
Research and development
100 people dedicated to innovation
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14BONDUELLE GROUP
‘Vapeur’ (Steam) canned and frozen. Vegetables gently cooked in very little water
History of our natural product innovations
15
Distillery, followed by sugar and yeast
Bonduelle starts working in agriculture
P. and B. Bonduelle build a cannery
Frozen foods range launched: only frozen veggies, nothing else
First fresh range in Europe
Tasty nutriscore A and organic fresh ready-to-eat salads recipes
Cabaletta robot, which will deliver custom fresh plant-based foods directly to workplaces
The One Pot is a base for a frozen vegetarian meal ready to personalize in a few minutes.
1853 1862 1926 1962 1997 2009 2020
Canned peas, peas and carrots and corn: simple recipes appreciated by children for their naturally sweet taste
Without pesticides residue ranges
20191992
Creation of the single- serve salad category in US (by Ready Pac Foods)
BONDUELLE GROUP
17plants
1plant
22plants
3plants
Non-Europe54.5% group revenue
Europe
45.5% group revenue
current operating income109 million euros
revenue2.8billion euros
A unique ‘multi-local’ development
16
2,800farming partners
14,600employees
We operate in more than 100 countries
BONDUELLE GROUP
17plants
1plant
22plants
3plants
A unique ‘multi-local’ development
17
Made and sold in Italy
BONDUELLE GROUP
• Made in Italy thanks to 300 employees
• Grown in Italy on 600 hectaresof fields with 38 farmers
• 100 % sold in Italy
CHIEF EXECUTIVE BOARD
Europe Zone Non-Europe Zone
BonduelleEurope
Long Life
Bonduelle Fresh
Europe
Bonduelle Fresh
Americas
Bonduelle EurAsia Markets
Bonduelle AmericasLong Life
Central Departments Bonduelle Prospective Development
Canned and frozen Europe
Refrigerated (fresh and prepared) Europe
Refrigerated (fresh and prepared) Americas
Canned and frozen Americas
Canned and frozen Russia / Belarus / Kazakhstan /
Ukraine / Georgia / Armenia / Azerbaijan
A unique ‘multi-local’ organization
18BONDUELLE GROUP
Our Governance
19BONDUELLE GROUP
Pierre et Benoit BONDUELLE SAS
General Partner32.08%
Other Bonduellefamilies 23.65%
Free float
35.59%
Employees and treasury stocks
5.68%
Bonduelle SCAFrench limited partnership with shares
Supervisory Board / Audit Committee
99.99%
Bonduelle SANon executive Chairman: Chief Executive Officer:
Christophe BONDUELLE Guillaume DEBROSSE
Board of Directors / Compensation Committee / Ethics Committee
Operational legal entities As of 30/06/2020
1853Louis Lesaffre andLouis Bonduellefounded the company
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As family shareholders, two objectives are in our DNA, namely respect for the natural environment and our determination to make people central to the company's goals.
2020
GUILLAUME DEBROSSECEO of the Bonduelle Group
20BONDUELLE GROUP
We support sustainable & diversified agriculture all around the world and keep researching new ways of growing, processing and selling products to preserve environment.
We act daily to make plant-based food accessible and promotes tasty and healthy eating habits for everyone.
We are delivering responsible economics and social impacts for all our employees and communities.
Our commitments towards our stakeholders
21BONDUELLE GROUP
Plant-based food is the foundation for both a preserved planet and healthy people!
We inspire the transition toward a plant-based diet, to contribute to people's well-being and planet health
• Changing the way we operate to benefit all stakeholders
• become a co-founder of the B Movement Builders
• We want to become a B Corp. by 2025
• Long-term vision is in our DNA
• Increase accountability and transparency by placing stakeholders at the heart of the business model
• Increase the resilience of our business and reduce risk
• Making financial performance and positive impact inseparable
The Big Picture What we’re doing Why we’re doing it
Making a positive impact for all stakeholders
22BONDUELLE GROUP
4
What are our main achievements?
FY 2019-20202019.07.01 - 2020.06.30
23BONDUELLE GROUP
100% of cultivated land with alternative cultural techniques.
Reducing by 20% our GHG emissions by 2035.
100% of our packaging designed to be recyclable or reusable.
100% of our brands with a positive impact.
Encouraging better eating behavior through the Louis Bonduelle Foundation.
0 work accidents
100% of Bonduelle sites involved in local social projects.
100% B CorpFOR THE WHOLE GROUP
2025
24
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5
41 6
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BONDUELLE GROUP
A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED
Of surfaces with synthetic pesticides alternatives
Of recycled materials in packaging
Of farmers signed our agronomic charter
renewable energy used by Bonduelle(in global energy mix)
9.7%
94% 65%
51%Water used the past ten years (2007-2017)-16%
Our commitments benefit to planet
25BONDUELLE GROUP
A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED
Food safety tests are run each year on our products
62,000
7
Our commitments benefit to food
Where the Louis Bonduelle Foundation is present and promotes innovative and positive projectsCOUNTRIES
500,000 People benefiting from the work of the Louis Bonduelle Foundation
26BONDUELLE GROUP
A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED
Our commitments benefit to people
Employees made aware of CSR practices
Work accident frequency rate (vs 23.0 11 years ago)
Donated to NGOs in the US, Canada and Europe
of the sites have a project involving their local communities
44%
4,347t 7.2
1,300
27BONDUELLE GROUP
people benefited from Louis Bonduelle Foundation’s supported projects
We want to be a force for good on our ecosystem
28
44%
2,800 farming partners
89% renewed their contract
Work accident frequency rate
91 million euros dedicated to capital expenditure
€2.8 billion revenue
9.7%
500,000
14,600employees
56 Sites around the world
of sites launched a project with local communities
Green energy in our plants’ energy mix
TARGET
07.2
1,310,000 tof goods 51% recycled materials
in packagingof products are classed as Nutri-score A or B. in France98%
65%of cultivated lands with alternatives to pesticides126,000 hectares cultivated
around the world
BONDUELLE GROUP
Financial performances
5
Half-Year FY 2020-2021
2020.07.01 - 2020.12.31
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29BONDUELLE GROUP
HY1 2020-2021 Financial ResultsBusiness growth penalized by foreign exchange but resilience in profitability in the first half year
► High growth in long-life technologies (ambient and frozen) in retail
► Significant decline in food service segment, weighing on profitability
► A fresh activity market penalized by the context and volatile
► Particularly difficult harvests and cost increases weighing on profitability
30BONDUELLE GROUP
Revenue evolution
- € 57.5 M
► Stable revenue despite a dynamic Q2
► Internal growth above the annual objective
► Negative foreign exchange effects that offset organic growth
€ 1,442.3 M € 1,441.5 M
+3.9% -4.-%
-0.1%
+ € 56.7 M
+ € 0 M
Organic growth strongly affected by foreign exchange
31BONDUELLE GROUP
Organic growth strongly affected by foreign exchange
Currencies evolution
Currencies impact on revenue
Average rate HY1 2020-2021/€ Variation HY1 2020-2021
In million of euros
Currencies evolution impact over 5 years
► Europe zone affected by the unfavorable exchange rate effects of the main currencies
CAD 1,55
USD 1,17
RUB 86,42
BRL 6,30
HUF 354,80
PLN 4,46
32BONDUELLE GROUP
HY1 2020-2021
Non-Europe Zone continuing to grow
Geographical breakdown of revenue
Business portfolio evolution
At constant scope of consolidation and exchange ratesHY1 2020-2021 growth
EUROPE
NON-EUROPE
► Europe: growth linked to the good performance of long-life retail activities, particularly in brands (Bonduelle and Cassegrain)
► Non-Europe:▪ Strong dynamic particularly in canned and frozen
activities (North America and Russia & CIS)▪ Satisfactory sales in fresh activity but an
unfavorable mix
Southern Europe8%
Central Europe3%
Eurasia7%
Canada13%
USA33%
Others non-Europe2%
NON-EUROPE
55%
EUROPE
45%
Northern Europe5%
France22%
Germany7%
1.5%
5.8%
33BONDUELLE GROUP
A diversified brand portfolioBusiness portfolio evolution
Breakdown of revenue by brandHY1 2020-2021
HY1 2020-2021 growth
► Dynamic brands in Europe and Russia & CIS
► Private label growth outside of Europe linked to the sales momentum in North America
BRANDS
PRIVATE LABELS & OTHERS
EuropeNon-Europe
EuropeNon-Europe
+1.-%
+1.8%-0.1%
+6.7%
+9.2%+1.2 %
Private labels
Others
Brands
At constant scope of consolidation and exchange rates
34BONDUELLE GROUP
A diversified and balanced portfolioHigh growth in long-life technologies (ambient and frozen) in retail
Breakdown of revenue by technologiesHY1 2020-2021
HY1 2020-2021 growth
CANNED
FROZEN
FRESH PROCESSED
► Canned: acceleration in Q2 linked to the sanitary crisis
► Frozen: activity still affected by the difficulties in food service, strong growth in retail
► Fresh processed: difficulties in Europe linked to significantly reduced in-store frequentation
-1.1%
+1.3%
+10.5%Frozen
Fresh processed
Canned
At constant scope of consolidation and exchange rates
35BONDUELLE GROUP
Breakdown of revenue by distribution channels
A diversified portfolio beneficial in the current contextSignificant decline in food service segment, weighing on profitability
HY1 2020-2021 growth
RETAIL
FOOD SERVICE
OTHERS
► A declining weight in food service given the still devastated situation of the business, while retail is showing very positive dynamic, all areas combined
► Strong growth in co-packing activity in North America
HY1 2020-2021
+22.-%
-20.6%
+9.2%
Food service
Others
Retail
HY1 2019-2020 At constant scope of consolidation and exchange rates
36BONDUELLE GROUP
Current operating income
In million of euros HY1 2020-2021reported
HY1 2019-2020reported
▲ Reported figures
▲ Like for like basis
Revenue 1,441.5 1,442.3 -0.1% +3.9%
Current operating income 56.3 57.2 -1.5% +5.2%
% of revenue 3.9% 4.-% -6 bps +5 bps
Like for like basis: at constant scope of consolidation and exchange rates
Current operating income evolution
► A global current operating margin preserved in HY1, highly contrasted by geography and business sectors
► Strong growth in marketing investments
Resilience in current operating margin
37BONDUELLE GROUP
HY1 2020-2021 HY1 2019-2020
In million of euros Europe Non-Europe Europe Non-Europe
Revenue 650.3 848.7 640.4 801.9
Current operating income 35.4 24.7 23.3 33.9
% of revenue 5.4% 2.9% 3.6% 4.2%
Revenue and current operating income per area
► Europe: pronounced evolution in profitability explained by good commercial performance in long-life retail
► Non-Europe: profitability affected by significant difficulties at BFA (harvests, Covid-19, sales mix, etc.) masking the performance of the canned and frozen activities in North America and Russia & CIS and Export
Current operating margin preserved in HY1
Current operating income
At constant scope of consolidation and exchange rates
38BONDUELLE GROUP
Operating result
In million of euros HY1 2020-2021 HY1 2019-2020 ▲Revenue 1,441.5 1,442.3 -0.1%
Current operating income 56.3 57.2 -1.5%
Non-recurring items (2.4) (4.6)
Operating result 54.- 52.6 +2.7%
Non-recurring items
► Limited non-recurring items: litigations and takeover of Coopérative France Champignon assets
39BONDUELLE GROUP
Financial result and taxes
In million of euros HY1 2020-2021 HY1 2019-2020
Debt cost (10.1) (11.8)
Currency result 0.2 (0.6)
Other components - -
Total (9.9) (12.4)
Financial result
In million of euros HY1 2020-2021 HY1 2019-2020
Income tax (12.1) (10.6)
Effective tax rate 27.5% 26.4%
Corporate taxes
► Competitive financing that limits the financial expense and a flat exchange rate result
► An income tax impacted by the end of tax loss carryforwards and the drop in profitability outside of Europe
40BONDUELLE GROUP
Net result
*Recurring EBITDA
Net result evolution
In million of euros HY1 2020-2021 HY1 2019-2020 ▲Revenue 1,441.5 1,442.3 -0.1%
Current operating income 56.3 57.2 -1.5%
Non-recurring items (2.4) (4.6)
Operating result 54.- 52.6 +2.7%
Financial result (9.9) (12.4) +20.5%
Corporate tax (12.1) (10.6) -14.1%
Partnership consolidation (equity method) (0.1) -
Net result% of revenue
31.92,2%
29.52,-%
+8.3%+17 bps
REBITDA* excl. IFRS 16% of revenue
108.27,5%
109.47,6%
-1.1%-8 bps
► Improved net income over HY1 due to business growth, limited non-recurring items and improved financial income
41BONDUELLE GROUP
Solid financial profileSimplified balance sheet (in million of euros)
(1) Net debt / Equity► A gearing ratio excluding IFRS 16 improving from one semester to the other
► Equity down related to currency effects
► Lower debt in line with the declining stocks in HY2 2019-2020 and HY1 2020-2021
ASSETS
Fixed assetsWorking capital & others
LIABILITIES
Equity
Net debt
HY1 2019-2020 excl. IFRS 16
GEARING(1)
1,061.9
553.1
722.5
892.5
123.5%
ASSETS
Fixed assets
LIABILITIES
Equity
Net debt
HY1 2020-2021 incl. IFRS 16
GEARING(1)
1,095.4
470.5
675.2
890.7
131.9%
ASSETS
Fixed assetsWorking capital & others
LIABILITIES
Equity
Net debt
HY1 2020-2021 excl. IFRS 16
GEARING(1)
1,013.2
471.4
676.4
808.2
119.5%
ASSETS
Fixed assets
LIABILITIES
Equity
HY1 2019-2020 incl. IFRS 16
GEARING(1)
1,148.-
552.3
722.1
978.2
135.5%
Net debtWorking capital & others
Working capital & others
42BONDUELLE GROUP
❏ Anticipated refinancing of the €300M RCF – due in July 2021
❏ Transaction description● Amount: €400M● Maturity: 5 years● 9 banking groups (11 banks)● Similar conditions vs previous RCF● Bonus on margin grid linked to B Corp objectives
❏ Back up of a NEU CP program of €400M
❏ A transaction that supports the group’s strategy:● Group financing optimization● Securing financing/group development● Diversification of the banking pool● Financial flexibility
Group’s financial flexibility increasedA new "revolving" syndicated loan, part of the B Corp certification ambition
43BONDUELLE GROUP
Outlook
44BONDUELLE GROUP
2020-2021 outlook
In million of euros 2020-2021February 2021 2019-2020 Reminder: guidance
September 2020
Revenue 2,885 - 2,910 2,855 2,855 – 2,910
Current operating income / revenue 3.6% / 3.8% 3.8% ≈ 3.8%
Revenue and current operating incomeAt constant exchange rate
+1% / 2%
► A pace of activity in HY1 unsustainable in HY2: incoming shortage in long-life products
► Profitability under pressure:◾ A sanitary situation that weighs on the group’s profitability: direct additional costs (material,
labor) and indirect (logistics, sanitary measures)◾ Difficult harvests conditions, especially in North America (BFA)
► Growing marketing investments: support of our brands
45BONDUELLE GROUP
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