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Aryzta AG

Annual Report • Sep 29, 2013

818_ip_2013-09-29_7e3b5afb-704c-4881-a250-08d81fedb9a7.pdf

Annual Report

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A
R		 Y Z T
A		 A G
F
Y		 2
0		 1 3 R l t
e s
u		 s
3
0
S
e
t
p
e		 b
m
e		 2
r		 0
1
3

Forward Looking Statement

This document contains forward looking statements which reflect management's current views and estimates.

The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.

Origin Enterprises plc – 68.6% Holding

Year ended 31 July 2013

i
ion
l
l
In
Eu
ro
m		 J
l
2
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y		 C
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%
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i
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1
M
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M
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A
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A
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a
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g		 6
0
4
  • FY 2013 performance robust, despite weather-related challenging conditions
  • Strong performance by JV and associates more than offset slightly lower EBITA
  • Disposed of marine proteins and oils JV and Continental Farmers associate interests for EUR 111m
  • Proposed return of capital to shareholders of up to EUR 100m
  • Unleveraged balance sheet at year end, Net Debt:EBITDA 0.38x
  • Origin proposed dividend per share of 17.25c

1 Based on 138,499,155 ordinary shares and a closing price of €6.74 per share on 27 September 2013.

ARYZTA Food Group – Repositioning Continues FY 2008 – FY 2013

ARYZTA Group Financial Review

FY 2013 Key Financial Highlights

G
F
d
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u		 O
i
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n		 G
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 0
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 0
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B
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5		 0
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8
%
 0
1
5.
4
%
 0
9.
6
%
  • ARYZTA Group underlying fully diluted net profit increased 9.6%
  • Underlying fully diluted EPS increased 6.8% to 360.3c
  • 2.8% difference between underlying earnings and EPS due to increased weighted average shares in issue
  • Proposed EUR dividend increase of 6.8% versus previous financial year
  • Food Group Net Debt: EBITDA (excluding hybrid instrument) 1.57x

ARYZTA Group – Income Statement

Year ended 31 July 2013

in
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Eu
0
0
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1
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A
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6
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(
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1
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6
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3
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3
7
5
c		 6
8
%

1 The July 2013 weighted average number of ordinary shares used to calculate diluted earnings per share is 88,559,475 (2012: 86,228,153). The increase in the weighted average number of ordinary shares outstanding is primarily due to the impact of the 4,252,239 shares issued during January 2012 on the weighted average shares outstanding during each respective year.

ARYZTA Group – Underlying Revenue Growth

Year ended 31 July 2013

in
i
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Eu
ro
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%		 6
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%		 1.
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%		 4
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%		 2
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%
A
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C
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%
R
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w		 9
3
%		 6
4
%		 5
7
%		 7
6
%		 5
8
%		 7
0
%

ARYZTA Group – Segmental EBITA

Year ended 31 July 2013

T
l
E
B
I
T
A
i
l.
i
d
J
V
t
t
o
a
n
c
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s		 4
9
7
6
4
1
,		 4
5
8
2
5
0
,		 8
6
%
T
l
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&
J
V
t
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2
0
5
7
,		 1
2
0
0
4
,		 3
%
5
5
O
i
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&
J
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s
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1,
8
5
6		 1
3
1
3
8
,		 6
6
4
%
F
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0
1		 1,
0
6
2		 (
8
1.
1
)
%
A
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G
T
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A
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r
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u		 8
4
7
5
5
4
,		 0
0
4
4
4
5
,		 1
%
7
O
i
i
g
n
r		 6
8
8
8
9
,		 6
9
2
2
4
,		 (
0
)
%
5
T
l
F
d
G
t
o
a
o
o
r
o
p
u		 4
0
6
6
9
5
,		 3
7
4
8
2
6
,		 8
5
%
F
d
R
f
W
l
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t
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s
o
o
r		 3
0
4
1
9
,		 2
9
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4
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,		 4
7
%
F
d
N
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A
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r
m
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r
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a		 1
9
0
2
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6
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7
6
2
9
1
,		 7
9
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F
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o
u
r
o
p
e		 1
8
5
9
9
0
,		 1
6
9
4
9
5
,		 9
7
%
F
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o
u
p
in
'0
Eu
0
0
ro		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
u
y		 %

Food Group – Income Statement

in
'0
Eu
0
0
ro		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
u
y		 %
R
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n
u
e		 3
0
8
5
5
1
7
,
,		 2
8
6
7
6
4
4
,
,		 7
6
%
E
B
I
T
A		 0
6
6
9
4
5
,		 3
8
2
6
7
4
,		 8
%
5
E
B
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A
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m
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n		 1
3
2
%		 1
3
1
%
J
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0
1		 1,
0
6
2
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A
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J
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n
c
s		 4
0
6
8
9
6
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7
5
8
8
8
,		 8
2
%
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F
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a
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c
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c
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s
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6
1
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5
7
7
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8
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)
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8
9
8
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6
6
4
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)
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P
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p
r
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s		 3
2
9
2
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7
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0
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5
2
9
,
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t
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c
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a
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2
6
1
)
5
7
,		 (
0
9
)
5
5
5
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c
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3
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3
3
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7
)
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r
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g
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e
p
r
o		 2
6
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3
5
7
,		 2
4
6
6
0
3
,		 8
8
%

Food Group – Cash Generation

in
'0
Eu
0
0
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2
0
1
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2
0
1
2
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0
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4
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isa
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t
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or		 1
0
6,
6
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2		 9
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7
8
3
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T
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0
6,
6
9
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7
4,
8
2
6
De
ia
ion
t
p
re
c		 9
3,
6
9
0		 9
0,
3
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2
E
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I
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D
A		 5
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0,
3
8
5		 4
6
5,
1
6
8
W
k
ing
i
l m
ta
t
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en		 (
1
1,
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9
8
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1
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2
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)
1
D
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ive
d
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2
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M
in
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l e
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4
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9
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1 Includes dividends received from Origin of €14,250,000 (July 2012: €10,450,000).

2 Includes expenditure on intangible assets.

Food Group Net Debt and Investment Activity

Year ended 31 July 2013

in
'0
0
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e
n		 6
2
0
2
4
,		 (
1
3
9
2
1
6
)
,
3
O
h
t
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r		 (
2
1
5
6
)
,		 (
2
2
1
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)
,
F
d
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l
i
d
b
3
1
J
l
t
t
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g
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e
a
s
a
u
y		 (
8
4
9
2
2
8
)
,		 (
9
7
6
2
8
3
)
,

1 Includes expenditure on intangible assets.

2 Foreign exchange movement for the year ended 31 July 2013 attributable primarily to the fluctuation in the US Dollar to Euro rate between July 2012 (1.2370) and July 2013 (1.3280).

3 Other comprises primarily amortisation of financing costs.

17© ARYZTA, September 2013

Food Group Financing

Excluding Origin – non-recourse financing facilities

Debt Financing

  • Food Group net debt of EUR 849m
  • Food Group gross term debt weighted average maturity of circa 5.14 years
  • Weighted average interest cost of Food Group financing facilities of circa 4.62%1
  • Net Debt: EBITDA 1.57x (excluding hybrid instrument as debt) and interest cover of 9.37x (excluding hybrid interest)
  • Optimum leverage position in the range of 2x 3x net debt: EBITDA
  • Intend to maintain investment grade credit position

Hybrid Financing

  • Total hybrid outstanding of CHF 800m, following CHF 400m funding in April 2013
  • Net Debt: EBITDA 2.77x (including hybrid instrument as debt) and interest cover of 6.97x (including hybrid interest)

1 Weighted average interest cost of financing facilities excludes the hybrid instrument and includes overdrafts.

ARYZTA Group – Return on Investment

year ended 31 July 2013

in
i
l
l
ion
Eu
ro
m		 F
d
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u		 F
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T
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1		 1
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C		 1
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8
%		 1
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s		 1,
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7		 1,
8
3
5		 2
9
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7
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,		 4
5
7		 4
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2
9
,
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2
E
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s		 1
0
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7
7		 2
9		 3
6
7		 8
2		 8
4
5
R
O
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C		 1
1.
7
%		 9
6
%		 1
0
1
%		 1
0
5
%		 1
8
0
%		 1
1.
4
%

1 Net assets exclude all bank debt, cash and cash equivalents and tax-related balances.

2 ROIC is calculated using pro forma trailing twelve months segmental EBITA ('TTM EBITA') reflecting the full twelve months contribution from acquisitions. EBITA is before interest, tax, non-ERP amortisation and before the impact of non-recurring items. The contribution from associates and JVs is net profit (i.e. presented after interest and tax).

3 Origin net assets adjusted for the fluctuation in its average quarterly working capital by €144,453,000 (2012:€116,061,000).

4 The Food Group WACC on a pre-tax basis is currently 7.7% (2012: 8.0%).

Business Review

Year ended 31 July 2013

  • ARYZTA Transformation Initiative (ATI)
  • Food Europe
  • Food North America
  • Food Rest of World
  • Food Group Underlying Revenue Growth
  • Food Group Five Year KPIs

ARYZTA Transformation Initiative Update

in
'0
Eu
0
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ro		 A
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Y
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T
A		 T
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A
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ar
en		 8
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4
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8
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ar
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3		 8
3,
4
7
7
I
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Ye
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Ju
ly
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en		 - 6
1,
6
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4		 1
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4
4		 1
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6
7
5
Ye
d
ing
3
1
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ly
2
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ar
en		 - 4
6,
6
4
3		 4
6,
6
4
3		 4
2,
7
5
8		 8
9,
4
0
1
A
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9,
6
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5		 1
0
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5		 2
6
0
8
7,
7
E
i
d
l
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A
T
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i
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a
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m		 t
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n		 4
6
0,
0
0
0
R
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b
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v		 t
t
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s
m
e
n
v		 1
9
2,
2
9
2
  • ATI is a programme requiring both capital investment and cash restructuring expenses
  • EUR 192m remaining available for ATI investment
  • Overall estimate of EUR 460m remains on track

ARYTZA Transformation Initiative Update

Food Group acquisition, disposal and restructuring-related costs

in
'0
0
0
Eu
ro		 Ca
h
s		 Ca
No
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s		 To
ta
l
is
i
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i
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t
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,		 – 0
7
5		 0
7
5
Ac
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-re
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4
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6,
6
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0
Se
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f r
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9
O
he
is
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t
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ra		 3
8,
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3
0		 – 3
8,
3
3
0
Ye
de
d
3
1
Ju
ly
2
0
1
3
ar
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n		 8
2,
4
5
9		 3
7,
3
5
5		 1
1
9,
8
1
4
Ye
de
d
3
1
Ju
ly
2
0
1
2
ar
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n		 7
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4		 6,
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3		 8
3,
4
7
7
To
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Fo
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d
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in
la
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tu
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a
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s
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co
s
,		 1
5
9,
6
0
3		 4
3,
6
8
8		 2
0
3,
2
9
1
  • Transitioned North American DSD business to enable focus on brand expansion
  • Transformed European operations into two businesses to align to customer needs
  • Establishing Shared Services Centres to centralise and standardise administrative functions

ARYZTA Transformation Initiative Update

  • EUR 460m investment estimate over three years (FY 2012 to FY 2014)
  • EUR 268m spent to date on one-time cash costs and ATI capital investments
  • ERP deployed in North America
  • ERP progressing in Europe (Ireland/UK, Poland, Germany)
  • Strong momentum in management and customer engagement
  • Continued capital deployment to optimise efficiencies

  • Leveraging food capabilities to grow revenue across channels

  • Cash non-recurring costs of EUR 44m

  • ERP and optimisation-related capital investment of EUR 44m
  • Expansion-related capital investment of EUR 64m
  • Customer centric model established
  • European centre of innovation established in France
  • These investments, along with the Klemme acquisition, have beneficially rebalanced the European business

25© ARYZTA, September 2013

Food North AmericaYear ended 31 July 2013 Hawaii24 Bakeries & Kitchens 2 CountriesRevenue €1,459.8m, +6.4% Underlying revenue +1.6% Acquisitions +2.8% Currency +2.0% EBITA €190.3m, +7.9% Positive EBITA margin expansion of 20 bps to 13.0%

  • Cash non-recurring costs of EUR 38m
  • ERP and optimisation-related capital investment of EUR 18m
  • Expansion-related capital investment of EUR 15m
  • Customer centric model established further capital allocation underway to support growth
  • Transitioned DSD business to third parties

11 Bakeries & Kitchens 7 CountriesRevenue €234.2m, +5.7% Underlying revenue +6.6% Acquisitions +2.3% Currency (3.2%) EBITA €30.4m, +4.7% EBITA margin 13.0% Food Rest of WorldYear ended 31 July 2013

  • Total capital investment of EUR 32m, entirely expansion-related
  • Mainly invested in new bakery capacity in Brazil and Malaysia
  • Further investment likely as region remains capacity constrained

27© ARYZTA, September 2013

Food Group Underlying Revenue Growth

Quarterly Underlying Revenue Growth

T
l
F
d
G
t
o
a
o
o
r
o
u
p		 4.
4
%		 4.
4
%		 2.
5
%		 3.
8
%		 0.
9
%		 2.
5
%		 (
0.
4
)
%		 2.
5
%
F
d
R
f
W
l
d
t
o
o
e
s
o
o
r		 1
4.
7
%		 1
4.
2
%		 1
1.
8
%		 1
1.
4
%		 4.
8
%		 6.
4
%		 5.
7
%		 9.
5
%
F
d
N
h
A
i
t
o
o
o
r
m
e
r
c
a		 6.
0
%		 8.
9
%		 6.
0
%		 7.
2
%		 1.
3
%		 3.
0
%		 (
0.
1
)
%		 2.
3
%
F
d
E
o
o
r
o
p
e
u		 1.
2
%		 (
1.
8
)
%		 (
2.
6
)
%		 (
0.
)
%
7		 (
0.
2
)
%		 1.
2
%		 (
1.
9
)
%		 1.
%
4
Q
1
2
0
1
2		 Q
2
2
0
1
2		 Q
3
2
0
1
2		 Q
4
2
0
1
2		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3

Food Group Underlying Revenue Growth

Channel and geographic rebalancing

– Business has managed margins successfully through three price spikes over the last six years

Source: World Bank, IMF, USDA FAS, PSD Online Database

30© ARYZTA, September 2013

Food Group Five Year KPIs

in
i
ion
l
l
Eu
ro
m		 Ju
ly
2
0
0
9		 Ju
ly
2
0
1
0		 Ju
ly
2
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4		 2,
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8
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8
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5		 1
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%
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9
%
Un
de
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5		 3
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Ca
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4
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6
In
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re		 (
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7
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In
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8
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3
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7		 (
1
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1,
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ly
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ly
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5		 (
1,
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1
6
)
5.		 (
1,
3
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)
4.
4		 (
1,
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3
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1,
4
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2 c
Ne
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b
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ly
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b
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(
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6x		 2.
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5x		 2.
7
7x

1 CAGR is calculated for the five-year period from FY2008 pro forma including, Hiestand Holding AG in the 2008 comparative.

2 Food Group debt covenant EBITDA is adjusted for the pro forma full-year contribution of Food Group acquisitions and Origin and JV dividends received.

Global Bakery Market Drivers

  • Growth in premium and value offering. The middle is getting squeezed.
  • Mass and club retailers are winning in the U.S. Large discounters winning in Europe.
  • Expansion of QSRs globally

Source: Retail Planet, Euromonitor, L.E.K. research and analysis, GIRA

36© ARYZTA, September 2013

Consumer Insights: Bakery Trends Trend Driver: Spending less more often and seeking value as rising taxes and sustained high unemployment impacts incomes Insight: Consumers want more for less and "meal deals" without comprising quality or taste Value FoodTrend Driver: Rising obesity increasing food health consciousness Insight: Consumers want more nutritionally beneficial foods Healthy Food

Consumer Insights: Bakery Trends

Portable Food

Trend Driver: Fast pace of life increasing "grab & go" consumption

Insight: Consumers want tasty, satisfying food easily consumed "on-the-go"

Indulgence Food

Trend Driver: Growing indulgence consumption

Insight: Consumers want small treats or "me" time

Source: ARYZTA internal research and Mintel

38© ARYZTA, September 2013

Knowledge, Capability and Focus - Platform built

  • Strategic global customer partner
  • Innovation leadership in sector
  • Consumer insights driving brand expansion
  • World class well-invested facilities
  • Single-instance ERP system integrated with key customers
  • Dedicated points of customer contact
  • Audited supply chain logistics and traceability
  • Track record in food safety and quality
  • Commodity risk management skills

Strategic Focus and Outlook

  • Speciality foods is an attractive growth segment
  • Leadership position in speciality bakery
  • Integrated customer centric model responsibility centre management
  • Two years into a three year strategy
  • Focused on completion of ATI in FY 2014
  • Excellent engagement by people throughout ARYZTA
  • Guidance is to grow underlying fully diluted EPS double-digit in FY 2014

Origin Income Statement

Year ended 31 July 2013

in
'0
0
0
Eu
ro		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
u
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r
o
u
p
r
e
v
e
n
u
e		 1,
4
1
8
1
7
3
,		 1,
3
4
0
0
2
3
,		 5
8
%
E
B
I
T
A		 6
8
8
8
9
,		 6
9
2
2
4
,		 (
0
5
)
%
i
E
B
I
T
A
m
a
r
g
n		 9
%
4		 2
%
5
A
i
d
J
V
t
t
s
s
o
c
a
e
s
a
n
s,
n
e		 2
1,
8
5
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3
1
3
8
,
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B
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A
i
l.
i
d
J
V
t
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c
a
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a
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s		 9
0
7
4
5
,		 8
2
3
6
2
,
F
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t
t
n
a
n
c
e
c
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s
s,
n
e		 (
6
1
4
3
)
,		 (
6
5
9
4
)
,
f
i
P
t
t
r
e-
a
p
r
o
s
x		 8
6
0
2
4
,		 6
8
7
5
7
,
I
t
n
c
o
m
e
a
x		 (
1
2
4
2
8
)
,		 (
1
3
2
1
7
)
,
U
d
l
i
f
i
t
t
n
e
r
y
n
g
n
e
p
r
o		 7
2
1
7
4
,		 6
2
5
5
1
,		 1
5
4
%
i
f
i
S
(
)
1
U
d
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l
l
d
l
t
d
E
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t
n
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n
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c
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n
y
u
y
u		 2
1
1
5
c		 1
6
4
5
c		 1
%
5
4

1 Origin July 2013 underlying fully diluted EPS is calculated using the weighted average number of shares in issue of 138,499,155 (2012: 138,499,155).

Origin Underlying Net Profit Rec.

Year ended 31 July 2013

U
d
l
i
f
l
l
d
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E
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S
(
)
1
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5
1
6
c
U
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4
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2
5
5
1
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w		 (
2
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6
)
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6
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3
)
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n
s		 (
2
8
)
4
5
,		 1
6
1
2
5
,
T
i
i
t
t
a
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n
a
m
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r
s
a
o
n
x		 (
1,
8
7
3
)		 (
2
2
8
8
)
,
I
i
b
l
i
i
t
t
t
n
a
n
g
e
a
m
o
r
s
a
o
n		 5
6
8
9
,		 6
4
0
1
,
R
d
f
i
t
t
t
e
p
o
r
e
n
e
p
r
o		 7
3
0
1
2
,		 4
2
9
0
9
,
in
'0
Eu
0
0
ro		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
u
y

1 Origin July 2013 underlying fully diluted EPS is calculated using the weighted average number of shares in issue of 138,499,155 (2012: 138,499,155).

ARYZTA AGAppendix 2 – Other Financial Information

ARYZTA AG Underlying Net Profit Rec.

Year ended 31 July 2013

in
'0
Eu
0
0
ro		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
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p
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p
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o		 1
2
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4
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2
6
4
I
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3
1		 1
0
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1
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4
T
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a
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r		 (
3
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3
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3
0,
3
5
4
)
H
b
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1
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8
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1
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6
4
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s		 1
1
7,
3
5
6		 9
9,
6
2
9
T
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n
x
w
w		 1
0,
4
0
2		 (
8,
8
5
0
)
N
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4
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4,
4
9
0
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U
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g
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y		 3
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2
2
3		 2
9
1,
1
7
4
D
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l
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f
O
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n
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a
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a
e
m
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n
n
c
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n
v
e		 (
1
1
4
)		 (
6
9
6
)
U
d
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f
l
l
d
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l
d
f
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t
t
t
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r
n
g
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p
r
o
y
u
y
u		 3
1
9,
1
0
9		 2
9
1,
0
4
5
(
)
1
U
d
l
i
f
l
l
d
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l
d
E
P
S
t
t
c
e
n
n
e
r
y
n
g
u
y
u
e		 3
6
0.
3
c		 3
3
7.
5
c

1 The July 2013 weighted average number of ordinary shares used to calculate diluted earnings per share is 88,559,475 (2012: 86,228,153). The increase in the weighted average number of ordinary shares outstanding is primarily due to the impact of the 4,252,239 shares issued during January 2012 on the weighted average shares outstanding during each respective year.

Food Group Underlying Net Profit Rec.

d
d
Y
e
a
r
e
n
e		 3
1		 l
J
u
y		 2
0
3
1
------------------------------------------- -------- ------------------ ------------------
in
'0
Eu
0
0
ro		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
u
y
1
f
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R
t
d
t
t
e
p
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r
e
n
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p
r
o		 9
1
6
1
7
,		 1
1
6
2
8
7
,
I
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l
i
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t
t
t
n
a
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a
m
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r
s
a
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n		 1
0
6
6
4
2
,		 9
9
7
8
3
,
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i
T
t
t
a
o
n
a
m
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s
a
o
n
x
r		 (
2
9
9
6
0
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,		 (
2
8
0
6
6
)
,
H
b
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d
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1
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1
6
6
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,
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l
d
t
t
a
e
a
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m
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n
s
v
u
u		 1
1
9
8
1
4
,		 8
3
4
7
7
,
T
i
d
d
i
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t
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t
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t
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n
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s
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o
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s
n
g
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r
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o
n		 1
2
5
9
8
,		 (
8
2
2
7
)
,
U
d
l
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f
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t
t
n
e
r
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n
g
n
e
p
r
o		 2
6
8
3
5
7
,		 2
4
6
6
0
3
,

1 Food Group reported net profit excludes dividend income of €14,250,000 (2012: €10,450,000) from Origin.

ARYZTA AG Balance Sheet

as at 31 July 2013

in
'0
Eu
0
0
ro		 A
J
l
2
0
1
3
t
s
a
u
y		 A
J
l
2
0
1
2
t
s
a
u
y
i
P
l
d
t
t
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p
e
p
a
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a
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e
q
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m
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r
r
y,
u		 1,
1
1,
8
4
4
7		 1,
0
2
2
8
5
7
,
I
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t
t
t
n
v
e
s
m
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p
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o
p
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s		 2
2
9
8
4
,		 2
9
2
6
8
,
G
i
i
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d
l
l
d
b
l
t
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a
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w		 2
9
0
2
2
5
4
,
,		 2
8
1,
9
8
2
7
,
A
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5
2
3
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2
7
3
8
4
,
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f
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t
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n
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n
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9
4
3
3
,		 3
7
2
2
3
,
W
k
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l
t
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g
c
a
p
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2
7
6
5
6
)
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1
0
6
8
5
7
)
,
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l
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t
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a
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e		 (
1
0
8
6
0
)
5
,		 (
6
8
2
)
5
4
,
S
l
t
t
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m
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n
a
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s
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s		 4
0
1
8
5
2
5
,
,		 3
9
1
3
0
4
5
,
,
N
d
b
t
t
e
e		 (
8
7
8
7
8
7
)
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1,
0
4
4
0
9
1
)
,
f
D
d
t
t
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e
r
r
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a
n
e
x,		 (
3
3
0
8
0
)
7
,		 (
3
2
6
6
)
5
7
,
I
b
l
t
n
c
o
m
e
a
x
p
a
y
a
e		 (
4
6
5
7
0
)
,		 (
2
7
4
4
0
)
,
D
i
i
f
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i
l
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t
t
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v
a
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a
n
c
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n
s
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m
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n
s		 (
1,
6
6
9
)		 (
5
5
0
2
)
,
N
t
t
e
a
s
s
e
s		 2
7
6
0
6
2
9
,
,		 2
5
0
9
3
5
5
,
,

Food Group Balance Sheet

as at 31 July 2013

N
t
t
e
a
s
s
e
s		 2
3
0
8
8
5
7
,
,		 2
3
1
8
1
0
7
,
,
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f
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a
e
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a
n
c
a
n
s
m
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n
s
r
v
v
r
u		 6
4		 (
1,
3
9
)
7
I
b
l
t
n
c
o
m
e
a
p
a
a
e
x
y		 (
3
3
3
4
2
)
,		 (
1
6
9
7
6
)
,
D
f
d
t
t
e
e
r
r
e
a
x,
n
e		 (
3
2
0
1
3
6
)
,		 (
3
1
0
6
7
4
)
,
N
d
b
t
t
e
e		 (
8
4
9
2
2
8
)
,		 (
9
7
6
2
8
3
)
,
S
l
t
t
t
e
g
m
e
n
a
n
e
a
s
s
e
s		 3
3
9
8
7
7
4
,
,		 3
6
2
3
8
2
4
,
,
O
h
l
l
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b
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l
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t
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s
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g
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a
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s		 (
9
2
6
2
6
)
,		 (
4
9
7
9
9
)
,
W
k
i
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l
t
g
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r
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c
a
p
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7
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1
0
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5
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0
4
8
)
,
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r		 1,
0
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4
5		 1,
0
5
4
5
J
i
t
t
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e
n
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s
v
u		 – 2
5
4
5
,
G
d
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d
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a
n
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a
n
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a
s
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s		 2
7
7
5
4
3
0
,
,		 2
7
2
9
3
4
0
,
,
I
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t
t
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n
v
e
s
m
e
n
p
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p
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s		 1
5
4
0
9
,		 1
5
9
6
0
,
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P
l
d
t
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e
r
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a
n
a
n
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q
p
m
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y,
u		 1,
0
6
1,
2
0
0		 9
3
1,
3
9
4
in
'0
Eu
0
0
ro		 A
J
l
2
0
1
3
t
s
a
u
y		 A
J
l
2
0
1
2
t
s
a
u
y

Food Group Financing Facilities

Excluding Origin – non-recourse financing facilities

b
d
in
De
Fu
t
n
g		 1
in
ip
l
Pr
c
a		 ity
M
tu
a
r
No
2
0
1
1 –
Sy
d
ica
d
Ba
k
Lo
te
v
n
n
an		 C
H
F
9
7
0m		 De
2
0
1
6
c
Ma
2
0
1
0
U
S
Pr
iva
P
lac
te
t
y
em
en
–		 U
S
D
3
5
0m
/
E
U
R
2
5m		 Ma
2
0
1
6 –
Ma
2
0
2
2
y
y
De
2
0
0
9
U
S
Pr
iva
P
lac
te
t
c
em
en
–		 U
S
D
2
0
0m		 De
2
0
2
1 –
De
2
0
2
9
c
c
2
0
0
9
Sw
iss
No
Bo
d
v
n
–		 C
2
0
0m
H
F		 2
0
1
Ma
5
r
Ju
2
0
0
7
U
S
Pr
iva
P
lac
te
t
n
em
en
–		 U
S
D
4
5
0m		 Ju
2
0
1
4 –
Ju
2
0
1
9
n
ne

1 Weighted average interest cost of Food Group debt financing facilities (including overdrafts) as at 31 July 2013 of c. 4.62%.

Hybrid Funding

CHF 400m Hybrid funded October 2010 – 5% coupon until October 2014, thereafter 905bps plus 3 month CHF LIBOR CHF 400m Hybrid funded April 2013 – 4% coupon until April 2018, thereafter 605bps plus 3 month CHF LIBOR Traded on SIX Swiss exchange Treated as 100% equity for bank covenant purposes Treated as 25% equity for US PP covenant purposes

b
lcu
la
ion
ly
1 c
3
2
0
3
Ne
De
E
B
I
T
D
A
1
J
1
t
t:
t
t
a
s a
s a
u		 io
Ra
t
1
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b
E
B
I
T
D
A
(
hy
br
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d
i
)
t
t:
ty
as
e
q
u		 1.
5
7x
Ne
De
b
E
B
I
T
D
A
1
(
hy
br
i
d
de
b
)
t
t:
t
as		 2.
7
7x

1 Calculated based on the Food Group EBITDA for the year ended 31 July 2013, including the dividend received from Origin, adjusted for the pro forma full-year contribution of Food Group acquisitions.

52© ARYZTA, September 2013

  • 1 The term debt maturity profile is set out as at 31 July 2013. Food Group gross term debt at 31 July 2013 is €1.13 bn. Food Group net debt at 31 July 2013 is €849.2m, which also includes overdrafts and finance leases, and is net of cash and related capitalised upfront borrowing costs.
  • 2 Incorporating the drawn amount on the Revolving Credit Facility of €187.7m as at 31 July 2013 which represents 17% of the Food Group gross term debt.

Food Group Five Year Cash Generation

in
i
l
l
io
Eu
ro
m
n		 Ju
ly
2
0
0
9		 Ju
ly
2
0
1
0		 Ju
ly
2
0
1
1		 Ju
ly
2
0
1
2		 Ju
ly
2
0
1
3		 F
ive
Ye
To
l
ta
ar
E
B
I
T		 1
6
1.
7		 1
6
0.
3		 2
3
8
5.		 2
0
7
5.		 3
0
0.
1		 1,
1
3
2.
9
Am
isa
ion
t
t
or		 4
3.
0		 4
7.
4		 8
6.
5		 9
9.
8		 1
0
6.
6		 3
8
3.
3
E
B
I
T
A		 2
0
4.
7		 2
0
7.
7		 3
2
2.
3		 3
7
4.
8		 4
0
6.
7		 1,
1
6.
2
5
De
ia
ion
t
p
rec		 5
4.
6		 6
0.
4		 8
6.
5		 9
0.
4		 9
3.
7		 3
8
5.
6
E
B
I
T
D
A		 2
9.
3
5		 2
6
8.
1		 0
8.
8
4		 6
2
4
5.		 0
0.
5
4		 1,
9
0
1.
8
Wo
k
ing
i
l m
ta
t
r
c
ap
ov
em
en		 2
4.
7		 2
4.
8		 (
1
3.
0
)		 (
1
9.
3
)		 (
1
1.
2
)		 6.
0
D
iv
i
de
ds
ive
d
n
re
ce		 1
8.
8		 2
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2		 1
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1		 1
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2		 1
4.
3		 8
1.
6
Ma
in
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l e
d
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te
ta
tu
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e c
ap
xp
en
re		 (
1
5.
0
)		 (
1
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3
)		 (
3
9.
3
)		 (
4
6.
2
)		 (
4
3.
7
)		 (
1
5
4.
5
)
In
te
t a
d
tax
res
n		 (
5
3.
6
)		 (
5
4.
2
)		 (
1
0
1.
9
)		 (
9
7.
7
)		 (
9
1.
0
)		 (
3
9
8.
4
)
O
he
h
(
inc
)
/ c
ha
t
r n
on
-ca
s
om
e
rg
es		 2.
2		 (
1.
6
)		 4.
2		 1.
7		 0.
6		 7.
1
Ca
f
fro
iv
i
ies
h
low
te
d
t
t
s
s g
en
era
m
ac		 2
3
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4		 2
1.
0
5		 2
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9
7		 3
1
9
4.		 3
6
9.
4		 1,
3.
6
4
4
i
i
Inv
tm
t c
ta
l e
d
tu
es
en
ap
xp
en
re		 (
6
3.
0
)		 (
6.
)
4
5		 (
1.
)
5
5		 (
8
9.
)
4		 (
1
2.
)
7
5		 (
4
2
2.
9
)
Ca
f
fro
iv
i
ies
f
h
low
te
d
t
t
te
s
s g
en
era
m
ac
a
r
inv
i
l e
d
i
tm
t c
ta
tu
es
en
ap
xp
en
re		 1
7
3.
4		 2
0
4.
5		 2
2
0.
4		 2
2
5.
5		 1
9
6.
9		 1,
0
2
0.
7
Un
de
ly
ing
t p
f
i
t
r
n
e
ro		 1
4
9.
3		 1
5
7.
7		 2
1
8.
1		 2
4
6.
6		 2
6
8.
4		 1,
0
4
0.
1
ia
ion
De
t
p
rec		 6
5
4.		 6
0.
4		 8
6.
5		 9
0.
4		 9
3.
7		 3
8
6
5.
2
0
3.
9		 2
1
8.
1		 3
0
4.
6		 3
3
7.
0		 3
6
2.
1		 1,
2
4
5.
7
Ne
t u
de
ly
ing
h
ing
ion
n
r
c
as
ea
rn
s c
on
ve
rs		 1
1
5.
9
%		 1
1
5.
1
%		 8
9.
3
%		 9
3.
4
%		 1
0
2.
0
%		 1
0
1.
3
%

Food Group Five Year Net Debt

in
i
l
l
io
Eu
ro
m
n		 Ju
ly
2
0
0
9		 Ju
ly
2
0
1
0		 Ju
ly
2
0
1
1		 Ju
ly
2
0
1
2		 Ju
ly
2
0
1
3
Fo
d
Gr
ing
de
b
1
Au
t
t a
t
t
o
ou
p
op
en
n
e
s a
g
us		 (
5
5
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5.
5
)		 (
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1
1
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6
)		 (
9
5
5.
5
)		 (
9
7
6.
3
)
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h
f
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fro
iv
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ies
te
t
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en
era
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ac		 2
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4		 2
5
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7
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9		 3
1
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9		 3
6
9.
4
i
ins
Hy
br
d
tru
t p
ds
me
n
roc
ee		 – – 2
8
0
5.		 – 3
1
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4
Co
f a
is
i
ion
t o
t
s
cq
u
s		 (
7
6.
5
)		 (
8
6
0.
3
)		 (
3
1
7.
7
)		 (
1
0
1.
0
)		 (
3
1
1.
6
)
S
ha
lac
t
re
p
em
en		 – 1
1
5.
0		 – 1
4
0.
9		 –
Ac
is
i
ion
d
ing
la
d
h
f
low
t
tru
tu
te
q
a
n
res
c
r
-re
ca
s
s
u		 – – (
3
1.
8
)		 (
8
8.
6
)		 (
8
6.
5
)
i
i
Inv
tm
t c
ta
l e
d
tu
es
en
ap
xp
en
re		 (
6
3.
0
)		 (
6.
)
4
5		 (
1.
)
5
5		 (
8
9.
)
4		 (
1
2.
)
7
5
Pr
ds
fro
d
isp
l o
f p
lan
d
ip
ty,
t a
t
oc
ee
m
os
a
ro
p
er
p
n
eq
u
me
n		 – – – 6.
4		 9.
9
Pr
ds
fro
d
isp
l o
f
j
in
t v
tu
oc
ee
m
os
a
o
en
re		 – – – 4.
7		 1.
9
Co
ing
i
de
ion
t
t c
t
n
en
on
s
ra		 – (
2.
1
)		 (
1
2.
9
)		 (
7.
2
)		 (
0.
2
)
iv
i
i
D
de
ds
d
n
p
a		 – (
3
0.
6
)		 (
3
2.
9
)		 (
3.
)
4
7		 (
6.
0
)
4
Hy
br
i
d
d
iv
i
de
d
n		 – – – (
1
6.
3
)		 (
1
6.
6
)
Fo
ig
ha
t
re
n e
xc
ng
e
mo
ve
me
n		 (
4
2.
2
)		 (
3
3.
1
)		 5
1.
1		 (
1
3
9.
2
)		 6
2.
0
O
he
t
r		 (
7.
6
)		 (
3.
5
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1.
1
)		 (
2.
3
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1
)
Fo
d
Gr
los
ing
de
b
3
1
Ju
ly
t
t a
t
o
ou
p
c
n
e
s a		 (
5
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5.
5
)		 (
1,
1
1
5.
6
)		 (
9
5
5.
5
)		 (
9
7
6.
3
)		 (
8
4
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2
)
1 c
Ne
De
b
E
B
I
T
D
A
lcu
la
ion
3
1
Ju
ly
t
t:
t
t
a
s
as
a
1
T
T
M
E
B
I
T
D
A		 2
6
1.
3		 3
6
6.
3		 4
1
8.
0		 4
6
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2		 5
2
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0
D
iv
i
de
ds
fro
Or
ig
in
d
J
Vs
n
m
an		 1
8.
9		 2
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2		 8.
6		 1
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4.
3
1
fo
E
B
I
T
D
A
t p
r c
ov
en
an
ur
p
os
es		 2
8
0.
2		 3
9
0.
5		 4
2
6.
6		 4
7
5.
6		 5
4
1.
3

1 Food Group debt covenant EBITDA for the year ended 31 July is adjusted for the pro forma full-year contribution of Food Group acquisitions and Origin and JV dividends received.

55© ARYZTA, September 2013

Food Group FY 2014 Financial Metrics

C
i
E
t
t
t
e
n
s
m
a
e
s
u
r
r
D
i
i
t
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p
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c
a
o
n
p.
a.		 9
5
1
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5
€
m
–
i
i
A
t
t
m
o
r
s
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o
n
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a.		 1
1
0
1
2
0
€
m
–
E
f
f
i
t
t
t
e
c
v
e
a
x
r
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e		 1
7
%
2
0
%
–
F
i
t
n
a
n
c
e
c
o
s
s
p.
a.		 8
0
9
0
€
m
–
i
i
f
i
S
D
d
d
d
l
E
P
t
g
v
e
n
p
a
y
o
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o
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r
y
n
p.
a.		 1
%
5
i
M
t
a
n
e
n
a
n
c
e
c
a
p
e
p.
a.
x		 0
6
0
€
5
m
–
I
d
t
t
t
t
n
e
s
m
e
n
g
r
a
e
s
a
s
v
u		 i
i
t
m
a
n
a
n

ARYZTA AGAppendix 3 – FX Analysis, Shareholder information, Consensus Estimates and Presentation Glossary

EUR Average and Closing FX Rates

C
l
i
R
t
o
s
n
g
a
e
s		 J
l
2
0
1
3
u
y		 J
l
2
0
1
2
u
y		 %
S
i
F
s
s
r
a
n
c
w		 1.
2
3
3
9		 1.
2
0
1
0		 (
2
7
)
%
S
U
D
l
l
o
a
r		 1.
3
2
8
0		 1.
2
3
0
7		 (
)
%
7
4
C
d
i
D
l
l
a
n
a
a
n
o
a
r		 1.
3
6
4
4		 1.
2
3
9
3		 (
1
0
1
)
%
S
l
i
t
e
r
n
g		 0
8
6
3
0		 0
7
8
5
4		 (
9
9
)
%
A
R
t
e
r
a
g
e
a
e
s
v		 2
0
1
3
J
l
u
y		 2
0
1
2
J
l
u
y		 %
S
i
F
s
s
r
a
n
c
w		 1.
2
2
0
4		 1.
2
0
2
6		 (
1.
)
%
5
U
S
D
l
l
o
a
r		 1.
2
9
9
6		 1.
3
2
4
0		 1.
8
%
C
d
i
D
l
l
a
n
a
a
n
o
a
r		 1.
3
0
8
0		 1.
3
3
4
5		 2
0
%
S
l
i
t
e
r
n
g		 0
8
3
0
3		 0
8
3
7
9		 0
9
%

– Food Group Revenue by Currency: US Dollar - 42%; Euro 28%; other currencies1 30%

1 Other currencies comprises of the following: UK Sterling, Swiss Franc, Japanese Yen, Malaysian Ringgit, Polish Zloty, Swedish Krona, Australian Dollar, Canadian Dollar, Brazilian Real, Taiwan Dollar, Singapore Dollar and New Zealand Dollar, of which UK Sterling and Swiss Franc represent the highest portion of revenues.

ARYZTA FY 2014 Consensus Estimates1

in
i
l
l
ion
Eu
ro
m		 L
o
w		 i
H
h
g		 M
e
a
n
1
0
B
d
l
t
a
s
e
o
n
a
n
a
s
s
y
2
E
B
I
T
A
i
l
d
i
i
&
J
V
t
n
c
u
n
g
a
s
s
o
c
a
e
s
s		 5
1
9		 5
5
3		 5
3
8
i
f
i
f
i
3
U
d
l
l
l
d
l
d
t
t
t
n
e
r
n
g
e
n
e
p
r
o
y
u
y
u		 3
2
4		 3
5
5		 3
9
4
3
U
d
l
i
E
P
S
(
)
t
g
n
e
r
y
n
c
e
n		 3
8
8
0
c		 4
0
1.
0
c		 3
9
3
0
c

1 Contributions for the consensus forecasts were received from Berenberg, Davy, Goodbody, KeplerChevereux, Helvea, Mainfirst, Soc Gen, Vontobel, UBS and ZKB in September 2013. ARYZTA AG does not warrant the accuracy or completeness of these forecasts.

2 EBITA presented before impact of non-recurring items. Associates and JVs presented after interest and tax.

3 Underlying fully diluted net profit & EPS presented before impact of non-ERP amortisation, non-recurring items and related tax credits.

Presentation Glossary

  • 'ERP' Enterprise Resource Planning intangible assets include the Food Group SAP and Origin Microsoft Dynamics AX software system
  • 'EBITDA' presented as earnings before interest, taxation, depreciation and amortisation reported for the year and before non-recurring items and related deferred tax credits
  • 'EBITA' presented before non- recurring items and related deferred tax credits. ERP intangible asset amortisation is treated as depreciation
  • 'Associates and JVs, net' presented as profit from associates and JVs, net of taxes and interest
  • 'Hybrid instrument' presented as Perpetual Callable Subordinated Instrument in the Financial Statements
  • 'Non-controlling interests' always presented after the dilutive impact of related subsidiaries' management incentives
  • 'CAGR' Compound Annual Growth Rate

Investor Information

Company Contact

Paul MeadeCommunications Officer

ARYZTA AG

Talacker 418001 Zurich SwitzerlandTel: +41 (0) 44 583 42 00 Fax: +41 (0) 44 583 42 49 [email protected] www.aryzta.com

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