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Aryzta AG

Investor Presentation • Mar 10, 2013

818_ip_2013-03-10_5ea5c297-12c5-4f17-8050-1cb2f8922d2a.pdf

Investor Presentation

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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 – 68.8% Holding

J
2
0
1
3
(
E
U
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)
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9
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6
  • –Increased seasonality following adverse 2012 Autumn planting weather in the UK
  • –Favourable pricing boosted Associate and Joint Venture contributions
  • –Continued repositioning focusing on Agri intelligence and sustainable crop technologies

  • Current outlook for farming remains positive for Origin

  • 1 Origin H1 2013 underlying fully diluted EPS is calculated using the weighted average number of shares in issue of 138,499,155 (H1 2012: 138,499,155).

  • 2 Based on a price of €4.817 per share as of the close on March 7.

5© ARYZTA, March 2013

ARYZTA AGFinancial and Business Review

H1 2013 Key Highlights

F
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 1
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 0
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 0
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 1
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 0
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  • ARYZTA Group underlying fully diluted net profit increased 5.6%
  • Underlying fully diluted EPS increased 0.5% to 146.4c.
  • EPS impacted by an increase in the weighted average number of shares in issue
  • Food Group net debt: EBITDA (excluding hybrid instrument as debt) 1.79x

ARYZTA Group – Income Statement

6 month period ended 31 January 2013

in
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6
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1 The January 2013 weighted average number of ordinary shares used to calculate diluted earnings per share is 88,395,981 (H1 2012: 84,176,373). The increase in the weighted average number of ordinary shares 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 period.

ARYZTA Group – Underlying Revenue Growth

F
d
N
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5
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6
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0
6
8
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7
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%		 2
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%
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7
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C
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8
%		 6
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%		 1
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9
%		 8
2
%

ARYZTA Group – Segmental EBITA

T
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B
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t
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9
7
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8
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8
6
3
9
9
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9
%
T
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0
6
9		 7
5
6
7
,		 4
6
3
%
O
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&
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0
8
6
6
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0
6
5
,		 5
3
8
%
F
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J
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0
3		 5
0
2		 (
5
9
6
)
%
A
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8
6
3
1
1
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7
8
8
3
2
,		 4
2
%
O
i
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r
g
n		 2
3
8
6
,		 8
6
2
5
,		 (
9
3
)
%
5
T
l
F
d
G
t
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a
o
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r
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p		 1
8
3
9
2
5
,		 1
7
2
9
7
0
,		 6
3
%
f
F
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R
W
l
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t
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s
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r		 1
6
5
5
7
,		 1
3
8
1
5
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2
%
5
F
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N
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A
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m
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c
a		 9
0
7
3
8
,		 8
4
9
5
5
,		 6
8
%
F
d
E
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u
r
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p
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7
6
1
1
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4
1
6
4
,		 4
6
%
F
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'0
Eu
0
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2
0
1
3
a
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2
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a
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Food Group – Income Statement

in
'0
0
0
Eu
ro		 2
0
1
3
J
a
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1
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3
1
4
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4
0
4
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3
5
,		 6
9
%
E
B
I
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A		 1
8
3
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2
5
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2
9
7
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,		 6
3
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7
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2
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5
0
2		 1
1
5
6
2
3
,		 5
1
%

Food Group – Cash Generation

6 month period ended 31 January 2013

P
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3
1
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1
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1
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Am
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t
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8,
7
3
7		 4
7,
0
1
0
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8
3,
9
2
5		 1
7
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9
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De
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t
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c		 4
6,
2
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3,
8
3
8
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8
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3

1 Includes dividend received from Origin of €14,250,000 (H1 2012 €10,450,000).

2 Includes expenditure on intangible assets.

14© ARYZTA, March 2013

Food Group Net Debt and Investment Activity

6 month period ended 31 January 2013

in
'0
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u
y		 (
8
8
0
8
1
)
4
,		 (
9
2
3
3
)
5
5
,

1 Includes expenditure on intangible assets.

2 Foreign exchange movement for the period ended 31 January 2013 attributable primarily to the fluctuation in the US Dollar to euro rate between July 2012 (1.2370) and January 2013 (1.3450).

3 Other comprises primarily proceeds on disposal of fixed assets and amortisation of financing costs

Excluding Origin – non-recourse financing facilities

Debt Financing

  • Food Group net debt of EUR 884.1m
  • Food Group gross term debt weighted average maturity of circa 5.38 years1
  • Weighted average interest cost of Food Group debt financing facilities (including overdrafts) of c. 4.59%
  • Net debt: EBITDA 1.79x (excluding hybrid instrument as debt) and interest cover of 8.18x (excluding hybrid interest)

Hybrid Financing

  • Food Group hybrid instrument net proceeds EUR 285.0m2
  • Net debt: EBITDA 2.44x (including hybrid instrument as debt) and interest cover of 6.41x (including hybrid interest)

1 Incorporating the drawn amount on Revolving Credit Facility of €201.4m and excluding hybrid instrument.

2 Total hybrid instrument amount outstanding CHF 400m.

16© ARYZTA, March 2013

Food Group Non-Recurring Costs

Strategic repositioning

Food Group non-recurring costs for 6 month period ending 31 January 2013

in
'0
Eu
0
0
ro		 N
C
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o
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a
s		 C
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a
s		 T
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0
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7
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0
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7
5
T
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l
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t
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a
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3
7
9
7
)
,		 (
3
7
9
7
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A
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9
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9
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1
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9
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9
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5
7
4
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3
2
1
3
6
)
,		 (
2
1
0
)
4
7
,

1 Severance and other staff related costs accounted for c. 58% of cash costs

Food Group non-recurring costs for 18 month period ending 31 January 2013

in
'0
Eu
0
0
ro		 N
C
h
o
n-
a
s		 C
h
a
s		 T
l
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N
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2
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2
7
T
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l
d
t
t
t
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a
n
s
a
c
o
n
r
e
a
e
c
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s		 – (
5
6
0
1
)
,		 (
5
6
0
1
)
,
A
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d
d
f
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l
d
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o
w
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s
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a
u
e
a
u
s
m
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s		 (
1
7
6
1
9
)
,		 – (
1
7
6
1
9
)
,
2
S
d
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f
f
l
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s
v		 – (
6
9
1
8
)
5
,		 (
6
9
1
8
)
5
,
O
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t
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n		 – (
3
2
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4
5
,		 (
3
2
1
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4
5
,
i
i
T
t
l
t
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a
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c
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m
p
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c		 (
1
6
9
0
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7
,		 (
1
0
9
2
8
0
)
,		 (
1
2
6
1
8
)
7
,

2 Severance and other staff related costs accounted for c. 63% of cash costs

Business Review

  • Food Europe
  • Food North America
  • Food Rest of World

  • Food Financial Metrics

  • Long-term price trends remain elevated due to fragile supply/demand balance

  • Weather events disruption
  • Working closely with customers to minimise the impact of input inflationary pressures
  • Weak consumer sentiment combined with price increases pose risk to volume

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

19© ARYZTA, March 2013

  • Hour-glass economy impact in most markets
  • Robust performance in challenging market
  • Return to positive like for like growth in period
  • No pricing in the period, H2 pricing risk to volume
  • Expansion in Poland on track to complete in H2

  • ERP rollout in Europe continues, expected to be completed in FY 2014

  • Margin contraction of 40 bps should be temporary (Direct Store Distribution and new business development)

  • Completed two small acquisitions adding complementary bakery capability/de-risking expansion

21© ARYZTA, March 2013

Food Rest of World6 month period ended 31 January 2013

11 Bakeries and Kitchens

Revenue €118.2m, +11.8% Underlying revenue +5.6% Acquisitions +4.8% Currency +1.4% EBITA €15.6m, +12.5% EBITA margin 13.2% (up from 13.1%)

  • Growth trends remain robust for revenue and EBITA
  • Margins benefited from non recurrence of transport costs to serve Brazilian market
  • New capacity expansion in Malaysia commissioned
  • Opened new sales offices in Jakarta and Singapore

22© ARYZTA, March 2013

Food Group Underlying Revenue Growth

Quarterly Underlying Revenue Growth

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

Food Group Underlying Revenue Growth

Channel and geographic rebalancing

Investment Update

  • Acquired two small businesses in North America

  • Complementary baking assets

  • Accelerates network reconfiguration

  • Disposed of small joint venture in North America
  • Subsequent event

  • Announced acquisition of Klemme AG in Germany, subject to regulatory approval

  • Consideration EUR 280m (of which EUR 10m is deferred), Revenue €229m

  • Highly efficient, well invested bakery strategically well located

  • Fits strategy to access large retail channel in Europe

Food Group ATI Review and Outlook

ARYZTA Transformation Initiative (ATI) September 2011 Targets

  • September 2011 announced three-year ARYZTA Transformation Initiative
  • Objective to create customer centric integrated, fully functioning organisation
  • Target to improve ROIC to 15% on FY 2011 underlying Food assets by 2015
  • Requires EUR 160m uplift in EBITA to achieve financial goal

  • 50% from internal efficiencies generated by ATI investment

  • 50% revenue benefit from customer centric strategy

  • EUR 400m investment over three years (FY 2012, FY 2013, FY 2014)

  • EUR 100m ERP investment

  • EUR 100m Non Recurring Cash Cost

  • EUR 200m Capital Restructuring Costs

  • March 2013 mid-term review of progress and investment update

Repositioning in North America

  • Customer Centric strategy progressing well with cross functional teams in place
  • Formerly separate businesses now operating as one with single instance ERP
  • Excellent management engagement in customer centric teams
  • New acquisitions providing greater bakery selection already fully integrated
  • Exit from Direct Store Distribution business facilitates greater regional penetration through third-party distribution
  • Substantial innovation pipeline introduced to customers
  • Organisational focus is firmly on customer and growth in food category
  • FY 2014 focus on bakery investment
  • FY 2015 target looks achievable

Repositioning in Europe

  • 18 months behind North America on ERP rollout
  • Greater complexity with separate businesses across eight countries
  • Weaker consumer sentiment adversely impacting volumes
  • Higher than anticipated cost reductions required to maintain margins and competitiveness
  • 2015 targets look achievable in terms of business integration and efficiencies
  • Revenue targets look challenging across current customer channels
  • Strategic acquisitions provide access to large customer channels
  • Focused on single-instance ERP rollout and implementing customer-centric strategy

Midpoint ATI Investment Review Guidance

  • Excellent progress on ATI
  • ERP operational in North America
  • Rolling out in Europe in line with business integration
  • One-off costs higher than September 2011 guidance
  • Reflects acquisitions (+15%) and additional cost reduction measures including exiting Direct Store Distribution business in North America
  • Previous guided investment of EUR 400m may increase by up to 15%
  • Cash restructuring related costs could be as high as 40% of ATI investment
  • Final detailed update in September 2013 final year of Transformation

– Focused on completing ATI programme in FY 2014 – Customer centric strategy essential for future organic growth – Acquisitions to add bakery capability/capacity and customer/geographic access – Maintain investment grade credit rating – Consensus FY 2013 underlying fully diluted EPS, including accretion from the recently announced strategic acquisition, looks reasonable at this stage – Fully diluted underlying EPS growth should return to double digit in FY 2014 – Outlook for repositioned businesses is excellent Outlook

ARYZTA AGAppendix 1 – Origin Financials

Origin Income Statement

6 month period ended 31 January 2013

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

1 Origin H1 2013 underlying fully diluted EPS is calculated using the weighted average number of diluted shares for the period of 138,499,155 (H1 2012: 138,499,155).

Origin Underlying Net Profit Rec.

6 month period ended 31 January 2013

in
'0
0
0
Eu
ro		 J
2
0
1
3
a
n
a
r
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y
R
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7
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9
0
1
,
i
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x		 (
8
6
)
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u
r
r		 1,
9
1
7
T
i
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d
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d
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d
t
t
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a
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s		 (
2
9
9
)
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f
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U
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g
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p
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y		 1
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8
,
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1
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u		 1
7
5
9
c
-------------------------------------------------------------------------------------------------------------------------------- -----------------------

1 Actual Origin H1 2013 underlying fully diluted EPS is calculated using the weighted average number of shares in issue of 138,499,155 (H1 2012: 138,499,155).

ARYZTA AGAppendix 2 – Other Financial Information and Presentation Glossary

Food Group FY 2013 Financial Metrics Updated

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

ARYZTA Group Underlying Net Profit Rec.

6 month period ended 31 January 2013

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

1 The January 2013 weighted average number of ordinary shares used to calculate diluted earnings per share is 88,395,981 (2012: 84,176,373). The increase in the weighted average number of ordinary shares 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 period.

39© ARYZTA, March 2013

Food Group Underlying Net Profit Rec.

6 month period ended 31 January 2013

in
'0
Eu
0
0
ro		 J
2
0
1
3
a
n
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f
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1
R
d
t
t
t
e
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r
r		 3
9
5
7
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t
g
n
a
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a
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s
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n		 4
8
7
3
7
,
T
i
i
t
t
a
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o
n
a
m
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r
s
a
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1
2
5
7
2
)
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n
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8
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3
)
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s		 4
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0
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6
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7
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)
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U
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t
t
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r
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n
g
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e
p
r
o		 1
2
1,
5
0
2

1 Food Group reported net profit excludes dividend income of €14,250,000 (H1 2012: €10,450,000) from Origin.

ARYZTA Group Balance Sheet

3
1
J
t
a
s
a
a
n
a
r
u
y		 2
0
3
1
--------------------------------------------------------------- ------------------
in
'0
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J
2
0
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6
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t
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8
3
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9
,		 3
7
2
2
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,
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k
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a		 (
2
8
2
0
5
)
,		 (
1
0
6
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5
7
)
,
O
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l
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t
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8
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7
6
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4
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,
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9
1
3
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5
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,
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e		 (
1,
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6
2
8
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1,
0
4
4
0
9
1
)
,
D
f
d
t
t
e
e
r
r
e
a
x,
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e		 (
3
0
1,
9
1
3
)		 (
3
2
6
6
5
7
)
,
I
t
n
c
o
m
e
a
x		 (
2
8
8
9
)
7
,		 (
2
0
)
7
4
4
,
D
i
i
f
i
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l
i
t
t
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r
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a
v
e
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a
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e		 (
1
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)		 (
5
5
0
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)
,
N
t
t
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a
s
s
e
s		 2
1
0
0
9
4
7
,
,		 2
0
9
3
5
5
5
,
,

Food Group Balance Sheet

as at 31 January 2013

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

Food Group Financing Facilities

Excluding Origin – non-recourse financing facilities

b
d
in
De
Fu
t
n
g		 in
ip
l
1
Pr
c
a		 ity
M
tu
a
r
No
2
0
1
1 –
Sy
d
ica
d
Ba
k
Lo
te
n
n
an
v		 C
H
F
9
7
0m		 De
2
0
1
6
c
2
0
1
0
S
iva
Ma
U
Pr
te
P
lac
t
y
em
en
–		 S
2
0m
/
2
U
D
4
E
U
R
5m		 2
0
1
3 –
2
0
2
2
Ma
Ma
y
y
De
2
0
0
9
U
S
Pr
iva
te
P
lac
t
c
em
en
–		 U
S
D
2
0
0m		 De
2
0
2
1 –
De
2
0
2
9
c
c
No
2
0
0
9
Sw
iss
Bo
d
v
n
–		 C
H
F
2
0
0m		 Ma
2
0
1
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
n
br
i
d
d
in
Hy
Fu
n
g
C
0
0m
i
ins
i
%
fu
in
Oc
H
F
4
Hy
br
d
tru
t w
t
h
5
de
d
to
be
me
n
co
up
on
n
f
f
irs
(
Oc
2
0
1
)
9
0
A
te
t c
l
l
da
te
to
be
4
tes
to
5
bp
r
a
r
co
up
on
e
q
ua
s
p		 2
0
1
0
r
3
C
O
lus
t
h
H
F
L
I
B
R
mo
n
S
Sw
iss
Tra
de
d
I
X
ha
on
e
xc
ng
e
1
0
0
%
i
fo
Tre
te
d
ty
ba
k c
t p
a
as
eq
u
r
n
ov
en
an
ur
p
os
es
2
%
i
fo
S
Tre
te
d
5
ty
U
P
P
t p
a
as
eq
u
r
co
ve
na
n
ur
p
os
es
b
lcu
la
ion
2 c
3
2
0
3
Ne
t
De
t:
E
B
I
T
D
A
t
t
1
J
1
a
s a
s a
an
ua
ry		 io
Ra
t
2
Ne
De
b
E
B
I
T
D
A
(
hy
br
i
d
i
)
t
t:
ty
as
e
q
u		 1.
7
9x
2
Ne
De
b
E
B
I
T
D
A
(
hy
br
i
d
de
b
)
t
t:
t
as		 2.
4
4x

1 Weighted average interest cost of Food Group debt financing facilities (including overdrafts) as at 31 January 2013 of c. 4.59%.

2 Calculated based on the Food Group EBITDA for the 12 month period ended 31 January 2013, including dividend received from Origin, adjusted for the pro forma full-year contribution of Food Group acquisitions.

Food Group Gross Term Debt Maturity Profile

weighted average maturity c. 5.38 years

  • 1 The term debt maturity profile is set out as at 31 January, 2013. Food Group gross term debt at 31 January 2013 is €1.18bn. Food Group net debt at 31 January 2013 is €884.1m, 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 €201.4m as at 31 January 2013 which represents 17% of the Food Group gross term debt.

ARYZTA Group – Return on Invested Capital

F
d
o
o		 F
d
N
h
t
o
o
o
r		 F
d
R
t
o
o
e
s		 T
l
t
o
a
in
i
l
l
ion
Eu
ro
m		 E
u
r
o
p
e		 i
A
m
e
r
c
a		 f
W
l
d
o
o
r		 G
F
d
o
o
r
o
u
p		 O
i
i
g
r
n		 T
l
t
o
a
3
1
2
0
1
3
J
a
n
a
r
u
y
1
G
h
t
t
r
o
p
s
a
r
e
n
e
a
s
s
e
s
u		 1,
3
9
2		 1,
1
9
7		 2
2
7		 3
3
8
3
,		 3
6
9
4		 3
3
8
2
5
,
2
E
B
I
T
A
i
l.
i
d
J
V
t
n
c
a
s
s
o
c
a
e
s
a
n
s		 1
7
3		 1
8
4		 3
1		 3
8
8		 8
3		 4
7
1
R
O
I
C		 1
2
4
%		 1
0
7
%		 1
1.
3
%		 1
1.
5
%		 1
7
6
%		 1
2
2
%
3
1
2
0
1
2
J
l
u
y
1
G
h
t
t
r
o
u
p
s
a
r
e
n
e
a
s
s
e
s		 1,
4
4
7		 1,
8
3
5		 2
9
0		 3
5
7
2
,		 3
4
6
0		 3
4
0
3
2
,
2
i
i
E
B
I
T
A
l.
d
J
V
t
n
c
a
s
s
o
c
a
e
s
a
n
s		 1
0
7		 1
7
7		 2
9		 3
6
7		 8
2		 8
4
5
R
O
I
C		 1
1.
7
%		 9
6
%		 1
0
1
%		 1
0
5
%		 1
7
9
%		 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 €47,148,000 (2012: €119,073,000).

4 The Food Group WACC on a pre-tax basis is currently 7.9%.

EUR Average and Closing FX Rates

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

ARYZTA Consensus Estimates1 March 2013

F
Y
2
0
1
3		 M
e
a
n		 H
i
h
g		 L
o
w
B
d
1
3
l
t
a
s
e
o
n
a
n
a
y
s
s
U
d
l
i
E
P
S
n
e
r
y
n
g		 3
6
3
5
c		 3
7
7
0
c		 3
5
3
0
c
2
0
1
F
Y
4		 M
e
a
n		 i
H
h
g		 L
o
w
1
2
B
d
l
t
a
s
e
o
n
a
n
a
s
s
y
U
d
l
i
E
P
S
n
e
r
y
n
g		 4
0
1.
9
c		 4
2
3
0
c		 3
8
3
0
c
F
Y
2
0
1
5		 M
e
a
n		 H
i
h
g		 L
o
w
B
d
1
0
l
t
a
s
e
o
n
a
n
a
y
s
s
U
d
l
i
E
P
S
n
e
r
y
n
g		 4
4
3
0
c		 4
7
1.
0
c		 4
1
9
0
c

1 Forecasts as of 8 March, 2013. These estimates were collated by Bloomberg. ARYZTA AG does not guarantee the accuracy or completeness of these forecasts.

47© ARYZTA, March 2013

Presentation Glossary

  • 'EBITA' presented before non- recurring items and related 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
  • 'EBITDA' presented as earnings before interest, taxation, depreciation and amortisation reported for the period and before non-recurring items and related tax credits
  • 'Non-controlling interests' presented after the dilutive impact of related subsidiaries' management incentives
  • 'Hybrid instrument' presented as Perpetual Callable Subordinated Instrument in the Financial Statements
  • 'CAGR' Compound Annual Growth Rate
  • 'ERP' Enterprise Resource Planning intangible assets include the Food Group SAP and Origin Microsoft Dynamics AX software systems

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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