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Aryzta AG

Investor Presentation • Mar 8, 2009

818_ip_2009-03-08_ac688947-2082-4556-a82e-365f5d918d46.pdf

Investor Presentation

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ARYZTA AGHalf Year ResultsPresentation

9th March2009

Forwardlooking statement

This presentation contains forward looking statements which reflect Management's current views and estimates 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 conditions, foreign exchange fluctuations fluctuations, competitive product and pricing pressures and regulatory developments.

Agenda

  • Welcome
  • ARYZTA AG– a reminder
  • Excellent H1results
  • H1detail
  • Market, response & outlook
  • Questions

OurBusiness

  • Global foodcompany
  • Created in 2008 – strategic merger of IAWS and Hiestand
  • Swissincorporated and Zurich based
  • Operations in Europe, North America South East Asiaand Australia
  • Listedin Zurich (SIX; ARYN) and Dublin (ISE; YZA)
  • Holds71 4%. of Origin; an agri‐nutrition business business
  • Origin Enterprises plc on AIM in London / IEX in Dublin( ; AIM OGN, ; ) IEX OIZ).

Bakery Brands

Food Europe HomeMarkets

Food North America & Developing Markets HomeMarkets

Total BakedGoods Market

Speciality Bakery Market

Market Growth– Speciality Bakery

ARYZTAMarket Presence

Global Scale &Reach

Access toConsumers across 4 Continents

  • –Bakeries 23
  • – DSDfacilities 111
  • – No. o S f DD routes 900+
  • –Customers 200,000+
  • – DSDcustomers 140,000+
  • –No. of consumers 772m
  • –Employees 8,000+

ARYZTA AGHalf YearFinancials

FinanceSummary Slide

  • Operating profit up 19.6% ‐ All segments performing well
  • Balance sheet enhanced by
  • Hiestand asset consolidation
  • –Higher USD assets
  • Grangecastle investment €200m fully commissioned (€32m cash outflow in H1*)
  • Food Free cash flowup 24.8%
  • Bank debt at €625m or 2.3x EBITDA, despite the currency head wind of €74mprimarily driven from the Private Placement (PP)

ARYZTA AG half year results – period ended 31 Jan 2009

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€
0
0		 J
2
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0
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x.
    1. Presentedafter dilutive impact of Origin management incentives.
    1. Proforma EPS calculatedusing proforma number of shares of 78,940,460

Underlying revenue growth 2009 ‐ ARYZTAAG

€
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2
9
2		 %
1
5
8
    1. Underlying growth based on prior year proforma revenues.
  • 2.Origin revenue is presented after deducting intra group sales between Origin Enterprises and 'Food Group'.

ARYZTA AG Segmental operating profit1 – period ended 31 Jan 2009

€
0
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0		 J
2
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9
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8
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1
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3
3
7		 %
1
7.
4

1.All segmental operating results are before intangible amortisation and exceptional items.

  1. Associate &JV profit net of tax and interest.

'Food Group' half year results – period ended 31 Jan 2009

'0
€
€
0
0
0
0
0		 J
2
0
0
9
a
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%
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6
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6

  1. Beforeimpact of intangible amortisation, exceptional items.

  2. Presentedafter interest and tax.

Origin Enterprises half year results – period ended 31 Jan 2009

'0
€
0
0		 J
2
0
0
9
a
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8
a
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%
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%

1.Origin revenue is presented before deducting intra group sales between Origin Enterprises and 'Food Group'.

  1. Beforeimpact of intangible amortisation, exceptional items.

  2. Presentedafter interest and tax.

Free cash flow'Food Group'

€
0
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0		 J
2
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8
%
4

'FoodGroup' Balance Sheet

€
0
0
0		 'F
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a
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1
4
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2
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0
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5,
2
3
9

Movement innet debt – half year to Jan 2009

€
0
0
0		 'F
d
'
G
o
o
r
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i
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    1. Food Group net debt to EBITDA ratio based on bank covenant definition. Origin Enterprises net debt to EBITDA ratio excludes any bank covenant related adjustments.
    1. Foreign exchange movement is primarily attributable to the fluctuation in the US Dollar between July 2008 (1.5729) and January 2009 (1.2952).
    1. Proforma adjustment includes the cash consideration (€30m) paid to Lion Capital as part of the ARYZTA transaction.

Banking Facilities

  • Origin debt facilities are 'ringfenced' and non‐recourse to ARYZTA AG
  • ARYZTA AG– Excellent banking facilities – €1.15 bn negotiated in 2008
  • €795mRevolving Credit Facility ‐ matures 20 June 2013
  • USD 450m Private Placement ‐ matures between 13 June 2014 ‐ 13 June 2019
  • As at 31 January 2009, ARYZTA AG Net Debt €625m (2.32x Net Debt : EBITDA)
  • €74mFX imp y act mainlydue to conversion of USD 450m PP
  • July 2008 Pro Forma Net Debt €553 m (2.13x Net Debt : EBITDA)
  • Committed facilities c. 55%net drawdown
  • Net Debt : EBITDACovenant 3.5x

Returnon investment

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    1. Net assets exclude all bank debt, cash, cash equivalents and tax related balances. Details of this calculation for 'Food Group' and Origin net assets are set out as part of ARYZTA AG's Interim Statement 'Food Group' and Origin net assets Group AG sStatement. FoodGroup includespreviously written off goodwill of €111.2 million.
    1. Operating profit of subsidiaries is presented before the impact of exceptional items, interest and tax. In the case of associatesnet profit is included after interest and tax.
    1. Net assets andOperating profit presented on a pro forma basis.
  • 4.Origin net assets exclude property revaluation of €140 million.
  • 5.Retranslating January 2009 net assets for Food North America at the July 2008 closing rate would result in an ROI of 12.2%.

Origin

H1Origin

  • Astrong operating performance in H1
  • Excellent contribution fromMasstock acquisition
  • Business fundamentals remainsupportive despite market volatility
  • O tipera ng i t n a mostsust i bl a na e mark t e
  • Strategically well positioned
  • ‐Masstock acquisition – Feb 2008
  • ‐ Marineproteins JV – Feb 2009

Full H1results: www.originenterprises.ie

Food

FoodEurope – H1

  • Performance inline with expectations
  • Underlying revenue growth of 2.8%
  • Volume declines in Ireland and to a lesser extentUK
  • – Resilience inSwitzerland, Germany and France
  • O i perat ng profi h f 11% fit growth of 11%
  • Improvements in operating efficiency
  • – Benefits fromincreased manufacturing

FoodEurope H1

  • Driving profitable growth via our infrastructure
  • Grangecastle, Dublin
  • Bakery fully commissioned 31st Jan 2009
  • Unique bakery product technology
  • Focus onchanging needs of consumers
  • Hiestand Synergy
  • Brandleverage and scale
  • Sharedtechnology and innovation
  • Gl b l oa customer and consumer i ih ns g ts
  • Hiestand and Grangecastle are complementary investments
  • Financial benefits of this infrastructureto become progressively apparent from 2009onwards

FoodNorth America H1

Excellentperformance

Underlying revenue growth of 16.6%

  • La Brea expands in US multiple retail
  • – Otis delivers excellent results in Foodservice markets
  • O i perat ng profi h f 26% fit growth of 26%
  • Resilience due to market leading positions in freshly baked cookies and artisan bread
  • Implementation of SAP Enterprise Resource Planning at Otis to deliver efficiency benefits
  • Business dynamics in North America remain supportive for our business

ARYZTAMarket

  • WorldEconomy is in CRISIS
  • CreditIndustry (Banking) is in CRISIS
  • Consumers areGripped by FEAR
  • All Customer Channels areImpacted
  • LessConsumer Spending per Transaction
  • AllSuppliers are Impacted
  • Delayed Decision Making re Investments
  • IncreasedCredit RISK
  • Foodis Defensive
  • Bakery is Everyday Low Cost to Consumer

ARYZTAResponse

  • Focus onprotecting the business model
  • Innovate anddevelop product portfolio
  • Increasedavailability of product
  • Increasedefficiency to service customer
  • Improved bakery asset utilisation
  • Leverage Grangecastle and Hiestand investments
  • Invest inprocess technology

ARYZTAOutlook

  • Focus is onCASH
  • Revenuegrowth less predictable in 2009
  • Businessmodel has proven resilience
  • Medium term growth prospects remain excellent
  • Strong cash flows and balance sheet
  • Greater consolidationopportunities
  • Experienced and ambitious management teamsdriving performance
  • Focusedon future earnings growth

ARYZTA AGHalf Year Results PresentationAppendices

ARYZTA proforma half year results ‐ period ended 31 Jan 2008

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'Food Group' proforma half year results – period ended 31 Jan 2008

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Free cash flow'ARYZTA AG'

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4
7
0
d
i
I
t
t
t
t
n
e
r
e
s
a
n
a
x
a
o
n		 (
)
1
4,
6
5
5		 (
)
3,
6
8
5
h
O
t
e
r
s		 2
4		 3
8
h
F
r
e
e
c
a
s		 (
)
3
8,
8
5
6		 (
)
1
9,
2
9
3

ARYZTA AGBalance Sheet

€
0
0
0		 G
A
R
Y
Z
T
A
A
3
1
J
J
t
t
a
s
a
a
n
2
0
0
9		 f
P
r
o
o
r
m
a
G
A
R
Y
Z
T
A
A
3
1
J
2
0
0
8
t
a
s
a
a
n
l
d
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P
t
t
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r
o
p
e
r
y,
p
a
n
a
n
e
q
u
p
m
e
n		 6
8
8,
3
9
7		 8
1
3
0
5
7,
I
i
t
t
t
n
v
e
s
m
e
n
p
r
o
p
e
r
e
s		 1
9
6,
8
0
7		 1
9
5,
6
5
9
d
l
l
d
b
l
(
f
l
d
d
f
d
)
G
i
i
i
t
t
t
t
t
o
o
a
n
n
a
n
g
e
a
s
s
e
s
n
e
o
r
e
a
e
e
e
r
r
e
a
w
x		 3
2
8,
2
9
1,
7		 2
8
8
1,
5
4,
4
A
i
t
s
s
o
c
a
e
s		 8
8,
5
5
4		 7
7,
8
3
5
k
l
W
i
i
t
o
r
n
g
c
a
p
a		 9
1,
9
6
0		 9
4,
5
9
9
b
N
D
t
t
e
e		 (
)
8
2
5,
8
3
4		 (
)
7
2
0,
4
8
1
h
l
b
l
i
i
i
i
O
t
t
t
e
r
n
e
a
e
s		 (
)
1
9
4,
2
9
8		 (
)
2
3
9,
2
7
6
N
t
t
e
a
s
s
e
s		 1,
3
3,
8
6
7
5		 1,
2
0,
3
1
4
5

ARYZTA pro forma balance sheet as at 31 Jan2008

i
d
l
d
i
H
H
t
e
s
a
n
o
n
g
s		 A
R
Y
Z
T
A
I
A
W
S
G
t
r
o
p
a
s
a
u		 A
G		 f
P
r
o
o
r
m
a		 f
t
p
r
o
o
r
m
a
a
a
s
s
a
0
0
0
€		 3
2
0
0
8
1
J
a
n		 3
2
0
0
1
D
7
t
a
s
a
e
c		 d
j
A
t
t
s
m
e
n
s
u		 3
2
0
0
8
1
J
a
n
l
d
P
t
t
r
o
p
e
r
y,
p
a
n
a
n
i
t
e
q
u
p
m
e
n		 4
2
7,
1
5
1		 1
4
8,
8
6
9		 1
1,
1
1
0		 5
8
7,
1
3
0
i
I
t
t
t
n
v
e
s
m
e
n
p
r
o
p
e
r
e
s		 1
9
2,
4
1
8		 3,
2
4
1		 ‐ 1
9
5,
6
5
9
d
l
l
d
b
l
G
i
i
i
t
o
o
a
n
n
a
n
g
e
w
t
a
s
s
e
s		 8
0
3
4,
4
1		 1
3
9,
3
6
1
1		 1
0,
0
8
4
5
7		 3
9
2
1,
4,
7
5
A
i
t
s
s
o
c
a
e
s		 1
6
0,
3
9
9		 ‐ (
)
8
2,
5
6
4		 7
7,
8
3
5
k
l
i
i
W
C
t
o
r
n
g
a
p
a		 5
8,
0
4
6		 3
6,
5
5
2		 ‐ 9
4,
5
9
9
b
N
D
t
t
e
e		 (
(
)
)
5
5
8
8
2
2,
8
8
4
4
8
8		 (
(
)
)
1
1
0
0
7
7,
6
6
3
3
3
3		 (
(
)
)
3
3
0
0,
0
0
0
0
0
0		 (
(
)
)
7
7
2
2
0
0,
4
4
8
8
1
1
h
l
i
b
i
l
i
i
O
t
t
t
e
r
n
e
a
e
s		 (
)
2
5
8,
4
0
8		 (
)
2
7,
4
6
2		 (
)
9
2,
8
3
2		 (
)
3
7
8,
7
0
3
N
t
t
e
a
s
s
e
s		 8
0
1,
1
8
9		 1
9
2,
0
3
7		 2
6,
4
2
2
5		 1,
2
0,
3
1
4
5
  1. Included in pro forma adjustment is an increase to reflect actual goodwill of €336,605 and intangibles of €253,239 on the merger of Hiestand Holdings AG.

'Food Group' pro forma balance sheet as at 31 Jan2008

€
0
0
0		 d
I
A
W
S
F
t
o
o
a
s
a
3
1
J
2
0
0
8
a
n		 i
d
l
d
i
H
H
A
G
t
e
s
a
n
o
n
g
s
1
3
1
D
2
0
0
7
t
a
s
a
e
c		 f
P
r
o
o
r
m
a
d
j
A
t
t
u
s
m
e
n
s		 'F
d
'
G
o
o
r
o
u
p
f
t
p
r
o
o
r
m
a
a
s
a
3
1
J
2
0
0
8
a
n
l
d
P
t
t
r
o
p
e
r
y,
p
a
n
a
n
i
t
e
q
u
p
m
e
n		 3
3
3,
1
8
4		 1
4
8,
8
6
9		 1
1,
1
1
0		 4
9
3,
1
6
3
I
i
t
t
t
n
v
e
s
m
e
n
p
r
o
p
e
r
e
s		 ‐ 3,
2
4
1		 ‐ 3,
2
4
1
d
l
l
d
b
l
G
i
i
i
t
o
o
w
a
n
n
a
n
g
e
t
a
s
s
e
s		 7
5
1,
4
0
5		 1
1
3
9,
1
3
6		 1
4
5
0,
7
0
8		 1,
3
4
1,
2
4
9
i
A
t
s
s
o
a
e
s
c		 1
4
4,
9
0
9		 ‐ (
)
8
2,
5
6
4		 6
2,
3
4
5
k
l
W
i
C
i
t
o
r
n
g
a
p
a		 (
)
1
7,
1
2
8		 3
6,
5
5
2		 ‐ 1
9,
4
2
4
b
N
D
t
t
e
e		 (
(
)
)
4
4
1
1
8
8,
4
4
4
4
6
6		 (
(
)
)
1
1
0
0
7
7,
6
6
3
3
3
3		 (
(
)
)
3
3
0
0,
0
0
0
0
0
0		 (
(
)
)
5
5
5
5
6
6,
0
0
7
7
9
9
h
l
b
l
O
i
i
i
i
t
t
t
e
r
n
e
a
e
s		 (
)
1
8
7,
8
1
0		 (
)
2
7,
4
6
2		 (
)
9
2,
8
3
2		 (
)
3
0
8,
1
0
4
N
t
t
e
a
s
s
e
s		 6
0
6,
1
1
4		 1
9
2,
7
0
3		 2
5
6,
4
2
2		 1,
0
5
5,
2
3
9

1. Included in pro forma adjustment is an increase to reflect actual goodwill of €336,605 and intangibles of €253,239 on the merger of Hiestand Holdings AG.

Origin Enterprises Balance Sheet

€
0
0
0		 i
i
i
O
E
t
r
g
n
n
e
r
p
r
s
e
s
3
1
J
2
0
0
9
t
a
s
a
a
n		 i
i
i
O
E
t
r
g
n
n
e
r
p
r
s
e
s
3
1
J
2
0
0
8
t
a
s
a
a
n
l
d
i
P
t
t
t
r
o
p
e
r
y,
p
a
n
a
n
e
q
u
p
m
e
n		 1
0
0,
0
3
7		 9
3,
9
6
7
i
I
t
t
t
n
e
s
m
e
n
p
r
o
p
e
r
e
s
v		 9
2,
9
8
1
7		 9
2,
8
1
4
1
d
l
l
d
b
l
G
i
i
i
t
t
o
o
w
a
n
n
a
n
g
e
a
s
s
e
s
(
f
f
)
l
d
d
d
t
t
t
n
e
o
r
e
a
e
e
e
r
r
e
a
x		 9
4,
7
1
4		 4
9,
4
6
6
A
i
t
s
s
o
c
a
e
s		 3
1,
8
6
3		 1
5,
4
9
0
k
l
i
i
W
t
o
r
n
g
c
a
p
a		 8,
8
0
7
7		 7
5,
1
7
4
b
N
D
t
t
e
e		 (
(
)
)
2
2
0
0
0
0,
3
3
5
5
6
6		 (
(
)
)
1
1
6
6
4
4,
4
4
0
0
2
2
h
l
b
l
O
i
i
i
i
t
t
t
e
r
n
e
a
e
s		 (
)
7
2,
8
0
7		 (
)
6
7,
0
3
8
N
t
t
e
a
s
s
e
s		 2
2
5,
2
3
6		 1
9
5,
0
7
5
'0
€
0
0		 A
R
Y
Z
T
A		 d
F
o
o		 i
i
O
r
n
g
1
d
k
l
%
T
W
i
C
i
R
t
r
a
e
o
r
n
g
g
a
p
p
a
e
v
e
n
u
e
s		 %
5
9		 %
1.
5		 2
%
1
1.
1
d
k
l
T
W
i
C
i
%
N
A
t
t
t
r
a
e
o
r
n
g
a
p
a
e
s
s
e
s		 6
7
%		 1.
1
%		 3
5
0
%
d
l
l
G
i
%
N
A
t
t
o
o
e
s
s
e
s
w		 6
8
0
%		 2
2
%
4		 3
2
%
7
b
l
I
i
%
N
A
t
t
t
n
a
n
g
e
s
e
s
s
e
s		 3
9
2
%		 4
4
6
%		 1
5
9
%
d
i
%
F
A
N
A
t
t
t
e
s
s
e
s
e
s
s
e
s
x		 0
%
5
1		 2
%
5
1.		 %
4
4
4
D
i
i
%
N
A
t
t
t
e
p
r
e
c
a
o
n
e
s
s
e
s		 2
1
%		 2
2
%		 1.
9
%
    1. Basedon Revenue and Depreciation for the 6 month period to 31 January 2009.
    1. Based on Revenue as disclosed in Origin Enterprises plc half year statement including inter‐company sales b t th F d G d Oi i betweenthe FoodGroup andOrigin.

'FoodGroup' Goodwill & Intangibles

  • 90% of Goodwill relates to Hiestand, Otis Spunkmeyer, La Brea Bakery and Coup de Pates.
  • 98%of Intangibles relate to Hiestand Hiestand, Otis Spunkmeyer and Coup de Pates.
  • Goodwill is testedfor impairment on an annual basis.
  • Intangibles are written off over their expected useful life (average 15 years).
  • The Group uses a conservative valuation methodology to review Goodwill recoverableamounts.
  • Methodology based on value in use approach using conservative assumptions regarding future organic growth.
  • Calculation based on discounted cash flows projected over 4 years with subseq y uent ears' cash flows reflected in a terminal value (2% terminal growth rateassumption, 14% discount rate before tax).

FXRates

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

Additional information – Pro forma 2008 andActual 2009

'F
d
'
G
o
o
r
o
u
p		 '0
H
1
0
9
€
0
0		 1
0
8
H
f
'0
P
€
0
0
r
o
o
r
m
a
b
N
D
t
t
e
e		 (
(
)
)
6
6
2
2
8
8
5,
5
4
4
7
7		 (
(
)
)
2,
2
6
6
2
2
5
5
5
5
5
5
1
b
N
D
E
B
I
T
D
A
t
t
e
e
:		 2.
3
2		 2.
1
5
2
I
C
t
t
n
e
r
e
s
o
v
e
r
a
g
e		 7.
0
1		 6.
5
3
3
f
f
f
f
i
i
E
E
T
T
t
t
t
t
e
c
v
e
a
x
r
a
e		 1
1
9
9.
5
5
3
3
%
%		 2
2
1
1.
0
0
8
8
%
%
C
a
p
e
x		 6
5
1,
1
1		 6
8
3
5,
7
D
i
i
t
e
p
r
e
a
o
n
c		 2
4,
6
9
7		 2
4,
0
1
1
i
i
A
t
t
m
o
r
s
a
o
n		 2
0
9
6
7 ,		 2
0
3
0
7 ,
i
i
i
O
E
t
r
g
n
n
e
r
p
r
s
e
s		 '0
H
1
0
9
€
0
0		 '0
H
1
0
8
€
0
0
b
N
D
t
t
e
e		 (
)
2
0
0,
3
5
6		 (
)
1
7
5,
1
2
5
1 E
b
N
D
E
B
B
I
I
T
T
D
D
A
A
t
t
e
e
:		 2
2
1 .		 2
5 .
1
2
I
C
t
t
n
e
r
e
s
o
v
e
r
a
g
e		 3.
0
2		 3.
6
2
3
f
f
i
E
T
t
t
e
c
v
e
a
x
r
a
e		 1
8.
0
7
%		 1
9.
6
4
%
C
a
p
e
x		 3
8 ,
5
6		 1
6
4 ,
8
0
D
i
i
t
e
p
r
e
c
a
o
n		 4,
3
1
0		 3,
6
5
5
A
i
i
t
t
m
o
r
s
a
o
n		 1,
4
7
7		 7
8
7

1 F d G d b EBITDA i b d b k d fi i i Oi i E i d b EBITDA i l d b k l d 1.FoodGroup net debt to ratio basedon bankcovenant definition. Origin Enterprises net debt to ratio excludes any bankcovenant relatedadjustments.

  1. Interestcoverage based on operating profit including associates before exceptional items divided by net interest charge.

  2. Effective tax rate basedon total tax charge of subsidiaries and associates as a percentage of total subsidiaries and associate operating profits before tax.

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