Bonduelle — Earnings Release 2010

Nov 5, 2009

BONDUELLE

A French SCA (Partnership Limited by Shares) with a capital of 56,000,000 Euros Head Offices: La Woestyne 59173 Renescure, France Business registration number: B 447 250 044 (Dunkerque Registrar of Businesses)

Q1 turnover growth up by more than 4 % in line with objectives

At the close of the first quarter of FY 2009-2010, turnover stood at 362.7 million Euros, up 4.- % (5.4% at constant exchange rates).

Sales—unchanged at constant scopes of consolidation and exchange rates (- 0.1 %)—were favourably impacted by the effects of external growth operations conducted in FY 2008 - 2009.

The quarter closed on a positive note, with growth figures for September up 0.7% on a like-for-like basis.

Breakdown of turnover by zone

Total consolidated turnover (in millions of Euros)	From July 1st to September 30th		Variation	Variation at constant scopes of consolidation and exchange rates
	2008 - 2009	2009 - 2010	%	%
Europe Zone	265.2	272.3	2.7	0.9
Non-Europe Zone	83.6	90.4	8.2	- 3.2
Total	348.8	362.7	4.0	- 0.1

Breakdown of turnover by technology

Total consolidated turnover (in millions of Euros)	From July 1st to September 30th		Variation	Variation at constant scopes of consolidation and exchange rates
	2008 - 2009	2009 - 2010	%	%
By technology
Canned	158.5	172.4	8.7	1.1
Frozen	104.1	103.6	- 0.5	- 2.9
Chilled	86.1	86.7	0.7	0.7
Total	348.8	362.7	4.0	- 0.1

Canned-vegetable sales

Once again, canned vegetable confirmed their defensive qualities as internal growth in the sector increased by 1.1% at constant foreign exchange rates.

In the Europe zone, on a like-for-like basis, growth in the sector was up 2.7 %.

Non-Europe sales were unfavourably affected by a restriction in the conditions of payment granted in Eastern Europe (Russia and CIS countries), while sales in North America attained a satisfactory level.

Frozen-vegetable sales

Frozen-vegetable invoicing levels were practically unchanged (+ 0.1 %) on a like-for-like basis. The net positive effect of changes in consolidation scope—the acquisitions of Family Tradition and Omstead Food; the deconsolidation of the European distributor-brand operations arising from the joint venture with Gelagri—compensated for the decline in sales in branded frozen vegetables in hypermarkets and supermarkets and in the non-domestic catering market, particularly in Europe and less markedly so in North America.

Chilled-vegetable sales

Chilled-vegetable sales, achieved in a stable market, grew slightly by 0.7%.

Highlights of the quarter

On September 7th, 2009, on the occasion of a presidential trip to Brazil, Mrs Christine Lagarde, the French Minister of Economy, Industry and Employment, inaugurated the construction of a new canning facility in Cristalina.

Prospects

The summer 2009 harvesting campaigns—key factors for the group's industrial performance—have proven to be very satisfactory, both in terms of quantity and quality.

A review of the projects implemented as part of the Group's Sustainable Competitiveness Plan has confirmed the objective of 30 million Euros in savings by 2010 - 2011.

Market sluggishness in the summer of 2009, and the outcome of price negotiations are consistent with the economic hypotheses underlying the forecasted objectives of 3-5 % growth in turnover and 5-10 % growth in operating profit in FY 2009-2010.