Greenyard NV — Earnings Release 2011

Apr 26, 2011

Press release

PinguinLutosa: trading update Q1 2011

Sales

For the 3 months to 31 March 2011, PinguinLutosa recorded consolidated sales of 118.6 million euro, which represents an increase of 4.48%. Evolution of sales per division is as follows:

Non-audited management figures in euro	1 January till 31 March		Evolution
	2011	2010	%
Deep-frozen vegetable division	58,269,636	59,951,992	-2.81%
Potato division	60,311,444	53,543,411	+12.64%
Total	118,581,080	113,495,403	+4.48%

In accordance with the IFRS standards, in 2011 the transport costs charged on to customers have been posted under the heading 'sales' and the prior period figures have been adjusted accordingly.

Both in the deep-frozen vegetable and the potato division there is a decrease of volumes sold compared to prior year. The impact of the decrease in volumes in the potato division (-13.99%) was more than compensated by the increased sales price, which was caused by the strong increase of the purchase price of fresh potatoes. Within the deep-frozen vegetable division the volume sold decreased by 6.50%. Had the exchange rate of the British pound remained unchanged, the whole deep-frozen vegetable division would have achieved 4.57% less in turnover.

CECAB/UFM

The cooperation between CECAB and PinguinLutosa is on the right track and all preparations were made for completion. However, the initial start date will be postponed from 1 May 2011 to 1 July 2011.

This delay is the consequence of a number of administrative recommendations and notification periods which PinguinLutosa wishes to take into account, as requested by the French competition authorities.

Both parties however explicitly reconfirm their previously undertaken commitments and are looking forward to this cooperation with full confidence.

In addition, it is also the purpose that the start coincides with the acquisition of Scana Noliko.

Scana Noliko

The proceedings regarding the due diligence, the competition authorities in Germany and the financing structure are on schedule.

The earlier announced date of 1 July 2011 will be retained: from that date onwards PinguinLutosa acquires and Scana Noliko will be included in the consolidation scope.

The proposed financing structure, partly through a capital increase, partly through a subordinated loan and partly through bridge financing in expectation of the realisation of the real estate will also be further elaborated as planned.

Resignation of a director

The Board of Directors has been notified of the resignation with immediate effect of Mr. Luc Vandewalle as director and independent director for personal reasons.

The Board of Directors has accepted this resignation and wishes to thank Mr. Vandewalle for his effort for PinguinLutosa.

A new candidate independent director will be proposed for appointment to the Shareholders Meeting on 20 May 2011.

Outlook1

The emphasis for PinguinLutosa will remain on developing innovative and profitable products that are highly customer oriented. The extensive sales network of PinguinLutosa is a perfect platform to provide solutions to our customers. Therefore PinguinLutosa will continue to invest in order to improve the performance and efficiency of its production capacity.

¹ Disclaimer: this press release contains forward-looking information that is based on current internal estimates and expectations and as well as market expectations. The forward-looking statements contain inherent risks and are valid only on the day on which they are made. Actual results may differ substantially from the results included in forward-looking statements.

The integration of the deep-frozen activities of CECAB will be the major point of attention and both the acquisition and the integration of Scana Noliko will be a high priority.

The Board of Directors and the management are fully confident that the foundations are present in order to achieve further growth in sales and profitability. The continuing uncertain economic conditions, however, make it difficult to make a specific prediction for 2011 and the years to follow.

Financial calendar

- Availability of annual report 2010:	27 April 2011 (17:45 hrs)
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• Announcement of 2011 half year results: 18 August 2011 (17:45 hrs)

• General Meeting: 20 May 2011 at 14:00 hrs at Langemark, Poelkapellestraat 71 - Trading update Q3 2011: 27 October 2011 (17:45 hrs)

For additional information, please contact PinguinLutosa:

Herwig Dejonghe, CEO
Mobile	: +32 (0)475/27.05.62
Fixed line	: +32 (0)57/48.72.22
E-mail	: investorrelations@pinguin.be
Steven D'haene, CFO:
Fixed line	: +32 (0)56/62.27.41

PinguinLutosa in a nutshell

PinguinLutosa (www.pinguinlutosa.com) is specialized in the development, production and sales of frozen products: vegetables, potato products (fries and specialities) and ready-to-use culinary preparations. Including the takeover of the deep-frozen vegetable activities of the French CECAB group (01-07-2011), announced in October 2010, and the takeover of Scana Noliko, announced in March 2011, the group will have 17 production sites in five different countries (Belgium, France, United Kingdom, Poland and Hungary) and sales offices on four continents.

In 2010 PinguinLutosa realised €483.6 million of sales. A total of 15 subsidiaries and sales offices in 4 continents are entirely dedicated to all customer segmentations: food industry, catering as well as large and medium commercial outlets and fast food. The Group maintains its own R&D centre for product and process innovation.