BONDUELLE - First Half Year 2017-2018 Turnover: Strong growth for the Bonduelle Group

BONDUELLE
A French SCA (Partnership Limited by Shares) with a capital of 56,491,956.50 Euros
Head Office: La Woestyne, 59173 Renescure, France.
Registered under number: 447 250 044 (Dunkerque Commercial and Companies Register)

First Half Year 2017-2018 Turnover
(1^st of July - 31^st of December 2017)

Strong growth for the first half of FY 2017-2018
for the Bonduelle Group

The Bonduelle Group's turnover stands at 1,420.3 millions of euro for the 1^st half of financial year 2017-2018, an increase of + 38.5% thanks to the integration of Ready Pac Foods over 6 months and a growth of + 1.6% on a like for like basis*, the exchange rates having had little impact over the period.

Activity by Geographic Region

Activity by Operating Segments

Europe Zone
The Europe zone, 45% of the total consolidated sales, remained stable over the first 6 months to post + 0.2% on reported figures and + 0.1% % on a like for like basis*.
The can business segment for the Bonduelle and Cassegrain brands continued to grow and gain market shares at the expense of the private label activity, along with the frozen business segment in retail and food service, partially offset by the decrease in sales to industrials and other food companies. The fresh process (delicatessen and single-serve salad bowls) and ready-to-eat (fresh-cut salad in bags) business segment saw a slight return to positive growth over the 2^nd quarter.
The performances recorded, despite a slight improvement observed in the 2^nd quarter and a return to positive growth, nevertheless confirmed a sluggish consumption climate in the Europe zone.

Non-Europe Zone
The non-Europe zone, now 55% of the total consolidated sales of the group, doubled its sales over the period based on reported figures thanks to the consolidation of Ready Pac Foods over 6 months and a growth of + 4.-% at constant scope of consolidation and exchange rates.
A moderate recovery in food consumption in Russia, a favorable basis for comparison and the excellent activity recorded over the 1^st quarter enabled the Eastern Europe zone to post solid growth over the first 6 months. The canned and frozen segments stability in North America, linked to production capacities now limited, and the anticipated slowdown in sales in Brazil coupled with the repositioning of the canned products category, explained the limited development of the activity of the zone over the period on a like for like basis.*
Ready Pac Foods, now Bonduelle Fresh Americas, with a growth of + 8.5% over 6 months, confirmed the expected increase in the activity on a pro-forma basis, despite a challenging transition between the supply areas, causing limited disruptions but additional costs needed to ensure high quality customer service.

Highlights