Outlook

Priorities FY2012

• Grocery: grow core brands and core categories; launch fewer, bigger, better innovations; pricing strategies towards customers.
• Health Food Stores (HFS): grow core brands and core categories; country-specific growth strategies; filling own factories.
• Frozen Foods: increase cooperation between Favory and Beckers; sales growth driven by innovations and a balanced channel approach.
• ABC: ongoing growth of sales and operating result; sizeable opportunities for Daily's to expand distribution and grow volumes; further building of equity of Daily's and Little Hug by increased marketing spending. 
• Financing policy: aim maintain net debt structurally below 2.5x EBITDA

Financial guidance FY 2012

• Net financing costs EUR 3-4 million
• Effective tax rate 30-40% 
• Capital expenditures about EUR 15 million
• Depreciation and amortisation about EUR 12-14 million 
• Non-allocated expenses around EUR 12-13 million

Strategic objectives 2012-2014

Top-line growth

• Grow core brands
• Grow core categories
• Build strongholds in new markets
• Country-specific growth strategies
• Launch fewer, bigger, better innovations
• Execute acquisitions shortlist

Profitability improvement

• Central sourcing savings
• Pricing strategies towards customers
• Improve operational excellence with SAP
• Filling own factories

Enablers

• Improve talent performance management, building connected leadership
• Simplify how we are conducting business
• Activate Organic Expertise Centre (OEC), integrate Quality