Potential 2008 Equity Adjustment

Utrecht, June 15, 2009


Highlights

Equity of US operating company American Beverage Company (‘ABC’) as at year end 2008 potentially overstated by €10 mln Investigation by external auditor in progress Excluding result ABC, outlook Q2 Wessanen reiterated

The Executive Board of Royal Wessanen nv announces that it has discovered irregularities in the financial reporting by its North American Branded operating company, ABC.

Royal Wessanen nv initiated an investigation by its external auditor into potential irregularities. The preliminary results of the investigation indicate that the financial results of ABC were misstated over a number of years, going back to 2006. As a result, equity of Royal Wessanen nv as at year end 2008 potentially has been overstated by approximately €10 mln, assuming full tax relief. The investigation is still in its early stages. An update will be provided when further results from the investigation are available.

The CEO and CFO of ABC have left the company. Royal Wessanen nv has appointed new management. ABC continues to maintain its ability to fulfill normal business obligations.

In May this year we announced that we expected our operating result for the second quarter, excluding the impact of incidental results, to be at least at the same level as last year. In view of the uncertainties in ABC’s reporting, Royal Wessanen nv today reiterates its outlook for the second quarter excluding the operating result of the North America Branded segment, largely consisting of ABC.

The period to review the business case to sell ABC, which we announced in February of this year, is extended in light of these developments.

Executive Board Royal Wessanen nv
090615_Persbericht_ABC_NL.pdf (24 Kb)
090615_Persbericht_ABC_ENG.pdf (23 Kb)

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