Interim reportJanuary-March 2011CEO Matti Rihko10 May 2011

Raisio Group Q1/2011

• Group net sales increase +47%• Brands Division’s net sales growth +68%• Acquisition of Big Bear complements our Glisten deal

extremely well • New meta-analysis results increase Benecol’s opportunities• Market situation in feeds and malt remained tight • Price volatility in raw materials continued and working

capital increased• Profitable EBIT in the feed protein business

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Key figures for the Divisions

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Brands

•68% growth in net sales

•Net sales 72.9 M€ vs. 43.4 M€

•+21% growth in EBIT

•EBIT 5.8 M€ vs. 4.8 M€ excluding one-off items

Business to Business

•Net sales 54.3 M€ vs. 43.3 M€

•Net sales growth resulted mainly from considerable price rises in raw materials

•EBIT 0.4 M€ vs. 0.1 M€

•Successful product innovations

Key figures, result

Q1/2011 Q1/2010 2010Continuing operations

Net sales M€ 126.6 86.4 443.0

Net sales change, % 46.5 -5.2 17.9

EBIT M€ 5.7* 4.3 19.4

EBIT, % 4.5* 5.0 4.4

EBITDA M€ 9.8* 7.8 35.3

Net financial expenses M€ -0.1* -0.1 -1.9

Earnings per share (EPS) € 0.03* 0.02 0.08

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*Excluding one-off items

Key figures, balance sheet

Q1/2011 Q1/2010 2010

Equity ratio % 56.7 70.5 67.6

Gearing % 16.5 -40.2 -22.5

Net interest-bearing debt M€ 50.7 -125.4 -72.9

Equity per share € 1.95 2.00 2.06

Gross investments M€ 65.5* 1.5 49.1*

SHARE

Market capitalisation** M€ 411.3 435.2 439.1

Enterprise value (EV) M€ 451.8 280.0 356.1

EV/EBITDA 12.1 7.6 10.1

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*Including acquisitions**Excluding the shares held by the company

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Brands Division

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Brands: Net sales growth +68 %

2011

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Brands: EBIT growth +21%

2011

Food: Western Europe

• Improved profitability in consumer products

• Upward trend of sales volume in consumer products in highly volatile and promotion-driven market

• Sales to catering and industrial customers grew with new airline/hotel business

• Increased sales in healthy snack bars and snacks for weight control

• Main brands: Honey Monster, Sugar Puffs, The Dormen, Harvest Cheweee and Fox’s

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Food: Northern Europe

• Nalle product family expanded into children’s foods

• Continued sales growth in Elovena brand

• Benecol global brand renewal carried out

• Sales of non-dairy products sold under Carlshamn brand doubled in a year

• Main brands: Elovena, Sunnuntai, Benecol, Carlshamn, Torino and Provena

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Food: Eastern Europe

• Good sales development in Russia and Ukraine; sales prices were increased to match price rise of grain raw materials

• Profitable operations despite the price volatility in raw materials

• Increased sales in Elovena and Provena products in Poland• Benecol product range expansion in Poland• Main brands: Nordic, Elovena, Benecol and Provena

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Benecol

• Great differences between the market areas of Benecol products

• Continued sales growth in the UK, the largest market of Benecol products

• Due to tough competition, slightly decreased volume in Poland and Spain

• Increased Benecol sales in new market areas, Asia and South America, with our partners’ successful marketing campaigns

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Business to Business

Business to Business

• Sales of rapeseed oil surplus from the food chain as raw material for renewable diesel improved the feed protein business

• Joint project with Finnish players to develop rapeseed variety suitable for renewable diesel production

• Tough price competition in malt continued • Raisio lost some market share in poultry

feeds due to price advantage of a competitor’s GMO feed

• Overcapacity in pork resulted in closures and temporary breaks in production on farms

• Raisio started cooperation in sourcing with Danish DLA to cut costs

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Price rise of raw materialsincreased B-to-B net sales

2011

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Profitable EBIT for B-to-B

2011

Raisio´s growth phase

Raisio’s growth phase• 2 acquisitions completed in the UK

- Glisten in April 2010, EV/EBITDA 6.7x

- Big Bear Group in February 2011, EV/EBITDA 7.0x

• Raisio has a 150 M€ foothold in the British breakfast, snack and confectionery markets

• Big Bear Group acquisition brought the necessary critical mass for future UK operations

• UK biggest brand market for Raisio

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Outlook unchanged 2011

• Raisio continues implementing its growth phase according to plan.

- Cash reserves 84.6 M€

• Particularly the Brands Division is expected to increase its net sales.

• Price volatility in raw materials continues to affect the Group’s net sales development

• Activeness in growth projects brings extensive costs in relation to the company size, thus undermining profitability in the short term.

• The Group’s target is to maintain the earlier profitability level of 4-5% also during the growth phase.

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