2018 Interim Results 30 August 2018
Disclaimer Statements in this presentation with respect to each of Total Produce’s and Dole Food Company's ("Dole") business, strategies , projected financial figures, transaction synergies, earnings guidance, financial guidance, future dividends and beliefs with respect to the proposed investment in Dole by Total Produce, as well as other statements that are not historical facts are forward-looking statements involving risks and uncertainties which could cause the actual results to differ materially from such statements. Statements containing the words "expected", "anticipated" and similar expressions (or their negative) identify certain of these forward-looking statements. The forward-looking statements in this presentation are based on numerous assumptions regarding each of Total Produce’s and Dole's present and future business strategies and the environment in which each of Total Produce and Dole will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond each of Total Produce and Dole's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as each of Total Produce and Dole's ability to obtain financing, changes in the political, social and regulatory framework in which each of Total Produce and Dole operates or in economic, technological or consumer trends or conditions. Any forward-looking statements made in this presentation have been made in good faith based on the information available as of the date of this presentation and are not guarantees of future performance. Total Produce’s Annual Report contains and identifies important factors that could cause these developments or t he Company’s actual results to differ materially from those expressed or implied in these forward-looking statements. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. Total Produce is not under any obligation to update or keep current the information contained in this presentation or to provide the recipient of it with access to any additional information that may arise in connection with it. This presentation includes certain stand-alone financial and other information for Dole. While such stand-alone financial and other information for Dole has been sourced primarily from information that has made publicly available by Dole in connection with past contemplated public market transactions, Total Produce has made certain adjustments to such information solely for illustrative purposes. Such stand-alone financial and other information for Dole as so adjusted has not been audited or reviewed by any accounting firm or other third party and has not been independently verified and no reliance should be placed thereon. This presentation includes certain combined or pro forma financial information for Dole and Total Produce. Such combined or pro forma financial information is preliminary in nature, only represents current estimates of the potential impact of the proposed investment in Dole by Total Produce, remains subject to change and is provided solely for illustrative purposes. The underlying figures for Dole and Total Produce may not be prepared on a comparable GAAP basis or on the basis of the same (or similar) accounting policies. In particular, please note that Dole's underlying historical financial information has been prepared in accordance with US GAAP and is presented in US dollars, whereas Total Produce's underlying historical financial information has been prepared in accordance with IFRS and is presented in Euro, and that the combined or pro forma financial information contained herein has not been audited or reviewed by any accounting firm or other third party and has not been independently verified. No reliance should be placed on the combined or pro forma financial information contained in this presentation. For the purposes of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the meeting. This presentation should not be considered as a recommendation by any of Total Produce, its directors, employees or advisors, or any other person to acquire shares in Total Produce. Any recipient of this presentation is recommended to seek its own professional advice in relation to any shares it might decide to acquire in Total Produce. 2 2018 Interim Results
Contents 04 18 Investment in Dole Food Company Financial Highlights 23 05 Summary and Outlook Development Highlights 25 06 Appendix – Further information on Dole Deal Segmental Performance 32 07 Business Overview Contact Information 10 Financials 3 2018 Interim Results
Financial Highlights Adjusted EPS 1 Total Revenue Adjusted EBITDA Adjusted EBITA € 2.19 bn € 56.7 m € 45.6 m 6.94c +2.3% +1.8 % +7.4 % +7.3 % 1 Excluding impact of share placing Return on Average Interim Net Debt / Adjusted EBITA / Capital Employed 2 Dividend Adjusted EBITDA 3 Net Interest 4 14.2 times 0.9129 c 14.6% 1.6 times +2.5 % 2 Excluding impact of share 3 Excluding impact of share 4 Excluding exceptional interest income placing placing 4 2018 Interim Results
Development Highlights Transformational investment in Dole announced in early February Acquisition of First Tranche of Dole completed post period-end on 31 July Bolt-on acquisitions in Europe of € 2.8m including contingent and deferred consideration The Group completed investments in two new state-of-the-art facilities in January 2018 The Danish business moved into a new central distribution facility south of Copenhagen with six different temperature zones, and dedicated product packing area, An Exotics business in the Netherlands specialising in ripening of avocado and other stone fruit moved into a new purpose built facility Post period-end, estimated exceptional gain of c. € 15m on farming entity disposal 5 2018 Interim Results
Segmental Performance 6 months ended 6 months ended 30 June 2018 30 June 2017 Revenue EBITA* Revenue EBITA* €’m €’m €’m €’m Europe – Eurozone 874 14.9 903 13.8 Europe – Non-Eurozone 781 21.4 800 22.1 International 557 9.3 472 6.6 (25) - (28) - - Inter-segment revenue 2,187 45.6 2,147 42.5 Revenue and adjusted EBITA * Excludes acquisition related intangible asset amortisation charges and costs, fair value movements on contingent consideration and exceptional items 6 2018 Interim Results
Business Overview 7
Total Produce Company Overview Leading European Fresh Produce Company Company Overview Geographical Presence Total Produce is Europe’s premier fresh produce provider, with market capitalisation of circa € 830m 1 Grows, sources, imports, packages, distributes and markets over 300 lines of fresh fruits, vegetables and flowers Delivered consistently strong shareholder returns over the last 5 years (c.26% average per year 2 ) 32 102 Operating Facilities Cartons sold annually 149 400m+ Countries Revenue (TTM) € 4.33bn 26 Total Shareholder Return (last 5 Adj. EBITDA (TTM) years) 2 € 108m +213% 2017 Revenue Breakdown By Geography By Product North America ASIA, AFRICA, 25% PACIFIC Europe, 8 75% 7 1 Calculated using the closing price of € 2.14 as of 27-August -2018. 2 Average annual TSR from 27-Aug-2013 to 27-Aug-2018. TSR defined as change in share price including reinvested dividends. 8 Interim Results 2018
Product Diversification with Dole acquisition / Product Mix 1 Total: € 4,286m Total: € 3,552m Total: € 7,838m Geographic Mix 2 Total: € 4,286m Total: € 3,552m Total: € 7,838m Source: Company public filings, Internal Data Note: Combined charts reflect the sum of Total Produce 2017 sales and Dole 2017 sales for illustrative purposes only on the basis of 100% consolidation. EUR/USD converted at spot exchange rate of 1.24 as of 26-Jan-2018. Note that figures for each of Dole and Total Produce may not be prepared on a comparable GAAP basis or on the basis of the same (or similar) accounting policies. See disclaimer regarding combined or pro forma financial information and stand-alone financial information for Dole on slide 2. 1 Dole Split excluding revenues from Swedish fresh fruit procurement and distribution operation. 2 TP International sales illustratively added to North America. Interim Results 2018 9
Financials 10
Financial Highlights June 2018 June 2017 % change € 2,187m € 2,147m Revenue +1.8% € 56.7m € 52.8m Adjusted EBITDA 1 +7.4% € 45.6m € 42.5m Adjusted EBITA 1 +7.3% € 41.8m € 39.0m Adjusted profit before tax 1 +7.0% Adjusted fully diluted EPS 1 (excluding impact of share placing) 6.94 cent 6.78 cent +2.3% Adjusted fully diluted EPS 1 (including impact of share placing) 6.78 cent (11.4%) 6.01 cent Interim dividend per share 0.9129 cent 0.8906 cent +2.5% 1 Excludes acquisition related intangible asset amortisation charges and costs, fair value movements on contingent consideration and exceptional items 11 2018 Interim Results
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