Savencia Fromage & Dairy : CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015

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AS OF DECEMBER 31, 2015

1. Consolidated income statement 12 months

   In thousands of euro	Notes	2015	2014 restated*
   NET SALES	2	4,441,853	4,606,920
   Purchases adjusted for changes in inventories	3	-2,858,157	-3,146,321
   Personnel costs	4	-820,190	-779,342
   Depreciation, amortization, impairment and provisions	5	-119,372	-112,559
   Other current operating expense	6	-492,269	-458,717
   CURRENT OPERATING PROFIT		151,865	109,981
   Other operating expense	7	-40,904	-33,524
   Other operating income	7	7,681	21,239
   TOTAL OPERATING PROFIT		118,642	97,696
   Financial expense	8	-35,704	-43,106
   Financial income	8	9,349	12,867
   Group share of results of associates	9	8,936	3,751
   PROFIT BEFORE TAX		101,223	71,208
   Taxes on income	10	-39,203	-25,808
   Net income from continuing operations		62,020	45,400
   Net income from operations discontinued or in process of sale		41	-127
   NET INCOME FOR THE YEAR		62,061	45,273
   Attributable to equity holders of the parent company		57,020	39,661
   Attributable to non-controlling interests		5,041	5,612
   EARNINGS PER SHARE (in euro)	11
   Attributable to equity holders of the parent company:
   4.07	2.83
   3.97	2.75
   From continuing operations:
   4.06	2.84
   3.96	2.76

   • basic

   • diluted

   • basic

   • diluted

   CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 12 months

   In thousands of euro	Notes	2015	2014 restated*
   NET INCOME FOR THE YEAR		62,061	45,273
   Other comprehensive income:
   Foreign exchange differences		8,007	12,628
   Change in fair value of available-for-sale financial assets		5,256	317
   Change in fair value of cash flow hedges(1)		2,511	-2,392
   Recyclable components attributable to associates and joint ventures		258	561
   Total recyclable components of other comprehensive income		16,032	11,114
   Actuarial gains and losses for post-employment benefit plans		8,100	-15,964
   Non-recyclable components attributable to associates and joint ventures		234	-374
   Other movements(2)		-	3,157
   Total non-recyclable components of other comprehensive income		8,334	-13,181
   Other comprehensive income net of tax	21	24,366	-2,067
   TOTAL COMPREHENSIVE INCOME NET OF TAX		86,427	43,206
   Attributable to equity holders of the parent company		77,201	38,616
   Attributable to non-controlling interests	23	9,226	4,590

2. Mainly relating to interest rates and raw materials.

3. Mainly relating to the restatement required by IFRIC 21.

4. *With effect from January 1, 2015 (and with retroactive effect from January 1, 2014) the Group has applied IFRIC 21, Levies. As a result, the financial statements for 2014 have been restated in accordance with the new standard (see note 33).

   The notes provided are an integral part of these consolidated financial statements.

5. Consolidated statement of financial position
6. ACTIF

   In thousands of euro	Notes	December 31, 2015	December 31, 2014 restated*
   Intangible assets	12	433,707	438,376
   Property, plant and equipment	13	882,520	858,625
   Other financial assets	14	31,022	33,644
   Investments in associates	9	126,344	188,561
   Non-current derivative financial instruments	18	17,126	2,398
   Deferred tax assets	15	26,076	89,021
   TOTAL NON-CURRENT ASSETS		1,516,795	1,610,625
   Inventories and work in progress	16	429,071	440,599
   Trade and other receivables	17	790,321	813,822
   Tax credits		24,619	25,754
   Derivative financial instruments	18	3,657	4,320
   Other current financial assets	19	18,394	16,357
   Cash and cash equivalents	20	371,088	470,356
   TOTAL CURRENT ASSETS		1,637,150	1,771,208
   Assets relating to operations discontinued or in process of sale		948	1,961
   TOTAL ASSETS		3,154,893	3,383,794

   EQUITY AND LIABILITIES

   In thousands of euro	Notes	December 31, 2015	December 31, 2014 restated*
   Paid-in capital	22	94,165	94,714
   Reserves	22	-23,901	-44,573
   Retained earnings		1,100,881	1,072,732
   EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT		1,171,145	1,122,873
   Equity attributable to non-controlling interests	23	99,731	101,109
   TOTAL EQUITY		1,270,876	1,223,982
   Provisions	24	106,540	122,371
   Non-current borrowings	25	193,439	308,379
   Other non-current liabilities	26	28,401	57,100
   Non-current derivative financial instruments	28	6,847	8,033
   Deferred tax liabilities	15	56,698	116,921
   TOTAL NON-CURRENT LIABILITIES		391,925	612,804
   Trade and other payables	27	892,460	886,297
   Taxes on income payable		12,130	7,459
   Derivative financial instruments	28	1,193	4,226
   Bank borrowings	25	585,846	648,790
   TOTAL CURRENT LIABILITIES		1,491,629	1,546,772
   Liabilities relating to operations discontinued or in process of sale		463	236
   TOTAL LIABILITIES		1,884,017	2,159,812
   TOTAL EQUITY AND LIABILITIES		3,154,893	3,383,794

   *With effect from January 1, 2015 (and with retroactive effect from January 1, 2014) the Group has applied IFRIC 21, Levies. As a result, the financial statements for 2014 have been restated in accordance with the new standard (see note 33).

   The notes provided are an integral part of these consolidated financial statements.