BONGRAIN : 2011 HALF-YEARLY RESULTS

Wednesday August 31, 2011

2011 HALF-YEARLY RESULTSHalf-yearly results

The Group’s net sales grew by 13.2%, of which 9.1% on a like-for-like basis, reflecting growth in cheese products as well as improved world prices for industrial products.

The Group’s major brands performed well except in markets still experiencing an economic crisis. The steep increase in raw material costs impacted the current operating margin which fell to 3.2% for the 1st half of 2011 compared with 3.9% in the particularly strong 1st half of 2010.

The other income statement items proved more favorable than in 2010, thereby enabling a progression of 4.6% in the Group’s share of net income.

(In millions of euro)	06/30/11	% net sales	06/30/10	% net sales
Net sales Current operating profit Operating profit Net financial expense Group share of net income Net debt	1,880.9 60.5 60.4 -10.0 39.0 401.2	3.2 3.2 2.1	1,660.9 65.1 63.0 - 9.1 37.3 317.8	3.9 3.8 2.3

The auditors’ limited review of the interim financial statements has been performed.

The auditors’ review report is in process of issuance.

The above results include those of Milkaut, fully consolidated since February 1, 2011.

Net debt has increased as a result both of acquisitions and of the increased value of inventories, reflecting the rise in world prices.

Outlook for the 2nd half of 2011

The worldwide economic uncertainties and the increased cost of raw materials will both continue to restrain levels of consumption.

Despite this unfavorable climate, together with weak economic growth and ever greater competition, Bongrain SA continues to invest in developing its brands and market shares.

Additional information is available at

http://www.bongrain.com

42, rue Rieussec – 78220 VIROFLAY – Tel: [phone] – Fax: [phone]