.1% increase in net sales

Consolidated data in millions of euros
Net sales
Changes
03/31/12
03/31/11
Total
Structure
Forex
Growth
BONGRAIN SA
998.3
931.9
7.1 %
2.5%
0.3 %
4.3 /%
By business :
- Cheese products
636.7
604.8
5.3 %
- 0.6 %
0.4%
5.5 %
- Other dairy
products
381.4
345.6
10.3 %
7.8 %
0.0%
2.3%

Cheese product sales grew in response to the pursuit of investment in advertising and promotion as well as to specific sales initiatives which boosted our major brands.

Other dairy product sales continued to grow thanks to the persistence of favorable pricing, albeit a weakening trend in world prices for industrial products.

The structural impact reflects full consolidation of Milkaut since February 2011 and Sinodis since October 2011.

The positive foreign exchange impact reflects the rise against the euro of the currencies of the Group's main non-euro zone markets.

2012 is liable to remain under the influence of numerous unstable geopolitical and economic environments, thereby creating uncertainty as to the evolution of consumption.

With the support of its capable and motivated teams, and of its good financial position, Bongrain SA will continue to strive to both improve its competitiveness and develop its brands.

(The Group's next publication will be that of its half-yearly financial statements on August 29, 2012)


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