D.E MASTER BLENDERS 1753 : D.E MASTER BLENDERS 1753: Results First Six Months Fiscal Year 2013

D.E MASTER BLENDERS 1753 : D.E MASTER BLENDERS 1753: Results First Six Months
                               Fiscal Year 2013

Solid First Half Performance, Mid-Term Outlook Reconfirmed

Amsterdam, February 27, 2013

Financial Highlights First Six Months Fiscal Year 2013

  *Total segment sales up 1.6%, like-for-like[1]; reported sales down (1.9)%
  *Gross margin improved by +140 bps to 39.7%
  *A&P investment up 20%
  *Underlying[2] EBIT margin up 100 bps to 13.5%
  *Normalized[2] earnings per share at €0.22
  *Operating working capital improved 130 bps to 13.2% of sales
  *Strong cash generation before legacy payments of €152mln

Financial Highlights Second Quarter Fiscal Year 2013

  *Rebound in underlying[2] volume growth from (2.7)% in Q1 to (0.8)% in Q2
  *Total segment sales up 2.2%, like-for-like[1]; reported sales down (2.2)%

(€ mln)                             H1 FY H1 FY      Change
                                       13    12 LFL.[1] Reported
Total segment sales                 1,344 1,313    1.6%     2.3%
Reported sales                      1,363 1,389    n.a.   (1.9)%
Underlying EBIT[2]                    182   164   10.0%    11.0%
Underlying EBIT margin[2]           13.5% 12.5% 100 bps  100 bps
Normalized profit for the period[2]   130  n.a.
Normalized EPS[2] (€)                0.22  n.a.
Profit for the period                  92    70
EPS (€)                              0.15  n.a.

   Sales growth of +5 to 7%
EBIT margin between 15% to 17%

                  Sales growth[3] of 0 to 2% (was +3 to 5%)
Underlying EBIT margin improvement[3] of +100 to 150 bps (was +150 to 200 bps)

CEO Statement

Business performance  for the  first six  months  of FY  13 reflects  a  mixed 
picture.We are seeing an improved trend  for sales and volume in the  second 
quarter driven  by  a  stabilizing  Roast &  Ground  business,  a  steady  Tea 
franchise and rapid growth from L'OR capsules.On the country level,  France, 
Spain and Australia continue to perform well.The German business is starting
to rebound  behind  strong  support  and Belgium  shows  the  first  signs  of 
turnaround.However, Senseo, particularly in the Netherlands,  underperformed 
due to  heavy competitive  pressure during  the holiday  period.Out of  Home 
continues to show weakness, driven by a declining marketplace and insufficient
organizational focus.Within  this, the  organization has  been changing  and 
adapting, due to the  spin-off, management shifts, and  the transition from  a 
"divisional" mind-set to that of a publicly traded company.

We have lowered our outlook for the first twelve months of FY 13 as we foresee
continued price pressure in  Western Europe, especially  France, due to  lower 
Arabica pricing.We will have to balance pricing and volumes over the  coming 
period to re-establish our competitive position, which will affect  sales.To 
build for the future,  we are implementing  organizational changes in  Western 
Europe to enable us to deliver our growth targets going forward and we  intend 
to continue strong A&P spending to support our brands.

We feel  comfortable reconfirming  our targets  for the  mid-term, with  sales 
growth of5-7%  and EBIT  margins  between 15%-17%.We  believe that  we  are 
well-prepared to deliver these results in the mid-term, as our key issues have
been clearly defined and work programs are in place to address them.The  OOH 
segment is currently in a restructuring process, while retail innovations  are 
in  execution   phase  and   will  be   rolled  out   over  the   next   18-24 
months.Importantly, the  management  changes  of the  Top  150  are  nearing 
completion, allowing us to build toward the future with a strong  organization 
in place and a clearly agreed three year growth plan.Cost savings plans  are 
identified and are starting to  deliver and we are  well ahead of our  working 
capital targets, to reach 5% of sales by 2015.

In conclusion,  despite  a  challenging  start of  the  journey  to  create  a 
high-growth, high-margin pure play company, we feel confident that we now have
the business plans, the management depth and the brands to deliver.


The Company's views on the growth and profitability potential of its
businesses in the medium term remain unchanged.As such, the Company remains
confident to deliver +5 to 7% sales growth and an EBIT margin in the range of
15% to 17% in the medium term.


The Company expects to grow its segment sales  by 0 to +2% and to improve  the 
underlying EBIT  margin  by  +100  to  150 bps  in  the  first  12  months  of 
FY13.The revised outlook is based on the performance in the first 6  months 
and continued pricing  pressure in  Western Europe.We will  have to  balance 
pricing and volumes  over the  coming period to  re-establish our  competitive 
position, which will affect sales.We intend to continue strong A&P  spending 
to support our brands.


The  required  management  changes  for  the  Top  150  executives  have  been 
accelerated in recent months and are nearing completion.Since December 2012,
a number of important  appointments have been made,  including the GMs of  the 
five largest retail countries in Western Europe.60% of the Top 150 positions
will have been aligned by the end of April.

Strategic reorientation Out of Home
The Company has initiated a strategic reorientation to create a more efficient
Out of  Home structure,  drive  operational effectiveness  and create  a  more 
compelling and complete product portfolio.Focus will be on the segment's key
markets and on maximizing the  interaction with the retail business.The  use 
of the  global  distribution network  will  be  optimized to  gain  a  greater 
marketplace for its proprietary liquid technology and increase the leverage of
its key brands.Sub-standard markets  will either be  optimized or exited  to 
enhance the segment's profitability levels.

Operational effectiveness  will  be  improved  by  increased  focus  on  sales 
effectiveness and excellent customer service levels and by further  optimizing 
the segment's cost structure.The Company  will create a more compelling  and 
complete product portfolio by developing  new concepts that capitalize on  its 
strong liquid technology, by launching capsules  and a new espresso offer  for 
BARECA and offices, and by an increased focus on Tea.

This complete  overhaul will  create a  clear competitive  advantage and  will 
contribute to the growth and profitability of the Out of Home segment.

Cost savings program Fit for Growth
The Company's cost savings programs are well on track.The Company expects to
save €75mln (annualized) by CY 15 of which between €25 - 30mln is expected
to be achieved in the first twelve  months of FY 13.In the first six  months 
of FY  2013,  €13mln  was  saved, mainly  resulting  from  IT  optimization, 
procurement and blend optimization, as well as organizational efficiencies.

Operating Working Capital[4]
Operating working capital as a percentage  of total sales improved by  130bps 
to 13.2%  in the  first 6  months of  FY13, thereby  freeing up  €45mln  in 
cash.The improvement  of  130bps  was  largely driven  by  a  reduction  in 
inventories, as days of inventory outstanding  dropped by more than 25% to  30 
days in the first  6 months of  FY 13.Good progress was  also made in  trade 
payables where average payment terms increased by 15%.

As a result of this strong reduction in operating working capital, the Company
now expects to be able to reduce operating working capital to 10% of sales  by 
the end of calendar year 2013 and to 5% by the end of calendar year 2015.


Second Quarter FY13   Sales (€ mln) LFL[5] Reported
Retail - W-Europe                333 (0.4)%   (0.9)%
Retail - Rest of World           206  10.0%     9.9%
Out of Home                      166 (1.2)%     2.1%
Total segment sales              705   2.2%     2.8%
Non-allocated[6]                  13   n.a.     n.a.
Total sales                      718          (2.2)%

Total segment sales increased 2.2% to €705mln, on a like-for-like basis,  in 
the second quarter of FY13.Volume  performance improved to (0.8)%  compared 
to (2.7)% in the preceding quarter.This volume improvement was noticeable in
various markets in  Retail, especially  in Roast  & Ground,  which was  partly 
offset  by  a   slight  deterioration   in  volume  performance   in  Out   of 
Home.Pricing  and   mix/other  contributed   1.4%   and  1.6%   to   overall 
growth.Acquisitions contributed  1.1% to  the reported  growth and  currency 
translation effects negatively impacted growth by (0.5)%.Total segment sales
increased by 2.8%.

Retail - Western Europe
The segment  Retail  - Western  Europe  was able  to  keep volumes  and  sales 
relatively stable.Positive  mix  growth  was  offset  by  negative  pricing, 
resulting in a  sales decrease  of (0.4)%, on  a like-for-like  basis, in  the 
second quarter.France and Spain continued to deliver strong sales growth and
Belgium witnessed a  healthy pick  up in  volume and  sales performance  after 
having  experienced  a  declining  trend  for  a  number  of  years.In   the 
Netherlands,  Roast  &  Ground  and  L'OR  capsules  performed  according   to 
expectations,  but  Senseo  underperformed  mainly   as  a  result  of   heavy 
competitive pressure during  the holiday  season. In  Germany, the  corrective 
measures taken in the first quarter have started to bear fruit, resulting in a
marked improvement compared to the preceding quarter.

L'OR capsules  continued  its  strong performance  across  all  four  European 
markets where the  product is currently  offered.In France and  Spain a  new 
"Intensity" range was  successfully launched.Market  and consumption  trends 
confirm the  Company's  expectation  that significant  potential  for  further 
growth and market share gains remains.

Senseo Sarista,  the new  and unique  full-automatic bean-to-cup  machine  was 
launched in the Netherlands in October.The concept is well received and  the 
initial  consumer  feedback  on  the  quality  and  taste  of  the  coffee  is 
encouraging.The Senseo  Sarista  machine  was  the  #2  best-selling  coffee 
machine in the Dutch market, behind the Senseo Twist.Additional enhancements
have been identified which will be implemented before further roll out.

Retail - Rest of World
The segment Retail -  Rest of World  delivered a strong  quarter with a  sales 
increase of 10.0% on a  like-for-like basis in the second  quarter.Australia 
continued its superior performance driven by the success of its premiumization
strategy, most notably the recent roll  out of the specialty instant range  as 
well as the introduction of the L'OR EspressO capsules under the Piazza  d'Oro 
brand.Volumes  in  Brazil  were  negatively  impacted  following  the  price 
increase that was announced  at the end  of August to  offset the increase  in 
green coffee  Robusta prices  in Brazil.The  initial results  of the  recent 
relaunch of Senseo Pilão and roll out of the upper mainstream Pilão range  are 
also encouraging.Poland delivered a very  strong quarter both in volume  and 
in  value,   while  Hungary   is  experiencing   continued  difficult   market 

Out of Home
The segment Out  of Home  continued to show  soft performance  as the  overall 
market is in decline and customers have a tendency to be more price  sensitive 
and to opt for lower-cost  solutions.Sales therefore showed a similar  trend 
as  witnessed  in  the   preceding  quarters,  decreasing   by  (1.2)%  on   a 
like-for-like basis in the quarter.Volume and pricing continued to be  under 
pressure which  was  somewhat  offset by  positive  mix  growth.Markets  are 
specifically challenging in  the Netherlands and  Denmark, where volumes  were 
under pressure,  most  notably in  roast  & ground.The  global  distribution 
network delivered a good performance.

The restructuring initiatives implemented in the Netherlands are well on track
delivering a  more  efficient organization  with  a clear  focus  on  constant 
improvement of  customer  services levels.The  new  management team  in  the 
Netherlands, led by a  new GM, has  among others made a  start to implement  a 
more  compelling  and   complete  product  portfolio   and  to  increase   the 
effectiveness of the sales force.


First Six Months Fiscal      Sales  LFL[7]   Underl.[8]   Underl.[8]  LFL[7]
Year 2013                   (€ mln) change  EBIT (€ mln) EBIT margin  change
Retail - W-Europe               624   0.1%           128       20.5%   430 bps
Retail - Rest of World          402   7.0%            26        6.3%  (90) bps
Out of Home                     317 (1.3)%            47       14.9% (100) bps
Total segment                 1,344   1.6%           201
Non-allocated[9]                 19                 (19)
Total                         1,363                  182       13.5%   100 bps

Total segment sales increased 1.6%  to €1,344mln, on a like-for-like  basis, 
in the first  six months  of FY13.This performance  was driven  by a  +1.7% 
mix/other growth and a price growth of +1.7%, driven by strong performance  in 
Retail Rest of World.Volumes  declined by (1.8)%.Acquisitions  contributed 
1.1% to  the  reported  growth and  currency  translation  effects  negatively 
impacted growth  by  (0.4)%.Total  segment  sales increased  by  2.3%  on  a 
reported basis.

The gross margin  increased 140 bps  to 39.7%, excluding  green coffee  export 
sales.The increase  was largely  driven  by the  substantial drop  in  green 
coffee Arabica prices and by mix.

As part of the strategy, the Company increased A&P spend by 20% to support its
brands and product  introductions.On the  other hand, the  Company kept  the 
level of other  SG&A costs stable.As  a result, the  underlying EBIT  margin 
increased 100 bps to 13.5% in the first six months of FY13.

Normalized profit and normalized earnings per share amounted to €130mln  and 
€0.22, respectively. Reported  profit, including the  unusual items of  which 
more detail can be found on page 14, and reported earnings per share  amounted 
to €92mln and €0.15, respectively.


Unusual items
The Company recorded €(55)mln of unusual items in the first six months of
FY13.The unusual items mainly relate to restructuring costs and the
implementation of the new business model in February 2013.This higher level
than initially anticipated is a result of additional restructuring costs as
well as unanticipated costs such as, among others, legacy costs, additional
spin-related items and the investigation into the irregularities in Brazil in
Q1FY13.The Company now expects unusual items of around €(100)mln for the
first twelve months of FY13, which is more than initially anticipated due to
higher restructuring costs and other unforeseen costs (e.g. legacy costs,
Brazilian investigation).These unusual costs are expected to be partly
offset by an anticipated legacy income in the coming months.


The effective tax  rate (ETR)  was 29.9%  in the  first six  months of  FY13, 
compared  to  58.9%  in  H1FY12.The   ETR  excluding  unusual  items   was 
29.6%.The Company expects the ETR to be  around 30% in FY13 and around  25% 
from there onwards.

Debt position

Total net debt decreased by €84mln  to €258mln at December 31,  2012.Net 
finance income amounted to €2mln which was largely driven by pension finance
income, foreign exchange losses and  other interest income.More details  can 
be found on page 10.


Equity amounted to €263mln  on December 31, 2012,  compared to €318 mln  on 
June 30, 2012.The reduction of €55mln  is mainly driven by an increase  in 
retirement benefit obligations.More details on  the movements in Equity  can 
be found on page 11.

[1] Like-for-like (LFL) growth is at constant scope of consolidation and
constant exchange rates
[2] This represents a non-IFRS measure.The reason for the inclusion of the
measure along with the definition and reconciliation to the comparable IFRS
measure can be found in appendix 1 of this release
[3] On a like-for-like basis: at constant scope of consolidation and constant
exchange rates
[4] Operating working capital is explained and reconciled to the closest IFRS
measure in appendix 1.
[5] Like-for-like (LFL) growth is at constant scope of consolidation and
constant exchange rates
[6] Non-allocated sales represent green coffee export sales.The Company
announced in CY 12 to reduce these sales to around €45mln from FY 13
[7] Like-for-like (LFL) growth is at constant scope of consolidation and
constant exchange rates
[8] This represents a non-IFRS measure.The reason for the inclusion of the
measure along with the definition and reconciliation to the comparable IFRS
measure can be found in appendix 1 of this release.
[9] Non-allocated sales represent green coffee export sales.The Company
announced in CY 12 to reduce these sales to around €45mln from FY 13
onwards. Non-allocated EBIT mainly represents corporate overhead costs and
EBIT contribution from green coffee export sales, the latter being negligible
in the first six months of FY 13.

A live and on-demand video web cast of the analyst & investor presentation  on 
Wednesday February 27, 2013, will be  available from 10:00 am CET  onwards.A 
transcript of the conference call will  be made available as soon as  possible 
after the end of the conference call.Please click here to go directly to the
webcast and transcript.

In addition, interviews  with Jan Bennink  and Michel Cup  containing the  key 
messages, will be available  on the Company's website,  in video and text,  on 
February 27, 2013, from 7:30 am CET onwards, in the Investor Relations section
of the Company's website and on www.cantos.com.



(€ mln)                                      First Six Months Fiscal Year
                                                  2013     2012    change
Sales                                            1,363    1,389    (1.9)%
Cost of sales                                    (828)    (881)    (6.0)%
Gross profit                                       535      508      5.3%
Selling, general and administrative expenses     (408)    (403)      1.4%
Operating profit                                   127      105     20.3%
Net finance income*                                  2       65      n.a.
Share of profit from associate                       3        1
Profit before income tax                           131      171   (23.4)%
Income tax expense                                (39)    (101)     61.1%
Profit for the period                               92       70     31.4%

* More information on net finance income can be found on page 10

Earnings per share (€)                0.15
Number of shares at period end (mln)   595
Number of shares period average (mln)  595



(€ mln)                              Consolidated  Consolidated
                                     Dec. 31, 2012 June 30, 2012
Non-current assets
Property, plant and equipment (PP&E)           370           377
Goodwill and other intangible assets           386           387
Investments in associate                        15            13
Deferred income tax assets                     126            91
Other non-current financial assets              61            47
Retirement benefit asset non-current            87           150
                                             1,044         1,065
Current assets
Inventories                                    344           405
Income tax receivable                           24            30
Trade and other receivables                    389           422
Derivative financial instruments                 2            22
Cash and cash equivalents                      294           220
                                             1,053         1,099
Total assets                                 2,097         2,164
Share capital and share premium                479           489
Other reserves                               (308)         (171)
Retained earnings                               92             -
                                               263           318
Non-current liabilities
Borrowings                                     495           529
Retirement benefit obligations                 140           109
Deferred income tax liabilities                 62            47
Provisions                                      56            52
Derivative financial instruments                38             0
Other non-current liabilities                   74            74
                                               864           811
Current liabilities
Borrowings                                      58            28
Trade and other payables                       603           631
Income tax payables                            249           295
Provisions                                      44            66
Derivative financial instruments                16            15
                                               970         1,035
Total equity and liabilities                 2,097         2,164



(€ mln)                                            December 31, 2012
Profit for the period                                     92
 Depreciation, amortization and impairments              50
 Loss on sale of asset                                    2
 Share of profit from associate                         (3)
 Income tax expense                                      39
 Interest income                                       (16)
 Interest expense                                        23
 Pension expense                                        (8)
 Provision charges                                       12
Changes in operating assets and liabilities:
  Inventories                                           55
  Provisions for inventory write-downs                 (1)
  Trade and other receivables                          (4)
  Provisions for doubtful accounts                       2
  Trade and other payables                            (11)
  Derivatives financial instruments                     21
  Other                                                  1
  Pension payments                                    (29)
  Payment of provisions                               (26)
  Income tax payments                                (107)
Net cash provided by operating activities                         94
Cash flow from investing activities
CAPEX - Purchases of property, plant and equipment      (40)
CAPEX - Purchases of intangibles                         (9)
Loans made                                                 2
Interest received                                         15
Net cash used in investing activities                           (32)
Cash flow from financing activities
Borrowing activities                                      24
Interest paid                                           (18)
Net cash provided by financing activities                          6
Effect of exchange rate changes on cash                            5
Net increase in cash and cash equivalents                         74
Cash and cash equivalents - beginning of period          220
Cash and cash equivalents - end of period                294
Free cash flow *                                                  54

*Free cash flow consists of the net cash provided by operating activities
minus capital expenditures related to PP&E


The interim financial statements and related selected notes have been prepared
in accordance with International  Financial Reporting Standards ('IFRS').  The 
unaudited condensed consolidated interim financial statements can be found  on 
the Company's website.

Net debt

(€ mln)                    Dec. 31, 2012 June 30, 2012
Senior notes                         490           522
Bank loans and other loans            63            36
Cash and cash equivalents*         (294)         (215)
Subtotal net debt                    258           342
Cross currency swaps**                38             0
Forex forwards                         0           (3)
Total net debt                       297           340

*Includes €5mln of bank overdrafts on June 30, 2012
**Cross-currency swap took effect in Sept. 2012. Until Sept 2012 the Senior
Notes where partially hedged using Forex-forward contracts resulting in a
€3mln gain.

Finance income and costs

(€ mln)                             H1 FY 13 H1 FY 12
Interest expense                        (14)     (10)
Interest income                            6       13
Cross currency swaps                       1        0
Interest income from loans Sara Lee        0       35
Net interest (expense)/income            (8)       38
Net foreign currency result             (11)       10
Pension finance income                    21       18
Total net finance income                   2       65

Movements in Equity

(€ mln)
Equity at June 30, 2012                       318
Profit for the period                          92
Retirement benefit obligation related items (117)
Foreign currency translation                 (19)
Cash flow hedge reserve                       (8)
Settlement of share based payments            (5)
Share based compensation expenses               2
Total comprehensive income                   (55)
Equity at December 31, 2012                   263

                                  Appendix 1


Throughout this earnings  release the Company  presents certain measures  that 
are  not  recognized  under  IFRS  or  other  generally  accepted   accounting 
principles (GAAP).The  Company  has  included these  measures  as  they  are 
measures the Company uses  in operating its business  and because it  believes 
that these measures are useful to investors, and other users of its  financial 
information,  in   helping  them   to  understand   its  underlying   business 
performance.These measures are  not calculated in  accordance with IFRS  and 
may   not   be   comparable   to   similar   measures   presented   by   other 
companies.Accordingly, they should  not be considered  as an alternative  to 
the Company's reported IFRS measures. 

The adjusted measures  throughout this  press release exclude  items that  are 
income or charges (and related tax impact) that management believes have  had, 
or are likely to have, a significant impact on the earnings of the  applicable 
business segment or on the total Company  for the period in which the item  is 
recognized, are not  indicative of  the Company's core  operating results  and 
affect the comparability of underlying  results from period to  period.These 
items may  include, but  are  not limited  to:  charges for  exit  activities; 
consulting and advisory  costs; transformation  programs; impairment  charges; 
spin-related costs; tax costs and benefits resulting from the disposition of a
business; impact of tax law changes;  changes in tax valuation allowances  and 
favorable  or  unfavorable  resolution  of  open  tax  matters  based  on  the 
finalization of tax authority  examinations or the  expiration of statutes  of 
limitations.Management   highlights   these   items   to   provide   greater 
transparency into the underlying sales or profit trends of D.E MASTER BLENDERS
1753 or  the applicable  business segment  or discontinued  operations and  to 
enable more meaningful comparability between financial results from period  to 
period.Additionally, D.E MASTER BLENDERS 1753 believes that investors desire
to understand the  impact of these  factors to better  project and assess  the 
longer term trends and future financial performance of the corporation.

This  release  also  contains  certain  underlying  and  normalized   non-IFRS 
financial  measures  that  exclude  from  a  financial  measure  computed   in 
accordance with IFRS the impact of the items described above and the impact of
acquisitions and dispositions, changes in foreign currency exchange rates  and 
non-strategic  sales.  Management  believes  that  these  non-IFRS   financial 
measures reflect an additional way of  viewing aspects of D.E MASTER  BLENDERS 
1753's business that,  when viewed  together with D.E  MASTER BLENDERS  1753's 
financial results computed in  accordance with IFRS,  provide a more  complete 
understanding of  factors  and trends  affecting  D.E MASTER  BLENDERS  1753's 
historical financial  performance  and  projected  future  operating  results, 
greater transparency of underlying profit trends and greater comparability  of 
results across periods.These non-IFRS financial measures are not intended to
be a substitute for the  comparable IFRS measures and  should be read only  in 
conjunction with  the  Company's  consolidated  interim  financial  statements 
prepared in accordance with IFRS.

The definition of the Company's non-IFRS measures are as follows:

Like-for-like sales represents sales, excluding green coffee export sales,
calculated at the exchange rate for the most recent period and adjusted to
eliminate acquisitions to the extent they are not included in both periods.

Underlying EBIT represents profit for the  period before share of profit  from 
associates, finance  income /  (costs),  income tax  expense and  adjusted  to 
exclude income or charges that management  believes are unrelated to its  core 
operating results and that are excluded in determining segment profits as well
as items, like for  instance a part  of the impact  of adjustments related  to 
Brazil in H1 12, that the Company deems to be non-recurring.

Normalized profit  represents  the profit  for  the period  excluding  amounts 
excluded in computing underlying EBIT and excludes unusual finance income  and 
unusual tax expense.The  finance income has  been adjusted in  H1 FY 12  for 
items that will not recur after the separation from Sara Lee.

Normalized EPS represents  the normalized  profit divided  by the  outstanding 
number of shares at year end.

Operating working  capital  represents working  capital  that is  invested  to 
operate the business.Operating working capital is defined as the net  amount 
of inventories, trade receivables and trade payables.

The following tables  provide reconciliation  between these  measures and  the 
Company's IFRS financial information.

Sales growth second quarter FY 13

                                          Retail     Retail     Out of
                                         W-Europe Rest of World  Home  Total
Volume                                                                 (0.8)%
Price                                                                    1.4%
Mix/Other                                                                1.6%
Like-for-like total segment sales change   (0.4)%         10.0% (1.2)%   2.2%
Foreign exchange                           (0.5)%        (2.6)%   1.7% (0.5)%
Acquisitions                                 0.0%          2.5%   1.6%   1.1%
Total segment sales change                 (0.9)%          9.9%   2.1%   2.8%

Sales growth first six months FY 13

                                          Retail     Retail     Out of
                                         W-Europe Rest of World  Home  Total
Volume                                                                 (1.8)%
Price                                                                    1.7%
Mix/Other                                                                1.7%
Like-for-like total segment sales change     0.1%          7.0% (1.3)%   1.6%
Foreign exchange                           (0.3)%        (2.8)%   1.9% (0.4)%
Acquisitions                                 0.0%          2.2%   1.8%   1.1%
Total segment sales change                 (0.2)%          6.4%   2.4%   2.3%

Reconciliation of EBIT and underlying EBIT

(€ mln)                                                       Margin
                                      H1 FY 13 H1 FY 12  H1 FY 13 H1 FY 12
Profit for the period                       92       70
Income tax expense                          39      101
Profit before income tax                   131      171
Net finance income                         (2)     (65)
Share of profit from associate             (3)      (1)
Operating Profit                           127      105      9.3%     7.6%
 Restructuring charges                     15       56
 New business model                         6        -
 Impairment                                10        6
 Other                                     24        0
Total adjustments to Operating Profit       55       62
Adjusted EBIT                              182      168
 Green coffee export                        0      (6)
 Other items Brazil                         -        2
Underlying EBIT                            182      164     13.5%    12.5%

Reconciliation of normalized profit

(€ mln)                                              H1 FY 13  Per share
Profit for the period attributable to equity holders       92       0.15
 EBIT adjustments (net of tax)                            39
Total adjustments to profit                                39
Normalized profit                                         130       0.22

Reconciliation of operating working capital

(€ mln)                                         Dec. 31, 2012 June 30, 2012
Inventories                                               344           405
Trade receivables                                         309           282
Trade payables                                          (293)         (282)
Operating working capital                                 360           405
Operating working capital as a % of total sales         13.2%         14.5%

                                  Appendix 2


The statements contained in  this document that are  not historical facts  are 
forward-looking statements within the meaning of the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995.In addition,  from 
time to time, in  oral and written statements,  representatives of D.E  MASTER 
BLENDERS  1753   (the   Company)   discuss  their   expectations   by   making 
forward-looking statements regarding the Company.Forward-looking  statements 
are generally but not always preceded  by terms such as "intends",  "expects", 
"projects", "anticipates", "likely" or "believes". Forward-looking  statements 
represent only the Company's beliefs regarding the future many of which are by
their nature inherently uncertain.The  Company's actual results may  differ, 
possibly materially, from  those expressed or  implied in the  forward-looking 
statements.Consequently, the Company wishes to caution readers not to  place 
undue reliance on any forward-looking statements. Among the factors that could
cause the  Company's  actual  results  to  differ  from  such  forward-looking 
statements are those described in the Annual Report on Form 20-F filed by  the 
Company with the Securities  and Exchange Commission.The Company  undertakes 
no obligation to publicly update any forward-looking statements, whether as  a 
result of  new information,  future  events or  otherwise,  except as  may  be 
required by applicable law.

It is to be noted that totals in this report might deviate from the sum of the
individual inputs due to rounding.

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