Royal Numico: Fourth Quarter and Full Year Results 2005

Schiphol, 23 February 2006
2005: First Year of Double-Digit Organic Sales Growth at 11.9%
Financial Highlights Full Year 2005 (on a comparable basis) [1]

- Total net sales up 11.9%; EBITA margin at 19.0%
- Nutricia Baby net sales up 11.7%; EBITA margin at 18.1%
- Nutricia Clinical net sales up 12.3%; EBITA margin at 27.4%
- Net result up 75.5% and earnings per share up 69.7% (at actual rates)
- Normalised net result up 24.6% and normalised earnings per share up 20.5% at € 1.24 (at actual rates)
- Trade working capital improved 210 bps to 10.6% of net sales
- Net cash generated from operations up 27.1%
- Proposal to pay dividend of € 0.15 over 2005

Total Company Full Year 2005
Total reported net sales up 15.5% and total EBITA up 12.4% (incl. acquisitions, excl. exceptionals)

Financial Highlights Fourth Quarter 2005 (on a comparable basis)[1]

- Total net sales up 9.3%; EBITA margin at 19.9%
- Nutricia Baby net sales up 8.0%; EBITA margin at 18.9%
- Nutricia Clinical net sales up 11.5%; EBITA margin at 27.7%
- Strengthened shareholders’ equity at € 680 mln

CEO Statement
”Numico is pleased to announce sales growth of 11.9% in 2005, the first full year of double-digit growth. This record-high growth has been driven by strong performance from both divisions: Baby at 11.7%, Clinical with 12.3% growth. Combined EBITA growth was at 9.7%, in line with projections, reflecting the continued investments in marketing and innovation which fuel this strong growth.

We have made major progress in 2005 in achieving our goal of becoming the high-growth, high-margin, specialized nutrition company. We have increased focus by finalizing our divestitures and completing the closure of 8 European plants. To improve our growth profile, we have started to roll out a promising innovation pipeline and made two important acquisitions in Baby Food which build our leadership positions in Italy and Asia-Pacific. The integration of the two acquisitions is nearly completed. The anticipated savings are confirmed and both businesses show continued strong momentum.

We have named 2006 our Year of Growth, as we are committed to continue to deliver double-digit sales increases. Our goal for 2006 is organic net sales growth of between 11 and 13%. We will hold EBITA margins stable in order to be able to invest in the business, while aggressively looking for cost saving and productivity opportunities.”

[1]Comparable basis is at constant scope of consolidation and constant exchange rates and excluding exceptionals and impact recall.

Please click here to download the press release: www.numico.com/NR/rdonlyres/E2FBE5E6-3BBF-4E04-B8F8-2C8E786CC45A/1431/NumicoPers0601_UK_Q4andFY2005Results1.pdf

Contact Information

Michiel Quarles van Ufford

Vice-President Corporate Communications

Royal Numico N.V.

Contact via E-mail