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Executives

Dave Oldani - Vice President, Treasurer and IR

Gregg Engles - Chairman and CEO

Kelly Haecker - Chief Financial Officer

Blaine McPeak - President, WhiteWave’s North America Segment

Analysts

Bill Chappell - SunTrust

Ken Goldman - J.P. Morgan

Mike Luddy - Goldman Sachs

Ryan Oksenhendler - Bank of America

Farha Aslam - Stephens Incorporated

Chris Growe - Stifel

John Baumgartner - Wells Fargo

Alexia Howard - Sanford Bernstein

Matthew Grainger - Morgan Stanley

Michael Steib - Credit Suisse

The WhiteWave Foods Company (WWAV) Q4 2012 Results Earnings Call February 13, 2013 9:00 AM ET

Operator

Good morning. And welcome to The WhiteWave Foods Company Fourth Quarter and Full Year 2012 Earnings Conference Call. Please note that today’s call is being recorded and is also being broadcast live over the Internet on The WhiteWave Foods’ corporate website.

This broadcast is the property of The WhiteWave Foods Company. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of the company is strictly prohibited.

I would now like to turn the call over to Dave Oldani, Vice President, Treasurer and Investor Relations for The WhiteWave Foods Company. Go ahead Mr. Oldani.

Dave Oldani

Thank you, Jenny, and good morning, everyone. Thanks for joining us on our fourth quarter and full year 2012 earnings conference call. This morning we issued our earnings press release, which is available on our website at thewhitewavefoodscompany.com and also as -- furnished as an exhibit to a Form 8-K, which is available on the Securities and Exchange Commissions website at sec.gov.

Also available during this call, on The WhiteWave Foods Company website is a slide presentation which accompanies today’s prepared remarks. A replay of today’s call, along with the slide presentation, will be available on our website beginning this afternoon.

We would also like to advise you that our forward looking statements made on today’s call are intended to fall with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

These statements will include, among others, disclosure of our earnings targets, expectations regarding branding initiatives, innovation and research and development plans, growth plans, Dean Foods’ intention to spin-off a portion of its remaining interest in us and various other aspects of our business.

These statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today’s conference call. Information concerning those risks is contained in the company’s most recent quarterly report on Form 10-Q filed with the SEC on November 30, 2012.

We also want to remind you that the information discussed on today’s call and in the accompanying slide presentation is presented on a pro forma adjusted basis as if the company had operated as an independent and standalone enterprise in all periods presented, which is the same basis as what’s presented in our third quarter earnings presentation.

These adjustments relate to commercial arrangements we entered into in connection with the separation of our business from Dean Foods businesses, the termination of an intellectual property license with Dean Foods subsidiary and estimated costs associated with operating as a standalone public company.

Our earnings release and a reconciliation posted on our website contains further details of these adjustments. Along with reconciliations between our GAAP results and the results we present on a pro forma adjusted basis.

Additionally, the release provides the reconciliation between the fourth quarter WhiteWave-Alpro segment result as reported by Dean Foods today and The WhiteWave Foods Company results prepared on a standalone basis.

Participating with me in the prepared section of today’s call are Gregg Engles, our Chairman and CEO; and Kelly Haecker, our Chief Financial Officer. Also available to participate in the Q&A portion of the call is Blaine McPeak, President of WhiteWave’s North America Segment.

Gregg will first provide a review of our results and overall business performance, following Gregg, Kelly will offer additional perspective on our operating results and comment on our forward outlook before turning the call back to Gregg for closing remarks. We will then open the call for your questions.

With that, I will turn the call over to Gregg. Gregg?

Gregg Engles

Thanks, Dave, and good morning, everyone. Thank you for joining us on the call. 2012 was an exciting year for us at WhiteWave. We delivered strong financial results, enjoyed robust category growth driven by our leading brands, continued ramping up production at our new Dallas facility and completed our initial public offering in late October.

We have an exciting journey ahead of us and plan to build on our continued success in 2013 and beyond. We achieved strong top and bottom line growth in 2012 capped by solid Q4 results.

We enjoyed a good balance of growth in our core brands, complemented by innovation in new product development. We delivered volume growth in all of our product categories in Q4, driven by leading brands which are aligned with consumers growing preferences for products that are nutritious, flavorful, convenient and responsibly produced.

We entered 2013 with good momentum and clear strategic priorities focused on continued growth. In a moment, I will take you through our segment results and the trends that drove our performance in Q4 and the full year. But first, I would like to update you on the status of our pending separation from Dean Foods.

Dean Foods announced this morning that it has received a private letter ruling from the IRS providing subject to certain conditions that the planned spin-off of The WhiteWave Foods Company will be tax-free for U.S. federal income tax purposes.

As a result, Dean has advised us that after its lockup period expires on April 23rd, it intends to distribute at least $115.6 million of The WhiteWave shares that currently holds to its shareholders. Dean expects this spin-off to occur in late may.

Dean has stated that it will retain up to 34.4 million WhiteWave shares, which should intends to monetize or distribute in a tax-free manner in the future. We continue to develop the functions and capabilities necessary for us to operate as a standalone company and look forward to the planned separation from Dean Foods in May.

Now, let’s move on to our Q4 and full year results. Today, we reported Q4 adjusted diluted earnings per share of $0.18, resulting in full year earnings of $0.60 per share, representing 34% growth in fourth quarter and 31% growth for the full year of 2010. These results reflect the strong momentum that we continue to build upon throughout the year and I’m pleased with our performance.

Our mix of leading brands and effective marketing and customer collaboration enabled us to deliver strong top and bottom line growth in Q4 and for all of 2012. In total, Q4 net sales grew 12% over the prior year to $609 million and full year net sales increased 13% to more than $2.3 billion.

The fourth quarter marked the 12th consecutive quarter of sales growth in our business. This growth has primarily been volume driven and continues to be led by our plant-based foods and beverages, and coffee creamers and beverages platforms. Overall, the quarter was a solid finish to a strong year.

Our performance is a result of operating some of the fastest growing segments of large multi-billion dollar categories. With the momentum of consumer trends that are fueling these segments, we see the opportunity for continued growth. As a point of reference, while overall U.S. grocery sales grew at an average just over 1% from 2009 to 2012, our categories grew at rates of 7% to 12%.

Let’s turn now and look at our platform results for the fourth quarter and the full year. As it has throughout the year, the North America plant-based foods and beverages platform posted strong sales growth in Q4, as Silk continued its positive trajectory driven by marketing investment and great tasting products.

The long-term trend for healthy and sustainable products has driven U.S. household penetration of plant-based beverages up by almost 300 basis points in 2012 to the highest levels since the category was introduced. However, household penetration has only reached the mid-20s and we believe it will continue to march higher.

Plant-based beverages still represent less than 7% of retail food and milk category sales in the United States. The most recent data shows overall plant-based category growth remained strong and more than 20% for 2012.

Silk continues to hold the number one brand position and is driving category growth. In particular, growth of Silk PureAlmond remained strong in Q4. Our PureCoconut and Fruit Protein products also performed well and we continue to invest behind Silk soy with taste improvements and new product introductions.

Sales of North America plant-based foods and beverages grew in the high-teens in Q4 and more than 20% for the full year. In addition to the strong growth of our core products, we are expanding the category with our introduction of Silk Iced Latte. These new products which leverage our successful International Delight Iced Coffee line began hitting retail shelves last month, providing a great tasting non-dairy iced coffee options for consumers. This launch expands plant-based beverages into new consumption occasions beyond milk and increases the opportunity for further household penetration growth.

We’re also bringing the insights and know-how behind Alpro’s best tasting soy yogurt products to the U.S. with a launch of Silk Fruity & Creamy non-dairy yogurts. We’re launching a limited distribution in Q1 and we’ll consider further expansion at a later date. We are excited about these new products and energized about the continued growth prospects of the plant-based foods and beverages category in 2013 and beyond.

Our European plant-based foods and beverages platform also performed well in 2012 despite a challenging economic climate. As in previous quarters, Alpro delivered solid growth in Q4 with net sales up high single digits on a constant currency basis. For the full year 2012 Alpro grew mid-single digits.

Our core geographies of the U.K., Belgium, The Netherlands and Germany continued to outperform the Southern European periphery. Alpro delivered mid single-digit volume growth in the quarter, driven by strength in fresh drinks and supported by our almond and hazelnut beverages which were newly introduced last year. Our new soy yogurt offerings also contributed to strong performance.

In 2013, Alpro will continue to build on this growth focusing on core drinks and continued expansion of our almond, hazelnut and soy yogurt products. We will also launch several line extensions including unsweetened and chocolate almond beverages and an improved rice milk line.

Let me now turn to Premium Dairy where we also had a strong Q4 with mid-teens net sales growth. This growth was enhanced by the lapping of supply constraints in the prior year period and price increases implemented earlier in 2012.

Although, the category it’s showed strong growth at over 8%. This growth was driven by Horizon Organic and the strong brand equity it holds among moms with young families and their continued interest in health, nutrition and organically produced food.

Positive results came from across the business as performance in our Horizon Organic single-serve and value-added DHA Omega-3 products continued to drive growth and differentiate the Horizon brand.

We expect Premium Dairy to grow mid-single digits in 2013 as we lapped price increases instituted last year. We remain enthusiastic about the long-term growth opportunities of this business with organic milk household penetration at only 10% and as the Horizon brand continues to gain the trust of moms with young families.

As part of the expansion of our Premium Dairy category in 2013, we launched a new aseptic single-serve product line in Q1 called TruMoo, a brand we licensed from Dean Foods.

TruMoo is a flavored milk line that is lower in sugar than traditional flavored milks and contains no high fructose corn syrup. It is the leading chocolate milk brand at both retail and in American schools.

Incorporation with Dean, we’re leveraging our single-serve aseptic manufacturing assets and our marketing capabilities to extend this successful brand beyond the refrigerated case at retail in order to provide a convenient, healthy and affordable single-serve offering for families on the go. We’re excited about its potential and appeal to parents who want a healthier cost-effective option for their kids.

Looking at our coffee creamers and beverages platform, the ongoing trend of increased coffee consumption continues to benefit this category with 12% growth in the flavored creamer category in 2012.

Consumers increasingly preferred to whiten and flavor their coffee, and we saw 2012 consumption of whitened coffee grow to its highest level in the past 10 years. We’re well-positioned to capitalize on these trends as reflected in our fourth quarter results with pro forma adjusted net sales growth in the mid-teens. This growth was volume driven led by a strong performance from our seasonal flavor offerings.

For the full year, coffee creamers and beverages generated net sales growth in the high teens. Since being introduced in early 2012, our Iced Coffee line has enjoyed strong performance, especially during the warmer seasonal periods of the second and third quarters.

Building on the success of Iced Coffee, we’ve introduced a new lights-line in 2013. This product line has the same great taste as our original line, but with a third fewer calories. We have also launched a single-serve four pack with the on-the-go convenience in this refrigerated category.

Early sell-in and response of these new products are favorable and in line with our expectations. We’re encouraged by long-term growth characteristics and trends in this category, and we’ll continue to invest in our International Delight and LAND O LAKES businesses. All in all, we had a great 2012 and look forward to continued growth in 2013.

With that, I’ll now turn it over to Kelly Haecker, who will review our fourth quarter and full year 2012 financials and our outlook for 2013. Kelly?

Kelly Haecker

Thanks Gregg. Before moving onto our fourth quarter results, I will remind you that our results are presented on a pro forma adjusted basis that we believe best represents what our operating performance would have been if the company had operated as an independent standalone enterprise during the periods presented. A reconciliation and additional information on these adjustments are included in today’s earnings release and are also available on our website.

Now onto our fourth quarter results. As Gregg previously mentioned, we closed out the year with continued strong volume growth that resulted in net sales of $609 million in the fourth quarter, a 12% increase over the prior year period.

For the full year, net sales were $2.3 billion, growing 13% from the prior year. This topline growth which was enhanced by continued solid investments in marketing drove consolidated segment operating income growth of 13% in the fourth quarter to $61 million, despite significant increases in distribution and warehousing costs due to capacity constraints resulting from our growth. For the full year, consolidated segment operating income was $228 million, representing 16% growth over 2011.

Our North America segment continued its strong performance in Q4, delivering net sales growth of 13% with all three platforms growing in the teens. This strong topline drove operating income growth of 13% for the North America segment in Q4, despite being soft and somewhat by sizable increases in distribution and warehousing costs.

Our Europe segment delivered operating income growth of 16% in Q4 driven by volume growth and aided by currency impacts, notably related to the conversion of pounds sterling into euros due to Alpro’s meaningful presence in the U.K. This business continues to perform well with volumes increasing in the mid-single digits and net sales up high single digits on a constant currency basis in the fourth quarter.

These results reflect our efforts to continue to drive growth in this business by offering a diverse set of products that continues to excite consumer interest in plant-based foods and beverages. We believe that the growth opportunity of this business continues to be very promising.

These consolidated results were delivered against the backdrop of increasing investments in marketing, up over 20% for the year in support of our new product innovation and core brand building activities. In addition, we continue to make meaningful investments in our production capacity.

Now I’ll turn to the consolidated P&L on a pro forma adjusted basis compared to the prior periods, as if we had operated as a standalone enterprise.

On this pro forma adjusted basis, we reported adjusted diluted earnings per share growth of 34% in the fourth quarter and 31% for the full year. Our operating model continues to deliver compelling results as we were able to leverage our 13% sales growth in 2012 into an earnings growth rate of more than two times the topline for the year.

And as previously mentioned, we were able to deliver this earnings growth even with notably higher distribution and warehousing costs, and a substantial increase in marketing investments, as our brand building and innovation remains an important factor behind driving our future.

Now turning to our outlook for 2013, we have entered 2013 with momentum across our platforms. Each of our brands and their respective categories are performing well and are supported by some of the strongest trends in the food and beverage universe today, and we anticipate another year of positive performance.

As we shift the focus to 2013, let me summarize the key factors that we expect will shape our performance in the year ahead.

We expect that volume growth will continue to be the main driver of our topline in 2013 with increased volumes across both segments and all platforms. This growth will be driven by continued strong performance of our core products and will be enhanced by a strong line up of new products that we will bring to the marketplace in 2013.

With respect to operating costs, we will continue to increase our investments to support our innovation pipeline, as well as our core products, with a clear emphasis on driving category growth from our leadership positions.

We also expect that due to current capacity constraints, our distribution and warehousing costs will remain elevated for at least the first half of 2013 until additional production capacity currently being installed can be fully brought online and other cost reducing actions can be implemented later this year.

As we have previously communicated, we estimate that our annual standalone corporate expenses will be approximately $55 million in 2013. These costs, however, will not be spread evenly by quarter.

Specifically, we expect corporate cost to be the highest in Q1 driven by the timing of our long-term incentive compensation grants. As a result, we expect corporate costs of approximately $16 million to $17 million in Q1, falling to approximately $30 million quarterly in Q2 through Q4.

With the strong growth we had experienced and the volume growth we foresee, we anticipate a continued strain on our internal production capacity, as well as our overall distribution and warehousing footprint. Therefore, we are taking up our annual capital expenditures estimate for 2013 to a range of $150 million to $160 million from approximately $125 million previously.

We believe that this increase is necessary for us to continue to meet the demand of our growing categories, optimize our overall landing cost and enable us to maintain high levels of customer service.

Further, we believe this high spend -- higher spending level will enable us to accelerate certain higher return projects that will allow us to enhance our future operating margin.

We have continued to strengthen our balance sheet, paying down an incremental $60 million in debt since the end of the year with proceeds we receive from transactions related to Dean Foods, recent divestiture of its Morningstar business.

Accordingly, our forecast for interest expense is lower than previously estimated and we now expect our annual interest expense to be approximately $20 million to $22 million in 2013, assuming no material changes in the outlook on forward rate.

Taking these factors into consideration, for Q1 of 2013 we anticipate net sales growth in the high single digits and a similar growth rate for the full year. As I outlined, the highest period of corporate cost is expected to be in Q1 and we see that amount being around $16 million to $17 million for the period and then rolling up to around $55 million for the full year as we have previously guided.

As a result of anticipated higher distribution and warehousing costs during the early part of the year, we expect total operating income growth in the high single digits for Q1, increasing to the mid-teens on a full year basis as production capacity is added and other cost reductions are implemented during the year.

With an estimated tax rate of approximately 33%, we expect pro forma adjusted diluted earnings per share between $0.68 and $0.72 for the full year equating to EPS growth of 13% to 20%.

For the first quarter, we expect pro forma adjusted diluting earnings of -- between $0.14 and $0.16 per share. In summary, we are encouraged about our 2013 outlook and our prospects for the future.

I will now turn it back over to Gregg for some closing remarks. Gregg?

Gregg Engles

Thanks Kelly. As you can see The WhiteWave Foods Company is delivering strong results and a good momentum as we enter 2013. We believe the consumer trends that drive our categories are long-term trends. With our leading brand equities, state-of-the-art supply chain and best-in-class innovation and marketing, we feel we can extend the momentum over the longer term.

Before we open up the call for your questions, I’d like to spend a moment taking you through a few key areas of strategic focus for WhiteWave in the coming year.

First and foremost our top priority will continue to be organic topline growth, which we expect to drive through effective marketing, continually innovating and improving our products, and continuing to grow on faster strong customer partnerships.

As our categories become larger and more mainstream, we also have opportunities to expand our presence in channels like away-from-home, convenience, drug and dollar stores and the food service channel.

As we discussed, we need to expand our capacity to enable continued growth and we are committed to investing in our business to ensure our manufacturing network has the requisite capacity to stay ahead in a rapidly growing categories, enhance our margins and drive future earnings growth.

And finally, we remain focused on driving cost savings, by leveraging our existing cost base, maintaining a strong focus on cost discipline and continuing to make strategic investments to reduce cost.

We are confident WhiteWave is well-positioned for 2013 and beyond. Our brands lead some of the most exciting categories in the food and beverage industry, and they remain aligned with favorable long-term consumer trends.

Thank you again for joining us today. And I’ll now ask the operator to open up the call for your questions. Jenny?

Question-and-Answer Session

Operator

Thank you, sir. (Operator Instructions) And we will go first to Bill Chappell with SunTrust.

Bill Chappell - SunTrust

Good morning.

Gregg Engles

Good morning.

Bill Chappell - SunTrust

Can you -- just help me understand a little bit on the sales guidance for the first quarter, and saying that it’s going to be at plus high single digits for the first quarter and the full year. I would have guess with the new product launches seem to be weighted towards the first quarter. I would think that actually with channel sales and launch process that it would be a little bit higher in the first quarter and then ease going forward. So, is that just -- it’s not that big of an impact or will that be impacts of the new launches really be spread over kind of 1Q and 2Q?

Blaine McPeak

Yeah, Bill. Hi. This is Blaine McPeak. As I think when we take a look at our first quarter, it really is a fairly measured ramp-up that you see in terms of overall build on the trade inventory side, so it’s not that market of a factor overall. But I think as we take a look at comparative even to the fourth quarter here, as we’ve mentioned we clearly see that the Horizon Organic business really benefited from favorable comps in the prior year due to some supply constraints in the fourth quarter of 2011. And as we take a look at where our categories are trending today, we think we have a fairly realistic outlook here for the first quarter and throughout the balance of the year on a top line basis.

Bill Chappell - SunTrust

Okay. And then kind of moving to some of the supply constraints and margin inefficiencies in the first half, is that indicative of just demand is stronger than anticipated or is the Dallas facility kind of slower ramp than you had expected?

Gregg Engles

Bill, it really comes down to the fact that we are today including, frankly, a faster ramp up of Dallas than we originally expected. We’re fully loaded in our manufacturing network and so every incremental gallon today that we’re selling is co-packed. So it has higher manufacturing costs than within our network and it is also warehoused outside of our system, and has to be redistributed in order to be married with orders from customers to ship.

So just drilling a little bit more into distribution, on a kind of low-teens growth in sales in Q4, we had distribution costs up over 20%. And that’s really a function of the fact that on an incremental basis that last case of product bears a significantly higher cost burden than other cases of products.

So the expenditures you’re seeing us make are both to produce more of our product in-house, or at least maintain the level of in-house production on a percentage basis that we currently have, and significantly to bring much more of the warehousing and distribution functions back to a single point located at our plants rather than being in what today is becoming a pretty far flung network as our sales have grown so rapidly.

Bill Chappell - SunTrust

Got it. And then just one last one, Hain, I think the other day had talked about some pretty big inflation on almond costs. Can you talk to that and any impact to the first half for you?

Kelly Haecker

This is Kelly. It’s not a significant impact for us. We clearly are seeing that same inflationary. We have locked in almonds for a substantial part of our year already. So the first half, we’re largely locked in and have been for some time. We’re certainly seeing the inflationary impacts and will see it in the back half of the year.

But just to remind you, almonds represent roughly 4% of our cost of commodities. So it’s still a relatively minor input in the grand scheme of our overall commodity spend. So while we will see likely some higher almond costs in the second half of the year, we don’t anticipate that that would be a significant issue for us as we manage overall margin structures in the back half.

Gregg Engles

We also have -- we’ve got a basket of commodities and yeah, almonds are trending up. But we’ve got other stuff that’s trending down. Sugar, noticeably has been on a pretty significant downward trajectory over the last several quarters. So there’s always puts and takes in your commodity basket, at least if you are not in a generally highly inflationary environment which I think on balance we are not. So you can call almond out specifically but there’s a whole bunch of other stuff, and we feel pretty good about our commodity plot right now.

Bill Chappell - SunTrust

Perfect. Thanks for the color.

Gregg Engles

You bet.

Operator

And moving on, we will go to question from Ken Goldman with J.P. Morgan.

Ken Goldman - J.P. Morgan

Hi. Good morning. Your tone is strong, Gregg, regarding demand, but you are guiding to a deceleration in sales growth of roughly 3% to 5% next year. It’s a bit more than I expected and you haven’t had sales growth under 10% since 2008. Even then it was 9.9%, I think.

So, I guess, I’m asking, can you help walk us through some of the reasons for your expected slowdown? Is it capacity constraints? To what extent are you being conservative? I’m just curious why it would be -- to me a little bit more of a dramatic drop than perhaps I expected.

Blaine McPeak

Hey, Ken. This is Blaine. Good morning.

Ken Goldman - J.P. Morgan

Good morning.

Blaine McPeak

Just a little bit of context. I think, we certainly, as we take a look at 2012 it was just one of the most robust periods of growth that we’ve seen in the business overall, really culminated in the fourth quarter here with net sales up to 13%. And that is certainly tracking ahead of our overall algorithm of high single digits. But I think we’re fairly pragmatic in terms of when we take a look at the categories and what we have in terms of year-on-year comps as we entered 2013.

And if you take a look at our categories in the fourth quarter, vis-à-vis, what we have seen earlier in the year and generally speaking you will find that the Horizon business or the organic milk category is remaining relatively consistent in that high single-digit territory.

You are seeing a little bit of slowdown with respect to the plant-based category, in the flavored creamer category of just a couple of points here. But they still remain incredibly robust at 9% unflavored creamers and 16% on plant-based beverages in the fourth quarter.

So it’s not really anything to do with any type of capacity constraints per se. It’s more about how we’re taking a pragmatic look at where the categories are trending in the fourth quarter. And as we take a look into Q1, we have a very strong comparative as we start to also enter the lapping of the iced coffee launch that we had in the first half of 2012.

Ken Goldman - J.P. Morgan

Yeah. Go ahead, Gregg.

Gregg Engles

All I want to say about it, Ken, is we feel good about our top line guidance. If certain of our categories remain as robust on a percentage basis as they were in 2012, we will beat this guidance. But these categories are getting big pretty quickly. But sort of high single digits percentage growth rate that we are applying here, still implies pretty big increases in the dollar sales in these categories. So if our new product launches are as robust as 2012, if the almond category holds up the kind of growth rates that we’re still seeing in the category then we will probably beat these top line numbers.

Ken Goldman - J.P. Morgan

That’s very helpful. Thank you.

Operator

And next, we will hear from Judy Hong with Goldman Sachs.

Mike Luddy - Goldman Sachs

Hi. This is Mike Luddy just filling in for Judy. Can you guys just talk a little bit more about the competitive landscape in plant-based beverages? What you kind expect to see there in terms of your share position going forward?

Blaine McPeak

Yeah. Good morning, Mike. This is Blaine again. I’d say the competitive landscape has not changed that markedly over really the past couple of years. And I’m very pleased with how the Silk brand has held its overall share position within the overall category, and within each of the particular segments of the category.

When you take a look at our overall share basis, any change in share at the aggregate plant-based level is largely due to mixes between the different segments of soy where we command a very, very strong 75 plus market share and the almond segment where we have about a 52 share just north of 50% there.

I look at it very much as we remain committed to growing the category as a whole, and we’re going to continue to drive investment into the category to continue to drive penetration, which I think we mentioned here was a very, very strong year for the category and for the Silk brand overall of driving three points of household penetration.

And we expect to continue on the innovation front here as well. We don’t think it’s going to fundamentally change. We saw a little pickup in the private label shares, but it still remains relatively nascent within the overall category. So, I like our position. We have a very, very strong number one leadership position in the category and we’re going to behave as such.

Mike Luddy - Goldman Sachs

Great. Thank you.

Operator

And moving on, we will go to a question from Ryan Oksenhendler with Bank of America.

Ryan Oksenhendler - Bank of America

Hey. Good morning, guys.

Gregg Engles

Good morning, Ryan.

Ryan Oksenhendler - Bank of America

My question is regarding the distribution costs. It looks like selling and distribution as a percentage of sales increased about 100 bps in 2012 versus 2011. Was that all driven by the increase in co-packing costs and the volumes that went through that business?

And can you provide some outlook for 2013, what that might be as a percent of sales? And what is, I guess, the long-term strategy in terms of bringing some of this product in-house? I think Gregg you pointed to last quarter about 70% of your product was produced in-house and what is that number going to be, I guess, going forward?

Kelly Haecker

Yeah. Let me just reiterate what Gregg said earlier with respect to the key drivers of distribution expense for the quarter and for the year the capacity constraints, a higher proportion of outside co-packing use and then the resupply requirements within our network.

The other thing that I would add too, that Gregg didn’t mentioned a significant way was warehousing. So even as we internally produce, we’re increasingly moving off-site to store products in the short-term until we can distribute those two customers. And as that goes off-site, that cost goes up and we have to shuttle product further out away from our core production footprint. So those are also key drivers.

We also had, I think with everyone a slight increase in fuel costs year-over-year as well. So as you suggest, we did have a pretty significant impact. That impact accelerated as we went through 2012, increased somewhat in Q3 and then in Q4, it was most pronounced with an impact on a year-over-year basis on a rate basis of between $4 million and $5 million in Q4 alone.

Frankly, we expect a similar trend as we lead into the first part of 2013 particularly in Q1. I think we should expect the same kind of distribution increases in the 20% plus range on a year-over-year basis. Hopefully, then as the year goes on, diminishing in its impact. We are doing a number of things that we think will significantly contribute to our ability to lower that over the course of the year.

Of course, the Dallas Texas plant ramp-up continues, we’re bringing online continually. And into the first quarter, we will be bringing up additional lines at capacity in support of our premium single-serve, our portion control, creamer business as well as our classic International Delight business.

And then as the year goes on as we get into the latter part of the year, we’ve got two projects that are underway right now to add a half gallon line in our West Coast plant and another half gallon line in our East Coast plant. Those two projects will come online late Q3, ramping up into Q4. So those will also be significant contributors to our ability to improve our distribution and warehousing cost.

And then lastly, over the course of the last 18 months and it continues into the year ahead, we continue to build-out our overall capability to be able to handle soy and almond across a broader footprint in our network. And as we bring on additional ability to do that throughout the year, that only improves our ability to eliminate distribution cost as that footprint is much more optimized from an almond perspective in particular, which is particularly important given the strong growth we see in that business.

So we think there are a number of things that we have underway. But I would caution you that they will be largely a latter part of the 2013 focus where we’ll really see the more significant payoff from those. So expect to see distribution and warehousing cost continue to be sticky high, particularly in the first half of the year.

Gregg Engles

Yeah. And then, as we move from 2013 into 2014, we have projects in our capital plan now to significantly expand just the size of our on-site warehousing capabilities to handle the increases in production that are going to be coming out of our factories but those will really begin to contribute. We’ll spend the capital in this year, but they won’t come online until early 2014.

Ryan Oksenhendler - Bank of America

Thanks guys. That’s great. And actually to Gregg to follow-up on that on 2014, so as I look out, selling and distribution as a percent of sales was 20.2% in ‘11. And as you look out to ‘14, is that more of a normalized type number as opposed to the 21.3% or 21.4% in 2012?

Gregg Engles

Yeah. I think that’s right. I think we can return to that level as we get into 2014. And again that will be some level of ramp-up, so I would hope certainly by the back half of ‘14, we see this return to a level that’s more in line with our historical standard.

Ryan Oksenhendler - Bank of America

Great. And just one last question. If it wasn’t for, I guess, the incremental demand in co-packing that you’ve had to do in the first half of the year, with the operating profit growth being high-teens or mid-teens as opposed to high-single digits?

Gregg Engles

Yeah. Clearly, there’s not a lot of leverage down from the sales line down through operating income and what we’ve called out for the first part of 2013, we are clearly saying there’s going to be more in the back half. This is precisely the reason why.

Ryan Oksenhendler - Bank of America

Okay. It’s the high-class problem to have.

Gregg Engles

It is a high-class opportunity to invest to reduce your cost, no question and we can handle…

Ryan Oksenhendler - Bank of America

Thanks, guys.

Gregg Engles

Thank you.

Operator

And moving on, we’ll go to Farha Aslam with Stephens Incorporated.

Farha Aslam - Stephens Incorporated

Hi. Good morning.

Gregg Engles

Hi, Farha. How are you?

Farha Aslam - Stephens Incorporated

Good. Thanks. I’d just like some more color on your new products versus your base business. When you think of your high-single-digit sales growth kind of on an ongoing basis, how much do you think new products contribute annually to that sales growth?

Kelly Haecker

Hi, Farha. I would say it’s generally fairly balanced. I think while we talked very heavily about our innovation, I would separate the two different types. One that really is about -- it’s closer into our core business, about product news. It’s about consistently putting better offerings in front of the consumer beneath their existing products that are improved or new products that might be more of a line extension.

And then there are those that are more of a step change, more similar to what we would see out of our iced coffee launch. When you take a look at our core business, it’s generally skewed more towards just the core growth of our business overall. Generally in that, 60% of our growth would be out of the core with another 40% contributed from the additional products that you put into it. We look at our innovation as not just what contributes over a one-year period, but it’s over several year periods.

So things that have been in our pipeline, per say in the marketplace for the past two to three years that we think about in that type of a context. When you think about more of the step change areas like iced coffee, which was an incredible success for us in 2012, that contributed anywhere between 2 and 3 points worth of growth for us across the entire year, those are areas that certainly start to step change that profile as we move into completely new categories and try to create new categories as well. And I think we feel very good about how our 2013 outlook looks across both continuing to invest to grow the innovation that we launched in 2012 as well as a fairly robust calendar of 2013 launches that came underway in January of this year.

Farha Aslam - Stephens Incorporated

And just as a follow-up on your 2013 launches, are they all kind of first quarter focused or how do you plan on introducing your new products and expanding ACV throughout the year?

Kelly Haecker

Yeah. I’d say generally speaking, we have a much heavier profile of innovation launches in the first quarter. Sometimes you have a few shipments that find their way into December just to correspond with retailers, our reset timelines. We have -- generally in the third quarter we have a less robust type of innovation pace in there with the exception of our coffee creamers business, which we typically going into a little bit stronger season at that particular time for coffee creaming. But we try to keep most of our investments and our launches in that first quarter.

I think we’ve talked about some of the exciting ones that we have going into 2013 here. So we’ve talked a little bit about the entire premium dairy portfolio and how the single serve format has been a nice driver of growth for the Horizon brand. And as we mentioned in the prepared remarks, we have announced and are proceeding with the launch of TruMoo and we’re really excited about that because it provides a whole new entry point with respect to lunch box solutions for moms and her kids on the go. And again, it’s a number one school milk brand and the number one chocolate milk brand that we continue to partner with Dean Foods there.

I think in our plant-based beverage portfolio with Silk, we continue to rollout new taste improvements for our core soy product lineup. We’re really excited to drive some new news on our soy business. And we’ve also talked in the prior calls about the launch in a limited fashion about Slik Fruit and creamy non-diary yogurts, and in that one, we expect in the general 15% to 20% ACV.

As we recognize, you know, the yogurt category is a challenging category and we’re pleased to enter it. We are also tempering some of our overall expectations and making certain that we progress in a very right fashion.

And lastly I think, we talked on International Delight, we have new flavors, salted caramel mocha and our core coffee creamer business. And we do continue to build out the overall iced coffee portfolio. I think we’ve talked on the last call where we see this very much about how do you continue to build the category and we’ve built a very solid distribution profile on that business so far with over 80% ACV.

We’ve seen very strong trial and very strong product repeats. We’re going to expand that line-up to include the lights portfolio to bring in the more way conscious consumer with only 100 calories per serving. We also have the single-serve format in International Delight Iced coffee bottle and we also launched the Silk brand in non-dairy Iced Latte. So, I’m pleased with what we have coming out of the gate here in ‘13.

Farha Aslam - Stephens Incorporated

Okay. Thank you.

Operator

And next we will hear from Chris Growe with Stifel.

Chris Growe - Stifel

Hi. Good morning.

Gregg Engles

Hey Chris.

Chris Growe - Stifel

How are you?

Gregg Engles

Good.

Chris Growe - Stifel

Just had a couple questions for you. The first was just to get an update on Horizon and understand the supply conditions for this year. And I guess I’ve seen the results of Horizon picking up a bit recently. I think you had obviously some comparison factors. But was it as simple as price gaps versus conventional conversion beyond the easy comps? Any color there would be great?

Gregg Engles

Yeah. I’d say overall our Horizon business, we have been in that mid single-digit territory for the majority of 2012. We saw the fundamental change in the fourth quarter jumping up into the teens which to the large effect was really off of some of the supply constraints that we had in the prior year’s quarter as well as we begin to lapse some of the price increases that we had taken there, in order to drive additional pay prices to our family farmer network.

And -- but generally speaking, we feel very good about this business in terms of continuing to bring value-added propositions to the marketplace with our single-serve, with our DHA Omega-3. And as we take a look toward 2013, we see it in that mid single-digit type territory. And as well, we believe this is more than just the Horizon brand and this is why we continue to look at how can we build out our portfolio in overall premium dairy and that’s where the TruMoo launch in the aseptic single-serve really comes into place as well.

So this is a brand moms trust across the U.S. and we think that the brand brings great equity that we will continue to stretch over the next several years.

Chris Growe - Stifel

And then…

Blaine McPeak

Just stepping back and looking at the dynamics here, you had pricing in organic milk much earlier than pricing in conventional. So in the latest period, you’re -- as Blaine mentioned, you are lapping that organic milk pricing. We had three price increases over the span of about a quarter at the end of 2011 and an early 2012.

So, you are copying stabilized prices in organic milk with much higher prices in conventional. And so on top of that, somewhat more robust economic environment. And those are the conditions where you see organic sort of jump ahead, so that’s part of what’s happening there.

Chris Growe - Stifel

Is there any issues or concerns of supply for the year organic business?

Blaine McPeak

Yeah. I mean, I think we’ve become pretty responsible in terms of how we take a look at our supply overall. And we’ve continued to enact appropriate pay pricing increases to our network of 600 family farmers. So I think we feel fairly confident that our outlook for the overall category and our outlook for overall milk supplier appropriate through what we see today.

Chris Growe - Stifel

Okay. I had just one follow-up if I could, Blaine, on the marketing. I think you mentioned earlier on Blaine about a 20% increase in marketing for the year in 2013 -- 2012 sorry -- is that correct?

Blaine McPeak

Yeah. For the full year, it was north of 20% on a consolidated basis with even heavier spending as a percent increase in North America and a little less so at Alpro but both businesses invested heavily behind the brands this year.

Chris Growe - Stifel

Given your new productivity in 2013, should that mostly track revenue growth? I’m just trying to get a sense of where that goes from here? How comfortable you’re all with that percentage of revenue from -- at this point?

Blaine McPeak

Yeah. I think you should think about it in the year ahead that that will probably track percent sales along revenue, and perhaps even ahead of that, particularly in North America where we’re going to continue to have invest pretty heavily behind the business.

And I think you will see more of that probably as we get into the second quarter and the latter half of the year where we will have a -- particularly from a comp perspective, we will have a higher level of spending, probably not as much early in the year. But you should expect the continued heavy pressure on the business from a marketing perspective in ‘13.

Gregg Engles

Yeah. Still somewhat ahead of sales, Chris.

Chris Growe - Stifel

Okay. That’s helpful. Thank you.

Operator

And we will move on to a question from John Baumgartner with Wells Fargo.

John Baumgartner - Wells Fargo

Thanks. Good morning.

Gregg Engles

Good morning, John.

John Baumgartner - Wells Fargo

Blaine, thinking about Silk soy milk specifically. I mean, very dominant share there. I mean there’s been a chat -- efforts made by branded competitors over the past years to gain share. They haven’t really made inroads. Most of your private label share losses have come -- are to private label in soymilk. So, just kind of thinking about, how you are thinking about soymilk going forward.

I mean, is it -- do you sense the everyday price point on Silk is too high, maybe you can stem some of these share losses at the lower price point? Have you seen just in more distribution of private label soymilk over the past few years, just kind of thinking about your thoughts in soymilk going forward?

Gregg Engles

Yeah. I would say this, while we talked about the different segments, we certainly look at the whole pie as well here. And we take a look at the plant-based beverage category growing 20% in 2012. The majority of that coming out of the new territories here around coconut, around the almond milk, which have grown very, very strong double digit in the 50% territory.

Soy for the total year was flattish, down just about 1% or so. And I think we’re going to continue to see evolution within this category overall. But soy is still a very, very strong part of the category. I think while we’ve continued to drive growth and drive penetration in the category and a lot of that’s been driven by almond overall. We’re still very, very committed to the overall soy franchise.

So I think in an earlier question here, we continue to bring product news even better taste performance to our soy portfolio. We’re going to continue to invest against a much, much more selective targeted consumer here that’s different than what you might find for almond milk. But overall, we like the prospects of plant-based beverages in its entirety and we like how soy really mirrors up with respect to the overall nutrition profile that really mirrors dairy milk in many ways.

So on the private label question, private label, I think as we start to see evolution of the category here. I think what we’re going to find is that private label in the absolute is still relatively small within soy. And we we’re going to start to begin to challenge some of the assumptions of whether or not all retailers need to have a private label soymilk here.

So I feel good about the teams getting reengaged back into how do we continue to stabilize and begin to grow this portion of the franchise again. But we’re also realistic about plan it as a whole category not segment by segment.

John Baumgartner - Wells Fargo

Okay, then Gregg, just a quick follow-up. Thinking about the innovation going forward, a lot of this comes in category adjacencies and refrigerated case be it iced coffee, be it the yogurt. And if you rewind back a few years, the JV with Hero, wondering if you can kind of walk through and compare maybe the deficiencies in that set up versus what gives you confidence today that you will be more successful as you move into these refrigerated compliment categories?

Gregg Engles

Well, I think that what we attempted to do in conjunction with Hero is just very, very different than what we’re doing today. So, the Hero joint venture was an effort to bring what had been a successful product launch in Europe to the U.S. It was a super premium juice product. It was introduced frankly right before the global economy went into the crisis of ‘08 and ‘09, consumers pulled back. Super premium positioning probably wasn’t the best place to be in that environment.

And that category stalled and retrenched in the new products on the block. I think were the first ones to go. So, it was an effort, an innovation, an investment in trying to grow the business. But I think what Hero says is not every innovation you do is going to work and you guys that follow consumer package goods companies are well aware of that, right. They don’t all work.

I do think, however, that the things that we have done other than Hero frankly give us a higher success rate in history than almost anybody else. So, we stepped out successfully into almond, that’s become a several hundred million dollar business for us.

The launch of ice coffee which is a pretty far step in terms of adjacencies from our flavored creamer business generated a brand at retail that had in excess of $70 million in sales in the first year, continuing to grow significantly. The step out from what we are doing in beverage, plant-based alternatives to the cultured products with Silk Soy, I think we are taking a real measured and disciplined and deliberate approach to growing that category because we’ve got a lot of consumer education to do around the benefits of cultured soy.

So I think the stuff that we’re doing right now is much higher probability than what happened around Hero. But companies that are going to grow have to take some risks too and we will inevitably try and create new categories as we have done in the past and capture the level of growth rate that comes with that from time to time.

Just you have to be confident that it will be measured in terms of our overall financial algorithm. You have to try new things if you’re going to be an innovative rapidly growing company.

John Baumgartner - Wells Fargo

Great. Thank you.

Gregg Engles

You bet.

Operator

And we will go next to Alexia Howard with Sanford Bernstein.

Alexia Howard - Sanford Bernstein

Good morning, everyone.

Gregg Engles

Hey, Alexia.

Kelly Haecker

Hey, Alexia.

Alexia Howard - Sanford Bernstein

A couple of questions. Can I ask about the European segment, I think, we got the sort of reported year-on-year change in operating profit, but didn’t really get a good handle on excluding foreign exchange, what’s going on with operating profit growth out there. And maybe you could give us some sort of operational view as to how that business is doing relative to the very strong brands in the U.S. Yeah that would be the first one?

Gregg Engles

Yeah. Let me give it a high level shot and then Kelly will come back and fill in more numbers in details. But, the data that we gave you in the script was on a constant currency basis. So it excludes the effect of currency exchange rates on the performance of the business.

So, the business given the context in Europe performed extremely well. We had solid low to mid single-digit volume growth through the year. So, volume growth increasing as we went through the year from kind of low single-digit volume growth to mid single-digit volume growth in Q4.

Operating income, as you’ll recall, we had some significant product launches in Europe in the first part of the year and significantly stepped up marketing expenses. So we took a step back in terms of profitability but as we moved through those incremental expenses, we had mid-teens operating income growth in the business in Q4 again on the back of mid single-digit volume growth and high single-digit revenue growth on a constant currency basis in that business.

And frankly when we step back and look at our European peers and competitors in that marketplace, clearly these categories in this company is outperforming the food industry generally in Europe by a wide margin. When you sort of dig down inside of what’s happening on the continent, it really is a tale of what I would call the Eurozone core versus the periphery.

We had an exceptionally difficult year in Spain and Portugal with meaningful significant double-digit declines in volume on the Iberian Peninsula. Offset by significant double-digit increases in the core geographies of U.K., Belgium, be it Benelux, the Netherlands, Germany in volume and revenue throughout the year.

So if it were not for the struggles of the peripheral economies, you see Alpro growing at the same sort of volume and sales and operating income rates as what’s happening in the U.S. So we have a fantastic suite of products in that marketplace, great innovation, similar dynamics to what’s driving the business in the U.S.

But what you have in that marketplace also or you know the sort of very well understood and documented challenges around the periphery where we had a meaningful amount of business. So that’s kind of the European summary.

Kelly Haecker

And I would like to just add a little specificity to that on a number. So as Gregg mentioned, he talked about the constant currency, I assume Alexia you were referring to Q4 in particular. So on a constant currency basis as Gregg mentioned, net sales grew in the high single digits.

That operating income number that we referenced around mid-teens, 15%, 16% were the U.S. dollar reported number which has impacted somewhat negatively by the U.S. dollar euro movement. It did have a fairly substantial benefit in from the euro pounds sterling impact. And so if you adjust for that on a constant currency basis, operating income was also in kind of this mid-single digit range.

So you had kind of a high single digit sales go to a kind of low single-digit to mid-single digit operating income on a constant currency basis. In large part due to the continued significant investments, we continue to make behind that business in Europe in Q4.

Alexia Howard - Sanford Bernstein

Great. Thank you very much. I will pass it on.

Operator

And next we will hear from Matthew Grainger with Morgan Stanley.

Matthew Grainger - Morgan Stanley

Hi. Good morning everyone. Thanks for the question.

Gregg Engles

Hey, Matthew.

Matthew Grainger - Morgan Stanley

Hi. I just wanted to drill down on the outlook for CapEx and depreciation. And I guess, specifically on depreciation and amortization, what are you roughly looking for in 2013 now given the step-up in CapEx? And if we think about CapEx going forward in your prior benchmark of $125 million, is that a number that we should come back to is a run rate beyond 2013?

Kelly Haecker

Yeah. First on depreciation, so our depreciation and amortization for 2012 was around $70 -- just short of $75 million. You should expect around $80 million for 2013, combination depreciation and amortization as we ramp up CapEx. I think that’s a reasonable estimate to use at this point.

We haven’t finished our planning really significantly beyond ‘13. I would tell as you mentioned historically we’re suggesting $125 million. We’re taking that estimate up to between $150 million and $160 million in 2013. I’d had, yes just to be on certainly from a conservative standpoint continue to be thinking about that range of capital spend beyond ‘13, perhaps into ‘14 and ‘15 as well.

So we’ll be going through a process of updating our planning beyond. But as we look at the continued growth in this business, we’d expect that ramp-up to likely continue for the foreseeable future.

Gregg Engles

I would just say, it’s all going to come down to the volume. The volume continues to grow. If this business continues to grow a couple of hundred million dollars or more on the top line on an annual basis, we are going to have to invest to support that growth. Because as we have said, we are totally full in our network.

Matthew Grainger - Morgan Stanley

Okay. Great. That’s helpful. Thanks. And just one general question on Europe, I mean your business is obviously managing through challenging economic conditions relatively well with the existing portfolio. But do you think the current economic conditions in any way increase the potential or the availability of potentially considering adding scale inorganically to your European business?

Gregg Engles

Yeah. I think that’s a really good question. First of all, we would like to add scale to our European business. The nature of Europe requires a heavier level of SG&A investment than comparably-sized business in the U.S. would have, just given the multiple jurisdictions and unique retail environments from country-to-country.

So, making our business bigger there inorganically would allow us to leverage what is already a significant investment in those areas to operate Alpro on a standalone basis. And I do think there may well be more opportunities than this environment or at least better priced alternatives in this environment than you might otherwise find. So, I think it’s an interesting question and certainly something that’s on our minds.

Matthew Grainger - Morgan Stanley

Okay. Thanks everyone.

Gregg Engles

Thank you.

Operator

And our last question comes from Michael Steib with Credit Suisse.

Michael Steib - Credit Suisse

Good morning. Can you give us a sense for where you see the relative growth rates between your four platforms play out in 2013? In other words, should we expect the Silk and Creamers business again be the strongest growth driver? So, I’m trying to get a sense for whether your gross margin mix in 2013 should be as favorable as it was in 2012?

Gregg Engles

Yeah, Michael. I think as we’ve taken out our outlook here, I think both the International Delight as well as the Silk plant-based beverages would be expected to perform higher than what our outlooks provided here with respect to net sales and horizon is slightly below that overall.

So you will continue to see that positive mix similarly to what we have seen within 2012, maybe a little bit muted versus what we saw in 2012. But generally speaking, that’d be the right direction.

Michael Steib - Credit Suisse

Okay. Thank you.

Operator

And that does conclude today’s question-and-answer session. I will now turn the call over to Gregg Engles for any additional or closing remarks.

Gregg Engles

Thank you, Jenny. Thank you all for joining us on the call this morning. We certainly appreciate your interest in The WhiteWave Foods Company. We look forward to talking to you about our first quarter results for 2013 on our next call. And we look forward to discussing with you the business on a separate standalone basis following the spinoff from Dean’s foods. So thank you again and we look forward to talking to you in the future.

Operator

And again that does conclude this call. We would like to thank everyone for their participation today.

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