The Bel - visit site - Bel Group

2011
BUSINESS AND
CORPORATE
SOCIAL
RESPONSIBILITY
REPORT

Bel Group basics
Bel’s mission is to share smiles with families through the pleasure of dairy
goodness. It’s a demanding mission undertaken by 11,400 employees
who are guided by the Group’s fi ve core values: ethics, innovation, enthusiasm,
competence, and cohesion.
Present internationally in over 120 countries
Bel’s cheeses are sold on six continents. To be closer to consumers, Bel maintains operations in all
its main markets.
Western Europe
Eastern Europe
Near and Middle East
Greater Africa
Americas, Asia-Pacifi c
33
countries
with a Group
presence
49
nationalities
within the
Group
11,400
employees
27
production
sites around
the world
1 billion
consumers
in 2020
Today, 400 million consumers
around the world appreciate Bel’s
products. By 2020, the Group aims
to have one billion consumers.
This goal, which is in line with Bel’s
mission, is predicated on a drive
for constant innovation, to make
dairy goodness accessible to
the greatest number of people.

An extraordinary
brand portfolio
Bel, the world specialist in single-serving cheese
portions, possesses a unique brand portfolio comprised
of 5 core global brands, including The Laughing Cow ® ,
Mini Babybel ® , Kiri ® , Leerdammer ® , and Boursin ® ,
8 international brands like Apéricube ® and Picon ® ,
and 17 national brands. In all, the Group has 30 brands
adapted to various diets and eating habits around
the world.
5 pillars at the heart of the Group’s CSR policy
Bel has made corporate social responsibility (CSR) the centerpiece of its development strategy and has asked
all its employees to participate in this unifying, continuous improvement project. The Group has based its
approach on fi ve prioritized pillars involving all its stakeholders, namely consumers, employees, partners
and suppliers, as well as all the communities where Bel has operations.
Nutrition and
responsible products:
developing
nutritionally benefi cial
products adapted
to consumer needs
and accessible to
the greatest number
of people.
Employer commitment :
providing employees
with the conditions
for personal and
collective growth.
Responsible communication
and consumption:
giving consumers who put
their trust in our brands the keys
to responsible consumption.
Environmental
footprint: reducing
the environmental
footprint of all the
Group’s activities,
whether directly
or indirectly related
to the manufacture
of our products.
Partnerships
and society:
maintaining sustainable
development
partnerships with
suppliers and civil
society.
Bel Group 2011 • III

02 Chairman’s message
04 Corporate governance
06 2011 Financial results
08 Strategy and markets
12 Brand review
16 CSR strategy and process
18 RESPONSIBLE BRANDS
THAT BOND WITH CONSUMERS
20 Multiplying smiles around the world
22 Innovating on behalf of consumers
24 Safety and consumer information
26 A STATE OF MIND
28 Employer commitment
32 Involving our partners
34 Sharing the Group’s values
39 PRESERVING THE ENVIRONMENT
40 Raw material and packaging
42 Inside the production sites
44 From the plant to the consumer
46 FINANCIAL AND CSR
KEY PERFORMANCE INDICATORS
48 CSR key performance indicators
60 Financial key performance indicators

PROFILE
17 marques
nationales
8 marques
internationales
5 marques
cœur
Sharing smiles
Bel is an international, family-controlled group that makes innovative products from traditional
cheese. Delightful, healthy and adapted to a diverse range of eating habits, Bel’s products have
attracted 400 million consumers in over 120 countries. Bel’s growth is derived from the power
of its differentiated and universal brands. Among these are its fi ve core brands, including
The Laughing Cow ® , Mini Babybel ® , Kiri ® , Leerdammer ® , and Boursin ® . Backed by the enthusiasm
and dedication of its 11,400 employees, the Group takes a long-term view of growth, favoring
both sustainable peformance and international development. Its goal is to share smiles and dairy
goodness with a billion consumers worldwide by 2020. In 2011, Bel generated consolidated sales
of €2.5 billion, up 4.5% over the previous year, despite a turbulent environment.
Bel Group 2011 • 1

CHAIRMAN’S MESSAGE
Our growth potential
confi rmed by our
performance
Antoine Fiévet, Chairman and Chief Executive Offi ce of the Bel Group
Our international strategy
has not only balanced out risks,
but has, above all, continued
to spur new growth opportunities.
2 • Bel Group 2011
Bel’s mission to share smiles with families
was never more relevant than in 2011,
a year marked by a continued economic
slowdown in Western countries, a terrible
earthquake in Japan and far-reaching
geopolitical events.
Despite the diffi cult environment, Bel once again
achieved sales growth in 2011, versus prior years. It was
a remarkable performance, one that underscores the
direct contribution of the Group’s 11,400 employees,
who merit our congratulations.
While we generated further sales growth, our
profi tability suffered from soaring raw material, energy
and packaging prices, as well as unfavorable exchange
rates. We were unable to fully pass those costs on in
our selling prices, resulting in profi tability below targets
that we had set for ourselves, although Bel was able to
continue consolidating its fi nancial structure during
the year. The performance, however, confi rmed the
strength of our business model, which was reinforced
by our balanced international market positions,
allowing the Group to grow even in a time of economic
uncertainty. 2012 looks to be another tough year.
Undeniable strengths
Today, Bel has all the strengths for successfully meeting
the challenges of this new environment. I can name fi ve
strengths that are part of the Group’s DNA, and which
we must maintain and develop. They are the specifi city
and power of our brands, the proximity of our markets,
our ability to innovate, the dedication of all our
employees, and the social responsibility that guides
our actions.
With its fi ve core brands and 25 local brands, Bel has
a portfolio without equal. These brands have always
been more than about just meeting a need. They have
forged close ties to consumers.

4.5%
increase versus
2010 sales
€2.5
billion
in sales
In 2011, the sales of all fi ve core-brands advanced.
Considerable growth potential remains, however, and
we must continue to cultivate the brands and the ties
that bind them to our consumers around the globe.
International expansion is also in the company’s genes,
and today we can see the wisdom of the decisions
made decades ago that enable us to market our
products in over 120 countries. Our international
strategy has not only balanced out our business risk,
but has, above all, continued to lead to new growth
opportunities. Bel’s organization evolved in 2011, and
that change has brought decision-making centers even
closer to market.
To better serve our consumers
To better serve our consumers, we depend on
innovation, one of the Group’s core values and an area
of progress particularly dear to my heart. New products
are the most visible signs of innovation. In 2011,
products launched within the last three years
accounted for 8% of Bel’s consolidated sales. That
percentage has grown year after year, and we expect to
it to grow even further. Less visible, but contributing just
as much to the Group’s growth are the constant efforts
to improve the nutritional benefi ts and natural content
of our recipes, notably through the development of
new manufacturing processes, or the exploration of
new distribution methods, among other innovations.
Some long-term projects have led to true operating
breakthroughs, and they contribute to advancing us
toward our goal of attracting one billion consumers by
2020, a goal that we have reiterated. We have decided
to beef up the resources allocated to R&D. I have a
great deal of hope for the projects already under way
and for those still to come. They are led by highly
effective and enthusiastic teams.
An enjoyable and inspiring place to work
Bel is a family-controlled company, a company with
11,400 employees who belong to just as many families.
It is thanks to their efforts and dedication that Bel’s
results are what they are, and that, in the face of the
delicate situations we encountered in Africa and the
Middle East, we were able to respond appropriately
and move forward. It refl ects the essence of our human
resources policy known as People First. I have always
been convinced that companies where employees
thrive professionally are those that offer the best
environment for personal and team development.
For such environments elicit the greatest dedication
from their employees. Bel, its managers and all its
employees must contribute to the common goal of
making Bel an enjoyable and inspiring place to work.
The People First social charter, issued to all teams
this year, is an important step in assuming that
collective responsibility.
Bel has big aims for growth. To that end, we have
assigned as much importance to respecting our
employees, our ecosystem and our stakeholders as
we do to meeting our fi nancial profi tability targets.
Respecting corporate social responsibility imperatives
in our decision-making process will become a decisive
force in the Group’s future.
We are well aware of the uncertainties that face us.
We understand, and we are developing the strengths
that will enable us to pursue sustainable growth.
Determined more than ever to sharing smiles with
families by bringing the pleasure of dairy goodness,
the Bel Group is staying the course and it will continue
to move forward.
Bel Group 2011 • 3

CORPORATE GOVERNANCE
PATRICK LONGUECHAUD,
Vice-President Human
Resources and Organization
GUILLAUME JOUËT,
Vice-President Communications,
Public Affairs and Corporate
Social Responsibility
Ensuring
profi tability and
independence
Over 100 years old, Bel is a family-controlled group managed
by the founders’ descendents. Bel takes the long-term view,
in keeping with its policy of sustainable profi tability and growth.
Its corporate governance refl ects this goal.
Fromageries Bel is a French
corporation (société
anonyme) with a Board of
Directors. It is listed on the
Euronext Paris stock
exchange. At December 31,
2011, the Unibel holding company and
members of the Bel/Fiévet family held
a combined 71.2% of Fromageries Bel’s
share capital.Unibel, 98.2% - owned by
members of the Bel/Fiévet family group
at December 31, 2011, is the Bel Group
holding company. Unibel sets the
long-term vision and strategy to guide
the Group’s growth and to ensure its
profi tability and independence.
The Board of Directors
Fromageries Bel is managed by a Board
of Directors whose Chairman is also the
company’s Chief Executive Offi cer.
4 • Bel Group 2011
The Board of Directors is assisted in its work
by two specialized committees, the Audit
Committee and the Appointments and
Compensation Committee, which meet on
average four times a year and may
themselves be assisted by experts of their
own choosing.
The Board of Directors includes seven
members, four of who are independent
Directors in accordance with the
Middlenext corporate governance code,
which Bel uses for guidance in governance
matters. The Board of Directors sets
the company’s strategic directions
primarily in the economic, social, fi nancial,
and industrial realms, and ensures that
those directions are implemented. It deals
with all matters concerning the proper
operation of the Bel Group.
The Board of Directors voted to appoint
FRÉDÉRIC NALIS,
Vice-President Bel
Greater Africa
Fatine Layt as a member of the Board,
subject to the approval of the General
Shareholders Meeting scheduled for
May 10, 2012.
The Audit Committee monitors the
preparation of fi nancial information and
the effectiveness of internal control
systems, risk management, and the
statutory auditing of the annual company
and consolidated fi nancial statements by
auditors. It also ensures the independence
of auditors.
The Appointments and Compensation
Committee notably issues proposals to
the Board of Directors concerning the
selection and appointment of Group
managers, offi cers and directors.
It makes recommendations to the Board
of Directors about director’s fees, bonus
JOE TAYARD,
Vice-President
Bel Near and
Middle East

ANTOINE
FIÉVET,
Chairman
and CEO
ÉRIC DE PONCINS,
Vice-President Bel
Americas,
Asia-Pacifi c
share and stock option awards and, generally,
compensation for Group offi cers and
managers. It also takes part in implementing
the Group’s strategic plan for human
resources management. The Appointments
and Compensation Committee is currently
assisted by an outside adviser.
General management
Antoine Fiévet has served as Bel’s Chairman
and CEO since May 14, 2009. In accordance
with French law, the Chief Executive Offi cer
is invested with the broadest powers
to act in all circumstances on behalf of
Fromageries Bel, within the limit of the
company’s legally stated purpose and the
provisions spelled out in the Board of
Director’s internal regulations. He is assisted
by Bruno Schoch, Deputy General Manager,
responsible primarily for Group fi nance,
legal affairs, IT systems, and development.
BRUNO
SCHOCH,
Deputy
General
Manager
PEDRO
FERNANDES,
Vice-President
Innovation
and Brands
Group Management Committee
The Group Management Committee
operates under the authority of CEO and
Chairman Antoine Fiévet. Its membership
includes the deputy general manager
and eight vice-presidents, each one
responsible for an activity, namely Human
Resources and Organization,
Manufacturing Operations, Innovation
and Brands, and Communication,
Public Affairs and Corporate Social
Responsibility, or an operational region,
namely Western Europe, Eastern Europe,
Americas Asia-Pacifi c, the Near and Middle
East, and Greater Africa. The Group
Management Committee assists general
management in implementing
the strategy put forth by the Board of
Directors and ensures the coordination
of Group activities.
HUBERT MAYET,
Vice-President
Group Manufacturing
Operations
THE BOARD OF DIRECTORS
Antoine Fiévet, Chairman and Chief Executive Offi cer
Michel Arnaud*, Director
Philippe Deloffre, Unibel’s Permanent Representative
James Lightburn*, Director
Luc Luyten*, Director
Florian Sauvin, Director
Johnny Thijs*, Director
AUDIT COMMITTEE
Philippe Deloffre, Chairman
James Lightburn*
Johnny Thijs*
APPOINTMENTS AND
COMPENSATION COMMITTEE
Luc Luyten*, Chairman
Antoine Fiévet
DEPUTY GENERAL MANAGER
Bruno Schoch
* Independent Director
FRANCIS
LE CAM,
Vice-President
Bel Western
Europe
Bel Group 2011 • 5

2011 FINANCIAL RESULTS
Strong sales and
fi nancial performance
Bel once again grew its sales and further improved its fi nancial position in 2011. At the same time,
complex economic and geopolitical conditions in certain countries and soaring raw material prices
worldwide reduced earnings, compared with previous years.
I
n 2011, Bel’s sales volumes reached
a record level, marking another year
of growth. Consolidated sales
exceeded €2.5 billion, up 4.5%
overall and up 7% at constant
exchange rates and scope of
consolidation versus 2010. Despite diffi cult
conditions, the growth was driven by the
appeal of the Group’s iconic brands, its
effective sales and marketing strategies
and a successful innovation policy.
Record volume in 2011
By geographical region, sales in the Near
and Middle East fell 9.2%, as a result of
higher raw material prices and aggressive
local and regional competition. In Eastern
Europe, the sales downtrend tied to the
region’s economic recession was halted
with respect to sales at constant scope
of consolidation. At the same time, the
Group’s home market of Western Europe,
and the powerful growth markets of the
Americas, Asia-Pacifi c and Greater Africa
regions all reported remarkable
performances.
6 • Bel Group 2011
Negative impact from spike
in raw material prices
Starting at the end of 2010, rising raw
material prices signifi cantly impacted
the Group’s earnings. To avoid penalizing
consumers during troubled economic
times, Bel continued its drive to improve
productivity (in manufacturing, organization,
purchasing, and other areas), and did not
pass on the full increase of its production
costs to selling prices. As a result, in 2011,
the Group’s operating income came to
€170 million, down 12.5% versus 2010.
Balance sheet strengthened
In 2011, consolidated net profi t,
Group share, fell 17.4% on the back of a
31% increase in fi nancial expense, mainly
as a result of refi nancing operations,
and foreign exchange losses on emerging
country currencies. Conversely, the Group
confi rmed its ability to effectively manage
working capital requirement and capital
expenditure, continuing to deleverage
during the year.
33
countries with a
Group presence
27
production sites
Over 120
countries in which
Bel products are
distributed

Sales breakdown
30
international
and local
brands
At end 2011, net fi nancial debt totaled €194
million, down €46 million, or a decline of
nearly 20% versus end 2010. Equity was
also strengthened, from €1,009 million
at end 2010 to €1,044 million at end 2011.
2012 strengths
The economic and geopolitical
environment remained uncertain at
the beginning of 2012, with no visible signs
of easing price pressures in raw material
markets. Nonetheless, the Bel Group
expects to grow its positions in the world
market for branded cheeses, backed by
its healthy balance sheet, its strong sales
and marketing momentum, its drive
for innovation in all world regions, and
the dedication of its 11,400 employees.
59%
Western Europe 4%
Eastern Europe
11%
Greater Africa
11%
Near And
Middle East
11,400
employees
worldwide
49
nationalities
within
the Group
15%
Americas, Asia-Pacifi c
116 195 2,418
+4.5%
96 170 2,527
2010 2011
Sales
in millions of euros
-12.5%
2010 2011
Operating income
in millions of euros
-17.4%
2010 2011
Consolidated net profi t
Group share
in millions of euros
Bel Group 2011 • 7

STRATEGY AND MARKETS
An international group
Bel is the world’s third-largest branded cheese company, holding market leading positions in
25 countries and ranking among the top-three branded cheese players in 45 others. Its growth
potential remains strong, particularly with respect to its core brands. The race for size is not the
Group’s goal, however. Its aim is to be the leader in all its markets and segments. To take better
advantage of the growth potential of its many markets, Bel is organized into fi ve world regions.
WESTERN EUROPE
“Boosting volumes
and market share were
the priorities.”
8 • Bel Group 2011
Francis Le Cam,
Vice-President Bel Western Europe
6.7%
sales increase for Bel
Western Europe,
versus the prior year
In Western Europe,
Bel’s sales advanced
6.7% in 2011, besting
the already strong growth
achieved in the region in 2010.
Against a backdrop of lackluster
market growth, that performance
was nothing short of outstanding,
ranking among the highest in the
dairy segment and the broader
consumer products sector.
As in 2010, the priority for 2011
was given to growing volumes and
market share, with moderate and
selective price increases to win
customer loyalty in a period of
declining purchasing power,
to maintain close ties to retail
partners through the growth
momentum of Bel’s brands,
and to keep the company’s
plants operating at a high level
of production. The market share
of the Group’s core brands grew,
consolidating their largely already
established leadership positions
in their respective segments.
Leerdammer ® turned in a
particularly robust
performance and is now a leader
in the sliced cheese segment,
reporting strong growth in six
major European countries. Other
top performing brands included
Kiri ® , Mini Babybel ® and Boursin ® ,
whose usage range was extended
to cheese platter, spreads,
cooking cheese, salad cheese
and, recently, cocktail cheese.
The recovery begun in 2010
for The Laughing Cow ® , which
celebrated its 90th anniversary
in 2011, was confi rmed during the
year with the launch of a new 3D
advertising saga. Countries with
the strongest sales momentum
included Spain, up 21%, Germany,
up 12%, France, the Netherlands,
Switzerland, and the UK.
New communication platforms
helped spur the growth of most
of the core brands, as did
successful innovations like
Leerdammer ® fl avored slices,
Boursin ® ham rolls and Apéricube ®
limited edition fl avors, jointly
created with consumers
via the Internet.

Bel Foodservice
Bel Foodservice operates two
businesses in Europe, including
a catering activity aimed at the
institutional and commercial
catering segments, and the P.A.I.
(intermediary food products)
business, which sells Bel cheese
brands to Europe’s food industry
and fast food chains.
In 2011, nutritional initiatives
were furthered in the catering
sector, with the launch of a new
The Laughing Cow ® recipe with 19.5%
less fat content, the introduction of
vitamin D-enriched versions of the
Cantadou ® and Cantafrais ® brands,
and even the launch of a newsletter
aimed at dieticians in France.
As for new products, three new
references were added to the
Boursin ® ingredient range.
P.A.I.’s partners continued to show
their interest in Bel’s brands as a
way to set themselves apart from
the competition and to create value.
This was illustrated by the year’s
product launches, which included
ready-meal maker Fleury Michon ® ’s
Boursin ® and The Laughing Cow ®
lunchboxes, fast-food chain Quick ® ’s
Cheesy au Boursin ® and McDonald’s ®
burger with Maredsous ® cheese.
After several tough
years in Eastern
Europe, efforts to
streamline production and
adapt product ranges to
national markets began to bear
fruit, with the region reporting
double-digit sales volume
growth in 2011. Well anchored
national brands such as Shotska ®
in Ukraine and Karicka ® in
Slovakia performed very well,
but the growth of Bel’s core
brands — a priority for Bel in
Eastern European markets —
was even more spectacular.
The event of the year in
the region was the launch of
The Laughing Cow ® in Ukraine,
with strong market penetration.
The Group also began
successfully marketing Kiri ® and
The Laughing Cow ® in Rumania
with very encouraging results.
But because weak purchasing
power in these markets often
makes it impossible to fully
pass on higher cost prices to
consumers, great care must
be taken to ensure tight cost
controls, while maintaining
product quality.
EASTERN EUROPE
”The core brands
remain the priority,
in particular
The Laughing Cow ® .”
Bruno Schoch,
Deputy General Manager
In 2011, national brands, which
benefit from a recognition base
that can be further developed,
were strengthened, notably the
Gervais range of fresh cheeses
in the Czech Republic.
However, the priority remains
the Group’s core brands,
particularly The Laughing Cow ®
in Ukraine to build on its
successful launch, and
Leerdammer ® in the Czech
Republic and Slovakia, where
the brand matches up well
with consumer tastes and
is growing. This strategy will
be continued in 2012.
€103
million in sales
in 2011
Bel Group 2011 • 9

STRATEGY AND MARKETS
10 • Bel Group 2011
Bel Industries
Bel Industries is the Group
division responsible for marketing
and selling specially prepared
dairy proteins to meet the needs
of food industry customers, who
make such products as ice cream,
yogurt and other foods that use
dairy products.
In 2011, Bel Industries benefited
from a 26% increase in whey
powder commodity prices as a
result of strong global demand.
Sales to the ice cream segment
were negatively impacted by
unfavorable summer weather
conditions in Europe and fall
flooding in Thailand, which led
to the temporary closing of ice
cream factories. Conversely,
export sales of proteins to other
dairy segments accelerated.
Sales momentum and extended
product ranges bode well for
a favorable upswing in global
demand in 2012.
7%
advance
in sales
The Greater Africa region,
formed in 2008, covers the
entire African continent,
where Bel operates three subsidiaries
in North Africa and some 15
distribution partnerships in sub-
Saharan Africa and French overseas
departments and territories. Following
two consecutive years of double-digit
sales growth, the region was negatively
impacted by the Arab Spring uprising,
instability in some sub-Saharan African
countries and other geopolitical
events. One extreme case was Libya,
where sales were completely halted for
seven months.
Another growth weakening factor was
the sharp increase in raw material
prices, which could not be fully passed
on to consumers in countries with low
purchasing power and intense
competition. Against this very
particular backdrop, the Greater Africa
region reported a very honorable 3%
increase in volumes and a 7% advance
in sales over 2010. Excluding Libya,
volumes were up 11%.
GREATER AFRICA
”Growth was spurred
by a strong increase
in sales of core
brands.”
Frédéric Nalis,
Vice-President Bel Greater Africa
Strong momentum continued apace
in Algeria and Egypt, while Morocco,
sub-Saharan Africa, and French overseas
territories and departments reported
fi rm growth under political and
macroeconomic conditions that were at
times unstable. Libya was the only
country to report a negative
performance versus 2010.
The region’s growth was propelled by
a robust 10% increase in sales of the
Group’s core brands, particularly
The Laughing Cow ® and Kiri ® .
Despite the turbulent geopolitical
conditions in the short term, the Greater
Africa region continued to invest to
develop its human resources through
training and organizational buildup, its
plants through capital expenditure to
boost capacity, increase productivity
and make improvements, and its
distribution partners through sales
force training programs.
While 2011 was diffi cult year for Greater
Africa, Bel remains confi dent in the
long-term potential of the African
continent, and it plans to capitalize on
its leadership position
in the region’s cheese sector.

NEAR AND MIDDLE EAST
”Sales volumes
have doubled in
fi ve years.”
Joe Tayard,
Vice-President, Bel Near
and Middle East
The Near and Middle East region is home to three
manufacturing sites in Turkey, Syria, and Iran, and
three sales subsidiaries in Lebanon, Saudi Arabia and
the United Arab Emirates. The region’s sales volumes have
doubled in the past fi ve years, underscoring the strong growth
potential into which Bel has been able to tap. In 2011, market
conditions were notably complicated by growing business
uncertainty, government-imposed selling-price ceilings despite
higher raw material costs, and aggressive local and regional
competition. Despite those diffi culties, Bel’s strategy of being
close to its markets and consumers paid off, with market share
maintained and growth in sales, even in Syria, where volumes
advanced 8% in 2011.
Kiri ® , the core brand with the region’s highest sales volume,
performed very well in the Levant countries, particularly the local
Labneh version and its range of cheese spreads. Kiri ® also did well
in Iran, where Kibi ® , the Iranian name of the brand, was successfully
launched and confi rmed in 2011. The Laughing Cow ® was also
introduced to Iran in 2011. Further, it benefi ted from a very
effective advertising campaign in countries throughout
the region on the www.albakara.com website.
In Turkey, the recovery of the subsidiary acquired in 2006,
continued apace with manufacturing improvements, improved
distribution and efforts to better target the core brands.
In all Near and Middle Eastern countries, Bel took advantage
of its regional brands like Regal Picon ® , and its strong national
brands like Picon ® in Lebanon and Rouzaneh ® in Iran which
complete its range.
In early 2011, the
Americas region was
expanded to form the
Americas, Asia-Pacifi c region.
The region has kept the
momentum going with sales
advancing 11.9% in 2011. The core
brands continued to develop at
a brisk pace in the U.S. market.
Mini Babybel ® sales climbed 21%,
making the U.S. the brand’s
largest market and justifying the
decision to invest heavily in the
construction of a new production
plant by 2014.
North America proved to
be a strong growth market
for Boursin ® , whose sales
increased some 30%. Sales of
The Laughing Cow ® trended
slightly down, particularly in the
second half of the year versus
2010, when the launch of three
new The Laughing Cow ® fl avors
stimulated the market. The three
variations continued to grow in
2011, and their performances
demonstrated U.S. consumer
demand for new products —
demand that Bel must meet.
11.9%
increase
in sales
AMERICAS, ASIA-PACIFIC
” The region
maintained its
momentum with
sales up 11.9%. ”
Éric de Poncins,
Vice-President Bel Americas, Asia-Pacifi c
In Mexico, a partnership set
up with a local retailer and an
effective advertising campaign
pushed awareness of the
La Vaca que rie ® brand up 40%
by end 2011, establishing a solid
base on which to build future
sales of Bel products in
this country.
In Asia-Pacific, one priority
has been a market review to
continue a sales offensive
in high growth countries like
Japan and Vietnam, and to
define strategies for potentially
high-growth markets such as
China, South Korea and Australia.
In 2011, Japan and Vietnam
reported strong growth, building
on consumption habits and
several innovations for Belcube ®
and strawberry flavored Pik &
Croq’ ® , auguring well for
the development of sweet
products in the region.
Bel Group 2011 • 11

12 • Groupe Bel 2011
Brand
review
Western Europe
Eastern Europe
Near and Middle East
Greater Africa
Americas, Asia-Pacifi c
● PORTUGAL
Amanteigado ® ,
a cheese with personality
With the launch of Amanteigado ® in March 2011, Limiano ® ,
Portugal’s leading cheese brand, successfully entered the
uncooked pressed cheese market. The Portuguese teams
have created a cheese with character, one with a soft
texture, a mild yet intense taste,
a practical format, a premium
position, and an overnight
success.
● GERMANY
FLAVORED LEERDAMMER ®
VOTED PRODUCT OF THE YEAR
Three new varieties of Leerdammer ®
cheese slices were rolled out in 2011,
including tomato and basil, garlic and
fresh herbs, black pepper and spice.
The new range quickly overcame
its direct competitor and was voted
”Product of the year” in the golden
category by Lebensmittel magazine.
● UNITED STATES
Mini Babybel ® ’s
largest market
Mini Babybel ® is riding a healthy snack
food wave in America, where its sales
have grown so rapidly that the U.S.
has now become the brand’s
largest market.

● SENEGAL
Closer to
consumers
In Senegal, the Group’s
historical sub-Sahara African
market, Bel teams organized
a nutrition themed tour
that mixed education and
entertainment. The effort
was a delightful way to
strengthen ties to consumers
and raise awareness about
The Laughing Cow ® ’s
nutritional benefi ts.
● FRANCE
Boursin ® gets a new
range for aperitif time
Creamy and tasty Boursin ® rolled in a thin slice
of ham is not only an original and delicious idea,
but also a technical feat. Two recipes,
garlic and fresh herbs, and pepper,
were successfully launched in France.
● RUMANIA
”Joy every day”
That’s the promise Bel made
to the Rumanian market in a
cooperative effort with
Danone. The Laughing Cow ® ,
Kiri ® and Mini Babybel ® all
received a very promising
welcome from consumers.
● APÉRICUBE ®
Web-surfers have their say
Over 120,000 fans of Apéricube ® participated in a unique
and unprecedented ”fl avor search” contest to determine
the best Apéricube ® fl avors to be made available
as of March 2012. The contest was a way to reinvent the
brand’s highly successful ”limited edition” range.
● UKRAINE
GAMBLE TO GO
UPMARKET PAYS OFF
In a market dominated by cheese
blocks and entry-level products,
The Laughing Cow ® was positioned
in the premium segment to highlight
its quality, taste, texture, and
user-friendly packaging.
The short-term goal is to make
The Laughing Cow ® Cheese Blocks
the market leader.
● UNITED STATES
BOURSIN ® MOVES
INTO SNACK SEGMENT
With Boursin Gourmet Tartine ® , Bel adapted
to American eating habits, associating the
fresh cheese with bread and crackers for
enjoyment any time of the day. The launch
of the spreadable Boursin ® range coincided
with the brand’s fi rst nationwide TV campaign.
● HONG KONG
Belcube ® targets women
The latest Belcube ® advertising
campaign presented the brand as a
unique and healthy snack that contains
just 18 calories. It was aimed at young
and active women concerned about
their fi gures and health.
● IRAN
Kibi ® ’s success confi rmed
A TV advertising campaign enabled
Kibi ® , the Iranian version of the Kiri ®
brand launched in 2010, to claim
70% of the cheese portion market
in just a few months.
Bel Group 2011 • 13

Brand
review
● CONGO
A NOVEL
DISTRIBUTION
NETWORK
Bel teams began supplying
The Laughing Cow ® to some
500 ”Mapa Mamas”, who ply
the streets of Kinshasa selling
rolls stuffed with The Laughing
Cow ® cheese. The new market
access offers strong growth
leverage for Bel in this central
African country, which has
71 million inhabitants. In 2011,
sales volumes in the Congo
advanced 51%.
14 • Bel Group 2011
● BELGIUM
Maredsous ® , a well
guarded secret
This famous creamy cheese, which is ripened
in the cellars of the Maredsous Abbey, is now also
offered in a spreadable version with two new
recipes, fagotin and goat’s cheese.
● ALGERIA
The Laughing Cow ® and Kiri ®
get together for Ramadan
Over the past four years, The Laughing Cow ®
Chef has become key cooking ingredient,
particularly during Ramadan. In 2011,
Bel decided to promote the use of Kiri ®
to prepare sweet dishes. As a result, Kiri ®
sales in the month of Ramadan grew 33%.
The two complementary brands were
backed by a full advertising effort.
● AUSTRALIA
Cheez Dippers ® launched
Launched in 2011, Cheez Dippers ® is an ideal
lunchbox cheese for six to 12-year-olds thanks to
its good nutritional balance. The brand exceeded
its sales targets by more than 50%.
● CANADA
The Laughing Cow ®
promotes the
Breakfast Club
After observing that many Canadian
youths arrive at school on an empty
stomach, the Breakfast Club, a
nonprofi t that advocates the benefi ts
of breakfast, committed to distributing
over 29 million breakfasts in Canadian
schools. The Laughing Cow ® partnered
with Walmart to donate one Canadian
dollar to the Breakfast Club for every
round box of The Laughing Cow ®
cheese purchased. The program
raised 25,000 Canadian dollars for
the Breakfast Club.
● WESTERN EUROPE
Mini Babybel ® : With 98% milk,
it serves us right!
Mini Babybel ® ’s new European advertising campaign takes aim at both moms
and children in a commercial titled ”C’est bien fait pour nous” (It serves us
right). The humoristic scenes, set to an electro-rock tune, reinforce
the modernity of a cheese that is 98% comprised of milk.

● MOROCCO
90 years of nutrition
The launch of The Laughing Cow ®
Calcivit, a vitamin D and calcium-enriched
version of the cheese, was accompanied by
an advertising campaign that had some fun
with the famous red cow’s 90th anniversary
with the slogan, ”The Laughing Cow ® — helping
to grow your children for the past 90 years.”
● EGYPT
Kiri ® is recognized
by 99% of Egyptians
In Egypt, Kiri ® ’s sales volumes
have climbed 82% since 2008.
● SYRIA
To help all
children grow
The Régal Picon ® product range
was enlarged with specially
designed tub formats for
families of very modest means.
To ensure an affordable price
in the target market, every step
in the design, production and
distribution of the product
was optimized.
● CZECH
REPUBLIC &
SLOVAKIA
Leerdammer ®
quickly takes the lead
In just a few months’ time,
Leerdammer ® became the leader
in the sliced cheese segment.
● NEAR AND
MIDDLE EAST
THE COW
ONLINE
The Internet is revolutionizing relations
with consumers. The albakara.com
website, for example, offers 3D adventure
games, goodies and ideas for family
activities. Albakara is Arabic name for
The Laughing Cow ® . The site has been
a phenomenal success with 9.5 million
unique visitors from the Near and Middle
East region, as well as North Africa,
who surf in to play with Karim, Sarah
and The Laughing Cow ® .
● SOUTH KOREA
THE LAUGHING COW’S ®
FIRST KOREAN
CAMPAIGN
In its fi rst advertising campaign since
entering the South Korean market,
The Laughing Cow ® is staring in a TV
commercial and appearing at store events
to familiarize families with the nutritional
benefi ts the cheese can bring to children.
● Celebrating
90 years of
The Laughing Cow ®
around the world
The famous red cow’s
anniversary was celebrated
everywhere Bel is present, with
contests to win birthday party
snacks and trips, advertising
campaigns to thank fans for
their loyalty, dedicated
websites, and even a world
record for the largest number
of people disguised as cows
and assembled in one place.
● More than
900 designers
on hand
Under the guidance of
Jean-Charles de Castelbajac,
some 900 young and
contemporary designers from
around the world redesigned
The Laughing Cow ® , while
keeping the brand’s codes
and values intact. The event
showed once again that the
brand is fashionable and
intergenerational.
www.lvqr.com
Groupe Bel 2011 • 15

CSR STRATEGY AND PROCESS
Building tomorrow’s
company with CSR
Corporate social responsibility plays a vital role at Bel, forming the core
of the Group’s development strategy and fully participating in its mission.
16 • Bel Group 2011
Bel has built its corporate
social responsibility policy
around fi ve pillars to structure
its commitment
to sustainable development.
The policy affects all
company functions and prioritizes the
Group’s actions with respect to its
stakeholders, which include consumers,
employees, partners and suppliers,
as well as all the communities where
Bel has operations.
The process is based on the ISO 26000
standard, which provides guidelines
to any organization willing to assume
responsibility and account for the various
impacts of its decisions and activities.
The fi ve pillars
A structured network
to deploy CSR throughout
the company
Bel established a CSR Department staffed
by a team of 18 key-function CSR advisers
from the Group’s service departments
and set up a local network operated by
local CSR correspondents from each of
the Group’s regions and main countries.
The regional correspondents are
responsible for coordinating and guiding
the deployment of the CSR policy in all
countries under their responsibility.
In 2012, their mission will consist of
developing roadmaps as part of
a medium-term business plan.
The roadmaps are designed to identify
Nutrition and responsible products: Developing nutritionally
benefi cial products adapted to consumer needs and accessible
to the greatest number of people.
Responsible communication and consumption:
Giving consumers who put their trust in our brands the keys
to responsible consumption.
Environmental footprint: Reducing the environmental footprint
of all the Group’s activities, whether directly or indirectly related
to the manufacture of our products.
Partnerships and society: Maintaining sustainable development
partnerships with suppliers and civil society.
Employer commitment: Providing employees with the conditions
for personal and collective growth.

priority areas of action to be taken in each
region and to set targets to be reached
by 2015. Beyond the structured approach
and the establishment of the CSR network,
all employees are asked to contribute
and participate in making Bel a more
socially responsible company.
Guidance and assessment tools
In 2011, under the guidance of the
key-function CSR advisers, the CSR pillars
were broken down into areas of progress
and action, with specifi c and measurable
performance indicators developed to
track operating results and provide overall
guidance for the actions undertaken.
These key performance indicators will
enable the continuous improvement
process to be evaluated.
In this area, France’s Grenelle II law
expanded the non-fi nancial reporting
requirements for listed French companies,
making independent, third-party
verifi cation of the published information
mandatory. Although the law does not
apply to 2011, Bel decided to produce
its fi rst trial report in 2012 based on an
assessment of fi scal 2011.
18
key-function advisers
helped defi ne
the Group’s areas
of progress
interview
A tremendous engine
for change
What characterizes Bel’s
approach to CSR?
First of all, it’s a very sincere effort.
It’s not public relations posturing.
Corporate social responsibility fi ts
perfectly with Bel’s strategy, which
calls for sustainable growth and
respect for the environment and
the company’s stakeholders.
Our approach fully refl ects Bel’s
mindset and values. This is not
a model cut and pasted from the
outside. It is based, in particular,
on networking and market
proximity. While the Group
has provided the CSR framework,
each country is responsible for
identifying its stakeholders’
expectations and setting the
priorities. Our approach is both
ambitious and realistic. We know
that we have a lot of progress
to make, and that we need the
enthusiasm and drive of everybody
in order to be successful. But we
are convinced that this policy is
a tremendous engine for change
within the Group, and it can spread
to our partners, customers and
consumers.
France’s Grenelle II law
imposes new non-fi nancial
reporting requirements on
listed French companies.
How are you dealing with
this constraint?
We don’t view this requirement
as a constraint but as a guidance
opportunity. The key performance
indicators enable us to assess the
FRÉDÉRIQUE GAULARD, Head of Bel Group CSR
progress we have achieved and
the distance we have to go to meet
our targets. They can be used to
make internal comparisons as well
as comparisons with the outside
world. They are fundamentally
guidance tools. The KPIs also show
the results of individual and
collective initiatives. These results
need to be shared and highlighted
to inspire other initiatives,
to develop pride in belonging to a
Group that gets involved. Bel’s CSR
website www.smilesfortheplanet.com
notably plays this role by offering
concrete, fi eld-tested examples
of all fi ve CSR pillars in all
Group regions.
What are your priorities
for 2012?
In 2011, we developed the tools
with the key-function CSR advisers
to deploy a unifi ed CSR policy
across the Group. We now have
a dedicated organization in all
Group regions. We will be setting
our 2015 targets and assessing
the progress made each year.
Lastly, we will encourage all
employees to integrate CSR into
their professional, managerial and
— why not? — personal practices.
+
For more information about Bel’s CSR policy,
go to the dedicated CSR website
www.smilesfortheplanet.com
Bel Group 2011 • 17

Responsible
brands that bond
with consumers
Pleasure, conviviality and, of course, smiles form the core of
the bond between Bel’s brands and its consumers. It’s a bond built
over time and based upon trust and product quality with respect to
taste, ease of use, food safety, nutritional benefi t, and accessibility.
With its cheeses consumed by millions of people every day,
Bel places responsibility at the heart of its offering.
Bel optimizes
the content of
3 key nutrients
in its cheese: calcium,
fat and salt
18 • 2011 Bel Group
400
million
consumers of Bel
products around
the globe
800 to
1,200 mg
is the recommended
daily allowance of
calcium for children

2011 Bel Group • 19

RESPONSIBLE BRANDS
Multiplying smiles
around the world
In a year marked by eroded purchasing power, dramatic natural disasters and political turmoil,
consumers maintained their preference for Bel products. That observation underscores the
strength of Bel’s brands, which combine healthy pleasure and nutrition with conviviality and
close ties to families worldwide.
I n
2011, Bel’s sales performance
continued to improve, with
all fi ve core brands reporting
positive growth. Sales volumes
of Leerdammer ® and Mini Babybel ®
were up more than 10% during
the year. Under such diffi cult conditions,
what explains the good success?
No doubt it’s because Bel’s products meet
consumer expectations in the Western
world as well as the developing one,
and that the Group’s mission of sharing
smiles with families is today more
fundamental than ever.
Building trust
Bel has been able to build a bond of trust
with its consumers — an asset it must
preserve. To that end, the Group must
advertise responsibly. When targeting
children, principles must be followed,
because children often watch and indeed
even act in Bel brand commercials.
Those rules are spelled out Bel’s
responsible communications charter.
The Group always takes care to
Cliniclowns bring smiles to children
with Bel in Belgium.
encourage responsible consumption
and attitudes that respect the family
environment. All Group subsidiaries
adhere to the charter and share
it with outside service providers
to ensure compliance prior to
the release of any advertising.
The relationship of trust is also
a great way to promote responsible
behavior dear to many families.
This is notably refl ected in the
participation of Bel’s brands in
actions of good citizenship and solidarity.
For example, Mini Babybel ® has for many
years participated in the Red Nose Day
charity event, now an institution for
the brand and its UK consumers.
In the United States, The Laughing Cow ®
and Mini Babybel ® teamed up with
the YMCA association to promote
the importance of physical exercise.
In Belgium, Bel collected donations
for Cliniclowns (see sidebar).
All fi ve core brands have a social
or societal role to play.
Each year, Bel’s Belgian subsidiary organizes an event to collect donations
on behalf of nonprofi t organizations. In 2011, it selected Cliniclowns,
a troupe of 17 clowns who entertain hospitalized and handicapped
children with clownish fun and good humor. The program is a good
fi t with the values, smiles and conviviality of Bel’s brands.
Over a period of several weeks, a portion of the purchase price
of The Laughing Cow ® , Kiri ® and Mini Babybel ® is donated to Cliniclowns.
Advertised to consumers via the products’ packaging, the operation
also involved Bel employees in Belgium, who sold Cliniclowns items
on behalf of the organization.
20 • 2011 Bel Group
$265,000
donated by Bel
to the YMCA
in 2011

Goal:
One billion
consumers
by 2020
Accessibility is at the heart
of Bel’s mission and goal
With 400 million consumers already,
Bel is aiming to bring dairy goodness
to one billion people by 2020.
Among potential new consumers are
some with few means to keep themselves
fed every day. Which is why it is so
important for them to have access to
the nutritional content they need.
In developing countries with limited
purchasing power, Bel is already marketing
local brands that offer good nutritional
quality at a more affordable price.
Going even further, Bel teams have been
working for several years on creating a
new product called Goodi ® . Prepared in
partnership with GAIN (Global Alliance
for Improved Nutrition) to ensure the
nutritional content is adapted to the
targeted populations, a fi rst Goodi ® pilot
project was launched in Vietnam in 2011.
To better adapt the product to local tastes
and to develop its distribution, Goodi ® will
require further adjustments, but this fi rst
initiative has created the conditions for
new business models adapted to the
neediest populations.
interview
Bel Access: To make our products
truly accessible to the greatest
number of people
CAROLINE BRIDOUX, Business Development Manager
In 2007, a cross-sector team was
assembled to work on an exiting
challenge: making dairy goodness
accessible to people living on
less than two dollars a day.
Called Jefferson, after the U.S.
president who appears on the
two-dollar bill, the project gave
rise to Goodi ® , a product launched
in Vietnam in September 2011.
The product’s entire components
are new for Bel, including its recipe,
manufacture, packaging,
distribution method, etc.
More than just a new product,
the project amounted to the
rollout of a new business model.
To continue down this path,
Bel set up a dedicated team
under the name Bel Access.
Today, Bel Access has four team
members under the management
of Florian Sauvin, and we benefi t
from the assistance of internal
and external advisers, who are vital
to this effort. To share in the
audacious goal of reaching a billion
consumers by 2020 requires
creating new business models and
thinking outside the box.
Our mission is to select the raw
materials, develop the manufacturing
processes, set the selling prices,
determine the distribution
channels, and identify all other
elements in the value chain
between Bel and the consumer
that can be reinvented.
In this way, we can make products
that meet basic nutritional needs
accessible to the greatest number
of people.
+
For more information, see the expert
opinion “Malnutrition: solutions for
effectively combating this affl iction”
www.smilesfortheplanet.com
2011 Bel Group • 21

INNOVATING ON BEHALF OF THE CONSUMER
Innovating and
constantly improving
Innovating is the basic act of creating and developing at Bel. Innovation concerns all 11,400 Group
employees and encompasses all sectors of activity.
In 1921, the birth of The Laughing Cow ®
necessitated a multitude of successful
innovations to bring dairy goodness
to a wider population, including
innovations in the recipe,
the manufacturing process, the
preservation method, advertising, etc.
Today, all of these areas remain open
at Bel, to continue innovating and
to better fulfi ll its mission.
Innovation in Bel’s DNA
New recipes remain the most visible side
of innovation. The brand review on pages
12 to 15 of this report provides a few
examples of innovations introduced
in 2011, such as Leerdammer ® fl avored
cheese slices or Boursin ® Apéritif.
Often, these innovations are the result
of years of research and development.
In 2011, product innovations, i.e.,
products launched within the past
three years, accounted for 8% of
the Group’s total sales.
Bel expects this share to grow in the years
ahead. More broadly, innovations offer
Bel a way to constantly improve its
product offering and the benefi t
for consumers.
Nutrition according to Bel
The ”Nutrition and Responsible
Products” pillar of the Group’s
CSR process reflects Bel’s
ongoing drive to design
products whose nutritional
benefits are adapted
to consumer needs.
At a time when consumers
are increasingly concerned
about the content and
quality of the food they eat
— and legitimately so —
22 • 2011 Bel Group
nutrition is a vital
challenge.
One priority for Bel
is to optimize the
nutritional quality and
profile of its products
aimed at children,
regardless of brand.
Three main areas of
focus include lowering
salt and fat content,
while optimizing
micronutrients like
calcium and certain vitamins
(see the interview on page 23
and best practices on page 25).
Bel has also invested heavily in raising
awareness and providing information
about nutrition, both internally through
its marketing teams and externally through
doctors, pediatricians, nutritionists,
schools, and other partners involved in
advising consumers.
In another nutrition related area,
the Group is also strengthening the natural
qualities of its products by reducing the
additives they contain, such as colorants,
emulsifi ers and preservatives.
Although without risk to consumers and
controlled by regulations, additives are
negatively viewed in some countries.
In 2011, Bel was named
“Manufacturer of the year”
in the Nutrition-Health
category by “Process
Alimentaire” magazine.

8%
of Group sales generated by
innovations launched in
the past three years
Consumer-oriented
manufacturing developments
Against a backdrop of eroding purchasing
power and soaring raw material prices,
Bel deployed programs to improve
manufacturing effi ciency at its plants,
to keep selling prices under control.
Using the full weight of its manufacturing
expertise, the Group demonstrated
its effectiveness, know-how and ability
to innovate, to make the streamlining
and performance-enhancing projects
a success.
In 2011, the Group led several streamlining
and performance-enhancing projects:
BOOST, a program for testing and
improving each step in the production
process, was deployed at fi ve new plants
following a pilot program at three sites.
The program, which notably led to the
establishment of key performance
indicators for machine effi ciency, also
helped encourage interaction and sharing
among the Group’s production sites.
Tempo is a project for streamlining
manufacturing maintenance at the
Boursin ® site in Pacy-sur-Eure, France.
In 2011, it was deployed to seven French sites.
In 2012, the project will be rolled out at
plants in Chorzele, Poland, Michalovce,
Slovakia, Cairo, Egypt, Tangier, Morocco,
and sites in the Netherlands.
Performance Formule is a program
to develop recipes that use fewer raw
materials, while maintaining the same
qualities. In 2011, the main achievement
was the modifi cation of the Kiri ® recipe
in the Middle East, with the new recipe
favorably received by consumers.
Beyond the food safety the plants must
ensure (see page 24), the production sites
play a fundamental role in maintaining and
improving the accessibility and nutritional
benefi ts of Bel’s products.
interview
”Improving the nutritional
quality of our products”
CÉLINE RICHONNET-DUBUIS and SIMON BONNET,
Group Nutrition Managers
What is Bel’s strategy in
the area of nutrition?
According to a report issued by
the Red Cross in September 2011,
there are 1.5 billion overweight
people in the world and 925 million
undernourished people.
Given the size of these challenges,
the food sector has a role to play
in helping to overcome them.
Our responsibility is to offer
products high in nutritional value
and to encourage consumers
to adopt healthy eating habits.
At the same time, we have to
maintain the taste and eating
pleasure that make up the
personality of our brands.
We take all of these factors into
account for each innovation or
recipe renewal.
What is the main focus
of your work?
Our priorities are working on the
three key nutrients found in cheese
by controlling fat and salt content
and optimizing the calcium content
of products targeted primarily at
children. Next, depending on the
specifi c needs of a given population
— for example, seniors or children,
or people in certain world regions
— we adjust the micronutrient
content. The Laughing Cow ® sold
in Africa and the Middle East is
vitamin D and B12-enriched.
For school cafeterias in France, Kiri ®
is vitamin-D enriched. In Ukraine,
The Laughing Cow ® blocks, which
are primarily eaten by families at
breakfast, are enriched in vitamin A,
D3 and E.
Do public authorities
participate in this challenge?
Part of our role is sharing these
advances with outside stakeholders,
such as governments, national
nutritional institutions, NGOs,
consumer advocacy groups, etc.
In France, for example, we made
our recipe renewal goals offi cial by
signing a voluntary charter to
enhance the nutritional content
of Kiri ® and The Laughing Cow ® .
+
To learn about best practices for
”Nutrition and Responsible Products”
go to www.smilesfortheplanet.com
2011 Bel Group • 23

SAFETY AND CONSUMER INFORMATION
Duty to consumers
A company’s fi rst and foremost duty to its consumers is to ensure that all its processes, from
upstream production to fi nal consumption, are strictly controlled to guarantee product safety.
Further, it must provide clear information.
W
ith nearly 400 singleserving
portions
manufactured every
second to keep pace
with the 12 billion
portions of Group
cheeses eaten annually, Bel’s reputation
for providing tasty products with no health
risks is at stake with each portion produced.
Ensuring food safety
and controlling quality
It goes without saying that the safety
measures taken by Bel upstream from
its production sites, within its plants and
downstream to the consumer are up to the
challenge. The permanent drive for optimal
quality applies to all Bel products.
75%
of Bel’s production sites
are certifi ed,with a
certifi cation target
of 100% by 2015
24 • 2011 Bel Group
The cheeses produced by the Group
and sold in over 120 countries worldwide
naturally comply with public health
demands and local regulations.
Further, Bel’s products are subject
to very strict internal standards and
complete traceability over their entire
life cycle. Numerous and rigorous
controls are carried out in each step
of the process to guarantee optimal
quality for consumers.
Bel’s 27 production sites around the
globe meet food safety and quality
demands, and comply with such
recognized international standards and
benchmarks as ISO 9001, FSSC 22,000,
BRC, and IFS.
Clear and complete information
Consumers are increasingly aware
and demanding of information about
the food they and their children eat.
It’s one reason why Bel has multiplied
the ways in which consumers can access
information about the nutritional value
of its products, via labeling smartphone
apps, websites and other means.
These constant efforts to improve
communication allow consumers to

14%
reduction in salt content
for The Laughing Cow ® Light
in the U.S., with salt content
lowered from 1,049 milligrams
to 900 milligrams per
100 grams of product
learn precisely how many carbohydrates
and how much fat, salt, calcium and
other nutrients are contained in the
Group’s products and their contribution
to the recommended daily allowance.
In France, Bel has signed charters with
the Programme National Nutrition Santé
(National Health and Nutrition Program)
committing it to providing content
information about every product
sold in retail stores for all its brands.
Bel Foodservice, a Group subsidiary
that supplies the institutional and
commercial catering markets, regularly
conducts nutritional information
campaigns with healthcare professionals
and catering companies.
Compositional information for all
its products can also be found at the
www.belfoodservice.fr website, along
with full nutritional information and
advice from dieticians.
best
practice
Lower salt content is the fruit
of a long-term effort
Bel didn’t wait around for
government measures
against salt content in
food to begin working on
the problem. From 1977 to 2009,
salt content in The Laughing Cow ®
in Western Europe was reduced
in steps, by 32%. The Group has
since made further progress,
and now expects to lower Western
Europe The Laughing Cow ® salt
content another 4.7% by 2013.
Likewise, Bel has lowered the salt
content of The Laughing Cow ®
and The Laughing Cow ®
Light in the U.S. market.
For The Laughing Cow ® Light,
which accounts for 90% of
The Laughing Cow ® sales in
the U.S., salt content has
been reduced 14%, from
1,049 milligrams per 100 grams
of product to 900 milligrams.
The effort will be continued for
flavored versions of the brand
in the months ahead.
While these reductions are
significant, some may ask,
“Why not do it all at once and
why not do more?” The reason
is because salt — like fat —
contributes to the taste to
which consumers have become
accustomed. The solution is
to make the change gradually,
without necessarily promoting
it on the packaging, in line
with public authority
recommendations.
2011 Bel Group • 25

A state of mind
Smiles generate enthusiasm and optimism.
Smiles also form the core of the Group’s human
resource policy, because Bel believes that the
well-being of its employees plays a key role in its
performance. This mindset is also carried over
in the relations the Group forges with its partners
in the communities where it operates.
26 • Bel Group 2011
69%
of employees
received training
in 2011
73%
of employees
answered the Group’s
fi rst global employee
opinion survey
49
nationalities
within the Group

Bel Group 2011 • 27

EMPLOYER COMMITMENT
The glue of an
international group
To ensure its expansion and the global distribution of its
products, Bel operates subsidiaries, plants or R&D centers
in 33 countries. The Group’s organization and values provide
the key leverage for working together more effectively.
Bel believes that its
employees provide the
foundation for sustainable
growth. This conviction is
refl ected in the name of its
human resources policy,
People First, a priority that has strong
implications for a Group where smiles are
the leitmotif and enthusiasm is a core
value. Bel’s mission to share smiles to its
customers must also apply inside with the
company. To that end, common working
conditions must be created to enable all
employees to fi nd their career paths to
professional development.
Organization adapted to an
international business model
Bel is a resolutely international group,
with operations in 33 countries,
27 production sites and 11,400 employees
worldwide. In all, 49 different nationalities
A charter for all
are represented within the Group.
Bel is organized into fi ve geographical
regions that are consistent in terms of
market, culture or consumption habits.
As a result, decision-making centers
are closer to market and benefit
The Group’s commitment to employees and management is based on four key areas.
• Empower everyone: creating an appropriate environment to ensure that everyone has the feeling
that he/she contributes to the entity in a committed, responsible and autonomous way.
• Grow further: developing talent through experience, training and exposure to new opportunities.
Share success: sharing value-created in a transparent and equitable way.
•
Enjoy our workplace: creating working conditions that make Bel a pleasant and friendly
place to work.
28 • Groupe Bel 2011
69%
of Group employees
received training
in 2011
from strong familiarity with their
localenvironments, enabling the Group
to respond more effectively to global
consumer expectations and to
develop its ability to anticipate
those expectations.

”People First”,
the social charter
issued to all 11,400
Group employees
in 2011
Overall strategy and large-scale projects
remain the province of Bel’s corporate
head offices. Networking between
regions and countries is encouraged,
as are internal job moves, which are a
source of mutual enrichment. As a part
of its “Talent Factory” program, the
Group has made international job moves
a key to its growth, with the goal being
to transfer skills and build local talent
nurseries. In 2011, 81 employees made
internal, international job moves,
up from 69 in 2010.
A mutual commitment for growth
Bel decided to draft a social charter
for it 11,400 employees. The People
First charter (see sidebar on page 28)
is particular in that it spells out Bel’s
commitments to its employees to
ensure their development, as well
as what it expects in return from
its managers and employees.
In this way, the charter explains the
rights and duties of everyone within
the Bel community.
81
international job
moves in 2011
The People First charter was prepared
in accordance with Bel’s way of working.
That is to say it was a collective effort
involving the Human Resources
Department and managers from various
functions and regions. The charter was
presented to all Group employees
throughout 2011.
At our Tangier plant, 95% of the team
leaders appointed in the past two years
previously worked at the plant as
maintenance technicians.
Frank-Yann Bourreau, Head of Technical Services for the Bel plant in Tangier, Morocco
First BEST graduates
In 2011, 84 operators from various
European plants earned diplomas
from the BEST (Bel Employee Shopfl oor
Training) program. BEST arose from
a vital need to develop a specifi cally
dedicated certifi cation program that
recognizes basic knowledge about the
manufacturing process, food safety,
accident prevention, the environment,
and other skills. The training program
was deployed in France, the Netherlands
and Portugal in 2011, and is expected to
be extended to other countries in 2012.
Bel Group 2011 • 29

EMPLOYER COMMITMENT
Listening to employees
For the first time ever, Bel conducted
a global employee opinion survey
covering its entire worldwide staff.
The aim of the survey was to provide
a point of departure for measuring
employee perceptions over time with
respect to the charter’s commitments.
The results provided both a Group
level and a team level view of Bel.
An independent outside company
prepared the survey, in which 73%
of Bel employees participated,
and analyzed its results.
The high rate of participation for an
initial survey underscored employee
interest and expectations with
respect to the effort.
The overall results and results by
entity were released in September
30 • Bel Group 2011
2011, and shared with Bel teams,
with the analysis taking into account
cultural differences.
Bel now has a point of departure
from which it can prepare programs
common to the entire Group, as well
as local action plans, and will be able
to measure the progress achieved
The Bel Care program is aimed
at ensuring that all Bel employees
around the world benefi t from basic
healthcare coverage.
Zofi a Sorokowska, Group Manager for Internal International Job Moves
226
managers and
safety coordinators
were trained in 2011 as part
of ”the zero accidents”
program
when the survey is taken again in 2013.
Among the strengths identified was the
positive response to employee autonomy
and empowerment. Bel was also judged as
serious and active in the area of safety.
Lastly, management at the Group level
received favorable marks.

Two areas of concern emerged from
the survey. Workers and technicians
indicated that there was a lack of
information about how the Group’s
reward system worked, and all
employees who responded
to the survey said career development
communication was lacking.
Both points are now the subject of
an improvement plan common to
all Group entities. Further, entity
managers along with their teams
examined local action plans for making
headway with respect to the guidance
in the charter.
Employer commitment
While 2011 was marked by the rollout
of the People First charter, Bel also
pursued a number of other programs
vital to “living well at work”.
The “zero accidents” program was
continued at all Group plants, with
intensified efforts to raise awareness
among local general managers and
operators. Two-hundred and twentysix
managers and safety coordinators
were trained, and “safety behavior visits”
were set up to share ideas with operators
and identify situations in need of
corrective measures.
The Bel Care program was deployed to
take aim at setting a common standard
for employee benefi ts such as healthcare
and disability insurance, even when such
benefi ts exceed local market practices.
One of the goals also set by Bel was
to hire more handicapped persons.
In 2011, various initiatives were taken
in France, including the signature of
a two-year agreement with Agefiph,
a nonprofit organization for
handicapped employees.
interview
Deploying People First
in Central Europe
BOYAN NEYTCHEV, General Manager, Bel Central Europe
How did the rollout of the
People First charter go in
Central Europe?
From the start, the project was
enthusiastically received by both
managers and employees, who view
the charter as a sincere and
structured effort by Bel to develop
teamwork and individual
performance. Lot’s of people shared
ideas and expectations and asked
questions. It’s now up to us to
integrate all of this into an action
plan for implementation at our
entity. One of the strengths of
People First is its dynamic,
participative and adaptive approach
to local problems. The action plans
are drawn up by the entities based
on their local populations. We have
already initiated some concrete
measures. We now hold interactive
meetings on a monthly basis with
management and all employees in
Prague to discuss company business
and our results. We will also hold a
Central Europe convention to
strengthen ties between functions
and the countries and to encourage
greater teamwork.
What’s your initial assessment
of the deployment?
People First is a long-term project
that must be deeply integrated
into our business culture and
the mindset of our managers
and employees. Everybody
understands that it’s
a gradual project, and that it
will bear fruit only if everyone
contributes to it. At our plant in
eastern Slovakia, where we employ
500 people, it’s already clear
that People First is viewed as
an advantage in the job market,
and it is making Bel an increasingly
attractive employer.
What areas does your 2012
action plan cover?
The fi rst measures concern
increasing understanding about
how our compensation policy
works, increasing idea sharing with
employees, encouraging internal
job moves over new recruits by
making information about the
job promotion process more
widespread and through adapted
training plans.
Bel Group 2011 • 31

INVOLVING OUR PARTNERS
Involving our partners in
sustainable development
Bel’s corporate social responsibility policy is designed around fi ve key pillars that refl ect the
Group’s commitments to its stakeholders. Just as Bel encourages its employees to get involved
in its sustainable development project, it seeks to share its goals and convictions with its
partners to support common efforts and broaden the positive impact.
Each year, Bel buys 1.6 billion
liters of milk directly from
producers in the dairy basins
where it operates, primarily in
France and the Netherlands,
but also in Portugal, Slovakia
and Ukraine. As a major player in those
markets, Bel works to build and maintain
durable relations with its suppliers.
1.6 billion
liters of milk collected
directly from producers
in 2011
32 • Groupe Bel 2011
Maintaining relations
with dairy producers
In France in particular, the goal is
to encourage a sustainable dairy
production channel in which producers
can improve the management of
their dairy farms and better preserve
the environment.
All of the Group’s dairy suppliers adhere
to the Best Farming Practices Charter,
which was revised in 2011 to include
new demands for personal safety
and environmental protection.
Long-term support
As part of its commitment to dairy
producers, Bel makes dairy production
technicians available to producers
to help them manage their farms.
With their knowledge of best farming
practices, the technicians can shed
light on complementary dairy practices
and technics for producers. In particular,
Bel encourages the use of a tracking tool
that has been adopted by its suppliers in
the Netherlands. Based on discussions
with the producer, the tracking tool

can help defi ne action plans that take the
farm’s specifi c environment into account,
while providing guidance for a continuous
improvement process.
CSR at the heart of discussions
with suppliers
Bel seeks to promote sustainable
development principles among all its
suppliers, and to get them involved in
continuous improvement actions with
respect to the social and environmental
challenges facing their activities.
To that end, it drafted a Sustainable
Purchasing Charter, which spells out
the Group’s expectations vis-à-vis
its suppliers.
The charter is presented to current
suppliers and to new ones during bids
or at the beginning of business relations,
to ensure compliance.
These expectations are expressed
in several areas:
Environmental: Practicing the
precautionary principle, minimizing
environmental impact, complying
with safety standards.
Human rights and labor standards:
Banning child labor, eliminating forced
or compulsory labor, creating an
environment conducive to health, safety
and employee development.
Business ethics: Complying with laws
and regulations, respecting intellectual
property rights and fighting corruption.
A charter compliance clause has
been progressively integrated into
all purchasing contracts. Depending
on the sector, additional demands
may also be included.
Goal:
Assess 350 suppliers
according to CSR criteria
by end 2012
Assessment of 350 suppliers
by end-2012
The Sustainable Purchasing Charter
is the cornerstone of a global program
by the purchasing department that
covers three other areas, including
training for Group buyers, assessing
supplier CSR performance and raising
awareness among business partners.
In 2011, the buyer training program
Sustainable
Purchasing
Charter
was expanded from headquarters
to all local buyers.
For supplier evaluations, Bel’s goal
is to have assessed the 350 suppliers
considered to be the most strategic,
or whose activity carries potential CSR
risk, by end 2012. At end 2011, nearly
300 suppliers, representing 30% of
purchases, excluding milk collection,
had been evaluated. Some of the
assessments revealed the need for
corrective action plans, which were
prepared jointly with Bel teams.
Since the effort was launched, a quarter
of the suppliers have been reassessed,
with over half of them showing
improvement. The results prove that
Bel’s CSR effort can have a true ripple
effect, and its results can be extended
thanks to the involvement of the
Group’s partners.
Bel Group 2011 • 33

SHARING THE GROUP’S VALUES
On behalf of children
and their well-being
Bel’s Corporate
Foundation
Bel’s Corporate Foundation
supports initiatives on behalf
of children and their wellbeing
everywhere in the world
by encouraging balanced
diets and environmental
preservation, since a healthy diet is
predicated on a healthy environment.
Since its founding in 2008, the foundation
has supported 63 projects worldwide,
including 19 new projects in 2011.
Employees, true foundation
participants
Bel also seeks to support initiatives
sponsored by its employees. Since 2010,
the Bel Foundation has awarded specifi c
grants to charitable projects sponsored
and monitored by Bel employees.
In 2011, 11 such grants were awarded,
bringing the total number of employee
sponsored grants to 21.
Developing philanthropy
In July 2011, Bel signed
the Corporate Philanthropy
Charter established by Admical,
a nonprofi t organization
dedicated to developing
philanthropy in France.
34 • Groupe Bel 2011
interview
The Bel – SOS Sahel
partnership
PHILIPPE LECOMTE,
Chairman of SOS Sahel
Can you tell us what SOS Sahel is all about?
SOS Sahel is an internationally-recognized NGO
and a member of the Charter Committee, created
in 1976 following the drought that struck the African
continent in the 1970’s. Its goal is to improve local
living conditions by providing access to fundamental
services, such as water, sewage, health, and
education, and by developing sustainable farming. One of SOS Sahel’s
particularities is that it contributes human resources for training
and know-how to put a project in place, while project ownership and
the responsibility for development are handled by local populations.
What are some of SOS Sahel’s main achievements?
Since its founding, SOS Sahel has supported 263 projects benefi ting
1.5 million people in the Sahel region of Africa. Over 1,300 water supply
points have been drilled close to a thousand villages, and 104,000
hectares of previously arid land has been recovered to grow
vegetation and to build an economy through various channels,
such as shea butter, gum arabic, and sheep and beef production.
Which project is supported by the Bel Foundation?
The Bel Corporate Foundation is helping SOS Sahel Burkina Faso to
encourage food safety measures in three northern provinces of
Burkina Faso. The contribution encompasses three areas, including
the establishment of 20 school gardens to ensure a steady diet for
5,400 school children, food donations for 4,400 malnourished
pregnant women, nursing mothers and young children, and
information addressed to mothers about how to use local foods
to maintain a balanced diet for their children. It’s an exemplary
project since it covers SOS Sahel’s three priorities: water, health
and education. Indirectly, the project helps motivate children to go
to school, if only initially to participate in developing the gardens.
+
To learn all about the projects
supported by the Bel Foundation,
go to www.fondation-bel.org

A patchwork
of actions
A child in hand / 2011 project
In Vietnam, the Bel Foundation supported a
project to help 900 children and 125 pregnant
women by disseminating information,
distributing food supplements, providing
health checkups, and distributing medicines.
www.unenfantparlamain.org
Unis Cités / 2011 project
In France, the Bel Foundation backed a pilot
program called Les Vitaminés to help prevent
child obesity in working class neighborhoods.
www.uniscite.fr
Couleurs de Chine / employee grants
Couleurs de Chine seeks to encourage access
to learning for the children of ethnic minorities
in China. The Bel Foundation is providing
funding for school equipment.
www.couleursdechine.org
+
To submit an application for support,
go to www.fondation-bel.org
Uniting under the sail
A human adventure shared
with employees
In 2005, when Bel decided to
sponsor skipper Kito de Pavant,
everybody knew that the
partnership would not be a simple
trade of funding for sticking a
logo on a sail. That’s not the Bel way,
and it’s not what Kito de Pavant was
seeking. Bel’s ambassador and his
red cow on the high seas, the
Groupe Bel sailboat, have forged
genuine ties to all the Group’s
subsidiaries. So far, over 8,000 Bel
employees have left their thumbprints
on the ship’s mast, to symbolize
their support for the skipper
when he’s racing at sea. Twelve
subsidiaries and 14 production sites
have welcomed Kito and shared
their enthusiasm with him.
Kito also participates in the
company’s internal communication
efforts when his presence can help
spread an important message.
In 2011, he participated in an
internal fi lm dedicated to the
”zero accidents” program.
The fi lm shows the constant
risk onboard the sailboat.
Kito makes safety a constant
concern, as all Bel employees
must do in their professional
environments.
On the 2012 agenda, the Groupe Bel
yacht will visit the Group’s Algerian
subsidiary for the fi rst time, a new
“Sharing Smiles Regatta” will once
again unite Bel teams from around
the world, and, in a major event,
the Groupe Bel will set sail from
Sables-d’Olonne, France on
November 10 for the Vendée Globe
singlehanded yacht race around the
world. Kito will be counting on the
support of Bel’s 11,400 fans and
their families.
”Sharing Smiles Regatta”
Bel Group 2011 • 35

SHARING THE GROUP’S VALUES
Encouraging creativity
The founding and iconic brand, The Laughing Cow ® , has always projected the values of audacity,
creativity and humor that Leon Bel instilled in his company in 1921. This same mindset can be
found in Lab’Bel, an artistic endeavor established by Bel in 2010 to support contemporary art,
and La Maison de La vache qui rit ® (The Laughing Cow House), where the general public can
rediscover the history of the world’s most famous cow.
A house of culture, life and smiles at La Maison de La vache qui rit ®
In the town center of Lons-le-Saunier,
in Bel’s historical birthplace in the Jura
department of France, stands La Maison
de la vache qui rit ® , a place that
incarnates the Group’s iconic brand.
The Laughing Cow House lives and breaths
conviviality and humor, with a wealth of
walks and a diversity of spaces like no
other in France’s Franche-Comté region.
Since opening in 2009, this unique
destination has welcomed more than
110,000 visitors, most of them families.
Ninety percent of the guests polled said
they were satisfi ed with their time at
La Maison de La vache qui rit ® . But, more
importantly, 50% said that the visit had had
a positive effect of their view of the brand.
36 • Groupe Bel 2011
A creative space
While The Laughing Cow House tells the
great saga of a family and an industry,
it’s much more than just a company
museum. The attraction is also open to
creations, experimentations and original
and qualitative initiatives, which feed the
creativity and fun linked to the brand.
In 2011, four schools of art, design
and graphics were commissioned to
completely reinvent The Laughing Cow ®
brand for an exhibit honoring the famous
cow’s 90th anniversary. In addition,
artwork resulting from a gathering
of artists and handicapped persons
was also displayed as part of an
extraordinary collaborative effort
with the nonprofit Orange Rouge
organization. That initiative will soon be
taken up again under the auspices of the
Franche-Comté region and the Cultural
Affaires Régional Offi ce. Through its
approach to CSR, the Group also
participated in the “N’en jetez plus !”
(Stop trashing already!) exhibit dedicated
to the environment, in partnership with
La Cité de l’Architecture et du Patrimoine
architecture museum in Paris.
On the agenda for 2012
This line of creativity will be continued in
2012, by taking inspiration from the very
nature of The Laughing Cow ® , a food
product. In the spring, La Maison de La
vache qui rit ® will welcome Marc Bretillot,
a famous food designer who makes food
into works of art.
What will The Laughing Cow ® be
transformed into? It’s a mystery!
In the summer, visitors will be able to
see the “Ô lait !” exhibit, the latest Lab’Bel
creation. The fall and winter season will
be dedicated to childhood, with an
exhibit dedicated to toys that laugh.
+
To learn more about the activities offered
by La Maison de La vache qui rit ® , go to
www.lamaisondelavachequirit.com
110,000
people have visited
The Laughing Cow ® House
since it opened in 2009

What will
The Laughing
Cow ® W
TC9fIn
look like
90 years
from now?
In 2011, The Laughing
Cow ® celebrated its
90th anniversary,
which of course was
appropriately feted
by La Maison de
La vache qui rit ®
(The Laughing CCow
House). Working
with Lab’Bel, four schools of art, design
and graphics were given carte blanche
to reimagine the famous red cow
90 years from now. These spectacular,
moving and funny works were
displayed at La Maison de La vache qui
rit ® during the summer and at the Gaîté
Lyrique in Paris at the end of the year.
All the artwork showed the potential
for inspiration and eternal youth
contained in Bel’s founding brand.
Sharing smiles through art
Lab’Bel, the Bel Group’s artistic
laboratory, was established in
spring 2010 with the determined
goal of getting the Bel Group
involved in a general interest
policy of supporting
contemporary art, much in the way that
Léon Bel did when asked artist Benjamin
Rabier to create the famous
image of The Laughing
Cow ® . Managed by
Laurent Fiévet and
Silvia Guerra,
Lab’Bel engages
artists, and
movers and
shakers of the
contemporary art
world with humor,
eccentricity and
irreverence, the three
themes that form its
identity.
First projects outside France in 2011
In 2011, Lab’Bel continued its close
collaboration with La Maison de la vache
qui rit ® , providing the curators for the
“Même pas vielle !” (Not even old!)
exhibit. For the third time, it was also
active in the French city of Metz,
for a video work by Ignacio Uriarte.
In 2011, Lab’Bel also realized its first
projects outside France. Selected to
provide the curators for solo projects
at the contemporary art fair
in Barcelona, Spain, Lab’Bel organized
the Art for Life exhibit, which presented
works by laureates alongside works by
other international artists in residence.
Working with the Mies van der Rohe
Foundation, Lab’Bel also asked Stefan
Brüggermann decorate the German
pavilion in Barcelona, to kick off a series
of discussions on contemporary art
and architecture.
2012 agenda
In early 2012, Lab’Bel will
present the fi rst of its
collection at the 5 d’Angers
art gallery, as part of the
“Touching the Moon” exhibit
and will examine the cyclical and dynamic
representation of milk in contemporary
art over the summer as part of a new
collaboration with La Maison
de La vache qui rit ® .
In autumn 2012, Lab’Bel
will go to European culture
capital Guimaraes,
Portugal, to participate
in an exhibit of a series of
bridges between plastic
arts, music and literature.
A fourth exhibit in Metz
is also planned. With the same
drive for sharing its enthusiasm
for today’s artists and making their
work more accessible to the greatest
number of people, Lab’Bel’s art
collection will be displayed in the spring
at the fi ne arts museum in Dôle, France,
where Bel operates a production site.
It’s another way for the laboratory to
strengthen its ties to the Jura, Bel’s
historical birthplace.
+
To follow news of the Bel
Group’s artistic laboratory,
go to www.lab-bel.fr
Bel Group 2011 • 37

38 • 2011 Bel Group

Preserving
the environment
Bel is leading an ongoing effort to reduce the
environmental impact arising from the manufacture,
transport and storage of its products and packaging.
In accordance with its comprehensive view of this
responsibility, all stages of the product life cycle
are taken into account, from raw materials supply
upstream, to manufacturing and transport all
the way to the consumer.
9
plants
certifi ed
ISO 14001
at end 2011
12.8%
The decrease in water
consumption in cubic meters
per metric ton of cheese
produced achieved
Group-wide from
2008 to 2011
10 microns
The thickness
of the aluminum packaging
wrapped around a Kiri ® portion
produced in Lons-le-Saunier,
France
2011 Bel Group • 39

PRESERVING THE ENVIRONMENT — RAW MATERIALS AND PACKAGING
Controlling the impact of
upstream supply
The company’s environmental impact is not limited to the product-manufacturing phase alone.
Key factors upstream must also be controlled, such as raw materials selection and the conditions
under which those materials are produced.
5key stages in the life cycle of
Bel products have a significant
impact on the environment
(see diagram).
From raw material production
to consumption
The environmental impact of cheese
making varies according to the recipe
used for the cheese, how and where it is
produced, and even the type of
packaging it employs. The Group
conducted a Life Cycle Analysis (LCA) of
its five core brands, enabling it to
identify four main environmental
Logistics and
transport.
40 • Bel Group 2011
Packaging
end-of-life.
The fi ve stages
of Bel’s product
life cycle
that have an
environmental
impact
impacts, including water consumption,
non-renewable energy use, greenhouse
gas emissions, and waste generation.
Upstream dairy farming
Raw materials production and delivery
have the greatest environmental impact
in Bel’s product life cycle, representing
more than 60% of water consumption
and non-renewable energy use, and 75%
of greenhouse gas emissions. Aware of
its responsibility and the role it can play,
the Group encourages producers to
improve their farming practices through
its dairy policy. In particular, the Group
Raw materials
production and
delivery.
Packaging
raw materials
production and
transport to
our plants.
Cheese
manufacturing
and packaging.
provides information about new
environmental challenges and supports
efforts to improve environmentally
friendly techniques. Bel engineers and
technicians work with dairy producers in
the Netherlands, France, Portugal,
Slovakia, and Ukraine, providing
assistance and advice in the areas of
sustainable production quality and
environmental issues specifically related
to the dairy industry. Bel’s dairy
producers in France and the
Netherlands, which together account for
80% of the Group’s milk supply, have
signed a charter of best farming
Over 75%
of greenhouse gas emissions
are related to the production
and delivery of raw
materials

practices. In countries lacking such
processes, the Group seeks to initiate its
own charters, which take specific local
conditions into account.
Packaging
Packaging plays a key role in Bel cheeses
and the services the Group offers to
consumers. Most of Bel’s retail products
are presented in the individual portions
format, which preserves the integrity of
the cheese until it is eaten and offers
just the right amount of product. Bel
actively works to optimize its packaging
solutions, always remaining mindful of
source reduction and materials
selection, two key elements in its
ecodesign process.
- 200
metric tons
Western Europe reduced
the amount of its paper and
cardboard packaging by over
200 metric tons in 2011
CSR labels for
Point of Sale (POS)
displays
Bel France decided to grade
the impact of its POS displays
from A to D, with A being the most
environmentally friendly score.
The longer-term goal is to use only A
or B-rated POS displays. Bel is also
studying POS display designs that
are sturdy enough to be reused.
interview
What is Bel’s policy for
ecodesign packaging?
Our policy is based on a comprehensive
approach that adheres to several sound
principles. We have to remember that
packaging plays a vital role, and Bel does
not compromise on packaging where the
preservation of its cheese and consumer
user-friendliness are concerned. Our goal
is to reduce the environmental impact of
our products over their entire life cycles by
optimizing our packaging. Our thinking and
efforts cover the entire packaging system,
not just the packaging seen by the
consumer, but the packaging used for
transport and storage as well. Last but
not least, our approach gets internal
stakeholders like marketing, development
and manufacturing involved and
empowers them, along with our suppliers.
Is the single-serving portions
concept the main obstacle
to ecodesign?
No. On the contrary, beyond its practical
advantages, the portions format is a means
for limiting food waste, which is a fi rstorder
environmental challenge. According
to the FAO*, dairy sector food waste
amounts to 10% to 25% of production,
depending on the geographical region.
In developing countries, the losses occur
mostly at the distribution stage.
In industrialized countries, the waste is
generated primarily on the consumer side
through opened but unfi nished products,
or exceeded expiration dates.
Our portions packaging ensures that the
cheese is preserved until it is consumed
— often over long periods of time and often
without the need to keep it cold —
providing a real solution to the problem.
* Food and Agriculture Organisation.
A comprehensive approach
to ecodesign packaging
JEAN-PAUL DUQUET, Head of Group ecodesign packaging
Bel produces 12 billion cheese portions
annually. They form the core of our
business model. Our goal is to optimize
our packaging solutions around this great
concept, anticipate trends and invent
the packaging of tomorrow.
Can you give us an example of an
achievement in 2011?
We have been working on minimizing the
amount of material used in our packaging
for several years now. In 2011, we reduced
the thickness of the aluminum foil used
to wrap Kiri ® portions from 12 microns to
10 microns. This decrease, made possible
by the manufacturing teams at the
Sablé-sur-Sarthe plant in France, enabled
us to lower our aluminum consumption
by 35 metric tons a year. In addition to the
savings, the reduction has had a direct
impact on the environment because it cuts
resource usage at various life cycle stages,
with less packaging to be produced and
transported, and less waste to be
processed. Of course our ecodesign
efforts go beyond source reduction.
We are also actively involved in aluminum
recycling challenges. The Group is
a member of the CELAA club for light
aluminum and steel packaging, through
which we fi nance research and aluminum
collection and recycling initiatives in
France, including the aluminum foil
wrapped around our portions.
Bel Group 2011 • 41

PRESERVING THE ENVIRONMENT — INSIDE THE PRODUCTION SITES ES
Group’s environmental
efforts show up in local
initiatives
The actions taken by Bel at its manufacturing sites worldwide are aimed at preserving natural
resources, primarily by reducing need and waste, and through recycling waste. Each plant has its
own organization for preserving the environment and implementing environmental policy.
Cléry site heated with
biomass steam boiler
The Cléry-le-Petit production site in
the Meuse region of France employs
some 300 persons and produces
fl avored Leerdammer ® , Bonbel ® and
Maredous ® cheeses. It operates with
a steam power generator fi red
primarily by wood.
Well adapted to the Cléry region,
where wood is plentiful, this solution
refl ects a drive to use renewable
energy resources. The new system
replaced a fuel-oil steam generator
that emitted 9,400 metric tons of CO2
annually. To keep the biomass steam
boiler supplied with fuel, some 10 new
forestry jobs will be created
around Cléry.
42 • Bel Group 2011
An ongoing improvement
effort to cut greenhouse
gas emissions, reduce
water and non-renewable
energy consumption, and
recycle waste is underway
at all 27 Bel production sites. Each site
develops its own approach by
integrating the local context into the
Group’s goals. The targets set for key
performance indicators in the 2008-
2012 plan are mostly ahead of the mark.
More detailed information about the
targets, measures and investments is
provided in Bel’s Registration Document,
available at the www.groupe-bel.com
website.
A common approach to
cutting water and energy use
To reduce water and energy
consumption, and share the best
available technologies, Bel developed
the Esabel (Energy Saving Bel) and
Wasabel (Water Saving Bel) programs.
Launched in 2010, both methods are
part of an effort to assess water and
energy use at the production sites and
to map out action plans based on a
common model. The two programs are
expected to be deployed at all Group
sites by the end of 2013.
Wasabel
The Syrian plant in Damascus has served
as the Group’s pilot site for Wasabel
over the past five years. Wasabel is now
being deployed at all production sites,
e.g. Koléa, Algeria, Tangier, Morocco and
Cairo, Egypt, with a three-year goal of
cutting water consumption by 2.5 liters
to 3 liters per kilogram of The Laughing
Cow ® cheese produced. The target
represents a 30% decline in water usage.
By the end of 2013, all Bel sites will be
participating in the effort.
100%
of plants on track to
be certifi ed ISO 14001
by 2015

Esabel
In 2011, Esabel was started up at 10 Group
sites. The three-year reduction targets
look very promising. One concrete
example of potential savings is an
initiative to replace the vacuum pump
model used in the packaging stage of the
production chain. The new pump, which
is 60% more energy efficient, will be
deployed at all Group sites producing
The Laughing Cow ® cheese. The new
model pump is already operating at
six Group plants. In 2012, it will be
deployed at plants in Ulzama, Spain,
Tangier, Morocco and Lons-le-Saunier,
France.
A key criterion for equipping plants
Environmental friendliness is a
fundamental part of the equation when
replacing equipment, installing new
production lines or building new plants.
That principle was clearly applied when
the Group opened a plant in Vietnam in
2011. Lower water usage was integrated
at the design stage of the project, and a
biological wastewater treatment plant
was also installed. Another project,
a new Mini Babybel ® plant, will be
operational in 2014, in the United States.
The team in charge is seeking to make
the new plant a model under the LEED
(Leadership in Energy and
Environmental Design) rating system
for green buildings.
interview
New Vietnam plant opts
for a biological wastewater
treatment facility
FRANÇOIS PONS, Bel Vietnam plant Director
Under what conditions
was the biological
wastewater treatment
plant launched?
Environmental standards are
very stringent in Vietnam, particularly for
effl uents and treatment. To treat
wastewater from the My Phuoc 3 plant
inaugurated at end 2011, we opted for a
biological treatment facility with vertical
closed-loop reactors, in which organic
matter is broken down by microorganisms
niched inside millions of polystyrene
beads. The water to be treated percolates
by gravity around these beads, and air is
blown against the current to maintain
aerobic conditions. This ecological and
economical system is a fi rst for the Group.
What are the results so far?
The plant has been producing since July
2011. While the selection of the treatment
facility was a bit of a gamble, it has proven
to be an astute move, because the results
are even better than expected. One of the
main criteria is the amount of Chemical
Oxygen Demand (COD). The maximum
Environmental performance indicators
Measurement
unit 2008 2009 2010 2011
Change from
2010 to 2011
Change from
2010 to 2011
Drinking water consumption* m 3 /t* 12.531 11.205 11.226 10.924 - 2.69% - 12.82%
Fossil fuel usage mWh/t** 1.502 1.391 1.378 1.310 - 4.94% - 12.79%
CO2 emissions t/t*** 0.342 0.318 0.317 0.296 - 6.67% - 13.49%
Share of sorted waste**** % 73 67 71 74 + 3 + 1
* Cubic meters of water per metric ton of cheese produced.
**Megawatt hours of lower heating value (LHV) per metric ton of cheese produced.
*** Metric tons of CO2 per metric ton of cheese produced.
****Share of waste sorted or processed for incineration with energy recovery.
standard allowed is 100 milligrams per liter.
Our discharges range from 15 milligrams
to 30 milligrams per liter. In addition,
the treatment facility consumes very little
power.
How does this project tie into the
Group’s overall environmental
policy?
Beyond the biological process, which is
particularly environmentally friendly, we
have also set reduction targets for water
consumption and effl uents discharged
into the public sewer system. After
six months of operation and a progressive
ramping up of activity, we currently use
six cubic meters of water and discharge
4.5 cubic meters of wastewater per metric
ton of cheese produced. We are working
on solutions to reach maximum water
consumption of four cubic meters and
three cubic meters of wastewater per
metric ton of cheese produced.
The savings will have a direct impact
on our water usage, as well as our
wastewater treatment costs.
+
To learn more about water stress,
see our expert opinion at
www.smilesfortheplanet.com
Bel Group 2011 • 43

PRESERVING THE ENVIRONMENT — FROM THE PLANT TO THE CONSUMER
Alternative
transport solutions
Bel uses a transport and warehouse grid to make its products available to consumers. In addition,
Bel employees must travel to and from the workplace. Reducing transport is a good way to lower
the Group’s environmental impact.
Bel has always based
the selection of its plant
locations on two key
factors, including raw
materials availability, i.e.
dairy producing regions for
supplies of fresh and primary processing
products, and nearness to markets,
to limit the distance between its plants
and consumer catchment areas.
Closer to consumers
Getting products to the end consumer
requires a cold transport and storage
organization, which by its very nature
can be energy intensive. However, along
44 • Bel Group 2011
with its retailers and supply chain
service providers, the Group has
identified simple and effective solutions
for lowering greenhouse gas emissions.
These solutions are based on optimizing
truck fill rates and delivery frequency,
as well as alternative transport
initiatives. Working together with its
partners has led to steady and
meaningful improvement.
Bel gets involved in
multimodal transport
Multimodal transport involves a
combination of several types of
transport to get from one point to
another, such as so-called piggyback
solutions that use both rail and road
transport. This solution was successfully
tested to move products from plants in
western France to a warehouse in Lyon,
with corresponding CO2 emissions cut
by 33%. In addition, a program was
launched a year ago to transport
Leerdammer ® from the Netherlands to
Italy (see best practice on page 45) via
an alternative solution. The idea was to
maintain the same flexibility offered by
road transport (and even improve it),
while taking advantage of the lower
energy and environmental costs
offered by rail.
85%
of Leerdammer ® cheese
transport fl ows from Rotterdam,
Netherlands to Milan, Italy are
now provided by rail

33%
reduction in CO2 emissions
from plants in western France
to a warehouse in Lyon
Everybody’s business
Designed for adoption by all Group
employees, Bel’s approach to Corporate
Social Responsibility is particularly
relevant with respect to environmental
policy. Bel UK began encouraging
car-pooling some years ago, making it
a pioneering subsidiary in this area.
Along with the town of Lons-le-Saunier,
France, where a Bel plant employs more
than 500 persons, the Group has been
advocating sustainable travel by offering
environmentally friendly driving courses,
providing better information about
public transport options and facilitating
car-pooling. More generally, initiatives
are growing at Bel’s plants and offices
around the world to introduce
environmentally friendly practices that
save energy, water, paper, and other
resources in the workplace and even
at home. When extended to a Group
population of 11,400 families, such
initiatives can have a real impact.
Without my car!
Bel employees in Prague and Zeletava,
the Czech Republic, and Michalovce and
Bratislava, Slovakia were asked to leave
their cars in the garage for a day and use
more ecological means of transport to
get to work, including public transport,
car-pooling, bicycling, and even walking.
Everybody took part in the initiative,
which offered a good example of how
changing habits can help the
environment.
best
practice
Combined transport proves
to be both more ecological
and economical
Leerdammer ® is Bel’s most
popular cheese brand in
Italy. The production plant
that supplies the Italian
market, however, is located in
Schoonrewoerd, Netherlands, and
the road transport means from the
plant to the Italian warehouse was
lacking in effi ciency, prompting
to a review of the operation.
Combined transport (a/k/a
multimodal transport) proved to
be the most effective alternative
solution. Over a distance of more
than 1,000 kilometers, the cheese
is now trucked no more than a
total of 130 kilometers, including
the trip from the plant to the
Rotterdam train station and the
journey from a train station near
Milan to the Italian warehouse.
For the remaining 900 kilometers,
the cheese is shipped by rail.
In this case, rail transport offers
several advantages. It allows
8,500 metric tons of
Leerdammer ® to be shipped to
Italy each year, while saving
300,000 kilometers of road
transport.
It also lowers CO2 emissions
because rail transport does not
directly produce any such gases.
It is also signifi cantly cheaper and
poses no greater delay risks than
“all road” transport.
+
To learn more about multimodal
transport challenges,
see our expert opinion at
www.smilesfortheplanet.com
Bel Group 2011 • 45

CSR and fi nancial
key performance indicators
48 CSR commitments and outlook
60 Summary management report
62 Consolidated income statement,
vs. prior year
63 Consolidated balance sheet,
vs. prior year
64 Consolidated cash fl ow statement
46 • Bel Group 2011

Bel Group 2011 • 47

Corporate governance
1
2
3
4
Areas of progress MAIN ACHIEVEMENTS AT END 2011
Establishing a network
and tools to support
the deployment of
the CSR process
Measuring, guiding
and reporting on
the progress of
the CSR process
Mobilizing employees
to integrate CSR
progressively into
all professional and
managerial practices.
Guiding the process
and management
systems to ensure
that sustainable
development
challenges are
taken into account
48 • Bel Group 2011
• A network of 18 function advisers from marketing, innovation, communication, manufacturing, human
resources and other corporate departments, was set up. These key-function CSR advisers are responsible
for bringing the Group’s CSR process to their respective areas of expertise.
• In several major Group countries, such as France, Germany and Morocco, local CSR correspondents were
appointed to carry the torch and implement the CSR process locally.
• Several tools were developed to help structure and deploy the process at Group entities, primarily:
- The CSR Reference Guide, which structures the process’s fi ve pillars and shows entities how to self-assess
with respect to each area of action;
- The reporting protocol, which defi nes all the Group’s CSR key performance indicators;
- A dedicated guide to held Group operating entities design a CSR roadmap.
• A social charter, an environmental policy paper, a policy paper on health and safety, an ecodesign packaging
manual and other specifi c reference documentation were issued to the concerned staff to help structure
their CSR goals by function.
Key performance indicators were defi ned to measure, guide and report on the progress of the CSR process
(see “Reporting Protocol” above).
• Function-specifi c training programs were established to integrate environmental, social and societal
challenges into professional and managerial practices. For example, the Group structured and initiated the
fi rst training sessions specifi c to nutrition for its marketing teams, while buyers were trained in responsible
purchasing practices.
• Dedicated CSR website, smilesfortheplanet.com, was launched in both French and English, to keep
employees informed about the Group’s CSR commitments, achievements and best practices.
• The Group retained a single certifi cation entity, namely SGS, to streamline certifi cation efforts for
all its sites and certifi cations.
• The number of manufacturing sites with certifi ed management systems for quality, food safety,
environmental protection, and personnel safety continued to grow, with two additional sites certifi ed
and the launch of the certifi cation process at four others.
• All Bel production sites worldwide meet food safety and quality demands set by the Group, in keeping
with recognized international standards and benchmarks.
- 75% of sites had at least one certifi cation.
- Manufacturing site certifi cation at end 2011:
- 50% certifi ed according to a standard recognized by the GFSI food safety authority
- 11% were certifi ed OHSAS 18001 for human health and safety
- 32% were certifi ed ISO 14001 for the environment
- 68% were certifi ed ISO 9001 for quality
• Environmental, social and societal challenges are now taken into consideration in the Group’s investmentproject
decision-making process.

OUTLOOK FOR 2012 AND BEYOND
The Group plans to strengthen the network and broaden the reach of tools to help develop the CSR process among operating and corporate teams.
- By end 2012, each region will have an identifi ed CSR correspondent, with correspondents progressively named in main Group countries.
- The Group will give CSR goals greater visibility in its policies for nutrition, upstream dairy and other functions.
- Internal access to these documents will be facilitated by the www.smilesfortheplanet.com website.
As of 2012, the Group will have the necessary KPIs to internally guide and externally report on the progress of its CSR process.
- In 2012, all Group operating regions will be asked to identify their main challenges, assess their progress and develop a CSR roadmap and
corresponding actions plans.
- Further, each region will be required to develop numerical improvement targets for 2015 for the areas of action they deem as priorities.
- An internal CSR scorecard will help guide and track the achievement of these consolidated goals.
- A trial audit of Bel’s CSR key performance indicators will be conducted by an outside party in 2012, to prepare the Group for mandatory CSR
reporting under French law in 2013 (on the basis of fi scal 2012).
Bel will encourage all its employees to place corporate social responsibility at the center of its growth strategy.
- Ethical behavior forms the core of the CSR process. Accordingly, a Code of Best Business Practices, presenting the values and principles that all
employees must follow in the course of their professional activities, will be gradually rolled out as of 2012, along with a whistleblowing process to
signal any unethical behavior.
- Since early 2012, a dedicated CSR training program has been progressively rolled out for managers. All managers from grades one to three are
expected to be trained in CSR by 2013.
- Marketing, human resources and other function-specifi c training courses will be gradually modifi ed to include CSR, to factor CSR into all managerial
and professional practices.
- Since 2012, a CSR component has been factored into the bonus compensation system for managers.
The Group will continue to deploy management systems and processes to ensure that sustainable development challenges are taken into
account in managerial and professional practices.
- The number of certifi ed production sites is expected to grow. The Group’s goal is to have all its production sites certifi ed according to
a GFSI-recognized standard by 2014 at the latest, and ISO 14001 and OHSAS 18001 standards by end 2015 at the latest.
- Further, the Group’s policy is to have all new sites, whether built or acquired, certifi ed GFSI FSSC 22000, ISO 14001 and OHSAS 18001
no later than two years after their integration into the Group.
- Lastly, the Group will ensure that all internal processes encourage the taking of sustainable development challenges into account.
Bel Group 2011 • 49

1
2
3
4
Areas of progress MAIN ACHIEVEMENTS AT END 2011
Ensuring product
quality and safety
Improving the
nutritional quality
of our products
Strengthening the
natural qualities of
the Group’s products
Developing a range
of products accessible
to the greatest number
of people
50 • Bel Group 2011
Nutrition and responsible products
Developing nutritionally benefi cial products adapted to consumer needs and
accessible to the greatest number of people.
• The Group prepared food safety reference documents, which were disseminated internally through the local
CSR correspondents network.
• The Group mapped out its quality policy.
• The Group regularly kept track of local regulatory changes and implemented active monitoring measures as
part of its continuous improvement process.
• Several formulas were renewed in 2011, including:
- Vitamin B12-enriched The Laughing Cow ® in the Middle East and North Africa;
- Vitamin A, D3 and E-enriched The Laughing Cow ® blocks in Ukraine;
- Calcium fortifi ed The Laughing Cow ® in the Czech Republic;
- The Laughing Cow ® Light, with lower salt content in the United States;
- A specifi c formula for The Laughing Cow ® was tailored for school cafeterias (fat, calcium and vitamin D)
on behalf of Bel Foodservice.
• Stakeholders acknowledged the Group’s progress in the nutrition area:
- Bel France made its commitments offi cial by registering a voluntary charter to enhance the nutritional
content of Kiri and The Laughing Cow ® .
- French magazine Process Alimentaire named the Bel Group ”Manufacturer of the Year” in the healthnutrition
category.
• The Group continued to strengthen its nutritional expertise:
- The Group initiated a vast bibliographic review of eating habits and drivers among children
(taste development, education, sharing, pleasure, fun).
• R&D programs were pursued to reduce and even eliminate emulsifying salts in processed and fresh cheeses.
• Several renewed formulas were introduced in 2011, including:
- A new The Laughing Cow ® formula with one less additive in Slovakia and the Czech Republic;
- The Laughing Cow ® Light and The Laughing Cow ® Garlic and Fresh Herbs with one less additive in Canada;
- A new The Laughing Cow ® formula with two less additive for Bel Foodservice Europe;
- A cheddar Mini Babybel ® formula without preservatives, launched in countries where this product is sold.
• The Boost, Tempo and Performance Formule programs were rolled out at Group plants to lower pressure
on selling prices in an era of soaring raw material costs.
• In Vietnam, Bel sponsored a study on calcium and vitamin D defi ciencies in young children and women
of childbearing age, conducted by Vietnam’s National Institute for Nutrition.
• A fi rst ”hybrid” product experiment combining dairy and another ingredient was conducted in Vietnam.
Launched in September 2011, the dairy and rice-based range of products was specifi cally adapted
to the nutritional needs of Vietnamese children, with added vitamins, iodine and zinc.
• Exploratory projects were initiated to identify the most relevant countries for developing comparable models.

OUTLOOK FOR 2012 AND BEYOND
The Group will continue to make improvements in this key area of progress to ensure tight control over all processes that ensure
the quality and safety of its products.
The Group will optimize the nutritional composition of its products, with priority given to those targeted at families with children
and those for which the nutritional benefi t is underscored, regardless of brand.
- All Group operating regions will have prioritized their renewal plans to 2015, to improve formulas.
Each year, the Group will assess the program’s progress and adjust its action plan as necessary.
- R&D projects will be launched to support renewal plans. The fi rst consumer surveys will validate the organoleptic performance
of the formulas under renewal.
- Newly optimized formulas will be launched as of 2012, notably in Western Europe, Ukraine, the Czech Republic, the U.S.,
and Morocco, and for Bel Foodservice.
- The Group will further strengthen its expertise in eating habits, with a particular focus on the role of the individual portion
Consumers in ”hyperconsumption” countries increasingly expect products to be more natural. In view of such demand,
Bel will continue its policy of reducing additives in its formulas.
- All Group operating regions identifi ed priority formulas to be renewed based on local conditions as well as 2015 targets
(number of E numbers per formula). Each year, the Group will assess the program’s progress and adjust its action plan as necessary.
- R&D programs will be pursued.
- Consumer surveys will be taken to validate the organoleptic performances of the formulas with fewer additives.
As of 2012, several tests will be carried out in Europe.
Bel will continue its on-site and in-the-fi eld efforts to develop nutritionally benefi cial products accessible to the greatest number
of people, despite soaring raw material prices.
- The Boost, Tempo, Performance Formule, and other programs will continue to be rolled out at Group production sites.
- Local brand optimization and development will be pursued.
- In Vietnam, the Goodi ® product will be optimized, in partnership with the NGO Gain (Global Alliance for Improved Nutrition).
- Lastly, by 2015, new ”hybrid” products aimed at populations with weak purchasing power may be introduced in several countries
Bel Group 2011 • 51

1
2
Areas of progress MAIN ACHIEVEMENTS AT END 2011
Facilitating
consumer access
to information
Incorporating the
Group’s commitment
to CSR in our brands’
promotional-offer
campaigns
52 • Bel Group 2011
Responsible communication
and consumption
Giving consumers who put their trust in our brands the keys
to responsible consumption.
• Nutritional information
- The Group mapped out its nutritional labeling policy and shared it with the operating regions to assist them
in implementing labeling renewal plans.
- Bel France made its nutritional labeling commitments offi cial by registering a voluntary charter to enhance
the nutritional content of Kiri ® and The Laughing Cow ® .
- In Senegal, a van carrying a nutritional message and a nutritionist visited 15,000 persons in 10 cities, to talk
about nutrition and to distribute a brochure spelling out the nutritional benefi ts of The Laughing Cow ® .
• Environmental information
- In France, Bel continued its work within the dairy profession to draft a reference guide that specifi es
methods for calculating and measuring the environmental impact of dairy products.
• The Responsible Communications Charter, which refl ects the Group’s commitment in the area of
communication, was appended to all contracts with communication agencies. Advertising was subject
to a strict internal validation process to ensure compliance with the charter.
• Local good citizenship actions were taken in the name of the Group’s brands, including:
- Mini Babybel ® ’s renewed support for Comic Relief’s Red Nose Day in the UK;
- Support for Cliniclowns nonprofi t in Belgium by The Laughing Cow ® , Kiri ® and Mini Babybel ® ;
- A partnership initiated by The Laughing Cow ® with the YMCA in the U.S. to encourage physical activity.
- A partnership signed by The Laughing Cow ® with the SOS Villages d’Enfants in France.
• Consumer views of the societal role of Bel’ brands were included in a tracking survey conducted in
all major Group markets. The fi rst wave - point zero – took place in 2011.
• France: Ecodesign rules for Point-of-Sale (POS) ads were established and presented to all French team
marketers. A Bel-specifi c POS label was created to measure and improve the environmental impact of
Group POS displays.

OUTLOOK FOR 2012 AND BEYOND
In countries where the Group’s products are sold, Bel will continue its efforts to facilitate consumer access to transparent and relevant product
information through packaging labels, websites, smartphone apps, and other means.
- The Group will continue to improve the nutritional labeling of its products.
- The Group will continue to work with the French dairy sector, to be able to provide reliable environmental information about dairy products.
- To respond to unanswered consumer questions, the Group is seeking to enhance its dedicated consumer services
The Group will progressively introduce societal missions for each of its fi ve core brands to ensure that the commitments feed into the brands’
respective positioning.
- The entities will identify the most relevant brand or brands in their portfolios to refl ect the Group’s commitment to CSR.
- Local good citizenship actions will be pursued and progressively integrated into the framework of defi ned societal missions.
Bel Group 2011 • 53

Areas of progress MAIN ACHIEVEMENTS AT END 2011
1 Reducing the
environmental
footprint related
to the manufacture
of our products
2
3
4
Reducing the
environmental
footprint related
to the transport
and storage of
our products
Reducing the
environmental
footprint of
our packaging
Reducing the
environmental
footprint of our
employees
54 • Bel Group 2011
Environmental footprint
Reducing the environmental footprint of all the Groups activities,
whether directly or indirectly related to the manufacture of our products.
• Ongoing efforts to lower environmental impact generated signifi cant results from 2008 to 2011,
particularly in four targeted areas:
- Water consumption in cubic meters per metric ton declined 12.8%;
- Fossil fuel usage in NCV MWh per metric ton decreased 12.8%;
- Greenhouse gas emissions in kilogram equivalent of CO2 per metric ton fell by 13.5%;
- Only landfi ll waste increased, rising 10.1% as a result of a more accurate measure of generated waste.
• Lastly, the Group’s plants continued to progressively replace ”R22” refrigerants with more environmentally
friendly ones.
• Bel developed Wasabel and Esabel, two programs to accelerate improvement efforts:
- By end 2011, 16 sites were operating Wasabel water consumption reduction programs. Among those, nine
plants had already prepared action plans to signifi cantly cut water usage.
- Ten sites initiated Esabel programs to lower energy consumption.
• In addition to the efforts under way to lower energy usage, Bel initiated studies to replace non-renewable
energy sources:
- In France, the Cléry plant installed a biomass steam boiler to replace non-renewable energy sources.
The installation is expected to cut CO2 emissions by 9,400 metric tons per year
• A method for calculating transport CO2 emissions from plants to warehouses was introduced in Western Europe.
• Multimodal transport pilot projects were set up in Western Europe:
- Bel partnered with STEF-TFE to put together a combined rail-road transport solution to ensure the distribution
of Kiri ® and Mini Babybel ® in southeastern France. The program takes 260 trucks off the road, representing a
reduction of 120 metric tons of CO2 per year.
- Through a partnership with Netherlands-based H.Z. Transport, rail now accounts for 85% of Leerdammer ®
cheese transport from Rotterdam, Netherlands to Milan, Italy.
• Stakeholders recognized the Group’s progress in the logistics area.
- Bel Netherlands was the recipient of the 2011 Lean and Green Award, for its efforts to lower the environmental
impact of its logistics activities, and in particular for the advances it made via its participation in the
government’s sustainable logistics program.
• The Group strengthened the means dedicated to deploying and implementing its ecodesign policy for packaging:
- An ecodesign packaging expert was recruited.
- An ecodesign guide for packaging developers, marketing teams and packaging buyers was prepared
and distributed.
- The building of a database was initiated to track packaging environmental performance indicators, such as
packaging weight per 100g of product and the percentage of recycled or renewable materials used.
• Source reduction projects were initiated or pursued.
- Western Europe reduced the amount of its paper and cardboard packaging by over 200 metric tons during the year.
- The thickness of the aluminum foil used to wrap a signifi cant share of Kiri ® portions was reduced from 12 to
10 microns. As a result, 35 metric tons of aluminum per year were saved, while the same cheese preservation
properties were maintained.
• Several initiatives were undertaken to lower the environmental impact of materials.
- Throughout 2011, Bel participated in the fi nancing of three test sites in the Lot, Var and Alpes-Maritimes regions
of France as part of a program with CELAA (Club du recyclage de l’Emballage Léger en Aluminium et en Acier),
an organization dedicated to improving the collection and recycling of discarded light packaging in France,
to encourage citizens to sort micro aluminum waste and to demonstrate the economic viability
of this business model to concerned stakeholders.
• The Group is seeking to encourage its employees to adopt more environmentally friendly behaviors:
- A guide to environmentally friendly practices was prepared. Local CSR correspondents are expected to adapt
the guide to take into account each entity’s specifi c environment.
• Numerous initiatives were set up at various Group sites.
- At Group headquarters, paper consumption was factored into the calculation of employee profi t sharing in 2011.
- In France, the Lons-le-Saunier site is encouraging employees to use transport means other than private cars as
part of sustainable intra-company travel plan.
- An “In town without my car” operation was undertaken in Slovakia and the Czech Republic in September 2011.

OUTLOOK FOR 2012 AND BEYOND
The Group will continue its ongoing efforts to reduce major environmental impacts.
- Wasabel water reduction and Esabel energy reduction programs will be started at all sites by 2013.
- At the same time, all sites will be encouraged to come up with innovative projects of their own to reduce their environmental footprint.
The Group will continue to pursue identifi ed areas of progress, where the environmental footprint related to the transport of its products
can be reduced, including:
- Optimizing truck and container fi ll rates;
- Optimizing transport fl ows and delivery frequency;
- Looking at alternatives to road transport that produce fewer greenhouse gas emissions;
- Progressively introducing performance indicators across the Group to calculate CO2 emissions of road, sea and air transport modes,
to measure and guide paths for progress.
The Group will develop tools to globally measure optimization of the primary, secondary and tertiary environmental footprint of its packaging
over the packaging’s entire life cycle.
- The implementation of the packaging database will continue.
- In addition, a tool will be developed to measure and track more complex environmental impact indicators for packaging, such as greenhouse
gas emissions and water usage.
- Environmental impact reduction targets for packaging by brand and packaging type (e.g., aluminum, tubs, cardboard, etc.)
will gradually be set, with action plans mapped out for all Group operating regions.
- Source reduction projects will be pursued and new projects will also be initiated.
- An expected summary report on the experiments conducted with CELAA will be presented to the relevant stakeholders in France.
The Group will continue efforts to raise employee awareness about environmentally friendly practices.
- The guide to environmentally friendly practices will be deployed at all Group subsidiaries.
- In France, regulatory mandated carbon scorecards for headquarters and the plants are expected to raise employee
awareness about their environmental impact.
Bel Group 2011 • 55

1
2
3
Areas of progress MAIN ACHIEVEMENTS AT END 2011
Promoting the
development of
a sustainable
dairy channel
Sharing our CSR
commitments
with suppliers
and clearly stating
our expectations
Involving Bel
in actions of
good citizenship
and solidarity
56 • Bel Group 2011
Partnerships and society
Maintaining sustainable development partnerships
with suppliers and civil society.
• The main upstream challenges facing the Group’s dairy-based production were identifi ed by the food
purchasing department. After taking into account respective local conditions, priority action plans were
identifi ed for deployment in the various collection basins, notably the Netherlands and France, which
together account for 80% of the Group’s direct milk collection.
• In 2011, the Group continued to assess the CSR performance of its strategic suppliers, under a program
initiated in 2009. In line with Group targets, nearly 300 suppliers deemed strategic or whose activity posed a
potential CSR risk, were evaluated over a three-year period, representing 30% of purchases excluding milk
collection.
• The Sustainable Purchasing Charter was systematically disseminated to existing suppliers and to new
suppliers at the start of business relations. Supplies were asked to commit to complying with the charter
during the bidding process or when contracts were signed.
• The Group took actions to develop internal purchasing and procurement practices:
- A how-to guide was issued to all buyers to help them analyze EcoVadis ® assessments and to prioritize
the corrective measures to take;
- All buyers were trained in responsible purchasing.
• The Bel Foundation continued its efforts.
- Since its founding in 2008, the foundation has supported 63 projects on behalf of children and their welfare.
- In 2011, the foundation backed 19 new nonprofi t projects in 12 countries around the world, and awarded
11 grants to local initiatives on behalf of children by Group employees.
• In line with its philanthropic efforts, the Bel Group signed Admical’s Corporate Philanthropy Charter in 2011.
• At the same time, various Group entities took part in good citizen and solidarity programs:
- Bel Switzerland donated food to the most disadvantaged;
- Bel Portugal sponsored bone marrow donations.

OUTLOOK FOR 2012 AND BEYOND
The Group’s aim is to encourage the societal, environmental and economic performance of its dairy suppliers.
Two collection basins have been made a priority:
- In the Netherlands, the goal is to have all dairy farmers join the Cow Compass integrated tracking process by 2015;
- In France, the Group will deploy a specifi c tracking tool now being developed for dairy producers.
Bel will continue to improve its internal purchasing and procurement practices and to evaluate and monitor the CSR performance of its suppliers.
- Suppliers assessed as high or medium risk by EcoVadis ® will be asked to implement corrective action plans and will be re-evaluated
in 12 to 18 months.
- The EcoVadis ® assessment of Group supplier CSR performance will be extended: Decentralized buyers will be asked to identify local suppliers
to be assessed in priority.
- Efforts to improve internal purchasing and procurement practices will continue by raising awareness and providing sustainable development
training, taking ”responsible” suppliers into account in the pre-qualifi cation and selection process, integrating a sustainable development
clause into Group tenders and contracts, and raising awareness among clients.
The Group is seeking to strengthen its good citizen and solidarity actions and to extend its mission of “sharing smiles with families”
by helping the neediest populations.
- It plans to do this through the Bel Foundation, which will continue to support nonprofi t projects on behalf of children and their well being;
- By encouraging its employees to take on initiatives themselves through employee grants;
- And via the Group’s entities, which will be encouraged to steer their philanthropic actions toward children and their welfare.
Bel Group 2011 • 57

1
2
3
4
Areas of progress MAIN ACHIEVEMENTS AT END 2011
• The Group’s social charter was issued to all employees in 2011. The charter spells out Bel’s commitments to its employees in the four areas
listed below, and what Bel expects of its managers and employees in return.
• An employee opinion survey was conducted in every Group country, with 73% of employees answering the questionnaire.
The survey’s overall results and the breakdown by entity in the four key areas listed below were progressively made available to employees.
Ensuring employee
well-being in
the workplace
58 • Bel Group 2011
Empowering everyone
Sharing our success
Developing talent
Employer commitment
Providing employees with the conditions for personal and collective growth.
• The Group’s ”health & safety” policy was deployed with the rollout of key performance indicators at all Bel sites.
- In France, 226 managers and safety coordinators were trained in “safety behavior visits”.
• Bel continued its efforts on behalf of well-being at work:
- Some managers were given the opportunity to work from home under certain circumstances, notably in
France and Germany.
- Bel USA was named one of the “Best and Brightest Companies to Work for” .
• Bel offers guides and assessment materials through an IT system to assist supervisors with performance
reviews, to provide employees with clear and constructive feedback for improving their performance.
• The employee opinion survey gave Bel positive marks in the area of autonomy and empowerment.
At the same time, the survey showed a poor understanding of the decision-making process,
even though management at the Group level received a favorable opinion.
• Bel’s policy of compensation is designed to recognize individual and collective performance without
discrimination. At the same time, the employee opinion survey showed a perceived lack of recognition
and information about how the compensation system works.
• The Group developed the Bel Care program aimed at ensuring a Group standard for benefi ts regardless
of local market practices. An audit of employee benefi ts, such as death and disability coverage, healthcare
insurance for employees and their families, and paid vacation, was conducted and actions plans were
prepared for 33 Group countries.
• In 2011, the fi rst actions were taken to standardize disability schemes in France, with same contributions for all.
• A collective employee profi t-sharing system was set up in Germany, Belgium and the UK.
• The Group continued its training policy to meet job vacancy and career development needs.
- In 2011, 69% of Group employees took part in at least one training day.
- Training sessions in basic cheese-making technology, product quality and safety, the environment,
and knowledge about the Group were held at plants in France, Portugal and the Netherlands. Employees
successfully completing the training were awarded BEST (Bel Employee Shopfl oor Training) certifi cates.
• Reducing discrimination was a main area of focus.
- In France, an action plan to promote the hiring of handicapped persons was set up. In 2011, a two-year
partnership agreement was signed with the Agefi ph nonprofi t for handicapped employees.
- The Michalovce plant has employed 13 handicapped persons since 2009.

OUTLOOK FOR 2012 AND BEYOND
• Three major priorities have been identifi ed for 2012, including simplifying operating methods, improving feedback and recognition capability,
and providing greater career development outlook for all Bel employees.
• Actions plans based on the survey’s results will be prepared and put into place by the Group’s subsidiaries as of 2012.
A new opinion survey will be conducted in 2013 (i.e., once every two years).
The Group will strengthen action plans aimed at improving the working conditions that already make Bel a pleasant and friendly place to work.
- Efforts to prevent and control on-site risks will remain a priority at Bel to reduce accidents. Employee health and safety efforts will be enhanced.
Training will be continued.
- In France, the “Living well at work” program is expected to lead to related rules and raise awareness about psychosocial risks among managers.
A three-year action plan on physical hardship will also be prepared.
The Group will endeavor to create an environment where all employees feel they contribute to the company’s success in an autonomous,
responsible and dedicated way.
Particular focus will be placed on increasing performance review frequency, with a minimum of once a year for managers and once every
two years for non-managers.
- All group supervisors will be offered feedback training as part of the Group’s talent management policy.
- A common program to improve understanding of the decision-making process will be implemented at all entities.
The Group will beef up its communications with employees to support its efforts to share value created in a transparent and fair way.
- A common program to improve understanding of compensation systems will be implemented at all entities.
- A monitoring system will be set up to ensure non-discriminatory compensation practices, especially as regards equitable wages
between men and women.
- Efforts to align a basic package of employee benefi ts, such as death and disability coverage, healthcare insurance for employees and
their families, and paid vacation, will continue in 33 countries.
- The Group will encourage subsidiaries to structure their wage scales based on going market rates.
The Group will continue its goal of developing talent through experience, training and attractive career opportunities,
while maintaining respect for the diversity of the Bel community.
- Training projects will be continued.
- The Group will take action to ensure non-discriminatory recruiting efforts and to encourage the employment of handicapped persons
in certain countries.
- A common program to improve the visibility of the Group’s career development policy will be implemented at all entities.
Bel Group 2011 • 59

SUMMARY MANAGEMENT REPORT
Balance sheet
is strengthened
Meeting March 22, 2012, the Board of Directors approved the consolidated fi nancial statements
for the year ended December 31, 2011.
Volume and
sales continue
to advance.
60 • Bel Group 2011
In 2011, the Group continued to achieve
sales and volume growth, despite
diffi culties in some markets.
Organic sales, i.e., sales excluding foreign
exchange fl uctuations and changes in the
scope of consolidation, were up 7.0%,
compared with an increase of 7.3% in
2010. The steady growth refl ects the
effectiveness of sales and marketing
strategies and the success of innovations
developed for the Group’s iconic brands.
Operating income totaled €170 million,
down 12.5% versus the previous year.
Fiscal 2011 was marked by a sharp,
across-the-board increase in raw material
prices and geopolitical instability in some
Group regions.
Sales price adjustments and measures
undertaken to improve operating
effi ciency were not enough, however,
to fully overcome the aggregate negative
impact of those events, especially in
markets affected by the Arab Spring
uprising.
Net fi nancing costs stemmed from the
impact of non-recurring refi nancing costs
and foreign exchange losses on emerging
country currencies.
After income tax expense of €47 million,
down from €57 million in 2010,
consolidated net profi t, Group share,
totaled €96 million, versus €116 million
in the previous year.
Bel’s balance sheet was once again
strengthened during the year.
At December 31, 2011, the Group’s total
equity stood at €1,044 million, compared
with €1,009 million a year earlier, while
net fi nancial debt came to €194 million,
down €46 million versus the prior year.
Against a backdrop of high raw material
prices and robust volume growth, this
result refl ects tightly managed working
capital requirement and capital
expenditure.

Dividend
On March 22, 2012, the Board of Directors
voted to propose a dividend of €5.00
per share, payable as of May 16, 2012.
The dividend is subject to the approval
of the Annual General Meeting scheduled
for May 10, 2011.
Outlook for 2012
The economic environment at the start of
2012 remains under pressure in some
Group territories in the Near and Middle
East region, with continued economic
uncertainties in Europe and no sure signs
of easing raw material prices.
2 418
+4,5%
2 527
2010 2011
Sales
in millions of euros
Despite these uncertainties, the Group—
backed by a healthy balance sheet,
the commitment of its employees
and a growing international presence
— will fortify its drive for creativity and
innovation to further advance its positions
in the world cheese market in a
sustainable and profi table way.
Earnings impacted by
the sharp rise in raw
material prices.
195
-12,5%
170
2010 2011
Operating income
in millions of euros
116
-17,4%
96
2010 2011
Consolidated net profi t
Group share
in millions of euros
Bel Group 2011 • 61

CONSOLIDATED INCOME STATEMENT AT DECEMBER 31, 2011,
VS. PRIOR YEAR
(In thousands of euros) December 2011 December 2010
Sales 2,527,100 2,417,511
Cost of goods and services sold (1,808,488) (1,662,870)
Gross margin 718,612 754,641
Sales and marketing expense (359,050) (366,125)
Research and development expense (14,461) (15,614)
Administrative and general overhead expense (160,888) (162,401)
Other operating income and expense 482 438
Income from ordinary activities 184,695 210,940
Other non-recurring income and expense (14,275) (16,165)
Operating income 170,420 194,775
Income from cash and cash equivalents 2,796 1,816
Cost of gross fi nancial indebtedness (21,528) (19,059)
Cost of net fi nancial indebtedness (18,732) (17, 242)
Other fi nancial income and expense (7,655) (2,847)
Pre-tax profi t 144, 033 174,685
Income tax expense (47,115) (56,942)
Net profi t of the consolidated Group 96,918 117,744
Minority interest (815) (1,363)
Consolidated net profi t - Group share 96,103 116,381
Earnings per share (in euros) 14.05 17.03
Diluted earnings per share (in euros) 14.01 16.96
The full consolidated fi nancial statements are available at the Bel website, www.bel-group.com
62 • Bel Group 2011

CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2011 VS. PRIOR YEAR,
BEFORE APPROPRIATION OF EARNINGS
ASSETS
(In thousands of euros) December 2011 December 2010
Non current assets
Goodwill 387,897 389,187
Other intangible assets 303,096 305,623
Property, plant and equipment 529,868 539,988
Assets available for sale 53,150 51,884
Other fi nancial assets 1,279 3,975
Loans and advances 9,224 7,178
Trade and other receivables 74 79
Deferred tax assets 11,215 11,128
Total 1,295,803 1,309,042
Current assets
Inventories and work-in-progress 243,525 223,923
Trade and other receivables 436,402 410,255
Other fi nancial assets 1,094 498
Loans and advances 351 290
Current tax assets 18,079 33,723
Cash and cash equivalents 141,408 139,939
Total 840,859 808,628
TOTAL ASSET 2,136,662 2,117,670
EQUITY AND LIABILITIES
(In thousands of euros)
December 2011 December 2010
Share capital 10,308 10,308
Additional paid-in capital 21,967 21,967
Reserves 1,002,392 958,203
Treasury shares (6,182) (7,390)
EQUITY - Group share 1,028,485 983,088
Minority interest 15,681 25,596
Equity 1,044,166 1,008,684
Non current liabilities
Provisions 9,463 10,577
Employee benefi ts 41,269 38,789
Deferred tax liabilities 156,645 151,546
Liabilities related to assets held under fi nance lease - over one year 1,068 1 ,180
Long-term borrowings and fi nancial liabilities 256,580 323,142
Other liabilities 32,404 36,344
Total 497,429 561,578
Current liabilities
Provisions 14,913 17,520
Employee benefi ts 2,350 2,264
Liabilities related to assets held under fi nance lease - less than one year 365 0
Short-term borrowings and fi nancial liabilities 68,904 49,754
Other fi nancial liabilities 30,618 12,320
Trade payables and other liabilities 455,199 421,696
Due tax liabilities 13,881 37,765
Current bank facilities and other borrowings 8,837 6,089
Total 595,067 547,409
TOTAL EQUITY AND LIABILITIES 2,136,662 2,117,670
Bel Group 2011 • 63

CONSOLIDATED CASH FLOW STATEMENT
AT DECEMBER 31, 2011
(In thousands of euros) December 2011 December 2010
Cash fl ow from (used in) operating activities
Pre-tax profi t 144,033 174,685
Adjustments for:
Depreciation and write-downs 78,874 92,272
Capital gains (losses) on disposals 1,712 (370)
Reclassifi cation of dividends and borrowing costs 19,862 18,191
Other non-cash items on the income statement 4,376 5,506
Cash fl ow 248,857 290,284
Increase (decrease) in inventories, current receivables and payables (19,121) (7,097)
Increase (decrease) in non-current receivables and payables (677) 3,106
Income taxes paid (47,087) (44,946)
Net cash fl ow generated by operating activities (1) 181,972 241,347
Cash fl ow from (used in) investing activities
Acquisition of activities 580 (2,956)
Disposal of activities 270
Acquisitions of tangible and intangible assets (74,682) (63,856)
Disposals of tangible and intangible assets 693 2,533
Investment grants received 111
Acquisitions of fi nancial assets (3,927) (3,554)
Disposals of fi nancial assets 3,135 2,134
Interest received (61)
Dividends received 1,228 916
Net cash fl ow from (used in) investing activities ( 2) (72,923) (64,513)
Cash fl ow from (used in) fi nancing activities
Dividends paid (48,418) (40,112)
Interest paid (21,090) (19,107)
Increase (decrease) in capital 35
Repayment of debt resulting from fi nance lease contracts (358) (80)
Increase (decrease) in current accounts with entities outside the scope of consolidation 9,603 (6,875)
Borrowings and fi nancial liabilities issued 67,723 25,655
Repayments of borrowings and fi nancial liabilities (119,619) (109,882)
Net cash fl ow from (used in) fi nancing activities ( 3) (112,124) (150,401)
Net increase (decrease) in cash and cash equivalents (1) + (2) + (3) (3,075) 26,433
Net cash and cash equivalents at the beginning of the period 133,668 107,724
Effect of foreign exchange rate variations 1,829 (489)
Other items with no effect on cash
Net cash and cash equivalents at the end of the period 132,422 133,668
At the closing date, net cash and cash equivalents comprised the following:
Marketable securities and money market instruments 86,773 99,162
Cash on hand and balances with banks 54,486 40,595
Current used bank facilities including overdrafts and accrued interest (8,837) (6,089)
TOTAL 132,422 133,668
64 • Bel Group 2011

FOR MORE INFORMATION ABOUT BEL
www.bel-group.com
AND THE CSR POLICY OF THE GROUP
www.smilesfortheplanet.com
BEL GROUP CONTACT INFORMATION
• Guillaume Jouët – VP Communications, Public Affairs and Corporate Social Responsibility
Tel. +33 (0)1 40 07 72 50 – e-mail: communication@groupe-bel.com
• Frédérique Gaulard – Head of CSR
Tel. +33 (0)1 40 07 72 50 – e-mail: rse@groupe-bel.com
• Fromageries Bel
Headquarters: 16, boulevard Malesherbes 75008 Paris - Tel. + 33 (0)140 07 72 50
French corporation (société anonyme) with a share capital of €10,308,502.50 - RCS Paris B 542 088 06
Design and production: Tel. +33 (0)1 53 23 35 35; photo credits: Virgile Dureuil,
Philippe Noisette, Guilain Grenier, Gérard Uféras, Getty Images, Photothèque groupe Bel, DR.
This annual report was printed by an Imprim’vert printer using paper
that meets PEFC environmental standards.
The PEFC (Programme for the Endorsement of Forest Certifi cation) label certifi es
that forests are managed according to sustainable management requirements.