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Letter to Investors EN L''é ± I½'±é 2010/11 E_04_BC_AR11_Letter-Investors_(Layout CS5) [P].indd 1 11.11.11 12:19 BÞéé_ CÞùù'|Þ< With annual sales of about CHF4.6 billion (EUR3.6 billion/USD 5.0billion) for fiscal year 2010/11, Zurich-based BarryCallebaut is the world’sleading manufacturer of high-quality cocoaand chocolate – from the cocoabean to the finished chocolate product. BarryCallebaut is presentin27countries,operates around 40 production facilities and employs adiverse and dedicated workforce of about 6,000 people.BarryCallebaut servesthe entirefood industryfocusing on indus- trial food manufacturers,artisans and professional users of chocolate (such as chocolatiers,pastrychefsorbakers), the latter with its twoglobal brands Cacao Barry® and Callebaut®.BarryCallebaut is the global leader in cocoaand chocolate innovations and provides acomprehensiverange of services in the fields of productdevelopment, processing,training and marketing.Cost leadership is another importantreason whyglobal as well as local food manufacturers work together with BarryCallebaut. Through its broad rangeofsustainability initiatives and research activi- ties,the companyworkswith farmers,farmer organizations and other partners to help ensurefuturesupplies of cocoaand improvefarmer livelihoods. E_04_BC_AR11_Letter-Investors_(Layout CS5) [P].indd 2 11.11.11 12:19 Solid and profitable growth: sales volume +7.2% EBIT +15.3%1 net profit+19.8%1 Main growth drivers: Emerging markets, Gourmet and strategic partnerships New strategic pillar “Sustainable Cocoa” Financial targets confirmed 2 1Inlocal currencies; from continuing operations. 2Four-year growth targets for 2009/10–2012/13: On average 6–8% volume growth and average EBIT growth in local currencies at least in line with volume growth –barring any unforeseen events. 3 E_04_BC_AR11_Letter-Investors_(Layout CS5) [P].indd 3 11.11.11 12:19 BarryCallebaut is organized into BÞéé_ differentregions: Region Europe (incl. Western and Eastern Europe), CÞùù'|Þ< Region Americas and Region Asia-Pacific. The globally managed Þ Þ NùÞ½t' Global Sourcing &Cocoa business is reported as aseparatesegment likeaRegion.Thereare three differ- entProductGroups: CocoaProducts, Food Manufacturers Products and Gourmet &Specialties Products. Global Sourcing & Europe Americas Asia-Pacific Cocoa Food Manufacturers, Food Manufacturers, Food Manufacturers, Cocoa Gourmet Gourmet Gourmet 52%ofconsolidated 24% of consolidated 4% of consolidated 20% of consolidated sales volume sales volume sales volume sales volume Volume growth vs.prior year +1.8% +8.2% +10.4%+21.7% EBIT growth vs.prior year +10.0% (11.6%) +33.0% +57.2% (in local currencies) SMÞé' ^éât' $''ù±^+'½ Dââ$'½$^'éMÞé' BÞéé_ CÞùù'|Þ< .I½$ât' in CHF Rebased (in CHF) +Â.Â% Ú(.( Ú.· Ú.( ÚÚ.( ÚÚ.( Ú,·(· (· (· (· ··/·Â ··Â/· ··/·Ù ··Ù/Ú· ·Ú·/ÚÚⁱ (· Dividend yield⁲ Ú.% Ú.% .% .·% .·% Sept. · Sept. ·Â Sept. · Sept. ·Ù Sept. Ú· Sept. ÚÚ Payout ratio Ù% % % Ù%Ú% BarryCallebaut AG SPI Swiss Performance Index 1 As proposed by the BoardofDirectors to the Annual General Meeting SPI Small &Mid-Cap Index 2 Dividend yield based on shareprice at year-end; 2009/10 and before DowJones Euro StoxxFood &BeverageIndex in the form of aper sharereduction E_04_BC_AR11_Letter-Investors_(Layout CS5) [P].indd 4 11.11.11 12:19 K'_ ±âN<é' BÞéé_ CÞùù'|Þ< Gé±<^ BarryCallebaut Letter to Investors 2010/11 Keyfigures BarryCallebaut Group for the fiscal year ended August 31, ·Ú·/ÚÚ ··Ù/Ú·1 Change (%) in local in reporting currencies currency Consolidated Income Statement Sales volume Tonnes Â.%Ú,Ù, Ú,·Ù,( Sales revenue CHFm Ú.% ·.Â% ,((.,(.( Gross profitCHF mÚÚ.%Ú.(%(Ù.· Ù.( EBITDA2 CHFm Ú.% .% .Ú Ú. Operating profit(EBIT)CHF mÚ(.% (.Â%·. Ú.Ú Net profitfromcontinuing operations3 CHFm ÚÙ.% Ù.·% (.Ù Â.( Net profitfor the year CHFm (.·%) (Ù.%) ÚÂ. (Ú. Cash flow4 CHFm (Ú.%) (·. (Â. EBIT per tonne5 CHF Â.%(Ú.%) Â.Ú .· as of August Ú, ·ÚÚAugust Ú, ·Ú· Consolidated BalanceSheet Total assets CHFm (.%) ,.Ú ,(·. Net working capital6 CHFm (.·%) .Ú Ù.Ù Non-currentassets CHFm (Ú.·%) Ú,·. Ú,·(. Net debt CHFm (Ù.%) ÂÙ.·. Shareholders’ equity7 CHFm (.(%) Ú,ÚÂ.Ú Ú,·. Ratios Economic value added (EVA)CHF m (.%Ú(. ÚÂ. Return on invested capital (ROIC) % .(%Ú(.(%Ú.% Return on equity (ROE) % .Ù% ·.% ÚÙ.% Debt to equity ratio %(.Ù%) .Ù%.Ù% Shares Shareprice end of reporting period CHF .% Â(.· ·.· EBIT per share8 CHF (.%Ù..· Basic earnings per share9 CHF Ù.Â% (·. (.Ù Cash earnings per share10 CHF(Ú.(%) Â. Payout per share11 CHFÚ·.Â%Ú(.(Ú.· Other Employees (,Ù Â,((· 1Due to the discontinuation of the European Consumer Products business certain comparatives related to the Income Statement have been restated to conform with the current period’spresentation. Balance Sheet and Cash Flow Statement related values incl. key figures based on those and the number of employees have not been restated 2EBIT+depreciation of property,plant and equipment+amortization of intangibles (all excluding discontinued operations) 3Net profitfromcontinuing operations (including non-controlling interest) 4Operating cash flow beforeworking capital changes 5EBIT/sales volume of the continuing operations 6Includes current assets and liabilities related to commercial activities and current provisions 7Total equity attributable to the shareholders of the parent company 8Based on EBIT/basic shares outstanding 9Based on the net profitfor the year attributable to the shareholders of the parent company excl. net result from discontinued operations/basic shares outstanding 10 Operating cash flow beforeworking capital changes/basic shares outstanding 11 2010/11 dividend out of paid in capital reserves as proposed by the BoardofDirectors to the Annual General Meeting; 2009/10 par value reduction instead of adividend 5 E_04_BC_AR11_Letter-Investors_(Layout CS5) [P].indd 5 11.11.11 12:19 E$â±éâÞù BarryCallebaut Letter to Investors 2010/11 D'Þé SMÞé'M±ù$'é We sawanother year wherewedelivered on our targets.Despite market conditions that wereincreasingly challenging in the second half of this fiscal year,wewereable to grow morethan twice as fast as the global chocolate market1 with sales volume up 7. 2%. All our Regions and Product Groups contributed to this top-line growth. Sales revenue rose strongly by 13.3% in local currencies.Operating profit(EBIT) significantly increased by 15.3% in local currencies.Aswewant to sharethis good Andreas Jacobs result with you, our dear shareholders,the BoardofDirectors propose to the Chairman of the Board Annual General Meeting of Shareholders an increase of the dividend by 10.7% to CHF 15.50. Our positive results areeven moreimpressive given the recent crisis situation in Côte d’Ivoire, where, due to political conflicts following the presidential elections, cocoa and semi-finished products couldn’t leave the country from January until the end of April 2011.Weare extremely proud of how our local colleagues handled the crisis.With the tireless help of our Global Sourcing &Cocoa team and thanks to our worldwide network we wereable to honor all customer contracts. JuergenSteinemann Chief ExecutiveOfficer This year was marked by several milestones: After the sale of our European Con- sumer Products business,Stollwerck, our Group is now –inline with earlier an- nouncements –focusing on its corebusiness serving the food industry and the Gourmet business,consisting of artisans and other professional users of chocolate. With the sale of Stollwerck to the Belgian Baronie Group,webelieve we found a very good new home for our former colleagues.Atthe same time,these colleagues became an outsourcing partner through along-term supply agreement: We supply the new owner with liquid chocolate as well as with cocoa beans and semi-finished products.Weare also very proud of the signing of along-term global master product agreement with Kraft Foods at the very beginning of this fiscal year. Furthermore, we expanded our supply agreement with Hershey.After securing our first outsourcing volumes with Hershey in 2007,wecouldn’t receive abetter compliment. In addition, we closed anew outsourcing agreement with Chocolates Turín in Mexico,including the acquisition of achocolate production facility in Toluca, further enhancing our presence in the promising Mexican market. 1The global chocolate market grew by 3.1% per annum in volume.Source: Nielsen, September 2010–August 2011 6 E_04_BC_AR11_Letter-Investors_(Layout CS5) [P].indd 6 11.11.11 12:19 E$â±éâÞù BarryCallebaut Letter to Investors 2010/11 Consumer demand for chocolate in general and for responsibly grown cocoa is on the rise –the average long-term growth rate of the world chocolate consumption is 2–3% per annum. Although, we just sawabumper crop in season 2010/11, we expect significant challenges ahead in securing sufficient supplies of high quality, responsibly grown cocoa to meet futurechocolate demand. Our answer to this dilemma is the addition of anew,fourth strategic pillar “Sustainable Cocoa” to our current three pillars of Expansion, Innovation, and Cost Leadership.Sustainable Cocoa stands for morevolumes and better quality,aiming to secureour future growth ambitions.With this we will also scale up our certified volumes.Inorder to get this done,wehavelaunched adedicated initiative that consists of three action areas: Improving Farmer Practices with so-called yield enhancement services, Farmer Education through the set-up and implementation of an education curricu- lum for secondary schools and Farmer Health to improve the livelihood of farmer communities with which we work directly.Additionally,wewill increase our activi-
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