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Roadshow Presentation - Q1 2010/11 Barry Callebaut Roadshow presentation - Q1 2010/11 January 2011 Agenda X BC at a glance X Q1 Key Sales Figures X Strategy & Outlook X Q & A January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 2 Barry Callebaut as the heart and engine of the chocolate industry Cocoa CocoaCocoa beans beans Plantations 80% CocoaCocoa liquor liquor ~54% ~46% CocoaCocoa powder powder CocoaCocoa butter butter BC core + Sugar, Milk, + Sugar, Milk, + Sugar, Milk, activity others fats, others others PowderPowder mixes mixes Compound/FillingsCompound/Fillings ChocolateChocolate couverturecouverture Customers: Food Manufactures Chocolatiers, Bakeries, Vending Dist. Etc January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 3 Barry Callebaut at a glance FY 2009/10 Sales volume =1,305,280 tonnes X World leader in high-quality cocoa and chocolate products and outsourcing partner of choice, with over 40% share in the open industrial chocolate market X World’s largest supplier of Gourmet & Gourmet Specialties chocolate for artisanal customers 11 10% 23 % Consumer X Early mover in emerging markets Food Manufacturers% 10% X Global service and production network, Cocoa Products employing about more than 7,500 people 64% worldwide, over 40 production factories 16% 52 X Fully integrated with a strong position in the % countries of origin X Close to 1,700 recipes to cater for a large variety of individual customer needs Sales revenue = CHF 5,213.8 m X Low cost production with large number of focused chocolate & cocoa factories EBIT = CHF 370.4 m X Achieved consistent earnings stream Net Profit = CHF 251.7 m January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 4 Main raw materials and business model Main raw materials Barry Callebaut business model BC sourced in 09/10: % of total raw material value Gourmet & 20% Consumer Cocoa 570 KT 51% price lists Products Dairy 125 KT 10% regular updates Sugar 480 KT 8% Oils and Fats 82 KT 4% 80% Cost Plus Other 27% 100g chocolate tablet contains: Food Manufacturers Milk Dark & Customer Cocoa liquor 11 g 44 g Label Cocoa butter 24g 12 g Milk powder 22 g - Through our cost plus model, we are able 42 g 43 g Sugar to pass on the higher raw material 1 g 1 g Other prices to customers January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 5 Our manufacturing footprint with 42 factories worldwide Chekhov, Russia (September 2007) Netherlands Sweden Stollwerck, Germany Luijckx (2004) (2002) (2003) Belgium UK Canada 1 Jacques, Belgium Robinson, U.S. (2002) (2008) Morinaga, Osaka, Japan Dijon, France (2007) Nappa, U.S. Poland (2009) USA (2005) France San Sisto, Eddystone, U.S. Switzerland Italy (2007) (2008) Spain Italy Alprose, Switzerland (2002) Extension San Pedro (2006) Extension Ghana (2006) Monterrey, Mexico Ivory (2008) Coast Ghana Cameroon KLK, Kuala Lumpur, Singapore Malaysia Brazil 1 (May 2008) Brazil (May 2010) Suzhou, China (January 2008) BC New factories January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 6 Highlights FY 2009/10 Focus on Expansion, Gourmet and Sustainability From May until October, Barry Barry Callebaut Barry Callebaut joins Launch of multiple Callebaut acts as the extends the UTZ Certified cocoa certification project – unique supplier to successful Quality program aiming to UTZ, Rainforest Godiva, Neuhaus and Partner Program ensure sustainable Alliance and others – Guylian during the (QPP) to cocoa practices in cocoa with cocoa farmers in World Exhibition in farming regions in production. Ivory Coast. Shanghai. Cameroon. October 2009 January 2010 May 2010 August 2010 June 2009 December 2009 September 2010 March 2010 May 2010 Barry Callebaut Barry Callebaut Barry Callebaut signs a acquires Danish completes the Barry Callebaut and Barry Callebaut long-term global supply Vending mix acquisition of the the Malaysian Cocoa inaugurates its first agreement with Kraft company Eurogran to Spanish chocolate Board sign a collabo- chocolate factory in Foods, making Barry further strengthen its maker Chocovic, rative research South America in Callebaut the key cocoa Vending business. S.A., specializing in agreement on Extrema, Brazil. and industrial chocolate chocolate products Controlled Ferm- supplier to the world’s for industrial and entation. second largest food artisanal customers. company. January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 7 Long-term Strategic Partnerships with the top chocolate players X Only player in the market with Long-term supply agreements with the top chocolate players: Nestlé Hershey’s Kraft / Cadbury X Kraft – latest deal signed on Sep 2010. Amongst the largest strategic deals BC has ever signed, and the first truly global agreement X Barry Callebaut expects to more than double current supplies to Kraft Foods X Delivery of cocoa products and industrial chocolate X Ramp-up period: 3 years, starting immediately X Total investment of CHF 66m January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 8 Agenda X BC at a glance X Q1 Key Sales Figures X Strategy & Outlook X Q & A January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 9 Good start in 2010/2011 Change Three months up to Three months up (%) Nov 30, 2010 to Nov 30, 2009 Sales volume mt 5.6% 383,222 362,973 Sales revenue CHF m 4.9% 1,521.8 1,450.2 in local Sales revenue 14.2% currencies X Sales volumes up 5.6% in a recovering market and 4.9% in revenue in reporting currency X Strong sales performance of Emerging market, Gourmet and Cocoa January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 10 Key Sales Figures Q1 2010/11 Region Europe Europe • Economy in Western Europe is picking up, Eastern European economies are performing well, Russia showed first signs of recovery. •Sales volume in the Region went up by 3% to 222,708 tonnes, driven by strong double-digit growth rates in Eastern Europe in the Food Manufacturers as well as in Gourmet & Specialties. • Increased demand for specialties products in the industrial business. • Gourmet business showed a good performance in volumes in Western Europe. In general, the bakery Food Manufacturers, segment was flat, whereas HORECA sales (hotels, Gourmet and restaurants, catering) are recovering. Consumer •More demand was seen for premium products. 58% of sales volume • Sales revenue rose by 7.5% in local currencies, which was negatively affected by the strength of the Swiss Franc versus the Euro, with - 4.5% in reporting Vol. growth vs. PY +3.0% currency Sales revenue growth vs. PY (CHF) -4.5% January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 11 Key Sales Figures Q1 2010/11 Region Americas Americas • Economic environment in the Region has improved, but still high unemployment rates in the U.S. had a negative impact on consumer sentiment. • Latin American countries showed high GDP growth rates in the last quarter, but inflation is also on the rise. •In a very competitive market environment, Region Americas was able to increase sales volume by 2% to 78,368 tonnes. • Food Manufacturers business was driven by the good performance of Corporate accounts. Food Manufacturers • Sales revenue in local currencies strongly went up by 11.9%, but it was negatively affected by currency & Gourmet translation effects. In Swiss francs, sales revenue growth amounted to 7.9% and came in at CHF 268.2 million. 20% of sales volume Vol. growth vs. PY +2.0% Sales revenue growth vs. PY (CHF) +7.9% January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 12 Key Sales Figures Q1 2010/11 Region Asia-Pacific Asia-Pacific • General economic conditions are continuing to improve, except in Japan. The Chinese economy is growing at around 10%, however, with a high inflation rate. • Region Asia-Pacific benefited from the generally favorable economic environment and increased its sales volume by 9.2% up to 13,582 tonnes. Main growth driver was Food Manufacturers, with a strong market demand for compounds and fillings. Good growth was seen in China. • Gourmet & Specialties Products saw a strong demand for both premium European brands as well as for the local brands. Food Manufacturers • Sales revenue grew double digit with + 19.1% in local currencies respectively 18.2% in reporting currency, closing & Gourmet at CHF 62.3 million. 4 % of sales volume Vol. growth vs. PY +9.2% Sales revenue growth vs. PY (CHF) +18.2% January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation 13 Key Sales Figures Q1 2010/11 Global Sourcing & Cocoa Global Sourcing & Cocoa • Cocoa prices are still on high long-term average levels and very volatile on a daily basis. • Prices on the world sugar markets went up considerably to new record highs due to a third deficit in a row. The sugar price in the regulated EU region also moved up significantly. • World as well as European market prices for milk powder increased at the beginning of the Q1, prices are expected to stabilize on their historical average. • Global Sourcing & Cocoa significantly increased volume by 19.2% to 68,564 tonnes. Higher sales were driven by Cocoa semi-finished increased demand of semi-finished products and cocoa products bean deliveries to strategic customers – especially in Europe and Asia-Pacific. 18% of sales • Driven by high powder prices, sales revenue of Global volume Sourcing & Cocoa amounted to CHF 315 million, an increase of 42.4% in local currencies (+36.1% in Swiss francs). Vol. growth vs. PY +19.2% • As seen in the previous quarter, the forward Combined Cocoa Ratio further improved. Sales revenue growth vs. PY (CHF) +36.0% January 2011 Barry Callebaut Q1 2010/11 Roadshow presentation
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