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CAGE Presentation EN Barry Callebaut CAGE – Consumer Analyst Group Europe London, March 19th 2012 Barry Callebaut at a glance FY 2010/11 X World leader in high-quality cocoa Sales volume =1,296,438 tonnes and chocolate products and outsourcing/ strategic partner of Asia- choice Pacific Global 4% X World’s largest supplier of Gourmet Sourcing & Cocoa & Specialties chocolate for artisanal 20% customers Europe 51% X 6,000 people worldwide, around 40 production facilities X Fully integrated with a strong position in cocoa-origin countries Americas 25% X Close to 2,000 recipes to cater for a broad range of individual customer needs Sales revenue = CHF 4,554 m X We serve the entire food industry, from EBIT = CHF 360.6 m industrial food manufacturers to Net Profit *= CHF 258.9 m artisans and professional users * From continuing operations March 2012 Barry Callebaut – CAGE Conference London 2 Barry Callebaut is present in all stages of the industrial chocolate value chain Cocoa Cocoa beans Plantations 80% Cocoa liquor ~54% ~46% Cocoa powder Cocoa butter Barry Callebaut + Sugar, Milk, + Sugar, Milk, + Sugar, Milk, core activity others fats, others others Powder mixes Compound/Fillings Chocolate couverture Customers: Food Manufactures, artisans and professional users of chocolate March 2012 Barry Callebaut – CAGE Conference London 3 Expansion BC market leader in the open market Global Industrial Chocolate market in 2010/11 = 6,000,000 tonnes* Open market Integrated market Competitors Big 4 chocolate Others confectionary Others 22% players 40% 20% 40% 2% 3% 49% 51% 8% 80% 11% 14% *BC estimates March 2012 Barry Callebaut – CAGE Conference London 4 Robust business model Barry Callebaut business model 100g chocolate tablet contains: Price List r Cocoa Products Gourmet at market price Cocoa butterbusiness 11% 9% Milk powder Cocoa Products Sugar on cost plus Other 11% Food Manufacturers 69% 80% Cost Plus X Raw materials represent about 80% of operating costs Cost Plus model – pass-on the cost of raw materials to customers March 2012 Barry Callebaut – CAGE Conference London 5 Our Strategy Vision “Heart and engine of the chocolate industry” Expansion Innovation Strategic Sustainable, pillars profitable growth Cost leadership New Sustainable Cocoa March 2012 Barry Callebaut – CAGE Conference London 6 Expansion “Expansion” in its three dimensions • Drive consolidation and grow profitably in mature markets Geography • Achieve full potential in recently entered emerging markets • Further expand in new emerging markets • Strengthen our current partnerships Outsourcing … • Implement recently signed contracts… & Strategic Partnerships • New outsourcing deals with local and regional players Gourmet & • Accelerate growth of Gourmet & Specialties Specialties Products business Products March 2012 Barry Callebaut – CAGE Conference London 7 Expansion Our global footprint- around 40 factories in 4 continents Chekhov, Russia Thimister, Belgium Lebbeke-Wieze, Belgium Heule-Kortrijk, Belgium Nuth, The Netherlands Zundert, The Netherlands Banbury, UK St. Albans, VT, US St Helens, UK Kagerod, Sweden Chester, UK Pennsauken, NJ, US St. Hyacinthe, Canada Lodz, Poland Eddystone, PA, US Louviers, France Robinson, IL, US Meulan, France Dijon, France American Canyon, CA, US Dübendorf, Switzerland Monterrey, Mexico North Carolina, US Norderstedt, Germany Tsukaguchi, Japan Abidjan Zone, Verbania-Intra, Italy Reus, Spain San Sisto, Italy Ivory Coast Suzhou, China Vic Gurb, Spain San Pedro, Tarragona, Spain Ivory Coast Alicante, Spain Port Klang, Malaysia Douala I, Cameroon Singapore, Singapore Tema, Ghana Toluca, Mexico Ilhéus, Bahia, Brazil Extrema, Minas Gerais, Brazil Cocoa processing factory Chocolate factory Integrated cocoa & chocolate factory March 2012 Barry Callebaut – CAGE Conference London 8 Emerging markets: Asia-Pacific strategy Expansion Ambition to grow faster than the market, while maintaining profitability Key Facts Key priorities Japan Grow the export markets from SEA factories China 1 (Malaysia and Singapore) Myanmar Laos India ThailandVietnam Philippines Cambodia Brunei Malaysia Indonesia Singapore Australia Double the size of the business in China 2 Develop locally adapted compound line X 4 billion people (60% of world’s population) Gain a foothold in India, further develop X Total market in Asia-Pacific of 3 imported and local gourmet activities approx. 1 mio tonnes X Average annual growth of 6% Grow the business with imported Gourmet for the total Region 4 brands X 30% of the market is open; 30% of the market is chocolate Gain additional outsourcing or supply 5 agreements in next 5-7 years; main focus on X 4% of BC Group volume India, Australia, Malaysia and China X Strong differences amongst Selectively grow interesting customers in markets 6 Japanese business March 2012 Barry Callebaut – CAGE Conference London 9 Expansion Outsourcing and Strategic Partner of choice 2006-07 Nestlé Cadbury Hershey Morinaga (February 2007) Schweppes (April 2007) (September 2007) (June 2007) 2010-11 Kraft Foods Green Mountain Hershey Extension Chocolates Turín Baronie Group (September 2010) Coffee Roasters (May 2011) (June 2011) (July 2011) (Oct 2010) 2011-12 Bimbo Unilever (Jan 2012) (Jan 2012) March 2012 Barry Callebaut – CAGE Conference London 10 Expansion Gourmet 6 actions to accelerate Gourmet growth Gourmet global market and BC presence Total= >CHF 3bn Chocolate products Adjacent products CHF ~2bn sales CHF >1bn sales 100% 80 >25 Adjacent> 100 60 >10 products: competitors competitors competitors Nut based 40 fillings, > 30 competitors > 20 competitors decorations, 24% BC global MS frozen pastry 20 BC WE EE Americas Asia Worldwide BC Market share >30% >10% >15% >15% <5% 1. Sharpen focus on global brands 2. Independent but Interdependent 3. From product to segment focus 4. Growth through acquisitions 5. Accelerate geographical expansion 6. Increase adjacent product offering March 2012 Barry Callebaut – CAGE Conference London 11 Expansion Focus on the growing emerging markets as well as on long-term agreements/partnerships % of total consolidated sales volume Emerging 23% markets CAGR +19.3% 22% 16% 20% Long-term CAGR +78.8% 15% 11% 16% agreements / 7% 10% Partnerships 2% Mature CAGR +0.8% markets 83% 77% 70% 67% 61% 2006-07 2007-08 2008-09 2009-10 2010-11 Note: For comparison reasons, all figures exclude Consumer business March 2012 Barry Callebaut – CAGE Conference London 12 Innovation Innovation 72% of sales volume with new products developed in past 5 years X R&D X Pro-active innovation: new product development, fundamental research on cocoa/chocolate, clinical studies, farmer productivity & quality X Applied R&D: renovate products/recipes, apply new technologies to finished products X Performance in 2010/11 X 1,918 projects started, up 16% vs prior year X Success rate of 50% (+10%) X Successful at premium specialties: Terra Cacao™, certified products, nut fillings X Deep new product funnel: 83 new products under development X Request for approval of a health claim for products high in cocoa flavanols March 2012 Barry Callebaut – CAGE Conference London 13 Cost Leadership Cost Leadership Supporting growth while staying cost leader Cost per tonne evolution 108% 105% 100% 98% 92% 2006/07 2007/08 2008/09 2009/10 2010/11 Capacity Utilization X Continuous improvement: One+ Results: 4 pilot sites yearly savings ~CHF 7 million 92% 91% 86% X Flow and footprint optimization (capacity utilization) 94% 88% 91% 90% 85% X Process and technology development 82% 94% X Raw material optimization Projects in Americas and Europe = annual savings > CHF 14 million 79% 83% 85% 89% 81% X Energy savings & CO2 reduction Results at end of year two: -11.8% energy consumption per tonne 2006/07 2007/08 2008/09 2009/10 2010/11 Costs per tonne -Target: -2% Cocoa grinding Liquid chocolate Cocoa pressing March 2012 Barry Callebaut – CAGE Conference London 14 SustainableSustainable Cocoa Cocoa Sustainable Cocoa We need more, sustainable cocoa in the future X Consumption outpaces bean production X Competitive crops more profitable Excess return of Rubber vs. Cocoa farming in Ivory Coast per Ha 4'000 World crop (net) 3'800 2'200 3'600 World grindings 3'400 1'600 3'200 Rubber more profitable 3'000 1'000 2'800 2'600 400 2'400 €/ha -200 2'200 Cocoa more profitable 2'000 The industry will need -800 Production - Grindings1'800 (thds MT) 1 Mio ton cocoa beans 1'600 -1'400 1'400 in addition by 2020 -2'000 1'200 79/80 80/81 81/82 82/83 83/84 84/85 85/86 86/87 87/88 88/89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 Jul-11 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jan-11 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 No more Combined cocoa, no X Cocoa bean price volatility chocolate/ more cocoa chocolate 2500 sales/ deals 2200 1900 1600 Cocoa powder 1300 shortage 1000 700 400 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 March 2012 Barry Callebaut – CAGE Conference London 15 Sustainable Cocoa SustainableSustainable Cocoa Cocoa Yield & quality initiative for more quality-grade, responsibly grown cocoa 300,000 tonnes of additional cocoa beans by 2020 Farmer Practices Farmer Education Farmer Health • Plantation yield & quality • Cocoa curriculum • Water wells • Model farms • School curriculum • Vaccination program • Yield Enhancement Techniques • Literacy and women education • Insecticide nets “YES” • Child labor sensitization • Certification implementation Aim: double
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