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2005 Key Financial Data of the Lindt & Sprüngli Group

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2005 Key Financial Data of the Lindt & Sprüngli Group 2005 Key Financial Data of the Lindt & Sprüngli Group 2005 2004 Change Income Statement in % Consolidated sales CHF million 2 246.9 1 994.6 12.6 EBITDA CHF million 325.1 295.1 10.2 in % of consolidated sales % 14.5 14.8 EBIT CHF million 248.6 215.8 15.2 in % of consolidated sales % 11.1 10.8 Net income CHF million 172.7 149.0 15.9 in % of consolidated sales % 7.7 7.5 Cash flow CHF million 257.2 231.2 11.2 in % of consolidated sales % 11.4 11.6 Balance Sheet Total assets CHF million 1 908.1 1 714.6 11.3 Current assets CHF million 1 255.2 1 136.6 10.4 in % of total assets % 65.8 66.3 Non-current assets CHF million 652.9 578.0 13.0 in % of total assets % 34.2 33.7 Non-current liabilities CHF million 312.7 313.9 –0.4 in % of total assets % 16.4 18.3 Shareholders’ equity CHF million 971.1 793.7 22.4 in % of total assets % 50.9 46.3 Investments in property, plant and equipment/intangible assets CHF million 128.9 99.2 29.9 in % of cash flow % 50.1 42.9 Employees Average number of employees 6 652 6 293 5.7 Sales per employee CHF 1 000 337.8 317.0 6.6 Data per share Net income per share/10 PC1) CHF 788 684 15.2 Cash flow per share/10 PC CHF 1 169 1 059 10.4 Dividend per share/10 PC CHF 225 2) 180 25.0 Payout ratio % 28.7 26.5 Shareholders’ equity per share/10 PC CHF 4 413 3 636 21.4 Price registered share 31.12. CHF 21 950 16 650 31.8 Price participation certificate 31.12. CHF 2 237 1 618 38.3 Market capitalization per 31.12. CHF million 4 863.8 3 598.1 35.2 1)Based on weighted average number of registered shares/10 participation certificates 2)Proposal of the Board of Directors 2 Chairman’s Report 6 Business Review 2005 18 160 Years of Lindt & Sprüngli 28 Corporate Governance 36 Financial Report of the Lindt & Sprüngli Group 42 Notes to the Financial Statements 65 Report of the Group Auditors 66 Financial Report of Chocoladefabriken Lindt & Sprüngli AG (Holding Company) 108th Annual Shareholders’ Meeting 70 Proposal for the Distribution of Net Earnings Thursday, April 20, 2006, 10 a.m. 71 Report of the Statutory Auditors Kongresshaus Zurich, Kongresssaal 72 5-Year Review Entrance K, Claridenstrasse, Zurich 74 Group Addresses Lindt & Sprüngli This Annual Report is also available in German, 1 which is the legally binding text. Chairman’s Report DEAR SHAREHOLDER In line with the rules of the Swiss Stock Exchange, Lindt & Sprüngli has for the fi rst time drawn up The year 2005 not only marked the 160th anniversa- its fi nancial statements for 2005 in compliance ry of Lindt & Sprüngli, but will also go down in our with IFRS accounting principles. The comparative history as the year in which sales rose by the high- fi gures for the year 2004 were also revised accord- est percentage ever. In the year under review, our ingly. In 2005, the Group reported sales of 2.247 group of companies sold chocolate worth an impres- billion Swiss francs, equivalent to organic growth sive CHF 250 million more than in 2004, which had of 11.4% in local currency terms or 12.6% in Swiss itself been a record year in every respect. Despite francs. The slightly higher growth in Swiss francs is the continuing sluggish economic environment and explained by a stronger US and Canadian Dollar. price aggressive competition, this exceptional result Thanks to effi cient management and price increases, is due to sales growth at each subsidiary company rising costs for transport, energy and raw material and in every product category. The sales growth ex- were offset, and the operating result before interest ceeded that of total chocolate consumption many and tax (EBIT) improved by an impressive 15.2% to times over and our market shares once again rose 248.6 million Swiss francs. The group’s net income sharply in most areas. As part of our geographical rose still more strongly by 15.9% to 172.7 million expansion and targeted opening of new markets Swiss francs, equivalent to a return on sales of 7.7% with strong potential, we established two new dis- (against 7.5% in the previous year). Group cash fl ow tribution companies in 2005, Mexico and Sweden. rose by 11.2% to 257.2 million Swiss francs. At the With these new organizations, we are extending the end of 2005, the equity ratio was 50.9%, while the scope of our own companies, our aim being to serve average return on equity was 19.6%. All of these are a growing number of important markets under our record results. own ma nagement. In this way, Lindt & Sprüngli is once again demonstrating its ability for organic In view of the sales and profi t growth achieved, the growth without being dependent on potentially Board of Directors is proposing to the next Gen- risky acquisitions. eral Meeting of April 20, 2006, the payment of a dividend of 225.– Swiss francs per registered share and 22.50 Swiss francs per participation certifi cate. This is equivalent to an increase of 25% over the previous year. The brand value also grew inexorably. In 2005, LINDT moved up to rank number twelve among the most valuable brands in Switzerland. The con- stant good results are also being recognized by the stock market. After our shares and participation certifi cates had already gained more than 50% in value in 2004, Lindt & Sprüngli papers once again also in 2005 proved to be a safe and profi table in- vestment in an outstandingly positioned company. The registered share price rose by 32%, while the value of the participation certifi cates exceeded the previous year’s fi gures by as much as 38%. This good and stable long-term trend of the stock market capitalization of Lindt & Sprüngli, which reached 2 3 an impressive fi gure of 4.9 billion Swiss francs at the Nearly 95% of the chocolate consumed all over the end of 2005, is a clear token of the fact that investors world is produced outside Switzerland. Producing not only believe in the company’s strategy and phi- premium chocolate products in a high-wage coun- losophy, but also believe in management by reward- try is no easy proposition, when around 90% of the ing them with their interest and loyalty. customary raw materials and ingredients have to be imported and the processed products must then The substantial progress and excellent results of the be successfully exported again. Against that back- last fi nancial year are founded on a history of suc- ground, quality, innovation, and product image play cess which dates back 160 years. Even in times of a key role. A long chain of effort in many different crisis and war and over this long period of time, the areas is necessary to safeguard and maintain these company has overcome a constant series of setbacks attributes. After all, every compromise, every wrong and obstacles thanks to its uncompromising com- strategic decision that endangers the well-deserved mitment to the fi nest quality. These signifi cant ac- reputation of the product and brand developed over complishments would hardly have been possible on such a long period of time, can ultimately have fatal such a scale if the many generations of people who consequences. were and are responsible for the prosperity of the business had not shown a sustained effort to excel Maintaining its position under these challenging themselves at all times. Lasting success may, after conditions is no easy task for Lindt & Sprüngli. In all, lead to complacency and eventually stagnation. today’s globalized competition, only a company But Lindt & Sprüngli has managed over many de- which neglects none of the factors that contribute cades to do more than just be satisfi ed with the good to success can survive. These factors include excel- results of the past and has instead set ever higher lent performance and continuing investment in the targets for itself. To reach this objective, a great deal areas of process engineering, research and develop- of know-how and expertise are needed, as well as ment, quality assurance, marketing, and brand ma- a far-sighted approach, tenacity, and faith in our- nagement beside a sound brand strategy, consistent selves. positioning and a clear focus on core competences. The most important and sustainable investment, however, must be made in employees because ultimately success depends on the human beings who stand behind the product and the brand. 4 Only ongoing efforts to develop expertise and prac- To all our staff members all over the world, who are tical experience in all sectors and at all levels of the committed – day in and day out – with such moti- organization can permanently guarantee the high- vation, know-how, and passion to the quality and est possible level of competence for our staff while success of our wonderful products, I now wish to ensuring that know-how will be passed on to com- express my gratitude also on behalf of the Board of ing generations. Lasting economic success is there- Directors and the Group Management. It is thanks fore safeguarded only by the ideal combination of to them and to the fi rst-rate cooperation with our a great many different factors in the technical and trade partners and suppliers that millions of con- staffi ng areas.
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