Investor Presentation HY2018. Maître Chocolatier Suisse Depuis 1845

Transcription

1 Investor Presentation HY2018

2 Agenda 1. Performance Highlights HY P&L and B/S Details HY Outlook 2018 July 24, 2018 HY 2018 Investor Presentation 2

3 Performance Highlights HY2018

4 P&L Statement L&S Group Organic growth of +5.1% and EBIT-margin increase of +20 bp CHF million HY2017 HY2018 Growth in % Sales Organic growth EBITDA Margin % +5.1% % % +10.8% EBIT Margin % % +11.5% Net Income Margin % % +12.7% July 24, 2018 HY 2018 Investor Presentation 4

5 Balance sheet Further strengthening of the Equity Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million 64% % 60% 58% 56% 54% 52% 60.1% 62.9% % July 24, 2018 HY 2018 Investor Presentation 5

6 P&L and B/S Details HY2018

7 Sales analysis 5 years in CHF Increase in CHF by +7.7% Absolute in CHF million Growth rate in % % 17.4% 6.6% 3.1% 7.7% HY2014 HY2015 HY2016 HY2017 HY2018 July 24, 2018 HY 2018 Investor Presentation 7

8 Sales analysis 5 years in local currencies Organic Growth at +5.1% for HY 2018 Absolute in CHF million Increase p.a. in local currencies (organic growth in %) % 9.4% 4.4% 3.6% 5.1% HY2014 HY2015 HY2016 HY2017 HY2018 July 24, 2018 HY 2018 Investor Presentation 8

9 Sales analysis - markets Total NNTS CHF 15.0% 34.1% 1.668bn 6.1% North America Germany 6.3% France CH excl. Exports 6.9% Italy UK 8.7% 9.2% 9.4% 4.4% 6.8% 4.5% 9.6% Rest of Europe 17.5% Rest of the World July 24, 2018 HY 2018 Investor Presentation 9

10 Sales analysis - drivers Positive Price/Mix Impact 8% 7% 6% 5% 4% 0.2% 4.9% 5.1% 2.6% 7.7% 3% 2% 1% 0% Volume Price / Mix Organic Forex Reported in CHF July 24, 2018 HY 2018 Investor Presentation 10

11 Sales analysis segment information NAFTA Region is recovering Europe NAFTA Rest of World % % % % % % HY 2017 HY HY 2017 HY HY 2017 HY 2018 Percentage above column: organic growth of respective period July 24, 2018 HY 2018 Investor Presentation 11

12 Material costs incl. changes in inventories Decreased Ratio by -30 bp 600 Absolute in CHF million In % sales % 36.2% 34.9% 33.8% 33.5% HY2014 HY2015 HY2016 HY2017 HY2018 July 24, 2018 HY 2018 Investor Presentation 12

13 Cocoa Bean Price & Cocoa Butter Ratio Cocoa beans Prices in GBP t Butter ratio % 36.2% 34.9% 33.8% 33.5% Jan. 17 Mrz. 17 Mai. 17 Jul. 17 Sep. 17 Nov. 17 Jan. 18 Mrz. 18 Mai. 18 Ratio Butter Liffe July 24, 2018 HY 2018 Investor Presentation

14 Personnel expenditure 500 In CHF million In % Sales Decreased Ratio by -30 bp % 26.5% 26.2% 26.9% 26.6% HY 2014 HY 2015 HY 2016 HY 2017 HY 2018 July 24, 2018 HY 2018 Investor Presentation 14

15 Operating / marketing expenses Continued High Marketing Investments 500 In CHF million In % Sales % 27.2% 28.1% 28.0% 28.2% HY 2014 HY 2015 HY 2016 HY 2017 HY 2018 July 24, 2018 HY 2018 Investor Presentation 15

16 Depreciation, amortization and impairment Higher Depreciation Ratio by +10 bp due to Increased Capacity CAPEX Absolute in CHF million In % Sales % 4.2% 4.6% 5.1% 5.2% HY 2014 HY 2015 HY 2016 HY 2017 HY 2018 July 24, 2018 HY 2018 Investor Presentation 16

17 Operating profit (EBIT) Continued Margin Improvement: +20 bp 140 Absolute in CHF million In % Sales XXX +XXX +XXX +XXX +XXX 6.4% 6.4% 6.6% 6.8% 7.0% HY 2014 HY 2015 HY 2016 HY 2017 HY 2018 July 24, 2018 HY 2018 Investor Presentation 17

18 Net income Absolute in CHF million In % Sales 56 Higher Financial Charges, Decrease in Tax Rate XXX +XXX +XXX +XXX +XXX 4.7% 4.6% 4.8% 4.9% 5.2% HY 2014 HY 2015 HY 2016 HY 2017 HY 2018 July 24, 2018 HY 2018 Investor Presentation 18

19 Capex 140 Operating Cash Flow in CHF million CAPEX in CHF million Continued high investments XXX +XXX +XXX +XXX +XXX HY 2014 HY 2015 HY 2016 HY 2017 HY 2018 July 24, 2018 HY 2018 Investor Presentation 19

20 Net financial position development Increase of Net Debt due to Purchase of own Treasury Stock Net Cash in CHF million Operating Cash Flow 214 Free Cash Flow Capital Expenditure Capital Increase Dividend payment Share Buy Back CTA/Other July 24, 2018 HY 2018 Investor Presentation 20

21 Outlook 2018 and beyond

22 Outlook environment 2018 Outlook - Summary Premium chocolate market to continue its positive trend Lindt & Sprüngli s strong global brands and strategic business actions to result in continued market share gains Efficiency and cost improvement programs already in place to lead to additional cash generation Partial re-investment of savings from scale, efficiencies, raw materials and cost reduction programs into future growth The Group confirms its mid/long term goal of an organic sales growth target of 6 8% combined with an increase in EBIT of basis points For the business year 2018, Lindt & Sprüngli expects an organic sales growth of around 5% and an improvement in the EBIT margin in the range of the mid/long term goal July 24, 2018 HY 2018 Investor Presentation 22

23 Q & A

24 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange- and commodity price fluctuations, competitive product and pricing pressures and regulatory developments. July 24, 2018 HY 2018 Investor Presentation 24