Financial Analysts Presentation March 17th, 2009
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1 ANNUAL RESULTS 2008 Financial Analysts Presentation March 17th, Annual Media Conference FULL YEAR 2008
2 GROUP MANAGEMENT Group Management Ernst Tanner Duty Free & Country Responsibility Hansjürg Klingler Marketing/Sales & Country Responsibility Uwe Sommer Finance Administration Purchasing Manufacturing Dr. Dieter Weisskopf 2 Annual Media Conference FULL YEAR 2008
3 CONTENTS 1 Highlights Market Review - Sales Growth Analysis 3 Business Model 4 Financials - Operating Performance - Interest / Taxes - Raw Materials & Packaging 5 Outlook Accounting Change Annual Media Conference FULL YEAR
4 Highlights Annual Media Conference FULL YEAR 2008
5 HIGHLIGHTS - P&L RESULTS CHF Mio. Increase in % vs NET TRADE SALES ,3% NTS* ORGANIC 5.8% EBITDA 461 EBIT % 3.0% NET INCOME % EPS REG. (CHF) % OPER. CASH FLOW % * NTS = Net Trade Sales -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% 5 Annual Media Conference FULL YEAR 2008
6 HIGHLIGHTS BALANCE SHEET Equity CHF Mio Equity B/S ratio in % Net Cash Y/E CHF Mio 1' % 120 1'400 1'300 1'200 1'389 1' % 58.0% 56.0% 54.0% 56.3% 61.4% ' % 20 1' % Annual Media Conference FULL YEAR 2008
7 HIGHLIGHTS KEY MESSAGES Challenging environment Volatility in FX, raw mat. & equity markets Consumer confidence at historic low Trade exposed to low or no liquidity Bankruptcies, chapter 11 and shop closures at peak Price sensitivity among consumers enhances discount / private labels Premium products less impacted, esp. seasonal and gift giving High quality and trusted brands still appreciated by consumers 7 Annual Media Conference FULL YEAR 2008
8 HIGHLIGHTS KEY MESSAGES Performance vs. long term objectives Organic-/const. currency growth 2008: Other Highlights Negative FX impact on NTS in CHF by -6.1% (= CHF 161 Mio) Continuous high Marketing expenditure Highly Cash Generative: EBITDA margin 15.7 % Rock Solid Balance Sheet: No Goodwill / Leverage Potential - Net Cash at year end: CHF 109 Mio - Equity/B/S Ratio: 61% L/T objective - NTS: + 5.8% 6% to 8% - EBIT: + 8.9% 8% to 10% (20-40 BP) - Net Income: +11.0% 10% to 12% 8 Annual Media Conference FULL YEAR 2008
9 L&S SHARE PRICE VS. SMI 2008 Share Price Moving in line with SMI CHF Lindt Reg. SMI LINDT REGISTERED SHARE VS. SMI Jan. 08 M rz. 08 M ai. 08 Jul. 08 Sep. 08 Nov Annual Media Conference FULL YEAR 2008
10 OTHER SHARE KEY FIGURES Share Key Figures Dividend Reg. S. (CHF) * - Increase (CHF) Dividend Yield Reg. S. 1,4% 1.1% 1.0% 0.9% 0.8% 1.6% Pay-Out Ratio 16.9% 26.5% 28.7% 29.2% 29.5% 31.2% Reg. Share (CHF) 2'800 16'650 21'950 30'700 39'770 22'600 *Proposed by Board of Directors 10 Annual Media Conference FULL YEAR 2008
11 MARKET REVIEW SALES GROWTH ANALYSIS 11 Annual Media Conference FULL YEAR
12 SALES ANALYSIS ORGANIC absolute in CHF millions increase vs. previous year in local currencies & net of acquisition effects 3'000 2'500 2'000 1'500 1'995 2'247 2'586 2'946 2'937 1' % % % % + 5.8% Annual Media Conference FULL YEAR 2008
13 SALES ANALYSIS - DRIVERS GROWTH 2008 LIMITED BY CONSTELLATION OF UNUSUAL FACTORS 6.00% 5.00% 4.00% 3,9% 5.8% 3.00% -6.1% 2.00% -0,8% 1.00% 0.00% -1.00% 2.3% -0.3% Volume Mix Price Organic Forex Reported 13 Annual Media Conference FULL YEAR 2008
14 SALES ANALYSIS SWISS FRANCS CHF MIO IN CONSTANT CURRENCIES absolute in CHF millions increase vs. prev. year in % of CHF 3'000 2'500 2'000 1'500 1'995 2'247 2'586 2'946 2'937 1' % % % % - 0.3% Annual Media Conference FULL YEAR 2008
15 SALES ANALYSIS MARKET SPLIT BALANCED SPLIT OF MARKETS Total NTS: CHF Mio 22.9% 8.7% 5.6% 17.7% Switzerland Germany France Italy UK Rest of Europe North America 9.5% 4.6% 12.2% 18.8% Rest of World 15 Annual Media Conference FULL YEAR 2008
16 SALES ANALYSIS MARKETS POSITIVE SALES DEVELOPMENT ACCROSS MARKETS 20.0% 17.5% 28.5% 21.8% 15.0% 12.5% 12.6% 14.8% 10.0% 7.5% 5.0% 2.5% 0.0% 2.1% 8.9% 9.9% -2.4% 7.0% 3.1% 8.6% 4.6% -2.5% D F CH AUT IT E U.K. POL SWE AUS USA CAN Average 5.8 % 16 Annual Media Conference FULL YEAR 2008
17 BUSINESS MODEL 17 Annual Media Conference FULL YEAR
18 KEY DRIVERS OF MODEL Strong and uniquely positioned brands Global No. 1 in premium chocolate Focus: one category (chocolate) / one market (premium) Ongoing underlying consumer trend towards premium quality Consumer driven Uncompromising focus upon product quality Exceptionally high rate of innovation Skilled in managing complexity Systematic expansion into high-potential geographies 18 Annual Media Conference FULL YEAR 2008
19 GROWTH ABOVE MARKET 10 YEARS: DOUBLING OF SALES CONT. MARGIN GROWTH absolute in CHF millions EBIT margin 3'000 2'500 2'000 1'500 1'000 NTS in CHF: CAGR 8.1 % % 13.0% 11.0% 9.0% 7.0% 5.0% 19 Annual Media Conference FULL YEAR 2008
20 DELIVERING TO SHAREHOLDERS 1 (compound average growth rate) 2 (basis points) 20 Annual Media Conference FULL YEAR 2008
21 MODEL Organic Growth significantly above premium chocolate markets Persistency Market Share Growth gains in most major chocolate markets Continuity EBIT Margin Growth Increasing consistently year after year Reliability 21 Annual Media Conference FULL YEAR 2008
22 FINANCIALS OPERATING PERFORMANCE 22 Annual Media Conference FULL YEAR
23 MATERIAL COSTS IMPACT OF MATERIAL COST INCREASE: 200 BASIS POINTS 1'000 absolute in CHF millions in % of NTS % 30.6% 29.9% 30.6% 32.6% Annual Media Conference FULL YEAR 2008
24 HEADCOUNT & NTS PER EMPLOYEE NTS GROWTH WITH STABLE NO OF STAFF Average number of employees NTS per employee in CHF ('000) 8'000 7'000 6'000 6'293 6'652 7'044 7'793 7'712 5'000 4'000 3' Annual Media Conference FULL YEAR 2008
25 PERSONNEL EXPENSES EFFICIENCY INCREASES IN ALL PROCESSES absolute in CHF millions in % of NTS - 8.6% % 21.9% 21.1% 20.2% 18.5% Annual Media Conference FULL YEAR 2008
26 OPERATING/MARKETING EXPENSES DECREASING OPERATING EXPENSES DESPITE ONGOING HEAVY INVESTMENTS IN MARKETING absolute in CHF millions in % of NTS - 3.0% 1' '055 1' % 34.2% 35.0% 35.8% 34.8% Annual Media Conference FULL YEAR 2008
27 EBITDA RESULT OF HIGHER EBIT & DEPRECIATION 295 absolute in CHF millions in % of NTS % % 14.5% 14.7% 15.1% 15.7% Annual Media Conference FULL YEAR 2008
28 DEPRECIATION IMPACT OF HIGHER CAPEX absolute in CHF millions in % of NTS % 3.4% 3.2% 3.2% 3.4% Annual Media Conference FULL YEAR 2008
29 OPERATING PROFIT (EBIT) MARGIN IMPROVEMENT: 40 BASIS POINTS absolute in CHF millions in % of NTS + 3.0% % 11.1% 11.5% 11.9% 12.3% Annual Media Conference FULL YEAR 2008
30 EBIT GROWTH ANALYSIS DRIVERS SUBSTANTIAL IMPACT OF MATERIAL COSTS IN , , ,6 0.0 Vol. & Mix Pricing Materials Operating / Marketing Expenses Other EBIT const.curr. 30 Annual Media Conference FULL YEAR 2008
31 QUALITY & EFFICIENCY HIGHLIGHTS Production New Praline lines starting up in Germany and Switzerland Bar & Cocoa liquor investments ongoing in USA Start-up of new cocoa liquor line in Olten/Switzerland Supply chain & logistics New central warehouse set up for overseas shipments Logistics studies ongoing for European Road Transport, Sea Freight & Central Warehousing. Extension of finished goods warehouse L&S CH (Altendorf) New combined warehouse L&S Italy / Caffarel (Magenta) 31 Annual Media Conference FULL YEAR 2008
32 QUALITY & EFFICIENCY HIGHLIGHTS Procurement Agreement for supply of traceable cocoa beans in Ghana including contributions to Social Projects Systems & IT SAP implemented in Australia & Italy (SAP hub) New JDE/Oracle implemented in Canada (US JDE hub) 32 Annual Media Conference FULL YEAR 2008
33 FINANCIALS INTEREST / FX TAXES & NET CASH 33 Annual Media Conference FULL YEAR
34 FINANCIAL EXPENSES IMPAIRMENT PORTFOLIO & FX IMPACT IN VOLATILE MARKETS 20,0 absolute in CHF millions in % of NTS 2,0% 15,0 10,0 1,0% 5,0 0, ,0% 34 Annual Media Conference FULL YEAR 2008
35 CORPORATE TAX RATE 40,00% TAX RATE DECLINING YEAR-ON ON-YEAR YEAR TO RECORD LOW Tax Rate in % 35,00% 30,00% 25,00% 38,4% 35,8% 33,8% 32,6% 31,4% 29,8% 29,7% 29,0% 28,0% 25,4% 20,00% Annual Media Conference FULL YEAR 2008
36 NET INCOME 300 CONTINUOUS GROWTH ABSOLUTE & MARGIN absolute in CHF millions in % of NTS +4.4% % 7.7% 8.1% 8.5% 8.9% Annual Media Conference FULL YEAR 2008
37 DELIVERING STRONG EARNINGS EARNINGS PER SHARE CAGR 14.7 % EPS CHF EPS GROWTH Y-O-Y ,0% 15,0% 10,0% 5,0% 0,0% 37 Annual Media Conference FULL YEAR 2008
38 OPERATING CASH FLOW & CAPEX RECORD HIGH PERFORMANCE Operating Cash flow CAPEX in CHF millions % Annual Media Conference FULL YEAR 2008
39 NET CASH POSITION - DEVELOPMENT NET CASH POSITION ENSURES FREEDOM AND FLEXIBILITY CHF MIO Net cash & net cash movement in CHF Mio FCF Capital O/shares Dividend Annual Media Conference FULL YEAR 2008
40 FINANCIALS RAW MATERIALS & PACKAGING 40 Annual Media Conference FULL YEAR
41 COCOA CROP / GRINDING BALANCE Cocoa Beans '000' t 3'900 3'300 2'700 2'100 1'500 3'768 3'520 3'649 3' % 5.5% 5.5% 42.4% 3'724 3'684 3'567 3' % /06 06/07 07/08 08/ Crop Grindings Surpl./Deficit 41 Annual Media Conference FULL YEAR 2008
42 COCOA PRODUCT PRICES COCOA LONDON TERMINAL BUTTER RATIO GBP/TON RATIO MULT , , , ,4 900 M r z. 0 7 J ul. 0 7 N ov. 0 7 M r z. 0 8 J ul. 0 8 N ov. 0 8 M r z ,1 M r z. 07 Jul. 07 Nov. 07 M r z. 08 Jul. 08 Nov. 08 M r z Annual Media Conference FULL YEAR 2008
43 MILK PRICES EU MILK PRICES SMP EUROPE / SWITZERLAND EUR/100KG SMP SWITZERLAND SMP EUROPE Mrz. 07 Jun. 07 Sep. 07 Dez. 07 Mrz. 08 Jun. 08 Sep. 08 Dez. 08 Mrz Annual Media Conference FULL YEAR 2008
44 MATERIAL COST TRENDS Cocoa Products: - Terminal Market speculative impact - Differentials strengthening - Butter Ratio weakening Other Raw Materials: Packaging: - Milk weakening - Sugar volatile / EU / Brazil - Hazelnuts weakening - Almonds weakening - Paper & Cardboard stable - Metals & Flexibles stable 44 Annual Media Conference FULL YEAR 2008
45 OUTLOOK 2009 ACCOUNTING CHANGE 45 Annual Media Conference FULL YEAR 2008
46 ACCOUNTING CHANGE HY 09 STATUS TREATMENT OF TRADE PROMOTION EXPENSES (TPE) Payments to trade partners for counterparts / services Accounting treatment of TPE not specifically defined by IFRS Different treatment by European FMCG companies: - Deduction from sales - or - Component of advertising & promotions expenditure / cost US GAAP TPE to be deducted from sales IFRS rules to be aligned in the future with US GAAP Trend of Europ. FMCG companies to deduct TPE from sales Lindt treating TPE as expense up to actual Annual Media Conference FULL YEAR 2008
47 ACCOUNTING CHANGE HY 09 TREATMENT OF TRADE PROMOTION EXPENSES (TPE) ACTION L&S Deduction of TPE s from Sales as from onwards Reasons: - World-wide comparability within majority of FMCG companies - Expected new more detailed IFRS specifications - Statutory accounting change in France Impact of Reclassification: - Increase of EBIT margin 2008 by + ca % - NTS reduction vs by ca. 10 % - First time reporting to new rules by HY No impact on volumes - No impact on profit and valuation 47 Annual Media Conference FULL YEAR 2008
48 48 Annual Media Conference FULL YEAR 2008
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