HALF-YEAR Investor Presentation

Transcription

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2 HALF-YEAR 2015 Investor Presentation

3 AGENDA 1. Performance Highlights HY P&L and B/S Details HY Outlook Questions & Answers Investors Presentation - HY2015 August 18,

4 PERFORMANCE HIGHLIGHTS HY2015

5 P&L STATEMENT L&S GROUP +17.4% Sales Growth of the Lindt & Sprüngli Group INCLUDING Russell Stover CHF million HY2014 HY2015 in CHF Y-o-Y Growth Organic Sales % +9.4% EBITDA Margin % % +17.1% EBIT Margin % % +17.5% Net Income Margin % % +16.5% Investors Presentation - HY2015 August 18,

6 SALES ANALYSIS MARKETS 5.5% 6.1% Total NNTS CHF 6.9% 8.0% 10.2% 9.5% 15.1% 38.7% (p.y. 27%) 1.409bn North America incl. RS Germany France CH incl. Exports Italy Rest of the World Rest of Europe UK Investors Presentation - HY2015 August 18,

7 BALANCE SHEET Reduction of Net Debt Despite Continuous Capex and Dividend Payment Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million % 60.0% 50.0% 40.0% 30.0% 53.8% 52.2% % 10.0% 0.0% Investors Presentation - HY2015 August 18,

8 SALES ANALYSIS SEGMENT INFORMATION Continued High Pace of Growth in all Three Geographical Segments Europe NAFTA (excl. RS) Rest of World 8.0% 16.0% 20.0% 6.0% 6.9% 6.9% 12.0% 13.7% 16.0% 18.2% 4.0% 8.0% 10.3% 12.0% 8.0% 11.3% 2.0% 4.0% 4.0% 0.0% HY2014 HY % HY2014 HY % HY2014 HY2015 Investors Presentation - HY2015 August 18,

9 P&L AND B/S DETAILS HY2015

10 SALES ANALYSIS 5 YEARS IN CHF Increase in CHF by 17.4% Y-o-Y (Including Russell Stover) Absolute in CHF million Growth in % % 2.6% 9.6% 6.0% 17.4% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

11 SALES ANALYSIS 5 YEARS IN LOCAL CURRENCIES Continued Strong Organic Growth of 9.4% of Lindt & Sprüngli on a Standalone Basis Absolute in CHF million Increase p.a. in local currencies (organic growth in %) % 5.3% 8.7% 9.2% 9.4% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

12 SALES ANALYSIS DRIVERS Organic Sales Growth Driven by Volumes and Price/Mix Significant Forex-Impact 18.0% 16.0% 14.0% 12.0% +15.5% 17.4% 10.0% 8.0% +3.0% 9.4% -7.5% 6.0% 4.0% 6.4% 2.0% 0.0% Volume Price/Mix Organic Forex Acquisition Reported in CHF Investors Presentation - HY2015 August 18,

13 MATERIAL COSTS CHANGES IN INVENTORIES Material Costs Including Changes in Inventories Increased by 100 BP Absolute in CHF million In % Sales % 34.7% 33.4% 35.2% 36.2% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

14 PERSONNEL EXPENDITURE Increase of Personnel Expenses Driven by Russell Stover In CHF million In % Sales % 26.8% 27.0% 25.8% 26.5% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

15 OPERATING/MARKETING EXPENSES Decrease in Expense Ratio Partly Driven by Russell Stover In CHF million In % Sales % 30.0% 29.8% 29.0% 27.2% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

16 OPERATING PROFIT (EBIT) EBIT Margin Remaining Stable vs. P.Y. Absolute in CHF million In % Sales % 4.5% 5.8% 6.4% 6.4% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

17 NET INCOME Financial Charges Unchanged and Tax Rate Slightly up due to RS Acquisition Absolute in CHF million In % Sales % 3.4% 4.3% 4.7% 4.6% HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

18 OPERATING CASH FLOW & CAPEX Strong Operating CF Generation and Ongoing High Capex to Support Further Growth Operating Cash Flow in CHF million CAPEX in CHF million HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18,

19 NET FINANCIAL POSITION DEVELOPMENT Net Financial Position Improved by CHF 89 Million in HY2015 Net Cash in CHF million Operating Cash Flow Capital Increase Dividend Capital Expenditure CTA/Other Investors Presentation - HY2015 August 18,

20 OUTLOOK 2015

21 OUTLOOK ENVIRONMENT 2015 Challenging General Conditions Positive economic outlook in North America Subdued consumer sentiment in Europe Transaction/Translation impact from SNB decision Continued challenge from continuously increasing cocoa beans Trade partners competing on price limiting price adjustments Lindt Strengthening of the Brand, Ongoing Increase of Market Share, Expansion into New Markets Innovation and intensified marketing communication Continuous strengthening of LINDT brand in all markets Anchoring and exploiting strong no. 3 market position in the USA Strong focus on the worldwide implementation of own sales channel (Global Retail) Ongoing optimization through efficiency increases and cost management Mid to long-term organic sales growth target of 6-8% confirmed for 2015 Back to mid to long-term target for increase of BP in EBIT margin after integration of RS Investors Presentation - HY2015 August 18,

22 QUESTIONS & ANSWERS

23 Half-Year 2015 Investor Presentation

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. Investors Presentation - HY2015 August 18,