INVESTOR PRESENTATION

Transcription

1 INVESTOR PRESENTATION HALF YEAR 2010

2 CONTENTS 1 PERFORMANCE HIGHLIGHTS HY ENVIRONMENT HY P&L & B/S DETAILS HY MATERIAL COST DEVELOPMENT 5 OUTLOOK QUESTIONS & ANSWERS

3 1 PERFORMANCE HIGHLIGHTS HY 2010

4 PERFORMANCE HIGHLIGHTS HY 2010 CHF mio. Net Net Trade Sales Organic % Volume +82% 8.2 Swiss Francs % EBITDA 82,5 CHF +10,5 Mio vs. p.y. (before extraordinary) EBIT 33,9 CHF + 9,8 Mio vs. p.y. (before extraordinary) NET INCOME 24,8 CHF + 6,2 Mio vs. p.y. (before extraordinary) NET LIQUIDITY 446,0 CHF +134,2 Mio vs. p.y.

5 KEY FIGURES ROCK SOLID BALANCE SHEET & RECORD NET CASH POSITION Equity CHF mio. Equity B/S ratio in % Net Cash Y/E CHF mio. 1' % 68.0% 1'600 1' % 1'500 1' % 65.3% 1' % 60.0% 1' % 68.5% ' % 150 1' % 52.0% ' %

6 2 ENVIRONMENT HY 2010

7 ENVIRONMENT ECONOMIES _ Stabilisation of financial sector & economies back to slow growth _ Confusing inflationary as well as deflationary fears _ Increasing savings in private sector _ Unemployment rates remaining at reached high levels CONSUMERS _ Improvement of consumer sentiment vs. very low base in p.y. _ Resumption of trend to Premium / trading up _ Importance of promotional incentives CHOCOLATE MARKETS _ Flat volume development in main markets low value growth FX & MATERIAL _ Enormous volatility in FX & Raw Material Markets _Record high cocoa market prices squeeze of July 2010

8 3 P&L & B/S DETAILS HY 2010

9 OVERVIEW - P&L & B/S DETAILS HY 2010 Net Trade Sales EBIT* Net Income* (CHF m) (CHF m) (CHF m) CHF Mio CHF 33.9 Mio CHF 18.6 Mio 1'100 1' % % % ' * 2009 before non-recurring charges

10 SALES ANALYSIS GROWTH IN SWISS FRANCS - 5 YEARS Absolute in CHF mio. Incr. vs. previous year in Swiss Francs 1' ' '013 1' ' % 14.7% 21% 2.1% -5.4% 79% 7.9%

11 SALES ANALYSIS ORGANIC GROWTH 5 YEARS Absolute in CHF mio. Incr. vs. previous year in local currencies 1' ' '013 1' ' % 12.3% 6.9% 0.2% 9.2%

12 SALES ANALYSIS - DRIVERS HIGH VOLUME GROWTH & MODERATE PRICE INCREASES 10.00% 00% 9.00% 8.00% 7.00% 6.00% 82% 8.2% 1.0% -1.3% 9.2% 7.9% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Volume Price/Mix Organic Forex Reported in CHF

13 SALES ANALYSIS - MARKETS IMPORTANT EASTER BUSINESS IN ITALY IN 1ST HALF Total NNTS: CHF mio. 12.7% 5.8% 25.7% USA, Ghirardelli, Can, Mexico Germany France 7.2% Italy 5.9% Rest of the World 12.2% 10.7% 19.8% Rest of Europe Switzerland Dom. & Exp. UK

14 MATERIAL COSTS MATERIAL COSTS - ANOTHER INCREASE OF COST MARGIN Absolute in CHF mio. In % of NNTS % 35.9% 37.5% 34.7% 38.0%

15 PERSONNEL EXPENDITURE DECREASE OF COST MARGIN Personnel exp. in CHF mio. Personnel exp. in % NNTS % 28.0% 27.4% 26.7% 26.4%

16 HEADCOUNT & NNTS/EMPLOYEE NO. OF EMPLOYEES % / VOLUME % Average number of employees NNTS per employee CHF (000) 7'500 7'000 6'500 6'000 6'397 6'804 7'249 6'788 6'984 5'500 5' '500 4'000 3'

17 OPERATING / MARKETING EXPENSES CONTINUED INCREASE IN BRAND INVESTMENTS Absolute in CHF mio. In % of NNTS % 30.6% 29.7% 30.0% 30.1%

18 OPERATING PROFIT (EBIT) (before non-recurring charges in 2009) GOOD RECOVERY OF EBIT DESPITE HIGH RAW MAT. PRICES Absolute in CHF mio. In % of NNTS % 1.8% 30% 3.0% 32% 3.2% 25% 2.5% 32% 3.2%

19 NET INCOME (before non-recurring charges in 2009) PROOF OF GOOD PERFORMANCE IN 1 ST HALF 2010 Absolute in CHF mio. In % of NNTS % 1.1% 22% 2.2% 22% 2.2% 19% 1.9% 23% 2.3%

20 NET CASH POSITION - DEVELOPMENT POSITIVE CASH GENERATION + CHF 90 MIO VS Net cash & net cash movement in CHF Mio Operating Cash Flow Capital Incr. Currency impact CAPEX Dividend Paym. 2010

21 OPERATING CASH FLOW & CAPEX OPER. CASH FLOW REDUCED BY INVENTORY & RECEIVABLES Operating Cash Flow in CHF mio. CAPEX in CHF mio

22 4 MATERIAL COST DEVELOPMENTS

23 COCOA CROP / GRINDING BALANCE OFFER / DEMAND ~ BALANCED OVER 4 YEARS Cocoa Beans 000 T 3'661 3'900 3'405 3'300 3'749 3'695 3'557 3'490 3'560 3'629 3'811 3'731 2' % 2'100 1' % 5.5% 42.4% % /07 07/08 08/09 09/10 exp. 10/11 exp. Crop Grindings Surpl./Deficit Source: ICCO and CRA

24 COCOA PRODUCT PRICES COCOA LONDON TERMINAL COCOA BUTTER RATIO GBP/TON RATIO MULT. 2'500 2' '100 1' ' '500 1' ' Mrz. 07 Jul. 07 Nov. 07 Mrz. 08 Jul. 08 Nov. 08 Mrz. 09 Jul. 09 Nov. 09 Mrz. 10 Jul Mrz. 07 Jul. 07 Nov. 07 Mrz. 08 Jul. 08 Nov. 08 Mrz. 09 Jul. 09 Nov. 09 Mrz. 10 Jul. 10

25 NUTS PRICES HAZELNUTS ALMONDS USD/TON CHF/TON 8'500 8'000 7'500 7'000 6'500 6'000 5'500 5' '500 4'000 8'500 8'200 7'900 7'600 7'300 7'000 6'700 6'400 6' '800 3'500 Aug. Okt. Dez. Feb. Apr. Jun. Aug. Okt. Dez. Feb. Apr. Jun. Aug. Okt. Dez. Feb. Apr. Jun. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul '500

26 MILK PRICES EU UPWARD PRESSURE FOR SMP EUROPE SMP SWITZERLAND SMP EUROPE EUR/TON 4'500 4'000 3'500 3'000 2' '000 1'500

27 Mai. 10 Jul. 10 Jul. 09 Sep. 09 Nov. 09 Jan. 10 Mrz. 10 SUGAR PRICES USD/Ton 1'400 1'200 1' EU / CH WORLD USA Mrz. 08 Mai. 08 Jul. 08 Sep. 08 Nov. 08 Jan. 09 Mrz. 09 Mai. 09 Jan. 08 Nov. 07 Jan. 07 Mrz. 07 Mai. 07 Jul. 07 Sep. 07

28 MATERIAL COSTS OVERVIEW COCOA PRODUCTS - Cocoa Beans Terminal Market Range GBP / high vola - Cocoa Beans Differentials Stable - Cocoa Butter Ratio Recovering from lows - Cocoa Powder Ratio Coming down from record highs OTHER RAW MATERIALS - Milk CH: stable / EU and ROW upward trend - Sugar CH / EU / US: stable at present levels - Hazelnuts Slightly lower due to good harvest expectations - Almonds Downward tred PACKAGING - Paper & Board Higher, triggered on lower capacity and slightly higher demand - Metals & Flexs Upwards trend

29 6 OUTLOOK 2010

30 OUTLOOK 2010 FINANCIAL GUIDANCE FOCUS IS TO INVEST FOR FUTURE GROWTH MARKET FOCUS 2010 / 11 _ Limited price increases only depending on market / FX / inflation _ Priority on market share gains _ Participate in strategic promotional activities to grow volume _ Continue investments behind newly opened subsidiaries CONTINUATION OF MARKET INVESTMENTS IN 2010 / 11 _ Marketing spending: Further increase of market spending in all markets _ New geographies: Explore expansion potential of Russia, Japan, China, Scandinavia _ High growth potential in USA, Canada, UK, Australia _ Mature markets: Preserve premium brand positioning and build market shares

31 FINANCIAL GUIDANCE 2010 & GROWTH EXPECTATIONS 2011 FULL CONFIRMATION OF GUIDANCE GIVEN ALREADY IN MARCH 2010 Topics Full Year Guidance Organic Growth 5 7% EBIT CAPEX CHF mio. CHF mio. Continued high cash generation 2011: Top line growth back to mid/long-term rate of 6 8 %

32 7 QUESTIONS & ANSWERS

33 DISCLAIMER This presentation contains forward looking statements which reflect management s current views and estimates. The forward looking statements involve risks and uncertainties that could cause actual results to differ from those expressed in the forward looking statements. Potential risks and uncertainties include among others factors as general economic conditions, foreign exchange and commodity price fluctuations, competitive product and pricing pressures and regulatory developments.

34 INVESTOR PRESENTATION 2010