HALF-YEAR 2016 INVESTOR PRESENTATION

Transcription

1 HALF-YEAR 2016 INVESTOR PRESENTATION

2 AGENDA 1. Performance Highlights HY P&L and B/S Details HY Outlook Environment 2016 Investor Presentation HY2016 July 22,

3 PERFORMANCE HIGHLIGHTS HY2016

4 P&L STATEMENT L&S GROUP Sales Growth in Swiss Francs at +6.6%, EBITDA-margin improvement by +50bp CHF million HY2015 HY2016 Sales excluding Russell Stover in CHF Y-o-Y Growth Organic % +4.4% +6.6% EBITDA Margin % % +11.7% EBIT Margin % % +8.6% Net Income Margin % % +11.1% Investor Presentation HY2016 July 22,

5 Investor Presentation HY2016 BALANCE SHEET Continued Strong Equity to BS ratio, Slight Increase of Net Debt Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million % 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 55.7% 56.2% % July 22,

6 P&L AND B/S DETAILS HY2016

7 SALES ANALYSIS 5 YEARS IN CHF Increase in CHF by +6.6% Absolute in CHF million Growth in % % 9.6% 6.0% 17.4% 6.6% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

8 SALES ANALYSIS 5 YEARS IN LOCAL CURRENCIES Organic Growth of +4.4% (excluding Russell Stover +6.6%) Absolute in CHF million Increase p.a. in local currencies (organic growth in %) % 8.7% 9.2% 9.4% 4.4% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

9 SALES ANALYSIS MARKETS 6.7% 6.3% 9.2% 5.7% 8.6% 37.9% Total NNTS CHF 1.502bn North America incl. RS Germany France CH incl. Exports Italy UK Rest of Europe 9.8% 15.8% Rest of the World Investor Presentation HY2016 July 22,

10 SALES ANALYSIS DRIVERS Volume and Price/Mix Impact strongly driven by Russell Stover Positive Forex-Impact 10.0% 8.0% 6.0% +2.2% +6.6% 4.0% +2.6% +4.4% 2.0% 0.0% +1.8% Volume Price/Mix Organic Forex Reported in CHF Investor Presentation HY2016 July 22,

11 SALES ANALYSIS DRIVERS (EXCL. RSC) Organic Growth (excluding Russell Stover) Strongly Driven by Sales Volume 10.0% 8.0% 6.0% +1.2% 4.0% +6.6% 2.0% +5.4% 0.0% Volume Price/Mix Organic Investor Presentation HY2016 July 22,

12 SALES ANALYSIS SEGMENT INFORMATION Good Organic Growth against a Strong HY 2015 Europe NAFTA (excl. RS) Rest of World 12.0% 12.0% 20.0% 10.0% 10.3% 16.0% 18.2% 8.0% 6.0% 4.0% 6.9% 5.7% 8.0% 4.0% 6.6% 12.0% 8.0% 10.2% 2.0% 4.0% 0.0% HY 2015 HY % HY 2015 HY % HY 2015 HY 2016 Investor Presentation HY2016 July 22,

13 MATERIAL COSTS CHANGES IN INVENTORIES Material Costs Including Changes in Inventories Decreased by -130 BP Absolute in CHF million In % Sales % 33.4% 35.2% 36.2% 34.9% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

14 PERSONNEL EXPENDITURE Personnel Expenses Decreased by -30 BP thanks to Scale and Efficiency Gains In CHF million In % Sales % 27.0% 25.8% 26.5% 26.2% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

15 OPERATING/MARKETING EXPENSES Expense Ratio Increases by +90 BP due to Higher Marketing Investments In CHF million In % Sales % 29.8% 29.0% 27.2% 28.1% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

16 DEPRECIATION, AMORTIZATION AND IMPAIRMENT Absolute in CHF million In % Sales 80 Higher Depreciation Charge as a Result of Increased CAPEX % 4.3% 4.2% 4.2% 4.6% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

17 OPERATING PROFIT (EBIT) EBIT Margin Increases by +20 BP Absolute in CHF million In % Sales % 5.8% 6.4% 6.4% 6.6% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

18 NET INCOME Financial Charges Unchanged, Decrease in Tax Rate Absolute in CHF million In % Sales % 4.3% 4.7% 4.6% 4.8% HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

19 OPERATING CASH FLOW & CAPEX Ongoing High Capex to Support Further Growth Operating Cash Flow in CHF million CAPEX in CHF million HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22,

20 NET FINANCIAL POSITION DEVELOPMENT Net Financial Position Decreases Slightly Net Cash in CHF million Operating Cash Flow Capital Increase Dividend Capital Expenditure CTA/Other Investor Presentation HY2016 July 22,

21 OUTLOOK 2016

22 OUTLOOK ENVIRONMENT 2016 Continued Challenging Conditions Stable economic outlook for Europe / North America but low growth rates Consumer sentiment potentially impacted by political uncertainties (Brexit / elections USA) Continued cost challenge from further increasing cocoa bean- and butter prices Challenging trade environment with partners competing on price, limiting needed price adjustments Lindt Answers Good seasonal product programs leading to increasing organic growth in 2 nd half 2016 Continued portfolio review at Russell Stover Accelerated expansion of own store network (Global Retail) Start of programs for cost synergies within the 3 US companies Continued strengthening of LINDT brand Ongoing optimization through efficiency increases and cost management Confidence to reach mid- to long term growth targets Investor Presentation HY2016 July 22,

23 INVESTOR PRESENTATION HY2016 JULY 22, 2016

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. Investor Presentation HY2016 July 22,