Roadshow presentation 9 months Key Sales Figures 2016/17. July 2017
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1 Roadshow presentation 9 months Key Sales Figures 2016/17
2 Agenda BC at a glance Highlights Q3 2016/17 Strategy & Outlook Page 2
3 BC at a glance
4 Who are we? The heart and engine of the chocolate industry A merger between Cacao Barry,the very first chocolate connoisseur since 1842 and Callebauta chocolate couverture manufacturer expert since 1911 Listed on the SIX Swiss Exchange since 1998 Today, the world's leading manufacturer of high-quality chocolate and cocoa products Barry Callebaut is inside 25% of all consumer products containing cocoa or chocolate Page 4
5 What do we do? We are present in the key parts of the cocoa and chocolate value chain Page 5
6 FY 2015/16 Page 6
7 What do we offer? A broad offering from standard to the most premium products Cocoa Products Food Manufacturers Gourmet & Specialties Page 7
8 How are we organized? Our Regional and Product split HY 2016/17 Sales Volume: 946,782 tonnes Sales Volume per Region Sales Volume per Product Group Asia Pacific 5% Gourmet & Specialities 12% Global Cocoa 23% Europe 45% Cocoa Products 23% Food Manufacturers 65% Americas 27% Sales Revenue: CHF 3,538.7 mio EBITDA: CHF mio EBIT: CHF m Page 8
9 Our business model We apply a cost plus approach to the majority of the business Customers Pricing model Profit levers Food Manufacturers Small, medium and Global Food Manufacturers Cost Plus Customer mix Product mix Economies of scale 65% Cocoa Products Small, medium and Global Food Manufacturers Market prices Cost Plus (partly) Global set-up Combined ratio Customer/product mix 23% Gourmet & Specialties 12% Professional users, Food Price list Expansion of global brands Chains, Distributors Adjacent products Innovation/Sustainability Note: Percentage of FY2015/16 Group sales volume Passing on the cost of raw materials to customers underpins profit stability by mitigating volatility impact of main raw materials Page 9
10 A global footprint and a local service Cocoa factories in origin countries and chocolate factories close to our customers Cocoa processing factory Chocolate factory Integrated factory Page 10
11 Highlights - 9-Month Key Sales Figures 2016/17
12 9 months Key sales figures 2016/17 Good growth momentum continues Sales volume growth up +2.8%, driven by strong above market growth in Chocolate +4.7% Acceleration in Q3 +5.5%, supported by key growth drivers: Outsourcing, Emerging markets and Gourmet and Specialties Sales revenue up by +2.9% in local currencies; +3.7% in CHF Mid-term guidance confirmed Page 12
13 9 months Key sales figures 2016/17 Strong growh in Chocolate including both Food Manufacturers and Gourmet & Specialties, significantly above the market in tonnes +5.5% +0.3% +3.5% +7.2% +2.3% +3.8% +4.6% +2.3% -8.6% -0.4% +4.9% -0.8% +6.4% +9.7% +9.1% -13.7% +8.1% -7.9% -23.2% -3.5% Chocolate (FM and Gourmet & Specialties) Global Cocoa -2.0% Q1 15/16 Q2 15/16 Q3 15/16 Q4 15/16 Q1 16/17 Q2 16/17 Q3 16/17 Page 13 Market Volume growth* -3.7% -1.3% -0.7% -1.5% *Source: Nielsen chocolate confectionery in volume 26 countries -2.3% -1.4% +2.3%
14 9 months Key sales figures 2016/17 All key growth drivers fueled our sales volume growth Volume growth vs prior year 34.8% Emerging markets +3.3% 34.7% Long-term outsourcing & strategic partnerships Key growth drivers crucial to continuously outperform the market +9.7% 12.1% Gourmet & Specialties +11.6% Page 14
15 Cocoa processing profitability Combined ratio remains high, driven by tight supply and at historically low cocoa bean prices 4.00 European combined ratio - 6 months forward ratio Combined ratio Butter ratio Powder ratio 0.00 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 For cocoa processors, profitability depends on the ratio between input costs (price of cocoa beans) and combined output prices (price of cocoa butter and powder). Page 15
16 Raw materials price evolution Continued low cocoa bean prices, milk powder and sugar above prior year 300% 250% 9 months average increase vs. prior year Sugar world +34.9% 200% Cocoa beans -16.0% 150% 100% 50% Sugar EU +14.3% Milk powder +16.5% 0% Jun/2007 Jun/2008 Jun/2009 Jun/2010 Jun/2011 Jun/2012 Jun/2013 Jun/2014 Jun/2015 Jun/2016 Jun/2017 Note: All figures are indexed to Sep 2007 Source: Cocoa beans London (2 nd position) in CHF/tonne, Sugar world London n 5 (2nd position), Sugar EU Kingsmanestimates W-Europe DDP, skimmed milk powder average price Germany, Netherlands, France. 16
17 Financing Barry Callebautcouples sustainability with its renewed banking credit facility Amendment and extension of the revolving credit facility For the first time in Switzerland, second time in Europe, the interest rate will be coupled with the company s sustainability performance and rating The facility size increased from EUR 600 million to EUR 750 million until 2022, strengthening the Groups liquidity profile ING is the Sustainability Coordinator of the facility, as part of a syndicate of 13 banks The most recent Sustainalytics performance of Barry Callebaut increased from 67 to 72. An outstanding achievement making BC an Outperformer in its industry sector Page 17
18 Strategy & Outlook
19 Consistent long-term strategy, focus on execution Vision Heart and engine of the chocolate and cocoa industry Expansion Sustainable growth Margin accretive growth 4 strategic pillars Innovation Smart growth Accelerated growth in Gourmet, Specialties and emerging markets Cost Leadership Return on Capital and greater focus on Free cash flow Sustainability Talent & Team Page 19
20 Execution translated into our Product groups Leveraging global scale and expertise Gourmet & Specialties Food Manufacturers Global Cocoa Accelerated growth Expand reach Expand scope Growth & profit accretion Sustained growth Strengthen existing partnerships Foster new partnerships Innovation & cocreation Profitable growth Reinvent and refocus our model Restore profitability Page 20
21 Forever Chocolate Our plan to make sustainable chocolate the norm Signed the Cocoa and Forests Initiative, committing with 11 other leading cocoa and chocolate companies On track to deliver 500,000 cocoa plant seedlings from its nurseries to farmers in Indonesia in % of non-cocoa ingredients are sustainably sourced Page 21
22 Outlook Good momentum expected to continue. Mid-term guidance confirmed Outlook Markets to remain volatile, with an equal balance of tail-and headwinds Good momentum in volume growth and profitability to continue, we will further implement our Cocoa Leadership program and consistently execute our smart growth strategy Mid-term guidance (2015/ /18) Average volume growth 4-6% EBIT growthon averageabovevolumegrowth 1 1 In local currencies and barring any major unforeseen events Page 22
23 Appendix
24 What makes Barry Callebaut unique? Global number one player in chocolate and cocoa Deep chocolate and cocoa expertise Global leader in Gourmet & Specialties Proven and long-term oriented strategy Unparalled global footprint, present in all key markets Preferred outsourcing and strategic partner Leader in Innovation Cost leadership along the value chain Pioneer in sustainability Entrepreneurial spirit Balancing short and long-term Page 24
25 Chocolate confectionery market development Nielsen data North America (29% of market) average: -1.0% M: +0.9% Western Europe (41% of market) average: 0.0% M: -0.6% Eastern Europe (18% of market) average: -0.5% M: -1.6% South America (5% of market) average: -1.6% M: -6.6% Asia Pacific (8% of market) average: +5.3% M: +2.1% Page 25
26 Our market and opportunities ahead Global Chocolate confectionery volume growth vs cocoa bean price Growing economies with still low chocolate consumption per capita Volume growth 5% 4% 3% 2% 1% 0% -1% -2% Chocolate Confectionery Cocoa bean price GBP/tonne Consumption per capita in kg. Russia Brazil Forecast volume growth per application Euro area USA Emerging markets China GDP % growth India % CAGR (in tonnes) Absolute volume growth in tonnes Page 26
27 Chocolate and Cocoa markets Barry Callebautuniquely positioned in industrial chocolate and cocoa markets Cocoa grinding capacity Industrial chocolate open market BC Cargill Olam Blommer Mondelez Guan Chong Ecom Cocoa BT Cocoa Nestlé Transmar Group Others BC Cargill Blommer Fuji Oil Puratos Cémoi Irca Clasen Kerry Group Guittard Others Notes: Olam incl. ADM; Cargill incl. ADM chocolate business; Fuji Oil incl. Harald Sources: Proprietary estimates Page 27
28 West Africa is the world s largest cocoa producer Total world harvest (15/16): 4,031 TMT Brazil* 3% Cameroon* 6% Ecuador 6% Nigeria 5% others 13% Ivory Coast* 39% About 70% of total cocoa beans come from West Africa BC processed ~900,000 tonnesor 22% of the world crop Barry Callebauthas various cocoa processing facilities in origin countries*, in Europe and in the USA Indonesia* 9% Ghana* 19% Source: ICCO estimates Page 28
29 Capital Expenditures in CHF mio. +4.5% +4.6% +4.2% +4.0% +3.0% CAPEX as % of sales revenue Additional growth IT Upgrade / efficiency gains existing sites Maintenance 2011/ / / / / /17 E Page 29
30 HY results 2016/17 Volume picking up, significant profit improvement Group performance (In CHF mio.) HY 2016/17 (in CHF) % vs prioryear (in CHF) % vsprior year in local currencies Sales Volume Total (in tonnes) 946, % Sales Revenue 3, % +2.5% Gross Profit % +6.2% EBIT Total EBIT per tonne % +17.1% +19.3% +17.6% EBIT excl. non-recurring % +11.1% Net profit for the year % +32.6% Net profit for the period excl. non-recurring % +18.9% Free cash flow (113.2%) (112.8%) Page 30
31 Gross Profit H1 2016/17 Gross profit up +6.0% driven by chocolate volume growth, better product and customer mix and strong improvement of our cocoa business In CHF mio +6.0% Gross Profit HY 2015/16 Volume effects Product/Customer Mix Cocoa Processing Additional costs due to growth, scope, other Gross Profit HY 2016/17 Page 31
32 EBIT HY 2016/17 Strong operating profit up +18.8% including non-recurring, +7.8% like for like In CHF mio % +7.8% EBIT HY 2015/16 Restructuring EBIT HY 2015/16 Comparable Additional Gross Profit Additional SG&A and other EBIT HY 2016/17 recurring Non- recurring EBIT HY 2016/17 Page 32
33 From EBITDA to Net Profit Net Profit up 31.7%, driven by higher EBIT and structurally lower financing costs. Like for like +16.6% In CHF mio Tax rate: 19.5% vs 18.6% in prior year % % EBITDA Depreciation and amortization EBIT Financial items Income taxes Net Profit HY 16/17 Non-recurring Net Profit HY 16/17 recurring Net Profit HY 15/16 Page 33
34 Net Working Capital A stable working capital, inventories price reduction partly offset by higher volumes (correction from an exceptionally low prior year) Receivables Stocks Payables in CHF mio. +1.2% +24 1, ,398 Net Working Capital Feb 16 Growth impact Price and operational impact Growth impact Operational impact Price Impact Growth impact Price Impacts Others and FX impacts Net Working Capital Feb 17 Page 34
35 Free Cash Flow Continued focus on free cash flow, temporarily affected by seasonality of cocoa crop and hedging of volatle raw materials prices in CHF mio. 10.8% (py +58) -42 (py -36) -97 (py -91) +8 (py -1) -29 (py +220) Operating Cash Flow HY 2015/16 Operating Cash Flow HY 2016/17 Change in Working Capital Interest paid and income taxes CAPEX Others Free Cash Flow HY 2016/17 Page 35
36 Balance Sheet & key ratios Continuous improvement of key financial ratios Feb-17 Aug-16 Feb-16 Total Assets [CHF m] 5, , ,509.9 Net Working Capital [CHF m] 1, , ,382.3 Non-Current Assets [CHF m] 2, , ,253.4 Net Debt [CHF m] 1, , ,538.2 Shareholders' Equity [CHF m] 2, , ,792.3 Debt/Equity ratio 72.0% 74.3% 85.8% Solvency ratio 34.2% 34.7% 32.5% Net debt / EBITDA 2.5x 2.7x 2.9x ROIC 11.1% 9.5% 9.8% ROE 14.4% 11.2% 12.5% Page 36
37 7-year EBIT per tonne development EBIT per tonne temporarily affected by a challenging cocoa products market and a strong Swiss franc EBIT per tonne in constant currencies EBIT per tonne in CHF (as reported) +7.2% Volume in kmt 2009/ / / / / / /16 Page 37
38 Enough headroom for further growth and raw material price fluctuations As of 28 February 2017 CHF 4,200 mio ABS CHF 963 mio Various uncommitted facilities -56.5% Various Bilateral LT Loans Maturity 2019 EUR 600 mio Domestic Commercial Paper Programme EUR 600 mio Syndicated Bank Loan (11 banks) CHF 1,827 mio ABS Short-term Maturity 2017 Maturity 2021 Maturity 2023 Maturity 2024 EUR 350 mio 6.0% Senior Notes EUR 250 mio 5.625% Senior Notes USD 400 mio 5.5% Senior Notes EUR 450 mio 2.375% Senior Notes Committed lines Long -term Cash & cash equivalents Available Funding Sources Outstanding amounts Page 38
39 Liquidity Debt maturity profile As of 28 February 2017 In CHF mio Uncommitted lines Committed lines Cash and revolving credit facility (undrawn) Short-term facilities Bonds Cash Other Page 39
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