INVESTOR PRESENTATION HALF YEAR 2012 · 2 investor presentation, hy 2012 contents 1. performance highlights hy 2012 2. environment hy 2012 3. p&l & b/s details hy 2012 4. raw materials

INVESTOR PRESENTATION

HALF YEAR 2012

2 INVESTOR PRESENTATION, HY 2012

CONTENTS

1. PERFORMANCE HIGHLIGHTS HY 2012

2. ENVIRONMENT HY 2012

3. P&L & B/S DETAILS HY 2012

4. RAW MATERIALS & PACKAGING

5. OUTLOOK 2012

6. QUESTIONS & ANSWERS


1 PERFORMANCE HIGHLIGHTS HY 2012


Net Net Trade Sales

EBITDA

EBIT

NET INCOME

NET LIQUIDITY

1‘033

94.9

36.6

415.5

48.7

Organic + 5.3 %

Volume + 4.4 %

Swiss Francs + 2.6 %

CHF +6.7 Mio vs. p.y. + 16 %

CHF +4.5 Mio vs. p.y. + 14 %

CHF -177.6 Mio vs. p.y.

CHF Mio

PERFORMANCE HIGHLIGHTS HY 2012

CHF +6.6 Mio vs. p.y. + 7 %


KEY FIGURES

1'619

1'511

1'000

1'100

1'200

1'300

1'400

1'500

1'600

1'700

31.12.2011 30.06.2012

64.4%

68.2%

50.0%

52.0%

54.0%

56.0%

58.0%

60.0%

62.0%

64.0%

66.0%

68.0%

70.0%

31.12.2011 30.06.2012

486

416

0

50

100

150

200

250

300

350

400

450

500

31.12.2011 30.06.2012

Equity CHF Mio Net Cash Y/E CHF MioEquity B/S ratio in %

SOLID BALANCE SHEET, DECREASED NET CASH POSITION AFTER SHARE

BUY BACK


2 ENVIRONMENT HY 2012


ENVIRONMENT

ECONOMIES

_ Ongoing economic uncertainties

_ Austerity policy by indebted nations affecting consumers

CONSUMERS

_ Cautious consumer sentiment, mainly in Southern Europe

_ Consumers willing to spend for quality, innovation and gifts

_ Importance of promotional incentives

CHOCOLATE MARKETS

_ Flat volume development in main Lindt markets – low value growth

FX & MATERIAL

_ Stabilized FX vs. CHF in Europe thanks to SNB

_ Strengthening dollar currencies vs. CHF

_ Lower volatility in raw material markets – Cocoa rising again from lows


3 P&L & B/S DETAILS HY 2012


OVERVIEW – P&L & B/S DETAILS HY 2012

Net Net Trade Sales

CHF 1‘033 Mio

EBIT

CHF 48.7 Mio

Net Income

CHF 32.1 Mio

42.0

48.7

0

8

15

23

30

38

45

2011 2012

1'0071'033

500

600

700

800

900

1'000

1'100

2011 2012

32.1

36.6

0

10

20

30

40

2011 2012

+2.6% in CHF

+5.3% in local curr. + 16.0 % + 14.0 %

POSITIVE SET OF RESULTS – DESPITE ONGOING NEGATIVE FX IMPACT


SALES ANALYSIS – 5 YEARS IN SWISS FRANCS

1'035979

1'0571'007 1'033

200

400

600

800

1'000

1'200

2008 2009 2010 2011 2012

2‘520

Absolute in CHF Mio

2.6%2.1% -5.4% 7.9% -4.7%

SWISS FRANCS GROWTH NEGATIVELY AFFECTED BY CURRENCIES

THROUGHOUT 5 YEARS

Growth in CHF


SALES ANALYSIS – 5 YEARS IN LOCAL CURRENCIES

2‘520

Absolute in CHF Mio Increase in local currencies

1'035979

1'0571'007 1'033

200

400

600

800

1'000

1'200

2008 2009 2010 2011 2012

5.3%6.9% 0.2% 9.2% 6.1%

STRONG ORGANIC GROWTH OF 5.3% COMPARED TO AVERAGE MARKET

GROWTH IN LINDT COUNTRIES OF 3%


SALES ANALYSIS – DRIVERS

1H2012 SALES GROWTH DRIVEN BY VOLUME – LOW PRICE/MIX EFFECTS

4.4%

5.3%

2.6%

0.9% -2.7%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Volume Price/Mix Organic Forex Reported in CHF


SALES ANALYSIS – SPLIT OF MARKETS

TOTAL NNTS 2012: CHF 1’033 Mio – SPLIT BY KEY MARKETS

25.7%

19.5%

10.7%

11.3%

7.1%

5.2%

6.7%

13.8%

North America

Germany

Italy

France

Switzerland

UK

Rest of Europe

Rest of World


SALES ANALYSIS – MARKETS

Europe Rest of WorldNAFTA

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

1H 2011 1H 2012

POSITIVE ORGANIC GROWTH ACCROSS ALL REGIONS

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

1H 2011 1H 2012

8.7%4.0% 5.8% 6.7% 3.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

1H 2011 1H 2012

6.9% 4.0%


371 373383

354 358

200

225

250

275

300

325

350

375

400

2008 2009 2010 2011 2012

MATERIAL COSTS INCLUDING +/- CHANGE IN INVENTORY

Absolute in CHF Mio In % of NNTS

34.7%35.8% 38.1% 36.2% 35.2%

COST MARGIN CONTINUES TO DECREASE DESPITE HIGH VOLATILITY OF

INPUT COSTS


283

261

279267

275

100

150

200

250

300

2008 2009 2010 2011 2012

PERSONNEL EXPENDITURE

Personnel exp. in CHF Mio Personnel exp. in % NNTS

26.6%27.4% 26.7% 26.4% 26.5%

COST MARGIN STABILIZING AT AROUND 26.5%


7'249

6'7886'984

7'160

7'450

3'500

4'000

4'500

5'000

5'500

6'000

6'500

7'000

7'500

2008 2009 2010 2011 2012

HEADCOUNT & NNTS / EMPLOYEE

Average number of employees NNTS per employee CHF (000)

139143 144 151 141

NUMBER OF EMPLOYEES +4.1% LEAD BY RETAIL EXPANSION – VOLUME + 4.4%


OPERATING / MARKETING EXPENSES


307

294

318

301

309

200

225

250

275

300

325

2008 2009 2010 2011 2012

30.0%29.7% 30.0% 30.1% 29.9%

CONTINUED INVESTMENT IN BRAND


OPERATING PROFIT (EBIT)


34

24

34

42

49

0

10

20

30

40

50

2008 2009 2010 2011 2012

4.7%3.2% 2.5% 3.2% 4.2%

EBIT DEVELOPMENT DRIVEN BY OPERATING EFFICIENCY GAINS AND

VOLUME GROWTH


NET INCOME

23

19

25

32

37

0

10

20

30

40

2008 2009 2010 2011 2012

3.5%2.2% 1.9% 2.3% 3.2%

Net income in CHF Mio In % of NNTS

SOUND PROFITABILITY IN FIRST HALF 2012


OPERATING CASH FLOW & CAPEX

Operating Cash Flow in CHF Mio CAPEX in CHF Mio

260

369

226 228

159

0

50

100

150

200

250

300

350

400

2008 2009 2010 2011 2012

65100 61 40 42

OPERATING CASH FLOW MAINLY IMPACTED BY HIGHER RAW MATERIAL STOCK


NET CASH POSITION – DEVELOPMENT

356

540

486 486

645

604

492

414 416 416

159

24

65

112

78 2

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

2009 2010 2011 Operating Cash Flow

Capital Incr.

CAPEX Dividend Paym.

Share buy back

Currency impact

1H2012

NET CASH POSITION REDUCED BY SHARE BUY BACK & DIVIDEND PAYMENT

Net cash and net cash movement in CHF Mio


SHARE BUY BACK 2011 / 2012

REPURCHASE OF SHARES AND PCS CLOSE TO COMPLETION

_ Total repurchase as per August 21, 2012: CHF 307 Mio or 4.7% of total capital

(corresponding to 2.7% of registered shares and 7.9% of PCs)

TERMS

_ Share buy-back program of maximum 5% of total share/PC capital

_ Program to continue through 31.12.2012

_ Repurchase via separate trading lines (second line; ticker LISPE, LISPE)

_ Shares and PCs to be retired by means of capital reduction after completion

_ Part of repurchased shares already retired as per 30.7.2012 (3’300 registered

shares, 53’000 PCs)


4 RAW MATERIAL & PACKAGING


MATERIAL COSTS TRENDS 2012

COCOA PRODUCTS

- Terminal Market

- Bean Differentials

- Butter Ratio

OTHER RAW MATERIALS

- Milk

- Sugar

- Hazelnuts

- Almonds

PACKAGING

- Paper & Cardboard

- Metals & Flexibles

sidelined

range GBP 1’600 – 1’300


42.4%

15.5%

5.5%

5.5%

16.2%

COCOA CROP / GRINDING BALANCE

3'591 3'635

4'310

3'990

3'531 3'731

3'923 3'993

24 -132 344 -43

-500

500

1'500

2'500

3'500

4'500

2008/09 2009/10 2010/11* 2011/12**

*Estimate; ** Forecast; Source: ICCO

Cocoa Beans in '000 t

Production

Grindings

Surplus/Deficit


COCOA PRODUCT PRICES 2008 – 2012

1.00

1.30

1.60

1.90

2.20

2.50

2.80

3.10

3.40

BUTTER RATIORatio Multiple

800

1'000

1'200

1'400

1'600

1'800

2'000

2'200

2'400

2'600

2'800

GBP / TonLONDON TERMINAL


NUT & ALMOND PRICES 2008 – 2012

4'000

5'000

6'000

7'000

8'000

9'000

10'000

USD / TonHazelnuts

4'000

4'500

5'000

5'500

6'000

6'500

7'000

7'500

USD / TonAlmonds


MILK PRICES EUROPE, SWITZERLAND & WORLD 2010 – 2012

2'000

2'250

2'500

2'750

3'000

3'250

3'500

3'750

4'000

4'250

4'500

4'750

5'000

5'250

5'500

5'750

EUR

/ T

on

Source: VWD-Data, BLW Referenzpreise

Price Milkpowder 26% in Euro CH

EU

World


SUGAR PRICES 2008 – 2012

200

300

400

500

600

700

800

900

1'000

1'100

1'200

1'300

1'400

1'500

USD

/ T

on

Sources: CH/EU: Market Offers, USA: Milling&Baking News, White Sugar London, Forex: VWD-Data

Sugar prices in USD / Ton

CH / EU

USA West coast cane sugar

Liffe


5 OUTLOOK 2012


OUTLOOK 2012 – FINANCIAL GUIDANCE

MARKET FOCUS 2012

_ Selective price increases in specific markets and products

_ Focus on market share gains

_ Participate in strategic promotional activities to grow volume

_ Continue investments in newly opened subsidiaries

CONTINUATION OF MARKET INVESTMENTS IN 2012

_ Marketing spending: Further increase of market spending in all markets

_ New geographies: Explore expansion potential

_ Mature markets: Build market share through introduction of new and innovative

products

INTERNAL

_ Optimize management of transactional FX-exposure

_ Implement cost savings and efficiency improvement measures

FOCUS ON INVESTING FOR FUTURE GROWTH


MID TO LONG TERM FINANCIAL GUIDANCE

Organic Growth 6 – 8 % p.a.

EBIT margin + 20 to 40 basis points (*)

CAPEX CHF 120 – 140 Mio

Continued high cash generation

(*) based on constant currencies

UNCHANGED MID- TO LONG TERM SALES AND PROFIT TARGETS


6 QUESTIONS & ANSWERS


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.

INVESTOR PRESENTATION

HALF YEAR 2012

Documents

INVESTOR PRESENTATION HALF YEAR 2012 · 2 investor presentation, hy 2012 contents 1. performance highlights hy 2012 2. environment hy 2012 3. p&l & b/s details hy 2012 4. raw materials