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April 2009 Barry Callebaut H1 08/09
Half-year results 2008/09Roadshow presentation
April 2009
2April 2009 Barry Callebaut H1 08/09
Cautionary note
Forward-looking statements
Any information given on these slides as well as during the conference call has been prepared by Barry Callebaut solely for the use at this analyst presentation. Certain statements contained therein regarding the business of Barry Callebaut are of a forward-looking nature and are therefore based on management‘s current assumptions about future developments. Such forward-looking statements are intended to be identified by words such as ”believe,” ”estimate,””intend,” ”may,” ”will,” ”expect,” and ”project” and similar expressions as they relate to the Company. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. The factors that may affect Barry Callebaut’s future financial results are discussed in the Annual Report 2007/08. Such factors are, among others, general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures as well as changes in tax regimes and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements that are accurate only as of today. Barry Callebaut does not undertake to publish any update or revision of any forward-looking statements.
3April 2009 Barry Callebaut H1 08/09
Agenda
Barry Callebaut company overview
Highlights H1 2008/09
Financial and operational performance
Outlook
4Barry Callebaut – H1 08/09April 2009
Barry Callebaut is active along the entire cocoa and chocolate value chain
Cocoa Chocolate ProductsSemi-finished Products
Cocoa Beans
CocoaLiquor
Liquor forpressing
Liquor forchocolate
Butter
Cake Powder
SugarMilkOther
ChocolateCouverture
Vendingmixes
Compounds/Fillings
Retailcustomers
Industrial customers
Artisanalcustomers
Vending Distributor
FM Pharma & Tobacco
customers
100%
Shells/waste
20%
80%
63%
50%
50%
100%
100%
100%
via
via
via
Co
nsu
mer
Pro
du
cts
27%
5Barry Callebaut – H1 08/09April 2009
FY 2007/08 Net revenue: CHF 4.8 bn
Barry Callebaut at a glance
EBIT CHF 341.1 m
Net Profit* CHF 209.0 m
*from continuing operations
11 %
52 %
23 %
Gourmet&Specialties
14%
Consumer Products
19%
Cocoa13%
Food Manufacturers
54%
Barry Callebaut
World leader in high-quality cocoa and chocolate products and outsourcing partner of choice, with over 40% share in the industrial chocolate market
World’s largest supplier of Gourmet & Specialties chocolate for artisanal customers
Global service and production network, employing close to 7,500 people worldwide, 40 production factories
Fully integrated with a strong position in the countries of origin
Close to 1,700 recipes to cater for a large variety of individual customer needs
Low cost production with large number of focused chocolate & cocoa factories
Achieved consistent earnings stream
6Barry Callebaut – H1 08/09April 2009
Global areas of responsibility for defined customer segments
Cocoa
Industrial customersBeveragesChocolate & Confectionery industryTobacco industryPharmaceutical industry
The cocoa business units produces semi-finished cocoa products for Barry Callebaut group and third party customers
Total 3,684 m tonnes harvested globally in 2007/08BC sources ~470k MT/y (07/08) cocoa, thereof 65% directly from farmers, cooperatives & local trade housesBC has various cocoa processing facilities in origin countries*, in Europe and in the USA
Ghana21%
PNG1%
Indonesia13%
Ivory Coast39%
Ecuador3%
Others10%
Nigeria5%
Cameroon5%
Brazil5%
*
*
*
*
*
7Barry Callebaut – H1 08/09April 2009
11.7
10.0 9.8
8.0
7.06.3
6.0 5.9 5.85.3 5.3 5.1 5.0 5.0
4.03.5
2.72.1
1.61.2 1.2
0.1
United K
ingdomIr
eland
Switz
erla
ndGer
many
Norway
Austr
iaBelg
ium
USADen
mar
kSw
eden
Finla
ndRus
sia
Netherla
ndsAus
tralia
Fran
ceCan
adaIt
aly
Spain
PortugalJa
pan
Brazi
lChin
a
Consumption of chocolate confectionery 2008 – kilos per head
Source: BCIA - Euromonitor 2008 (estimates)
Europe has highest per capita consumption of chocolate
8April 2009 Barry Callebaut H1 08/09
Agenda
Barry Callebaut company overview
Highlights H1 2008/09
Financial and operational performance
Outlook
9April 2009 Barry Callebaut H1 08/09
Financial summary H1 2008/09
Increased profitability in recessionary markets
Sales volumes remain stable at 611,920 tonnes in a declining global chocolate market
Sales revenue increases 4.7% in local currencies In Swiss francs: CHF 2,543.1 million (-1.6%)
Operating profit (EBIT) rose 17.6% in local currenciesIn Swiss francs: CHF 218.6 million (+9.1%)
Net profit for the period grew 23.2% in local currenciesIn Swiss francs: CHF 143.4 million (+15.3%)
Barry Callebaut sees fiscal year 2008/09 as a year of slower volume growth
Confirms mid-term financial targets
Strong financing position
10April 2009 Barry Callebaut H1 08/09
Exceptionally challenging markets
Declining mature markets, growing emerging markets
Global chocolate confectionary market: Declining trend in key markets
Source: Nielsen Data, chocolate confectionary, Sep 08 – Jan 09
*Poland, Russia, Ukraine, Turkey, Brazil, China
*
-9.8% -2.6%Western Europe
782'080 761'494
500'000550'000600'000650'000700'000750'000800'000
Sep-Jan 07/08 Sep-Jan 08/09
MTEmerging markets
379'245 411'521
10'000
110'000
210'000
310'000
410'000
510'000
Sep-Jan 07/08 Sep-Jan 08/09
MT
+8.5%
USA
120'342
133'385
90'000
100'000
110'000
120'000
130'000
140'000
Sep-Jan 07/08 Sep-Jan 08/09
10 000units
Barry Callebaut investments in emerging markets are paying off:Russia (new factory 2007), China (new factory 2008), Czech Republic (new sales office 2008), Poland (factory upgrade 2008-09), Malaysia (new cocoa factory 2008), Japan (new production facility 2008), Mexico (new factory 2009)
Optimal footprint in the US allowed for market share gains
**
** Wal-Mart not included
11April 2009 Barry Callebaut H1 08/09
Cost leadership
Profitability drivers in challenging markets
Continued cost savings first introduced in January 2008Hiring freeze Flexible operational set-up – reduce production costsReduced promotional spend
Higher product margins
Lower logistics costsDecrease in shipping costs of up to 50%
Efficiency improvement measures Supply chain efficiencies
Beneficial impact of higher cocoa product margins (combined ratio)
EBIT 17.6% in local currencies (9.1% in Swiss francs)
Net profit 23.2% in local currencies ( 15.3% in Swiss francs)
12April 2009 Barry Callebaut H1 08/09
Focus on core business
Barry Callebaut to focus on FM and Gourmet
Barry Callebaut has taken major steps to focus on its core Food Manufacturers and Gourmet business:
Sale of Van Houten Singapore consumer business to Hershey’s (February 2009)
Memorandum of Understanding with Natra to possibly integrate Barry Callebaut’s European Consumer Products business into Natra(March 2009)
Distribution agreement with Bunge in Brazil (March 2009)
13April 2009 Barry Callebaut H1 08/09
Focus on core business
Natra transaction will allow BC to focus on core
MoU for the combination of BC and Natra consumer businesses in Europe
Natra:Consumer chocolate factories from Barry CallebautGuaranteed supply of liquid chocolateReduction of Natraceutical staketo < 25%
Barry Callebaut:Natra shares (30-49%)Long-term supply agreement for 85,000 tonnes liquid chocolate p.a.
NA
NA
NA
Mutual benefits:
Complementary product portfolio
Complementary geographical set-up
Create No. one player in Private Label in Europe
New expansion opportunities in Eastern Europe and Asia
Pro forma sales of the combined entity of EUR850m for year ending Dec-08, corresponding to 215kT
14April 2009 Barry Callebaut H1 08/09
Geographic expansion
BC signs distribution agreement in Brazil
Chocolate factory in South-East Brazil by end 2009
Exclusive distribution agreement with Bunge for food service segment across the country for products made in Brazil
BC and Bunge will jointly develop products
Bunge has the largest distribution network in Brazil. Every day, it serves about 25.000 bakeries and pastry shops
The Brazilian food service segment estimated at about 60,000 tonnes p.a. for chocolate and compound
The target volume for Barry Callebaut andBunge is to capture about 10,000 tonnes within 2-3 years
Barry Callebaut will build a new 20,000-tonne chocolate factory in South-East Brazil. Production to start by end 2009
Optimized manufacturing footprint in the Americas
15April 2009 Barry Callebaut H1 08/09
Innovation
BC innovation leader: controlled fermentation
Quality characteristics
• No or very few bean defects
• Consistency in quality
Taste & components
• No off-flavors
• Constant flavor
• Better preservation of flavanols
• Increased functional components
Processability• Easier processable
• Light color liquor possible
Main benefits of controlled fermentation:
Fermentation: naturally removes the remaining fruit pulp that sticks to the beans. The beans change color from beige to purple and develop their aroma. Fermentation is a spontaneous process and differs from country to country.
16April 2009 Barry Callebaut H1 08/09
Strategic highlights H1 2008/09
Implementing BC’s strategy
September 2008New Chocolate Academies in U.S. & India & Russia
October 2008Opening of factory for frozen pastry in Spain
December 2008Launch of tooth friendly chocolate with customer Daskalidès and Smet in Belgium
January 2009Inauguration of new factory in Monterrey, Mexico
February 2009Barry Callebaut joins WCF and Bill & Melinda Gates Foundation initiative to significantly improve cocoa farmer livelihoods in West Africa
September 2008Acquisition of IBC, specialist in decorations (Gourmet)
March 2009Barry Callebaut and Natra sign MoU on the integration of BC’s European consumer products business into Natra
February 2009Sale of Van HoutenSingapore consumer business to Hershey’s
March 2009Barry Callebaut Brazil S/A, and Bunge signed a distribution agreement for Brazil
2009Chocolate factory in Brazil
17April 2009 Barry Callebaut H1 08/09
Agenda
Barry Callebaut company overview
Highlights H1 2008/09
Financial and operational performance
Outlook
18April 2009 Barry Callebaut H1 08/09
Key Figures
Increased profitability in recessionary markets
2008/09 2007/08
in CHFin local
currencies 6-months 6-months
Volume sold in ('000) -0.1% 611.9 612.4
Sales revenue (in CHF m) -1.6% 4.7% 2'543.1 2'585.0
Gross profit (in CHF m) 1.4% 9.0% 383.2 378.0
Gross profit as % of sales 15.1% 14.6%
EBIT (in CHF m) 9.1% 17.6% 218.6 200.4
EBIT as % of sales 8.6% 7.8%
EBIT per tonne (CHF) 9.2% 17.7% 357.2 327.2
Change in %
19April 2009 Barry Callebaut H1 08/09
GROSS PROFITPrice increases and efficiency measures more thancompensate higher input prices and FX effect
378
1
66
108
7
29
383
200
250
300
350
400
Gross Profit Feb 29, 2008
Volume impact Impact of rawmaterial prices
Price, marginand cost
improvements
Other FX impact Gross Profit Feb 28, 2009
CHF m
20April 2009 Barry Callebaut H1 08/09
EBIT
Increased profit despite negative FX impact
200
34
19 17
17
219
100
120
140
160
180
200
220
240
260
EBIT Feb 29, 2008
AdditionalGross Profit;
excl. FX impact
Reduction ofG&A and M&S
costs
Delta non-recurring andscope effects
FX impact EBIT Feb 28, 2009
CHF m
21April 2009 Barry Callebaut H1 08/09
Europe71%
Americas21%
Asia/RoW8%
CHF m174.5171.9170.8
0
50
100
150
200
HY 06/07 HY 07/08 HY 08/09
mt
392'043434'339
411'634
050'000
100'000150'000200'000250'000300'000350'000400'000450'000500'000
HY 0 6 / 0 7 HY 0 7 / 0 8 HY 0 8 / 0 9
1'597.7
1'969.91'811.8
0
800
1'600
2'400
HY 06/07 HY 07/08 HY 08/09
CHF m
Region Europe
Improved profit in declining market
-5.2%
Volumes EBIT
+1.5%
+0.6%
+10.8%
Regional revenue split H1 08/09
-8.0%
Revenue
+23.3% -1%*
+10.5%*
*change in local currencies
Volumes in FM and Gourmet declined in line with negative market trends in key countries such as France, Belgium, Italy and Spain.
Eastern European volumes grow double digit thanks to more resilient market and gains in market share.
Revenues flat in local currencies, down in Swiss Francs due to downtrading (lower average price) and currency impacts.
Operating profit up as a result of cost savings measures, improved margins and a good profitability in cocoa product processing.
22April 2009 Barry Callebaut H1 08/09
CHF m
36.3
48.7
40.7
0
10
20
30
40
50
60
HY 0 6 / 0 7 HY 0 7 / 0 8 HY 0 8 / 0 9
mt
122'584
141'318151'183
0
20'000
40'000
60'000
80'000
100'000
120'000
140'000
160'000
HY 06/07 HY 07/08 HY 08/09
Europe71%
Americas21%
Asia/RoW8%
Region Americas
Continued growth in challenging market
+7.0%
+19.7%
+15.3%
+12.1%382.5
455.9
537
0
100
200
300
400
500
600
HY 06/07 HY 07/08 HY 08/09
CHF m
+17.8%
+19.2%
Volumes EBIT
Regional revenue split H1 08/09
Revenue
** Nielsen data for Sep 08 – Jan 09
+22.6%*
*change in local currencies
+25.7%*
Positive volume development, driven by new outsourcing contracts and gains in market share. This despite a strongly declining confectionery market.
Revenues increased as result of volume growth and price increases.
BC started to deliver liquid chocolate from Mexican factory to Hershey.
EBIT improved due to higher volumes and economies of scale, yet affected by shifts from European Gourmet brands to locally produced (lower priced) Gourmet products.
23April 2009 Barry Callebaut H1 08/09
Region Asia/RoW
Increased volumes, capacity expansion
Volumes
Regional revenue split H1 08/09
Europe71%
Americas21%
Asia/RoW8%
EBITRevenue
153.8 159.2
194.3
0
50
100
150
200
250
HY 06/07 HY 07/08 HY 08/09
mt
40'55636'779
49'103
0
10'000
20'000
30'000
40'000
50'000
60'000
HY 06/07 HY 07/08 HY 08/09
-9.3%
+22.0%
+33.5
+3.5%
+45.1%
-17.2%+24.0%*
+47.1*
After a slow start (Melamine issue) volume picked up in Q2. Growth was supported by additional volumes from new factories in Malaysia and Japan.
EBIT was positively impacted by the volume growth and a one-time gain from the sale of Asian Consumer business Van Houten. Pressure came from additional fixed costs from the new factories and lower absolute margins from locally produced Gourmet products.
CHF m
17.3
25.1
20.9
0
5
10
15
20
25
30
HY 06/07 HY 07/08 HY 08/09
24April 2009 Barry Callebaut H1 08/09
CHF m
118.9 122.1137.2
020406080
100120140160
1 HY 06/07 1 HY 07/08 1 HY 08/09
CHF m
229.5 273.2 373.9
1'059.61'405 1'365.4
0
500
1'000
1'500
2'000
2'500
3'000
1 HY 06/07 1 HY 07/08 1 HY 08/09
+10.1%*
mt
337'787 392'726 387'213
73'844 96'09372'7100
150'000
300'000
450'000
600'000
1 HY 06/07 1 HY 07/08 1 HY 08/09
Cocoa15%
Food Manufac-
turers54%
Gourmet&Specialties
13%
Consumer Products
18%
EBIT
Industrial Segment
Slow down in growth, strong cocoa profitability
+13.7%
Volumes Sales Revenue
+12.4%
Revenue by Business Unit H1 08/09
+2.7%+30.2.%
+3.6%
+3.6%
* Price charged for semi-finished products compared to cocoa bean price
+22.7%*
*change in local currencies
CocoaSemi-finished product sales to 3rd parties were pushed due to high price levels with good profitability.
New capacities in Malaysia, USA and Ivory Coast supported the strong performance.
Food ManufacturersDeclining volume due to difficult market environment in key Western European markets combined with a general destocking by retailers, distributors and food manufacturers.
Positive margin development due to improved margins and cost savings effects
25April 2009 Barry Callebaut H1 08/09
CHFm
322.7 372.1 340.6
522.2534.6
463.2
0
100
200
300
400
500
600
700
800
900
1'000
1 HY 06/07 1 HY 07/08 1 HY 08/09
+3.1%
CHF m
109.1 107.8 111.1
65
85
105
125
145
165
1 HY 06/07 1 HY 07/08 1 HY 08/09
Cocoa15%
Food Manufac-
turers54%
Gourmet&Specialties
13%
Consumer Products
18%
Sales Revenue
Food Service/Retail segment
Downtrading supports PLB, dampens HORECA
-11.3%
EBIT
Revenue by Business Unit H1 08/09
+7.3%
-1.2% *+8.3%
*change in local currencies
Gourmet & SpecialtiesRevenues down due to slightly lower volumes and a shift to lower priced, locally produced productsHORECA segment affected by recession, however, sales to bakeries, pastries and chocolatiers are stable
Consumer ProductsEuropean consumer business in total with slightly positive revenue development (adj. for FX and scope effects) due to positive development of PLB (Private label business)Profitability strongly improved after weak prior year and as the result of price increases.
*-5.2%
26April 2009 Barry Callebaut H1 08/09
43.648.5
1.7 2.3 1.9
49.8
15
20
25
30
35
40
45
50
55
60
Net interestexpense Feb 29,
2008
Net interestexpense Feb 28,
2009
Bank charges Gain on derivativefinancial
instruments, FXgains
Commitment andparticipation fees
Net financialexpenses
CHF m
+11.2%
Below EBIT - Financial Expense
Lower interest rate - increased average debt level
Average interest rate:
6.2%
5.6%
27April 2009 Barry Callebaut H1 08/09
P&L Overview
Strong CHF has a negative impact on results
% change Feb 28, 2009 Feb 29, 2008
Revenue from sales and services CHF m -1.6% 2'543.1 2'585.0in local currencies 4.7% 2'706.7
Gross Profit CHF m 1.4% 383.2 378.0in local currencies 9.0% 412.0
EBITDA CHF m 4.5% 268.1 256.5in local currencies 12.4% 288.4
EBIT CHF m 9.1% 218.6 200.4in local currencies 17.6% 235.6
EBIT per tonne CHF 9.2% 357.2 327.2
Net financial expense CHF m 15.5% -49.9 -43.2 Disposal of financial assets, other CHF m 0.3 -6.9 Income taxes CHF m 4.1% -25.6 -24.6
Net Profit from continuing operations CHF m 14.1% 143.4 125.7
Net loss from discontinued operations CHF m 0.0 -1.3
Net Profit CHF m 15.3% 143.4 124.4in local currencies 23.2% 153.2
Earnings per share (EPS) CHF 15.6% 27.8 24.1
Shareholders' Equity CHF m 8.9% 1'168.9 1'073.1
28April 2009 Barry Callebaut H1 08/09
Key figures balance sheet
CHF m
Feb 09 Aug 08 Feb 08 [%] absolute
Total assets -1.9% -71.8 3'704.5 3'729.5 3'776.3
Net working capital 13.5% 135.9 1'143.2 1'037.1 1'007.3
Non-current assets 12.1% 148.9 1'384.2 1'423.7 1'235.3
Net debt 16.5% 158.1 1'116.9 1'041.2 958.8
Shareholders' equity 8.9% 95.8 1'168.9 1'175.9 1'073.1
Average bean price previous months (£): 48% 1'632 1'483 1'102
Change (year-on-year)
29April 2009 Barry Callebaut H1 08/09
Key ratios
Barry Callebaut has solid key ratios
Feb 09 Aug 08 Feb 08
Debt/Equity ratio 1) 95.6% 88.5% 89.3%
Solvency ratio 2) 31.6% 31.5% 28.4%
Net debt/EBITDA (12 month roll-over) 2.5x 2.3x 2.2x
Interest cover ratio 3) 5.4x 4.8x 5.9x
ROIC (12 month roll-over) 4) 14.5% 14.0% 13.6%
ROE (12 month roll over) 5) 19.4% 17.7% 19.3%
1) Net debt / Shareholders' equity
2) Shareholders'equity / Total assets
3) EBITDA / Net fincancial expenses
4) EBIT x (1-effective tax rate) / average capital employed
5) Profit after taxes / Shareholders equity
30April 2009 Barry Callebaut H1 08/09 30
Cash-FlowStable operating cash flow*, higher investments in working capital due to seasonal factors
*Before WC changes, after interest and tax
196 205
-76
-12-150
-100
-50
0
50
100
150
200
250
Operating Cashflow * 1st
interim period2007/08
Operating Cashflow * 1st
interim period2008/09
Increase inWorking Capital
incl. othercurrent assetsand liabilities
CAPEX CF fromacquisitions and
disposals
Net additionalfinancing, other
CH
F m -251
134
+5%
31April 2009 Barry Callebaut H1 08/09
718
448
273
0
500
1000
1500
2000
2500
Available Credit Facilities Used Credit Facilities per Feb 09
CHF
m
Stable financing situation due to long-term secured credit-lines
Financial leeway per end February
2009
Short-term
Maturity2012 (16%)2013 (84%)
Maturity2017
Financing and liquidity situation per February 28, 2009 [CHF]
EUR 350
EUR 850
Syndicated
bank loan
(16 banks)
> 500 various
uncommittedffacilities
5196% senior note
1260
ABS receivable financing
Short-term
Long-term
32April 2009 Barry Callebaut H1 08/09
Natra transaction – impact on BC financials[preliminary]
Revenue carve out from European Consumer business: CHF m 800-850
Additional volume for BC food manufacturing: > 85 000 tonnes from long-term outsourcing contract (revenues approx. 300 CHF m)
No short-term change in profitability expected:Operating profit from outsourcing contract (industrial segment)Income from equity participation in New NatraParticipate in upside from synergies
Final BC shareholding in New Natra: 30-49%, depending on deal structure and amount of debt level
At this moment, no write-off expected from transfer of Consumer Europe business – subject to final structure and valuation
The transaction is still subject to various conditions such as satisfactory due diligence, secured financing, approvals from authorities
33April 2009 Barry Callebaut H1 08/09 33
EVA development
Positive NOPAT and EVA development
NOPAT and EVA Evolution
81 90
8595
0
50
100
150
200
2007/8 H1 2008/9 H1
NO
PAT
(CH
Fm)
Notional Capital Charge EVA
EVA +12%(at WACC 8%)
*
* Based on real bean price development (change from prior 1H year presentation)
34April 2009 Barry Callebaut H1 08/09
Agenda
Barry Callebaut company overview
Highlights HY 2008/09
Financial and operational performance
Outlook
35April 2009 Barry Callebaut H1 08/09
Confirmed growth strategy
Strategy successful even in challenging times
“Heart and engine of the chocolate industry”Chocolate expert and business partner of choiceNumber one chocolate company
“Heart and engine of the chocolate industry”Chocolate expert and business partner of choiceNumber one chocolate company
Vision
Geographic expansion
Innovation
Cost leadership
Strategic
pillars
Sustainable, profitable
growth
36April 2009 Barry Callebaut H1 08/09
Outlook
Confirms 4-year targets through to 2010/11
Barry Callebaut sees 2008/09 as a year of slower volume but strong profit growth:
Volume growth expected at 2-4% - clearly outpacing the global chocolate marketProfits in local currencies to be in line with targets
Good start to Q3 volume growth to resume in second half of 2008/09
Confirms four-year financial targets *Annual growth targets on average for 2007/08 -2010/11**:
Volumes: 9-11% EBIT: 11-14% Net profit: 13-16%
* Our view for the 2007-2011 period reflects current economic forecasts for the markets we operate in as well as internaldevelopments and their assumed impact on our performance
** Barring any major unforeseen events
37April 2009 Barry Callebaut H1 08/09
Summary
Barry Callebaut’s well-balanced global presence, broad product
portfolio and cost leadership are decisive advantages in times of
economic crisis
Increased profitability in recessionary markets
2008/09 year of slower volume growth; Four-year financial targets
confirmed
38April 2009 Barry Callebaut H1 08/09
Back-up
39April 2009 Barry Callebaut H1 08/09
Raw materials price development in H1 2008/09
Lower raw material & higher cocoa butter prices
London Cocoa 2nd Position – weekly close in £/ton
Skimmed milk powder prices
Cocoa powder-butter combined ratio
0.00
0.40
0.80
1.20
1.60
2.00
2.40
2.80
3.20
3.60
4.00
4.40
Jan-
98M
ay-9
8
Sep-
98Ja
n-99
May
-99
Sep
-99
Jan-
00M
ay-0
0
Sep-
00
Jan-
01M
ay-0
1
Sep-
01Ja
n-02
May
-02
Sep
-02
Jan-
03M
ay-0
3
Sep-
03
Jan-
04M
ay-0
4
Sep-
04Ja
n-05
May
-05
Sep
-05
Jan-
06M
ay-0
6
Sep-
06
Jan-
07M
ay-0
7
Sep-
07Ja
n-08
May
-08
Sep
-08
Jan-
09
But
ter -
Pow
der -
Com
bine
d
EU powder EU butter Combined ratio
1000
1500
2000
2500
3000
3500
4000
03.0
1.02
03.0
5.02
03.0
9.02
03.0
1.03
03.0
5.03
03.0
9.03
03.0
1.04
03.0
5.04
03.0
9.04
03.0
1.05
03.0
5.05
03.0
9.05
03.0
1.06
03.0
5.06
03.0
9.06
03.0
1.07
03.0
5.07
03.0
9.07
03.0
1.08
03.0
5.08
03.0
9.08
03.0
1.09
EUR / MT
BC’s cost plus model for 80% of volume
Combined cocoa ratio* was favorable in H1 2008/09, cocoa butter prices to decline in H2 2008/09
Cocoa price still high in pound sterling, but in Euro not as high as end 2008
London Cocoa 2nd PositionWeekly Close
500600700800900
100011001200130014001500160017001800190020002100220023002400250026002700
Jun-
01A
ug-0
1S
ep-0
1N
ov-0
1Ja
n-02
Mar
-02
May
-02
Jul-0
2A
ug-0
2O
ct-0
2D
ec-0
2Fe
b-03
Apr
-03
Jun-
03A
ug-0
3S
ep-0
3N
ov-0
3Ja
n-04
Mar
-04
May
-04
Jul-0
4A
ug-0
4O
ct-0
4D
ec-0
4Fe
b-05
Apr
-05
Jun-
05Ju
l-05
Sep
-05
Nov
-05
Jan-
06M
ar-0
6M
ay-0
6Ju
n-06
Aug
-06
Oct
-06
Dec
-06
Feb-
07A
pr-0
7Ju
n-07
Jul-0
7S
ep-0
7N
ov-0
7Ja
n-08
Mar
-08
May
-08
Jun-
08A
ug-0
8O
ct-0
8D
ec-0
8Fe
b-09
in €/tonin £/ton
* Price charged for semi-finished products compared to cocoa bean price
40April 2009 Barry Callebaut H1 08/09
0
50
100
150
200
250
300
2005/06 2006/07 2007/08 2008/09plan
2009/10plan
additional growth
IT
Upgrade/ efficiencygains existing sites
Maintenane
CAPEX developmentPlanned to decrease to maintenance level in 2 years
115
153
250
120-150
~127 On-going level
CHF m
41April 2009 Barry Callebaut H1 08/09
FX development versus CHFNegative currently development
BS Feb 2009
BS Feb 2008
P&L 1H 2009
P&L 1H 2008
Real (Brazilian) BRL -21% 0.49 0.62 -18% 0.52 0.63Canadian Dollar CAD -12% 0.93 1.06 -11% 0.96 1.08Yuan Renminbi CNY 16% 0.17 0.15 10% 0.17 0.15Czech Koruna CZK -17% 0.05 0.06 -8% 0.06 0.06Euro EUR -6% 1.48 1.58 -6% 1.52 1.63Pound Sterling GBP -20% 1.66 2.07 -18% 1.78 2.16Indian Rupee INR -11% 0.02 0.03 -11% 0.02 0.03Yen JPY 20% 0.01 0.01 18% 0.01 0.01Mexican Peso MXN -20% 0.08 0.10 -14% 0.09 0.10Malaysian Ringgit MYR -3% 0.32 0.33 -2% 0.32 0.33Zloty PLN -30% 0.32 0.45 -16% 0.39 0.46Rouble (Fédération de Russie) RUB -25% 0.03 0.04 -12% 0.04 0.04Swedish Krona SEK -23% 0.13 0.17 -15% 0.15 0.17Singapore Dollar SGD 2% 0.76 0.75 1% 0.77 0.77Turkish Lira TRL -19% 0.69 0.85 -15% 0.75 0.89US Dollar USD 12% 1.16 1.04 5% 1.14 1.09CFA Franc BEAC XAF -6% 2.26 2.41 -6% 2.32 2.48
42April 2009 Barry Callebaut H1 08/09
Major changes in scope of consolidation
Activity Country Effective as at:
- Chocodi Consumer business
Ivory Coast February 29, 2008
- WurzenerDauerbackwarenGmbH
Consumer business
Germany February 28, 2008
+ IBC International business company
Gourmet/decorations
Belgium September 17, 2008
+ KL-Kepong Cocoa products(now BC Malaysia)
Cocoa processing
Malaysia April 30, 2008
- Van Houten Asia Consumer business
Singapore February 28, 2009