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
3 INVESTOR PRESENTATION, HY 2012
1 PERFORMANCE HIGHLIGHTS HY 2012
4 INVESTOR PRESENTATION, 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 %
5 INVESTOR PRESENTATION, HY 2012
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
6 INVESTOR PRESENTATION, HY 2012
2 ENVIRONMENT HY 2012
7 INVESTOR PRESENTATION, 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
8 INVESTOR PRESENTATION, HY 2012
3 P&L & B/S DETAILS HY 2012
9 INVESTOR PRESENTATION, 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
10 INVESTOR PRESENTATION, HY 2012
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
11 INVESTOR PRESENTATION, HY 2012
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%
12 INVESTOR PRESENTATION, HY 2012
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
13 INVESTOR PRESENTATION, HY 2012
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
14 INVESTOR PRESENTATION, HY 2012
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%
15 INVESTOR PRESENTATION, HY 2012
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
16 INVESTOR PRESENTATION, HY 2012
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%
17 INVESTOR PRESENTATION, HY 2012
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%
18 INVESTOR PRESENTATION, HY 2012
OPERATING / MARKETING EXPENSES
Absolute in CHF Mio In % of NNTS
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
19 INVESTOR PRESENTATION, HY 2012
OPERATING PROFIT (EBIT)
Absolute in CHF Mio In % of NNTS
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
20 INVESTOR PRESENTATION, HY 2012
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
21 INVESTOR PRESENTATION, HY 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
22 INVESTOR PRESENTATION, HY 2012
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
23 INVESTOR PRESENTATION, HY 2012
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)
24 INVESTOR PRESENTATION, HY 2012
4 RAW MATERIAL & PACKAGING
25 INVESTOR PRESENTATION, HY 2012
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
26 INVESTOR PRESENTATION, HY 2012
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
27 INVESTOR PRESENTATION, HY 2012
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
28 INVESTOR PRESENTATION, HY 2012
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
29 INVESTOR PRESENTATION, HY 2012
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
30 INVESTOR PRESENTATION, HY 2012
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
31 INVESTOR PRESENTATION, HY 2012
5 OUTLOOK 2012
32 INVESTOR PRESENTATION, HY 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
33 INVESTOR PRESENTATION, HY 2012
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
34 INVESTOR PRESENTATION, HY 2012
6 QUESTIONS & ANSWERS
35 INVESTOR PRESENTATION, HY 2012
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