Barry Callebaut Ag · SIX:BARN
Barry Callebaut — Non-Deal Roadshow (July 2023)
27 slides from Barry Callebaut's roadshow presentation, July 2023
Slide 1: Roadshow presentation 9-Month Key Sales Figures 2022/23
Roadshow presentation 9-Month Key Sales Figures 2022/23 July 2023
Slide 2: Cautionary note
Cautionary note Certain statements in this presentation 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 ‘bel
Slide 3: Barry Callebaut at a Glance
Barry Callebaut at a GLANCE 3 9-Month Key Sales Figures 2022/23 - Roadshow presentation
Slide 4: Creating chocolate happiness, one joyous moment at a time
Barry Callebaut at a glance - Who are we? Creating chocolate happiness, one joyous moment at a time We are the heart and engine of the chocolate and cocoa industry FY 2021/22: Sales revenue 8.1 billion in CHF Sales volume 2.3 million in tonnes Volume growth +5.3% 120 years of Big enough to Chocolate
Slide 5: We are present in the key parts of the cocoa and chocolate value chain
BC at a glance - What do we do? We are present in the key parts of the cocoa and chocolate value chain From the cocoa bean to chocolate and cocoa products 5 9-Month Key Sales Figures 2022/23 - Roadshow presentation
Slide 6: A global footprint and local service: over 65 factories worldwide
Barry Callebaut at a glance - What do we do? A global footprint and local service: over 65 factories worldwide and strong roots in origin countries Total world harvest (2022/23): 4,980t MT Rest of the World 13% Indonesia 4% Brazil 4% Côte d'Ivoire Nigeria 6% 44% Cameroon 6% Ecuador 8% Ghana 15% Sour
Slide 7: A broad offering with cost-plus model for majority of business
Barry Callebaut at a glance – offering and business model A broad offering with cost-plus model for majority of business Cocoa Products Food Manufacturers Gourmet & Specialties % share: 20%* of volume 67%* of volume 13%* of volume Customer: Small, medium and global Small, medium and global Professio
Slide 8: A strong global market leader
BC at a glance – Market Leadership A strong global market leader Cocoa grinding capacity (kMT) Industrial Chocolate (open market – kMT) Market impact Barry Callebaut Barry Callebaut Cargill Cargill Olam Fuji Oil Guan Chong Puratos Fuji Oil Clasen ECOM Baronie Mondelez Irca Ferrero Guan Chong JB Food
Slide 9: Highlights
HIGHLIGHTS 9-Month Key Sales Figures 2022/23 9 9-Month Key Sales Figures 2022/23 - Roadshow presentation
Slide 10: Volume in line with declining market
Highlights 9-Month Key Sales Figures 2022/23 Volume in line with declining market • Sales volume down -2.7% in the first nine months, in a challenging market environment • Sales revenue of CHF 6.3 billion, up +3.6% in CHF (+8.1% in local currencies) • Continue to work towards flat volume growth for
Slide 11: Key milestones
Highlights 9-Month Key Sales Figures 2022/23 Key milestones October 2022 First local chocolate December 2022 September 2022 production footprint in Announcement of S&P upgrades North Africa through next investment credit rating of partnership with Attelli November 2022 phase of expansion Barry Calle
Slide 12: Chocolate volume facing high comparator and challenging market environment
Highlights 9-Month Key Sales Figures 2022/23 Chocolate volume facing high comparator and challenging market environment Cocoa Chocolate FY 2020/21 FY 2021/22 9M 2022/23 9M 2022/23 +4.6% +5.3% -2.7% excluding Wieze impact -1.3% +18.4% +8.4% +8.9% +8.0% +6.0% +8.5% +2.7% +2.0% +6.5% +21.2% +2.6% +9.4%
Slide 13: Key growth drivers
Highlights 9-Month Key Sales Figures 2022/23 Key growth drivers % of total % volume growth Group volume vs. prior year 39% Emerging +0.0% Markets Key growth drivers 35% Outsourcing, crucial to +0.7% Long-term continuously Partnerships outperform the market 13% Gourmet & -6.3% Specialties 13 9-Month
Slide 14: Stabilized volume decline in Regions EMEA and Americas
Highlights 9-Month key Sales Figures 2022/23 Stabilized volume decline in Regions EMEA and Americas. Continued shrinkflation affected volume in Region Asia Pacific Group Sales volume: 1,704,240 EMEA Volume growth tonnes 780,269 t BC Market1 46% EMEA -3.5% -2.7% Americas 459,740 t Americas -4.6% -0.9
Slide 15: Cocoa combined ratio and raw material price development
Financial review Cocoa combined ratio and raw material price development European Combined Ratio - 6-month forward ratio Raw material price development 4.50 180% 4.00 160% +63.1% 3.50 Combined +15.5% 140% ratio 3.4x +10.9% 3.00 120% 2.50 100% Butter 2.00 ratio 80% -19.5% 1.50 60% Powder ratio 1.00 4
Slide 16: Outlook
OUTLOOK 9-Month Key Sales Figures 2022/23 16 9-Month Key Sales Figures 2022/23 - Roadshow presentation
Slide 17: Continue to work towards flat volume growth for Full Year 2022/23
Outlook Continue to work towards flat volume growth for Full Year 2022/23 and confident to deliver solid operating profit “In a challenging market environment, we continue to work towards flat volume growth for the Full Year 2022/23 and remain confident to deliver solid operating profit. We will pro
Slide 18: Appendix
APPENDIX 18 9-Month Key Sales Figures 2022/23 - Roadshow presentation
Slide 19: Gross profit increase supported by strong mix and positive Cocoa contribution
Financial review - Gross profit bridge HY 2022/23 Gross profit increase supported by strong mix and positive Cocoa contribution In CHF million +11.4% 17 675 70 664 -11 606 -18 Gross profit Volume Mix Cocoa Gross profit FX Gross profit HY 2021/22 HY 2022/23, HY 2022/23 in LC 19 9-Month Key Sales Figu
Slide 20: Strong Operating profit (EBIT) recurring, up +11% in local currencies
Financial review – EBIT bridge HY 2022/23 Strong Operating profit (EBIT) recurring, up +11% in local currencies In CHF million +11.0% 353 348 69 -34 -5 331 318 -13 EBIT Tax Credit EBIT HY Gross Profit SG&A, EBIT HY FX EBIT HY HY 2021/22 Brazil 2021/22 Others 2022/23, 2022/23 reported recurring repor
Slide 21: Net profit recurring up +10.4% in local currencies
Financial review - EBITDA to Net profit bridge HY 2022/23 Net profit recurring up +10.4% in local currencies, thanks to strong Operating profit (EBIT) In CHF million 467 ETR HY 2022/23: 18.7% HY 2021/22: 17.3% 348 (recurring 17.7%) -119 +10.2% (PY -116) -60 234 0 234 212 (PY -59) -54 (PY -47) EBITDA
Slide 22: Solid cash generation despite higher working capital
Financial review - Free cash flow HY 2022/23 Solid cash generation despite higher working capital In CHF million +7.7% -249 467 (PY -95) 434 -88 (PY -68) -96 (PY -104) 72 -259 39 (PY +167) (PY -300) -187 (PY -133) EBITDA EBITDA Change in Interest CAPEX Others FCF RMI Beans FCF recurring recurring Wo
Slide 23: Adjusted Net debt further reduced
Financial Review – Net debt HY 2022/23 Adjusted Net debt further reduced In CHF million 188 41 1,581 154 1,199 -193 561 368 -1,213 Net debt Dividends Free FX/Others Net debt Adjustments Adjusted Adjusted Aug’22 & Treasury cash flow Feb’23 for beans Net debt Net debt shares (RMI) Feb’23 Feb’22 23 9-M
Slide 24: Strong Balance sheet
Financial review - Key figures HY 2022/23 Strong Balance sheet (in CHF million) Feb’23 Aug’22 Feb’22 Net working capital 1,699 1,293 1,599 Non-current assets 2,972 3,002 2,934 Total assets 8,185 7,761 7,428 Net debt 1,581 1,199 1,594 Adj. Net debt1 368 350 561 Shareholders’ equity 2,896 2,902 2,696
Slide 25: Increase in EBIT per tonne thanks to enhanced product and customer mix
Key Financials Increase in EBIT per tonne thanks to enhanced product and customer mix 327 325 312 312 339 282 290 283 292 274 279 271 307 251 259 271 286 281 231 272 240 256 242 223 231 231 219 2,140 2,192 2,307 2,036 2,096 1,795 1,834 1,914 1,717 1’379 1,536 1,210 1,269 2009/10 2010/11 2011/12 2012
Slide 26: Chocolate confectionery market development – Nielsen data
Appendix Chocolate confectionery market development – Nielsen data Western Europe (33% of market) North America (22% of market) 2017-22 average: +0.6% 2017-22 average: +0.1% 1Q 2022/23: -3.7% 1Q 2022/23: -2.8% 2Q 2022/23: -1.9% 2Q 2022/23: -2.8% 3Q 2022/23: -2.2% 3Q 2022/23: -4.7% EEMEA (24% of mark
Slide 27: Chocolate consumption
Appendix Our market and opportunities ahead Global chocolate confectionery volume growth vs cocoa bean price Forecast volume growth per application 2021-2026 (Pure chocolate/compound volumes) 5 2’500 4 Volume growth, % 2’000 Absolute volume growth in tonnes / CAGR % 3 GBP / tonne 2 1’500 Chocolate C