Barry Callebaut Ag · SIX:BARN
Barry Callebaut — Non-Deal Roadshow (July 2022)
32 slides from Barry Callebaut's roadshow presentation, July 2022
Slide 1: Roadshow Presentation: 9-Month Key Sales Figures 2021/22
Roadshow Presentation 9-Month Key Sales Figures 2021/22 July 2022
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 2021/22 Roadshow presentation
Slide 4: Growing the world of chocolate and cocoa for 25 years
Barry Callebaut at a glance - Who are we? Growing the world of chocolate and cocoa for 25 years FY 2020/21: We are the heart and engine of the chocolate and cocoa industry 120 years of Big enough to Chocolate matter, small experience enough to care 4 9-Month Key Sales Figures 2021/22 Roadshow presen
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 cocoa and chocolate products 5 9-Month Key Sales Figures 2021/22 Roadshow presentation
Slide 6: A global footprint and local service: over 60 factories worldwide
Barry Callebaut at a glance - What do we do? A global footprint and local service: over 60 factories worldwide and strong roots in origin countries Cocoa & Chocolate factories Total world harvest (2020/21E): 5,240 TMT CHOCOLATE ACADEMYTM centers Rest of the World 12% Indonesia 4% Brazil 4% Côte d'Iv
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 Cémoi Fuji Oil (Baronie Group) ECOM Clasen Mondelez Guan Chong Ferrer
Slide 9: Highlights
HIGHLIGHTS 9-Month Key Sales Figures 2021/22 9 9-Month Key Sales Figures 2021/22 Roadshow presentation
Slide 10: Continued strong volume growth
Highlights 9-Month Key Sales Figures 2021/22 Continued strong volume growth • Sales volume up +7.9% in the first nine months, driven by strong chocolate business (+9.1%), including continued outstanding contribution from Gourmet & Specialties (+27.4%) • Sales revenue of CHF 6.1 billion, up +15.1% in
Slide 11: Outstanding growth in chocolate
Highlights 9-Month Key Sales Figures 2021/22 Outstanding growth in chocolate Cocoa FY 2019/20 FY 2020/21 9M 2021/22 Chocolate -2.0% +4.6% +7.9% +18.4% +8.4% +8.9% +8.0% +6.0% +8.5% +8.2% +1.9% +6.5% +2.7% +10.2% +21.2% +2.5% +2.5% +7.7% +2.5% +9.4% +9.6% +10.2% +7.5% -5.5% -5.5% +2.5% -14.6% -13.1%
Slide 12: Volume growth supported by all Regions
Highlights 9-Month Key Sales Figures 2021/22 Volume growth supported by all Regions Group Sales volume: EMEA 1,751,422 Americas 808,479 tonnes 481,989 46% 28% Global Cocoa Asia Pacific 339,437 121,516 19% 7% EMEA Americas Asia Pacific Global Cocoa 9M volume growth +9.8% +6.6% +14.7% +3.5% -0.2% +2.1
Slide 13: All Key growth drivers contributing
Highlights 9-Month Key Sales Figures 2021/22 All Key growth drivers contributing % of total % volume growth Group volume vs. prior year 38% Emerging +8.7% Markets Key growth drivers 34% contribute to Outsourcing, continuously +6.9% Long-term outperform the Partnerships market 13% Gourmet & +27.4% Sp
Slide 14: Key milestones in the third quarter
Highlights 9-Month Key Sales Figures 2021/22 Key milestones in the third quarter April 2022 • Network expansion in North America through the building of a new specialty chocolate factory in Ontario, Canada • Strengthening of Gourmet distribution network in South Africa and Latin America May 2022 • W
Slide 15: Cocoa Combined Ratio development
Highlights 9-Month Key Sales Figures 2021/22 Cocoa Combined Ratio development European Combined Ratio - 6-month forward ratio 4.50 Combined Ratio gives broad indication… 4.00 shows general high level industry direction, assuming 3.50 Combined many variables are fixed ratio 3.4x 3.00 However… 2.50 ma
Slide 16: Raw material price development
Highlights 9-Month Key Sales Figures 2021/22 Raw material price development Change 9m 2021/22 200% (average): 180% Milk powder +52.0% 160% 140% 120% Sugar EU +46.1% Sugar World +21.9% 100% Cocoa beans +3.9% 80% 60% 40% 20% 0% Sep-2011 Sep-2012 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2018 Se
Slide 17: Strategy & Outlook
STRATEGY & OUTLOOK 9-Month Key Sales Figures 2021/22 17 9-Month Key Sales Figures 2021/22 Roadshow presentation
Slide 18: Consistent long-term strategy, with acceleration up the value ladder
Strategy & Outlook Consistent long-term strategy, with acceleration up the value ladder 18 9-Month Key Sales Figures 2021/22 Roadshow presentation
Slide 19: Continued drive for long-term success
Strategy Continued drive for long-term success Expansion Innovation Cost Leadership Continue to broaden our reach in Leverage our global scale to roll- Continuously improve operational Gourmet by: out innovative concepts and efficiency: • Expanding into new markets solutions: • Opening of Business E
Slide 20: Sustainability is at the heart of our long-term strategy
Strategy - ESG Sustainability is at the heart of our long-term strategy ● Sustainability has always been an integral part of Barry Callebaut’s DNA. ● Since 2016, Forever Chocolate is our plan to make sustainable chocolate the norm. ● We report on the progress of independently assessed time bound, me
Slide 21: Update on entry of salmonella-positive lecithin in Wieze
Outlook Update on entry of salmonella-positive lecithin in Wieze • On June 27, 2022 a salmonella-positive chocolate production lot was detected in the Wieze factory • The robust food safety programs in place allowed SAT June 25th MON June 27th to quickly identify a lecithin batch from a supplier Con
Slide 22: Confident on mid-term guidance
Outlook Confident on mid-term guidance Our strong innovation pipeline and our continued drive for new opportunities make us confident to deliver on our mid-term guidance. Our confidence is bolstered by our deep and broad product portfolio and our global footprint. Mid-term guidance 2020/21 to 2022/2
Slide 23: Appendix
Appendix 23 9-Month Key Sales Figures 2021/22 Roadshow presentation
Slide 24: 10 reasons to invest in Barry Callebaut
Appendix 10 reasons to invest in Barry Callebaut 1. Global No. 1 in chocolate and cocoa with deep expertise across the entire value chain 2. Proven successful long-term strategy 3. Consistently outgrowing the underlying market 4. Unparalleled global footprint with more than 60 factories and 26 CHOCO
Slide 25: Solid profitability and continued good cash generation
Half-Year Results 2021/22 Financial review – Key figures Solid profitability and continued good Cash generation Change in % Group performance (in CHF million) HY 2021/22 in local currencies in CHF Sales volume (in tonnes) 1,164,749 n/a 8.7% Sales revenue 4,030.3 16.5% 15.8% Gross profit 606.4 7.2% 6
Slide 26: Strong performance in chocolate, Global Cocoa bottomed out
Half-Year Results 2021/22 Financial review – Key performance indicators by Region Strong performance in chocolate, Global Cocoa bottomed out Group Sales volume: EMEA 1,164,749 Americas 537,542 tonnes 318,133 46% 27% Global Cocoa Asia Pacific 227,951 81,123 20% 7% EMEA Americas Asia Pacific Global Co
Slide 27: Positive volume and mix effect reduced by negative impact of Cocoa
Half-Year Results 2021/22 Financial review - Gross profit Positive volume and mix effect reduced by negative impact of Cocoa and impairment of financial assets In CHF million +7.2% +7.2% 5 49 610 -8 606 -5 -4 569 Gross Profit Volume Mix Cocoa Impairment Gross Profit FX Gross Profit HY 2020/21 of fin
Slide 28: Operating profit (EBIT) recurring up +8.0%
Half-Year Results 2021/22 Financial review - EBIT bridge Operating profit (EBIT) recurring up +8.0% thanks to strong volume growth and modest cost increase In CHF million +8.0% 41 13 331 320 318 -17 -2 297 EBIT Gross Profit SG&A, Others EBIT FX EBIT Non- EBIT HY 2020/21 HY 2021/22, in HY 2021/22 rec
Slide 29: Net profit recurring up +3.6%
Half-Year Results 2021/22 Financial review - EBITDA to Net profit bridge Net profit recurring up +3.6% thanks to strong volume and sound profitability In CHF million 446 ETR HY 2021/22: 17.4% (recurring 17.7%) 331 HY 2020/21: 17.3% -116 +3.6% (PY -109) -59 225 1 -13 213 206 (PY -48) -47 (PY -43) EBI
Slide 30: Continued good cash generation thanks to working capital management
Half-Year Results 2021/22 Financial review - Free cash flow Continued good cash generation thanks to good working capital management In CHF million +6,9% 434 406 -95 (PY -60) -68 167 -300 (PY -59) (PY 163) (PY -346) -104 0 (PY -146) -133 (PY -183) EBITDA EBITDA Change in Interest and CAPEX Others FC
Slide 31: Continued net debt reduction
Half-Year Results 2021/22 Financial Review – Net debt Continued Net debt reduction In CHF million 1,594 133 15 (PY 1,753) -1,033 165 1,281 -101 662 561 299 454 262 208 Net Debt Dividends Free Cash FX/Other Net Debt Adjustment Adjusted Adjusted Aug’21 & Treasury Flow Feb’22 for beans Net Debt Net Deb
Slide 32: Strong Balance sheet
Half-Year Results 2021/22 Financial review - Key figures Strong Balance sheet (in CHF million) Feb’22 Aug’21 Feb’21 Net working capital 1,599 1,242 1,579 Non-current assets 2,934 2,978 2,921 Total assets 7,428 7,244 7,435 Net debt 1,594 1,281 1,753 Adj. Net debt1 561 547 662 Shareholders’ equity 2,6