Barry Callebaut Ag · SIX:BARN

Barry Callebaut — FY2022/23 Earnings Presentation

14 slides from Barry Callebaut's earnings presentation, Nov 1, 2023

  1. Slide 1: Full-Year Results 2022/23 Analyst Presentation

    Full-Year Results 2022/23 Analyst Presentation 1 November 2023

  2. 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 ‘be

  3. Slide 3: FY 2022/23 Results Highlights

    FY 2022/23 Results Highlights 1 Growth in Q4 of +3.9%, bringing full year sales volume to 2.3 million tonnes (-1.1%) 2 Sales revenue of CHF 8.5 billion, up +9.7% in local currencies (+4.7% in CHF) Operating profit (EBIT) of CHF 659.4 million, up +12.2%1 in local currencies (+5.6%1 in 3 CHF) 4 Net pr

  4. Slide 4: Growth in both Cocoa and Chocolate in Q4

    Growth in both Cocoa and Chocolate in Q4 Cocoa FY 20/21 FY 21/22 FY 22/23 Chocolate +4.6% +18.4% +5.3% -1.1% +8.4% +8.9% +8.0% +6.0% +8.5% +2.7% +2.0% +6.5% +21.2% +2.6% +3.9% +9.4% +9.6% +10.2% +7.4% +4.5% +2.6% +3.7% +5.1% -0.3% -2.6% -5.5% -1.2% -13.1% -3.0% -0.2% -0.5% -4.0% -1.3% -2.4% -5.8% -1

  5. Slide 5: Key figures

    Key figures Change in % Group performance (in CHF million) FY 2022/23 in local currencies in CHF Sales volume (in tonnes) 2,280,925 n/a -1.1% Sales revenue 8,470.5 9.7% 4.7% Gross profit 1,348.5 16.0% 10.8% EBIT reported 659.4 26.6% 19.1% EBIT (recurring)1 659.4 12.2% 5.6% EBIT per tonne (recurring)

  6. Slide 6: Group volume decline of -1.1%; growth in Global Cocoa

    Group volume decline of -1.1%; growth in Global Cocoa Group Sales volume: 2,280,925 Volume growth EBIT growth in LC tonnes FY 2022/23 recurring1 EMEA -0.4% +24.6% Americas -4.6% +0.1% Global Cocoa +2.4% +22.0% in tonnes % of total EMEA 1,036,227 45% Americas 619,747 27% Asia Pacific -2.0% -16.9% Glo

  7. Slide 7: Cocoa combined ratio and raw material price development

    Cocoa combined ratio and raw material price development European Combined Ratio - 6-month forward ratio Raw material price development on average 300% Year on 4.50 year change 4.00 250% 3.50 +46% Combined ratio 3.1x 200% 3.00 2.50 +16% Butter 150% +24% ratio 2.00 100% -25% 1.50 Powder 1.00 ratio 50%

  8. Slide 8: EBIT growth ahead of high inflationary environment and adverse FX

    EBIT growth ahead of high inflationary environment and adverse FX In CHF million +12.2% -119 195 -42 701 659 625 EBIT FY2021/22 Gross Profit SG&A, Others EBIT FY2022/23, FX EBIT FY2022/23 recurring1 in LC reported 1 Prior year non-recurring items included the net one-off impact of the salmonella inc

  9. Slide 9: Net profit up +10%

    Net profit up +10% In CHF million ETR -238 FY 2022/23: 17.2% FY 2021/22: 16.4% -124 +10% -92 27 897 659 443 470 429 EBITDA Depr. & EBIT Financial Income taxes Net Profit FX Net Profit Net Profit FY2022/23 Amort. FY2022/23 Items FY2022/23 FY2022/23 in FY2021/22, LC recurring1 1 Prior year non-recurri

  10. Slide 10: Free cash flow heavily impacted by high Cocoa bean prices

    Free cash flow heavily impacted by high Cocoa bean prices In CHF million +4.3% -204 (PY +63) -224 (PY -184) 861 897 -241 24 (PY -276) (PY-105) -139 252 (PY -92) (PY +359) 113 (PY +266) EBITDA EBITDA Change in Interest & CAPEX Others FCF RMI Beans FCF recurring FY 2022/23 Working Income Taxes FY 2022

  11. Slide 11: Raw material price increase driving net debt higher

    Raw material price increase driving net debt higher In CHF million +110 -113 177 45 -309 -1,268 350 1,309 1,199 41 Net Debt Dividends & Free Cash Flow FX/Others Net Debt Adjustments for Adjusted Adjusted Aug’22 Treasury shares Aug’23 beans (RMI) Net Debt Net Debt Aug’23 Aug’22 FY22/23 12

  12. Slide 12: Balance sheet

    Balance sheet (in CHF million) Aug’23 Aug’22 Net working capital 1,466 1,293 Non-current assets 2,911 3,002 Total assets 8,433 7,761 Net debt 1,309 1,199 Adj. Net debt1 41 350 Shareholders’ equity 2,896 2,902 ROIC 13.1% 11.5% ROIC recurring2 13.1% 13.2% ROE 15.3% 12.4% ROE recurring2 15.3% 14.8% Net

  13. Slide 13: Proposed increased payout of CHF 29.00

    Proposed increased payout of CHF 29.00 Proposed dividend 39% 39% 40% 43% 36% • CHF 29.00 per share 443 • Payout ratio of 36%* of Net profit reported, 369 385 361 312 within typical payout range of 35-40% Timetable for dividend 2018/19 2019/20 2020/21 2021/22 2022/23 Net profit reported in CHF m payo

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Barry Callebaut — FY2022/23 Earnings Presentation on 6ix