Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — FY2012 Earnings Presentation
38 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Mar 15, 2013
Slide 1: Financial Analysts Conference Annual Results 2012
FINANCIAL ANALYSTS CONFERENCE ANNUAL RESULTS 2012
Slide 2: Agenda Result Presentation 2012
AGENDA RESULT PRESENTATION 2012 1 ERNST TANNER Key Figures P&L / Balance Sheet Share Price Performance / Shareholder Return Sales Analysis 2 DIETER WEISSKOPF Results in Detail Conclusion of the Share Buy Back Program Sustainability (CSR) 3 ERNST TANNER Review and Outlook / Guidance 201
Slide 3: Business Review 2012 – Key Figures
BUSINESS REVIEW 2012 KEY FIGURES
Slide 4: Key Figures – P & L
KEY FIGURES – P & L Strategic Growth and Profit Targets met CHF Mio. Org. Growth Growth Profit Margin In CHF improvement SALES 2‘670 +6,8% +7,3% EBITDA 468,3 +11,1% +11,0% +50 BP Margin: 17,5% EBIT 362,5 +10,4% +10,3% +40 BP Margin: 13,6% NET PROFIT 271,9 +10,5% +10,3% +30 BP Margin : 10,2% 4 Financ
Slide 5: Key Figures – Balance Sheet
KEY FIGURES – BALANCE SHEET Continuously Solid Balance Sheet Net Liquidity in CHF Mio. Equity in CHF Mio. Equity B/S Ratio in % as of 31.12.12 1'800 550 543 66.0% 65.9% 1'727 1'700 500 64.4% 64.0% 486 1'600 1'619 450 62.0% 1'500 1'400 60.0% 400 2011 2012 2011 2012 2011 2012 5 Financial Analysts‘ Mee
Slide 6: Key Figures – Share Price Performance
KEY FIGURES – SHARE PRICE PERFORMANCE Creating Shareholder Value: +10% in FY 2012, +12% in 2013 so far 2013 LINDT Registered Share LISN CHF 40‘000 +16% as per 12.3.2013 39000 FY2012 LISN CHF 34‘515.- +10% per 31.12.2012 36000 33000 30000 28.12.2012 02.2012 04.2012 06.2012 08.2012 10.2012 12.2012 02.
Slide 7: Key Figures – Shareholder Return
KEY FIGURES – SHAREHOLDER RETURN Dividend Payment + 15 % y-o-y Payout Ratio 47.8% 1992 2009 2010 2011 2012 Dividend R (CHF) 39 400 450 500 575* From Agio 535 From Retained Earnings 40 - Increase (CHF) 2 40 50 50 75 Dividend Yield R 1.4% 1.6% 1.5% 1.6% 1.7% Payout Ratio R 16.9% 47.3% 42.8% 47.2% 47
Slide 8: Sales Analysis
BUSINESS REVEIW 2012 SALES ANALYSIS
Slide 9: Sales Analysis
SALES ANALYSIS Continuous Organic Growth Annual Growth in in CHF Mio. Local Currencies 3'000 2'500 2'670 2'525 2'579 2'489 2'000 1'500 1'000 500 2.3% 7.3% 6.0% 6.8% 0 2009 2010 2011 2012 9 Financial Analysts‘ Meeting, March 15, 2013
Slide 10: Sales Analysis – Markets
SALES ANALYSIS – MARKETS Total NNTS: CHF 2.670 bn North America 6.8% 6.9% Germany 5.1% 30.0% France CH incl. Exports 9.5% Italy UK 12.1% 17.1% Rest o. Europe 12.5% RoW 10 Financial Analysts‘ Meeting, March 15, 2013
Slide 11: Detailed Financial Figures
BUSINESS YEAR 2012 DETAILED FINANCIAL FIGURES
Slide 12: Sales / Growth Group
SALES / GROWTH GROUP Increase of Organic Growth Increase p.a. in Absolute in CHF Mio. local currencies 2'500 2'579 2'670 2'525 2'489 2'000 1'500 1'000 500 2.3% 7.3% 6.0% 6.8% 0 2009 2010 2011 2012 12 Financial Analysts‘ Meeting, March 15, 2013
Slide 13: Sales – Growth Factors
SALES – GROWTH FACTORS Sales Growth mainly based on Volume 8.0% 7.0% 0.5% 6.0% 5.0% 4.0% 5.9% 6.8% 7.3% 3.0% 2.0% 1.0% 0.9% 0.0% Price/Mix Volume Organic Forex Sales in CHF 13 Financial Analysts‘ Meeting, March 15, 2013
Slide 14: Organic Growth by Region
ORGANIC GROWTH BY REGION L&S in Europe: +4.6% L&S in North America: 10.0% 12.0% +10.1% +8% +10,5% 8.0% +7,4% 10.0% +8,3% 6.0% 8.0% 4.0% 6.0% +2,3% 2.0% 4.0% -4,7% 2.0% 0.0% CH Dom GER FRA IT 0.0% -2.0% USA CA -4.0% Lindt IT: -4.9% Lindt USA: +11.7% Caffarel: -4.2% Ghirardelli: +9.6% -6.0% 14 14 Fina
Slide 15: Material Costs
MATERIALCOSTS Decrease by 70 Basis Points in relation to Sales Absolute in CHF Mio. In % Sales 1'000 940.0 940.0 912.8 892.4 800 600 400 200 35.7% 36.4% 35.9% 35.2% 0 2009 2010 2011 2012 15 Financial Analysts‘ Meeting, March 15, 2013
Slide 16: Number of Employees & Sales per Employee
NUMBER OF EMPLOYEES & SALES PER EMPLOYEE Increase by 378 Employees mainly in Production and Retail Avg. No. of employees Sales p. employee CHF (000) 8'000 8'157 7'779 7'000 7'572 7'409 6'000 5'000 4'000 341 341 320 327 3'000 2009 2010 2011 2012 16 Financial Analysts‘ Meeting, March 15, 2013
Slide 17: Personnel Expenses
PERSONNEL EXPENSES Improvement of Cost Margin thanks to Efficiency Improvements in CHF Mio. in % Sales 600 572 565 567 500 541 400 300 200 100 22.6% 21.9% 21.7% 21.2% 0 2009 2010 2011 2012 17 Financial Analysts‘ Meeting, March 15, 2013
Slide 18: Operating Expenses
OPERATING EXPENSES Continuous Increase of Marketing Investments absolute in CHF Mio In % sales 708 600 672 664 644 400 200 26.6% 25.7% 25.9% 26.5% 0 2009 2010 2011 2012 18 Financial Analysts‘ Meeting, March 15, 2013
Slide 19: EBITDA
EBITDA Increase of Margin +50 BP / Organic Growth +11.1% Absolute in CHF Mio. In % Sales 500 468 400 423 422 382 300 200 100 15.1% 16.4% 17.0% 17.5% 0 2009 2010 2011 2012 19 Financial Analysts‘ Meeting, March 15, 2013
Slide 20: Depreciation / Impairments
DEPRECIATION / IMPAIRMENTS Increase due to Capacity Expansion Absolute in CHF Mio. In % Sales 120 117.3 100 105.8 98.0 93.2 80 60 40 20 4.6% 3.8% 3.7% 4.0% 0 2009 2010 2011 2012 20 Financial Analysts‘ Meeting, March 15, 2013
Slide 21: Operating Profit (EBIT)
OPERATING PROFIT (EBIT) Increase of Margin +40 BP / Organic Growth: +10.4% Absolute in CHF Mio. In % Sales 350 362.5 300 325.3 328.7 250 264.8 200 150 100 50 10.5% 12.6% 13.2% 13.6% 0 2009 2010 2011 2012 21 Financial Analysts‘ Meeting, March 15, 2013
Slide 22: Net Income
NET INCOME Margin Increase +30 BP / Organic Growth: +10.5% Absolute in CHF Mio. In % Sales 300 250 271.9 241.9 246.5 200 193.1 150 100 50 7.6% 9.4% 9.9% 10.2% 0 2009 2010 2011 2012 22 Financial Analysts‘ Meeting, March 15, 2013
Slide 23: Corporate Tax Rate
CORPORATE TAX RATE Record Low Tax Rate Tax Rate in % 27.0% 26.5% 26.6% 26.0% 25.5% 25.3% 25.0% 25.0% 24.8% 24.5% 24.0% 23.5% 2009 2010 2011 2012 23 Financial Analysts‘ Meeting, March 15, 2013
Slide 24: Net Liquidity – Development
NET LIQUIDITY – DEVELOPMENT Maintained high Liquidity despite Share Buy Back Net Cash in CHF Mio. 1'000 +41 900 -145 +381 800 -112 700 600 -107 500 -1 540 543 486 400 300 200 100 0 2010 2011 Operative Capital CAPEX Dividend Share Buy Other 2012 Cash Flow Increase Back 24 Financial Analysts‘ Meeting,
Slide 25: Share Buy Back
SHARE BUY BACK Successful closure of Share Buy Back at 20.12.2012, reporting a total re-purchase of 5% of the share capital Total re-purchase of 3‘889 registered shares and 75‘253 PC‘s Total re-purchase volume of CHF 326.9 Mio. General Assembly on 18th of April 2013 will decide on a capital
Slide 26: Social Responsibility & Sustainability
SOCIAL RESPONSIBILITY & SUSTAINABILITY Integrated Integrated Element of the LINDT Premium Brand Substantial engagement in all aspects of enterpreneurial activities Clearly formulated guidelines on Group level for employees and suppliers Transparent and comprehensive communication via the LINDT
Slide 27: Review: 20 Years of New Management
REVIEW 20 Years of new management
Slide 28: Successful Business Model
SUCCESSFUL BUSINESS MODEL Focus on Core Profitable Growth Competencies Uncompro- mised Quality Commitment Continuity Passion Consequent Identification Positionning in the Premium Sector Global Expansion Uniform Brand Equity Investments in Global Production & High Communication Technology Innovation
Slide 29: Facts & Figures
FACTS & FIGURES Measurable Success In CHF 1992 2012 Sales 0.8 bn 2.7 bn > 3x EBIT (EBIT Margin) 67 Mio. (8.4%) 363 Mio. (13.6%) > 5x Net Income (Income Margin) 38 Mio. (4.8%) 272 Mio. (10.2%) > 7x Share Perfomance (Registered) 2‘800 (adjusted) 34‘515 > 12x Market Capitalization 492 Mio. 7‘384 Mio. =
Slide 30: Outlook
OUTLOOK 2013
Slide 31: Outlook 2013
OUTLOOK 2013 CONTINUED DIFFICULT ECONOMIC ENVIRONMENT Weak signals for a stabilization of the currency environment Continued weak economies Increasing unemployment in Europe, restrained consumer sentiment Increased price sensitivity Prudent trade partners, private lables gaining shares C
Slide 32: Outlook 2013
OUTLOOK 2013 Confirmation of Mid-/Long Term Growth and Profit Goals Organic Growth +6 – 8% +20 – 40 Operating Margin (EBIT) Basis Points Continued High Cash Generation 32 Financial Analysts‘ Meeting, March 15, 2013
Slide 33: Incorporation Lindt & Sprüngli Cocoa Foundation & Chocolate Center
INCORPORATION LINDT & SPRÜNGLI COCOA FOUNDATION & LINDT & SPRÜNGLI CHOCOLATE CENTER
Slide 34: Incorporation of Two New Welfare Foundations
INCORPORATION OF TWO NEW WELFARE FOUNDATIONS „Fonds for Pensionsergänzungen“ founded the 1940s Purpose of the Foundation: Supplementary benefits under the occupational pension schemes of the Swiss Lindt organization „Fonds“- assets: Thanks to excellent share price development of over 20 last y
Slide 35: Lindt & Sprüngli Cocoa Foundation
Lindt & Sprüngli COCOA FOUNDATION Lindt & Sprüngli will intensify in the next years its commitments in areas of sustainability and more pronounced in the field of raw materials, specifically cocoa New welfare foundation „Lindt & Sprüngli Cocoa Foundation“ will complement ongoing efforts of Lindt
Slide 36: Lindt & Sprüngli Chocolate Center
Lindt & Sprüngli CHOCOLATE CENTER Swiss chocolate pioneers have layed in the 19th century the headstones for a successful domestic chocolate industry LINDT as global premium brand with Swiss origin feels obliged to maintain and even further enhance the image of the chocolate brand „Swiss“ in the
Slide 37: Disclaimer
DISCLAIMER This presentation contains forward looking statements which reflect Management‘s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements.
Slide 38: Geschäftsjahr 2012 – Kennzahlen
GESCHÄFTJAHR 2012 KENNZAHLEN
Chocoladefabriken Lindt & Sprüngli — FY2012 Earnings Presentation on 6ix