Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN

Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — H1 2016 Earnings Presentation

24 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Jul 22, 2016

  1. Slide 1: Half-Year 2016 Investor Presentation

    HALF-YEAR 2016 INVESTOR PRESENTATION

  2. Slide 2: Agenda

    AGENDA 1. Performance Highlights HY2016 2. P&L and B/S Details HY2016 3. Outlook Environment 2016 Investor Presentation HY2016 July 22, 2016 2

  3. Slide 3: Performance Highlights HY2016

    PERFORMANCE HIGHLIGHTS HY2016

  4. Slide 4: P&L Statement L&S Group

    P&L STATEMENT L&S GROUP Sales Growth in Swiss Francs at +6.6%, EBITDA-margin improvement by +50bp Y-o-Y Growth CHF million HY2015 HY2016 in CHF Organic Sales 1 408.9 1 501.5 +6.6% +4.4% excluding Russell Stover +6.6% EBITDA 149.8 167.3 +11.7% Margin 10.6% 11.1% EBIT 90.6 98.4 +8.6% Margin 6.4% 6.6%

  5. Slide 5: Balance Sheet

    Investor Presentation HY2016 BALANCE SHEET Continued Strong Equity to BS ratio, Slight Increase of Net Debt Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million 3 500 70.0% 3 490 -50 60.0% 3 291 50.0% 55.7% 56.2% -250 3 000 40.0% -450 30.0% 2 500 20.0% -682 -650 -705 10.

  6. Slide 6: P&L and B/S Details HY2016

    P&L AND B/S DETAILS HY2016

  7. Slide 7: Sales Analysis − 5 Years in CHF

    SALES ANALYSIS − 5 YEARS IN CHF Increase in CHF by +6.6% Absolute in CHF million Growth in % 1 600 1 500 1 502 1 400 1 409 1 300 1 200 1 200 1 100 1 132 1 000 1 033 900 2.6% 9.6% 6.0% 17.4% 6.6% 800 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 7

  8. Slide 8: Sales Analysis − 5 Years in Local Currencies

    SALES ANALYSIS − 5 YEARS IN LOCAL CURRENCIES Organic Growth of +4.4% (excluding Russell Stover +6.6%) Absolute in CHF million Increase p.a. in local currencies (organic growth in %) 1 600 1 502 1 400 1 409 1 200 1 200 1 132 1 000 1 033 5.3% 8.7% 9.2% 9.4% 4.4% 800 HY2012 HY2013 HY2014 HY2015 HY2016

  9. Slide 9: Sales Analysis − Markets

    SALES ANALYSIS − MARKETS 8.6% Total NNTS CHF 5.7% 6.3% 1.502bn 37.9% ● North America incl. RS ● Germany 6.7% ● France ● CH incl. Exports ● Italy 9.2% ● UK ● Rest of Europe 9.8% ● Rest of the World 15.8% Investor Presentation HY2016 July 22, 2016 9

  10. Slide 10: Sales Analysis − Drivers

    SALES ANALYSIS − DRIVERS Volume and Price/Mix Impact strongly driven by Russell Stover − Positive Forex-Impact 10.0% 8.0% 6.0% +2.2% +6.6% 4.0% +2.6% +4.4% 2.0% +1.8% 0.0% Volume Price/Mix Organic Forex Reported in CHF Investor Presentation HY2016 July 22, 2016 10

  11. Slide 11: Sales Analysis − Drivers (excl. RSC)

    SALES ANALYSIS − DRIVERS (EXCL. RSC) Organic Growth (excluding Russell Stover) Strongly Driven by Sales Volume 10.0% 8.0% 6.0% +1.2% +6.6% 4.0% +5.4% 2.0% 0.0% Volume Price/Mix Organic Investor Presentation HY2016 July 22, 2016 11

  12. Slide 12: Sales Analysis − Segment Information

    SALES ANALYSIS − SEGMENT INFORMATION Good Organic Growth against a Strong HY 2015 Europe NAFTA (excl. RS) Rest of World 12.0% 12.0% 20.0% 10.0% 18.2% 10.3% 16.0% 8.0% 8.0% 12.0% 6.0% 6.9% 6.6% 5.7% 10.2% 8.0% 4.0% 4.0% 2.0% 4.0% 0.0% 0.0% 0.0% HY 2015 HY 2016 HY 2015 HY 2016 HY 2015 HY 2016 Investor

  13. Slide 13: Material Costs − Changes in Inventories

    MATERIAL COSTS − CHANGES IN INVENTORIES Material Costs Including Changes in Inventories Decreased by -130 BP Absolute in CHF million In % Sales 600 500 525 510 400 423 379 358 300 200 100 34.7% 33.4% 35.2% 36.2% 34.9% 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 13

  14. Slide 14: Personnel Expenditure

    PERSONNEL EXPENDITURE Personnel Expenses Decreased by -30 BP thanks to Scale and Efficiency Gains In CHF million In % Sales 400 394 373 300 306 309 277 200 100 26.8% 27.0% 25.8% 26.5% 26.2% 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 14

  15. Slide 15: Operating/Marketing Expenses

    OPERATING/MARKETING EXPENSES Expense Ratio Increases by +90 BP due to Higher Marketing Investments In CHF million In % Sales 400 422 384 338 348 300 309 200 100 30.0% 29.8% 29.0% 27.2% 28.1% 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 15

  16. Slide 16: Depreciation, Amortization and Impairment

    DEPRECIATION, AMORTIZATION AND IMPAIRMENT Higher Depreciation Charge as a Result of Increased CAPEX Absolute in CHF million In % Sales 80 69 60 59 49 51 40 46 20 4.5% 4.3% 4.2% 4.2% 4.6% 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 16

  17. Slide 17: Operating Profit (EBIT)

    OPERATING PROFIT (EBIT) EBIT Margin Increases by +20 BP Absolute in CHF million In % Sales 100 98 91 80 77 60 66 40 46 20 4.5% 5.8% 6.4% 6.4% 6.6% 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 17

  18. Slide 18: Net Income

    NET INCOME Financial Charges Unchanged, Decrease in Tax Rate Absolute in CHF million In % Sales 80 72 60 65 56 49 40 35 20 3.4% 4.3% 4.7% 4.6% 4.8% 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 18

  19. Slide 19: Operating Cash Flow & CAPEX

    OPERATING CASH FLOW & CAPEX Ongoing High Capex to Support Further Growth Operating Cash Flow in CHF million CAPEX in CHF million 300 308 237 200 211 171 159 100 65 84 105 104 125 0 HY2012 HY2013 HY2014 HY2015 HY2016 Investor Presentation HY2016 July 22, 2016 19

  20. Slide 20: Net Financial Position − Development

    NET FINANCIAL POSITION − DEVELOPMENT Net Financial Position Decreases Slightly Net Cash in CHF million 0 -200 -400 -445 52 -187 -600 -682 237 -125 0 -705 -800 -1 000 31.12.2015 Operating Capital Dividend Capital CTA/Other 30.06.2016 Cash Flow Increase Expenditure Investor Presentation HY2016 July 22

  21. Slide 21: Outlook 2016

    OUTLOOK 2016

  22. Slide 22: Outlook Environment 2016

    OUTLOOK ENVIRONMENT 2016 Continued Challenging Conditions ● Stable economic outlook for Europe / North America but low growth rates ● Consumer sentiment potentially impacted by political uncertainties (Brexit / elections USA) ● Continued cost challenge from further increasing cocoa bean- and butter

  23. Slide 23: Investor Presentation HY2016 – July 22, 2016

    INVESTOR PRESENTATION HY2016 – JULY 22, 2016

  24. Slide 24: 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.

Chocoladefabriken Lindt & Sprüngli — H1 2016 Earnings Presentation on 6ix