Barry Callebaut Ag · SIX:BARN
Barry Callebaut — Q1 FY2023/24 Earnings Presentation
23 slides from Barry Callebaut's earnings presentation, Jan 24, 2024
Slide 1: 3-Month Key Sales Figures, Fiscal Year 2023/24 Roadshow Presentation
3-Month Key Sales Figures, Fiscal Year 2023/24 Roadshow Presentation 24 January 2024
Slide 2: Disclaimer
Disclaimer 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 ‘believe
Slide 3: Contents
Contents 1 3-Month Key Sales Figures 2 Outlook 3 Appendix 3-Month Key Sales Figures, Fiscal Year 2023/24 3
Slide 4: 3-Month Key Sales Figures
1 3-Month Key Sales Figures 3-Month Key Sales Figures, Fiscal Year 2023/24 4
Slide 5: Key milestones - 3-Months 2023/24
Key milestones - 3-Months 2023/24 September 2023 November 2023 November 2023 Announced strategic CEO Peter Feld Published seventh investment program presented full edition of Barry BC Next Level and strategic update at Callebaut’s Forever key leadership Capital Markets Day Chocolate progress appoint
Slide 6: 3-Month 2023/24 Highlights
3-Month 2023/24 Highlights 1 Sales volume up +0.4% Sales revenue of CHF 2.2 billion, up +14.1% in local currencies (+6.2% in CHF), 2 driven by cost-plus pricing and mix Leading market position and diversified business model help mitigate impact of 3 record-high cocoa bean prices Strengthened balance
Slide 7: Resilient volume despite challenging environment
Resilient volume despite challenging environment Cocoa FY 22/23 Chocolate -1.1% +3.9% -2.2% +3.7% -0.5% +0.4% -5.1% +5.1% +4.5% +0.7% +2.6% -2.6% -1.2% -1.1% -4.0% -5.8% Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 Q1 23/24 3-Month Key Sales Figures, Fiscal Year 2023/24 7
Slide 8: Volumes ahead of a challenging and overall declining chocolate confectionery market
Volumes ahead of a challenging and overall declining chocolate confectionery market Group Sales volume: 580,876 tonnes +0.4% vs PY (total market1 -2.7%) Volume growth Western Europe 193,715 t 33% BC Market1 North America Western Europe +4.7% -3.4% Central & Eastern 140,091 t Europe Central and Easte
Slide 9: Long term combined ratio and raw material development
Long term combined ratio and raw material development European Combined Ratio - 6-month forward ratio Raw material price development 300% 4.5 4.0 250% 3.5 Combined ratio 3.2x 3.0 200% 2.5 186% Butter 176% ratio 2.0 159% 150% 1.5 125% 1.0 Powder ratio 100% 0.5 0.0 50% Aug-12 Aug-13 Aug-14 Aug-15 Aug-
Slide 10: Outlook
2 Outlook 3-Month Key Sales Figures, Fiscal Year 2023/24 10
Slide 11: Confirming FY23/24 guidance
Confirming FY23/24 guidance Volume growth Sales volume EBIT growth 2.3 Flat million Flat 1 tonnes vs FY 2022/2023 vs FY 2022/2023 The World’s Best Chocolate Solutions 11 Note: (1) on a recurring basis including modest BC Next Level benefits
Slide 12: Refinancing activity
Refinancing activity Due to the sustained high cocoa bean price environment and resulting increase in working capital needs, the Group has taken the following actions: Successful Swiss franc bond issuance of CHF 600 1 million Extension of the Group’s RCF1 amount from EUR 2 900 million to EUR 1,312.5
Slide 13: BC Next Level update
BC Next Level update 1 2 3 4 5 BC Next Level New organizational Key country cluster progressing as structure to move Prioritizing commercial SKU rationalisation planned with closer to customers investments in leadership underway majority of measures & markets quality announced already initiated impl
Slide 14: Long-term growth objective
Long-term growth objective MSD+ to HSD1 LSD+ to MSD1 Volume growth EBIT growth Building towards a 10% EBIT margin ambition 3-Month Key Sales Figures, Fiscal Year 2023/24 14 Note: (1) Low Single-digit Plus to Mid Single-digit Volume growth and Mid Single-digit Plus to High Single-digit EBIT growth, a
Slide 15: Appendix
3 Appendix 3-Month Key Sales Figures, Fiscal Year 2023/24 15
Slide 16: This is Barry Callebaut
This is Barry Callebaut Growing the world of Chocolate & Cocoa Key Figures FY 2022/23 Sales volume Volume growth 50.1 million Premiums generated from Cocoa 1 of out 2 Products sold containing 100% Horizons (in CHF) sustainable cocoa or chocolate 2.3 million -1.1% tonnes vs FY 2021/2022 26 ~190,000 C
Slide 17: Providing chocolate ingredient solutions at scale
Providing chocolate ingredient solutions at scale Regional Food Artisans Customers Global FMCGs Chains / Products Accounts Service & other Cocoa products1 Liquid chocolate Solid chocolate Compound Specialty chocolate Decorations & Inclusions 3-Month Key Sales Figures, Fiscal Year 2023/24 17 Note: Pi
Slide 18: Partner of choice for global FMCGs due to scale and global presence
Partner of choice for global FMCGs due to scale and global presence Partner of choice to global FMCGs Unmatched footprint supporting their growth 3-4 x RMS1 with the Top 10 FMCGs1 Locations (1) FMCG = Fast Moving Consumer Goods 3-Month Key Sales Figures, Fiscal Year 2023/24 18 Source: Global consult
Slide 19: Leading across the global Gourmet market
Leading across the global Gourmet market Relative market share Market position by region 19% 2-3x #1 #1 RMS1 Global 8% 49% Gourmet Market #1 7% #2 4% 1% 3% 1% 3%3% 2% 3-Month Key Sales Figures, Fiscal Year 2023/24 19 Source: Global consulting firm; Company data; Euromonitor Note: (1) Relative Market
Slide 20: Leading globally in cocoa – and chocolate
Leading globally in cocoa – and chocolate Relative market share Global footprint Barry Callebaut Cocoa factories 21% 1.3x 38% RMS1 Global Cocoa Grinding 16% 3% 3% 14% 5% 14 cocoa factories 3-Month Key Sales Figures, Fiscal Year 2023/24 20 Source: Global consulting firm; Company data; Euromonitor Not
Slide 21: Specialty solutions across all customer segments globally
Specialty solutions across all customer segments globally From specialty chocolate... Free-from Religious Sustainability Nutrition Indulgence Dairy-free Kosher Traceable Added nutrients Ruby Nut-free Halal Sustainable Vegan Wholefruit Reduced / Origin 2nd Gen sugar-free Organic To inclusions and dec
Slide 22: Chocolate ingredients market provides significant growth potential
Chocolate ingredients market provides significant growth potential Rebounding growth outlook… …and long runway for expansion CHF 50B1 +1% Premiumization (value growth / mix) Today +3-4% volume growth Captive +1-1.5% Increased outsourcing (volume growth) ~16% value Competitors market Underlying deman
Slide 23: Barry Callebaut
Click to edit title Barry Callebaut The World’s Best Chocolate Solutions