Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — FY2009 Earnings Presentation
68 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Mar 16, 2010
Slide 1: Financial Analysts Presentation Annual Results 2009
FINANCIAL ANALYSTS PRESENTATION ANNUAL RESULTS 2009
Slide 2: Group Management
GROUP MANAGEMENT Group Management Chairman and CEO Ernst Tanner Duty-Free, Marketing, Sales, Finance, Administration, Country Responsibility Country Responsibility Procurement, Operations Hansjürg Klingler Uwe Sommer Dr Dieter Weisskopf 2 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 3: Contents
MEDIA CONFERENCE CONTENTS 1 RESULTS HIGHLIGHTS 2009 2 BUSINESS REVIEW _ Business Environment _ Key Figures _ Sales Analysis _ Market Review _ Sustainability 3 FINANCIALS _ Operating Performance 4 OUTLOOK _ External Environment _ Full Year Guidance 2010 & Growth Expectation 2011 3 FINANCIAL ANALYSTS
Slide 4: Highlights 2009
HIGHLIGHTS 2009 4 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 5: 2009 Results – Highlights I
2009 RESULTS – HIGHLIGHTS I SOLID BUSINESS MODEL PROVEN IN ECONOMIC DOWNTURN ORGANIC SALES GROWTH _ First full year sales reporting made according to new definition _ 2.3 % organic growth for full year & share gains in most markets despite weak consumer sentiment _ Increasing sales growth during the
Slide 6: 2009 Results – Highlights II
2009 RESULTS – HIGHLIGHTS II RESTRUCTURING/IMPAIRMENTS _ Successful re-structuring of US store chain – reduction to ca. 30 stores by June 2010 _ Write-off of obsolete Italian warehouse to market level _ Additional write-offs of fixed assets & IT investments CAPEX _ Successful start-up of cocoa liquo
Slide 7: Business Review: Business Environment
BUSINESS REVIEW BUSINESS ENVIRONMENT 7 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 8: Business Environment 2009: Challenging Environment
BUSINESS ENVIRONMENT 2009 CHALLENGING ENVIRONMENT _ Global economic and financial crisis _ Volatility in FX, raw material & equity markets _ Volume of chocolate market declined for the 1st time in more than 10 years _ Rising unemployment and progressive worsening of consumer confidence _ Price sensi
Slide 9: 2009: Transitional Year for L&S
BUSINESS ENVIRONMENT 2009 2009: TRANSITIONAL YEAR FOR L&S _ L&S confronted with challenging economic background, streamlining organization _ Operations: Appropriate measures taken to safeguard long-term sales and profit growth _ Structural reorganization of LINDT retail network in USA _ Major invest
Slide 10: Business Review: Key Figures
BUSINESS REVIEW KEY FIGURES 10 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 11: Key Figures: Solid Set of Results with Record High Cash Generation
KEY FIGURES SOLID SET OF RESULTS WITH RECORD HIGH CASH GENERATION CHF mio. Net Net Trade Sales 2‘525 Organic growth 2.3 % EBITDA 382 Margin: 15.1% / Excl. „non-recurring“ 16.3% EBIT 265 Margin: 10.5% / Excl. „non-recurring“ 12.1% NET INCOME 193 Improved Financials / Slightly higher tax rate OPER. CA
Slide 12: Non-Recurring Items 2009
„NON-RECURRING“ ITEMS 2009 RESULTS 2009 IMPACTED BY EXTRAORDINARY ITEMS Item CHF mio. P&L Line Impairment Warehouse Italy 11.5 Depreciation Store Closures 16.0 Diverse Extraordinary Impairments 9.0 Depreciation Others 3.5 Diverse TOTAL 40.0 59.5% 12 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 13: Rock Solid Balance Sheet & Record Net Cash Position
KEY FIGURES „ROCK SOLID“ BALANCE SHEET & RECORD NET CASH POSITION Equity CHF mio. Equity B/S ratio in % Net Cash Y/E CHF mio. 66.0% 1'600 1'618 350 356 65.3% 64.0% 1'500 300 1'479 62.0% 250 61.4% 1'400 60.0% 200 1'300 58.0% 150 56.0% 1'200 54.0% 100 109 1'100 52.0% 50 1'000 50.0% 0 2008 2009 2008 20
Slide 14: Lindt & Sprüngli Share Price vs. SMI 2009
KEY FIGURES Lindt & Sprüngli SHARE PRICE vs. SMI 2009 30'000 7000 28'000 6500 26'000 6000 24'000 5500 22'000 20'000 5000 18'000 4500 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 09 09 09 09 09 09 09 09 09 09 09 09 LINDT REG. (blue scale) SMI (grey scale) 14 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 15: Share Key Figures
KEY FIGURES SHARE KEY FIGURES 1992 2005 2006 2007 2008 2009 Dividend Reg. S. (CHF) 39 225 275 330 360 400* – Increase (CHF) 2 45 50 55 30 40* Dividend Yield Reg. S. 1.4% 1% 0.9% 0.8% 1.6% 1.6% Pay-Out Ratio 16.9% 28.7% 29.2% 29.5% 31.2% 47.3% Reg. Share (CHF) 2 800 21 950 30 700 39 770 22 600 25 405
Slide 16: Business Review: Sales Analysis
BUSINESS REVIEW SALES ANALYSIS 16 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 17: Sales Analysis: Organic Growth 5 Years
SALES ANALYSIS ORGANIC GROWTH 5 YEARS Increase vs. previous year in local Absolute in CHF mio. currencies & net of acquisition effects 3'000 2‘520 2'500 2'606 2'573 2'525 2'312 2'000 2'009 1'500 1'000 500 11.2% 13.4% 10.7% 4.9% 2.3% 0 2005 2006 2007 2008 2009 17 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 18: Sales Analysis - Drivers
SALES ANALYSIS - DRIVERS MODERATE PRICE INCREASES & STABLE VOLUME 3.00% -0,2% 2.00% 2.5% 2.3% 1.00% - 4.2% 0.00% -1.9% Price Volume/Mix Organic Forex Reported in CHF -1.00% -1.9 % -2.00% 18 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 19: Sales Analysis – Development by Half Year
SALES ANALYSIS – DEVELOPMENT BY HALF YEAR INCREASED SALES DYNAMICS IN 2nd HALF 2009 4.00% 3.60% 3.00% 2.00% 2.30% 1.00% 0.20% 0.00% 1st Half 2nd Half Full Year 19 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 20: Sales Analysis - Markets
SALES ANALYSIS - MARKETS WEIGHT OF NORTH-AMERICAN MARKET MOVING TO 30% Total NNTS: CHF 2’525 mio. 4.6% North America 6.2% 26.8% Germany 9.0% France 9.8% Italy Rest of the World Rest of Europe 12.0% 18.6% Switzerland 13.0% UK 20 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 21: Sales Analysis – Markets: Positive Growth
SALES ANALYSIS – MARKETS POSITIVE GROWTH – EXCEPTIONS: HARD HIT ECONOMIES 25% 102% 25.0% 20.0% 15.0% 14.5% 15.0% 10.0% 7.9% 8.2% 4.4% 5.0% 3.8% 1.9% 0.1% 0.1% 0.0% -5.0% -4.4% -7.8% -10.0% -8.9% E CH IT CH D AUT F U.K. US CAN AUS POL SW CZ Exp. Dom. 21 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 22: Business Review: Market Review
BUSINESS REVIEW MARKET REVIEW 22 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 23: L&S Switzerland – Stable Domestic Market
MARKET REVIEW L&S SWITZERLAND (incl. Export) – STABLE DOMESTIC MARKET KEY FACTS CHF mio. 350 _ L&S with market share gains in a declining 300 327 316 overall Swiss chocolate market 293 250 _ Difficult situation in export & duty-free segment 258 _ Nervous trade; Entry of another hard- 200 220 discoun
Slide 24: L&S Switzerland – Highly Trusted Brand
MARKET REVIEW L&S SWITZERLAND – HIGHLY TRUSTED BRAND LINDT IS THE MOST TRUSTED CHOCOLATE BRAND IN SWITZERLAND Once a year, Reader‘s Digest accomplishes a consumer study in 16 European countries. LINDT chocolate was voted most trusted chocolate brand 2009. Source: Reader‘s Digest HOLD and EXTEND MO
Slide 25: L&S Germany – Holds Result of PY
MARKET REVIEW L&S GERMANY – HOLDS RESULT OF PY IN DIFFICULT MARKET KEY FACTS 325 EUR mio. 300 303 309 309 _ Chocolate market was flat despite price 275 282 increases and aggressive promotions 250 255 225 _ Decline in dark chocolate segment for 2nd 200 year in a row 175 _ Line extensions of EXCELLENC
Slide 26: L&S France – Fastest Growing Premium Chocolate Manufacturer
MARKET REVIEW L&S FRANCE – FASTEST GROWING PREMIUM CHOCOLATE MANUFACTURER IN FRANCE EUR mio. 220 217 200 209 KEY FACTS 201 180 179 160 172 _ Intensified price competition due to change in regulation 140 _ Excellent market share in tablet segment 120 thanks to introduction of innovations such as 100
Slide 27: L&S Italy – Challenging Specialty Channels
MARKET REVIEW L&S ITALY – CHALLENGING SPECIALTY CHANNELS KEY FACTS EUR mio. 220 LINDT 223 222 200 214 207 205 _ Good progress in modern trade channels 180 _ Most dynamic company on Italian chocolate 160 market 140 _ Best-selling product: LINDOR _ Promising launch of EXCELLENCE 90% and 120 LES GRANDE
Slide 28: L&S U.K. – Consolidation of Market Position
MARKET REVIEW L&S U.K. – CONSOLIDATION OF MARKET POSITION GBP mio. KEY FACTS 70 68 60 64 65 _ Consistent focus on key brands EXCELLENCE 50 57 and LINDOR with introduction of 47 EXCELLENCE 90% & „Sea Salt“ and LINDOR 40 White 30 _ EXCELLENCE fastest growing brand 20 _ Successful launch of “Mousse au
Slide 29: North America – Sales Doubled within 5 Years
MARKET REVIEW NORTH AMERICA – SALES DOUBLED WITHIN 5 YEARS KEY FACTS USD mio. LINDT & GHIRARDELLI once again 650 600 635 fastest growing brands in USA 550 564 592 500 LINDT USA 450 481 400 _ LINDT gained substantial market shares 395 350 _ Leader in the Premium chocolate segment 300 _ LINDOR balls u
Slide 30: L&S Australia – Ongoing Growth at High Level
MARKET REVIEW L&S AUSTRALIA – ONGOING GROWTH AT HIGH LEVEL KEY FACTS AUD mio. 125 141 _ Growth in all segments, incl. seasonal 123 112 _ LINDOR remains most important brand 100 96 _ EXCELLENCE 70% proved to be a sales hit 75 82 _ Chocolat Café concept increasingly popular, 50 opening of 2 new stores
Slide 31: Business Review: Sustainability
BUSINESS REVIEW SUSTAINABILITY 31 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 32: Sustainability: Inherent Part of the Lindt Premium Brand
SUSTAINABILITY INHERENT PART OF THE LINDT PREMIUM BRAND HIGH COMMITMENT IN EVERY ASPECT OF CORPORATE ACTION _ Ethics _ Social responsibility _ Careful dealing with the environment CLEARLY FORMULATED COPRPORATE POLICIES _ Corporate CREDO _ Health & Safety Policy _ Business Code of Conduct & Supplier
Slide 33: Cocoa Bean Sourcing Project Ghana
SUSTAINABILITY COCOA BEAN SOURCING EXAMPLE: LINDT COCOA BEAN SOURCING PROJECT GHANA _ All „Consumer“ beans sourced exclusively from Ghana _ Ghana offering best quality of West African origins & stable political-/social environment _ Lindt able in Ghana to trace origin of each bag of beans back to fa
Slide 34: Financials: Operating Performance
FINANCIALS OPERATING PERFORMANCE 34 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 35: Material Costs
MATERIAL COSTS MATERIAL COSTS +/- INVENTORY CHANGE: ANOTHER INCREASE OF COST MARGIN Absolute in CHF mio. In % of NNTS 1'000 921.2 912.8 800 864.0 762.8 600 668.7 400 200 33.3% 33.0% 33.2% 35.8% 36.2% 0 2005 2006 2007 2008 2009 35 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 36: Headcount & NNTS per Employee
HEADCOUNT & NNTS PER EMPLOYEE REDUCTION OF STAFF IN OPERATIONS (SHOP CLOSURES USA) Average number of employees NNTS per employee in CHF (`000) 8'000 7'793 7'712 7'409 7'000 7'044 6'652 6'000 5'000 4'000 302 328 334 334 341 3'000 2005 2006 2007 2008 2009 36 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 37: NNTS/Employee & Personnel Expenditure
NNTS/EMPLOYEE & PERSONNEL EXPENDITURE INCREASE OF COST MARGIN – FOLLOWING EXTRAORDINARY LOW LEVELS Personnel exp. in CHF mio. Personnel exp. in % NNTS 600 596 572 546 545 500 493 400 300 200 100 24.5% 23.6% 22.9% 21.2% 22.6% 0 2005 2006 2007 2008 2009 37 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 38: Operating Expenses
OPERATING EXPENSES ADDITIONAL INCREASE IN ADVERTISING EXPENSES Absolute in CHF mio. In % of NNTS 800 714 659 672 600 631 531 400 200 26.4% 27.3% 27.4% 25.6% 26.6% 0 2005 2006 2007 2008 2009 38 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 39: EBITDA
EBITDA MARGIN REMAINING AT GOOD LEVELS IN CHALLENGING YEAR Absolute in CHF mio. In % of NNTS 500 461 400 444 381 382 300 325 200 100 16.2% 16.5% 17.1% 17.9% 15.1% 0 2005 2006 2007 2008 2009 39 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 40: Depreciation
DEPRECIATION IMPAIRMENTS CHF 21 mio. – whereof CHF 20.5 mio. NON-RECURRING Absolute in CHF mio. In % of NNTS 120 117.3 100 99.3 93.5 80 84.0 76.5 60 40 20 3.8% 3.6% 3.6% 3.9% 4.6% 0 2005 2006 2007 2008 2009 40 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 41: Operating Profit (EBIT)
OPERATING PROFIT (EBIT) EBIT DEVELOPMENT – 5 YEARS Absolute in CHF mio. In % of NNTS 350 361.2 350.8 300 297.2 250 264.8 248.6 200 150 100 50 12.4% 12.9% 13.5% 14.0% 10.5% 0 2005 2006 2007 2008 2009 41 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 42: EBIT Growth Analysis - Drivers
EBIT GROWTH ANALYSIS - DRIVERS EBIT DECREASE EXPLAINED BY: MATERIALS, ADVERTISING INCR., PERSONNEL COSTS & NON-RECURRING 70 -5 60 50 -33 62 40 30 20 10 -35 0 -10 Pricing Volume Materials Operating Personnel Others & Currency EBIT -20 Marketing Non- -30 Exp. -33 recurring -40 -50 -97 -60 -40 -70 -80
Slide 43: Net Income
NET INCOME NET INCOME AT CHF 193 mio. IN MOST CHALLENGING YEAR Absolute in CHF mio. In % of NNTS 300 250 261.5 250.5 200 209.2 193.1 172.7 150 100 50 8.6% 9.0% 9.6% 10.2% 7.6% 0 2005 2006 2007 2008 2009 43 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 44: Operating Cash Flow & Capex
OPERATING CASH FLOW & CAPEX HIGHEST EVER OPERATING CASH FLOW – LOWER CAPEX Operating Cash Fow in CHF mio. CAPEX in CHF mio. 470 400 300 295 277 200 217 190 100 129 146 235 199 124 0 2005 2006 2007 2008 2009 44 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 45: Quality & Efficiency Highlights
QUALITY & EFFICIENCY HIGHLIGHTS PRODUCTION _ Successful implementation & start-up of tablet line as well as cocoa liquor manufacturing at L&S USA in Stratham, NH SUPPLY CHAIN & LOGISTICS _ Successful auction of logistic services for European road transport & global sea freight _ Ongoing improvements
Slide 46: Financials: Interest / FX, Taxes & Net Cash
FINANCIALS INTEREST / FX TAXES & NET CASH 46 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 47: Net Financial Expenses
NET FINANCIAL EXPENSES POSITIVE EFFECTS OF PORTFOLIO / FX & HIGHER CASH POSITION Absolute in CHF mio. 10 10.5 5 2.9 2.5 2.8 1.8 0 2005 2006 2007 2008 2009 47 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 48: Corporate Tax Rate
CORPORATE TAX RATE TAX RATE TO STABILIZE AROUND 26 % Tax Rate in % 35% 35.8% 33% 33.8% 30% 32.6% 31.4% 28% 29.8% 29.7% 29.0% 28.0% 25% 26.6% 25.4% 23% 20% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 48 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 49: Delivering Strong Earnings: Earnings per Share
DELIVERING STRONG EARNINGS EARNINGS PER SHARE EPS CHF EPS GROWTH Y-O-Y 1'200 1'158 1'000 1'091 922 800 851 768 600 680 562 400 468 421 350 200 9.4% 20.3% 11.1% 20.0% 20.9% 12.9% 20.0% 18.3% 4.5% -26.5% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 49 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 50: Net Cash Position - Development
NET CASH POSITION - DEVELOPMENT NET CASH POSITION ENSURES FREEDOM AND FLEXIBILITY Net cash & net cash movement in CHF Mio 600.0 +13 -30 470 -124 500.0 400.0 -82 356 300.0 200.0 100.0 110 109 70 0.0 2006 2007 2008 Operating Capital Purch. CAPEX Dividend 2009 Cash Flow Incr. Own Paym. Shares 50 FINANC
Slide 51: Financials: Raw Materials & Packaging
FINANCIALS RAW MATERIALS & PACKAGING 51 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 52: Cocoa Crop / Grinding Balance
COCOA CROP / GRINDING BALANCE COCOA BEANS ´000´T Source: ICCO (06-09) 3'661 3'694 3'755 3'900 3'508 3'551 3'522 3'400 3'480 3'300 16.2% 2'700 2'100 5.5% 5.5% 42.4% 1'500 900 300 15.5% -28 29 -261 -61 -300 06/07 07/08 08/09 09/10 Crop Grindings Surpl./Deficit 52 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 53: Cocoa Product Prices
COCOA PRODUCT PRICES 07 - 09 COCOA LONDON TERMINAL BUTTER RATIO GBP/TON RATIO MULT. 3.60 2'300 3.30 2'100 3.00 1'900 2.70 1'700 2.40 1'500 2.10 1'300 1'100 1.80 900 1.50 Fe b. Jun. O kt. Fe b. Jun. O kt. Fe b. Jun. O kt. Fe b. Fe b. Ju n . O kt . Fe b. Ju n . O kt . Fe b. Ju n . O kt . Feb. 07 07 07
Slide 54: Nuts Prices
NUTS PRICES 07 - 09 HAZELNUTS TURKEY ALMONDS USD/TON CHF/TON 8'500 8'500 8'000 8'200 7'500 7'900 7'000 7'600 6'500 7'300 6'000 7'000 5'500 6'700 5'000 6'400 4'500 6'100 4'000 5'800 3'500 5'500 Apr. Aug. De z. Apr. Aug. De z. Apr. Aug. De z. Apr. 0 7 Aug. 0 7 De z. 0 7 Apr. 0 8 Aug. 0 8 De z. 0 8 Apr
Slide 55: Milk Prices
MILK PRICES EU 07-09 MILK PRICES – SMP EUROPE / SWITZERLAND SMP SWITZERLAND SMP EUROPE 4'500 EUR/TON 4'000 3'500 3'000 2'500 2'000 1'500 -08 -08 -08 r-08 -08 -08 -08 l-08 -08 -08 t-08 -08 -08 -09 -09 -09 r-09 -09 -09 -09 l-09 -09 -09 t-09 -09 -09 -09 n b b a pr y n u g p c v c n n b a pr y n u g p c
Slide 56: Sugar Prices
SUGAR PRICES USD/Ton EU / CH WORLD USA 1'200 1'100 1'000 900 800 700 600 500 400 300 200 Feb. Apr. Jun. Aug. Okt. Dez. Feb. Apr. Jun. Aug. Okt. Dez. Feb. Apr. Jun. Aug. Okt. Dez. 07 07 07 07 07 07 08 08 08 08 08 08 09 09 09 09 09 09 56 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 57: Material Costs Trends
MATERIAL COSTS TRENDS COCOA PRODUCTS -Terminal Market short term correction ongoing - Differentials stable - Butter Ratio correction after weakness OTHER RAW MATERIALS - Milk stable - Sugar volatile / EU / Brazil - Hazelnuts stable at high levels - Almonds correction after weakening PACKAGING - Pape
Slide 58: Outlook 2010
OUTLOOK 2010 58 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 59: Outlook - External Environment
OUTLOOK - EXTERNAL ENVIRONMENT CHANGE IN TRADE AND INDUSTRY LANDSCAPE AS A CHANCE ECONOMY / CONSUMERS / RETAIL LINDT‘S ANSWER _Slow recovery of global economy _Focus on strengthening position of the _Rising unemployment to be expected LINDT brand & gaining market shares by: _Still high volatility in
Slide 60: Overall Chocolate Market
OVERALL CHOCOLATE MARKET TOP 20 CHOCOLATE MARKETS 2009 REPRESENT 80% OF TOTAL WORLD MARKET (100 bn CHF) CHF bn / Consumer Value LINDT with own Organization 22.0 18.8 20.0 18.0 16.0 14.0 10.4 12.0 8.2 10.0 7.9 8.0 6.0 5.3 3.8 3.7 3.5 4.0 2.5 2.2 2.0 1.6 1.4 1.4 1.4 1.3 1.3 1.2 2.0 1.0 1.0 0.0 EY UK I
Slide 61: Premium Chocolate Market
PREMIUM CHOCOLATE MARKET In Europe*, growth of premium chocolate market is outpacing growth of overall chocolate market in value terms Overall European* chocolate consumer value (US$m) Standard Premium % which is premium 45,000 25.5% 40,000 25.0% 22.8% 35,000 19.9% CAGR 4.7% CAGR 6.1% 9 588 20.0% 30
Slide 62: Premium Chocolate: Share in European Countries
PREMIUM CHOCOLATE: SHARE IN 6 EUROPEAN COUNTRIES SHARE OF 6 EUROPEAN COUNTRIES IN % (2007) Share in Chocolate 40.0% 26% 26% 20.0% 24% 23% 23% 19% 0.0% d K y ce n l y n U an n ai Ita rla m a p e er Fr S itz G Sw Share of US premium segment: < 10% huge growth potential Source: Datamonitor 62 FINANCI
Slide 63: Ranking of Top Chocolate Manufacturers
RANKING OF TOP 7 CHOCOLATE MANUFACTURERS Source: Euromonitor and own estimates 2009 2010 Mars Inc. 1 2 Nestlé SA 2 3 Kraft Foods Inc. 3 1 (after merger with Cadbury) Ferrero Group 4 4 Cadbury Plc. 5 -- Hershey Co. 6 5 Lindt & Sprüngli 7 6 LINDT is No. 1 in Premium Chocolate Segment 63 FINANCIAL ANAL
Slide 64: Premium Chocolate Market: Lindt Clear No. 1
PREMIUM CHOCOLATE MARKET LINDT: CLEAR No. 1 COMPANY IN WORLDWIDE PREMIUM CHOCOLATE MARKET AND COMPETES BASICALLY WITH LOCAL BRANDS ONLY Anthon Berg Guylian Reber Cailler Jeff de Bruges Richart Côte d`Or Leonidas Thorntons Feodora Neuhaus Valrhona Godiva Niederegger Examples of an arbitrary classific
Slide 65: Outlook 2010 – Financial Guidance
OUTLOOK 2010 – FINANCIAL GUIDANCE FOCUS IS TO INVEST FOR FUTURE GROWTH MARKET FOCUS 2010 _ Limited price increases only _ Priority on market share gains _ Participate in strategic promotional activities to grow volume _ Continue investments behind new subsidiaries (i.e. Czech Rep./Sweden) _ Re-gain
Slide 66: Financial Guidance 2010 & Growth Expectations 2011
FINANCIAL GUIDANCE 2010 & GROWTH EXPECTATIONS 2011 RE-GAIN TOP LINE GROWTH MOMENTUM – EBIT CURBED BY COCOA PRICE INCREASE Topics Full Year Guidance Organic Growth 5–7% EBIT CHF 300 – 340 mio. CAPEX CHF 120 – 140 mio. Continued high cash generation 2011: Top line growth back to mid/long-term rate of
Slide 67: Questions & Answers
QUESTIONS & ANSWERS 67 FINANCIAL ANALYSTS PRESENTATION 2010
Slide 68: Financial Analysts Presentation Annual Results 2009
FINANCIAL ANALYSTS PRESENTATION ANNUAL RESULTS 2009
Chocoladefabriken Lindt & Sprüngli — FY2009 Earnings Presentation on 6ix