Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — FY2013 Earnings Presentation
36 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Mar 11, 2014
Slide 1: Financial Analysts Conference – Annual Results 2013
FINANCIAL ANALYSTS CONFERENCE MARCH 11, 2014 ANNUAL RESULTS 2013
Slide 2: Agenda
AGENDA 1. Key Figures 2013 2. Financial Details 2013 3. Outlook 2014 4. Swiss News 2014
Slide 3: Financial Year 2013 – Key Figures
FINANCIAL YEAR 2013 KEY FIGURES
Slide 4: Key Figures – P&L Statement (before IAS19 adjustment)
KEY FIGURES – P&L Statement (BEFORE IAS19/IFRIC 14 ADJUSTMENT 2012 FIGURES ) Achievement of Strategic Growth- and Profit Targets Growth Organic Margin CHF Mio. in CHF Growth Improvement SALES 2‘883 +8.0% +8.6% EBITDA 503.3 +7.5% Margin: 17.5% EBIT 404.1 +11.5% +40 BP Margin: 14.0% NET INCOME 303.0 +
Slide 5: Key Figures – P&L Statement (after IAS19 adjustment)
KEY FIGURES – P&L Statement (AFTER IAS19/IFRIC 14 ADJUSTMENT 2012 FIGURES) Achievement of Strategic Growth- and Profit Targets Growth Organic Margin CHF Mio. in CHF Growth Improvement SALES 2‘883 +8.0% +8.6% EBITDA 503.3 +15.4% +120 BP Margin: 17.5% EBIT 404.1 +22.4% +160 BP Margin: 14.0% NET INCOME
Slide 6: Key Figures – Balance Sheet
KEY FIGURES – Balance Sheet (FIGURES 2012 ADJUSTED IAS19/IFRIC14) Continuous substantial improvement of Equity and Net Liquidity Equity in CHF Mio. Equity B/S Ratio in % Net Liquidity in CHF Mio. as of 31.12.13 2'900 68.0% 750 67.9% 724 2'635 66.0% 2'400 650 64.0% 64.2% 1'900 550 62.0% 543 1'694 1'4
Slide 7: Key Figures – Share Price
KEY FIGURES – Share Price L&S creating shareholder value: +39.4% in 2013, +11% since 01.01.2014 Since January 2014 LINDT registered share LISN CHF 53‘395 (07.03.14) 56000 30.12.13 - 07.03.14: +11% Financial Year 2013 LISN CHF 48‘100.- 52000 as per 30.12.2012: +39.4% 48000 44000 40000 36000 32000 12.
Slide 8: Key Figures – Shareholder Return
KEY FIGURES – Shareholder Return Dividend Payment + 13 % vs. 2012 Payout Ratio 49% 1992 2010 2011 2012 2013 Dividend Reg. (CHF) 39 450 500 575 650* From Agio 500 535 555 From Retained Earnings 40 95 → Increase (CHF) 2 50 50 75 75 Dividend Yield Reg. 1.4% 1.5% 1.6% 1.7% 1.4% Payout Ratio Reg. 16.9%
Slide 9: Financial Year 2013 – Details of Financial Figures
FINANCIAL YEAR 2013 DETAILS OF FINANCIAL FIGURES
Slide 10: Sales Growth – Group
SALES GROWTH – Group Accelerated Organic Growth Increase p.a. in local Absolute in CHF Mio. currencies 3'000 2'883 2'500 2'670 2'579 2'489 2'000 1'500 1'000 500 7.3% 6.0% 6.8% 8.6% 0 2010 2011 2012 2013 10 Financial Analysts‘ Meeting March 11, 2014
Slide 11: Sales Growth 2013 – Main Markets
SALES GROWTH 2013 – Main Markets 2013: Above-average Organic Growth in main markets Switzerland (incl. Exports) + 7.6% Strong Growth of Key Brands Germany +7.5% LINDOR, EXCELLENCE, SAISON France +6.6% Great Britain +16.0% Italy -0.6% North America +11.4% 11 Financial Analysts‘ Meeting March 11, 2014
Slide 12: Sales Analysis – Markets
SALES ANALYSIS – Markets Total NNTS: CHF 2.883 bn 5.3% North America 7.3% Germany 30.1% France 7.5% CH incl. Exports 8.9% Italy Rest of the World Rest of Europe 10.9% UK 17.4% 12.6% 12 Financial Analysts‘ Meeting March 11, 2014
Slide 13: Sales – Growth Factors
SALES – Growth Factors Sales Growth mainly driven by Volume 10.0% 9.0% 8.0% 0.6% 7.0% 6.0% 5.0% 7.9% 8.6% 4.0% 8.0% 3.0% 2.0% 1.0% 0.7% 0.0% Price/Mix Volume Organic Forex Sales in CHF 13 Financial Analysts‘ Meeting March 11, 2014
Slide 14: Organic Growth by Region
ORGANIC GROWTH BY REGION L&S in Europe: +6.1% L&S in North America: +11.4% 8.0% 14.0% 7.0% 7.5% 12.0% 6.0% 6.6% 12.0% 10.0% 5.0% 4.0% 8.0% 8.9% 3.0% 3.3% 6.0% 2.0% ITA 4.0% 1.0% 2.0% 0.0% -0.6% -1.0% 0.0% CH Dom GER FRA ITA USA CA Lindt IT: +0.6% Lindt USA: +15.4% Caffarel: -3.8% Ghirardelli: +9.2%
Slide 15: Material Costs
MATERIAL COSTS Reduction by 250 BP – tailwinds from raw material prices Absolute in CHF Mio. in % Sales 1'000 940.0 940.0 943.2 800 892.4 600 400 200 36.4% 35.9% 35.2% 32.7% 0 2010 2011 2012 2013 15 Financial Analysts‘ Meeting March 11, 2014
Slide 16: Number of Employees & Sales per Employee
NUMBER OF EMPLOYEES & SALES PER EMPLOYEE Increase by 792 Employees driven by expansion in Production & Retail Avg. No. of employees Sales p. employee CHF (`000) 9'000 8'949 8'000 8'157 7'572 7'779 7'000 6'000 5'000 4'000 341 320 327 322 3'000 2010 2011 2012 2013 16 Financial Analysts‘ Meeting March
Slide 17: Personnel Expenses
PERSONNEL EXPENSES Slight increase in the expense ratio due to strong volume growth in CHF Mio. in % Sales 700 600 655 600 500 565 541 400 300 200 100 21.9% 21.7% 22.5% 22.7% 0 2010 2011 2012 (*) 2013 (*) adjusted IAS19/IFRIC14 17 Financial Analysts‘ Meeting March 11, 2014
Slide 18: Operating Expenses
OPERATING EXPENSES Continuous increase of marketing investments Absolute in CHF Mio. in % Sales 800 795 708 600 664 664 400 200 25.7% 25.9% 26.5% 27.6% 0 2010 2011 2012 2013 18 Financial Analysts‘ Meeting March 11, 2014
Slide 19: EBITDA
EBITDA Absolute Increase by +15.3% / Margin +120BP Absolute in CHF Mio. in % Sales 600 500 503 400 423 422 436 300 200 100 16.4% 17.0% 16.3% 17.5% 0 2010 2011 2012 (*) 2013 (*) adjusted IAS 19/IFRIC14 19 Financial Analysts‘ Meeting March 11, 2014
Slide 20: Capital Investments
CAPITAL INVESTMENTS Increase to keep pace with high volume growth Absolute in CHF Mio. 200 180 191.4 160 140 120 144.6 100 104.2 80 88.6 60 40 20 0 2010 2011 2012 2013 20 Financial Analysts‘ Meeting March 11, 2014
Slide 21: Depreciation & Impairments
DEPRECIATION & IMPAIRMENTS No material impairments in 2013 in % Sales Absolute in CHF Mio. 120 100 105.8 98.0 99.2 93.2 80 60 40 20 3.8% 3.7% 4.0% 3.4% 0 2010 2011 2012 2013 21 Financial Analysts‘ Meeting March 11, 2014
Slide 22: Operating Profit (EBIT)
OPERATING PROFIT (EBIT) Increase in Profit Margin + 160 BP - driven by strong sales and lower expenses Absolute in CHF Mio. in % Sales 400 404.1 300 325.3 328.7 330.1 200 100 12.6% 13.2% 12.4% 14.0% 0 2010 2011 2012 (*) 2013 (*) adjusted IAS19/IFRIC14 22 Financial Analysts‘ Meeting March 11, 2014
Slide 23: Net Income
NET INCOME Increase of Net Income Margin +130 BP Absolute in CHF Mio. in % Sales 350 300 303.0 250 241.9 246.5 244.9 200 150 100 50 9.4% 9.9% 9.2% 10.5% 0 2010 2011 2012 (*) 2013 (*) adjusted IAS19/IFRIC14 23 Financial Analysts‘ Meeting March 11, 2014
Slide 24: Net Liquidity – Development
NET LIQUIDITY – Development Record High Net-Liquidity Net Cash in CHF Mio. 1'200 1'000 129 191 419 130 44 800 2 724 600 543 400 486 200 0 2011 2012 Operating Capital CAPEX Dividend Share buy CTA/Other 2013 Cash Flow Increase back & Treasury Stock 24 Financial Analysts‘ Meeting March 11, 2014
Slide 25: Tax Rate
TAX RATE Record low – Future increases to be expected in % of income before taxes 26% 25% 25.6% 25.3% 25.0% 24% 24.5% 23% 22% 21% 20% 2010 2011 2012 (*) 2013 (*) adjusted IAS19/IFRIC14 25 Financial Analysts‘ Meeting March 11, 2014
Slide 26: Sustainable Sourcing
SUSTAINABLE SOURCING Lindt & Sprüngli Farming Program • Thanks to the traceability of cocoa beans, we can positively influence the local farming practices and community development • By 2016, more than 45‘000 cocoa farmers in Ghana will receive support in improving their agricultural, social and env
Slide 27: Financial Year 2013 – Outlook
FINANCIAL YEAR 2013 OUTLOOK
Slide 28: Outlook 2014 – Markets
OUTLOOK 2014 – Markets Ongoing challenging general conditions • Signs of a further stabilization of the economy • Volatile development in the important main currencies • Raw material prices to increase substantially • Continuous price pressure in the trade leading to moderate price adjustments Lindt
Slide 29: Outlook 2014 – Annual General Meeting 24.04.2014
OUTLOOK 2014 – Annual General Meeting 24.04.2014 Proposed election to the Board of Directors: Petra Schadeberg-Hermann Petra Schadeberg-Hermann (Dipl. Betriebswirtin) Proposed election of Ms. Petra Schadeberg- Hermann as a new member of the Board of Directors, in succession of Dr. Kurt Widmer • Mana
Slide 30: Outlook 2014 – Joint Venture L&S (Brazil) SA
OUTLOOK 2014 – Joint Venture L&S (BRAZIL) SA Lindt & Sprüngli expanding its successful retail concept into the Brazilian market Lindt & Sprüngli (Brazil ) Holding Ltd. Joint Venture Lindt & Sprüngli (Brazil) SA Lindt & Sprüngli CRM 51% 49% • Partner: CRM Gruppe with premium chocolate shops, Kopenhag
Slide 31: Outlook 2014
OUTLOOK 2014 Confirmation of Mid-/Long Term Growth and Profit Goals Organic Growth +6 – 8% +20 – 40 Operating Margin (EBIT) Basis Points Continued High Cash Generation 31 Financial Analysts‘ Meeting March 11, 2014
Slide 32: Swiss News 2014
SWISS NEWS 2014
Slide 33: Opening Swiss Chocolate Adventure – June 18, 2014
Opening Swiss Chocolate Adventure – June 18, 2014 Partnership between LINDT Chocolate Competence Foundation and „Verkehrshaus der Schweiz“ • Swiss Chocolate Adventure: Latest chocolate attraction of Switzerland as a multimedia experience in „Verkehrshaus “ • Visitors can discover everything about th
Slide 34: Lindt Swiss Chocolate Heaven – July 2014
LINDT Swiss Chocolate Heaven – July 2014 Top of Europe, Jungfraujoch • Highest point of sale of chocolate in the world at 3‘500 meters above sea level • LINDT Shop & multimedia LINDT Maître Chocolatier kitchen • Nearly 1 Mio. visitors per year (mainly from Asia) • Opening of the „Swiss Chocolate Hea
Slide 35: 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 36: Geschäftjahr 2012 – Kennzahlen
GESCHÄFTJAHR 2012 KENNZAHLEN Financial Analysts‘ Meeting March 11, 2014
Chocoladefabriken Lindt & Sprüngli — FY2013 Earnings Presentation on 6ix