Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN

Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — H1 2017 Earnings Presentation

22 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Jul 25, 2017

  1. Slide 1: Investor Presentation HY2017

    Investor Presentation HY2017 Maître Chocolatier Suisse Depuis 1845

  2. Slide 2: Agenda

    Agenda 1. Performance Highlights HY2017 2. P&L and B/S Details HY2017 3. Outlook 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 2017 2

  3. Slide 3: Performance Highlights HY2017

    Performance Highlights HY2017 Maître Chocolatier Suisse Depuis 1845

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

    P&L Statement L&S Group Organic growth of +3.6% and EBITDA-margin increase of +80 bp CHF million HY2016 HY2017 Growth in % Sales 1 501.5 1 548.7 +3.1% Organic growth +3.6% Organic growth w/o Russell Stover +6.6% 167.3 183.6 +9.7% EBITDA 11.9% 11.1% Margin 98.4 105.0 +6.7% EBIT 6.6% 6.8% Margin 72.2

  5. Slide 5: Balance sheet

    Balance sheet Strong Equity, Further Reduction of Net Debt Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million 3 800 60% 0 3 700 50% 3 600 3 674 3 697 40% 59.2% -200 3 500 57.1% 3 400 30% -338 3 300 20% -400 -473 3 200 10% 3 100 3 000 0% -600 YE 2016 HY 2017 YE 2016 HY

  6. Slide 6: P&L and B/S Details HY2017

    P&L and B/S Details HY2017 Maître Chocolatier Suisse Depuis 1845

  7. Slide 7: Sales analysis – 5 years in CHF

    Sales analysis – 5 years in CHF Increase in CHF by +3.1% Absolute in CHF million Growth rate in % 1 600 1 549 1 502 1 400 1 409 1 200 1 200 1 132 1 000 9.6% 6.0% 17.4% 6.6% 3.1% 800 HY2013 HY2014 HY2015 HY2016 HY2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 2017

  8. Slide 8: Sales analysis – 5 years in local currencies

    Sales analysis – 5 years in local currencies Organic Growth Excluding Russell Stover at +6.6% for HY 2016 & 2017 Absolute in CHF million Increase p.a. in local currencies (organic growth in %) 1 549 1 502 1 409 1 300 1 200 1 132 8.7% 9.2% 9.4% 4.4% 3.6% 800 HY2013 HY2014 HY2015 HY2016 HY2017 Investo

  9. Slide 9: Sales analysis - markets

    Sales analysis - markets Total NNTS CHF 14.9% 1.549bn 36.0% 6.3% ● North America ● Germany 5.7% ● France ● CH excl. Exports 6.6% ● Italy ● UK 8.7% 4.9% 9.2% 9.4% ● Rest4.4% of Europe 6.8% 9.2% 16.4% ● Rest of the World Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 20

  10. Slide 10: Sales analysis - drivers

    Sales analysis - drivers Positive Price/Mix Impact 5% 4% 1.6% 3.6% - 0.5% 3% 3.1% 2% 2.0% 1% 0% Volume Price / Mix Organic Forex Reported in CHF Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 2017 10

  11. Slide 11: Sales analysis – segment information

    Sales analysis – segment information Above-average Organic Growth in Europe and Rest of World Europe NAFTA Rest of World 765 575 240 +6.0% +14.0% 760 230 570 +0.8% 755 760 220 231 750 569 565 210 745 560 200 +10.2% 740 +5.7% -3.0% 190 735 739 558 194 555 730 180 725 550 170 HY 2016 HY 2017 HY 2016 H

  12. Slide 12: Material costs – changes in inventories

    Material costs – changes in inventories Decreased Ratio by -110 bp 600 Absolute in CHF million In % sales 500 510 525 524 400 423 379 300 200 100 33.4% 35.2% 36.2% 34.9% 33.8% 0 HY2013 HY2014 HY2015 HY2016 HY2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 2017 12

  13. Slide 13: Personnel expenditure

    Personnel expenditure Increased Ratio by 70 bp partially driven by Retail expansion In CHF million 450 In % Sales 400 416 394 350 373 300 306 309 250 200 150 100 50 27.0% 25.8% 26.5% 26.2% 26.9% 0 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis

  14. Slide 14: Operating / marketing expenses

    Operating / marketing expenses Continued High Marketing Investments In CHF million 500 In % Sales 400 422 433 384 338 348 300 200 100 29.8% 29.0% 27.2% 28.1% 28.0% 0 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 2017 14

  15. Slide 15: Depreciation, amortization and impairment

    Depreciation, amortization and impairment Higher Depreciation Ratio by +50 bp due to Increased Capacity CAPEX Absolute in CHF million 80 In % Sales 79 69 60 59 49 51 40 20 4.3% 4.2% 4.2% 4.6% 5.1% 0 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depui

  16. Slide 16: Operating profit (EBIT)

    Operating profit (EBIT) Continued Margin Improvement: +20 bp Absolute in CHF million 120 In % Sales 100 105 98 80 91 77 60 66 40 20 +XXX 5.8% +XXX 6.4% +XXX 6.4% +XXX 6.6% +XXX 6.8% 0 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25t

  17. Slide 17: Net income

    Net income Higher Financial Charges, Decrease in Tax Rate Absolute in CHF million 80 In % Sales 76 72 60 65 56 49 40 20 +XXX 4.3% +XXX 4.7% +XXX 4.6% +XXX 4.8% +XXX 4.9% 0 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845 July 25th, 2017 17

  18. Slide 18: Operating cash flow & capex

    Operating cash flow & capex Strong Operating Cash Flow Operating Cash Flow in CHF million 400 CAPEX in CHF million 344 300 308 200 237 211 171 100 +XXX 84 +XXX 105 +XXX 104 +XXX 125 +XXX 86 0 HY 2013 HY 2014 HY 2015 HY 2016 HY 2017 Investors Presentation HY2017 Maître Chocolatier Suisse Depuis 1845

  19. Slide 19: Net financial position − development

    Net financial position − development Further Reduction of Net Debt Net Cash in CHF million 0 -41 -40 -129 88 -209 -249 -335 -338 -200 -473 344 -86 -2 -400 -600 31.12.2016 Operating Cash Capital Increase Dividend Capital CTA/Other 30.06.2017 Flow Expenditure Investors Presentation HY2017 Maître Choco

  20. Slide 20: Outlook 2017

    Outlook 2017 Maître Chocolatier Suisse Depuis 1845

  21. Slide 21: Outlook environment 2017

    Outlook environment 2017 Outlook - Summary ● Premium chocolate market to continue its positive trend ● Lindt & Sprüngli’s strong global brands and strategic business actions to result in continued market share gains ● Efficiency- and cost improvement programs already in place to lead to additional c

  22. Slide 22: 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.

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