Chocoladefabriken Lindt & Spruengli Ag · SIX:LISN
Chocoladefabriken Lindt & Spruengli — Chocoladefabriken Lindt & Sprüngli — H1 2015 Earnings Presentation
24 slides from Chocoladefabriken Lindt & Spruengli's earnings presentation, Aug 18, 2015
Slide 1: Lindt & Sprüngli
HA LINDT & SPRUNGLI
Slide 2: Half-Year 2015 Investor Presentation
HALF-YEAR 2015 Investor Presentation
Slide 3: Agenda
AGENDA 1. Performance Highlights HY2015 2. P&L and B/S Details HY2015 3. Outlook 2015 4. Questions & Answers Investors Presentation - HY2015 August 18, 2015 3
Slide 4: Performance Highlights HY2015
PERFORMANCE HIGHLIGHTS HY2015
Slide 5: P&L Statement L&S Group
P&L STATEMENT L&S GROUP +17.4% Sales Growth of the Lindt & Sprüngli Group INCLUDING Russell Stover Y-o-Y Growth CHF million HY2014 HY2015 in CHF Organic Sales 1 199.9 1 408.9 +17.4% +9.4% EBITDA 128.0 149.8 +17.1% Margin 10.7% 10.6% EBIT 77.1 90.6 +17.5% Margin 6.4% 6.4% Net Income 55.8 65.0 +16.5%
Slide 6: Sales Analysis − Markets
SALES ANALYSIS − MARKETS 6.1% 5.5% Total NNTS CHF 8.0% 1.409bn 38.7% (p.y. 27%) ● North America incl. RS 6.9% ● Germany ● France ● CH incl. Exports ● Italy 10.2% ● Rest of the World ● Rest of Europe 9.5% ● UK 15.1% Investors Presentation - HY2015 August 18, 2015 6
Slide 7: Balance Sheet
BALANCE SHEET Reduction of Net Debt Despite Continuous Capex and Dividend Payment Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million 70.0% 3 100 -50 60.0% 3 002 2 819 50.0% 53.8% -250 52.2% 2 600 40.0% -450 30.0% 2 100 20.0% -650 -755 10.0% -844 1 600 0.0% -850 31.12.2
Slide 8: Sales Analysis − Segment Information
SALES ANALYSIS − SEGMENT INFORMATION Continued High Pace of Growth in all Three Geographical Segments Europe NAFTA (excl. RS) Rest of World 8.0% 16.0% 20.0% 18.2% 6.9% 6.9% 13.7% 16.0% 6.0% 12.0% 10.3% 12.0% 4.0% 8.0% 11.3% 8.0% 2.0% 4.0% 4.0% 0.0% 0.0% 0.0% HY2014 HY2015 HY2014 HY2015 HY2014 HY2015
Slide 9: P&L and B/S Details HY2015
P&L AND B/S DETAILS HY2015 LINDT & SPRUNGLI
Slide 10: Sales Analysis − 5 Years in CHF
SALES ANALYSIS − 5 YEARS IN CHF Increase in CHF by 17.4% Y-o-Y (Including Russell Stover) Absolute in CHF million Growth in % 1 500 1 400 1 409 1 300 1 200 1 200 1 100 1 132 1 000 1 033 1 007 900 -4.5% 2.6% 9.6% 6.0% 17.4% 800 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August
Slide 11: Sales Analysis − 5 Years in Local Currencies
SALES ANALYSIS − 5 YEARS IN LOCAL CURRENCIES Continued Strong Organic Growth of 9.4% of Lindt & Sprüngli on a Standalone Basis Absolute in CHF million Increase p.a. in local currencies (organic growth in %) 1 300 1 409 1 200 1 200 1 100 1 099 1 000 1 011 960 900 6.1% 5.3% 8.7% 9.2% 9.4% 800 HY2011 H
Slide 12: Sales Analysis − Drivers
SALES ANALYSIS − DRIVERS Organic Sales Growth Driven by Volumes and Price/Mix − Significant Forex-Impact 18.0% 16.0% 17.4% +15.5% 14.0% 12.0% 10.0% 8.0% 9.4% -7.5% +3.0% 6.0% 6.4% 4.0% 2.0% 0.0% Volume Price/Mix Organic Forex Acquisition Reported in CHF Investors Presentation - HY2015 August 18, 201
Slide 13: Material Costs − Changes in Inventories
MATERIAL COSTS − CHANGES IN INVENTORIES Material Costs Including Changes in Inventories Increased by 100 BP Absolute in CHF million In % Sales 600 500 510 400 423 379 354 358 300 200 100 35.2% 34.7% 33.4% 35.2% 36.2% 0 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18, 201
Slide 14: Personnel Expenditure
PERSONNEL EXPENDITURE Increase of Personnel Expenses Driven by Russell Stover In CHF million In % Sales 400 373 300 306 309 267 277 200 100 26.5% 26.8% 27.0% 25.8% 26.5% 0 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18, 2015 14
Slide 15: Operating/Marketing Expenses
OPERATING/MARKETING EXPENSES Decrease in Expense Ratio Partly Driven by Russell Stover In CHF million In % Sales 400 384 338 348 300 301 309 200 100 29.9% 30.0% 29.8% 29.0% 27.2% 0 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18, 2015 15
Slide 16: Operating Profit (EBIT)
OPERATING PROFIT (EBIT) EBIT Margin Remaining Stable vs. P.Y. Absolute in CHF million In % Sales 100 91 80 77 60 66 40 46 42 20 4.2% 4.5% 5.8% 6.4% 6.4% 0 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18, 2015 16
Slide 17: Net Income
NET INCOME Financial Charges Unchanged and Tax Rate Slightly up due to RS Acquisition Absolute in CHF million In % Sales 60 65 56 49 40 35 32 20 3.2% 3.4% 4.3% 4.7% 4.6% 0 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18, 2015 17
Slide 18: Operating Cash Flow & Capex
OPERATING CASH FLOW & CAPEX Strong Operating CF Generation and Ongoing High Capex to Support Further Growth Operating Cash Flow in CHF million CAPEX in CHF million 300 308 200 228 211 171 159 100 42 65 84 105 104 0 HY2011 HY2012 HY2013 HY2014 HY2015 Investors Presentation - HY2015 August 18, 2015 18
Slide 19: Net Financial Position − Development
NET FINANCIAL POSITION − DEVELOPMENT Net Financial Position Improved by CHF 89 Million in HY2015 Net Cash in CHF million 0 -200 -400 -755 -536 57 -600 -166 -104 -6 -800 -844 308 -1 000 31.12.2014 Operating Capital Dividend Capital CTA/Other 30.06.2015 Cash Flow Increase Expenditure Investors Present
Slide 20: Outlook 2015
BHA LINDT & SPRUNGLI
Slide 21: Outlook Environment 2015
OUTLOOK ENVIRONMENT 2015 Challenging General Conditions ● Positive economic outlook in North America ● Subdued consumer sentiment in Europe ● Transaction/Translation impact from SNB decision ● Continued challenge from continuously increasing cocoa beans ● Trade partners competing on price limiting p
Slide 22: Questions & Answers
QUESTIONS & ANSWERS LINDT & SPRUNGLI
Slide 23: Half-Year 2015 − Investor Presentation
Half-Year 2015 − Investor Presentation
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.
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