Full Year 2019 Sales Results January 14, 2020 · FY 2019 Sales Results January 14, 2020 This...

Maître Chocolatier Suisse Depuis 1845

Full Year 2019 Sales Results

January 14, 2020


1. FY 2019 Sales Results

2. Profit Guidance 2019

3. Outlook 2020 and beyond

4. Q&A

Agenda

January 14, 2020FY 2019 Sales Results 2


1. FY 2019 Sales Results


3 6533 901

4 0884 313

4 509

2 000

2 500

3 000

3 500

4 000

4 500

5 000

2015 2016 2017 2018 2019

Sales analysis – 5 years in local currencies

January 14, 2020FY 2019 Sales Results

Good organic growth within guidance (1st HY 2019: 6.2% and 2nd HY 2019: 5.9%)

Absolute in CHF millionIncrease p.a. in local currencies (organic growth in %)

5.1%6.0%7.1% 3.7% 6.1%

4


3 6533 901

4 0884 313

4 509

2 000

2 500

3 000

3 500

4 000

4 500

5 000

2015 2016 2017 2018 2019

Sales analysis – 5 years in CHF


Growth of +4.5% in 2019 restrained by strengthening of CHF

Absolute in CHF millionGrowth rate in %

5.5%6.8%7.9% 4.8% 4.5%

5


Organic growth in %Absolute in CHF million

Sales analysis – segment information


5.6% 6.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2018 2019

2 078 2 146 2.8%

5.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2018 2019

1 762

1 658

10.3%

7.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2018 2019

600577

Europe North America Rest of the World

Europe and RoW strong, North America accelerating

Number at bottom of column: sales of respective period

6


Sales analysis - markets


4.4%9.2%8.7% 9.4% 6.8%

Total Sales CHF

4.51bn

● North America

● Germany

● France

● CH excl. Exports

● Italy

● UK

● Rest of Europe

● Rest of the World

39.1%

15.1%9.3%

3.7%

6.0%

5.9%

7.6%

13.3%

Increased importance of North America and Rest of Europe

7


2. Profit Guidance 2019


Streamlining for growth in USA


• Logistics network: Impairment and closure of warehouses

• Production footprint: Planned closure of one factory in Colorado,reduction from 6 to 5 factories in US

• Retail stores: Impairment of around 50 stores of which around half areplanned to be closed in 2020 and 2021 (no renewal of lease)

• Merchandising: Outsourcing of services to 3rd party

Actions


Profit impact 2019


• EBIT margin: before restructuring / impairments: In line with guidance after restructuring / impairments: Reduction of around 180 BPs

• Net Income Margin: No impact• Earnings per Share: No impact• Free Cash Flow: No impact

Summary

Impact3

• Swiss Tax Reform: Step up and depreciation of IP, Tax asset booked in 2019• Swiss Federal Court Decision of July 2019 recovery of flat-rate tax credit• Other tax benefits in 2019

Total around CHF 60 Mio benefit

Tax at

Group level2

• Impact of around CHF 60 Mio net of tax in 2019 (approx. CHF 80 Mio impact on EBIT)

US

restructuring &

impairment1


3. Outlook 2020 and beyond


The Group confirms its mid- to long-term goal of an organic sales growth target of

5 – 7% combined with an average increase in EBIT of 20 – 40 basis points.

Benefits of 2019 Restructuring/Impairments will be reinvested in future growth.

Outlook - Summary



4. Q&A


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. Potential risks and uncertainties include such factors as general economic

conditions, foreign exchange- and commodity price fluctuations, competitive product and

pricing pressures and regulatory developments.

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