Maître Chocolatier Suisse Depuis 1845
Investor PresentationHY2017
Maître Chocolatier Suisse Depuis 1845
1. Performance Highlights HY2017
2. P&L and B/S Details HY2017
3. Outlook 2017
Agenda
July 25th, 2017Investors Presentation HY2017 2
Maître Chocolatier Suisse Depuis 1845
Performance Highlights HY2017
Maître Chocolatier Suisse Depuis 1845
P&L Statement L&S Group
July 25th, 2017Investors Presentation HY2017 4
CHF million HY2016 HY2017 Growth in %
SalesOrganic growthOrganic growth w/o Russell Stover
1 501.5 1 548.7 +3.1%+3.6%+6.6%
EBITDAMargin
167.311.1%
183.611.9%
+9.7%
EBITMargin
98.46.6%
105.06.8%
+6.7%
Net IncomeMargin
72.24.8%
76.34.9%
+5.7%
Organic growth of +3.6% and EBITDA-margin increase of +80 bp
Maître Chocolatier Suisse Depuis 1845
Balance sheet
July 25th, 2017Investors Presentation HY2017
57.1%59.2%
0%
10%
20%
30%
40%
50%
60%
YE 2016 HY 2017
-473
-338
-600
-400
-200
0
YE 2016 HY 2017
Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million
Strong Equity, Further Reduction of Net Debt
5
3 674 3 697
3 000
3 100
3 200
3 300
3 400
3 500
3 600
3 700
3 800
YE 2016 HY 2017
Maître Chocolatier Suisse Depuis 1845
P&L and B/S Details HY2017
Maître Chocolatier Suisse Depuis 1845
1 1321 200
1 4091 502
1 549
800
1 000
1 200
1 400
1 600
HY2013 HY2014 HY2015 HY2016 HY2017
Sales analysis – 5 years in CHF
July 25th, 2017Investors Presentation HY2017 7
Increase in CHF by +3.1%Absolute in CHF millionGrowth rate in %
6.6%6.0%9.6% 17.4% 3.1%
Maître Chocolatier Suisse Depuis 1845
1 1321 200
1 4091 502
1 549
800
1 300
HY2013 HY2014 HY2015 HY2016 HY2017
Sales analysis – 5 years in local currencies
July 25th, 2017Investors Presentation HY2017 8
Organic Growth Excluding Russell Stover at +6.6% for HY 2016 & 2017Absolute in CHF millionIncrease p.a. in local currencies (organic growth in %)
4.4%9.2%8.7% 9.4% 3.6%
Maître Chocolatier Suisse Depuis 1845
Sales analysis - markets
July 25th, 2017Investors Presentation HY2017 9
4.4%9.2%8.7% 9.4% 6.8%
Total NNTS CHF
1.549bn● North America
● Germany
● France
● CH excl. Exports
● Italy
● UK
● Rest of Europe
● Rest of the World
36.0%
16.4%9.2%
4.9%
6.6%
5.7%
6.3%
14.9%
Maître Chocolatier Suisse Depuis 1845
2.0%
3.6%3.1%
1.6% 0.5%
0%
1%
2%
3%
4%
5%
Volume Price / Mix Organic Forex Reported in CHF
Sales analysis - drivers
July 25th, 2017Investors Presentation HY2017 10
Positive Price/Mix Impact
-
Maître Chocolatier Suisse Depuis 1845
Sales analysis – segment information
July 25th, 2017Investors Presentation HY2017
739
760
725
730
735
740
745
750
755
760
765
HY 2016 HY 2017
+5.7%
+6.0%
569
558
550
555
560
565
570
575
HY 2016 HY 2017
-3.0%
+0.8%
194
231
170
180
190
200
210
220
230
240
HY 2016 HY 2017
+14.0%
+10.2%
Europe NAFTA Rest of World
Above-average Organic Growth in Europe and Rest of World
11
Percentage above column: organic growth of respective period
Maître Chocolatier Suisse Depuis 1845
379423
510 525 524
0
100
200
300
400
500
600
HY2013 HY2014 HY2015 HY2016 HY2017
Material costs – changes in inventories
July 25th, 2017Investors Presentation HY2017 12
Decreased Ratio by -110 bpAbsolute in CHF millionIn % sales
34.9%35.2%33.4% 36.2% 33.8%
Maître Chocolatier Suisse Depuis 1845
306 309
373394
416
0
50
100
150
200
250
300
350
400
450
HY 2013 HY 2014 HY 2015 HY 2016 HY 2017
Personnel expenditure
July 25th, 2017Investors Presentation HY2017
Increased Ratio by 70 bp partially driven by Retail expansion
27.0% 25.8% 26.5% 26.9%26.2%
13
In CHF millionIn % Sales
Maître Chocolatier Suisse Depuis 1845
338 348384
422 433
0
100
200
300
400
500
HY 2013 HY 2014 HY 2015 HY 2016 HY 2017
Operating / marketing expenses
July 25th, 2017Investors Presentation HY2017
Continued High Marketing Investments
29.8% 29.0% 27.2% 28.0%28.1%
14
In CHF millionIn % Sales
Maître Chocolatier Suisse Depuis 1845
49 5159
69
79
0
20
40
60
80
HY 2013 HY 2014 HY 2015 HY 2016 HY 2017
Depreciation, amortization and impairment
July 25th, 2017Investors Presentation HY2017
Higher Depreciation Ratio by +50 bp due to Increased Capacity CAPEX
4.3% 4.2% 4.2% 5.1%4.6%
15
Absolute in CHF millionIn % Sales
Maître Chocolatier Suisse Depuis 1845
Operating profit (EBIT)
July 25th, 2017Investors Presentation HY2017
Continued Margin Improvement: +20 bp
+XXX +XXX +XXX +XXX+XXX
6677
9198
105
0
20
40
60
80
100
120
HY 2013 HY 2014 HY 2015 HY 2016 HY 2017
5.8% 6.4% 6.6% 6.8%6.4%
16
Absolute in CHF millionIn % Sales
Maître Chocolatier Suisse Depuis 1845
Net income
July 25th, 2017Investors Presentation HY2017
Higher Financial Charges, Decrease in Tax Rate
+XXX +XXX +XXX +XXX+XXX
4956
6572 76
0
20
40
60
80
HY 2013 HY 2014 HY 2015 HY 2016 HY 2017
4.3% 4.6% 4.8% 4.9%4.7%
17
Absolute in CHF millionIn % Sales
Maître Chocolatier Suisse Depuis 1845
Operating cash flow & capex
July 25th, 2017Investors Presentation HY2017
Strong Operating Cash Flow
+XXX +XXX +XXX +XXX+XXX
211171
308
237
344
0
100
200
300
400
HY 2013 HY 2014 HY 2015 HY 2016 HY 2017
84 104 125 86105
18
Operating Cash Flow in CHF millionCAPEX in CHF million
Maître Chocolatier Suisse Depuis 1845
Net financial position − development
July 25th, 2017Investors Presentation HY2017
Further Reduction of Net Debt
-473
-129-41 -40
-249-335 -338
344
88-209
-86-2
-600
-400
-200
0
31.12.2016 Operating CashFlow
Capital Increase Dividend CapitalExpenditure
CTA/Other 30.06.2017
19
Net Cash in CHF million
Maître Chocolatier Suisse Depuis 1845
Outlook 2017
Maître Chocolatier Suisse Depuis 1845
● 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 cash generation
● Partial re-investment of savings from scale, efficiencies, raw materials and cost reduction programs into future growth● The Group expects accelerated growth in the second half of 2017
Outlook environment 2017
July 25th, 2017Investors Presentation HY2017 21
Outlook - Summary
The Group confirms its mid/long term goal of an organic sales growth target of6 – 8% combined with an increase in EBIT of 20 – 40 basis points
For the business year 2017, Lindt & Sprüngli expects organic sales slightly below last year and a further improvement in the EBIT margin
Maître Chocolatier Suisse Depuis 1845
Disclaimer
July 25th, 2017Investors Presentation HY2017 22
This presentation contains forward looking statements which reflect Management‘s currentviews and estimates. The forward looking statements involve certain risks and uncertaintiesthat could cause actual results to differ materially from those contained in the forward lookingstatements. Potential risks and uncertainties include such factors as general economicconditions, foreign exchange- and commodity price fluctuations, competitive product andpricing pressures and regulatory developments.
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