investor conference half year 2019 - lindt & sprüngli...maître chocolatier suisse depuis 1845...
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Maître Chocolatier Suisse Depuis 1845
Investor ConferenceHalf Year 2019
Maître Chocolatier Suisse Depuis 1845
1. Performance Highlights HY 2019
2. P&L and B/S Details HY 2019
3. Outlook 2019
4. Raw Materials
Agenda
July 23, 2019HY 2019 Investor Presentation 2
Maître Chocolatier Suisse Depuis 1845
1. Performance Highlights HY 2019
Maître Chocolatier Suisse Depuis 1845
P&L Statement L&S Group
July 23, 2019HY 2019 Investor Presentation
CHF million HY 2018 HY 2019 Growth in %
SalesOrganic growth
1 668.2 1 757.8 +5.4%+6.2%
EBITDAMargin
203.612.2%
253.214.4%
+24.4%
EBITMargin
117.17.0%
126.27.2%
+7.8%
Net IncomeMargin
86.05.1%
88.15.0%
+2.4%
Organic growth of +6.2% and EBIT-margin increase of +20 bp
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Maître Chocolatier Suisse Depuis 1845
Balance sheet(Opening balance as of January 1, 2019 after IFRS 16 change)
July 23, 2019HY 2019 Investor Presentation
57.8% 57.3%
50%
52%
54%
56%
58%
60%
01.01.2019 30.06.2019
-529
-781
-900
-800
-700
-600
-500
-400
-300
-200
-100
0
01.01.2019 30.06.2019
Total Assets in CHF million Equity B/S Ratio in % Net Financial Position in CHF million
Solid balance sheet and equity ratio
7 765
7 179
6 8006 9007 0007 1007 2007 3007 4007 5007 6007 7007 8007 900
01.01.2019 30.06.2019
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Maître Chocolatier Suisse Depuis 1845
2. P&L and B/S Details HY 2019
Maître Chocolatier Suisse Depuis 1845
1 4091 502
1 5491 668
1 758
800
1 000
1 200
1 400
1 600
1 800
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Sales analysis – 5 years in local currencies
July 23, 2019HY 2019 Investor Presentation
Good organic growth within guidanceAbsolute in CHF millionIncrease p.a. in local currencies (organic growth in %)
5.1%4.4%9.4% 3.6% 6.2%
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Maître Chocolatier Suisse Depuis 1845
1 4091 502
1 5491 668
1 758
800
1 000
1 200
1 400
1 600
1 800
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Sales analysis – 5 years in CHF
July 23, 2019HY 2019 Investor Presentation
Increase by +5.4% due to strengthening of CHFAbsolute in CHF millionGrowth rate in %
7.7%6.6%17.4% 3.1% 5.4%
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Maître Chocolatier Suisse Depuis 1845
Sales analysis - markets
July 23, 2019HY 2019 Investor Presentation
4.4%9.2%8.7% 9.4% 6.8%
Total Sales CHF
1.76bn● North America
● Germany
● France
● CH excl. Exports
● Italy
● UK
● Rest of Europe
● Rest of the World
35.5%
16.7%8.9%
4.4%
6.4%
6.3%
7.0%
14.8%
Increased share in North America and Rest of Europe
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Maître Chocolatier Suisse Depuis 1845
5.6%6.2%
5.4%
0.6% 0.8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Volume Price / Mix Organic Forex Reported in CHF
Sales analysis - drivers
July 23, 2019HY 2019 Investor Presentation
Slight increase of price/mix
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Maître Chocolatier Suisse Depuis 1845
Organic growth in %Absolute in CHF million
Sales analysis – segment information
July 23, 2019HY 2019 Investor Presentation
5.0% 5.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
HY 2018 HY 2019
856 874
4.0%
7.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
HY 2018 HY 2019
623564
8.4% 8.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
HY 2018 HY 2019
261248
Europe North America Rest of the World
North America accelerating in HY 2019
Number above column: sales of respective period
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Maître Chocolatier Suisse Depuis 1845
510 525 524 559 562
0
100
200
300
400
500
600
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Material costs – incl. changes in inventories
July 23, 2019HY 2019 Investor Presentation
Material expenses at record low levelAbsolute in CHF millionIn % sales
33.5%34.9%36.2% 33.8% 32.0%
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Maître Chocolatier Suisse Depuis 1845
Cocoa prices and butter ratio
22.5% 22.7% 21.2% 21.7%22.1%
Cocoa Beans Prices in GBP t Butter Ratio
July 23, 2019HY 2019 Investor Presentation
1 350
1 450
1 550
1 650
1 750
1 850
1 950
Jan. 18 Mrz. 18 Mai. 18 Jul. 18 Sep. 18 Nov. 18 Jan. 19 Mrz. 19 Mai. 192.60
2.65
2.70
2.75
2.80
2.85
2.90
2.95
3.00
3.05
Butter Ratio Cocoa Liffe
Jun. 19
13
Maître Chocolatier Suisse Depuis 1845
373 394 416443 464
0
50
100
150
200
250
300
350
400
450
500
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Personnel expenditure
July 23, 2019HY 2019 Investor Presentation
Continuous efficiency gains, partly offset by higher costs in Retail
26.5% 26.2% 26.9% 26.4%26.6%
In CHF millionIn % Sales
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Maître Chocolatier Suisse Depuis 1845
384422 433
471 486
0
100
200
300
400
500
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Operating expenses
July 23, 2019HY 2019 Investor Presentation
Continued high marketing investments, impact from new IFRS Leasing Standard
27.2% 28.1% 28.0% 27.6%28.2%
In CHF millionIn % Sales
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Maître Chocolatier Suisse Depuis 1845
5969
7987
127
0
20
40
60
80
100
120
140
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Depreciation, amortization and impairment
July 23, 2019HY 2019 Investor Presentation
Higher depreciation ratio by due to new IFRS Leasing Standard
4.2% 4.6% 5.1% 7.2%5.2%
Absolute in CHF millionIn % Sales
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Maître Chocolatier Suisse Depuis 1845
Operating profit (EBIT)
July 23, 2019HY 2019 Investor Presentation
Continued margin improvement: +20 bp
+XXX +XXX +XXX +XXX+XXX
9198
105117
126
0
20
40
60
80
100
120
140
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
6.4% 6.8% 7.0% 7.2%6.6%
Absolute in CHF millionIn % Sales
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Maître Chocolatier Suisse Depuis 1845
Net income
July 23, 2019HY 2019 Investor Presentation
Higher financial charges, decrease in Tax Rate
+XXX +XXX +XXX +XXX+XXX
6572
7686 88
0
20
40
60
80
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
4.6% 4.9% 5.1% 5.0%4.8%
Absolute in CHF millionIn % Sales
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Maître Chocolatier Suisse Depuis 1845
Capex
July 23, 2019HY 2019 Investor Presentation
Continued high investments
+XXX +XXX +XXX +XXX+XXX
104
125
86
117
100
0
20
40
60
80
100
120
140
HY 2015 HY 2016 HY 2017 HY 2018 HY 2019
Operating Cash Flow in CHF millionCAPEX in CHF million
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Maître Chocolatier Suisse Depuis 1845
Net financial position − development
July 23, 2019HY 2019 Investor Presentation
Increase of net debt due to new Leasing Standard and the share buyback program
-13 -131
-781*
-516 -529398
-10042 -237
-336
-19-800
-700
-600
-500
-400
-300
-200
-100
0
31.12.2018 Impact newLeasingStandard
01.01.2019 OperatingCash Flow
CapitalExpenditure
CapitalIncrease
Dividendpaid
Share BuyBack
CTA/Other 30.06.2019
Net Cash in CHF million
298Free Cash Flow
573Return to Shareholder
*265 million excl. IFRS 16
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Maître Chocolatier Suisse Depuis 1845
3. Outlook 2019
Maître Chocolatier Suisse Depuis 1845
The Group confirms its mid- to long-term goal of an organic sales growth target of5 – 7% combined with an average increase in EBIT of 20 – 40 basis points.
For the 2019 financial year, the Group expects organic sales and profit growth to be in those targeted mid- to long-term brackets
Outlook - Summary
July 23, 2019HY 2019 Investor Presentation 22
Maître Chocolatier Suisse Depuis 1845
Disclaimer
July 23, 2019HY 2019 Investor Presentation
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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Maître Chocolatier Suisse Depuis 1845
4. Raw MaterialsJune 2019
Maître Chocolatier Suisse Depuis 1845
Cocoa crop – grinding balance
Cocoa beans in ‘000 t
22.5% 22.7% 21.2% 21.7%22.1%
July 23, 2019HY 2019 Investor Presentation 25
Maître Chocolatier Suisse Depuis 1845
Cocoa prices and butter ratio
22.5% 22.7% 21.2% 21.7%22.1%
Cocoa Beans Prices in GBP t Butter Ratio
July 23, 2019HY 2019 Investor Presentation
1 350
1 450
1 550
1 650
1 750
1 850
1 950
Jan. 18 Mrz. 18 Mai. 18 Jul. 18 Sep. 18 Nov. 18 Jan. 19 Mrz. 19 Mai. 192.60
2.65
2.70
2.75
2.80
2.85
2.90
2.95
3.00
3.05
Butter Ratio Cocoa Liffe
Jun. 19
26
Maître Chocolatier Suisse Depuis 1845
Cocoa product prices 2018 - 2019
22.5% 22.7% 21.2% 21.7%22.1%
Cocoa London Cocoa NY Butter ratio
July 23, 2019HY 2019 Investor Presentation
1 350
1 450
1 550
1 650
1 750
1 850
1 950
Jan.
18
Mrz
. 18
Mai
. 18
Jul.
18
Sep.
18
Nov
. 18
Jan.
19
Mrz
. 19
Mai
. 19
GBP
/t
Jun.
19 2.60
2.70
2.80
2.90
3.00
Jan.
18
Mai
. 18
Sep.
18
Jan.
19
Mai
. 19
Jun.
19
1 850
1 950
2 050
2 150
2 250
2 350
2 450
2 550
2 650
2 750
2 850
Jan.
18
Mai
. 18
Sep.
18
Jan.
19
Mai
. 19
USD
/t
Jun.
19
27
Maître Chocolatier Suisse Depuis 1845
Nut & almond prices 2018 - 2019
22.5% 22.7% 21.2% 21.7%22.1%
Hazelnuts Almonds
July 23, 2019HY 2019 Investor Presentation
5 200
5 700
6 200
6 700
7 200
7 700
8 200
Jan.
18
Mrz
. 18
Mai
. 18
Jul.
18
Sep.
18
Nov
. 18
Jan.
19
Mrz
. 19
Mai
. 19
USD
/t
Jun.
19
6 500
7 000
7 500
Jan.
18
Mrz
. 18
Mai
. 18
Jul.
18
Sep.
18
Nov
. 18
Jan.
19
Mrz
. 19
Mai
. 19
USD
/t
Jun.
19
28
Maître Chocolatier Suisse Depuis 1845
Milk prices 2018 - 2019
Milk powder 26% in EUR
July 23, 2019HY 2019 Investor Presentation
1 600
2 000
2 400
2 800
3 200
3 600
4 000
4 400
4 800
5 200
5 600
6 000
Jan
18
Feb
18
Mrz
18
Apr 1
8
Mai
18
Jun
18
Jul 1
8
Aug
18
Sep
18
Okt
18
Nov
18
Dez
18
Jan
19
Feb
19
Mrz
19
Apr 1
9
Mai
19
Jun
19
Ref. VMP CH AMI VMP EU AMI VMP World
3’355
2’985
5’446
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Maître Chocolatier Suisse Depuis 1845
Sugar prices 2018 - 2019
Sugar (prices in USD / Ton)
22.5% 21.2%
July 23, 2019HY 2019 Investor Presentation
300
400
500
600
700
800
900
Jan
18
Feb
18
Mrz
18
Apr 1
8
Mai
18
Jun
18
Jul 1
8
Aug
18
Sep
18
Okt
18
Nov
18
Dez
18
Jan
19
Feb
19
Mrz
19
Apr 1
9
Mai
19
Jun
19
CH EU Market USA West coast beat sugar Liffe
926
655
345
321
30