Barry Callebaut:Outperforming the market in a challenging environment
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Barry Callebaut AG /
Barry Callebaut:Outperforming the market in a challenging environment
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Barry Callebaut's 3-month key sales figures of fiscal year 2011/12
* Sales volume up 2.6%; sales revenue up 5.0% in local currencies (-4.1% in
CHF)
* Closing of various projects delivering on strategic direction, including new
outsourcing agreement with Mexican Grupo Bimbo
* Growth targets confirmed[1]
Group key sales figures for the first 3 months of fiscal year 2011/12 - from
continuing operations
------------+-------------------------------------------------------------------
| Change in %
| ----------------+---------------
| in local| in reporting Three months Three months up
| currencies| currency up to Nov. to Nov.
| | 30, 2011 30, 2010[2]
------------+----------------------+--------------------------------------------
Sales volume|Tonnes | 2.6 362,637 353,277
------------+----------------------+--------------------------------------------
Sales | CHF m 5.0| (4.1) 1,273.1 1,326.9
revenue | |
------------+----------------------+--------------------------------------------
Zurich/Switzerland, January 17, 2012 - Barry Callebaut AG, the world's leading
manufacturer of high-quality cocoa and chocolate products, outperformed the
global chocolate market[3] with sales volume growth of 2.6% in the first three
months of fiscal year 2011/12, ended November 30, 2011. Region Americas grew by
double-digits whereas Region Asia-Pacific recorded slower growth and Region
Europe slightly decreased. The Food Manufacturers Products business grew at
+4.5% and the Gourmet & Specialties Products business increased volume by 3.4%.
Quarterly sales revenue outpaced volume growth with a gain of +5.0% in local
currencies, -4.1% after translation into Swiss francs.
Juergen Steinemann, CEO of Barry Callebaut, said: "After an expected soft start
in the first two months of our fiscal year, we saw volume growth picking up in
both our industrial as well as our Gourmet segment. Despite a challenging
environment, we outperformed the market. We made excellent progress in our
projects leading us further in the right strategic direction."
Region Europe - Difficult market environment in Western Europe, good growth in
Eastern Europe
Sales volume in Region Europe decreased by 0.8% to 191,832 tonnes. The debt
crisis in Europe negatively impacted consumer sentiment, especially in Southern
Europe.
In Eastern Europe, sales volume continued to grow strongly - driven by Poland,
Russia and the Baltic States. However, Eastern Europe could not fully compensate
for the slight volume decrease in Western Europe. Overall, sales revenue in
Region Europe increased by 1.2% in local currencies. In reporting currency, it
declined by 8.2% due to negative currency impacts.
Region Americas - Strong growth across all regional markets and segments
Barry Callebaut achieved broad-based growth in all regional markets and across
all segments. Overall, sales volumes in Region Americas grew strongly at +17.6%
to 91,763 tonnes. The Food Manufacturers Products business volume rose double-
digit, driven both by national and corporate accounts. Barry Callebaut's Gourmet
business strongly increased sales volume thanks to market share gains with local
and global brands. Sales revenue grew 18.0% in local currencies and 6.9% in the
reporting currency.
Region Asia-Pacific - Industrial growth limited by available capacity, strong
Gourmet performance
Barry Callebaut increased its sales volume in Region Asia-Pacific by 2.7% to
13,735 tonnes led by strong performances in India, Indonesia and Malaysia.
Growth in the Food Manufacturers Products business was constrained by tight
capacity. Production capacity is being expanded in Singapore to support the
company's further growth in the Region. The temporary production downtimes
caused by the installation of new capacity also restrained growth during the
period under review. The Gourmet & Specialties Products business significantly
increased its sales volume driven by the global Gourmet brands Callebaut(®) and
Cacao Barry(®), both of which grew at double-digit rates. Sales revenue grew
1.5% in local currencies and decreased by 4.6% in CHF.
Global Sourcing & Cocoa[4] - Higher internal demand and capacity expansions
Cocoa terminal market prices continuously moved downward from levels slightly
over GBP 1,900 to close at GBP 1,465 on November 30, 2011. This price decrease
was due to the recent bumper crop in 2010/11 and the good start of the current
cocoa campaign, as well as financial investors taking short positions and a
generally well-stocked industry. A better-than-expected sugar crop in Brazil and
a good start of the campaigns in Russia and India led to a downward correction
of prices on the world sugar market. The sugar price in the regulated EU region
for the 2011/12 campaign stayed on its historically high level as seen
throughout most of the previous campaigns. Market prices for milk powder moved
sideways at historically high average levels.
Sales volume of the segment Global Sourcing & Cocoa decreased by 4.5% to 65,307
tonnes. Both higher internal demand for cocoa powder and ongoing capacity
expansions at existing factories - which caused some down-time - led to lower
sales to third-party customers. Sales revenue went up 3.2% in local currencies
driven by high cocoa powder prices at the moment when contracting the business,
decreasing by 4.1% in reporting currency.
Delivering on strategic direction
In the past months, Barry Callebaut closed various projects, delivering on its
strategic direction: The company entered into a joint venture with P.T. Comextra
Majora, a leading exporter of cocoa from Indonesia, to build a new cocoa
processing facility in Makassar (Indonesia), including a long-term cocoa supply
agreement. Barry Callebaut closed the sale of its European Consumer Products
business Stollwerck to the Belgian Baronie Group at the end of September. More
recently, the company acquired La Morella Nuts S.A., a Spanish manufacturer of
nut ingredients. This makes Barry Callebaut a European leader in nut-based
products, which are an ideal complement to the company's existing Gourmet and
Food Manufacturers Products business. Barry Callebaut also signed a long-term
outsourcing agreement with Grupo Bimbo SAB de CV. Under the terms of this
agreement, the company will supply the Mexican plants of Grupo Bimbo with up to
32,000 tonnes of chocolate and compound products annually.
In addition, in December 2011 Standard & Poor's Ratings Services assigned a BBB-
credit rating (Investment Grade) to Barry Callebaut AG, up from BB+.
Outlook - Growth picking up and confident about reaching targets
Juergen Steinemann, CEO Barry Callebaut, on the outlook: "We recently saw growth
picking up in our key markets. Based on our underlying business in combination
with the implementation of strategic projects, we are confident we will reach
our financial targets[1] ."
Financial calendar for fiscal year 2011/12 (September 1, 2011 to August
31, 2012):
------------------------------------------------------+------------------------
Half-year results 2011/12 (news release & conference)|April 2, 2012, Zurich
------------------------------------------------------+------------------------
9-month key sales figures 2011/12 (news release) |July 5, 2012
------------------------------------------------------+------------------------
Full-year results 2011/12 (news release & conference)|November 7, 2012, Zurich
------------------------------------------------------+------------------------
Annual General Meeting 2011/12 |December 5, 2012, Zurich
------------------------------------------------------+------------------------
***
--------------------------------------------------------------------------------
[1] Four-year growth targets for 2009/10-2012/13: On average 6-8% volume growth
and average EBIT growth in local currencies at least in line with volume growth
- barring any unforeseen events.
[2] Due to the discontinuation of the European Consumer Products business
certain comparatives have been restated to conform with the current period's
presentation.
[3] Source: Nielsen September 2011 until November 2011. The global chocolate
market declined by 0.7%.
[4] The figures reported under "Global Sourcing & Cocoa" include all sales of
cocoa products to third-party customers in all Regions while the figures shown
under the respective Region show all chocolate sales.
***
Barry Callebaut (www.barry-callebaut.com):
With annual sales of about CHF 4.6 billion (EUR 3.6 billion/USD 5.0 billion) for
fiscal year 2010/11, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the
finished chocolate product. Barry Callebaut is present in 27 countries, operates
around 40 production facilities and employs a diverse and dedicated workforce of
about 6,000 people. Barry Callebaut serves the entire food industry focusing on
industrial food manufacturers, artisans and professional users of chocolate
(such as chocolatiers, pastry chefs or bakers), the latter with its two global
brands Callebaut(®) and Cacao Barry(®). Barry Callebaut is the global leader in
cocoa and chocolate innovations and provides a comprehensive range of services
in the fields of product development, processing, training and marketing. Cost
leadership is another important reason why global as well as local food
manufacturers work together with Barry Callebaut. Through its broad range of
sustainability initiatives and research activities, the company works with
farmers, farmer organizations and other partners to help ensure future supplies
of cocoa and improve farmer livelihoods.
***
Contacts
for investors and financial analysts: for the media:
Evelyn Nassar Raphael Wermuth
Head of Investor Relations External Communications Manager
Barry Callebaut AG Barry Callebaut AG
Phone: +41 43 204 04 23 Phone: +41 43 204 04 58
evelyn_nassar(at)barry-callebaut.com raphael_wermuth(at)barry-callebaut.com
***
Group key sales figures for the first 3 months of fiscal year 2011/12 - from
continuing operations: see table in attached version of the press release.
The news release can be downloaded from the following link:
Press Release (PDF):
http://hugin.info/100441/R/1577981/492166.pdf
Link to Barry Callebaut homepage:
http://www.barry-callebaut.com/7840
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Barry Callebaut AG via Thomson Reuters ONE
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