Further acceleration in volume growth
(Thomson Reuters ONE) -
Barry Callebaut AG / Further acceleration in volume growth processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Barry Callebaut reports sales for the first nine months of fiscal year 2009/10
Further acceleration in volume growth
* Third quarter: sales volumes gained further momentum, up 11.3%
- Year-to-date: sales volume increased by 8.9% to 975,044 tonnes
* Third quarter: sales revenue up 19.4% in local currencies (+15.9% in CHF)
- Year-to-date: sales revenue grew 11.7% in local currencies and reached CHF
3,926.4 million (+7.9% in CHF)
* Gourmet & Specialties Products recorded an above-average volume growth of
25.6% in the third quarter and of 20.3% year-to-date
* Three-year financial targets[1] confirmed
Group key sales figures for the first nine months of fiscal year 2009/10
+-------------------------+-----+-------------+---------------+---------------+
|GROUP | |Change (in %)| Nine months up| Nine months up|
| | | |to May 31, 2010|to May 31, 2009|
+-------------------------+-----+-------------+---------------+---------------+
|Sales volume |mt | 8.9| 975,044| 895,391|
+-------------------------+-----+-------------+---------------+---------------+
|Sales revenue |CHF m| 7.9| 3,926.4| 3,638.9|
| in local currencies| | 11.7| | |
+-------------------------+-----+-------------+---------------+---------------+
Zurich/Switzerland, June 30, 2010 - Barry Callebaut AG, the world's leading
manufacturer of high-quality cocoa and chocolate products, today announced its
key sales figures for the first nine months of fiscal year 2009/10, ended May
31, 2010. Sales volume for the period under review came in at 975,044 tonnes, up
8.9%. Following the robust growth of 8.5% in the second quarter of the current
fiscal year, sales volume growth accelerated to 11.3% in the third quarter .
Key volume growth drivers in the first nine months of the current fiscal year
were above-average growth rates in emerging markets, the ongoing implementation
of outsourcing contracts and market share gains. All regions contributed to the
overall strong volume growth. The most significant volume increases were noted
in Region Asia-Pacific (+20.9%) and Region Americas (+16.8%). In terms of
product groups, Gourmet & Specialties Products recorded an excellent volume
growth of 20.3%. Barry Callebaut's growth was in sharp contrast to the flat
development of the global chocolate market for the period from September 2009 to
April 2010 [Source: Nielsen]. In the first nine months of fiscal year 2009/10,
sales revenue in local currencies increased by 11.7%. In Swiss francs, the
company's reporting currency, sales revenue rose 7.9% and came in at CHF
3,926.4 million.
Outlook
Juergen Steinemann, CEO of Barry Callebaut, said: "We are very proud of our
significant sales volume growth in the first nine months of the current fiscal
year. In the third quarter we managed to further accelerate our pace of growth.
We have benefited from our targeted expansion to emerging chocolate markets,
such as Eastern Europe, China, Mexico and Brazil, where we inaugurated our first
chocolate factory in South America in May 2010. Starting from our solid
foundation in Western Europe and North America, we are now in an even better
position to tap the growth potential of the most dynamic chocolate markets in
the world. In addition, we are particularly pleased with the excellent
development of our high-margin Gourmet & Specialties Products business. We still
expect an unfavorable forward combined cocoa ratio[2] as well as negative
currency translation effects in the coming months. However, based on our focused
growth strategy and supported by the ongoing outsourcing trend, we are confident
that we will continue to significantly outperform the global chocolate market
and be able to achieve our three-year financial targets[1]."
Development of the global chocolate market*
From September 2009 to April 2010 the global chocolate confectionery market was
flat in volume terms. In the period from February to April 2010, it began to
recover and grew 3.5% in volume, driven primarily by major markets in Western
Europe (+3.2%) and the U.S. (+7.3%) as well as emerging markets such as China
(+22.9%) and Brazil (+9.8%). On the other hand, Eastern Europe still showed a
negative growth rate, mainly due to volume decreases in Russia (-3.1%).
*Source: Nielsen, Sept 2009 - April 2010
Overview of sales performance by Region in the first nine months of fiscal year
2009/10
Global Sourcing & Cocoa[3]
Market prices at cocoa terminal markets stabilized at a record high level in the
second and third quarter of Barry Callebaut's current fiscal year. Prices are
likely to remain high and volatile. The world sugar price has been extremely
volatile over the last nine months and is expected to stay at the currently low
level. The sugar price in the regulated EU region, where Barry Callebaut mainly
sources its sugar, is expected to remain flat. As of March 2010, dairy prices
increased significantly but stabilized at a relatively high level compared to
last year. Barry Callebaut's business model enabled the company to cope well
with this situation of high prices and high volatility because it allows the
company to pass on raw material costs to customers for about 80% of the sales
volume (cost plus model).
In the period under review, Global Sourcing & Cocoa increased the volume of
cocoa products sold to third-party customers by 9.4% to 156,915 tonnes. Grinding
capacity utilization in the market increased due to the strong demand for cocoa
powder while demand for cocoa butter was low, leading to an oversupply. The
(forward) combined cocoa ratio remained under pressure because the higher cocoa
powder prices could not compensate for the low cocoa butter prices. The combined
cocoa ratio is expected to stay unfavorable in the months ahead. Sales revenue
came in at CHF 689.7 million - a strong increase in local currencies of 26.9%
(+25.9% in CHF), partly as a result of higher cocoa bean prices.
Region Europe
Region Europe maintained its growth momentum and posted a sales volume increase
of 5.5% to 572,060 tonnes for the first nine months of the current fiscal year.
Both Western and Eastern Europe recorded a strong third quarter although the
economic recovery of Russia, one of the Eastern European key markets, is lagging
behind. The contribution from Gourmet & Specialties products, as a result of
acquisitions, market share gains and an increased focus on this business, was
particularly noteworthy and confirmed the trend already seen in the previous two
quarters. Sales revenue in Region Europe reached CHF 2,350.9 million, up 4.4% in
local currencies. Negative currency translation effects resulted in a sales
revenue growth rate in CHF terms of 0.7%.
Region Americas
Supported by improved consumer confidence in the U.S. and a fast upswing in key
markets of South America after the global economic crisis, sales volume growth
was very high at +16.8% vs. the same prior-year period to 210,540 tonnes. The
growth primarily stems from Barry Callebaut's Food Manufacturer products due to
the good performance of corporate accounts and further volumes phased in under
existing outsourcing contracts. Sales of Gourmet & Specialties Products also
went up strongly, benefiting from increasing at-home consumption while
restaurant sales are still low. Production at Barry Callebaut's new chocolate
factory in Extrema, Brazil, commenced in June. Sales revenue for Region Americas
went up 23.0% in local currencies (+16.0% in CHF) and amounted to CHF 733.4
million for the 9-month period under review.
Region Asia-Pacific
The chocolate markets of Asia-Pacific are generally recovering, except Japan.
While premium and value-for-money chocolate products are growing, demand for
mid-priced consumer chocolate products has not picked up yet. In the period
under review Barry Callebaut's Region Asia-Pacific posted a strong sales volume
growth of 20.9% to 35,529 tonnes, driven primarily by Food Manufacturer
products, which recorded high orders throughout the entire region. Gourmet &
Specialties products benefited from the first signs of uptrading, the return of
gifting as well as the weak euro. These factors led to solid volume growth in
Gourmet & Specialties products in all countries and brands, both locally
produced and imported. Primarily as a result of higher sales volume, sales
revenue increased by 25.0% in local currencies (+21.6% in CHF) and amounted to
CHF 152.4 million.
Development by Product Group in the first nine months of fiscal year 2009/10
Cocoa Products
See "Global Sourcing & Cocoa".
Food Manufacturer Products
Food Manufacturer Products showed a sales volume increase of 9.6% to 614,372
tonnes. All regions contributed to this growth, in particular the NAFTA
countries and Asia-Pacific. Most of the growth was attributable to the good
performance of corporate accounts and the ongoing implementation of outsourcing
contracts. Sales revenue grew by 11.0% in local currencies (+6.0% in CHF) and
amounted to CHF 2,026.7 million.
Gourmet & Specialties Products
Gourmet & Specialties Products sales volume went up significantly by 20.3% to
103,350 tonnes. All regions contributed to the growth, which was driven by
organic growth as well as by the acquisition of Eurogran and Chocovic. The
European brands performed particularly well, also supported by the favorable EUR
exchange rates. Sales revenue increased 20.6% in local currencies (+16.6% in
CHF), reaching CHF 553.2 million.
Consumer Products
Consumer Products sales volume slightly increased in the third quarter. Over the
9-month period under review sales volume decreased by 5.0% to 100,407 tonnes
partly as a consequence of the divestment of the consumer business in
Asia-Pacific last year. The business was able to further improve its sales
outside its home market Germany. Tablets, pralines and chocolate bars performed
well, whereas seasonal products lost volumes. Sales revenue amounted to CHF
656.9 million - a decrease of 4.3% in local currencies and of 6.7% in CHF.
* * *
Barry Callebaut (www.barry-callebaut.com):
With annual sales of about CHF 4.9 billion for fiscal year 2008/09, Zurich-based
Barry Callebaut is the world's leading manufacturer of high-quality cocoa and
chocolate - from the cocoa bean to the finished product on the store shelf.
Barry Callebaut is present in 26 countries, operates more than 40 production
facilities and employs about 7,500 people. The company serves the entire food
industry, from food manufacturers to professional users of chocolate (such as
chocolatiers, pastry chefs or bakers), to global retailers. 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. The company is actively engaged in
initiatives and projects that contribute to a more sustainable cocoa supply
chain.
* * *
Financial calendar for fiscal year 2009/10 (September 1, 2009 to August
31, 2010):
Full-year results 2009/10 (news release & conference) November 4, 2010, Zurich
Annual General Meeting 2009/10 December 7, 2010, Zurich
* * *
Contacts
for investors and financial analysts: for the media:
Evelyn Nassar, Head of Investor Relations Gaby Tschofen, VP Corp. Communications
Barry Callebaut AG Barry Callebaut AG
Telefon: +41 43 204 04 23 Telefon: +41 43 204 04 60
evelyn_nassar(at)barry-callebaut.com gaby_tschofen(at)barry-callebaut.com
* * *
Key sales figures for the Barry Callebaut Group for the first nine months of
fiscal year 2009/10 (unaudited)
+----------------+------+----------------------------+------------+------------+
| | | Change in % | | |
| | +--------------+-------------+ Nine months| Nine months|
| | | in local| in reporting| up to May| up to May|
| | | currencies| currency| 31, 2010| 31, 2009*|
+----------------+------+--------------+-------------+------------+------------+
| GROUP | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Sales volume |Tonnes| | 8.9%| 975,044| 895,391|
+----------------+------+--------------+-------------+------------+------------+
|Sales revenue |CHF m | 11.7%| 7.9%| 3,926.4| 3,638.9|
+----------------+------+--------------+-------------+------------+------------+
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|BY REGION | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Global Sourcing | | | | | |
|& Cocoa | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Sales volume |Tonnes| | 9.4%| 156,915| 143,391|
+----------------+------+--------------+-------------+------------+------------+
|Sales revenue |CHF m | 26.9%| 25.9%| 689.7| 547.8|
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Europe | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Sales volume |Tonnes| | 5.5%| 572,060| 542,373|
+----------------+------+--------------+-------------+------------+------------+
|Sales revenue |CHF m | 4.4%| 0.7%| 2,350.9| 2,333.6|
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Americas | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Sales volume |Tonnes| | 16.8%| 210,540| 180,240|
+----------------+------+--------------+-------------+------------+------------+
|Sales revenue |CHF m | 23.0%| 16.0%| 733.4| 632.2|
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Asia-Pacific | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Sales volume |Tonnes| | 20.9%| 35,529| 29,387|
+----------------+------+--------------+-------------+------------+------------+
|Sales revenue |CHF m | 25.0%| 21.6%| 152.4| 125.3|
| | | | | | |
+----------------+------+--------------+-------------+------------+------------+
+----------------+------+--------------+-------------+------------+------------+
|BY PRODUCT GROUP| | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Industrial | | | | | |
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| Sales volume |Tonnes| | 9.6%| 771,287| 703,770|
+----------------+------+--------------+-------------+------------+------------+
| Cocoa Products|Tonnes| | 9.4%| 156,915| 143,391|
+----------------+------+--------------+-------------+------------+------------+
| Food |Tonnes| | 9.6%| 614,372| 560,379|
|Manufacturer | | | | | |
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| Sales revenue |CHF m | 14.5%| 10.4%| 2,716.3| 2,460.2|
+----------------+------+--------------+-------------+------------+------------+
| Cocoa Products|CHF m | 26.8%| 25.9%| 689.6| 547.9|
+----------------+------+--------------+-------------+------------+------------+
| Food |CHF m | 11.0%| 6.0%| 2,026.7| 1,912.3|
|Manufacturer | | | | | |
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
+----------------+------+--------------+-------------+------------+------------+
| Food Service / | | | | | |
|Retail Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| Sales volume |Tonnes| | 6.3%| 203,757| 191,621|
+----------------+------+--------------+-------------+------------+------------+
| Gourmet & |Tonnes| | 20.3%| 103,350| 85,875|
|Specialties | | | | | |
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| Consumer |Tonnes| | (5.0%)| 100,407| 105,746|
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
|Sales revenue |CHF m | 5.8%| 2.7%| 1,210.1| 1,178.7|
+----------------+------+--------------+-------------+------------+------------+
| Gourmet & |CHF m | 20.6%| 16.6%| 553.2| 474.6|
|Specialties | | | | | |
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
| Consumer |CHF m | (4.3%)| (6.7%)| 656.9| 704.1|
|Products | | | | | |
+----------------+------+--------------+-------------+------------+------------+
* Certain comparatives have been restated to confirm with the current period's
presentation
--------------------------------------------------------------------------------
[1] Three-year growth targets for 2009/10-2011/12: on average 6-8% volume growth
and average EBIT growth in local currencies at least in line with volume growth,
barring any major unforeseen event.
[2] The "combined cocoa ratio" is the combined sales price for cocoa butter and
cocoa powder relative to the cocoa bean price.
[3] Please note that the figures reported under "Global Sourcing & Cocoa"
include all sales of cocoa products (also called "semi-finished products") to
third-party customers in all regions while the figures shown under the
respective Region show all chocolate sales.
The complete news release can be downloaded from the following link:
[HUG#1428268]
--- End of Message ---
Barry Callebaut AG
P.O. Box Zurich null
WKN: 914661;ISIN: CH0009002962;
Press Release (PDF): http://hugin.info/100441/R/1428268/375763.pdf
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All reproduction for further distribution is prohibited.
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Datum: 30.06.2010 - 07:00 Uhr
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