Good start in a recovering market environment
(Thomson Reuters ONE) -
Barry Callebaut AG /
Good start in a recovering market environment
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The issuer is solely responsible for the content of this announcement.
* Sales volume up by 5.6%
* Sales revenue up by 14.2% in local currencies (+4.9% in CHF)
* Growth driven by Gourmet & Specialties Products, emerging markets as well as
Cocoa Products
Group key sales figures for Q1 of fiscal year 2010/11
-------------+------------------------------------------------------------------
| Change (%) Three months up Three months up
| to Nov 30, 2010 to Nov 30, 2009
-------------+------------------------------------------------------------------
Sales volume | Tonnes 5.6% 383,222 362,973
-------------+------------------------------------------------------------------
Sales revenue| CHF m 4.9% 1,521.8 1,450.2
|
|in local currencies 14.2%
-------------+------------------------------------------------------------------
Zurich/Switzerland, January 12, 2011 - Barry Callebaut AG, the world's leading
manufacturer of high-quality cocoa and chocolate products, today announced its
key sales figures for Q1 of fiscal year 2010/11, ended November 30, 2010. Sales
volume increased considerably by 5.6% to 383,222 tonnes, driven by the Gourmet &
Specialties Products business as well as the good performance of emerging
markets and the Cocoa Products business. Sales revenue went up significantly by
14.2% in local currencies. Due to unfavorable exchange rate developments, in
particular the strengthening of the Swiss franc against the euro and the US
dollar, sales revenue in the reporting currency (CHF) was negatively affected
and rose 4.9% to CHF 1,521.8 million.
Juergen Steinemann, CEO of Barry Callebaut, said: "As expected, the general
economic growth momentum continued to pick up, but with geographic variations:
Whereas emerging markets again showed gratifying GDP growth rates, the economic
environment in Western Europe and North America was mixed but still better
overall. Under these market circumstances and despite significant negative
currency effects, we were able to achieve good volume and sales revenue growth.
We are particularly pleased with the growth of our Gourmet business, our
performance in emerging markets such as Eastern Europe and Asia-Pacific as well
as the positive momentum of our cocoa products sales to global customers. We are
confident that, based on our recently fine-tuned strategy, we will continue to
significantly outperform the global chocolate market and achieve our extended
financial targets.[1]"
Sales performance by Region in Q1 of fiscal year 2010/11
Region Europe
Overall, the economy in Western Europe is picking up. Eastern European economies
are performing well, especially Russia showed first signs of recovery.[2] Sales
volume in the Region went up by 3.0% to 222,708 tonnes, mainly driven by strong
double-digit growth rates of the Food Manufacturers Products business in Eastern
Europe. The Gourmet & Specialties Products business showed a good performance in
the entire Region. The bakery segment was flat, whereas HORECA sales (hotels,
restaurants, catering) are recovering. More demand was seen for premium
products. Overall, sales revenue rose by 7.5% in local currencies. Due to the
strength of the Swiss franc versus the euro, sales revenue declined 4.5% in CHF
terms to CHF 876.3 million.
Region Americas
The economic environment in the Region has improved although high unemployment
rates, especially in the U.S., are having an impact on consumer spending. Latin
American countries continued to show high GDP growth rates, but inflation is
also on the rise. In a very competitive market environment, Region Americas was
able to increase sales volume by 2.0% to 78,368 tonnes. In North America, the
Food Manufacturers business was driven by the good performances of the corporate
accounts. Sales revenue in local currencies surged 11.9% but was negatively
affected by currency translation effects. In Swiss francs, sales revenue rose by
7.9% to CHF 268.2 million.
Region Asia-Pacific
The general economic conditions continue to improve in the Region. The Chinese
economy is still growing at around 9% but with a high inflation rate. Region
Asia-Pacific was able to benefit from the generally favorable economic
environment and increased its sales volume by 9.2% to 13,582 tonnes. The main
growth driver was the Food Manufacturers Products business. Good growth was seen
in China. Gourmet & Specialties Products business saw strong demand for both
premium European brands as well as for the local brands. Sales revenue grew by
double digits with a plus of 19.1% in local currencies and 18.2% in the
reporting currency, closing at CHF 62.3 million.
Global Sourcing & Cocoa[3]
Cocoa terminal market prices moved in a bandwidth from GBP 1,850 to 1,950 per
tonne in the period under review, down from historical highs in the last quarter
of fiscal year 2009/10. Nevertheless, cocoa prices are still on high long-term
average levels and very volatile on a daily basis. Prices on the world sugar
markets soared to new record highs due to a third deficit in a row. The sugar
price in the regulated EU region, where Barry Callebaut sources the majority of
its sugar supplies, also moved up significantly. World as well as European
market prices for milk powder increased at the beginning of the period under
review. This was followed by downward corrections and - due to increasing demand
- prices have begun to rise again and are expected to stabilize around the
historical average.
The segment Global Sourcing & Cocoa significantly increased the volume of cocoa
products sold to third-party customers by 19.2% to 68,564 tonnes. The higher
sales were driven by increased sales of semi-finished products and cocoa bean
deliveries to global customers, especially in Europe and Asia-Pacific. Driven by
high cocoa powder prices, sales revenue of Global Sourcing & Cocoa amounted to
CHF 315.0 million, which corresponds to an increase of 42.3% in local currencies
and a plus of 36.0% in Swiss francs. As already apparent in the previous
quarter, the (Forward) Combined Cocoa Ratio further improved.
Development by Product Group in Q1 of fiscal year 2010/11
Cocoa Products
See "Global Sourcing & Cocoa"
Food Manufacturers Products
Sales volume of Food Manufacturers Products business increased by 4.0% to
241,354 tonnes. The growth came from all Regions, and showed significant double-
digit rates in emerging markets. There was an increased demand for compounds and
fillings as well as specialties products in the industrial business. Negative
currency translation effects had a significant influence on sales revenue. In
local currencies sales revenue grew by 12.4%, whereas the growth in Swiss francs
was 2.6%, up to CHF 791.3 million.
Gourmet & Specialties Products
Gourmet & Specialties Products business grew its sales volume by 6.0% to 39,218
tonnes, driven by Eastern and Western Europe as well as Asia-Pacific. Especially
the global Gourmet brands enjoyed good growth and helped to increase volumes.
Sales revenue in local currencies increased significantly by 13.1% in the period
under review. However, due to negative currency effects, growth in Swiss francs
was 3.8% to CHF 211.4 million.
Consumer Products
In an overall flat market, sales volume of Consumer Products business declined
by 6.5% to 34,086 tonnes in the first quarter of the current fiscal year.
Business outside Germany showed good growth rates, particularly in Eastern
Europe as well as in Switzerland, the British Isles and in Spain. Seasonal
products and bars performed well, but tablets were under pressure due to strong
price promotion activities in the market. Overall, branded business gained
market share over private label business. Sales revenue of this product group
came in at CHF 204.1 million, down 6.0% in local currencies and 16.1% lower in
the reporting currency due to significant currency translation effects.
Financial calendar for fiscal year 2010/11 (September 1, 2010 to August
31, 2011):
-----------------------------------------------------+-------------------------
Half-year results 2010/11 (news release / |April 1, 2011, Zurich
conference) |
-----------------------------------------------------+-------------------------
9-month key sales figures 2010/11 (news release) |June 30, 2011
-----------------------------------------------------+-------------------------
Full-year results 2010/11 (news release / |November 10, 2011, Zurich
conference) |
-----------------------------------------------------+-------------------------
Annual General Meeting 2010/11 |December 8, 2011, Zurich
-----------------------------------------------------+-------------------------
***
Barry Callebaut (www.barry-callebaut.com):
With annual sales of about CHF 5.2 billion / EUR 3.6 billion / USD 4.9 billion
for fiscal year 2009/10, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the
finest finished product. 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.
***
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
Key sales figures for the Barry Callebaut Group for Q1 of fiscal year 2010/11
(unaudited)
-----------------+--------------------------------------------------------------
| Change in %
| ---------------+-------------
| in local|in reporting Three Three months up
| currencies| currency months up to Nov 30, 2009
| | to Nov
| | 30, 2010
-----------------+---------------------+----------------------------------------
Group | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 5.6 383,222 362,973
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 14.2| 4.9 1,521.8 1,450.2
-----------------+---------------------+----------------------------------------
| |
| |
By Region | |
| |
Europe | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 3.0 222,708 216,217
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 7.5| (4.5) 876.3 917.4
-----------------+---------------------+----------------------------------------
| |
| |
Americas | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 2.0 78,368 76,816
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 11.9| 7.9 268.2 248.5
-----------------+---------------------+----------------------------------------
| |
| |
Asia-Pacific | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 9.2 13,582 12,440
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 19.1| 18.2 62.3 52.7
-----------------+---------------------+----------------------------------------
| |
| |
Global Sourcing &| |
Cocoa | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 19.2 68,564 57,499
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 42.3| 36.0 315.0 231.6
-----------------+---------------------+----------------------------------------
| |
| |
By Product Group | |
| |
Cocoa Products | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 19.2 68,564 57,499
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 42.3| 36.0 315.0 231.6
-----------------+---------------------+----------------------------------------
| |
| |
Food | |
Manufacturers | |
Products | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 4.0 241,354 232,022([4])
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 12.4| 2.6 791.3 771.5([4])
-----------------+---------------------+----------------------------------------
| |
| |
Gourmet & | |
Specialties | |
Products | |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | 6.0 39,218 36,999
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m 13.1| 3.8 211.4 203.7
-----------------+---------------------+----------------------------------------
| |
| |
Consumer Products| |
-----------------+---------------------+----------------------------------------
Sales volume |Tonnes | (6.5) 34,086 36,453([4])
-----------------+---------------------+----------------------------------------
Sales revenue | CHF m (6.0)| (16.1) 204.1 243.4([4])
-----------------+---------------------+----------------------------------------
--------------------------------------------------------------------------------
[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 major unforeseen event.
[2] Source: Global Economic Outlook Summary, J.P. Morgan, Dec 10, 2010.
[3] 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.
([4] )Figures have been restated to conform to the current period's
presentation. The adjustments relate to a shift of Consumer Products business
volumes to the Food Manufacturers Products business in the light of the carve-
out exercise.
The complete news release can be downloaded from the following link:
--- End of Message ---
Barry Callebaut AG
P.O. Box Zurich
WKN: 914661;ISIN: CH0009002962;
Press Release (PDF):
http://hugin.info/100441/R/1477056/414637.pdf
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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
[HUG#1477056]
Unternehmensinformation / Kurzprofil:
Datum: 12.01.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 50372
Anzahl Zeichen: 19644
contact information:
Town:
Zurich
Kategorie:
Business News
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