Growing twice as fast as the market
(Thomson Reuters ONE) -
Barry Callebaut AG /
Growing twice as fast as the market
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The issuer is solely responsible for the content of this announcement.
Barry Callebaut - Half-year results, fiscal year 2010/11
* Sales volume up by 7.1%
* EBIT up by 11.4% in local currencies (+4.0% in CHF); net profit up by 17.1%
in local currencies (+9.0% in CHF)
* Emerging markets and Cocoa Products for strategic partners the main growth
drivers
* Confirmation of four-year growth targets up to 2012/13[1]
Group key figures for first half of fiscal year 2010/11
------------------------+------------------------+---------------+--------------
| Change (%) | |
+-----------------+------+ Six months up| Six months up
| in local|in CHF| to| to
| currencies| | Feb 28, 2011| Feb 28, 2010
-----------------+------+-----------------+------+---------------+--------------
Sales volume |Tonnes| | 7.1%| 706,570| 659,536
-----------------+------+-----------------+------+---------------+--------------
Sales revenue | CHF m| 13.2%| 3.1%| 2,737.9| 2,656.5
-----------------+------+-----------------+------+---------------+--------------
Operating Profit | CHF m| 11.4%| 4.0%| 217.1| 208.8
(EBIT) | | | | |
-----------------+------+-----------------+------+---------------+--------------
EBIT/Tonne | CHF| 4.0%|(2.9%)| 307.3| 316.6
-----------------+------+-----------------+------+---------------+--------------
Net profit for | CHF m| 17.1%| 9.0%| 158.8| 145.7
the period (PAT) | | | | |
-----------------+------+-----------------+------+---------------+--------------
Zurich/Switzerland, April 1, 2011 - Barry Callebaut AG, the world's leading
manufacturer of high-quality cocoa and chocolate products, grew twice as fast as
the global chocolate market in the first half of fiscal year 2010/11, ended
February 28: Sales volume increased by 7.1% to 706,570 tonnes while the global
chocolate market grew by +3.6%[2]. Emerging markets and Cocoa Products for
strategic partners were the main growth drivers. Food Manufacturers Products and
Gourmet & Specialties Products showed good growth.
The strong Swiss franc - Barry Callebaut's reporting currency - affected the
overall good results both on sales revenue and on profit level. Sales revenue
went up to CHF 2,737.9 million, an increase of +3.1% (+13.2% in local
currencies). Due to good cost control as well as a favorable combined cocoa
ratio[3], Barry Callebaut achieved significant operational improvements:
Operating profit (EBIT) was up by 4.0% to CHF 217.1 million (+11.4% in local
currencies). As a result of lower financial expenses and favorable tax rates,
net profit rose to CHF 158.8 million, up by 17.1% in local currencies (+9.0% in
CHF).
Juergen Steinemann, CEO of Barry Callebaut, said: "Once again, we managed to
significantly outperform the global chocolate market by growing twice as fast.
We are pleased that our growth was particularly strong in emerging markets. All
strategic Product Groups showed good momentum, resulting in double-digit profit
growth in local currencies. In recent months, we faced a challenging political
situation in Côte d'Ivoire, the world's most important cocoa growing country. In
order to avoid supply problems we have put in place a contingency plan and
stepped up our sourcing and production activities in other countries. We believe
we have taken those steps necessary to enable us to honor our customer contracts
and meet our commitments during 2011. However, our primary concern during this
difficult time is the safety and welfare of our employees and everyone living in
Côte d'Ivoire. We remain committed to the cocoa farming communities and hope for
a peaceful resolution of the current situation."
Outlook
Barry Callebaut is confident that its good performance in the past six months
will continue in the second half of fiscal year 2010/11 despite the challenging
situation in Côte d'Ivoire. Thanks to the company's robust cost-plus business
model, its global footprint, as well as its proven position as a preferred
strategic partner, Barry Callebaut expects to surpass the average market growth
rates and is therefore confirming its four-year financial guidance[1]
Sales performance by Region in the first half of fiscal year 2010/11
Region Europe
Overall, the European chocolate market showed divergent growth momentum: A
slight decline in Western Europe (-1.8%)[2] - the larger part of the region -
and a return to positive rates in Eastern Europe (+7.4%). Barry Callebaut
increased its sales volume by 2.3% to 401,648 tonnes in the Region. In Western
Europe, the Gourmet & Specialties Products business delivered a very good
performance and gained market share. In Eastern Europe, both Food Manufacturers
and Gourmet achieved double-digit volume growth. Sales revenue was at CHF
1,538.9 million, up by 6.0% in local currencies (-6.4% in CHF). Operating profit
(EBIT) was affected by weaker Consumer Products results as well as negative
currency effects and came in at CHF 155.6 million (flat in local currencies,
-5.9% in CHF).
Region Americas
The chocolate confectionary market in the U.S. has continued to recover and
showed a significant volume growth of 7.1%[2]. Sales volume for the entire
Region grew by 9.8% to 150,198 tonnes. Food Manufacturers Products business
recorded double-digit growth rates mainly driven by strong performances with
Corporate Accounts in North America and good growth in emerging markets. The
gourmet market started to recover in the second quarter. Barry Callebaut
improved as well, especially with its global brands 'Cacao Barry' and
'Callebaut'. Sales revenue in the Region went up to CHF 504.6 million (+9.5%),
corresponding to a significant increase of 15.9% in local currencies. Due to a
competitive market environment and investments in emerging markets, operating
profit (EBIT) was up by 0.8% in local currencies and amounted to CHF 40.5
million (-4.3% in CHF).
Region Asia-Pacific
Asian confectionary markets continued to grow. Barry Callebaut's sales volume
significantly increased by 9.4% to 26,683 tonnes, led by India, Japan, Malaysia
and China. Gourmet recorded double-digit volume growth driven by good sales of
the two global brands. In the Food Manufacturers Products business, both sales
volume and profitability performed well, with global as well as local accounts.
At CHF 119.6 million, sales revenue was up by 18.2% in local currencies (+15.9%
in CHF). Operating profit (EBIT) jumped to CHF 13.7 million (+53.1% in local
currencies or +44.2% in CHF), driven by increased volumes and better economies
of scale.
To support Barry Callebaut's geographic expansion and to further strengthen its
footprint in fast-growing Asian markets, the company has signed an agreement to
acquire the remaining 40% stake in Barry Callebaut Malaysia Sdn Bhd, formerly
operating under the name of KLK Cocoa. In April 2008, the Barry Callebaut Group
acquired 60% of KLK Cocoa in order to expand its global cocoa processing
capacities.
Global Sourcing & Cocoa[4]
Cocoa prices declined during the second half of 2010 before moving sharply
higher again. The uncertain situation in Côte d'Ivoire has pushed bean prices to
record levels on high volatility. This development and ongoing strong demand for
cocoa powder have helped the (forward) combined cocoa ratio to return to high
levels. Other raw materials, such as sugar, faced a tight supply situation due
to unfavorable weather conditions. During the period under review, prices
reached new record highs. Milk powder prices increased significantly on higher
demand. The upward price trend accelerated in the wake of lowered supply
forecasts and was well above historical price levels at the end of February.
Sales volume of cocoa products sold to third-party customers rose by 20.9% to
128,041 tonnes, positively influenced by strong powder sales and cocoa products
for strategic partners. Sales revenue grew 35.8% in local currencies (+28.4% in
CHF) to CHF 574.8 million, driven by higher cocoa bean and cocoa powder prices.
Supported by the favorable combined cocoa ratio, operating profit (EBIT) surged
+76.9% in local currencies (+60.3% in CHF) and amounted to CHF 37.2 million.
Development by Product Group in the first half of fiscal year 2010/11
Cocoa Products
See "Global Sourcing & Cocoa"
Food Manufacturers Products
Barry Callebaut's Food Manufacturers business grew in all regions, with a volume
increase of 5.9% to 443,559 tonnes, supported by increased demand for
specialties products as well as compounds and fillings. Sales revenue was at CHF
1,417.5 million, which corresponds to a growth in local currencies of 11.7%
(+1.2% in CHF).
Operating profit (EBIT) for the Industrial Products Group (Cocoa Products and
Food Manufacturers Products) stood at CHF 161.1 million, significantly up
22.6% in local currencies (+13.9% in CHF) thanks to higher volumes, margin
improvements and a more favorable result from the cocoa processing operations.
Gourmet & Specialties Products
Gourmet & Specialties Products business grew its sales volume by 5.1% to 74,493
tonnes in the period under review, driven by double-digit growth rates in
emerging markets. Growth would have been even stronger had it not been for a
late Easter. In emerging markets, our two global brands benefitted from a
recovering Hotel/Restaurant/Catering (HORECA) segment. Barry Callebaut's
European Beverages division could not reach prior-year figures due to the
current expansion of the specialized factory in Kågeröd, Sweden. Sales revenue
increased considerably by 13.0% in local currencies to CHF 389.3 million (+1.8%
in CHF).
Consumer Products
Consumer Products business was impacted by lower volumes in Germany, where the
overall chocolate market contracted by -7.8% vs. the prior year[2]. Aggressive
price pressure in the market, significant raw material price increases that
could not be promptly passed on to customers, as well as negative currency
effects had a negative impact on sales revenue and profitability. In total,
Consumer Products' sales volume declined by 5.5% to 60,477 tonnes. Sales revenue
amounted to CHF 356.3 million, corresponding to a decrease of 5.4%% in local
currencies (-16.3% in CHF). Some price increases were recently accepted by the
market.
Operating profit (EBIT) for the Food Service/Retail Products Group (Gourmet &
Specialties and Consumer Products) was at CHF 86.0 million, down 8.8% in local
currencies (-13.1% in CHF), affected by the factors mentioned above.
For more detailed financial information see Barry Callebaut's "Half-year results
2010/11 - Letter to Investors".
Financial calendar for fiscal year 2010/11 (September 1, 2010 to August
31, 2011):
-----------------------------------------------------+-------------------------
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.
***
Media and Analysts'/Institutional Investors' conferences of Barry Callebaut AG
Date: Friday, April 1, 2011
Location: Barry Callebaut Head Office, Chocolate Academy, Groundfloor,
Pfingstweidstrasse 60, Westpark, 8005 Zurich/Switzerland
Time: Media: 09:30 am to 10:30 am CET
Analyst/Institutional Investors: 11:30 am to approx.
01:00 pm CET
The conferences can be followed by telephone or audio Webcast. All dial-in and
access details can be found on the Barry Callebaut website:
Media
Analysts/Institutional Investors
***
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 figures for the Barry Callebaut Group for the first half of fiscal year
2010/11
(unaudited)
----------------+---------------------------------------------------------------
| Change in %
| ------------------+-------
| in local|in CHF Six months up Six months up
| currencies| to Feb 28, 2011 to Feb 28, 2010
----------------+------------------------+--------------------------------------
| |
| |
Group | |
----------------+------------------------+--------------------------------------
Sales volume |Tonnes | 7.1 706,570 659,536
----------------+------------------------+--------------------------------------
Sales revenue | CHF m 13.2| 3.1 2,737.9 2,656.5
----------------+------------------------+--------------------------------------
EBITDA | CHF m 9.2| 1.4 264.1 260.5
----------------+------------------------+--------------------------------------
Operating profit| CHF m 11.4| 4.0 217.1 208.8
(EBIT) | |
----------------+------------------------+--------------------------------------
Net profit for | CHF m 17.1| 9.0 158.8 145.7
the period (PAT)| |
----------------+------------------------+--------------------------------------
| |
| |
By Region | |
| |
Europe | |
----------------+------------------------+--------------------------------------
Sales volume |Tonnes | 2.3 401,648 392,426
----------------+------------------------+--------------------------------------
Sales revenue |CHF m 6.0| (6.4) 1,538.9 1,645.0
----------------+------------------------+--------------------------------------
EBITDA |CHF m 0.0| (6.9) 180.7 194.0
----------------+------------------------+--------------------------------------
Operating Profit|CHF m 0.0| (5.9) 155.6 165.4
(EBIT) | |
----------------+------------------------+--------------------------------------
| |
| |
Americas | |
----------------+------------------------+--------------------------------------
Sales volume |Tonnes | 9.8 150,198 136,833
----------------+------------------------+--------------------------------------
Sales revenue |CHF m 15.9| 9.5 504.6 460.7
----------------+------------------------+--------------------------------------
EBITDA |CHF m (0.1)| (6.6) 46.9 50.2
----------------+------------------------+--------------------------------------
Operating Profit|CHF m 0.8| (4.3) 40.5 42.3
(EBIT) | |
----------------+------------------------+--------------------------------------
| |
| |
Asia-Pacific | |
----------------+------------------------+--------------------------------------
Sales volume |Tonnes | 9.4 26,683 24,391
----------------+------------------------+--------------------------------------
Sales revenue |CHF m 18.2| 15.9 119.6 103.2
----------------+------------------------+--------------------------------------
EBITDA |CHF m 45.3| 32.9 16.2 12.2
----------------+------------------------+--------------------------------------
Operating Profit|CHF m 53.1| 44.2 13.7 9.5
(EBIT) | |
----------------+------------------------+--------------------------------------
| |
| |
Global Sourcing | |
& Cocoa | |
----------------+------------------------+--------------------------------------
Sales volume |Tonnes | 20.9 128,041 105,886
----------------+------------------------+--------------------------------------
Sales revenue |CHF m 35.8| 28.4 574.8 447.6
----------------+------------------------+--------------------------------------
EBITDA |CHF m 65.2| 46.3 49.0 33.5
----------------+------------------------+--------------------------------------
Operating Profit|CHF m 76.9| 60.3 37.2 23.2
(EBIT) | |
----------------+------------------------+--------------------------------------
-------------------+------------------------------------------------------------
| Change in %
| -----------------+-------
| in local|in CHF Six months up Six months up
| currencies| to Feb to Feb 28, 2010
| | 28, 2011
-------------------+-----------------------+------------------------------------
| |
| |
By Product Group | |
| |
Industrial Business| |
-------------------+-----------------------+------------------------------------
Sales volume |Tonnes | 8.9 571,600 524,645(5)
-------------------+-----------------------+------------------------------------
Cocoa Products |Tonnes | 20.9 128,041 105,886
-------------------+-----------------------+------------------------------------
Food Manufacturers |Tonnes | 5.9 443,559 418,759(5)
Products | |
-------------------+-----------------------+------------------------------------
Sales revenue |CHF m 17.5| 7.8 1,992.3 1,848.4(5)
-------------------+-----------------------+------------------------------------
Cocoa Products |CHF m 35.8| 28.4 574.8 447.6
-------------------+-----------------------+------------------------------------
Food Manufacturers |CHF m 11.7| 1.2 1,417.5 1,400.8(5)
Products | |
-------------------+-----------------------+------------------------------------
EBITDA |CHF m 20.9| 12.0 191.6 171.1
-------------------+-----------------------+------------------------------------
Operating profit |CHF m 22.6| 13.9 161.1 141.4
(EBIT) | |
-------------------+-----------------------+------------------------------------
| |
| |
Food Service / | |
Retail | |
| |
Business | |
-------------------+-----------------------+------------------------------------
Sales volume |Tonnes | 0.1 134,970 134,891(5)
-------------------+-----------------------+------------------------------------
Gourmet & |Tonnes | 5.1 74,493 70,900
Specialties | |
Products | |
-------------------+-----------------------+------------------------------------
Consumer Products |Tonnes | (5.5) 60,477 63,991(5)
-------------------+-----------------------+------------------------------------
Sales revenue |CHF m 3.3| (7.7) 745.6 808.1(5)
-------------------+-----------------------+------------------------------------
Gourmet & |CHF m 13.0| 1.8 389.3 382.3
Specialties | |
Products | |
-------------------+-----------------------+------------------------------------
Consumer Products |CHF m (5.4)|(16.3) 356.3 425.8(5)
-------------------+-----------------------+------------------------------------
EBITDA |CHF m (9.6)|(14.8) 101.2 118.8
-------------------+-----------------------+------------------------------------
Operating profit |CHF m (8.8)|(13.1) 86.0 99.0
(EBIT) | |
-------------------+-----------------------+------------------------------------
--------------------------------------------------------------------------------
[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: Nielsen September 2010 until January 2011.
[3] The "combined cocoa ratio" is the combined sales price for cocoa butter and
cocoa powder relative to the cocoa bean price.
[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.
[5] Figures have been restated to conform to the current period's presentation.
The adjustments relate to a shift of Consumer Products business volume 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/1502212/437546.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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
[HUG#1502212]
Unternehmensinformation / Kurzprofil:
Datum: 01.04.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 53048
Anzahl Zeichen: 27563
contact information:
Town:
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Kategorie:
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