Outperforming the market, shaping future growth
(Thomson Reuters ONE) -
Barry Callebaut AG /
Outperforming the market, shaping future growth
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Barry Callebaut's 9-month key sales figures of fiscal year 2010/11
* Sales volume up 7.3%
* Sales revenue up 12.5% in local currencies (+1.6% in CHF)
* Strong growth contribution from emerging markets as well as Cocoa Products
for strategic partners
* Reached investment grade, successful refinancing
* New outsourcing agreements
* Growth targets confirmed(2)
Group key sales figures for the first 9 months of fiscal year 2010/11
-------------+------------------------------------------------------------------
| Change in %
| ----------------+---------------
| in local| in reporting Nine months up Nine months
| currencies| currency to May up to May
| | 31, 2011 31, 2010
-------------+----------------------+-------------------------------------------
Sales volume |Tonnes | 7.3 1,046,141 975,044
-------------+----------------------+-------------------------------------------
Sales revenue| CHF m 12.5| 1.6 3,988.3 3,926.4
-------------+----------------------+-------------------------------------------
Zurich/Switzerland, June 30, 2011 - Barry Callebaut AG, the world's leading
manufacturer of high-quality cocoa and chocolate products, continued to grow
more than twice the market(1) in the first nine months of fiscal year 2010/11,
ended May 31: Sales volume grew within the company's financial guidance(2), up
7.3% to 1,046,141 tonnes. Specifically high growth stems from emerging markets
and Cocoa Products for strategic partners, supported equally by Food
Manufacturers Products and Gourmet & Specialties Products business. Sales
revenue significantly increased by 12.5% in local currencies (+1.6% in CHF),
driven also by higher raw material prices.
Juergen Steinemann, CEO of Barry Callebaut, said: "We were able to keep the
growth momentum in a challenging market environment. We are particularly proud
of this achievement in the light of months of political difficulties in Côte
d'Ivoire, now returning to normal. The add-on agreement with Hershey and the new
outsourcing contract with Chocolates Turin mark two business highlights. With
Moody's upgrading Barry Callebaut to investment grade we reached another
important milestone for our future growth."
Region Europe - Strong growth momentum in Eastern Europe and Gourmet
Overall, Barry Callebaut's sales volume grew 2.1% to 583,896 tonnes, slightly
above the overall market which increased by 1.7%(1). In Western Europe, the
overall chocolate confectionery market declined by 2.1%(1). Against this, the
company's sales volume in this region was stable, with a positive growth in
Gourmet & Specialties Products business. Consumer Products business stabilized
against the background of an overall decline of 5.0%(1) in the most important
market Germany. Eastern Europe kept its growth momentum: The chocolate market
continued to grow by +7.3%(1). Barry Callebaut significantly outperformed this
market with high double-digit sales volume growth, both in Food Manufacturers
Products as well as Gourmet & Specialties Products business. Sales revenue in
the Region Europe grew with +6.3% in local currencies. The result was strongly
hit by negative currency translation effects (-5.7% in CHF).
Region Americas - Growth fueled by Corporate Accounts and emerging markets
Sales volume in the Region Americas continued to strongly increase, up 10.0% to
231,537 tonnes, compared to the chocolate market which grew at a rate of
6.2%(1). Within the Food Manufacturers Products business, Corporate Accounts
continued to perform strongly and National Accounts developed well despite
intense competition. Gourmet recovered from a weaker business in the first six
months and is surpassing prior year level. The growth in emerging markets in
Central and South America was above average, led by Mexico with double digit
growth in sales volume. Sales revenue in the Region was up 13.0% in local
currencies (+2.5% in CHF).
Region Asia-Pacific - Business growing double digit in all categories
Chocolate markets in the region again showed strong growth, led by China and
India with double digit growth rates(1). In the Region Asia-Pacific, Barry
Callebaut's sales volume went up 10.2% to 39,168 tonnes, supported equally by
double digit growth in the Food Manufacturers Products as well as Gourmet &
Specialties Products business where the two global brands, Cacao Barry(®) and
Callebaut(®), significantly contributed to the growing sales volume. Sales
revenue in the Region again strongly increased by 18.0% in local currencies
(+12.9% in CHF).
Global Sourcing & Cocoa(3)( )- High demand for cocoa products
With the crisis in Côte d'Ivoire coming to an end early May, cocoa terminal
market prices adjusted downwards and stabilized at high levels between 1,800 and
1,900 GBP per tonne. Sugar markets were still suffering of a tight supply
situation leaving prices very volatile and at historically high levels. Positive
production prospects in the southern hemisphere let milk powder prices drop from
their record highs reached end of February. Prices started to climb again
towards the end of May.
The segment Global Sourcing & Cocoa strongly increased its sales volume by
+22.1% to 191,540 tonnes, positively impacted by strong cocoa powder sales and
Cocoa Products for strategic partners. Driven by the higher raw material prices,
sales revenue grew strongly with +32.0% in local currencies (+22.9% in CHF).
Other developments
In the period under review, Moody's Investor Service assigned a Baa3 corporate
rating to Barry Callebaut AG, up from Ba1. The company successfully placed a EUR
250 million 10-year bond as well as renewed and amended its long term revolving
credit facility. This further improved the company's liquidity profile and
financial flexibility. As announced earlier, Barry Callebaut was able to sign
two outsourcing agreements: Hershey awarded the company with additional volume,
expanding the supply and innovation agreement signed in 2007. Barry Callebaut
also concluded a long-term outsourcing agreement with Chocolates Turin,
strengthening its presence in the industrial and gourmet market in Mexico. Under
the agreement, Turin will become the exclusive distributor in Mexico for Barry
Callebaut's global Gourmet brands Cacao Barry(®) and Callebaut(®).
Outlook - Strong business model withstands economical uncertainties
The world economy is facing macro-economical uncertainties such as the rising
inflation in emerging markets, the debt crisis in Europe and the soon ending
quantitative easing program in the U.S. Independent of this, Barry Callebaut
expects the global chocolate market to further grow above 2%. The company
assumes that raw material prices - especially cocoa, sugar and milk powder -
will remain volatile and at high levels. Barry Callebaut operates a cost-plus
model, allowing the company to pass on raw material price changes to its
customers. The company believes the (forward) combined cocoa ratio to remain at
good levels, partly compensating for the negative currency translation effects.
Barry Callebaut remains confident to reach its mid-term financial goals and is
therefore confirming its guidance(2).
Financial calendar for fiscal year 2010/11 (September 1, 2010 to August
31, 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
Group key sales figures for the first 9 months of fiscal year 2010/11
(unaudited)
------------------+-------------------------------------------------------------
| Change in %
| ---------------+-------------
| in local|in reporting Nine months Nine months
| currencies| currency up to May up to May
| | 31, 2011 31, 2010
------------------+---------------------+---------------------------------------
Group | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 7.3 1,046,141 975,044
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 12.5| 1.6 3,988.3 3,926.4
------------------+---------------------+---------------------------------------
| |
| |
By Region | |
| |
Europe | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 2.1 583,896 572,060
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 6.3| (5.7) 2,216.9 2,350.9
------------------+---------------------+---------------------------------------
| |
| |
Americas | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 10.0 231,537 210,540
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 13.0| 2.5 751.4 733.4
------------------+---------------------+---------------------------------------
| |
| |
Asia-Pacific | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 10.2 39,168 35,529
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 18.0| 12.9 172.1 152.4
------------------+---------------------+---------------------------------------
| |
| |
Global Sourcing & | |
Cocoa | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 22.1 191,540 156,915
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 32.0| 22.9 847.8 689.7
------------------+---------------------+---------------------------------------
| |
| |
By Product Group | |
| |
Industrial | |
Business | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 8.3 847,358 782,644(4)
------------------+---------------------+---------------------------------------
Cocoa Products |Tonnes | 22.1 191,540 156,915
------------------+---------------------+---------------------------------------
Food Manufacturers|Tonnes | 4.8 655,818 625,729(4)
Products | |
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 14.5| 3.8 2,894.3 2,788.5(4)
------------------+---------------------+---------------------------------------
Cocoa Products | CHF m 32.0| 22.9 847.8 689.6
------------------+---------------------+---------------------------------------
Food Manufacturers| CHF m 8.7| (2.5) 2,046.5 2,098.9(4)
Products | |
------------------+---------------------+---------------------------------------
| |
| |
Food | |
Service/Retail | |
Business | |
------------------+---------------------+---------------------------------------
Sales volume |Tonnes | 3.3 198,782 192,400(4)
------------------+---------------------+---------------------------------------
Gourmet & |Tonnes | 5.1 108,573 103,350
Specialties | |
Products | |
------------------+---------------------+---------------------------------------
Consumer Products |Tonnes | 1.3 90,209 89,050(4)
------------------+---------------------+---------------------------------------
Sales revenue | CHF m 7.8| (3.9) 1,093.8 1,137.9(4)
------------------+---------------------+---------------------------------------
Gourmet & | CHF m 12.9| 1.4 560.7 553.2
Specialties | |
Products | |
------------------+---------------------+---------------------------------------
Consumer Products | CHF m 2.9| (8.8) 533.1 584.7(4)
------------------+---------------------+---------------------------------------
--------------------------------------------------------------------------------
(1 )Source: Nielsen September 2010 until April 2011. The overall chocolate
market grew with +3.2%.
(2) 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.
(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
volume to the Food Manufacturers Products business in the light of the carve-out
exercise.
The 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/1526837/462766.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#1526837]
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 55977
Anzahl Zeichen: 19022
contact information:
Town:
Zurich
Kategorie:
Business News
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