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Investor Presentation HY2017

lindt-spruengli.com - Investor Presentation HY2017...Premium chocolate market to continue its positive trend Lindt & Sprüngli’s strong global brands and strategic business actions

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  • Maître Chocolatier Suisse Depuis 1845

    Investor PresentationHY2017

  • Maître Chocolatier Suisse Depuis 1845

    1. Performance Highlights HY2017

    2. P&L and B/S Details HY2017

    3. Outlook 2017

    Agenda

    July 25th, 2017Investors Presentation HY2017 2

  • Maître Chocolatier Suisse Depuis 1845

    Performance Highlights HY2017

  • Maître Chocolatier Suisse Depuis 1845

    P&L Statement L&S Group

    July 25th, 2017Investors Presentation HY2017 4

    CHF million HY2016 HY2017 Growth in %

    SalesOrganic growthOrganic growth w/o Russell Stover

    1 501.5 1 548.7 +3.1%+3.6%+6.6%

    EBITDAMargin

    167.311.1%

    183.611.9%

    +9.7%

    EBITMargin

    98.46.6%

    105.06.8%

    +6.7%

    Net IncomeMargin

    72.24.8%

    76.34.9%

    +5.7%

    Organic growth of +3.6% and EBITDA-margin increase of +80 bp

  • Maître Chocolatier Suisse Depuis 1845

    Balance sheet

    July 25th, 2017Investors Presentation HY2017

    57.1%59.2%

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    YE 2016 HY 2017

    -473

    -338

    -600

    -400

    -200

    0

    YE 2016 HY 2017

    Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million

    Strong Equity, Further Reduction of Net Debt

    5

    3 674 3 697

    3 000

    3 100

    3 200

    3 300

    3 400

    3 500

    3 600

    3 700

    3 800

    YE 2016 HY 2017

  • Maître Chocolatier Suisse Depuis 1845

    P&L and B/S Details HY2017

  • Maître Chocolatier Suisse Depuis 1845

    1 1321 200

    1 4091 502

    1 549

    800

    1 000

    1 200

    1 400

    1 600

    HY2013 HY2014 HY2015 HY2016 HY2017

    Sales analysis – 5 years in CHF

    July 25th, 2017Investors Presentation HY2017 7

    Increase in CHF by +3.1%Absolute in CHF millionGrowth rate in %

    6.6%6.0%9.6% 17.4% 3.1%

  • Maître Chocolatier Suisse Depuis 1845

    1 1321 200

    1 4091 502

    1 549

    800

    1 300

    HY2013 HY2014 HY2015 HY2016 HY2017

    Sales analysis – 5 years in local currencies

    July 25th, 2017Investors Presentation HY2017 8

    Organic Growth Excluding Russell Stover at +6.6% for HY 2016 & 2017Absolute in CHF millionIncrease p.a. in local currencies (organic growth in %)

    4.4%9.2%8.7% 9.4% 3.6%

  • Maître Chocolatier Suisse Depuis 1845

    Sales analysis - markets

    July 25th, 2017Investors Presentation HY2017 9

    4.4%9.2%8.7% 9.4% 6.8%

    Total NNTS CHF

    1.549bn● North America● Germany● France● CH excl. Exports● Italy● UK ● Rest of Europe● Rest of the World

    36.0%

    16.4%9.2%

    4.9%

    6.6%

    5.7%

    6.3%

    14.9%

  • Maître Chocolatier Suisse Depuis 1845

    2.0%

    3.6%3.1%

    1.6% 0.5%

    0%

    1%

    2%

    3%

    4%

    5%

    Volume Price / Mix Organic Forex Reported in CHF

    Sales analysis - drivers

    July 25th, 2017Investors Presentation HY2017 10

    Positive Price/Mix Impact

    -

  • Maître Chocolatier Suisse Depuis 1845

    Sales analysis – segment information

    July 25th, 2017Investors Presentation HY2017

    739

    760

    725

    730

    735

    740

    745

    750

    755

    760

    765

    HY 2016 HY 2017

    +5.7%

    +6.0%

    569

    558

    550

    555

    560

    565

    570

    575

    HY 2016 HY 2017

    -3.0%

    +0.8%

    194

    231

    170

    180

    190

    200

    210

    220

    230

    240

    HY 2016 HY 2017

    +14.0%

    +10.2%

    Europe NAFTA Rest of World

    Above-average Organic Growth in Europe and Rest of World

    11

    Percentage above column: organic growth of respective period

  • Maître Chocolatier Suisse Depuis 1845

    379423

    510 525 524

    0

    100

    200

    300

    400

    500

    600

    HY2013 HY2014 HY2015 HY2016 HY2017

    Material costs – changes in inventories

    July 25th, 2017Investors Presentation HY2017 12

    Decreased Ratio by -110 bpAbsolute in CHF millionIn % sales

    34.9%35.2%33.4% 36.2% 33.8%

  • Maître Chocolatier Suisse Depuis 1845

    306 309

    373394

    416

    0

    50

    100

    150

    200

    250

    300

    350

    400

    450

    HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

    Personnel expenditure

    July 25th, 2017Investors Presentation HY2017

    Increased Ratio by 70 bp partially driven by Retail expansion

    27.0% 25.8% 26.5% 26.9%26.2%

    13

    In CHF millionIn % Sales

  • Maître Chocolatier Suisse Depuis 1845

    338 348384

    422 433

    0

    100

    200

    300

    400

    500

    HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

    Operating / marketing expenses

    July 25th, 2017Investors Presentation HY2017

    Continued High Marketing Investments

    29.8% 29.0% 27.2% 28.0%28.1%

    14

    In CHF millionIn % Sales

  • Maître Chocolatier Suisse Depuis 1845

    49 5159

    69

    79

    0

    20

    40

    60

    80

    HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

    Depreciation, amortization and impairment

    July 25th, 2017Investors Presentation HY2017

    Higher Depreciation Ratio by +50 bp due to Increased Capacity CAPEX

    4.3% 4.2% 4.2% 5.1%4.6%

    15

    Absolute in CHF millionIn % Sales

  • Maître Chocolatier Suisse Depuis 1845

    Operating profit (EBIT)

    July 25th, 2017Investors Presentation HY2017

    Continued Margin Improvement: +20 bp

    +XXX +XXX +XXX +XXX+XXX

    6677

    9198

    105

    0

    20

    40

    60

    80

    100

    120

    HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

    5.8% 6.4% 6.6% 6.8%6.4%

    16

    Absolute in CHF millionIn % Sales

  • Maître Chocolatier Suisse Depuis 1845

    Net income

    July 25th, 2017Investors Presentation HY2017

    Higher Financial Charges, Decrease in Tax Rate

    +XXX +XXX +XXX +XXX+XXX

    4956

    6572 76

    0

    20

    40

    60

    80

    HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

    4.3% 4.6% 4.8% 4.9%4.7%

    17

    Absolute in CHF millionIn % Sales

  • Maître Chocolatier Suisse Depuis 1845

    Operating cash flow & capex

    July 25th, 2017Investors Presentation HY2017

    Strong Operating Cash Flow

    +XXX +XXX +XXX +XXX+XXX

    211171

    308

    237

    344

    0

    100

    200

    300

    400

    HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

    84 104 125 86105

    18

    Operating Cash Flow in CHF millionCAPEX in CHF million

  • Maître Chocolatier Suisse Depuis 1845

    Net financial position − development

    July 25th, 2017Investors Presentation HY2017

    Further Reduction of Net Debt

    -473

    -129-41 -40

    -249-335 -338

    344

    88-209

    -86-2

    -600

    -400

    -200

    0

    31.12.2016 Operating CashFlow

    Capital Increase Dividend CapitalExpenditure

    CTA/Other 30.06.2017

    19

    Net Cash in CHF million

  • Maître Chocolatier Suisse Depuis 1845

    Outlook 2017

  • Maître Chocolatier Suisse Depuis 1845

    ● Premium chocolate market to continue its positive trend● Lindt & Sprüngli’s strong global brands and strategic business actions to result in continued market share gains

    ● Efficiency- and cost improvement programs already in place to lead to additional cash generation

    ● Partial re-investment of savings from scale, efficiencies, raw materials and cost reduction programs into future growth● The Group expects accelerated growth in the second half of 2017

    Outlook environment 2017

    July 25th, 2017Investors Presentation HY2017 21

    Outlook - Summary

    The Group confirms its mid/long term goal of an organic sales growth target of6 – 8% combined with an increase in EBIT of 20 – 40 basis points

    For the business year 2017, Lindt & Sprüngli expects organic sales slightly below last year and a further improvement in the EBIT margin

  • Maître Chocolatier Suisse Depuis 1845

    Disclaimer

    July 25th, 2017Investors Presentation HY2017 22

    This presentation contains forward looking statements which reflect Management‘s currentviews and estimates. The forward looking statements involve certain risks and uncertaintiesthat could cause actual results to differ materially from those contained in the forward lookingstatements. Potential risks and uncertainties include such factors as general economicconditions, foreign exchange- and commodity price fluctuations, competitive product andpricing pressures and regulatory developments.

    Investor Presentation�HY2017AgendaPerformance Highlights HY2017P&L Statement L&S GroupBalance sheetP&L and B/S Details HY2017Sales analysis – 5 years in CHFSales analysis – 5 years in local currenciesSales analysis - marketsSales analysis - driversSales analysis – segment informationMaterial costs – changes in inventoriesPersonnel expenditureOperating / marketing expensesDepreciation, amortization and impairmentOperating profit (EBIT)Net incomeOperating cash flow & capexNet financial position − developmentOutlook 2017Outlook environment 2017Disclaimer