investor presentation hy2017 - lindt & sprüngli · this presentation contains forward looking...

Maître Chocolatier Suisse Depuis 1845

Investor PresentationHY2017


1. Performance Highlights HY2017

2. P&L and B/S Details HY2017

3. Outlook 2017

Agenda

July 25th, 2017Investors Presentation HY2017 2


Performance Highlights HY2017


P&L Statement L&S Group


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


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


P&L and B/S Details HY2017


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


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

6.6%6.0%9.6% 17.4% 3.1%


1 1321 200

1 4091 502

1 549

800

1 300

HY2013 HY2014 HY2015 HY2016 HY2017

Sales analysis – 5 years in local currencies


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%


Sales analysis - markets


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%


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


Positive Price/Mix Impact

-


Sales analysis – segment information


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


379423

510 525 524

0

100

200

300

400

500

600

HY2013 HY2014 HY2015 HY2016 HY2017

Material costs – changes in inventories


Decreased Ratio by -110 bpAbsolute in CHF millionIn % sales

34.9%35.2%33.4% 36.2% 33.8%


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


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


338 348384

422 433

0

100

200

300

400

500

HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

Operating / marketing expenses


Continued High Marketing Investments

29.8% 29.0% 27.2% 28.0%28.1%

14

In CHF millionIn % Sales


49 5159

69

79

0

20

40

60

80

HY 2013 HY 2014 HY 2015 HY 2016 HY 2017

Depreciation, amortization and impairment


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


Operating profit (EBIT)


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



Net income


Higher Financial Charges, Decrease in Tax Rate


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



Operating cash flow & capex


Strong Operating Cash Flow


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


Net financial position − development


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


Outlook 2017


● 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


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


Disclaimer


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 hy2017 - lindt & sprüngli · this presentation contains forward looking...

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