financial analysts’ presentation march 14,...
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![Page 1: Financial Analysts’ Presentation March 14, 2006irpages.equitystory.com/download/companies/lindt/... · (CHF millions) Liabilities (CHF millions) 204.5 242.5 735.9 629.0 314.8 265.1](https://reader031.vdocuments.net/reader031/viewer/2022011916/5fda343b82ef066a140d4395/html5/thumbnails/1.jpg)
1 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Annual Results 2005Financial Analysts’ PresentationMarch 14, 2006
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2 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLILINDT & SPRÜNGLIContents
• Annual Results – Highlights 2005
• Balance Sheet – Highlights 2005
• Share Development & Valuation
• Material Costs
• Outlook 2006
• Questions & Answers
![Page 3: Financial Analysts’ Presentation March 14, 2006irpages.equitystory.com/download/companies/lindt/... · (CHF millions) Liabilities (CHF millions) 204.5 242.5 735.9 629.0 314.8 265.1](https://reader031.vdocuments.net/reader031/viewer/2022011916/5fda343b82ef066a140d4395/html5/thumbnails/3.jpg)
3 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Annual ResultsHighlights 2005
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4 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLILINDT & SPRÜNGLIResults 2005 – Highlights P&L
NET TRADE SALES
11.2%
15.2%
15.9%
15.2%
10.2%
11.4%
12.6%
0.0% 4.0% 8.0% 12.0% 16.0%
257.2
788.0
172.7
248.6
325.1
2'246.9
CHF Mio Increase in % vs. 2005
NTS* ORGANIC
EBITDA
EBIT
NET INCOME
EPS REG. (CHF)
CASH FLOW
* NTS = Net Trade Sales
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5 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLILINDT & SPRÜNGLIResults 2005 – Highlights B/S
Equity B/S ratioIn %
971.1
793.7
700725750775800825850875900925950975
1000
2004 2005
EquityCHF Mio
50.9%
46.3%
35.0%
37.5%
40.0%
42.5%
45.0%
47.5%
50.0%
52.5%
55.0%
2004 2005
22.2
-1.2
-10
0
10
20
30
2004 2005
Net Debt/Cash Y/ECHF Mio
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6 FINANCIAL ANALYSTS‘ PRESENTATION 2006
1'590.81'680.5
1'800.51'994.6
2'246.9
0
250
500
750
1000
1250
1500
1750
2000
2250
2001 2002 2003 2004 2005
LINDT & SPRÜNGLILINDT & SPRÜNGLIConsolidated NTS – Organic Growth
absolute in CHF millions increase vs. previous year in local currencies & net of acquisition effects
+ 11.4%+ 5.7% + 7.6% + 7.8% + 12.5%
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7 FINANCIAL ANALYSTS‘ PRESENTATION 2006
1'590.81'680.5
1'800.51'994.6
2'246.9
0
250
500
750
1000
1250
1500
1750
2000
2250
2001 2002 2003 2004 2005
LINDT & SPRÜNGLILINDT & SPRÜNGLIConsolidated NTS – Growth in CHF
absolute in CHF millions and increase vs. prev. year in % of CHF
+ 6.7% + 5.6% + 12.0% + 12.6%+ 3.5%
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8 FINANCIAL ANALYSTS‘ PRESENTATION 2006
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
10,0%
11,0%
12,0%
13,0%
Organic Growth Split Currency CHF as published
LINDT & SPRÜNGLILINDT & SPRÜNGLIDetails of Sales Performance 2005
Split NTS peformance in its components
11.4%
Mix 1.8%
+ 1.2%
12.6%Volume8.1%
Price1.5%
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9 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLINet Trade Sales by Country 2005
Sales 2005: Split by Country
18.4%
7.4%4.8%
11.5% 6.1%
14.7%
18.0%
19.1%
Switzerland
Germany
France
Italy
UK
Rest of Europe
USA
Others
Total NTS: CHF 2’246.9 Mio
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10 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLINet Trade Sales by Country 2005
Switzerland
Germany
France
Italy
UK
Rest of Europe
USA
Others
+1.3%
+0.7%
+0.3%+0.4%
-1.1%-0.8%
-0.3%-0.5%
Sales 2005: Change of weight 2005 vs. 2004
Total NTS: CHF 2’246.9 Mio
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11 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Sales Development by Market2005 vs. 2004 (local currencies)
4.1%
12.7%
26.5%
3.3%
6.8%
2.9%
19.8%
12.1%%10.0%
11.4%
21.9%
21.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Total
GroupD F CH
DomAUT U.K. POL E I AUS USA CAN
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12 FINANCIAL ANALYSTS‘ PRESENTATION 2006
525.6
602.5686.5
471.7480.9
0
100
200
300
400
500
600
700
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIMaterial Costs
absolute in CHF millions and in % of NTS
30.2% 28.1% 29.2% 30.2% 30.6%
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13 FINANCIAL ANALYSTS‘ PRESENTATION 2006
6'068 6'0296'652
6'2936'011
3000
3500
4000
4500
5000
5500
6000
6500
7000
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIHeadcount and NTS per Employee
338262 279 300 317
Average number of employees and NTS per employee in CHF ('000)
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14 FINANCIAL ANALYSTS‘ PRESENTATION 2006
390.6 393.9
493.1452.8
413.7
0
100
200
300
400
500
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIPersonnel Expenses
24.6% 23.4% 23.0% 21.9%22.7%
absolute in CHF millions and in % of NTS
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15 FINANCIAL ANALYSTS‘ PRESENTATION 2006
516.3575.4
769.0678.1617.2
0
100
200
300
400
500
600
700
800
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIOperating/Marketing Expenses
absolute in CHF millions and in % of NTS
32.5% 34.2% 34.3% 34.0% 34.2%
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16 FINANCIAL ANALYSTS‘ PRESENTATION 2006
230.8242.4
265.2295.1
325.1
0
50
100
150
200
250
300
350
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIEBITDA
14.5% 14.4% 14.8%14.7% 14.5%
absolute in CHF millions and in % of NTS
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17 FINANCIAL ANALYSTS‘ PRESENTATION 2006
72.4 71.6 76.579.3 76.5
0
10
20
30
40
50
60
70
80
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIDepreciation
absolute in CHF millions and in % of NTS
4.5% 4.2% 4.0%4.2% 3.4%
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18 FINANCIAL ANALYSTS‘ PRESENTATION 2006
158.4170.8
188.7
248.6
215.8
0255075
100125150175200225250
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIOperating Profit (EBIT)
absolute in CHF millions and in % of NTS
10.0% 10.2% 10.5% 10.8% 11.1%
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19 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLINet Financial Expenses
absolute in CHF millions
0
2
4
6
8
10
12
14
16
18
2001 2002 2003 2004 2005
- 15.3 - 15.4
- 6.3
- 3.4- 2.9
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20 FINANCIAL ANALYSTS‘ PRESENTATION 2006
139.8152.5
179.6
212.4245.7
0255075
100125150175200225250275
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIIncome before Taxes
8.8% 9.1% 10.0% 10.6% 10.9%
absolute in CHF millions and in % of NTS
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21 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLICorporate Tax Rate
29.7%29.9%31.8%33.2%
34.5%
10.0%
20.0%
30.0%
40.0%
2001 2002 2003 2004 2005
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22 FINANCIAL ANALYSTS‘ PRESENTATION 2006
172.7
149.0
122.4101.9
91.5
0
20
40
60
80
100
120
140
160
180
2001 2002 2003 2004 2005
LINDT & SPRÜNGLINet Income
5.8% 6.1% 6.8% 7.5% 7.7%
absolute in CHF millions and in % of NTS
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23 FINANCIAL ANALYSTS‘ PRESENTATION 2006
257.2231.2
206.2178.3
175.2
0255075
100125150175200225250275
2001 2002 2003 2004 2005
LINDT & SPRÜNGLICash Flow & Investments in Fixed Assets
Cash flow and Investments in fixed assets in CHF millions
72.2 77.6 75.1 99.2 128.9
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24 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLINet Free Cash Flow 2005
128.9
68.0
39.9
20.4
Investments
Working Capital Change
Dividends / Directors' Fees
Net Free Cash Generation
Cash Flow CHF 257.2 millions
Year End Working Capital
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25 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLINet Free Cash Flow 2005
52.0
39.9
36.4
128.9
Investments
Average Working Capital Change
Dividends / Directors' Fees
Net Free Cash Generation
Cash Flow CHF 257.2 millions
Yearly Average Working Capital
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26 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Balance SheetHighlights 2005
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27 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLIConsolidated Balance Sheet 2005 vs. 2004
Assets (CHF millions)
Liabilities (CHF millions)
204.5 242.5
735.9 629.0
314.8265.1
652.9578
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
Cash & marketable sec. Accounts receivable
Inventory Fixed assets
209.3
383 397.7
312.7 313.9
241.3
793.7971.1
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
Accounts payable Short-term liabilities
Long-term liabilities Equity
2005 2004 2005 2004
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28 FINANCIAL ANALYSTS‘ PRESENTATION 2006
50.9%46.3%
45.8%35.9% 40.8%
0%5%
10%15%20%25%30%35%40%45%50%55%
2001 2002 2003 2004 2005
LINDT & SPRÜNGLIEquity in Percentage of Balance Sheet Total
Equity in % of BS total Return on Equity (average BS)
17.7% 17.8% 18.3% 19.6% 19.6%
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29 FINANCIAL ANALYSTS‘ PRESENTATION 2006
-241.5
-140.2
-59.2-1.2
22.2
-250
-200
-150
-100
-50
0
50
LINDT & SPRÜNGLINet Debt- / Cash Position
Absolute in CHF millions
2001 2002 2003 2004 2005
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30 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLINet cash position 05 vs 04
-5
0
5
10
15
20
25
30
35
Net Cash31.12.04
Net FreeCash Flow
2005
CapitalIncrease
Divestments CurrencyEffect
Net Changeown shares
Net Cash31.12.05
-1.2
20.4
13.4
1.3
-8.3
-3.4
22.2
Net cash increased by CHF 23.4 MIO
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31 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLIEffect of seasonality on Net Cash
Monthly Net Financial Position 2005 (CHF millions)
-150
-100
-50
0
50
100
150
200
Jan Feb. March Apr. May June July Aug. Sept. Oct. Nov. Dec.
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32 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Share Development& Valuation
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33 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Performance 1996 – 2005 :Reg. Share vs. EPS Development
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
20.000
22.000
96 97 98 99 00 01 02 03 04 05
200
300
400
500
600
700
800
900
Reg. EPS
Reg
. Sh
are
(CH
F)
EP
S (
CH
F)
Registered Share price CAGR 96 – 05 year end: > 18 %
33 FINANCIAL ANALYSTS‘ PRESENTATION 2006
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34 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Performance 1996 – 2005 :PC Price vs. EPS Development
400600
8001'0001'2001'400
1'6001'8002'000
2'2002'400
96 97 98 99 00 01 02 03 04 05
20
30
40
50
60
70
80
90
PC Price EPS
PC
Pri
ce (
CH
F)
EP
S (
CH
F)
PC price CAGR 96 – 05 year end: > 19 %
34 FINANCIAL ANALYSTS‘ PRESENTATION 2006
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35 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLIP/E multiple development 96 – Current
22.224.3 24.3
27.6
22.3
18.4 19.7
24.0
27.8
21.3
0
5
10
15
20
25
30
35
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
P/E valuation (registered)
Year end figures actual
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36 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLISpread Registered vs. PC (in % year end)
-2.5%
2.5%
7.5%
12.5%
Spread 10.0% 10.6% 0.1% 3.8% 3.8% 1.1% -2.3% 7.3% 2.9% -1.9% 3.5%
96 97 98 99 00 01 02 03 04 05 AVG
Spread calculated on year end figures
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37 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLIOther Key Figures
2001 2002 2003 2004 2005
Dividend (CHF) 90.-- 110.-- 140.-- 180.-- 225*
Dividend Yield (year end price)
1.0% 1.3% 1.3% 1.1% 1.0%
Pay Out Ratio 21.4% 23.5% 24.9% 26.0% 28.7%
* Proposed by Board of Directors
Registered Share
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38 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Material Costs
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39 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLICocoa Bean Production –by Main Countries (2005/06E)
1'195'000
630'000
470'000
165'000
165'000
621'000Ivory Coast
Ghana
Indonesia
Nigeria
Brazil
All others
in tons
36.9%
19.4%
14.5%
5.0%5.0%
19.2%
Total: 3,246,000
Source: MAN (Cocoa) Ltd, London
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40 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLICocoa Bean Crop / Grindings Balance
42.4%
15.5%
5.5%
5.5%
16.2%
Cocoa Beans '000' tons324633093520
340633213230
-186-38262
-200200600
10001400180022002600300034003800
03/04 04/05 05/06
Crop Grindings Surpl./Deficit
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41 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLICocoa Price Development –2nd position LIFFE (GBP/Ton) 1992-2006
05
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
92 93 94 95 96 97 98 99 20 1 2 3 4 5 6 7
931
1186 (9/97)
547 (12/99)
1649 (10/02)
509 (6/92)
Looking at the monthly averages of the daily ICCO pricesin USD and/or SDR per ton, the June 1992 market levelof GBP 509 (exchange rate GBP/USD 1.85) is the lowestsince the 1st quarter of 1973 (GBP/USD 2.30-2.60)
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42 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Cocoa Butter Ratio + Sugar Development2002 – 2005 (CHF / 100 kg)
Rat
io m
ultip
leC
HF
/100
kg
Cocoa Butter Ratio
2.6
2.7
2.8
2.9
3
3.1
3.2
3.3
J05 F M A M J J A S O N D J06
Sugar
90
95
100
105
110
115
120
J05 F M A M J J A S O N D J06
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43 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Oil Seeds Price Development2002 – 2005 (CHF / 100 kg)
CH
F/1
00 k
gC
HF
/100
kg
Hazelnuts from Turkey
0
200
400
600
800
1000
1200
1400
1600
J03 M M J S N
J04 M M J S N
J05 M M J S N
J06
Almonds
0
200
400
600
800
1000
1200
1400
J04 M M J S N
J05 M M J S N
J06
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44 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLIExpected Material Cost Trends 2006 and beyond
• Cocoa Beans: Slightly higher at levels spot: GBP 900–1000 / t
• Cocoa Butter Ratio: Stable to decreasing
• Milk Powder: Stable to slightly increasing trend
• Sugar: EU stable / World : increasing trend
• Hazelnuts: Stable at high level - decrease possible
depending on harvest outlook Sept 06
• Almonds: Stable at above average level
• Packaging Material: - Slightly increasing for paper & cardboard- Strong Increase for metals & flexibles
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45 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Outlook 2006
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46 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLIOutlook 2006
• Confirmation of LONG TERM growth target:- Top Line: 5% – 7% and- Operating Profit: 8% – 10%
• Continued investments in existing and new markets
• Operational profitability increase supported by all markets
• Continued improvement of financial results and tax rate
• Confident to reach long term goals in 2006
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47 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI
Questions & Answers
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48 FINANCIAL ANALYSTS‘ PRESENTATION 2006
LINDT & SPRÜNGLI