half-year 2016 · agenda. investor presentation hy2016 july 22, 2016. 1. performance highlights...

INVESTOR PRESENTATIONHALF-YEAR 2016

AGENDA

July 22, 2016Investor Presentation HY2016

1. Performance Highlights HY2016

2. P&L and B/S Details HY2016

3. Outlook Environment 2016

2

PERFORMANCE HIGHLIGHTS HY2016

P&L STATEMENT L&S GROUP

Sales Growth in Swiss Francs at +6.6%, EBITDA-margin improvement by +50bp

CHF million HY2015 HY2016Y-o-Y Growth

in CHF Organic

Salesexcluding Russell Stover

1 408.9 1 501.5 +6.6% +4.4%+6.6%

EBITDAMargin

149.810.6%

167.311.1%

+11.7%

EBITMargin

90.66.4%

98.46.6%

+8.6%

Net Income Margin

65.04.6%

72.24.8%

+11.1%

July 22, 2016Investor Presentation HY2016 4

BALANCE SHEET

3 490

3 291

2 000

2 500

3 000

3 500

31.12.2015 30.06.2016

55.7% 56.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

31.12.2015 30.06.2016

-682 -705

-850

-650

-450

-250

-50

31.12.2015 30.06.2016

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

July 22, 2016

Investor Presentation HY2016

5

Continued Strong Equity to BS ratio, Slight Increase of Net Debt

P&L AND B/S DETAILS HY2016

SALES ANALYSIS − 5 YEARS IN CHF

1 033

1 1321 200

1 409

1 502

800

900

1 000

1 100

1 200

1 300

1 400

1 500

1 600

HY2012 HY2013 HY2014 HY2015 HY2016

17.4%2.6% 9.6% 6.6%

Absolute in CHF millionGrowth in %


Increase in CHF by +6.6%

6.0%

1 033

1 1321 200

1 409

1 502

800

1 000

1 200

1 400

1 600

HY2012 HY2013 HY2014 HY2015 HY2016

SALES ANALYSIS −5 YEARS IN LOCAL CURRENCIES

9.2%5.3% 8.7% 4.4%

Absolute in CHF millionIncrease p.a. in local currencies (organic growth in %)


Organic Growth of +4.4% (excluding Russell Stover +6.6%)

9.4%

37.9%

15.8%9.8%

9.2%

6.7%

6.3%

5.7%

8.6%

SALES ANALYSIS − MARKETS

Total NNTS CHF

1.502bn● North America incl. RS

● Germany

● France

● CH incl. Exports

● Italy

● UK

● Rest of Europe

● Rest of the World


+1.8%

+4.4%

+6.6%

+2.6%

+2.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Volume Price/Mix Organic Forex Reported in CHF

SALES ANALYSIS − DRIVERS


Volume and Price/Mix Impact strongly driven by Russell Stover − Positive Forex-Impact

+5.4%

+6.6%

+1.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Volume Price/Mix Organic

SALES ANALYSIS − DRIVERS (EXCL. RSC)


Organic Growth (excluding Russell Stover) Strongly Driven by Sales Volume

SALES ANALYSIS − SEGMENT INFORMATION

10.3%

6.6%

0.0%

4.0%

8.0%

12.0%

HY 2015 HY 2016

Europe NAFTA (excl. RS) Rest of World

6.9%5.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

HY 2015 HY 2016

18.2%

10.2%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

HY 2015 HY 2016


Good Organic Growth against a Strong HY 2015

MATERIAL COSTS − CHANGES IN INVENTORIES

Absolute in CHF millionIn % Sales

358 379423

510 525

0

100

200

300

400

500

600

HY2012 HY2013 HY2014 HY2015 HY2016

34.7% 33.4% 35.2% 34.9%


Material Costs Including Changes in Inventories Decreased by -130 BP

36.2%

PERSONNEL EXPENDITURE

In CHF millionIn % Sales

277306 309

373394

0

100

200

300

400

HY2012 HY2013 HY2014 HY2015 HY2016

26.8% 27.0% 25.8% 26.2%


Personnel Expenses Decreased by -30 BP thanks to Scale and Efficiency Gains

26.5%

OPERATING/MARKETING EXPENSES

In CHF millionIn % Sales

309338 348

384422

0

100

200

300

400

HY2012 HY2013 HY2014 HY2015 HY2016

30.0% 29.8% 29.0% 28.1%


Expense Ratio Increases by +90 BP due to Higher Marketing Investments

27.2%

DEPRECIATION, AMORTIZATION AND IMPAIRMENT

46 49 5159

69

0

20

40

60

80

HY2012 HY2013 HY2014 HY2015 HY2016

4.5% 4.3% 4.2%


4.6%


Higher Depreciation Charge as a Result of Increased CAPEX

4.2%

OPERATING PROFIT (EBIT)

46

66

77

9198

0

20

40

60

80

100

HY2012 HY2013 HY2014 HY2015 HY2016

4.5% 5.8% 6.4%


6.6%


EBIT Margin Increases by +20 BP

6.4%

NET INCOME

35

4956

6572

0

20

40

60

80

HY2012 HY2013 HY2014 HY2015 HY2016

3.4% 4.3% 4.7% 4.8%



Financial Charges Unchanged, Decrease in Tax Rate

4.6%

OPERATING CASH FLOW & CAPEX

159

211

171

308

237

0

100

200

300

HY2012 HY2013 HY2014 HY2015 HY2016

65 84 105 125

Operating Cash Flow in CHF millionCAPEX in CHF million


Ongoing High Capex to Support Further Growth

104

NET FINANCIAL POSITION − DEVELOPMENT

Net Cash in CHF million

-682

-445

-705237

52

-187

-125 0

-1 000

-800

-600

-400

-200

0

31.12.2015 OperatingCash Flow

CapitalIncrease

Dividend CapitalExpenditure

CTA/Other 30.06.2016


Net Financial Position Decreases Slightly

OUTLOOK 2016

OUTLOOK ENVIRONMENT 2016

● Stable economic outlook for Europe / North America but low growth rates

● Consumer sentiment potentially impacted by political uncertainties (Brexit / elections USA)

● Continued cost challenge from further increasing cocoa bean- and butter prices

● Challenging trade environment with partners competing on price, limiting needed price adjustments

● Good seasonal product programs leading to increasing organic growth in 2nd half 2016

● Continued portfolio review at Russell Stover

● Accelerated expansion of own store network (Global Retail)

● Start of programs for cost synergies within the 3 US companies

● Continued strengthening of LINDT brand

● Ongoing optimization through efficiency increases and cost management

● Confidence to reach mid- to long term growth targets


Continued Challenging Conditions

Lindt Answers

INVESTOR PRESENTATION HY2016 – JULY 22, 2016

DISCLAIMER

This presentation contains forward looking statements which reflect Management‘s current

views and estimates. The forward looking statements involve certain risks and uncertainties

that could cause actual results to differ materially from those contained in the forward looking

statements. Potential risks and uncertainties include such factors as general economic

conditions, foreign exchange- and commodity price fluctuations, competitive product and

pricing pressures and regulatory developments.


half-year 2016 · agenda. investor presentation hy2016 july 22, 2016. 1. performance highlights...

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