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Barry Callebaut reports full-year results for fiscal year 2008/09 ended August 31, 2009: Delivering strong top-line and bottom-line growth

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November 12, 2009
Overview
  • Sales volume up 4.1% in a declining global chocolate market
  • Accelerating volume growth in the second half of the fiscal year: + 8.7%
  • Sales revenue up 8.5% in local currencies (+1.3% in CHF)
  • Operating profit (EBIT) up 9.5% in local currencies (+2.8% in CHF)
  • Net profit up 18.5% in local currencies (+10.4% in CHF)
  • Proposal of a capital repayment of CHF 12.50 per share, up 8.7% compared to prior year
  • Three-year financial targets for the period 2009/10 through 2011/12: on average 6-8% volume growth and average EBIT growth at least in line with volume growth

 

Zurich/Switzerland, November 12, 2009 – Barry Callebaut AG, the world’s leading manufacturer of high-quality cocoa and chocolate products, again delivered strong top-line and bottom-line growth in an exceptionally difficult economic environment in fiscal year 2008/09 (ended August 31, 2009). In sharp contrast to the global chocolate market, which contracted by more than 2% in volume in 2008/09, Barry Callebaut succeeded in growing its sales volume by 4.1%. The company attributes its growth to three factors: its early expansion into emerging and high-growth markets, the implementation of outsourcing deals, and market share gains. The strength of the company’s reporting currency, the Swiss franc, compared to most other currencies had a negative impact on sales revenue, operating profit (EBIT) and net profit for the year. In local currencies, sales revenue grew by 8.5% and came in at CHF 4,880.2 million (or +1.3% in CHF). Based on considerable operational improvements as well as tight cost savings programs, and despite the effect of the anticipated lower combined cocoa ratio1, operating profit (EBIT) increased by 9.5% in local currencies. In Swiss francs, the increase was 2.8% to CHF 350.8 million. Net profit for the year went up 18.5% in local currencies; in CHF terms, it grew strongly by 10.4% to CHF 226.9 million.   

Juergen B. Steinemann, CEO of Barry Callebaut, said: “I am pleased that we were able to deliver strong top-line and bottom-line growth in the face of a rarely seen global chocolate consumption decline. After reaching a low in winter 2008, growth resumed and regained momentum in the second half of the year. Our growth strategy based on the three pillars of geographic expansion, innovation and cost leadership, coupled with our robust business model, our diversified product offering and ongoing efficiency improvement initiatives, clearly stood the test of the global economic recession. In this context we took further significant steps such as expanding to new markets (e.g. Mexico), implementing new outsourcing deals (such as Morinaga in Japan) and adding new capabilities (e.g. new pastry factory in Spain). We reconfirm our strategic focus on industrial and artisanal customers. We will continue to build upon this strategy in the coming years while also achieving further synergies across our businesses and completing the integration of recent acquisitions.”

Group key figures for fiscal year 2008/09 

 

Change vs 2007/08

 

 

2008/09

 Reporting

currency

Local currencies

Sales volume

mt

1,213,610

4.1%

 

Sales revenue  

CHF m

4,880.2

1.3%

8.5%

Operating profit (EBIT)

CHF m

350.8

2.8%

9.5%

EBIT/Tonne

CHF

289.1

-1.2%

5.2%

Net profit for the year

CHF m

226.9

10.4%

18.5%

 

Market environment 

For the first time in more than a decade the global chocolate market declined by more than 2%* in volume terms. However, it showed a slight increase in revenue because of price mark-ups effected in early 2008 in the wake of peak raw material and energy costs. Further challenges included adverse currency effects and a strong destocking by customers toward the end of 2008 in anticipation of a potential decrease in chocolate consumption and to alleviate their balance sheets.

The country-to-country developments were far from uniform. Market data* shows that chocolate consumption in the top eight Western European chocolate markets dropped by 2.6% (in volume) between September 2008 and July 2009, driven primarily by the U.K., France and Spain. Eastern Europe showed a single-digit increase in volume but turned negative towards the end of the period. In the U.S., the decrease in consumption was 6.6% according to the same market data*. As a result of the economic situation chocolate consumption in China also declined by 10.9%*. Other emerging markets, such as Poland, Turkey and Brazil, continued to grow in volume.

*Source: Nielsen Sept 2008-July 2009

 

Value generation and stable financing situation

In the year under review, capital expenditure was CHF 144.4 million, a reduction of over 40% versus the exceptionally high amount of CHF 249.9 million spent in the previous year to finance Barry Callebaut’s global expansion. Return on invested capital (ROIC) remained stable at 13.9% (prior year: 14.0%). The economic value added (EVA) increased from CHF 126.3 million to CHF 129.9 million.

Barry Callebaut has solid long-term committed financing facilities of EUR 1.2 billion (approximately CHF 1.9 billion) with an average tenor of 6.1 years. With a net debt position of CHF 942.7 million as per August 31, 2009, Barry Callebaut still has significant financial leeway.

 

Overview of performance by region in fiscal year 2008/09

Region Europe – Successfully navigating through the recession

While Barry Callebaut’s sales volume in Europe showed a decline in the first half of the fiscal year, in line with the negative market trends in key chocolate countries, such as France, Belgium, Italy and Spain, it rebounded strongly by 8% in the second half. Overall, sales volume for Region Europe came in at 792,385 tonnes, up 0.7%. Sales revenue was boosted on one hand by higher cocoa bean prices and price increases effected a year ago, and negatively affected on the other hand by adverse currency effects and lower prices for sugar and milk powder. Sales revenue reached CHF 3,335.8 million, a decrease of 5.5% (or +3.6% in local currencies). Operating profit (EBIT) benefited from the favorable impact of focusing on higher-margin products as well as tight cost control, and rose by 6.7% to CHF 296.2 million (or +14.6% in local currencies).

The Food Manufacturers business unit faced the double challenge of a decline in consumer spending and a general industry destocking. The economic crisis arrived later in Eastern Europe than in Western Europe, but it had a greater impact. Several Eastern European currencies have lost around 20% of their value versus the euro and the Swiss franc. After the lows of the second quarter in Western Europe, the business unit regained its growth momentum and benefited from revived strong customer demand in a number of markets, such as the UK, Germany and the Netherlands. Sustained double-digit sales growth in Eastern Europe, particularly in Poland, partly compensated for the slowdown in Western Europe.

Most of the Gourmet markets across Europe were hit by the recession. In contrast, Poland performed very well, as did Turkey. While the HORECA (hotels, restaurants, catering) segment, including the food service distributors, experienced a severe drop in sales as a result of reduced restaurant spending, the bakery/pastry and confectionery segments proved more resilient. As a result of a balanced customer and geographic mix, the Gourmet & Specialties business unit managed to maintain its sales in local currencies at the prior-year level, and even gained market share. The group’s first pastry manufacturing plant, inaugurated in October 2008 in Alicante, Spain, successfully started production and sales of ready-to-serve quality desserts in response to the growing need of the home-service segment and HORECA customers for quality convenience products. The acquisition of IBC in Belgium in September 2008 expanded the company’s range of chocolate decorations. The Beverages division, which supplies beverage mixes for vending machines, was impacted by lower demand from consumers for vending products. However, overall the division clearly outperformed the market. To further strengthen its position in the consolidating European chocolate and cappuccino vending mix market, Barry Callebaut acquired the very complementary Danish vending mix specialist Eurogran in June 2009.

A key trend in all major European markets was the price pressure in response to the growing cost-consciousness of consumers. These developments benefited Barry Callebaut’s Consumer Products business unit, which was able to grow the sales of its medium-priced local brands as well as of private label products and had a good year. Despite this satisfactory development, Barry Callebaut’s decision to divest the consumer products business remains unchanged. 

Region Americas – Market share gains in a declining market

Barry Callebaut’s footprint expansion across North America has been fully completed with the start-up of its new chocolate factory in Monterrey, Mexico, which was inaugurated in January 2009, and the opening of a Chocolate Academy in Chicago in September 2008.

Region Americas experienced an overall sales volume growth of 10.0% to 321,852 tonnes. This growth was driven by additional deliveries to Hershey’s under a long-term supply contract signed in 2007, some early returns from the company’s geographic expansion to Mexico and South America, and new business gains with food manufacturers. Sales revenue increased by 23.0% to CHF 1,145.8 million as a result of higher sales volumes and higher cocoa bean prices. Operating profit (EBIT) rose by 15.0% to CHF 91.4 million (+16.4% in local currencies). Due to higher sales volume, the beneficial product mix (in the Food Manufacturers business unit), lower non-cocoa raw material prices, and strong cost controls, the region was able to more than offset declining profitability in the Gourmet & Specialties business unit.

The Food Manufacturers business unit was the driver of the region’s volume growth, based on the following four factors: First, the continuing implementation of the supply agreement with The Hershey Company; second, increased at-home consumption; third, market share gains with large Key Accounts; and fourth, the addition of many new regional customers. Consumers generally traded down to cheaper products. However, there is a growing appetite for value-added functional chocolate products. Barry Callebaut sold to customers the first probiotic and the first high antioxidant chocolates available in the U.S. market.

The economic environment for the Gourmet & Specialties business unit was strained as restaurant traffic was adversely impacted by the recession, particularly in fine dining restaurants, which experienced traffic declines of 10%. The general belief in the industry is that traffic declines have bottomed out, but no one expects a rapid recovery. The economic crisis led to a shift from imported European Gourmet products to more locally made value-for-money Gourmet products. Sales could be maintained at the prior-year level. With consumers eating more often at home, the sales focus on the key bakery segment was increased.

Region Asia-Pacific and Rest of World – Well positioned for further growth

Barry Callebaut’s sales volume grew 14.6% to 99,373 tonnes, as a result of the geographic expansion and organic growth. Sales revenue rose by 12.8% to CHF 398.6 million (+15.8% in local currencies). Operating profit decreased by 36.0% to CHF 33.1 million, strongly affected by changes in scope and high start-up costs for the new factories.

While initially targeting international food companies, the Food Manufacturers business unit is increasingly gaining business from large local food manufacturers. Volumes grew at a double-digit rate despite the melamine milk powder scandal in China, which impeded exports from China for several months, although Barry Callebaut’s products were always safe. The growth was partly due to the geographic expansion to China, Malaysia and Japan, partly to the strong growth of Key Accounts in New Zealand, South Africa, Malaysia and Japan.

Themain target customer segment of the Gourmet & Specialties business unit for imported European Gourmet products, the HORECA (hotels, restaurants, catering) sector, was hit hard in 2009 as most hotels posted less than 50% occupancy rates. In this price-sensitive market, the locally made Gourmet products fared better. In the second half of the fiscal year, the imported European products resumed growth again.

Key figures by region for fiscal year 2008/09

EUROPE

 

Change (%)

12 months up to

Aug 31, 2009

12 months up to

Aug 31, 2008

Sales volume

mt

0.7

792,385

786,698

Sales revenue

CHF m

-5.5

3,335.8

3,530.5

EBITDA

CHF m

3.7

369.7

356.5

Operating profit (EBIT)

CHF m

6.7

296.2

277.6

 

AMERICAS

 

Change (%)

12 months up to

Aug 31, 2009

12 months up to

Aug 31, 2008

Sales volume

mt

10.0

321,852

292,614

Sales revenue

CHF m

23.0

1,145.8

931.6

EBITDA

CHF m

16.2

109.7

94.4

Operating profit (EBIT)

CHF m

15.0

91.4

79.5

 

ASIA/RoW

 

Change (%)

12 months up to

Aug 31, 2009

12 months up to

Aug 31, 2008

Sales volume

mt

14.6

99,373

86,695

Sales revenue

CHF m

12.8

398.6

353.3

EBITDA

CHF m

-26.0

41.6

56.2

Operating profit (EBIT)

CHF m

-36.0

33.1

51.7

 

Development of business segments in fiscal year 2008/09

Industrial business segment: Benefiting from Key Accounts as well as local food processors

The Industrial business segment focuses on selling cocoa and chocolate products to industrial food processors and consumer goods manufacturers worldwide. It consists of the Cocoa and the Food Manufacturers business units.

Semi-finished products sold to third-party customers at the Cocoa business unit significantly increased, driven by the company’s newly acquired entity in Malaysia and the expansion of existing factories. As global chocolate consumption declined and existing stocks were high, demand for additional cocoa butter collapsed and the combined cocoa ratio1 dropped sharply from October 2008 until March 2009, stabilizing at a low level. This resulted in margin pressure for semi-finished products, which will continue during the coming months. The Food Manufacturers business unit benefited from the existing outsourcing contracts, high demand from Key Accounts as well as local food processors, primarily in North America, Eastern Europe and Asia-Pacific.

Food Service/Retail business segment: Shift from restaurant consumption to at-home eating

The Food Service/Retail business segment serves a broad range of customers, from local craftsmen (such as chocolatiers, pastry chefs, bakers, hotels, restaurants, caterers) to global retailers. It consists of the Gourmet & Specialties and the Consumer Products business units.

Due to a combination of the economic crisis affecting overall consumption, especially restaurant spending, and the financial crisis, forcing customers to reduce their inventories, the Gourmet & Specialties business faced a challenging market in 2008/09, especially in the first half. With consumers eating more often at home, there was a shift in the product mix from HORECA to products for the bakery/pastry segment. The business unit managed to almost maintain its sales volume at prior-year level. Amidst growing demand from consumers across all major European markets for price-competitive chocolate products, the Consumer Products business unit was able to grow sales of its medium-priced local brands as well as of private label products and had a good year with a sales revenue growth of 2.4%, adjusted for scope and currencies. Overall sales revenue, though, showed a decline because of the divestment of various consumer activities.

Key figures per business segment for fiscal year 2008/09  

INDUSTRIAL

 

Change (%)

12 months up to

Aug 31, 2009

12 months up to

Aug 31, 2008

Sales volume

mt

7.4

979,051

911,819

Sales revenue

CHF m

5.8

3,447.0

3,258.3

EBITDA

CHF m

5.1

319.9

304.4

Operating profit (EBIT)

CHF m

3.0

254.5

247.1

 

FOOD SERVICE/

RETAIL

 

Change (%)

12 months up to

Aug 31, 2009

12 months up to

Aug 31, 2008

Sales revenue

CHF m

-8.0

1,433.2

1,557.1

EBITDA

CHF m

-0.7

201.2

202.7

Operating profit (EBIT)

CHF m

2.8

166.2

161.7


Executive Committee established  

In alignment with the company’s growth strategy, Barry Callebaut has appointed an Executive Committee that will replace the former Senior Management Team. Members are the following senior executives: Juergen B. Steinemann (CEO), Victor Balli (CFO), Massimo Garavaglia (President Western Europe), Dave Johnson (President Americas), Steven Retzlaff (President Global Sourcing & Cocoa), Dirk Poelman, Chief Operations Officer, and Hans Vriens, Chief Innovation Officer.

Outlook                 

Looking ahead, CEO Juergen B. Steinemann said: “Our strategic focus going forward remains on expanding our core activities with industrial and Gourmet customers. Based on our existing growth strategy, we see a lot of potential to grow through further outsourcing agreements with industrial customers and to further expand in emerging territories on the basis of our recent and future investments. Our Gourmet business is also key to our strategy. We expect the economic environment to remain challenging and volatile. For the three-year period 2009/10 through 2011/12, we therefore target on average 6-8% volume growth per annum and average EBIT growth at least in line with volume growth. In the current fiscal year 2009/10, operating profit (EBIT) will be affected by the unfavorable combined cocoa ratio but we expect to deliver strong net profit growth (PAT) again. With our three-year financial targets we will continue to significantly outperform the global chocolate market – as always barring any major unforeseen events and based on local currencies.”

Proposals to the Annual General Meeting

Par value reduction in lieu of a dividend

The Board of Directors proposes to the Annual General Meeting of December 8, 2009 to increase the repayment to shareholders by 8.7%, from CHF 11.50 to CHF 12.50 per share, representing a payout ratio of 28.5%. Instead of a dividend payment, the Board of Directors proposes to reduce the share capital of the company through the reduction of the par value per share from CHF 50.70 to CHF 38.20.The par value reduction of CHF 12.50 will be paid out to shareholders in March 2010.

Board of Directors

All Board members will stand for re-election for another term of office of one year.



1 The “combined cocoa ratio” is the combined sales price for cocoa butter and cocoa powder relative to the cocoa bean price


* * *

For more detailed financial information see Barry Callebaut’s “Letter to Investors”.

 

* * *

Barry Callebaut:
With annual sales of about CHF 4.9 billion for fiscal year 2008/09, Zurich-based Barry Callebaut is the world’s leading manufacturer of high-quality cocoa and chocolate – from the cocoa bean to the finished product on the store shelf. Barry Callebaut is present in 26 countries, operates about 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.

* * *

Financial calendar for fiscal year 2009/10 (September 1, 2009 to August 31, 2010): 

Annual General Meeting 2008/09

3-month key sales figures 2009/10

Half-year results 2009/10

9-month key sales figures 2009/10

Full-year results 2009/10

Annual General Meeting 2009/10

December 8, 2009, Zurich

January 13, 2010

April 1, 2010, Zurich

June 30, 2010

November 4, 2010, Zurich

December 7, 2010, Zurich

 * * *

Contacts

for investors and financial analysts: 

Simone Lalive d’Epinay
Head of Investor Relations

Barry Callebaut AG, Zurich, Switzerland

phone: +41 43 204 04 23                    

simone_lalive@barry-callebaut.com                        

 

for the media: 

Gaby Tschofen
VP Corporate Communications

Barry Callebaut AG, Zurich, Switzerland

phone: +41 43 204 04 60

gaby_tschofen@barry-callebaut.com

 

Conferences

Date:

Thursday, November 12, 2009

Location:

Barry Callebaut Headquarters, Chocolate Academy, Groundfloor, Pfingstweidstrasse 60, Westpark, 8005 Zurich/Switzerland

Time

Media

09.30 a.m. to 10.30 a.m. CET

Analysts and Institutional Investors

11.30 a.m. to approx. 13.00 a.m. CET

 

The conference can be followed by telephone or audio Webcast.

Media

Analysts’ and Institutional Investors

Switzerland: (+41) (0) 615 800 002

Switzerland: (+41) (0) 565 800 007

Belgium: (+32) (0) 240 170 37

Belgium: (+32) (0)240 105 33

France: (+33) (0) 170 708 240

France: (+33) (0) 170 708 275

Germany: (+49) (0) 221 455 3004

Germany: (+49) (0) 403 033 1040

UK: (+44) (0) 845 146 2035

UK: (+44) (0) 845 146 2036

Japan: 006 633 132 475

Japan: 006 633 132 475

China (North): 108 007 121 819

China (North): 108 007 121 819

China (South): 108 001 201 813

China (South): 108 001 201 813

USA: 1866 966 9439

USA: 1866 966 9439

Canada: 1866 966 0399

Canada: 1866 966 0399

Rest of the world: (+44) (0) 1452 562 659

Rest of the world:  (+44) (0) 1452 562 660

PIN-Code: 36449411

PIN-Code: 36447195


To access the live audio Webcast streaming, please follow the following links:

Media

http://gaia.world-television.com/barry-callebaut/20091112/media/trunc

Analysts / Investors

http://gaia.world-television.com/barry-callebaut/20091112/analyst/trunc

Participants are advised to log on to the Webcast and register their details 10 minutes prior to its commencement. A slight delay between the sound heard and slide changeovers may be experienced. You may therefore want to download your own copy of the presentation from our website. 

A playback of the conference will be available 1.5 hours after the conference. The phone conference replay will be available for one month, accessible under:

Media

Analysts and Institutional Investors

International dial: +44 (0) 1452 55 00 00

International dial: +44 (0) 1452 55 00 00

UK Free Call Dial In: 0800 953 1533

UK Free Call Dial In:  0800 953 1533

USA Free Call Dial In: 1866 247 4222

USA Free Call Dial In:  1866 247 4222

 

 

Conference reference 36449411#

Conference reference 36447195#

The Webcast playback is available for three months, following the web links underneath:

Media

http://gaia.world-television.com/barry-callebaut/20091112/media/trunc

Analysts/ Investors

http://gaia.world-television.com/barry-callebaut/20091112/analyst/trunc

 

Key figures Barry Callebaut Group

for the fiscal year ended August 31,

 

Change (%)

2008/09

2007/08

 

 

in local

currencies

in reporting

currency

 

 

Income statement

 

 

 

 

 

Sales volume

Tonnes

 

4.1%

1,213,610

1,166,007

Sales revenue

CHF m

8.5%

1.3%

4,880.2

4,815.4

EBITDA1

CHF m

9.1%

2.8%

456.1

443.7

Operating profit (EBIT)

CHF m

9.5%

2.8%

350.8

341.1

Net profit from continuing operations2

CHF m

16.5%

8.5%

226.9

209.1

Net profit for the year

CHF m

18.5%

10.4%

226.9

205.5

Cash flow3

CHF m

 

(3.7%)  

418.1

434.3

EBIT per tonne

CHF

5.2%

(1.2%)

289.1

292.5

Balance sheet

 

 

 

 

 

Total assets

CHF m

 

(5.8%)

3,514.8

3,729.5

Net working capital4

CHF m

 

(2.8%)

1,010.1

1,037.1

Non-current assets

CHF m

 

0.6%

1,432.2

1,423.7

Net debt

CHF m

 

(9.5%)

942.7

1,041.2

Shareholders’ equity5

CHF m

 

6.8%

1,255.6

1,175.9

Ratios

 

 

 

 

 

Economic value added (EVA)

CHF m

 

2.9%

129.9

126.3

Return on invested capital (ROIC)6

%

 

 

13.9%

14.0%

Return on equity (ROE)

%

 

 

18.1%

17.7%

Debt to equity ratio

%

 

 

75.1%

88.5%

Shares

 

 

 

 

 

Share price at fiscal year end

CHF

 

(20.7%)

 574  

 724  

EBIT per share (issued)

CHF

9.5%

2.8%

 67.8  

 66.0  

Basic earnings per share7

CHF

16.9%

8.9%

 44.0  

 40.4  

Cash earnings per share8

CHF

 

(3.4%)

 81.1

 83.9  

Payout per share9

CHF

 

8.7%

 12.5  

 11.5  

Other

 

 

 

 

 

Employees

 

 

3.4%

7,525

7,281

 

1)

EBIT + depreciation of property, plant and equipment + amortization of intangibles

2)

Net profit from continuing operations (including minorities)

3)

Operating cash flow before working capital changes

4)

Includes current assets and liabilities related to commercial activities and current provisions

5)

Total equity attributable to the shareholders of the parent company

6)

EBIT x (1-effective tax rate)/average capital employed

7)

Based on the net profit for the period attributable to the shareholders of the parent company
excluding the net loss from discontinued operations/basic shares outstanding

8)

Operating cash flow before working capital changes/basic shares outstanding

9)

Par value reduction instead of a dividend; 2008/09 as proposed by the Board of Directors to the Annual General Meeting

Key figures by region and by business segment

for the fiscal year ended August 31,

 

Change (%)

2008/09

2007/08

Key figures by region

 

 

 

 

Europe

 

 

 

 

Sales volume

Tonnes

0.7%

792,385

786,698

Sales revenue

CHF m

(5.5%)

3,335.8

3,530.5

EBITDA

CHF m

3.7%

369.7

356.5

EBIT

CHF m

6.7%

296.2

277.6

Americas

 

 

 

 

Sales volume

Tonnes

10.0%

321,852

292,614

Sales revenue

CHF m

23.0%

1,145.8

931.6

EBITDA

CHF m

16.2%

109.7

94.4

EBIT

CHF m

15.0%

91.4

79.5

Asia/Rest of World

 

 

 

 

Sales volume

Tonnes

14.6%

99,373

86,695

Sales revenue

CHF m

12.8%

398.6

353.3

EBITDA

CHF m

(26.0%)

41.6

56.2

EBIT

CHF m

(36.0%)

33.1

51.7

Key figures by business segment

 

Change (%)

2008/09

2007/08

Industrial Business Segment

 

 

 

 

Sales volume

Tonnes

7.4%

979,051

911,819

-         Cocoa

Tonnes

21.6%

196,808

161,811

-         Food Manufacturers

Tonnes

4.3%

782,243

750,008

Sales revenue

CHF m

5.8%

3,447.0

3,258.3

-         Cocoa

CHF m

24.1%

748.9

603.7

-         Food Manufacturers

CHF m

1.6%

2,698.1

2,654.6

EBITDA

CHF m

5.1%

319.9

304.4

EBIT

CHF m

3.0%

254.5

247.1

Food Service/Retail Business

 

 

 

 

Sales revenue

CHF m

(8.0%)

1,433.2

1,557.1

-         Gourmet & Specialties

CHF m

(4.3%)

622.6

650.7

-         Consumer Products

CHF m

(10.6%)

810.6

906.4

EBITDA

CHF m

(0.7%)

201.2

202.7

EBIT

CHF m

2.8%

166.2

161.7