Annual Report

Barry Callebaut Annual Report for the Fiscal Year 2018/19

Annual Report

Letter to Shareholders

Good growth momentum continues

Our proven long-term strategy and its consistent execution delivered another set of strong results, creating value for our shareholders and other stakeholders. The successful completion of our 4-year mid-term guidance gave us the confidence to renew it for the next 3-year period.

Related Downloads

Barry Callebaut Letter to Shareholders Annual Report Fiscal Year 2018/19
Patrick De Maeseneire, Chairman of the Board of Directors, and Antoine de Saint-Affrique, CEO.

Key Figures


Fiscal year 2018/19 in brief

  • Sales volume up +5.1%, well above the market growth1
  • Sales revenue of CHF 7.3 billion, up +7.8% in local currencies (+5.2% in CHF)

  • Operating profit (EBIT) up +11.9% in local currencies (+8.5% in CHF)

  • Net profit2 up +14.2% in local currencies (+10.4% in CHF)

  • Free cash flow of CHF 290 million

  • Mid-term guidance 2015/16 – 2018/19 delivered3, on average +4.5% volume growth and +13.9% EBIT growth in local currencies

  • Board members Jakob Baer and Juergen Steinemann will not stand for reelection

  • Proposed payout to shareholders of CHF 26.00 per share, up +8.3%

1. Source: Nielsen, +1.8% in volume, August 2018 to August 2019 – 25 countries, excluding e-commerce channels.

2. Net profit excluding one-off costs for early bond repayment of CHF 33m, partly offset by the tax effect of CHF 7m.

3. On average for the 4-year period 2015/16 to 2018/19: 4-6% volume growth and EBIT above volume growth in local currencies, barring any major unforeseen events.

Related Downloads

Key Figures - Fiscal year 201819 in brief

Business Review

Region EMEA

Strong volume growth and profitability

Region EMEA (Europe, Middle East, Africa) delivered strong volume growth well above the market and a good EBIT growth.

Related Downloads

Region EMEA Business Review

Region Americas

Healthy growth and strong profitability

Region Americas maintained a healthy growth rate, well above the growth of the chocolate confectionery market. The improved product mix was reflected in a strong EBIT.

Region Americas Business Review

Region Asia Pacific

Strong growth momentum

Region Asia Pacific accelerated in the second half of the fiscal year, achieving double-digit volume growth and a strong profitability.

Region Asia Pacific Business Review

Global Cocoa

Further improved profitability

Healthy volume growth and further improved profitability, benefiting from disciplined execution.

Related Downloads

Global Cocoa business Review

Risk overview

The Group operates in the food industry and is exposed to a variety of risks and uncertainties. The Group’s Enterprise Risk Management framework is designed to identify, assess and mitigate key risks by taking appropriate measures to ensure the achievement of the Group’s objectives.

While it is acknowledged that the Group faces many risks, Barry Callebaut's Board of Directors has identified the key risks that could potentially impact the achievement of the Group’s objectives. These are outlined in the key risk table below.

Image Slider Sales Volume Fiscal Year 2018/19 Barry Callebaut
Image Slider Sales Revenue Fiscal Year 2018/19 Barry Callebaut
Image Slider EBIT Fiscal Year 2018/19 Barry Callebaut
Image Slider Net Profit Fiscal Year 2018/19 Barry Callebaut
Image Slider Chocolate Academy Fiscal Year 2018/19 Barry Callebaut
Image Slider Employee Academy Fiscal Year 2018/19 Barry Callebaut
Image Slider Factories Fiscal Year 2018/19 Barry Callebaut
Image Slider More than 175 years Fiscal Year 2018/19 Barry Callebaut
Image Slider Mid-term guidance Fiscal Year 2018/19 Barry Callebaut

What we do

We are the world’s leading manufacturer of chocolate and cocoa products – from sourcing and processing cocoa beans to producing the finest chocolates, including chocolate fillings, decorations and compounds.

Barry Callebaut Annual Report FY18-19 Value Chain Graphic

Our strategy

Barry Callebaut aims to consistently outperform the global chocolate and cocoa market. This ambitious long-term strategy is based on four pillars: Expansion, Innovation, Cost Leadership and Sustainability.

Barry Callebaut Annual Report FY18-19 Strategy

Our Success Stories

The highlights in fiscal year 2018/19

These are the highlights in fiscal year 2018/19 based on our four strategic pillars – Expansion, Innovation, Cost Leadership, Sustainability - and our People:

Barry Callebaut Annual Report FY18-19 Expansion

Growing with our customers

We continuously invest in our capacities and capabilities. This year we announced the construction of a new production site in Baramati, India, as well as in Novi Sad, Serbia. In Beijing, we opened a new office and our second CHOCOLATE ACADEMY™ Center in China. In Abidjan, Côte d’Ivoire, we inaugurated our new cocoa processing unit. An additional supply agreement with Garudafood, a leading food company in Indonesia,  is further proof of our successful partnership.

Barry Callebaut Annual Report FY18-19 Innovation

Unleashing the full power of the cacaofruit

Innovation is in our company’s DNA. This year, we launched a next-generation food & drink category. With ‘Cacaofruit Experience’, we unleash the full power of the cacaofruit, as these products make use of the entire fruit. The new product range underpins the Group’s shift towards a specialty ingredients maker. Under its brand CaPao, Mondelez is first to pilot cacaofruit snack products. ‘Wholefruit chocolate’, a new type of chocolate, is hitting the chef and artisan market in May 2020.

Barry Callebaut Annual Report Story Cost Leadership

Continuously strengthening our financial profile

Cost Leadership allows us to outpace our competitors, and this includes raising debt in the financial markets at attractive average interest rates. This year, we were the first Swiss industrial company to issue a Schuldscheindarlehen which not only improves our debt and liquidity structure. It also includes tranches meeting sustainability criteria: At least two-thirds of the proceeds will be used to finance sustainability projects  to support cocoa farmers and cocoa farmer communities.

Barry Callebaut Annual Report FY18-19 Story Sustainable

Building the cocoa farms of the future

Why does climate change matter to us? Because if there is no forest there is no rain. And if there is no rain, there is no cocoa. If productivity is low, cocoa farmers will encroach into the forest. This is why we attended the United Nations Climate Action Summit, joined the “One Planet Business for Biodiversity” and the “Just Rural Transformation” initiative. With our cocoa farm database Katchilé, we meanwhile have also unprecedented datasets to build the cocoa farming model of the future.


A new way of learning

To enable all our employees to directly contribute to our Forever Chocolate commitments, we launched Seeds for Change in December 2018. Seeds for change is also a new and encouraging way of learning: Every employee can share ideas and experiences and come together for a common goal. Employees are excited to see that their contributions and ideas have a direct impact.


Forever Chocolate progress

Creating impact through the power of data, technology, and scale

Sustainability is at the heart of our business. This is why in 2016 we launched Forever Chocolate, our plan to make sustainable chocolate the norm by 2025. Every year we report on the progress we are making against the Forever Chocolate targets.

Our third, most recent, progress report shows that we are creating an impact on the ground and leading change in the cocoa and chocolate value chain. We are focusing on big innovative projects which we know will create the tipping point to further a sustainable chocolate supply chain. For this, we are using a combination of big data and technology as the backbone to scale our efforts. 

We are very proud that our efforts were acknowledged in July 2019, when Sustainalytics, one of the leading companies assessing companies’ sustainability efforts, ranked Forever Chocolate the #1 sustainability strategy in the packaged foods industry out of 178 companies.

Forever Chocolate is a movement. We need the expertise from academia and NGOs, the resources from our customers and partners, and an enabling policy environment from governments. We welcome all feedback and offers for support.

Barry Callebaut Annual Report 2018-19 Forever Chocolate

Our People

Our People

Empowering our diverse talent to shape the future

Our people are at the heart of our success. Our history is based on passion for cocoa and chocolate, entrepreneurship and growth. Our strength stems from the contribution of every Barry Callebaut employee living the company values – customer focus, passion, entrepreneurship, team spirit and integrity – and being empowered to apply their talents to the fullest. We therefore maintain a strong focus on fostering our unique company culture by attracting, developing and retaining diverse talent from all over the world to grow our business in an entrepreneurial and sustainable way.

A diverse workforce and an inclusive culture are key to our Company’s success and uniqueness. We are committed to harnessing the power of diversity to achieve business success, in an environment where every employee is engaged, empowered and capable of achieving their very best and full potential.

Chairman's Award 2019

Barry Callebaut's Chairman's Award Winners 2019

Chairman's & Value Awards 2019

The Chairman's Award recognizes employees who have been with Barry Callebaut for a number of years and have demonstrated outstanding performance at work, as well as a strong commitment to their local communities. They are individuals who embody our five company values: customer focus, passion, entrepreneurship, team spirit and integrity.

The Value Award recognizes managers and their teams who are willing to go the extra mile, who are putting all their passion into their work and, thus, have made a positive impact on the company in the past fiscal year. The awards were given for each of our five company values.

Financial Report

Barry Callebaut Annual Report 2018-19 Sales Volume
Barry Callebaut Annual Report 2018-19 Sales Revenue
Barry Callebaut Annual Report 2018-19 EBIT
Barry Callebaut Annual Report 2018-19 Net Profit
Barry Callebaut Annual Report 2018-19 Sales Volume by Region
Barry Callebaut Annual Report 2018-19 Sales Volume by Product

Corporate Governance

Corporate Governance

All Corporate Governance information is provided in accordance with the Directive on Information Relating to Corporate Governance (DCG) issued by the SIX Exchange Regulation division. The principles and rules of Corporate Governance as practiced by Barry Callebaut AG are laid down in the Articles of Incorporation, the Internal Regulations of the Board of Directors and the Charters of the Board Committees. These are reviewed regularly by the Board of Directors and adapted as needed.

Board of Directors

Barry Callebaut Board of Directors
From left to right: Elio Leoni Sceti, Markus R. Neuhaus, Juergen Steinemann (until December 11, 2019), Suja Chandrasekaran, Fernando Aguirre, Patrick De Maeseneire (Chairman), Nicolas Jacobs, Angela Wei Dong, Jakob Baer (Vice Chairman; until December 11, 2019), Tim Minges.

Executive Committee

Barry Callebaut Executive Committee
From left to right: Pablo Perversi, Chief Innovation, Sustainability & Quality Officer, Global Head of Gourmet; Olivier Delauney, Chief Operating Officer; Isabelle Esser, Chief Human Resources Officer; Remco Steenbergen, Chief Financial Officer; Antoine de Saint-Affrique, Chief Executive Officer; Massimo Garavaglia, President EMEA; Peter Boone, President & CEO Americas; Steven Retzlaff, President Global Cocoa; Ben De Schryver, President Asia Pacific.

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