Annual Report
2019/20

Letter to Shareholders

Resilient and confident

We delivered solid results in unprecedented times, thanks to our long-term strategy and continued focus on Care, Continuity and Cash. Our customer focus and innovation pipeline give us confidence in our ability to expand the business and capture new opportunities.

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

Key Figures

2019/20

Fiscal year 2019/20 in brief

  • Sales volume down -2.0%, progressive volume recovery in fourth quarter
  • Sales revenue of CHF 6.9 billion, down -0.4% in local currencies (-5.7% in CHF)

  • Operating profit (EBIT) recurring1 of CHF 491.0 million, down -13.8%2 in local currencies (-18.5%2 in CHF)

  • Net profit recurring1 of CHF 319.3 million, down -13.3%2 in local currencies (-18.5%2 in CHF)

  • Strong free cash flow of CHF 317 million

  • Confident on mid-term guidance3

  • Board member Suja Chandrasekaran will not stand for reelection. Yen Yen Tan proposed as new member of the Board of Directors

  • Proposed dividend: CHF 22.00 per share, a stable payout ratio of 39%

1 Operating profit (EBIT) recurring and Net profit recurring exclude the cost of CHF –7.8 million for the closure of the Makassar, Indonesia, cocoa factory.
2 Prior-year comparatives have been calculated on a pro-forma basis to reflect the estimated impact of IFRS 16 had it been adopted at the time (for the current year impact refer to Annual Report 2019/20, pages 46–49).
3 On average for the 3-year period 2020/21 to 2022/23: 5–7% volume growth and EBIT above volume growth in local currencies, barring any major unforeseeable events and based on the assumption of a gradual recovery from COVID-19 without major lockdown resurgence.

Group Key Figures_Barry Callebaut

Business Review

Region EMEA

Continued expansion in Region EMEA in unprecedented times. Visible volume recovery, profitability impacted by adverse mix.

Global Cocoa

EBIT recurring performance in line with volume decline.

Region Americas

Region Americas showed resilience both top- and bottom-line thanks to solid volume recovery and robust product mix.

Region Asia Pacific

Region Asia Pacific performance impacted by the pandemic. Investments in Singapore, Australia and India support continued growth.

Our Success Stories

Sales Volume Fiscal Year 2019/20 Barry Callebaut
Sales Revenue Fiscal Year 2019/20 Barry Callebaut
EBIT Fiscal Year 2019/20 Barry Callebaut
Chocolate Academies Fiscal Year 2019/20 Barry Callebaut
Employee Academy Fiscal Year 2019/20 Barry Callebaut
Factories Fiscal Year 2019/20 Barry Callebaut
Heritage Fiscal Year 2019/20 Barry Callebaut
Sustainable Cocoa Fiscal Year 2019/20 Barry Callebaut
Mid-term guidance Fiscal Year 2019/20 Barry Callebaut

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.

Sustainability

Forever Chocolate

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.

The COVID-19 pandemic is underlining the importance of sustainable supply chains. Throughout the crisis, the protection of our people and the continuation of our operations are our priority. We continue sourcing from cocoa farmers, and to progress with many of our Forever Chocolate activities. Despite the challenges of COVID-19 in 2019/20, our persistence to drive new partnership development and execute innovative projects clearly demonstrates our passion to implement and scale Forever Chocolate.

Our next Forever Chocolate Progress Report will be published in December 2020.

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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 & Value Awards 2020

Barry Callebaut recognizes employees who have demonstrated outstanding performance at work and have been with the group for a number of years with the Chairman's Award. They are individuals who have shown strong commitment to their local communities and embody our five company values. 

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.

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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.

Contacta con nosotros

Your Barry Callebaut Group Contacts

Frank Keidel
Head of Media Relations
+41 76 399 69 06​
Claudia Pedretti
Head of Investor Relations
+41 43 204 04 23