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HALF-YEAR 2015Investor Presentation
1. Performance Highlights HY2015
2. P&L and B/S Details HY2015
3. Outlook 2015
4. Questions & Answers
AGENDA
August 18, 2015Investors Presentation - HY2015 3
PERFORMANCE HIGHLIGHTS HY2015
P&L STATEMENT L&S GROUP
+17.4% Sales Growth of the Lindt & Sprüngli Group INCLUDING Russell Stover
August 18, 2015Investors Presentation - HY2015 5
CHF million HY2014 HY2015Y-o-Y Growth
in CHF Organic
Sales 1 199.9 1 408.9 +17.4% +9.4%
EBITDAMargin
128.010.7%
149.810.6%
+17.1%
EBITMargin
77.16.4%
90.66.4%
+17.5%
Net Income Margin
55.84.7%
65.04.6%
+16.5%
38.7%
15.1%9.5%
10.2%
6.9%
8.0%
5.5%
6.1%
SALES ANALYSIS − MARKETS
August 18, 2015Investors Presentation - HY2015 6
Total NNTS CHF
1.409bn● North America incl. RS
● Germany
● France
● CH incl. Exports
● Italy
● Rest of the World
● Rest of Europe
● UK
(p.y. 27%)
BALANCE SHEET
3 002
2 819
1 600
2 100
2 600
3 100
31.12.2014 30.06.2015
August 18, 2015Investors Presentation - HY2015 7
53.8% 52.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
31.12.2014 30.06.2015
-844-755
-850
-650
-450
-250
-50
31.12.2014 30.06.2015
Reduction of Net Debt Despite Continuous Capex and Dividend Payment
Equity in CHF million Equity B/S Ratio in % Net Financial Position in CHF million
SALES ANALYSIS − SEGMENT INFORMATION
August 18, 2015Investors Presentation - HY2015 8
13.7%
10.3%
0.0%
4.0%
8.0%
12.0%
16.0%
HY2014 HY2015
Continued High Pace of Growth in all Three Geographical Segments
Europe NAFTA (excl. RS) Rest of World
6.9% 6.9%
0.0%
2.0%
4.0%
6.0%
8.0%
HY2014 HY2015
11.3%
18.2%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
HY2014 HY2015
P&L AND B/S DETAILS HY2015
SALES ANALYSIS − 5 YEARS IN CHF
August 18, 2015Investors Presentation - HY2015 10
1 007 1 033
1 1321 200
1 409
800
900
1 000
1 100
1 200
1 300
1 400
1 500
HY2011 HY2012 HY2013 HY2014 HY2015
Increase in CHF by 17.4% Y-o-Y (Including Russell Stover)
-4.5% 6.0%2.6% 9.6% 17.4%
Absolute in CHF millionGrowth in %
960
1 011
1 099
1 200
1 409
800
900
1 000
1 100
1 200
1 300
HY2011 HY2012 HY2013 HY2014 HY2015
SALES ANALYSIS −5 YEARS IN LOCAL CURRENCIES
August 18, 2015Investors Presentation - HY2015 11
9.2%5.3%6.1% 8.7% 9.4%
Continued Strong Organic Growth of 9.4% of Lindt & Sprüngli on a Standalone Basis
Absolute in CHF millionIncrease p.a. in local currencies (organic growth in %)
6.4%
9.4%
+15.5%17.4%
+3.0% -7.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Volume Price/Mix Organic Forex Acquisition Reported inCHF
SALES ANALYSIS − DRIVERS
Organic Sales Growth Driven by Volumes and Price/Mix − Significant Forex-Impact
August 18, 2015Investors Presentation - HY2015 12
MATERIAL COSTS − CHANGES IN INVENTORIES
August 18, 2015Investors Presentation - HY2015 13
Material Costs Including Changes in Inventories Increased by 100 BP
Absolute in CHF millionIn % Sales
354 358 379423
510
0
100
200
300
400
500
600
HY2011 HY2012 HY2013 HY2014 HY2015
35.2% 34.7% 33.4% 35.2% 36.2%
PERSONNEL EXPENDITURE
August 18, 2015Investors Presentation - HY2015 14
Increase of Personnel Expenses Driven by Russell Stover
In CHF millionIn % Sales
267 277306 309
373
0
100
200
300
400
HY2011 HY2012 HY2013 HY2014 HY2015
26.5% 26.8% 27.0% 25.8% 26.5%
OPERATING/MARKETING EXPENSES
August 18, 2015Investors Presentation - HY2015 15
Decrease in Expense Ratio Partly Driven by Russell Stover
In CHF millionIn % Sales
301 309338 348
384
0
100
200
300
400
HY2011 HY2012 HY2013 HY2014 HY2015
29.9% 30.0% 29.8% 29.0% 27.2%
OPERATING PROFIT (EBIT)
August 18, 2015Investors Presentation - HY2015 16
EBIT Margin Remaining Stable vs. P.Y.
42 46
66
77
91
0
20
40
60
80
100
HY2011 HY2012 HY2013 HY2014 HY2015
4.2% 4.5% 5.8% 6.4%
Absolute in CHF millionIn % Sales
6.4%
NET INCOME
August 18, 2015Investors Presentation - HY2015 17
Financial Charges Unchanged and Tax Rate Slightly up due to RS Acquisition
3235
4956
65
0
20
40
60
HY2011 HY2012 HY2013 HY2014 HY2015
3.2% 3.4% 4.3% 4.7% 4.6%
Absolute in CHF millionIn % Sales
OPERATING CASH FLOW & CAPEX
August 18, 2015Investors Presentation - HY2015 18
Strong Operating CF Generation and Ongoing High Capex to Support Further Growth
228
159
211
171
308
0
100
200
300
HY2011 HY2012 HY2013 HY2014 HY2015
42 65 84 105 104
Operating Cash Flow in CHF millionCAPEX in CHF million
NET FINANCIAL POSITION − DEVELOPMENT
August 18, 2015Investors Presentation - HY2015 19
Net Financial Position Improved by CHF 89 Million in HY2015
Net Cash in CHF million
-844
-536
-755
308
57
-166
-104 -6
-1 000
-800
-600
-400
-200
0
31.12.2014 OperatingCash Flow
CapitalIncrease
Dividend CapitalExpenditure
CTA/Other 30.06.2015
OUTLOOK 2015
OUTLOOK ENVIRONMENT 2015
● Positive economic outlook in North America
● Subdued consumer sentiment in Europe
● Transaction/Translation impact from SNB decision
● Continued challenge from continuously increasing cocoa beans
● Trade partners competing on price limiting price adjustments
August 18, 2015Investors Presentation - HY2015 21
● Innovation and intensified marketing communication
● Continuous strengthening of LINDT brand in all markets
● Anchoring and exploiting strong no. 3 market position in the USA
● Strong focus on the worldwide implementation of own sales channel (Global Retail)
● Ongoing optimization through efficiency increases and cost management
● Mid to long-term organic sales growth target of 6-8% confirmed for 2015
● Back to mid to long-term target for increase of 20-40 BP in EBIT margin after integration of RS
Challenging General Conditions
Lindt − Strengthening of the Brand, Ongoing Increase of Market Share, Expansion into New Markets
QUESTIONS & ANSWERS
Half-Year 2015 − Investor Presentation
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.
August 18, 2015Investors Presentation - HY2015 24