Barry Callebaut: Strong first quarter: +8.3% volume growth
Barry Callebaut /
Barry Callebaut: Strong first quarter: +8.3% volume growth
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Barry Callebaut - 3-month key sales figures, fiscal year 2012/13
* All Regions contributed to the volume growth, driven by Food Manufacturers
and Gourmet
* Announced acquisition of Petra Foods' Cocoa Ingredients Division to support
further growth plans
* Growth targets confirmed([1])
Juergen Steinemann, CEO of Barry Callebaut, said: "I am pleased we were able to
achieve a strong volume growth in the first three months of our fiscal year,
driven by substantial growth in emerging markets, but also supported by a solid
development in North America and Western Europe. With this and despite the
current adverse economic environment in some countries, once again we
significantly outperformed the market. The planned acquisition of Petra Foods'
Cocoa Ingredients Division will further support our chocolate growth and
strengthen our presence in the fast growing emerging markets. This is an
important step in achieving our growth plans."
Group key sales figures for the first 3 month of fiscal year 2012/13 -
from continuing operations
-------------------------------------------------------------------------------
  Change in %
  in local in reporting 3 months up 3 months up to
currencies currency to Nov 30, 2011[2]
Nov 30, 2012
-------------------------------------------------------------------------------
Sales Tonnes  8.3 388,160 358,567
volume
-------------------------------------------------------------------------------
Sales CHF m (1.4) (0.6) 1,248.4 1,255.8
revenue
-------------------------------------------------------------------------------
Zurich/Switzerland - January 16, 2013 - In its first quarter of fiscal year
2012/13 (ended November 30, 2012), Barry Callebaut, the world's leading
manufacturer of high-quality cocoa and chocolate products, significantly
outpaced the global chocolate market[3] with an overall sales volume growth of
+8.3%. All Regions contributed to this growth. The Food Manufacturers Products
business' sales volume rose strongly by 10.0%. The Gourmet & Specialties
Products business recorded double-digit increases in all regions except Western
Europe, where the market environment remained challenging against the background
of economic uncertainties, especially in Southern Europe; in total, sales volume
of Gourmet & Specialties Products increased by 5.9%. Sales revenue for the first
quarter went down by 1.4% in local currencies (-0.6% in CHF) because comparable
sales prices for cocoa ingredients were lower at the time when the business was
contracted.
Outlook - Confident about achieving mid-term growth targets[1]
CEO Juergen Steinemann on the outlook: "We will continue to implement the
various communicated projects supporting our top and bottom-line growth. I am
confident we will reach our mid-term financial targets."
Strategic developments
In December, Barry Callebaut announced the largest acquisition in its history:
In order to support the further growth of its chocolate business, the company
will acquire the Cocoa Ingredients Division from Petra Foods. With this, Barry
Callebaut will boost its presence in fast growing emerging markets to almost
one-third of the Group's sales volume. This will enable the company to
capitalize on the attractive growth rates in these markets for cocoa powder-
based applications in beverages, compound chocolates, fillings, bakery products
and ice cream. In addition, this will strengthen Barry Callebaut's current and
future outsourcing and strategic partnership agreements as there is a trend
towards combined deals (cocoa and chocolate products). It will also add Asia as
a strong sourcing base besides West Africa. The closing of the transaction is
expected in summer 2013.
End of November, Barry Callebaut completed the sale of its factory and the
related business in Dijon (France) to the newly formed "Chocolaterie de
Bourgogne" concluding the final step in the disposal of all of its consumer
activities. The company also announced the construction of two new chocolate
factories: In order to capitalize on the growth potential of the Turkish as well
as neighboring chocolate markets, Barry Callebaut will open a factory for
chocolate and compound in Eskisehir late summer 2013. In addition, the company
will construct a facility in Santiago de Chile (Chile) after recently signing a
long-term outsourcing agreement with Alimentos Dos en Uno S.A. to be operational
in early 2014.
Regional / Segment performance
Region Europe - Solid growth in Western Europe and EEMEA
Sales volume in Region Europe rose 6.3% to 201,006 tonnes in a market
environment which was still depressed in Southern Europe. Growth in Western
Europe was particularly driven by the Food Manufacturers Products business. In
the Gourmet business all countries grew except Italy; Callebaut(®) and Cacao
Barry(®) equally contributed to the volume increase. Sales volume at the
Beverages division returned to positive growth rates. In Eastern Europe, Middle
East and Africa (EEMEA), the Food Manufacturers Products business performed well
mainly in Russia, Middle East and Turkey. At the same time the Gourmet &
Specialties Products business continued to record double-digit volume growth.
Overall sales revenue in the Region went up 2.4% in local currencies (+1.6% in
CHF) to CHF 624.6 million.
Region Americas - Continued double-digit top-line growth
Region Americas was again able to achieve double-digit growth rates in the first
three months; sales volume increased by 14.7% to 104,898 tonnes. In North
America the company's global accounts in the industrial business and the Gourmet
business both grew double digit. Mexico continued to report a strong
performance. Growth in South America was mainly driven by the vigorous
development of the Gourmet & Specialties Product business. Sales revenue rose
1.4% in local currencies (+6.3% in CHF) to CHF 300.0 million. The lower growth
in sales revenue is attributable to lower cocoa ingredient prices, which only
recently started increasing again.
Region Asia-Pacific - Strong acceleration of growth
Both the Industrial and the Gourmet businesses showed high double-digit sales
volume growth in Barry Callebaut's Region Asia-Pacific: Overall, volume rose
17.5% to 15,502 tonnes. Strong growth was recorded in China, Australia,
Malaysia, and Korea. In the Food Manufacturers Products business both global and
local accounts grew double digit. Growth in the Gourmet business was equally
driven by the imported global brand Callebaut(®) as well as by local brands;
substantial growth was recorded in China and India. Sales revenue in the Region
increased by 4.2% in local currencies (+8.0% in CHF) to CHF 60.9 million.
Global Sourcing & Cocoa[4] - Fewer powder sales to third party customers
Cocoa terminal market prices peaked at around GBP 1,700 in early September due
to uncertainties with regards to the main crop as well as the cocoa reform in
Côte d'Ivoire. In the following two months, prices moved in a narrow range
between GBP 1,500 and 1,600 to close at GBP 1,586 on November 30, 2012, the
average level of the last six months. Prices on the world sugar market continued
to go down thanks to a very good crop in Brazil. EU sugar prices slightly
increased with the start of the new crop in October. Following a strong surge
due to the drought in the U.S., milk powder prices stabilized at a high level as
of September.
Sales volume in the segment Global Sourcing & Cocoa went up 2.9% to 66,754
tonnes. The growth of this segment was impacted by ongoing expansion at some of
the factories, as well as higher internal demand for cocoa powder, which limited
sales to third parties. Sales revenue decreased by 12.8% in local currencies (-
13.1% in CHF) to CHF 262.9 million. This is mainly because sales prices for
cocoa ingredients (cocoa butter, cocoa liquor, and cocoa powder) were lower at
the time the business was contracted.
***
-------------------------------------------------------------------------------
Financial calendar for fiscal year 2012/13 (September 1, 2012 to August
31, 2013):
-------------------------------------------------------------------------------
Half-year results 2012/13 (news release & April 8, 2013, Zurich
conference)
-------------------------------------------------------------------------------
9-month key sales figures 2012/13 (news release) July 4, 2013
-------------------------------------------------------------------------------
Full-year results 2012/13 (news release & November 7, 2013, Zurich
conference)
-------------------------------------------------------------------------------
Annual General Meeting 2012/13 December 11, 2013, Zurich
-------------------------------------------------------------------------------
***
Barry Callebaut (www.barry-callebaut.com/):
With annual sales of about CHF 4.8 billion (EUR 4.0 billion / USD 5.2 billion)
for fiscal year 2011/12, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the
finest chocolate product. Barry Callebaut is present in 30 countries, operates
around 45 production facilities and employs a diverse and dedicated workforce of
about 6,000 people. Barry Callebaut serves the entire food industry focusing on
industrial food manufacturers, artisans and professional users of chocolate
(such as chocolatiers, pastry chefs or bakers), the latter with its two global
brands Callebaut(®) and Cacao Barry(®). 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. Cost
leadership is another important reason why global as well as local food
manufacturers work together with Barry Callebaut. Through its broad range of
sustainability initiatives and research activities, the company works with
farmers, farmer organizations and other partners to help ensure future supplies
of cocoa and improve farmer livelihoods.
***
Contacts:
for investors and financial analysts: for the media:
Evelyn Nassar Raphael Wermuth
Head of Investor Relations Head of Media Relations
Barry Callebaut AG Barry Callebaut AG
Phone: +41 43 204 04 23 Phone: +41 43 204 04 58
evelyn_nassar@barry-callebaut.com raphael_wermuth@barry-callebaut.com
Group key sales figures for the first 3 months of fiscal year 2012/13 -
from continuing operations
-------------------------------------------------------------------------------
  Change in %
--- ---------------------------- ---------------
  3 months up 3 months up to
in local in reporting to Nov
currencies currency Nov 30, 2011[5]
30, 2012
-------------------------------------------------------------------------------
Group
-------------------------------------------------------------------------------
Sales volume Tonnes  8.3 388,160 358,567
-------------------------------------------------------------------------------
Sales revenue CHF m (1.4) (0.6) 1,248.4 1,255.8
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
By Region
-------------------------------------------------------------------------------
Europe
-------------------------------------------------------------------------------
Sales volume Tonnes  6.3 201,006 189,020
-------------------------------------------------------------------------------
Sales revenue CHF m 2.4 1.6 624.6 614.8
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Americas
-------------------------------------------------------------------------------
Sales volume Tonnes  14.7 104,898 91,460
-------------------------------------------------------------------------------
Sales revenue CHF m 1.4 6.3 300.0 282.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Asia-Pacific
-------------------------------------------------------------------------------
Sales volume Tonnes  17.5 15,502 13,193
-------------------------------------------------------------------------------
Sales revenue CHF m 4.2 8.0 60.9 56.4
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Global Sourcing &
Cocoa
-------------------------------------------------------------------------------
Sales volume Tonnes  2.9 66,754 64,894
-------------------------------------------------------------------------------
Sales revenue CHF m (12.8) (13.1) 262.9 302.4
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
By Product Group
-------------------------------------------------------------------------------
Sales volume Tonnes  8.3 388,160 358,567
-------------------------------------------------------------------------------
Cocoa Products Tonnes  2.9 66,754 64,894
-------------------------------------------------------------------------------
Food
Manufacturers
Products Tonnes  10.0 277,946 252,641
-------------------------------------------------------------------------------
Gourmet &
Specialties
Products Tonnes  5.9 43,460 41,032
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Sales revenue CHF m (1.4) (0.6) 1,248.4 1,255.8
-------------------------------------------------------------------------------
Cocoa Products CHF m (12.8) (13.1) 262.9 302.4
-------------------------------------------------------------------------------
Food
Manufacturers
Products CHF m 2.1 3.4 768.9 743.8
-------------------------------------------------------------------------------
Gourmet &
Specialties
Products CHF m 2.8 3.3 216.6 209.6
-------------------------------------------------------------------------------
[1]Â Four-year growth targets for 2011/12-2014/15: On average 6-8% volume growth
and average EBIT growth in local currencies at least in line with volume growth
- barring any unforeseen events.
[2]Â Restated to reflect the effect of the discontinued business.
[3]Â The global chocolate market grew by 1.1%. Source: Nielsen September 2012
until November 2012.
[4]Â The figures reported under "Global Sourcing & Cocoa" include all sales of
cocoa products to third-party customers in all Regions while the figures shown
under the respective Region show all chocolate sales.
[5]Â Restated figures Q1 2011/12 due to consumer divestiture.
The complete news release can be downloaded from the following link:
Press Release (PDF):
http://hugin.info/100441/R/1670514/542865.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Barry Callebaut via Thomson Reuters ONE
[HUG#1670514]