Barry Callebaut: Strong first quarter: +8.3% volume growth

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ZURICH, SWITZERLAND--(Marketwire - Jan 16, 2013) - 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 FoodManufacturersand Gourmet

* Announced acquisition of Petra Foods' Cocoa Ingredients Division tosupportfurther growth plans

* Growth targets confirmed([1])

Juergen Steinemann, CEO of Barry Callebaut, said: "I am pleased we wereable toachieve a strong volume growth in the first three months of our fiscal year,driven by substantial growth in emerging markets, but also supported by asoliddevelopment in North America and Western Europe. With this and despite thecurrent adverse economic environment in some countries, once again wesignificantly outperformed the market. The planned acquisition of PetraFoods'Cocoa Ingredients Division will further support our chocolate growth andstrengthen our presence in the fast growing emerging markets. This is animportant step in achieving our growth plans."

Group key sales figures for the first 3 month of fiscal year 2012/13 -from continuing operations



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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
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Sales CHF m (1.4) (0.6) 1,248.4 1,255.8
revenue
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In its first quarter of fiscal year2012/13 (ended November 30, 2012), Barry Callebaut, the world's leadingmanufacturer of high-quality cocoa and chocolate products, significantlyoutpaced the global chocolate market[3] with an overall sales volume growthof+8.3%. All Regions contributed to this growth. The Food ManufacturersProductsbusiness' sales volume rose strongly by 10.0%. The Gourmet & SpecialtiesProducts business recorded double-digit increases in all regions exceptWesternEurope, where the market environment remained challenging against thebackgroundof economic uncertainties, especially in Southern Europe; in total, salesvolumeof Gourmet & Specialties Products increased by 5.9%. Sales revenue for thefirstquarter went down by 1.4% in local currencies(-0.6% in CHF) because comparablesales prices for cocoa ingredients were lower at the time when the businesswascontracted.

Outlook - Confident about achieving mid-term growth targets[1]CEO Juergen Steinemann on the outlook: "We will continue to implement thevarious communicated projects supporting our top and bottom-line growth. Iamconfident we will reach our mid-term financial targets."

Strategic developments

In December, Barry Callebaut announced the largest acquisition in itshistory:In order to support the further growth of its chocolate business, thecompanywill acquire the Cocoa Ingredients Division from Petra Foods. With this,BarryCallebaut will boost its presence in fast growing emerging markets toalmostone-third of the Group's sales volume. This will enable the company tocapitalize on the attractive growth rates in these markets for cocoapowder-based applications in beverages, compound chocolates, fillings,bakery productsand ice cream. In addition, this will strengthen Barry Callebaut's currentandfuture outsourcing and strategic partnership agreements as there is a trendtowards combined deals (cocoa and chocolate products). It will also addAsia asa strong sourcing base besides West Africa. The closing of the transactionisexpected in summer 2013.

End of November, Barry Callebaut completed the sale of its factory and therelated business in Dijon (France) to the newly formed "Chocolaterie deBourgogne" concluding the final step in the disposal of all of its consumeractivities. The company also announced the construction of two newchocolatefactories: In order to capitalize on the growth potential of the Turkish aswellas neighboring chocolate markets, Barry Callebaut will open a factory forchocolate and compound in Eskisehir late summer 2013. In addition, thecompanywill construct a facility in Santiago de Chile (Chile) after recentlysigning along-term outsourcing agreement with Alimentos Dos en Uno S.A. to beoperationalin 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 marketenvironment which was still depressed in Southern Europe. Growth in WesternEurope was particularly driven by the Food Manufacturers Products business.Inthe Gourmet business all countries grew except Italy; Callebaut® andCacaoBarry® equally contributed to the volume increase. Sales volume at theBeverages division returned to positive growth rates. In Eastern Europe,MiddleEast and Africa (EEMEA), the Food Manufacturers Products business performedwellmainly in Russia, Middle East and Turkey. At the same time the Gourmet &Specialties Products business continued to record double-digit volumegrowth.Overall sales revenue in the Region went up 2.4% in local currencies (+1.6%inCHF) 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 thefirstthree months; sales volume increased by 14.7% to 104,898 tonnes. In NorthAmerica the company's global accounts in the industrial business and theGourmetbusiness both grew double digit. Mexico continued to report a strongperformance. Growth in South America was mainly driven by the vigorousdevelopment of the Gourmet & Specialties Product business. Sales revenuerose1.4% in local currencies (+6.3% in CHF) to CHF 300.0 million. The lowergrowthin sales revenue is attributable to lower cocoa ingredient prices, which onlyrecently started increasing again.

Region Asia-Pacific - Strong acceleration of growth

Both the Industrial and the Gourmet businesses showed high double-digitsalesvolume growth in Barry Callebaut's Region Asia-Pacific: Overall, volumerose17.5% to 15,502 tonnes. Strong growth was recorded in China, Australia,Malaysia, and Korea. In the Food Manufacturers Products business bothglobal andlocal accounts grew double digit. Growth in the Gourmet business wasequallydriven by the imported global brand Callebaut® as well as by localbrands;substantial growth was recorded in China and India. Sales revenue in theRegionincreased 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 Septemberdueto uncertainties with regards to the main crop as well as the cocoa reforminCôte d'Ivoire. In the following two months, prices moved in a narrowrangebetween GBP 1,500 and 1,600 to close at GBP 1,586 on November 30, 2012, theaverage level of the last six months. Prices on the world sugar marketcontinuedto go down thanks to a very good crop in Brazil. EU sugar prices slightlyincreased with the start of the new crop in October. Following a strongsurgedue to the drought in the U.S., milk powder prices stabilized at a highlevel asof September.

Sales volume in the segment Global Sourcing & Cocoa went up 2.9% to 66,754tonnes. The growth of this segment was impacted by ongoing expansion atsome ofthe factories, as well as higher internal demand for cocoa powder, whichlimitedsales to third parties. Sales revenue decreased by 12.8% in localcurrencies(-13.1% in CHF) to CHF 262.9 million. This is mainly because sales pricesforcocoa ingredients (cocoa butter, cocoa liquor, and cocoa powder) were loweratthe time the business was contracted.



***

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Financial calendar for fiscal year 2012/13 (September 1, 2012 to August
31, 2013):
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Half-year results 2012/13 (news release & April 8, 2013, Zurich
conference)
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9-month key sales figures 2012/13 (news release) July 4, 2013
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Full-year results 2012/13 (news release & November 7, 2013, Zurich
conference)
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Annual General Meeting 2012/13 December 11, 2013, Zurich
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***

Barry Callebaut (www.barry-callebaut.com/):

With annual sales of about CHF 4.8 billion (EUR 4.0 billion / USD 5.2billion)for fiscal year 2011/12, Zurich-based Barry Callebaut is the world'sleadingmanufacturer of high-quality cocoa and chocolate - from the cocoa bean tothefinest chocolate product. Barry Callebaut is present in 30 countries,operatesaround 45 production facilities and employs a diverse and dedicatedworkforce ofabout 6,000 people. Barry Callebaut serves the entire food industryfocusing onindustrial food manufacturers, artisans and professional users of chocolate(such as chocolatiers, pastry chefs or bakers), the latter with its twoglobalbrands Callebaut® and Cacao Barry®.

Barry Callebaut is the global leader incocoa and chocolate innovations and provides a comprehensive range ofservicesin the fields of product development, processing, training and marketing.Costleadership is another important reason why global as well as local foodmanufacturers work together with Barry Callebaut. Through its broad rangeofsustainability initiatives and research activities, the company works withfarmers, farmer organizations and other partners to help ensure futuresuppliesof cocoa and improve farmer livelihoods.



***

Group key sales figures for the first 3 months 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 Nov 30,
30, 2012 2011[5]


---------------------------------------------------------------------------
Group
---------------------------------------------------------------------------
Sales volume Tonnes 8.3 388,160 358,567
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Sales revenue CHF m (1.4) 0.6) 1,248.4 1,255.8
---------------------------------------------------------------------------

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By Region
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Europe
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Sales volume Tonnes 6.3 201,006 189,020
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Sales revenue CHF m 2.4 1.6 624.6 614.8
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Americas
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Sales volume Tonnes 14.7 104,898 91,460
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Sales revenue CHF m 1.4 6.3 300.0 282.2
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Asia-Pacific
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Sales volume Tonnes 17.5 15,502 13,193
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Sales revenue CHF m 4.2 8.0 60.9 56.4
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Global Sourcing &
Cocoa
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Sales volume Tonnes 2.9 66,754 64,894
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Sales revenue CHF m (12.8) (13.1) 262.9 302.4
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By Product Group
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Sales volume Tonnes 8.3 388,160 358,567
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Cocoa Products Tonnes 2.9 66,754 64,894
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Food
Manufacturers
Products Tonnes 10.0 277,946 252,641
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Gourmet &
Specialties
Products Tonnes 5.9 43,460 41,032
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Sales revenue CHF m (1.4) (0.6) 1,248.4 1,255.8
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Cocoa Products CHF m (12.8) (13.1) 262.9 302.4
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Food
Manufacturers
Products CHF m 2.1 3.4 768.9 743.8
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Gourmet &
Specialties
Products CHF m 2.8 3.3 216.6 209.6
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[1] Four-year growth targets for 2011/12-2014/15: On average 6-8% volumegrowthand average EBIT growth in local currencies at least in line with volumegrowth- barring any unforeseen events.

[2] Restated to reflect the effect of the discontinued business.

[3] The global chocolate market grew by 1.1%. Source: Nielsen September2012until November 2012.

[4] The figures reported under "Global Sourcing & Cocoa" include all salesofcocoa products to third-party customers in all Regions while the figuresshownunder the respective Region show all chocolate sales.

[5] 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 ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright andother applicable laws; and

(ii) they are solely responsible for the content, accuracy andoriginality of the information contained therein.

Source: Barry Callebaut via Thomson Reuters ONE

[HUG#1670514]

Contact:


For Investors and Financial Analysts:
Evelyn Nassar
Head of Investor Relations
Barry Callebaut AG
Phone: +41 43 204 04 23
Email Contact

For the Media:
Raphael Wermuth
Head of Media Relations
Barry Callebaut AG
Phone: +41 43 204 04 58
Email Contact

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