Monday 24 June 2024
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BARRY CALLEBAUT – Full-year results, fiscal year 2012/13. Significant top-line growth, profitability gained momentum

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ZURICH, Switzerland – In the past fiscal year 2012/13 (ended August 31, 2013), Barry Callebaut – the world’s leading manufacturer of high-quality chocolate and cocoa products – strongly increased its sales volume by 11.4% to 1,535,662 tonnes.

Excluding the recently acquired cocoa business, the Group accelerated the pace of its volume growth in the second half to +8.7% for the full year.

This growth, which was considerably above the global market, was achieved in a partly challenging economic environment. All Regions and Product Groups contributed to this exceptional growth.

Sales revenue was +0.6% in local currencies (+1.1% in CHF) and came in at CHF 4,884.1 million. On a stand-alone basis, sales revenue decreased by 1.9% in local currencies (-1.5% in CHF) to CHF 4,756.4 million. This reflects the lower average raw material prices compared to the prior year.

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Gross profit: Product margins further improved across all Regions and Product Groups in the second half of the fiscal year. The negative impact from the combined cocoa ratio slowed in the second half, but was still apparent. Capacity constraints due to the strong volume growth led to additional factory and supply chain costs.

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Gross profit increased by 8.1% in local currencies (+8.3% in CHF) to CHF 728.5 million. Stand-alone gross profit was +9.3% in local currencies (+9.6% in CHF) at CHF 737.0 million.

On a stand-alone basis, operating profit (EBIT) gained momentum with a solid increase of 4.2% in local currencies (+4.4% in CHF) to CHF 368.8 million, supported by the good performance of Gourmet, partly offset by some (one-off) costs and selective investments in structures and processes.

Total EBIT declined by 4.0% in local currencies (-3.9% in CHF) to CHF 339.6 million, impacted by one-off costs related to the acquisition of the cocoa business from Petra Foods and the expected operational loss of this business.

Total net profit for the year from continuing operations was 5.4% lower in local currencies (﷓4.9% in CHF) at CHF 229.3 million, resulting from the lower total EBIT.

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Juergen Steinemann, CEO of Barry Callebaut, said: “I am proud of the excellent volume growth we have achieved, notably with strategic partnership agreements, in emerging markets and in our Gourmet business. This growth is even more remarkable against the background of a challenging market environment in some regions.

Equally, I am pleased that our product margins further improved and profitability gained momentum in a period when we significantly invested in structures and processes. The integration of our newly acquired cocoa business is progressing well and I am happy to confirm the synergy potential announced earlier.”

Full-year results at a glance

  • Accelerated, strong volume growth in a challenging market environment: +8.7% stand-alone (+11.4% incl. the recently acquired cocoa business)
  • Operating profit (EBIT) gaining momentum1: +4.4% stand-alone thanks to improved margins, partly offset by combined cocoa ratio impact (total EBIT:-3.9%)
  • Integration of the acquired cocoa business in progress; synergy potential confirmed
  • Mid-term financial targets confirmed
  • Proposed payout to shareholders of CHF 14.50 per share, payout ratio of 35%
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