Press release
900KB
aprile 22, 2021 - barry.callebaut
Barry Callebaut Group Half-Year Results Fiscal Year 2020/21; Peter Boone to succeed Antoine de Saint-Affrique as CEO, as of September 1, 2021
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Continued volume recovery and solid profitability
- Sales volume down –2.9%, continued recovery in second quarter (–1.3%)
- Sales revenue of CHF 3.5 billion, flat at 0.0% in local currencies (–7.5% in CHF)
- Operating profit (EBIT) of CHF 296.7 million, up +3.8%1 in local currencies (–4.7%1 in CHF)
- Net profit of CHF 205.7 million, up +6.9%1 in local currencies (–2.8%1 in CHF)
- Strong adjusted Free cash flow3 of CHF 162.9 million
- Confident to deliver on mid-term guidance2
- Peter Boone to succeed #antoinedesaintaffrique as CEO, effective September 1, 2021 (see separate news release)
- Antoine de Saint-Affrique proposed as new member of the Board of Directors
- Steve Woolley appointed President Americas effective September 1, 2021 (see separate news release)
- Jo Thys appointed President Asia Pacific effective July 1, 2021 (see separate news release)
"Over the first six months of the fiscal year we have seen continued volume recovery and solid profitability in a still challenging market environment. The disciplined execution of our ‘smart growth’ strategy, in combination with continuous capability building and the successful sharpening of our business model, are the basis for our improving performance."
Antoine de Saint-Affrique, CEO of the Barry Callebaut Group
The Barry Callebaut Group, the world’s leading manufacturer of high-quality #chocolate and cocoa products, reported a continued recovery of its sales volume to 1,071,603 tonnes in the first six months of fiscal year 2020/21 (ended on February 28, 2021), corresponding to a decline of –2.9%. Sales volume in the #chocolate business continued to improve and nearly returned to positive territory in the second quarter (–0.2%). In the period under review, this resulted in a –1.0% decline compared to a slightly positive underlying global #chocolate confectionery market (+0.8%4) according to Nielsen. The volume recovery was led by Region Asia Pacific (+6.9%) and Region Americas (+4.1%), with positive contributions from the Group’s key growth drivers Emerging Markets (+6.1%, excluding Cocoa) and Outsourcing (+1.8%). Gourmet & Specialties volume further stabilized (–5.8%), despite a still challenging environment, with Gourmet breaking through to positive volume growth in the second quarter. Sales volume in Global Cocoa amounted to 219,153 tonnes, down by –9.6%, as a result of the continued focus on more profitable volume.
Sales revenue amounted to CHF 3,481.5 million, flat at 0.0% in local currencies (–7.5% in CHF).
Gross profit amounted to CHF 569.2 million and was stable at 0.0% in local currencies (–6.3% in CHF) compared to the first six months of prior year. The volume decline due to the COVID-19 pandemic still had a negative impact on Gross profit, but it was mitigated by a positive mix effect and the continued focus on ‘smart growth’ in the Cocoa business.
Operating profit (EBIT) amounted to CHF 296.7 million, an increase of +3.8% in local currencies
(–4.7% in CHF) compared to prior-year period EBIT recurring5. Currencies had a strong negative impact of CHF –26 million. On a reported basis, EBIT increased by +6.5% in local currencies (–2.2% in CHF). The EBIT per tonne amounted to CHF 277, up +6.9% in local currencies compared to prior-year EBIT recurring per tonne.
Net profit for the period amounted to CHF 205.7 million, up +6.9% in local currencies (–2.8% in CHF) compared to prior-year Net profit recurring5. On a reported basis, Net profit increased by +11.1% in local currencies (+1.0% in CHF). The increase was supported by lower net financing cost and lower income tax expenses.
Net working capital decreased to CHF 1,579.1 million from CHF 1,838.3 million in the prior-year period. Payables structurally improved and more than offset the increase in inventories and receivables.
Net debt decreased to CHF 1,752.9 million from CHF 1,981.0 million in the prior-year period. Considering the cocoa bean inventories as readily marketable inventories (RMI), the adjusted Net debt amounted to CHF 661.6 million compared to CHF 882.0 million in the prior-year period.
Free cash flow generation continued to strengthen in the six months under review and amounted to CHF –183.4 million compared to CHF –359.2 million in the prior-year period. Adjusted for the effect of cocoa beans considered as readily marketable inventories (RMI), the adjusted Free cash flow amounted to a strong CHF 162.9 million (February 29, 2020: CHF –17.9 million).
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