Chocoladefabriken Lindt & Sprüngli AG
DGAP-Adhoc: Chocoladefabriken Lindt & Sprüngli AG: SEMI-ANNUAL REPORT
Chocoladefabriken Lindt & Sprüngli AG / Key word(s): Half Year Results
20.08.2013 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press Release
SEMI-ANNUAL REPORT
January - June 2013
● Lindt & Sprüngli continues to report impressive growth
● Sales in Swiss francs up 9.6% to CHF 1.132 billion, organic growth 8.7% /
Operating profit (EBIT) plus 42.1% at CHF 65.5 million
● Higher net liquidity at CHF 628.0 million
● Market share gains in all strategically important markets
● Strategic growth and profit targets of 6 to 8% and 20 to 40 basis points
confirmed
Kilchberg, August 20, 2013 - Lindt & Sprüngli reports once again sales and
profit growth well above the market average in the first half 2013 and
succeeds in extending the leading position in all the main markets.
The global economy reported a slight improvement which had a positive
impact on consumer sentiment in many countries. In parallel, the pressure
of several foreign currencies on the Swiss franc decreased somewhat. For
the first time in several years the euro gained some strength again. Other
important currencies such as the US dollar also reported a positive trend.
The cool and rainy weather experienced in many places in the first half
also had a favorable impact on chocolate consumption. In the raw material
sector, cocoa bean prices remained relatively stable while those of cocoa
butter, milk and nuts increased.
In North America, the world's biggest chocolate market, Lindt & Sprüngli
reported an organic sales growth of 12.7%. Thus, Lindt & Sprüngli is
developing significantly faster than the overall chocolate market and makes
a substantial contribution to its growth. Both LINDT USA and LINDT Canada
together with GHIRARDELLI added to this very impressive development. The
main European markets Germany, France, and UK, as well as Switzerland, also
performed very well. In the declining Italian overall market, LINDT was
able to maintain its previous year's sales figures, so gaining market
shares.
The Group's expansion continues to progress. The recently opened
subsidiaries in Russia, China, and South Africa have successfully started
with accelerated development in their respective markets.
The LINDT 'Global Retail' concept is best suited to presenting the high
quality and diversity of the product assortment to consumers around the
world, while creating a lasting shopping experience and generating
sustainable customer ties. With organic growth compared to the same period
last year reaching an excellent 23.8% at CHF 97.5 million, the activities
of the LINDT 'Global Retail' division show an impressive development in
every respect. This important sector now contributes more than 8% to total
Group sales. The number of newly opened boutiques with a consistent premium
design is showing particularly dynamic growth. A very important success
factor is the excellent relationship with shopping mall operators built up
over many years. Lindt & Sprüngli is now being offered the finest locations
as LINDT not only represents an important sales factor per square meter,
but also contributes to the strong image of the shopping malls.
The newest lifestyle product line 'HELLO - Nice to sweet you!' which
appeals primarily to young chocolate lovers and those who have remained
young at heart has got off to an impressive start. On that basis LINDT is
planning to launch HELLO progressively worldwide in the next 15 months.
Market tests are currently being run in all key markets.
Because of the above-average volume growth, major investments are currently
being made to expand capacity at all main production sites.
When preparing the semi-annual financial statements, IAS 19 (revised)
'Employee benefits' has been applied for the first time. The previous
years' comparatives have been recalculated and restated accordingly.
As of June 30, 2013, Group sales achieved CHF 1.132 billion. This
represents a gain of 9.6% in Swiss francs and organic growth of 8.7%
compared to the first half of 2012, which goes hand in hand with a further
gain of important market shares.
The operating profit (EBIT) as of June 30, 2013, amounts to CHF 65.5
million, representing an i ncrease of CHF 19.4 million or 42.1% compared to
the adjusted figure for the same period in 2012. After deducting income tax
at the rate of 25%, the Group's net income for the first half of 2013
achieved CHF 48.8 million. This represents an increase of CHF 14.0 million
or 40.2% compared to the a djusted figures of the previous year (CHF 34.8
million).
As of end of June 2013, operating cash flow reached CHF 210.5 million (June
30, 2012: CHF 158.8 million). Net liquidity amounts to CHF 628.0 million
(December 31, 2012: CHF 543.0 million).
The share buyback program which began in 2011 was successfully completed at
the end of 2012. On April 18, 2013, the ordinary shareholders' meeting
agreed to the destruction of the corresponding shares and participation
certificates.
Outlook
For the year as a whole, Lindt & Sprüngli is confirming its medium to
long-term strategic targets and forecasts organic sales growth of 6 to 8%.
The increase in the operating profit margin compared to the figure of the
previous year (i.e. before the IAS restatement) will be at the upper end of
th e target range of 20 to 40 basis points.
Lindt & Sprüngli will report on the further course of business on the
following dates:
- January 14, 2014: Net sales for 2013
- March 11, 2014: Year-end presentation 2013 for press (morning)
Year-end presentation 2013 for financial analysts
(afternoon)
- April 24, 2014: 116th Annual General Meeting
- August, 2014: Semi-annual report, January to June 2014
About Lindt & Sprüngli:
Chocoladefabriken Lindt & Sprüngli AG is the worldwide leader in the
premium c hocolate segment and was founded more than 165 years ago in
Zurich. Lindt & Sprüngli quality chocolate is manufactured in eight own
production facilities in Europe and the US and is sold by 20 own
subsidiaries as well as a widespread network of independent distributors
around the world. The Lindt & Sprüngli Group employs around 8100 people and
achieved sales of 2.67 billion Swiss francs in 2012.
Contact: Investor Relations
Chocoladefabriken Lindt & Sprüngli
Dieter Weisskopf, CFO
Tel.: +41 44 716 25 37
Investors@lindt.com
Contact: Media Relations
AG Chocoladefabriken Lindt & Sprüngli AG
Sylvia Kälin, Corp. Communications
Tel: +41 44 716 24 56
Mediarelations-in@lindt.com
SEMI-ANNUAL REPORT 2013
When interpreting the first half-year results, it must be considered that
Lindt & Sprüngli is active in the seasonal, gift-oriented premium chocolate
segment in which less than 40% of total annual sales are achieved in the
first half of the year. However, these figures must be set against the fact
that around one-half of the fixed costs of production, administration, and
marketing are already booked at the end of June. In the first half-year,
profitability in relation to sales is therefore always well below the
figure stated for the year as a whole.
When preparing the semi-annual financial statements, IAS 19 (revised)
'Employee benefits' has been applied for the first time. The previous
years' comparatives have been recalculated and restated accordingly.
KEY FIGURES 2013 2012
INCOME STATEMENT January-June January-June(1) Change
(unaudited) CHF million CHF million in %
Sales growth in local currencies 8.7%
Sales 1132.0 1032.6 9.6%
Other income 4.2 4.6
Total income 1136.2 1037.2 9.5%
Total expenses -1070.7 -991.1
EBIT 65.5 46.1 42.1%
Net financial result -0.5 0.1
Income before taxes 65.0 46.2 40.7%
Taxes -16.2 -11.4
Net income 48.8 34.8 40.2%
Employees 8187 7450 9.9%
KEY FIGURES BALANCE SHEET 30.6.2013 in % 31.12.2012(1) in %
(unaudited) CHF million of CHF million of
total total
assets assets
ASSETS
Property, plant & equipment 814.7 771.4
Intangible assets & financial assets 927.3 155.3
Total non-current assets 1747.0 53.1% 926.7 35.1%
Inventories 476.8 405.1
Receivables/other assets 406.8 754.1
Securities & cash 653.1 555.0
Total current assets 1536.7 46.9% 1717.2 64.9%
Total assets 3278.7 100.0% 2640.9 100.0%
LIABILITIES
Total shareholders' equity 2267.5 69.2% 1694.4 64.2%
Total non-current liabilities 483.9 14.7% 259.5 9.8%
Accounts payable to supplier/other 161.9 233.2
Accrued liabilities 341.1 442.9
Bank & other borrowings 24.3 10.9
Total current liabilities 527.3 16.1% 687.0 26.0%
Total liabilities & shareholders' equity 3278.7 100.0% 2640.9 100.0%
1) 2012 comparatives have been restated according to IAS 19 (revised)
'Employee benefits'
Extensive figures and notes on the Semi-Annual Report in English and German
are available on www.lindt.com (Investors - Financial Information).
Forward looking statements:
Some of the statements expressed in the semi-annual report are based on
forward-looking assumptions. The actual results may vary from these for a
variety of reasons, including factors such as general economic conditions,
fluctuations within the currency and raw materials sector and changes to
the regulatory landscape. Forward-looking statements made in this report
are neither updated nor revised. The semi-annual report is published in
German and English, with the German version being binding.
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=PWUGYRQSWC
Document title: SEMI-ANNUAL REPORT
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Language: English
Company: Chocoladefabriken Lindt & Sprüngli AG
Seestrasse 204
8802 Kilchberg
Switzerland
Phone: + 41 44 716 25 37
Fax: + 41 44 716 26 60
E-mail: zdrozd@lindt.com
Internet: www.lindt.com
ISIN: CH0010570759, CH0010570767
Valor: 1057075, 1057076
Listed: SIX
End of Announcement EQS Group News-Service
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