full year 2019 sales results january 14, 2020 · fy 2019 sales results january 14, 2020 this...
TRANSCRIPT
Maître Chocolatier Suisse Depuis 1845
Full Year 2019 Sales Results
January 14, 2020
Maître Chocolatier Suisse Depuis 1845
1. FY 2019 Sales Results
2. Profit Guidance 2019
3. Outlook 2020 and beyond
4. Q&A
Agenda
January 14, 2020FY 2019 Sales Results 2
Maître Chocolatier Suisse Depuis 1845
1. FY 2019 Sales Results
Maître Chocolatier Suisse Depuis 1845
3 6533 901
4 0884 313
4 509
2 000
2 500
3 000
3 500
4 000
4 500
5 000
2015 2016 2017 2018 2019
Sales analysis – 5 years in local currencies
January 14, 2020FY 2019 Sales Results
Good organic growth within guidance (1st HY 2019: 6.2% and 2nd HY 2019: 5.9%)
Absolute in CHF millionIncrease p.a. in local currencies (organic growth in %)
5.1%6.0%7.1% 3.7% 6.1%
4
Maître Chocolatier Suisse Depuis 1845
3 6533 901
4 0884 313
4 509
2 000
2 500
3 000
3 500
4 000
4 500
5 000
2015 2016 2017 2018 2019
Sales analysis – 5 years in CHF
January 14, 2020FY 2019 Sales Results
Growth of +4.5% in 2019 restrained by strengthening of CHF
Absolute in CHF millionGrowth rate in %
5.5%6.8%7.9% 4.8% 4.5%
5
Maître Chocolatier Suisse Depuis 1845
Organic growth in %Absolute in CHF million
Sales analysis – segment information
January 14, 2020FY 2019 Sales Results
5.6% 6.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2018 2019
2 078 2 146 2.8%
5.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2018 2019
1 762
1 658
10.3%
7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2018 2019
600577
Europe North America Rest of the World
Europe and RoW strong, North America accelerating
Number at bottom of column: sales of respective period
6
Maître Chocolatier Suisse Depuis 1845
Sales analysis - markets
January 14, 2020FY 2019 Sales Results
4.4%9.2%8.7% 9.4% 6.8%
Total Sales CHF
4.51bn
● North America
● Germany
● France
● CH excl. Exports
● Italy
● UK
● Rest of Europe
● Rest of the World
39.1%
15.1%9.3%
3.7%
6.0%
5.9%
7.6%
13.3%
Increased importance of North America and Rest of Europe
7
Maître Chocolatier Suisse Depuis 1845
2. Profit Guidance 2019
Maître Chocolatier Suisse Depuis 1845
Streamlining for growth in USA
January 14, 2020FY 2019 Sales Results 9
• Logistics network: Impairment and closure of warehouses
• Production footprint: Planned closure of one factory in Colorado,reduction from 6 to 5 factories in US
• Retail stores: Impairment of around 50 stores of which around half areplanned to be closed in 2020 and 2021 (no renewal of lease)
• Merchandising: Outsourcing of services to 3rd party
Actions
Maître Chocolatier Suisse Depuis 1845
Profit impact 2019
January 14, 2020FY 2019 Sales Results 10
• EBIT margin: before restructuring / impairments: In line with guidance after restructuring / impairments: Reduction of around 180 BPs
• Net Income Margin: No impact• Earnings per Share: No impact• Free Cash Flow: No impact
Summary
Impact3
• Swiss Tax Reform: Step up and depreciation of IP, Tax asset booked in 2019• Swiss Federal Court Decision of July 2019 recovery of flat-rate tax credit• Other tax benefits in 2019
Total around CHF 60 Mio benefit
Tax at
Group level2
• Impact of around CHF 60 Mio net of tax in 2019 (approx. CHF 80 Mio impact on EBIT)
US
restructuring &
impairment1
Maître Chocolatier Suisse Depuis 1845
3. Outlook 2020 and beyond
Maître Chocolatier Suisse Depuis 1845
The Group confirms its mid- to long-term goal of an organic sales growth target of
5 – 7% combined with an average increase in EBIT of 20 – 40 basis points.
Benefits of 2019 Restructuring/Impairments will be reinvested in future growth.
Outlook - Summary
January 14, 2020FY 2019 Sales Results 12
Maître Chocolatier Suisse Depuis 1845
4. Q&A
Maître Chocolatier Suisse Depuis 1845
Disclaimer
January 14, 2020FY 2019 Sales Results
This presentation contains forward-looking statements which reflect Management‘s current
views and estimates. The forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those contained in the forward-looking
statements. Potential risks and uncertainties include such factors as general economic
conditions, foreign exchange- and commodity price fluctuations, competitive product and
pricing pressures and regulatory developments.
14