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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Barry Callebaut    BARN   CH0009002962

BARRY CALLEBAUT

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Barry Callebaut Expects Subdued Chocolate Market To Remain

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04/08/2013 | 03:17am EST

By John Revill

ZURICH--Barry Callebaut AG (>> Barry Callebaut AG) the world's biggest chocolate maker by volume, expects the global chocolate market to remain subdued and grow below its long term average in the second half of the year.

"We expect the global market to grow 1% to 2%, which is a bit below the long term average," Chief Executive Officer Juergen Steinemann told Dow Jones Newswires Monday.

The long term average growth rate for chocolate volumes is around 2%-3%, but has slowed recently amid tougher economic conditions in Europe.

"Europe is going to be a bit slower, especially southern is not in a great state," Mr. Steinemann said.

Despite the tough market conditions, Zurich-based Barry Callebaut expects to grow faster than the global market due its outsourcing deals with companies such as Nestle SA (NESN.VX) and Unilever NV (>> Unilever N.V.) and its push into emerging markets.

Chief Financial Officer Victor Balli said he expected cocoa price to trade sideways or perhaps slightly lower after a good mid-crop.

"The next big trigger is the main crop in the fall and it's too early to say. But I expect cocoa could trade at around GBP1,300 to GBP1,400 per tonne," he said.

The integration of the cocoa ingredients business of Singapore-listed Petra foods, announced last December, was still on track to be completed by the summer, the company said.

Mr. Balli confirmed that the $950 million acquisition, Barry's largest ever, would add 30 million Swiss francs ($32.1 million) to CHF35 million in extra earnings.

The deal is being partly funded through raising equity of $300 million and a $600 million bond.

Both are subject to shareholder approval, but Mr. Balli said he expected both to take place between mid-May and June.

Majority shareholder Jacob Holding AG, which holds 50.5% of Barry Callebaut, would participate fully in the fundraising, and keep its share at 50.5%, said Mr. Steinemann.

He was speaking as Barry Callebaut fell slightly short of expectations with its earnings for the six months to the end of February, as the company increased its investments on its factories by around CHF20 million.

Net profit for the six months to February 28 was CHF116.4 million, down from CHF125.7 million a year earlier, while revenue declined to CHF2.39 billion down from CHF2.45 billion, partly on lower cocoa prices.

Volumes increased 7.8% compared with a global chocolate market which grew by 1.5%.

"I am extremely pleased our volumes have outperformed the market by five times. The lower earnings doesn't make me nervous, we are investing for the future," said Mr. Steinemann.

Write to john.revill@dowjones.com

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Stocks mentioned in the article : Barry Callebaut AG, Unilever N.V.
Stocks mentioned in the article
ChangeLast1st jan.
BARRY CALLEBAUT 1.73% 2000 Delayed Quote.28.41%
NESTLÉ S.A. 0.25% 104.32 Delayed Quote.30.40%
NEW YORK COCOA 0.00% 2766 End-of-day quote.14.34%
UNILEVER (NL) 0.79% 53.47 End-of-day quote.13.81%
UNILEVER PLC -0.02% 4567 Delayed Quote.11.18%
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Financials (CHF)
Sales 2020 7 736 M
EBIT 2020 642 M
Net income 2020 437 M
Debt 2020 1 156 M
Yield 2020 1,49%
P/E ratio 2020 24,6x
P/E ratio 2021 23,2x
EV / Sales2020 1,54x
EV / Sales2021 1,44x
Capitalization 10 769 M
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 2 090,00  CHF
Last Close Price 1 966,00  CHF
Spread / Highest target 22,1%
Spread / Average Target 6,31%
Spread / Lowest Target -19,1%
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Managers
NameTitle
Antoine Bernard de Saint-Affrique Chief Executive Officer
Patrick de Maeseneire Chairman
Dirk Poelman Chief Operations Officer
Remco J. Steenbergen Chief Financial Officer
Steven Vandamme Chief Information Officer
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