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1 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIAnnual Results 2007
Financial Analysts PresentationMarch 18, 2008
2 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLILINDT & SPRÜNGLIContents
• Annual Results 2007
• Balance Sheet 2007
• Share Development & Valuation
• Material Cost Development
3 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
Annual ResultsHighlights 2007
4 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLILINDT & SPRÜNGLIResults 2007 – Highlights P&L
NET TRADE SALES
9,1%
18,5%
19,7%
18,0%
16,6%
11,8%
13,9%
0,0% 4,0% 8,0% 12,0% 16,0% 20,0%
341
1.123
251
351
444
2.946
CHF Mio. Increase in % vs. 2006
EBITDA
EBIT
NET INCOME
EPS REG. (CHF)
CASH FLOW
NTS* ORGANIC
* NTS = Net Trade Sales
5 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLILINDT & SPRÜNGLIResults 2007 – Highlights B/S
Equity B/S ratioin %
1.389
1.158
700
800
900
1.000
1.100
1.200
1.300
1.400
2006 2007
EquityCHF Mio
56,3%
54,2%
52,0%
53,0%
54,0%
55,0%
56,0%
57,0%
2006 2007
70
110
0
20
40
60
80
100
120
2006 2007
Net Cash Y/ECHF Mio
6 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
1.8011.995
2.247
2.586
2.946
0
500
1.000
1.500
2.000
2.500
3.000
2003 2004 2005 2006 2007
LINDT & SPRÜNGLILINDT & SPRÜNGLIConsolidated NTS – Organic Growth
absolute in CHF millions increase vs. previous year in local currencies & net of acquisition effects
+ 11.8%+ 7.8% + 12.5% + 11.4% + 13.7%
7 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
Organic Growth Split Currency CHF as published
LINDT & SPRÜNGLILINDT & SPRÜNGLIDetails of Sales Performance 2007
Split NTS Peformance 2007 vs. 2006 in its components
11.8%Mix 1.0%
2.1% 13.9%
Volume8.4%
Price2.4%
8 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
1.8011.995
2.247
2.586
2.946
0
500
1.000
1.500
2.000
2.500
3.000
2003 2004 2005 2006 2007
LINDT & SPRÜNGLILINDT & SPRÜNGLIConsolidated NTS – Growth in CHF
absolute in CHF millions increase vs. prev. year in % of CHF
+ 5.6% + 12.6% + 15.1% + 13.9%+ 12.0%
9 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLINet Trade Sales by Market 2007
Sales 2007: Split by Market
23.4%
8.5%5.4%
8.2% 5.4%
13.0%
18.0%
18.1%
Switzerland
Germany
France
Italy
UK
Rest of Europe
North America
Rest of World
Total NTS: CHF 2’946 Mio
10 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLISales Development by Market2007 vs. 2006 (local currencies)
2.1%
11.8%
16.7%
14.0%
17.0%
11.6%
14.6%
22.3%
7.2%
11.8%12.8%
26.5%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
Total
Group
D F CH Dom &
Export
AUT U.K. POL E Italy
&
Caffarel
AUS USA
& Ghirardelli
CAN
Sales Growth by Market
11 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
686,5772,1
901,4
602,5525,6
0
100
200
300
400
500
600
700
800
900
1.000
2003 2004 2005 2006 2007
LINDT & SPRÜNGLIMaterial Costs
absolute in CHF millions in % of NTS
29.2% 30.2% 30.6% 29.9% 30.6%
12 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
6.0116.293
7.793
7.0446.652
3.000
4.000
5.000
6.000
7.000
8.000
2003 2004 2005 2006 2007
LINDT & SPRÜNGLIHeadcount and NTS per Employee
378300 317 338 367
Average number of employees NTS per employee in CHF ('000)
+ 10.6%
13 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
493546
596
453414
0
100
200
300
400
500
600
2003 2004 2005 2006 2007
LINDT & SPRÜNGLI
23.0% 22.7% 21.9% 20.2%21.1%
Personnel Expenses
absolute in CHF millions in % of NTS
+ 9.2%
14 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
617678
1.055
905769
0100200300400500600700800900
1.0001.100
2003 2004 2005 2006 2007
LINDT & SPRÜNGLI
34.3% 34.0% 34.2% 35.0% 35.8%
Operating/Marketing Expenses
absolute in CHF millions in % of NTS
+ 16.6%
15 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
265295
325
381
444
0
50
100
150
200
250
300
350
400
450
2003 2004 2005 2006 2007
LINDT & SPRÜNGLIEBITDA
14.7% 14.8% 14.7%14.5% 15.1%
absolute in CHF millions in % of NTS
+ 16.6%
16 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
76,5 79,3 76,584,0
93,5
0102030405060708090
100
2003 2004 2005 2006 2007
LINDT & SPRÜNGLIDepreciation
absolute in CHF millions in % of NTS
4.2% 4.0% 3.2%3.4% 3.2%
17 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
188,7215,8
248,6
350,8
297,2
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007
LINDT & SPRÜNGLI
10.5% 10.8% 11.1% 11.5% 11.9%
+ 18.0%
Operating Profit (EBIT)
absolute in CHF millions in % of NTS
18 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
-2.8-2.9-3.4
-6.3
-2.5
-7
-6
-5
-4
-3
-2
-1
0
LINDT & SPRÜNGLI
2003 2004 2005 2006 2007
Net Financial Expenses
absolute in CHF millions
19 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
179,6212,4
245,7
294,7
348,0
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007
LINDT & SPRÜNGLIIncome before Taxes
10.0% 10.6% 10.9% 11.4% 11.8%
absolute in CHF millions in % of NTS
+ 18.1%
20 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLICorporate Tax Rate
28.0%
29.0%
29.7%29.9%
31.8%
26,0%
28,0%
30,0%
32,0%
2003 2004 2005 2006 2007
Tax Rate
21 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
250,5
209,2
172,7149,0
122,4
0
50
100
150
200
250
2003 2004 2005 2006 2007
LINDT & SPRÜNGLI
6.8% 7.5% 7.7% 8.1% 8.5%
+ 19.7%
Net Income
absolute in CHF millions in % of NTS
22 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
340,9312,6
257,2231,2
206,2
0
50
100
150
200
250
300
350
2003 2004 2005 2006 2007
LINDT & SPRÜNGLI
75.1 99.2 128.9 146.4 235.1
+ 9.1%
Cash Flow & Investments in Fixed Assets
Cash flow Investments in fixed assets in CHF millions
23 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
-20
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
340
LINDT & SPRÜNGLILINDT & SPRÜNGLICash Flow Generation and its use
Cash Flow 2007: CHF 340.9 millions(„Net Free Cash Flow“ – before dividends – CHF – 17.7 Mio)
Cash Flow Investments Change Working Capital
340.9
-235.1
-123.5
24 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
Balance SheetHighlights 2007
25 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIConsolidated B/S 2007 vs. 2006
Assets (CHF millions)
Liabilities (CHF millions)
257 227
804 930
359442
714
870
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
Cash & marketable sec. Accounts receivable
Inventory Fixed assets
312
379546
320222
277
1'1581'389
0
200
400
600
800
1'000
1'200
1'400
1'600
1'800
2'000
2'200
2'400
2'600
Accounts payable Short-term liabilitiesLong-term liabilities Equity
2006 2007 2006 2007
26 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIWorking Capital Development 07 vs. 06
Working Capital (Monthly Average) (CHF millions)
577
360
-158
661
431
-203
-400
-200
0
200
400
600
800
1'000
A. Receivable Inventory
A. Payable Net Work. Cap.
2006 2007 + 14.1 %
779889
27 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
56.3%54.2%50.9%
45.8% 46.3%
0%
10%
20%
30%
40%
50%
60%
2003 2004 2005 2006 2007
LINDT & SPRÜNGLIEquity in Percentage of B/S Total
Equity in % of BS total Return on Equity (average BS)
18.3% 19.6% 19.6% 19.7% 19.7%
28 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
70.1
22.2-1.2
- 59.2
110.0
-75
-50
-25
0
25
50
75
100
125
LINDT & SPRÜNGLINet Debt- / Cash Position
in CHF millions
2003 2004 2005 2006 2007
Development Net- / Cash Position 2003 - 2007
29 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLISales Development by Market2007 vs. 2006 (local currencies)
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
Net Cash position development 2007 (Mio CHF)
Net Cash31.12.06
Net FreeCash Flow
2007
CapitalIncrease
Divest-ments
CurrencyEffect
Sale ownShares
Dividends Net Cash31.12.07
110.0 -17.7 20.1
0.8 2.1 16.5 -61.7
70.1
30 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
18.6%18.1%17.9%
17.2%
15.2%
10.0%
12.5%
15.0%
17.5%
20.0%
2003 2004 2005 2006 2007
LINDT & SPRÜNGLILINDT & SPRÜNGLIReturn on Invested Capital (ROIC)
ROIC 2003 - 2007
31 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
Share Development& Valuation
32 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
4'000
8'000
12'000
16'000
20'000
24'000
28'000
32'000
36'000
40'000
44'000
97 98 99 00 01 02 03 04 05 06 07
400
800
1'200
1'600
2'000
2'400
2'800
3'200
3'600
4'000
4'400
Reg PC
Reg
. Sh
are
(CH
F)
PC
(C
HF
)
Registered Share and PC price (year end)
Reg. Share Performance 1997 – 2007 :
CAGR 97 – 07: Reg. Share 21.6% / PC 22.6%
33 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIP/E multiple development 97 – Current
19.7
24.3 24.327.6
32.4
27.824.0
18.422.3
35.4
22.2
0
5
10
15
20
25
30
35
40
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Year End P/E valuation (registered share)
34 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLISpread Registered vs. PC (in % year end)
-2.5%
2.5%
7.5%
12.5%
Spread 10.6% 0.1% 3.8% 3.8% 1.1% -2.3% 7.3% 2.9% -1.9% 2.0% 1.5% 2.6%
97 98 99 00 01 02 03 04 05 06 07 AVG
Spread calculated on year end figures
35 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIOther Key Share Figures
Share Key Figures
2003 2004 2005 2006 2007
Dividend Reg. Share (CHF) 140 180 225 275* 330*
- Increase (CHF) 30 40 45 50 55
Dividend Yield Reg. S. 1.3% 1.1% 1.0% 0.9% 0.8%
Pay-Out Ratio 24.9% 26.5% 28.7% 29.2% 29.5%
Reg. Share (CHF) 11'050 16'650 21'950 30'700 39'770
Particip. Share (CHF) 1'030 1'618 2'237 3'008 3'920
Capitalization (CHF Mio) 2'349 3'589 4'864 6'754 8'871
*Proposed by Board of Directors
36 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
Material Costs
37 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
Cocoa Bean Production –by Main Countries (2007 / 08E)
1.377.000
675.000
611.000
185.000
137.000
718.000 Ivory Coast
Ghana
Indonesia
Nigeria
Brazil
All others
38.2%
17.2%16.5%
5.0%
3.7%
19.4%
2007/08E Cocoa Production : 3,703,000 Tons net*
*Source: ICCO, London and Cocoa Trade
38 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLICocoa Bean Crop / Grindings Balance
42.4%
15.5%
5.5%
5.5%
16.2%
Cocoa Beans '000' tons
3'346
3'687
3'366
3'700
3'354
3'520 3'608 3'750
-50-8
167
-242-250
250
750
1'250
1'750
2'250
2'750
3'250
3'750
04/05 05/06 06/07 07/08
Crop Grindings Surpl./Deficit
39 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLICocoa Terminal Price Development 2nd position LIFFE (GBP/Ton) 1992-2008
05
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
92 93 94 95 96 97 98 99 20 01 02 03 04 05 06 07 08
1517
1186 (9/97)
547 (12/99)
1649 (10/02)
509 (6/92)
1567
40 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLICocoa Butter Ratio + Sugar DevelopmentJan. 07 – Jan. 08 (CHF / 100 kg)
Rat
io m
ultip
leC
HF
/100
kg
Sugar Price: Jan 07 - Feb 08
105
107
109
111
113
115
117
119
121
J07 F M A M J J A S O N D J08 F
Cocoa Butter Ratio: Jan 07 - Feb 08
2.52.62.72.82.9
33.13.23.33.43.5
J07 F M A M J J A S O N D J08 F
41 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIOil Seeds Price DevelopmentJan. 07 – Jan. 08 (CHF / 100 kg)
CH
F/1
00 k
gC
HF
/100
kg
Almonds: Jan 07 - Feb 08
630
680
730
780
830
880
J07 F M A M J J A S O N D J08 F
Hazelnuts: Jan 07 - Feb 08
600
700
800
900
1000
1100
J07 F M A M J J A S O N D J08 F
42 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLIExpected Material Cost Trends 2008 / 2009
Cocoa Products:
- Terminal Market M/T upward > GBP 1’500/t- Differentials stable at high levels- Butter Ratio reduction from high levels
possible
Other Raw Materials:
- Milk volatile, following upward move- Sugar very volatile / EU / Brazil- Hazelnuts maintaining high level- Almonds stable
Packaging:
- Paper & Cardboard inflationary upward trend- Metals & Flexibles inflationary upward trend
43 FINANCIAL ANALYSTS‘ PRESENTATION FULL YEAR 2007
LINDT & SPRÜNGLI
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