Analystenpraesentation_HJ2012_e_web

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HY2012 HY2011

Sales (CHF million) 1,234 1,255 -1.7 %

Sales volumes (t) 109,982 109,877 +0.1 %

EBIT (CHF million) 36 40 -9.9 %

Half-year profit (CHF million) 25 27 -6.4 %

Employees (FTEs) 6,259 6,062 +3.3 %

Number of production plants 27 27

Sales by

product group

| 09.08.2012| 09.08.2012 | Results Half-year 2012

Fresh meat

33 %

Charcuterie CH

17 %

Other

5 %

Charcuterie

International

26 %

Seafood

5 %

Poultry

14 %

| 09.08.2012 | Results Half-year 2012 4

HY2012 HY2011

Sales (CHF million) 863 870 -0.8 %

Sales volumes (t) 61,305 59,836 +2.5 %

Employees (FTEs) 3,247 3,113 +4.3 %


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Key facts HY2012

> Sales volumes increased again, particularly for cows and beef and in the food

service sector

> Pressure on sales prices because of decreasing market

> Average barbecue season to date due to bad weather

> Integration of abattoir in Basel finalised as of 01.01.2012

HY2012 HY2011

Slaughter volume (t) 50,765 50,233 +1.1 %


Employees (FTEs) 1,583 1,490 +6.2 %

| 09.08.2012 | Results Half-year 2012

6

Key facts HY2012

> Lower sales volumes for scalded sausages, also because bad weather meant

that barbecue season is weaker than in previous year

> Sales volumes for cured meat products and cured sausages were stable

overall

> Pressure on sales prices because of decreasing and hotly contested market

> First deliveries of Bell's own Graubünden specialities in summer 2012; work

on expansion of Churwalden plant has started

HY2012 HY2011

Production volume (t) 13,097 13,463 -2.7 %


Employees (FTEs) 863 907 -4.1 %


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Key facts HY2012

> Core business with fresh Swiss poultry continued to grow; mainly through

retail trade sales channel

> Because of bad weather, barbecue products lagged behind previous year

> Poultry market is decreasing because of substantially fewer imports

> Project to expand warehousing facilities for raw materials and finished

products and picking facilities finalised; first productivity increases logged

HY2012 HY2011

Slaughter volume (t) 12,437 11,912 +4.4 %

Sales (CHF million) 177 174 +2.2 %

Employees (FTEs) 487 471 +3.4 %


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Key facts HY2012

> Sales volumes increased thanks to consistent development of added-value

convenience and barbecue product ranges

> Label seafood drives growth in first half of 2012

> Wholesale delivery trade for food service sector started in 2011 is developing

well

> Focus remains on sustainable procurement of seafood; preparation for ASC

(Aquaculture Stewardship Council) certification finalised successfully

HY2012 HY2011

Sales volumes (t) 2,743 2,508 +9.4 %

Sales (CHF million) 59 57 +3.2 %

Employees (FTEs) 114 115 -0.9 %


9

HY2012 HY2011

Sales (EUR million) 307 302 +1.6 %

Sales volumes (t) 48,677 50,041 -2.7 %

Employees (FTEs) 3,012 2,948 +2.2 %


Number of sales outlets 96 94


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Key facts HY2012

> Raw materials prices remain very high

> Some price adjustments enforced on market, but situation remains difficult

> Sales of scalded and cured sausages and boiled ham trended downward due

to restructuring of product ranges started by Bell

> Sales of air-dried ham developed well thanks to suitable weather conditions

for seasonal business and efficient sales activities

> Merger of German business under single management structure; exploiting

synergies in production, procurement, logistics and IT; administrative offices

in Bochum will be closed on 31 March 2013

HY2012 HY2011


Employees (FTEs) 1,337 1,377 -2.9 %


*incl. Spanish production plant

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Key facts HY2012

> Encouraging sales trends for cured sausage and ham ranges

> Both self-service and over-the-counter product ranges did well

> Raw materials prices remain high; challenge lies in passing price increases

on to market

> Work to expand principal production site at Teilhède (Auvergne) started;

capacity increase for cutting and logistics

> Increase in sales and marketing activities; strengthening of "Môssieur Polette"

umbrella brand

HY2012 HY2011


Employees (FTEs) 413 393 +5.1 %


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Key facts HY2012

> Business encouraging in Poland, even though currency fluctuations still have

to be absorbed

> Economy in Hungary remains weak; focus on efficiency improvements and

profitable product ranges

> Retail trade business in Czech Republic, Slovakia and Romania continuing to

do well

> Bell's trading company in Belgium had to digest loss of sales of one product

group

HY2012 HY2011

Sales (EUR million) 75 81 -7.4 %

Employees (FTEs) 1,200 1,113 +7.8 %

Number of sales outlets 96 94 +2.1 %


*Eastern Europe and Benelux countries

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> Raw materials prices are likely to remain high in Europe.

> Earnings trends will continue to depend on how quickly changes in raw

materials prices can be passed on to market.

> Reorganisation of international activities will be continued. Realisation of

additional synergy effects in procurement, sales, logistics and administrative

services.

> Leader position in core market Switzerland to be expanded further.

> If market environment remains stable, operating result for 2012 should be on

a par with previous year.


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Lorenz Wyss

Chairman of the Group Executive Board (CEO)

> Overview of first half of 2012 Bell Group

> Key facts Bell Switzerland

> Key facts Bell International

Martin Gysin

Head of Finance/Services (CFO)

> Financial report for first half of 2012


0

200

400

600

800

1000

1200

1400

08 09 10 11

Sales international Sales Switzerland


in CHF million HY2012 HY2011

Switzerland

Sales proceeds 870 886

> Acquisition effect - -39

> Price effect -28 9

> Volume effect 21 14

Sales proceeds 863 870 -0.8 %

International

Sales proceeds 385 400

> Currency effect -20 -42

> Acquisition effect 9 4

> Organic growth* -4 23

Sales proceeds 371 385 -3.6 %

* Volume effect -4.6 %; price effect 3.9 %

CHF million



Sales proceeds 1,234.0 1,255.1 -1.7 %

Net income 1,218.4 1,235.3 -1.4 %

Gross profit 401.2 397.1 +1.0 %

Margin 32.9 % 32.1 %

Gross profit from first

consolidation14.6 2.0

Gross profit adjusted 386.6 395.1 -2.2 %

Margin adjusted 31.7 % 32.0 %

0

100

200

300

400

500

08 09 10 11 12

Gross profit

CHF million



Personnel expenses 198.5 194.8 +1.9 %

in % of net income 16.3 % 15.8 %

Personnel expenses

from first

consolidation

6.5 0.8

Personnel expenses

adjusted192.0 194.0 -2.9 %


CHF million

0

50

100

150

200

250

08 09 10 11 12

PersonalaufwandPersonnel expenses



Other operating

expenses117.8 117.6 +0.1 %

Non-recurring

expenses*6.0 1.6

EBITDA 78.9 83.0 -5.0 %


EBITDA adjusted 84.9 84.6 +0.3 %


CHF million

0

10

20

30

40

50

60

70

80

90

100

08 09 10 11 12

EBITDA

* Closing costs: 2012 Bochum; 2011 Steinheim



EBITDA 78.9 83.0 -5.0 %

Depreciation and

amortisation42.7 42.8 -0.4 %

Tangible assets 35.9 34.7 +3.5 %

Intangible assets 2.3 2.6 -10.2 %

Goodwill 4.5 5.6 -20.1 %

EBIT 36.2 40.2 -9.9 %


EBIT adjusted 42.2 41.8 +1.0 %


CHF million

0

10

20

30

40

50

08 09 10 11 12

EBIT



Interest and similar income 0.7 0.5

Share of income of subsidiaries and associates 3.4 3.7

Gains on securities, financial assets and

currencies3.0 2.5

Interest and similar expenses -4.3 -4.8

Losses on securities, financial assets and

currencies-0.1 -1.1

Balance financial account 2.7 0.8



Interest balance 2.7 0.8

Net profit before taxes 38.9 41.0 -5.1 %

Taxes 13.7 14.0 -2.2 %

Half-year profit 25.1 26.8 -6.4 %

CHF million

0

10

20

30

08 09 10 11 12

HalbjahresgewinnHalf-year profit



Cash flow before changes to

net current assets75.9 70.0

Change inventories -14.2 -19.2

+/- Receivables and

accruals25.1 -24.5

+/- Liabilities and

deferrals-16.8 0.8

Cash flow from operating

activities70.0 27.2

CHF million

0

10

20

30

40

50

60

70

80

08 09 10 11 12

Geldfluss vor Veränderung NUV

Cash flow before changes to

net current assets



Net investments

- Tangible/intangible assets -41.8 -22.3

- Financial assets,

participations, securities-10.3 -100.7

Cash flow from investment

activities-52.1 -123.0

Financial liabilities / treasury

shares29.1 106.6

Dividends from associated

companies2.6 -

Dividends -24.3 -20.7

Net cash flow 25.3 -10.0

CHF million

0

10

20

30

40

50

08 09 10 11 12

Inv. Sachanlagen/Immat.Capex tangible/intangible assets


in CHF million 30.06.12 Share 31.12.11

Cash/securities 53.8 4 % 28.3

Receivables/accruals 293.9 23 % 321.9

Inventories 183.2 14 % 170.1

Financial assets 114.9 9 % 103.3

Intangible assets 70.8 6 % 76.7

Tangible assets 553.7 44 % 551.8

Assets 1,270.3 100 % 1,252.1

CHF million

0

200

400

600

800

1'000

1'200

1'400

08 09 10 11 12

Übrige Anlagen

Betriebsanlagen

Umlaufvermögen

Other assets

Operating assets

Current assets


in CHF million 30.06.12 Share 31.12.11

Financial liabilities 308.7 24 % 281.7

Other liabilities 247.3 20 % 265.2

Provisions 90.1 7 % 78.6

Liabilities 646.1 51 % 625.5

Equity 624.2 49 % 626.6

CHF million

0

200

400

600

800

1'000

1'200

1'400

08 09 10 11 12

Eigenkapital

Rückstellungen

Übrige Verbindlichkeiten

Finanzverbindlichkeiten

Equity

Provisions

Other liabilities

Financial liabilities


in CHF per share HY2012 HY2011

Price as of 30.06. 1,855 2,050

EBITDA 198 209

EBIT 91 101

Half-year earnings per

share (EPS)63 68

Equity 1,566 1,462

CHF

0

20

40

60

80

08 09 10 11 12

EPS

Analystenpraesentation_HJ2012_e_web

Documents

sales prices

previous year sales

key facts hy2012 sales

number of sales outlets

difficult sales of scalded

employees ftes

halfyear profit chf

sales byproduct group