Roadshow presentation - Barry Callebaut · April 2009 Barry Callebaut – H1 08/09 5 FY 2007/08 Net revenue: CHF 4.8 bn Barry Callebaut at a glance EBIT CHF 341.1 m Net Profit* CHF

April 2009 Barry Callebaut H1 08/09

Half-year results 2008/09Roadshow presentation

April 2009

2April 2009 Barry Callebaut H1 08/09

Cautionary note

Forward-looking statements

Any information given on these slides as well as during the conference call has been prepared by Barry Callebaut solely for the use at this analyst presentation. Certain statements contained therein regarding the business of Barry Callebaut are of a forward-looking nature and are therefore based on management‘s current assumptions about future developments. Such forward-looking statements are intended to be identified by words such as ”believe,” ”estimate,””intend,” ”may,” ”will,” ”expect,” and ”project” and similar expressions as they relate to the Company. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. The factors that may affect Barry Callebaut’s future financial results are discussed in the Annual Report 2007/08. Such factors are, among others, general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures as well as changes in tax regimes and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements that are accurate only as of today. Barry Callebaut does not undertake to publish any update or revision of any forward-looking statements.


Agenda

Barry Callebaut company overview

Highlights H1 2008/09

Financial and operational performance

Outlook

4Barry Callebaut – H1 08/09April 2009

Barry Callebaut is active along the entire cocoa and chocolate value chain

Cocoa Chocolate ProductsSemi-finished Products

Cocoa Beans

CocoaLiquor

Liquor forpressing

Liquor forchocolate

Butter

Cake Powder

SugarMilkOther

ChocolateCouverture

Vendingmixes

Compounds/Fillings

Retailcustomers

Industrial customers

Artisanalcustomers

Vending Distributor

FM Pharma & Tobacco

customers

100%

Shells/waste

20%

80%

63%

50%

50%

100%

100%

100%

via

via

via

Co

nsu

mer

Pro

du

cts

27%


FY 2007/08 Net revenue: CHF 4.8 bn

Barry Callebaut at a glance

EBIT CHF 341.1 m

Net Profit* CHF 209.0 m

*from continuing operations

11 %

52 %

23 %

Gourmet&Specialties

14%

Consumer Products

19%

Cocoa13%

Food Manufacturers

54%

Barry Callebaut

World leader in high-quality cocoa and chocolate products and outsourcing partner of choice, with over 40% share in the industrial chocolate market

World’s largest supplier of Gourmet & Specialties chocolate for artisanal customers

Global service and production network, employing close to 7,500 people worldwide, 40 production factories

Fully integrated with a strong position in the countries of origin

Close to 1,700 recipes to cater for a large variety of individual customer needs

Low cost production with large number of focused chocolate & cocoa factories

Achieved consistent earnings stream


Global areas of responsibility for defined customer segments

Cocoa

Industrial customersBeveragesChocolate & Confectionery industryTobacco industryPharmaceutical industry

The cocoa business units produces semi-finished cocoa products for Barry Callebaut group and third party customers

Total 3,684 m tonnes harvested globally in 2007/08BC sources ~470k MT/y (07/08) cocoa, thereof 65% directly from farmers, cooperatives & local trade housesBC has various cocoa processing facilities in origin countries*, in Europe and in the USA

Ghana21%

PNG1%

Indonesia13%

Ivory Coast39%

Ecuador3%

Others10%

Nigeria5%

Cameroon5%

Brazil5%

*

*

*

*

*


11.7

10.0 9.8

8.0

7.06.3

6.0 5.9 5.85.3 5.3 5.1 5.0 5.0

4.03.5

2.72.1

1.61.2 1.2

0.1

United K

ingdomIr

eland

Switz

erla

ndGer

many

Norway

Austr

iaBelg

ium

USADen

mar

kSw

eden

Finla

ndRus

sia

Netherla

ndsAus

tralia

Fran

ceCan

adaIt

aly

Spain

PortugalJa

pan

Brazi

lChin

a

Consumption of chocolate confectionery 2008 – kilos per head

Source: BCIA - Euromonitor 2008 (estimates)

Europe has highest per capita consumption of chocolate


Agenda




Outlook


Financial summary H1 2008/09

Increased profitability in recessionary markets

Sales volumes remain stable at 611,920 tonnes in a declining global chocolate market

Sales revenue increases 4.7% in local currencies In Swiss francs: CHF 2,543.1 million (-1.6%)

Operating profit (EBIT) rose 17.6% in local currenciesIn Swiss francs: CHF 218.6 million (+9.1%)

Net profit for the period grew 23.2% in local currenciesIn Swiss francs: CHF 143.4 million (+15.3%)

Barry Callebaut sees fiscal year 2008/09 as a year of slower volume growth

Confirms mid-term financial targets

Strong financing position


Exceptionally challenging markets

Declining mature markets, growing emerging markets

Global chocolate confectionary market: Declining trend in key markets

Source: Nielsen Data, chocolate confectionary, Sep 08 – Jan 09

*Poland, Russia, Ukraine, Turkey, Brazil, China

*

-9.8% -2.6%Western Europe

782'080 761'494

500'000550'000600'000650'000700'000750'000800'000

Sep-Jan 07/08 Sep-Jan 08/09

MTEmerging markets

379'245 411'521

10'000

110'000

210'000

310'000

410'000

510'000


MT

+8.5%

USA

120'342

133'385

90'000

100'000

110'000

120'000

130'000

140'000


10 000units

Barry Callebaut investments in emerging markets are paying off:Russia (new factory 2007), China (new factory 2008), Czech Republic (new sales office 2008), Poland (factory upgrade 2008-09), Malaysia (new cocoa factory 2008), Japan (new production facility 2008), Mexico (new factory 2009)

Optimal footprint in the US allowed for market share gains

**

** Wal-Mart not included


Cost leadership

Profitability drivers in challenging markets

Continued cost savings first introduced in January 2008Hiring freeze Flexible operational set-up – reduce production costsReduced promotional spend

Higher product margins

Lower logistics costsDecrease in shipping costs of up to 50%

Efficiency improvement measures Supply chain efficiencies

Beneficial impact of higher cocoa product margins (combined ratio)

EBIT 17.6% in local currencies (9.1% in Swiss francs)

Net profit 23.2% in local currencies ( 15.3% in Swiss francs)


Focus on core business

Barry Callebaut to focus on FM and Gourmet

Barry Callebaut has taken major steps to focus on its core Food Manufacturers and Gourmet business:

Sale of Van Houten Singapore consumer business to Hershey’s (February 2009)

Memorandum of Understanding with Natra to possibly integrate Barry Callebaut’s European Consumer Products business into Natra(March 2009)

Distribution agreement with Bunge in Brazil (March 2009)

http://www.bunge.com/corporate-home.html


Focus on core business

Natra transaction will allow BC to focus on core

MoU for the combination of BC and Natra consumer businesses in Europe

Natra:Consumer chocolate factories from Barry CallebautGuaranteed supply of liquid chocolateReduction of Natraceutical staketo < 25%

Barry Callebaut:Natra shares (30-49%)Long-term supply agreement for 85,000 tonnes liquid chocolate p.a.

NA

NA

NA

Mutual benefits:

Complementary product portfolio

Complementary geographical set-up

Create No. one player in Private Label in Europe

New expansion opportunities in Eastern Europe and Asia

Pro forma sales of the combined entity of EUR850m for year ending Dec-08, corresponding to 215kT


Geographic expansion

BC signs distribution agreement in Brazil

Chocolate factory in South-East Brazil by end 2009

Exclusive distribution agreement with Bunge for food service segment across the country for products made in Brazil

BC and Bunge will jointly develop products

Bunge has the largest distribution network in Brazil. Every day, it serves about 25.000 bakeries and pastry shops

The Brazilian food service segment estimated at about 60,000 tonnes p.a. for chocolate and compound

The target volume for Barry Callebaut andBunge is to capture about 10,000 tonnes within 2-3 years

Barry Callebaut will build a new 20,000-tonne chocolate factory in South-East Brazil. Production to start by end 2009

Optimized manufacturing footprint in the Americas



Innovation

BC innovation leader: controlled fermentation

Quality characteristics

• No or very few bean defects

• Consistency in quality

Taste & components

• No off-flavors

• Constant flavor

• Better preservation of flavanols

• Increased functional components

Processability• Easier processable

• Light color liquor possible

Main benefits of controlled fermentation:

Fermentation: naturally removes the remaining fruit pulp that sticks to the beans. The beans change color from beige to purple and develop their aroma. Fermentation is a spontaneous process and differs from country to country.


Strategic highlights H1 2008/09

Implementing BC’s strategy

September 2008New Chocolate Academies in U.S. & India & Russia

October 2008Opening of factory for frozen pastry in Spain

December 2008Launch of tooth friendly chocolate with customer Daskalidès and Smet in Belgium

January 2009Inauguration of new factory in Monterrey, Mexico

February 2009Barry Callebaut joins WCF and Bill & Melinda Gates Foundation initiative to significantly improve cocoa farmer livelihoods in West Africa

September 2008Acquisition of IBC, specialist in decorations (Gourmet)

March 2009Barry Callebaut and Natra sign MoU on the integration of BC’s European consumer products business into Natra

February 2009Sale of Van HoutenSingapore consumer business to Hershey’s

March 2009Barry Callebaut Brazil S/A, and Bunge signed a distribution agreement for Brazil

2009Chocolate factory in Brazil



Agenda




Outlook


Key Figures


2008/09 2007/08

in CHFin local

currencies 6-months 6-months

Volume sold in ('000) -0.1% 611.9 612.4

Sales revenue (in CHF m) -1.6% 4.7% 2'543.1 2'585.0

Gross profit (in CHF m) 1.4% 9.0% 383.2 378.0

Gross profit as % of sales 15.1% 14.6%

EBIT (in CHF m) 9.1% 17.6% 218.6 200.4

EBIT as % of sales 8.6% 7.8%

EBIT per tonne (CHF) 9.2% 17.7% 357.2 327.2

Change in %


GROSS PROFITPrice increases and efficiency measures more thancompensate higher input prices and FX effect

378

1

66

108

7

29

383

200

250

300

350

400

Gross Profit Feb 29, 2008

Volume impact Impact of rawmaterial prices

Price, marginand cost

improvements

Other FX impact Gross Profit Feb 28, 2009

CHF m


EBIT

Increased profit despite negative FX impact

200

34

19 17

17

219

100

120

140

160

180

200

220

240

260

EBIT Feb 29, 2008

AdditionalGross Profit;

excl. FX impact

Reduction ofG&A and M&S

costs

Delta non-recurring andscope effects

FX impact EBIT Feb 28, 2009

CHF m


Europe71%

Americas21%

Asia/RoW8%

CHF m174.5171.9170.8

0

50

100

150

200

HY 06/07 HY 07/08 HY 08/09

mt

392'043434'339

411'634

050'000

100'000150'000200'000250'000300'000350'000400'000450'000500'000

HY 0 6 / 0 7 HY 0 7 / 0 8 HY 0 8 / 0 9

1'597.7

1'969.91'811.8

0

800

1'600

2'400

HY 06/07 HY 07/08 HY 08/09

CHF m

Region Europe

Improved profit in declining market

-5.2%

Volumes EBIT

+1.5%

+0.6%

+10.8%

Regional revenue split H1 08/09

-8.0%

Revenue

+23.3% -1%*

+10.5%*

*change in local currencies

Volumes in FM and Gourmet declined in line with negative market trends in key countries such as France, Belgium, Italy and Spain.

Eastern European volumes grow double digit thanks to more resilient market and gains in market share.

Revenues flat in local currencies, down in Swiss Francs due to downtrading (lower average price) and currency impacts.

Operating profit up as a result of cost savings measures, improved margins and a good profitability in cocoa product processing.


CHF m

36.3

48.7

40.7

0

10

20

30

40

50

60

HY 0 6 / 0 7 HY 0 7 / 0 8 HY 0 8 / 0 9

mt

122'584

141'318151'183

0

20'000

40'000

60'000

80'000

100'000

120'000

140'000

160'000

HY 06/07 HY 07/08 HY 08/09

Europe71%

Americas21%

Asia/RoW8%

Region Americas

Continued growth in challenging market

+7.0%

+19.7%

+15.3%

+12.1%382.5

455.9

537

0

100

200

300

400

500

600

HY 06/07 HY 07/08 HY 08/09

CHF m

+17.8%

+19.2%

Volumes EBIT


Revenue

** Nielsen data for Sep 08 – Jan 09

+22.6%*


+25.7%*

Positive volume development, driven by new outsourcing contracts and gains in market share. This despite a strongly declining confectionery market.

Revenues increased as result of volume growth and price increases.

BC started to deliver liquid chocolate from Mexican factory to Hershey.

EBIT improved due to higher volumes and economies of scale, yet affected by shifts from European Gourmet brands to locally produced (lower priced) Gourmet products.


Region Asia/RoW

Increased volumes, capacity expansion

Volumes


Europe71%

Americas21%

Asia/RoW8%

EBITRevenue

153.8 159.2

194.3

0

50

100

150

200

250

HY 06/07 HY 07/08 HY 08/09

mt

40'55636'779

49'103

0

10'000

20'000

30'000

40'000

50'000

60'000

HY 06/07 HY 07/08 HY 08/09

-9.3%

+22.0%

+33.5

+3.5%

+45.1%

-17.2%+24.0%*

+47.1*

After a slow start (Melamine issue) volume picked up in Q2. Growth was supported by additional volumes from new factories in Malaysia and Japan.

EBIT was positively impacted by the volume growth and a one-time gain from the sale of Asian Consumer business Van Houten. Pressure came from additional fixed costs from the new factories and lower absolute margins from locally produced Gourmet products.

CHF m

17.3

25.1

20.9

0

5

10

15

20

25

30

HY 06/07 HY 07/08 HY 08/09


CHF m

118.9 122.1137.2

020406080

100120140160

1 HY 06/07 1 HY 07/08 1 HY 08/09

CHF m

229.5 273.2 373.9

1'059.61'405 1'365.4

0

500

1'000

1'500

2'000

2'500

3'000

1 HY 06/07 1 HY 07/08 1 HY 08/09

+10.1%*

mt

337'787 392'726 387'213

73'844 96'09372'7100

150'000

300'000

450'000

600'000

1 HY 06/07 1 HY 07/08 1 HY 08/09

Cocoa15%

Food Manufac-

turers54%

Gourmet&Specialties

13%

Consumer Products

18%

EBIT

Industrial Segment

Slow down in growth, strong cocoa profitability

+13.7%

Volumes Sales Revenue

+12.4%

Revenue by Business Unit H1 08/09

+2.7%+30.2.%

+3.6%

+3.6%

* Price charged for semi-finished products compared to cocoa bean price

+22.7%*


CocoaSemi-finished product sales to 3rd parties were pushed due to high price levels with good profitability.

New capacities in Malaysia, USA and Ivory Coast supported the strong performance.

Food ManufacturersDeclining volume due to difficult market environment in key Western European markets combined with a general destocking by retailers, distributors and food manufacturers.

Positive margin development due to improved margins and cost savings effects


CHFm

322.7 372.1 340.6

522.2534.6

463.2

0

100

200

300

400

500

600

700

800

900

1'000

1 HY 06/07 1 HY 07/08 1 HY 08/09

+3.1%

CHF m

109.1 107.8 111.1

65

85

105

125

145

165

1 HY 06/07 1 HY 07/08 1 HY 08/09

Cocoa15%

Food Manufac-

turers54%

Gourmet&Specialties

13%

Consumer Products

18%

Sales Revenue

Food Service/Retail segment

Downtrading supports PLB, dampens HORECA

-11.3%

EBIT

Revenue by Business Unit H1 08/09

+7.3%

-1.2% *+8.3%


Gourmet & SpecialtiesRevenues down due to slightly lower volumes and a shift to lower priced, locally produced productsHORECA segment affected by recession, however, sales to bakeries, pastries and chocolatiers are stable

Consumer ProductsEuropean consumer business in total with slightly positive revenue development (adj. for FX and scope effects) due to positive development of PLB (Private label business)Profitability strongly improved after weak prior year and as the result of price increases.

*-5.2%


43.648.5

1.7 2.3 1.9

49.8

15

20

25

30

35

40

45

50

55

60

Net interestexpense Feb 29,

2008

Net interestexpense Feb 28,

2009

Bank charges Gain on derivativefinancial

instruments, FXgains

Commitment andparticipation fees

Net financialexpenses

CHF m

+11.2%

Below EBIT - Financial Expense

Lower interest rate - increased average debt level

Average interest rate:

6.2%

5.6%


P&L Overview

Strong CHF has a negative impact on results

% change Feb 28, 2009 Feb 29, 2008

Revenue from sales and services CHF m -1.6% 2'543.1 2'585.0in local currencies 4.7% 2'706.7

Gross Profit CHF m 1.4% 383.2 378.0in local currencies 9.0% 412.0

EBITDA CHF m 4.5% 268.1 256.5in local currencies 12.4% 288.4

EBIT CHF m 9.1% 218.6 200.4in local currencies 17.6% 235.6

EBIT per tonne CHF 9.2% 357.2 327.2

Net financial expense CHF m 15.5% -49.9 -43.2 Disposal of financial assets, other CHF m 0.3 -6.9 Income taxes CHF m 4.1% -25.6 -24.6

Net Profit from continuing operations CHF m 14.1% 143.4 125.7

Net loss from discontinued operations CHF m 0.0 -1.3

Net Profit CHF m 15.3% 143.4 124.4in local currencies 23.2% 153.2

Earnings per share (EPS) CHF 15.6% 27.8 24.1

Shareholders' Equity CHF m 8.9% 1'168.9 1'073.1


Key figures balance sheet

CHF m

Feb 09 Aug 08 Feb 08 [%] absolute

Total assets -1.9% -71.8 3'704.5 3'729.5 3'776.3

Net working capital 13.5% 135.9 1'143.2 1'037.1 1'007.3

Non-current assets 12.1% 148.9 1'384.2 1'423.7 1'235.3

Net debt 16.5% 158.1 1'116.9 1'041.2 958.8

Shareholders' equity 8.9% 95.8 1'168.9 1'175.9 1'073.1

Average bean price previous months (£): 48% 1'632 1'483 1'102

Change (year-on-year)


Key ratios

Barry Callebaut has solid key ratios

Feb 09 Aug 08 Feb 08

Debt/Equity ratio 1) 95.6% 88.5% 89.3%

Solvency ratio 2) 31.6% 31.5% 28.4%

Net debt/EBITDA (12 month roll-over) 2.5x 2.3x 2.2x

Interest cover ratio 3) 5.4x 4.8x 5.9x

ROIC (12 month roll-over) 4) 14.5% 14.0% 13.6%

ROE (12 month roll over) 5) 19.4% 17.7% 19.3%

1) Net debt / Shareholders' equity

2) Shareholders'equity / Total assets

3) EBITDA / Net fincancial expenses

4) EBIT x (1-effective tax rate) / average capital employed

5) Profit after taxes / Shareholders equity

30April 2009 Barry Callebaut H1 08/09 30

Cash-FlowStable operating cash flow*, higher investments in working capital due to seasonal factors

*Before WC changes, after interest and tax

196 205

-76

-12-150

-100

-50

0

50

100

150

200

250

Operating Cashflow * 1st

interim period2007/08

Operating Cashflow * 1st

interim period2008/09

Increase inWorking Capital

incl. othercurrent assetsand liabilities

CAPEX CF fromacquisitions and

disposals

Net additionalfinancing, other

CH

F m -251

134

+5%


718

448

273

0

500

1000

1500

2000

2500

Available Credit Facilities Used Credit Facilities per Feb 09

CHF

m

Stable financing situation due to long-term secured credit-lines

Financial leeway per end February

2009

Short-term

Maturity2012 (16%)2013 (84%)

Maturity2017

Financing and liquidity situation per February 28, 2009 [CHF]

EUR 350

EUR 850

Syndicated

bank loan

(16 banks)

> 500 various

uncommittedffacilities

5196% senior note

1260

ABS receivable financing

Short-term

Long-term


Natra transaction – impact on BC financials[preliminary]

Revenue carve out from European Consumer business: CHF m 800-850

Additional volume for BC food manufacturing: > 85 000 tonnes from long-term outsourcing contract (revenues approx. 300 CHF m)

No short-term change in profitability expected:Operating profit from outsourcing contract (industrial segment)Income from equity participation in New NatraParticipate in upside from synergies

Final BC shareholding in New Natra: 30-49%, depending on deal structure and amount of debt level

At this moment, no write-off expected from transfer of Consumer Europe business – subject to final structure and valuation

The transaction is still subject to various conditions such as satisfactory due diligence, secured financing, approvals from authorities

33April 2009 Barry Callebaut H1 08/09 33

EVA development

Positive NOPAT and EVA development

NOPAT and EVA Evolution

81 90

8595

0

50

100

150

200

2007/8 H1 2008/9 H1

NO

PAT

(CH

Fm)

Notional Capital Charge EVA

EVA +12%(at WACC 8%)

*

* Based on real bean price development (change from prior 1H year presentation)


Agenda


Highlights HY 2008/09


Outlook


Confirmed growth strategy

Strategy successful even in challenging times

“Heart and engine of the chocolate industry”Chocolate expert and business partner of choiceNumber one chocolate company

“Heart and engine of the chocolate industry”Chocolate expert and business partner of choiceNumber one chocolate company

Vision

Geographic expansion

Innovation

Cost leadership

Strategic

pillars

Sustainable, profitable

growth


Outlook

Confirms 4-year targets through to 2010/11

Barry Callebaut sees 2008/09 as a year of slower volume but strong profit growth:

Volume growth expected at 2-4% - clearly outpacing the global chocolate marketProfits in local currencies to be in line with targets

Good start to Q3 volume growth to resume in second half of 2008/09

Confirms four-year financial targets *Annual growth targets on average for 2007/08 -2010/11**:

Volumes: 9-11% EBIT: 11-14% Net profit: 13-16%

* Our view for the 2007-2011 period reflects current economic forecasts for the markets we operate in as well as internaldevelopments and their assumed impact on our performance

** Barring any major unforeseen events


Summary

Barry Callebaut’s well-balanced global presence, broad product

portfolio and cost leadership are decisive advantages in times of

economic crisis


2008/09 year of slower volume growth; Four-year financial targets

confirmed


Back-up


Raw materials price development in H1 2008/09

Lower raw material & higher cocoa butter prices

London Cocoa 2nd Position – weekly close in £/ton

Skimmed milk powder prices

Cocoa powder-butter combined ratio

0.00

0.40

0.80

1.20

1.60

2.00

2.40

2.80

3.20

3.60

4.00

4.40

Jan-

98M

ay-9

8

Sep-

98Ja

n-99

May

-99

Sep

-99

Jan-

00M

ay-0

0

Sep-

00

Jan-

01M

ay-0

1

Sep-

01Ja

n-02

May

-02

Sep

-02

Jan-

03M

ay-0

3

Sep-

03

Jan-

04M

ay-0

4

Sep-

04Ja

n-05

May

-05

Sep

-05

Jan-

06M

ay-0

6

Sep-

06

Jan-

07M

ay-0

7

Sep-

07Ja

n-08

May

-08

Sep

-08

Jan-

09

But

ter -

Pow

der -

Com

bine

d

EU powder EU butter Combined ratio

1000

1500

2000

2500

3000

3500

4000

03.0

1.02

03.0

5.02

03.0

9.02

03.0

1.03

03.0

5.03

03.0

9.03

03.0

1.04

03.0

5.04

03.0

9.04

03.0

1.05

03.0

5.05

03.0

9.05

03.0

1.06

03.0

5.06

03.0

9.06

03.0

1.07

03.0

5.07

03.0

9.07

03.0

1.08

03.0

5.08

03.0

9.08

03.0

1.09

EUR / MT

BC’s cost plus model for 80% of volume

Combined cocoa ratio* was favorable in H1 2008/09, cocoa butter prices to decline in H2 2008/09

Cocoa price still high in pound sterling, but in Euro not as high as end 2008

London Cocoa 2nd PositionWeekly Close

500600700800900

100011001200130014001500160017001800190020002100220023002400250026002700

Jun-

01A

ug-0

1S

ep-0

1N

ov-0

1Ja

n-02

Mar

-02

May

-02

Jul-0

2A

ug-0

2O

ct-0

2D

ec-0

2Fe

b-03

Apr

-03

Jun-

03A

ug-0

3S

ep-0

3N

ov-0

3Ja

n-04

Mar

-04

May

-04

Jul-0

4A

ug-0

4O

ct-0

4D

ec-0

4Fe

b-05

Apr

-05

Jun-

05Ju

l-05

Sep

-05

Nov

-05

Jan-

06M

ar-0

6M

ay-0

6Ju

n-06

Aug

-06

Oct

-06

Dec

-06

Feb-

07A

pr-0

7Ju

n-07

Jul-0

7S

ep-0

7N

ov-0

7Ja

n-08

Mar

-08

May

-08

Jun-

08A

ug-0

8O

ct-0

8D

ec-0

8Fe

b-09

in €/tonin £/ton

* Price charged for semi-finished products compared to cocoa bean price


0

50

100

150

200

250

300

2005/06 2006/07 2007/08 2008/09plan

2009/10plan

additional growth

IT

Upgrade/ efficiencygains existing sites

Maintenane

CAPEX developmentPlanned to decrease to maintenance level in 2 years

115

153

250

120-150

~127 On-going level

CHF m


FX development versus CHFNegative currently development

BS Feb 2009

BS Feb 2008

P&L 1H 2009

P&L 1H 2008

Real (Brazilian) BRL -21% 0.49 0.62 -18% 0.52 0.63Canadian Dollar CAD -12% 0.93 1.06 -11% 0.96 1.08Yuan Renminbi CNY 16% 0.17 0.15 10% 0.17 0.15Czech Koruna CZK -17% 0.05 0.06 -8% 0.06 0.06Euro EUR -6% 1.48 1.58 -6% 1.52 1.63Pound Sterling GBP -20% 1.66 2.07 -18% 1.78 2.16Indian Rupee INR -11% 0.02 0.03 -11% 0.02 0.03Yen JPY 20% 0.01 0.01 18% 0.01 0.01Mexican Peso MXN -20% 0.08 0.10 -14% 0.09 0.10Malaysian Ringgit MYR -3% 0.32 0.33 -2% 0.32 0.33Zloty PLN -30% 0.32 0.45 -16% 0.39 0.46Rouble (Fédération de Russie) RUB -25% 0.03 0.04 -12% 0.04 0.04Swedish Krona SEK -23% 0.13 0.17 -15% 0.15 0.17Singapore Dollar SGD 2% 0.76 0.75 1% 0.77 0.77Turkish Lira TRL -19% 0.69 0.85 -15% 0.75 0.89US Dollar USD 12% 1.16 1.04 5% 1.14 1.09CFA Franc BEAC XAF -6% 2.26 2.41 -6% 2.32 2.48


Major changes in scope of consolidation

Activity Country Effective as at:

- Chocodi Consumer business

Ivory Coast February 29, 2008

- WurzenerDauerbackwarenGmbH

Consumer business

Germany February 28, 2008

+ IBC International business company

Gourmet/decorations

Belgium September 17, 2008

+ KL-Kepong Cocoa products(now BC Malaysia)

Cocoa processing

Malaysia April 30, 2008

- Van Houten Asia Consumer business

Singapore February 28, 2009

Roadshow presentation - Barry Callebaut · April 2009 Barry Callebaut – H1 08/09 5 FY 2007/08 Net revenue: CHF 4.8 bn Barry Callebaut at a glance EBIT CHF 341.1 m Net Profit* CHF

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