Barry Callebaut: strong volume and solid profitability

Although achieved on a low comparison base, the result is well ahead of the Group’s pre-Covid-19 volume in fiscal year 2018/19 (1.047 m tonnes), according to the company. Excluding the first-time consolidation of Europe Chocolate Company (ECC) as of September 2021, organic volume growth in the period under review was 7.9%. Chocolate volume grew by an outstanding 9.9%, clearly outpacing the underlying global chocolate confectionery market (+ 2.0%; source: Nielsen volume growth excluding e-commerce – 25 countries, September 2021 - January/February 2022, data subject to adjustment to match Barry Callebaut’s reporting period; Nielsen data only partially reflects the out-of-home and impulse consumption).

The strong growth was supported by all Regions and key growth drivers: Outsourcing (+ 7.3%), Emerging Markets (+ 8.7%) and Gourmet & Specialties (+ 29.5%). Sales volume in Global Cocoa grew by 4.0% to 227,951 tonnes. Sales revenue amounted to CHF 4.030 bn, up 16.5% in local currencies (+ 15.8% in CHF). The increase was impacted by the overall inflationary environment, which Barry Callebaut manages through its cost-plus pricing model for the majority of its business.
Gross profit amounted to CHF 606.4 m, up 7.2% in local currencies (+ 6.5% in CHF), growing overall in line with volume. The positive volume and mix effect was reduced through the negative impact of the cocoa business and the impairment of financial assets in Russia. The reported operating profit (EBIT) amounted to CHF 330.9 m, up 12.3% in local currencies (+ 11.5% in CHF). Net profit reported amounted to CHF 224.8 m, up by 9.7% in local currencies (+ 9.3% in CHF).