Full Year 2021 Barry Callebaut AG Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Pascal Boll - Stifel Europe, Research Division - Analyst : This is Pascal Boll from Stifel. I have a couple of questions. So first of all, regarding profitability. Bit per tonne this year by 12%. But you are -- even though you are volume-wise on 2018, '19 levels, you are in terms of EBIT per tonne still below those levels. We expect to reach these old levels? Or is it something that will persist at those levels we see right now?

Question: Pascal Boll - Stifel Europe, Research Division - Analyst : Okay. Next question regarding your outsourcing pipeline. Can you elaborate a little on that? I think you mentioned that due to the pandemic, a lot of projects got delayed, should we expect an acceleration now again? Or is this -- do we see the usual course of things? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2021 / 9:00AM, BARN.S - Full Year 2021 Barry Callebaut AG Earnings Call

Question: Pascal Boll - Stifel Europe, Research Division - Analyst : Okay. Then on Gourmet Specialty, you mentioned you added 3,000 customers. For how much of the volume to these 3,000 customer account? And -- or in other terms, at what discount of usual capacities to your old customers at the moment, run their business? So what can we expect when old business returns in combination with new business going forward?

Question: Pascal Boll - Stifel Europe, Research Division - Analyst : Okay. Final question for you, Peter. You mentioned you want to expand along this value-added letter. Can you give us some concrete examples? Because in my understanding, Barry Callebaut has been very innovative in the past. So where do you see here the opportunities? Do you have to spend more money on R&D going forward? Or do you reallocate resources? Or how do we should imagine that?

Question: Andreas von Arx - Baader-Helvea Equity Research - Analyst : I'll start with a housekeeping question. The increase in corporate and unallocated EBIT to above CHF 100 million. Is this a bit more onetime? Or is that a sustainable increase? That's my first question. Second question is on your outsourcing growth that you show in your presentation. I mean, this has been 4.5% for the full year, but 5.5% for 9 months and 1.8% for the first half. So roughly, this gives you 1% to 2% growth in the fourth quarter and more than 10% growth for the third quarter. The question here is, is this just a quarterly shift we can see as a normal business. Or what do you see as your current underlying growth rate in the outsourcing business? And then finally, a question for Peter Boone. Maybe I would like to get a bit more meat on the bone on your smart growth strategy and your priorities to execute that. I mean maybe to provoke you a bit what you told did sound a lot like what we heard before and not a lot really new stuff. So I would like to know to what extent is the Peter Boone Barry Callebaut about acting differently going forward as compared to the Saint-Affrique Barry Callebaut we have seen in the past? What are the key projects you have been outlined to the Board and employees to keep your employees motivated and excited in terms of delivering on that smart growth strategy? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2021 / 9:00AM, BARN.S - Full Year 2021 Barry Callebaut AG Earnings Call

Question: Andreas von Arx - Baader-Helvea Equity Research - Analyst : Yes. On the EBIT side, you have the EBIT per division and then you have a corporate unallocated negative amount, which is a bit more than EUR 100 million and which has been below EUR 100 million the year before. So there's an increase of EUR 6 million to EUR 7 million, mainly in the second half, nothing one-off?