Half Year 2021 Barry Callebaut AG Earnings Call Transcript

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

Question: Jean-Philippe Bertschy - Vontobel Holding AG - Analyst : And the first one would be on growth. And I think the underlying growth is getting -- or gaining traction. And to come back on outsourcing, and you have been telling us that basically the conditions are quite favorable. The first part of the question is, if you think you can overshoot these 30,000 to 40,000 tonne per year in the coming 2 or 3 years? And related to that, net debt is at kind of a record low. What is your view on the M&A pipeline, if you have some deals coming up, if you're becoming a bit more aggressive on that side? The second one is on innovation. I think it was very interesting to see the setup of a new factory or separate factory in Germany for vegan and dairy free. And if you can share with us what are your expectations in the midterm in that part of the business? Keeping in mind that when you look in the long-term perspective, your breakthrough innovation like Ruby or Seekewa were very marginal in terms of volume. And as a [complete], if I may, on sustainability or ESG. You've been really making some significant progress on that part. But child labor is always kind of an issue, recently kind of a political issue in the U.S. So what is your plan here to tackle that issue, now that it is impacting your business too much?

Question: Pascal Boll - Stifel Europe, Research Division - Analyst : I have one question. We saw strong growth in Asia as well as in America, where Europe was clearly lagging. What's your expectation for H2 in those markets, also with regard to your reiteration of the midterm guidance?

Question: Pascal Boll - Stifel Europe, Research Division - Analyst : Maybe I have one follow-up question with regards to Asia. You said you are only scratching on the surface there. Do you see there differences to the rest of the world in order to get a more edge on this market, or how does that go?