Half Year 2022 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 : Pascal Boll from Stifel. A few questions from my side. Coming back to the combined ratio, if I look at the chart you show in your presentation, I see that the combined ratio stabilized, but not really improved by much. So should we -- I mean, you mentioned an improvement for the profitability in H2, but based on this combined ratio, it doesn't look that we should expect much of a tailwind? Or do I miss it in the practice? My second question on Russia. Do you face there any supply chain issues. We also read in the newspaper that other companies face problems to source inputs into the country because they cannot manage the logistics. Insurance companies are not willing to insure the transportations. Any comments on this? And then also on your business outlook, I mean you confirm time and time, again, your confidence into reaching the midterm targets. However, now the situation in Russia changed. It's less than 5% of your volumes, but it clearly should have an impact on your volumes. So what is your best guess here also for the next financial year?

Question: Andreas von Arx - Baader-Helvea Equity Research - Analyst : First, I have quick ones for Ben. Could you elaborate in the cash flow statement on the other noncash effective items, which have moved from positive 15% to negative 23%. Just wondering what is that -- apart from the CHF 5 million you mentioned, what is the other drivers here of the minus 23%? And then the CapEx also looks a bit low compared to the trend. Is that just a timing issue? Or is there a change in what to expect, let's say, for midterm? And then I have a question for Peter. If I look at the half year, I mean, in the half year, your volume growth was faster than the recurring EBIT growth. That's, of course, not what your guidance says. Are you confident enough to say that this will turn in the second half, so that we can now finally see a faster profitability growth, maybe also given the recovery is being less. And if you would have to name 3 main drivers or elements that will be the key drivers of your smart growth going forward? I mean that's just practical examples that you're rolling out in the company. What would be that 3 elements that are driving the faster profitability growth and volume growth midterm.

Question: Andreas von Arx - Baader-Helvea Equity Research - Analyst : Yes. Just quickly on the CapEx, I mean, which was a bit lower, there's nothing here to be... If we could have a detailed look at that?