Q3 2020 Barry Callebaut AG Corporate Sales Call Transcript

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

Question: Andreas von Arx - Baader-Helvea Equity Research - Analyst : Starting with the guidance, just to make that clear. I mean you have abandoned your old guidance. So is the interpretation correct that you do not see yourself capable to achieve 4% on average growth, 2019, '20 to '21, '22 even with the recovery of COVID that might happen next year? I mean is that a fair summary? That's question number 1. And then question number 2, is with regards to food manufacturing. I mean you're minus 10%, and I can see your explanation, so I can understand your explanations given for the different client base and the different categories. However, I mean, what makes you so certain that there are no structural impacts here? I mean I think COVID is changing a lot, shouldn't that also have structural impact? And given, I assume these customers are of higher margins, are you still -- think that you can reach a margin increase above the volume increase midterm? Or isn't that now more difficult given your higher-margin clients will probably grow a bit lower given the new world? And then last question, I mean, I think it's clear that your -- that the profitability numbers for this year are going to be quite bleak. Could you provide maybe some additional insights how to think about the recovery for next year other than volume growth and related operating leverage. As I understand it, I mean, other than the volume growth development, there's not that much that should drive the profitability levels for next year. There's no restructuring program, no adjustment of the cost structure. So can I just take basically last year's volumes and EBIT level? And then think about next year's volume level, and then I get a good impression on where the EBIT is? Or are there any additional drivers one should think about? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JULY 09, 2020 / 8:00AM, BARN.S - Q3 2020 Barry Callebaut AG Corporate Sales Call

Question: Andreas von Arx - Baader-Helvea Equity Research - Analyst : Sorry, just as -- I mean, the question was not on one year guidance. It's just -- if I put in whatever you report this year, next year and the year after, so that's the range of the old guidance. Is it correct to assume this will be below 4%?