Barry Callebaut : Barry Callebaut: Strong volume growth, product margins improved, continued investment in future growth

   Barry Callebaut : Barry Callebaut: Strong volume growth, product margins
               improved, continued investment in future growth

Barry Callebaut / Barry Callebaut: Strong volume growth, product margins
improved, continued investment in future growth . Processed and transmitted by
Thomson Reuters ONE. The issuer is solely responsible for the content of this
announcement.

Barry Callebaut - Half-year results, fiscal year 2012/13

  *Strong, broad-based volume growth, significantly outperforming the global
    chocolate market^[1]: sales volume +7.8%, fueledby strategic growth
    drivers outsourcing, Gourmet and emerging markets
  *Product margins improved; gross profit up +4.9% in local currencies (+5.5%
    in CHF) despite an unfavorable combined cocoa ratio^[2]. EBIT decreased by
    2.4% in local currencies (-2.1% in CHF)
  *Closing and integration plan for Cocoa Ingredients Division acquisition
    from Petra Foods well on track
  *Growth targets confirmed^[3]
  *Fernando Aguirre and Timothy Minges nominated for election as new Board
    members

Juergen Steinemann, CEO of Barry Callebaut said: "We continued to deliver
strong volume growth, significantly outperforming the global chocolate market.
We grew in all Regions and Product Groups thanks to our strategic growth
drivers outsourcing, Gourmet and emerging markets. We were able to improve our
product margins. Our EBIT was impacted by the unfavorable combined cocoa ratio
as well as additional factory and supply chain costs due to our strong growth
in some regions causing capacity constraints. We continued to invest in the
expansion of our global footprint, structures and processes."

Group key figures for the first half of fiscal year 2012/13 -
from continuing operations

                          Change in %
                          in local in CHF 6 months up to    6 months up to Feb
                        currencies             Feb 28,          29, 2012^[4]
                                                    2013
Sales volume    Tonnes                7.8        745,256               691,061
Sales revenue    CHF m       (2.6)  (2.4)        2,391.6               2,449.6
Gross profit     CHF m         4.9    5.5          357.3                 338.8
Operating
profit (EBIT)    CHF m       (2.4)  (2.1)          173.8                 177.6
EBIT per tonne     CHF       (9.5)  (9.3)          233.2                 257.0
Net profit       CHF m       (7.7)  (7.4)          116.4                 125.7



Zurich/Switzerland - April 8, 2013 - In the first six months of fiscal year
2012/13 (ended February 28, 2013), Barry Callebaut - the world's leading
manufacturer of high-quality cocoa and chocolate products - strongly increased
its sales volume by 7.8% to 745,256 tonnes, significantly outpacing the global
chocolate confectionery market^[1]. Top-line growth was broadly based, driven
by long-term outsourcing agreements and strategic partnerships, Gourmet and
emerging markets. All Product Groups and Regions contributed to this growth.
Sales revenue: Based on its cost-plus model, Barry Callebaut passes on raw
material prices to customers for 80% of its business. The lower average prices
for cocoa ingredients (cocoa beans, cocoa butter, and cocoa powder) compared
to the previous year translated into lower sales revenue. As a result, sales
revenue went down by 2.6% in local currencies (-2.4% in CHF) to
CHF 2,391.6 million despite the volume growth.
Gross profit increased by 4.9% in local currencies (+5.5% in CHF) to CHF 357.3
million, driven by higher volume and improved product margins, partly offset
by the effect of a lower combined cocoa ratio^[2]. In addition, the strong
growth in some regions caused capacity constraints, which led to additional
factory and supply chain costs.
Operating profit (EBIT) was impacted by ongoing investments in structures,
processes and people to accommodate future growth. Additionally, the Group
increased its marketing activities for the global Gourmet brands, and incurred
first costs related to the acquisition of Petra Foods' Cocoa Ingredients
Division. Consequently, EBIT declined by 2.4% in local currencies (-2.1% in
CHF) to CHF 173.8 million.
Net profit for the period from continuing operations decreased by 7.7% in
local currencies (-7.4% in CHF) to CHF 116.4 million, mainly as a result of
the lower EBIT in combination with an increase in net financial expenses and
taxes.

Outlook - Continuation of robust growth, delivering on targets^[3]
CEO Juergen Steinemann on the outlook: "Based on our four strategic pillars,
Expansion, Innovation, Cost Leadership and Sustainable Cocoa, we will continue
to deliver robust volume growth. The focus on product margins will remain
important. We expect cocoa processing results to increase in the second half
of our fiscal year. Our cost base will grow at a slower pace than volume,
except for non-recurring costs related to the closing and integration of the
acquisition of the Cocoa Ingredients Division from Petra Foods. Considering
all this, we are confident of delivering on our mid-term guidance."

Strategic developments - Closing for Cocoa Ingredients Division acquisition
from Petra Foods well on track
In December Barry Callebaut announced its intention to acquire the Cocoa
Ingredients Division of Petra Foods in order to support the further growth of
its chocolate business. This transaction will boost Barry Callebaut's presence
in fast growing emerging markets to almost one-third of the Group's sales
volume and enable the company to capitalize on the attractive growth rates in
these markets for cocoa powder-based applications in beverages, compound
chocolates, fillings, bakery products and ice cream. In addition, the
acquisition will strengthen Barry Callebaut's current and future partnership
agreements as there is a trend towards combined contracts (cocoa and chocolate
products). It will also add Asia as a strong sourcing base next to West
Africa. Deal close activities are well on track. A joint integration taskforce
has started developing an integration masterplan
to be implemented upon the closing of the transaction, which is expected to
take place in summer 2013.
As expected, the acquisition of Petra Foods' Cocoa Ingredients Division led to
a recent rating action by Standard & Poor's which assigned a BB+ rating to
Barry Callebaut AG, down from BBB-.
Barry Callebaut is currently preparing the financing of the acquisition to
cancel the bridge loan facility and replace it by issuing a combination of new
equity for an equivalent amount of USD 300 million and a USD 600 million Rule
144A/Reg S USD bond offering.

In January Barry Callebaut strengthened its leadership position in Scandinavia
through the acquisition of ASM Foods AB in Sweden from Danish Carletti A/S.
With ASM Foods, Barry Callebaut is enhancing its portfolio of higher-margin
products such as specialty compound chocolates, fillings and inclusions for
both its industrial and Gourmet business. In the same transaction, Carletti
A/S became Barry Callebaut's first outsourcing partner in Scandinavia. In
addition, the Group signed its first outsourcing agreement in South America
with Arcor Group in Chile.

In terms of geographic expansion, four factories are currently under
construction: A chocolate factory in Eskisehir, Turkey, a cocoa factory in
Makassar, Indonesia, both going on stream in fall 2013, as well as two
chocolate factories in Santiago de Chile and in Takasaki, Japan, scheduled to
be operational in the first half of 2014.

The completion of the sale of the Dijon factory in November 2012 marked the
final step in the disposal of all consumer activities.

Regional / Segment performance

Region Europe^[5] - Solid growth, both top and bottom line

European chocolate confectionery markets grew by 2.0%. Growth in Western
Europe was +1.4%, markets in Eastern Europe went up 3.4%^[1].
Notwithstanding the still challenging market environment - especially in
Southern Europe - Barry Callebaut achieved solid growth in Region Europe:
Overall sales volume moved up strongly by 5.8% to 377,458 tonnes. Growth in
Western Europe was driven by higher sales of both standard (chocolate and
compound) and specialties products (fillings, decorations, nut products) in
the Food Manufacturers Products business. Despite the difficult market
environment, the Gourmet business achieved good, single-digit growth,
supported by the company's Belgian Gourmet brand Callebaut^®. Volumes in the
Beverages division picked up.
The industrial business in Eastern Europe, Middle East and Africa (EEMEA) grew
double-digit in Russia, the Middle East and Turkey. Here, the Gourmet &
Specialties Products business continued to record double-digit volume growth
thanks to a particular strong performance of Callebaut^® in Russia.
Overall sales revenue in Region Europe increased by 3.1% in local currencies
(+3.0% in CHF) to CHF 1,186.2 million. Operating profit (EBIT) development
even exceeded the good volume and sales revenue development: EBIT rose 8.1% in
local currencies (+8.6% in CHF) to CHF 127.5 million) as a result of improved
margins.

Region Americas - Continued double-digit top-line growth, strong bottom-line
performance
The chocolate confectionery market in the U.S. decreased by 1.3%; Brazil was
at -0.7%^[1].
Barry Callebaut maintained the double-digit growth pace in Region Americas.
Sales volume increased by 13.6% to 200,434 tonnes. In North America, growth
was mainly driven by the company's global accounts in the Food Manufacturers
Products business. The Gourmet business continued to grow double-digit in
North America and sales volume in South America was again substantially
higher. Mexico was a strong performer, doubling volumes compared to last year.
Sales revenue in the Region went up 1.6% in local currencies (+3.6% in CHF) to
CHF 567.2 million as result of lower raw material prices. Volume growth
positively influenced the regional operating result: Operating profit (EBIT)
rose by 8.7% in local currencies (+10.4% in CHF) to CHF 49.8 million.

Region Asia-Pacific - Double-digit volume growth

Chocolate markets in Asia grew by 11.6%, again outperforming the growth in
other world regions, although still from a lower base^[6].

In Region Asia-Pacific, Barry Callebaut continued to grow double-digit.
Overall sales volume increased by 11.9% to 30,915 tonnes. Growth was driven by
strategic partnerships in the Food Manufacturers Products business. In the
Gourmet & Specialty Products business, Callebaut^® achieved broadly based,
double-digit volume growth; overall growth was also strongly supported by well
performing local brands. Both in the industrial and the Gourmet business,
China was the best performing country.
Due to lower average raw material prices compared to last year, sales revenue
in the Region increased by 0.3% in local currencies (+1.0% in CHF) to CHF
118.1 million. Operating profit (EBIT) was negatively impacted by a higher
cost base as a result of ongoing expansion: EBIT decreased by 2.5% in local
currencies (-1.3% in CHF) to CHF 15.0 million.

Global Sourcing & Cocoa^[7] - Combined cocoa ratio^[2] affected profitability

Cocoa terminal market prices traded above the GBP 1,700 threshold early
September due to uncertainties with regard to the development of the main crop
and the implementation of the Cocoa Reform in Côte d'Ivoire. In the following
months, prices continuously retreated and closed at GBP 1,429 at the end of
February. The downward move was mostly caused by the liquidation of funds'
long positions and, more recently, by good prospects for the size of the
upcoming mid-crop, starting in May.
The sugar crop 2012/13 was very good; the world market closed the 3^rd year in
a row in a surplus. After peaking last October, world sugar prices steadily
declined. Funds going short put additional downward pressure on prices. By the
end of February, world market prices for sugar were at a two-year low. In the
EU, special measures were taken to supply the sugar market by increasing the
import quota. EU sugar prices stayed at the same, still rather high levels.
Milk powder prices in Europe remained flat, but on high levels, due to
balanced supply and demand. In contrast, world market prices increased and
reached EU levels at the end of February due to lower overall supply in the
market and in anticipation of a drier season in New Zealand, which would lead
to less supply in the near future.

The segment Global Sourcing & Cocoa expanded its total third party sales
volume by 4.9% to 136,449 tonnes, despite a downturn in powder demand in the
U.S. and Europe. Compared to last year, sales prices for cocoa ingredients
(cocoa butter, cocoa liquor, and cocoa powder) were significantly lower.
Therefore, sales revenue declined by 17.2% in local currencies (-18.0% in CHF)
to CHF 520.1 million. As expected, the combined cocoa ratio^[2] had a negative
effect on cocoa processing profitability and as a result operating profit
(EBIT) dropped by 37.5% in local currencies (-40.4% in CHF) to CHF 19.8
million.

Proposals to the Extraordinary General Meeting of Shareholders (EGM)

Authorized capital increase
As announced on March 27, 2013, the Board of Directors of Barry Callebaut has
called for an Extraordinary General Meeting of Shareholders (EGM) on April 22,
2013 proposing to create authorized share capital for the purpose of partly
financing the acquisition of the Cocoa Ingredients Division from Petra Foods.

Election of two new members to the Board of Directors
Furthermore, the Board of Directors also proposes to the EGM the election of
Fernando Aguirre and Timothy E. Minges as new members of the Board of
Directors of Barry Callebaut for the current term of office until the next
ordinary General Meeting on December 11, 2013.

Fernando Aguirre served as the Chairman and CEO of Chiquita Brands
International Inc. from 2004 until 2012. Presently Mr. Aguirre is a consultant
to Chiquita and a Director of Levi Strauss & Co. as well as a Director at
Aetna Inc.

Timothy E. Minges is currently Chairman of PepsiCo Greater China Region and a
member of PepsiCo's Executive Committee. Mr. Minges also serves on the Board
of Tingyi-Asahi Beverage.

(see separate CVs for further details)

                                     ***

For more detailed financial information see Barry Callebaut's Letter to
Investors 'Half-year results 2012/13':
www.barry-callebaut.com/documentation#c1212.

                                     ***

Financial calendar for fiscal year 2012/13 (September 1, 2012 to August 31,
2013):
Extraordinary General Meeting of Shareholders                   April 22, 2013
9-month key sales figures 2012/13 (news release)                  July 4, 2013
Full-year results 2012/13 (news release &
conference)                                           November 7, 2013, Zurich
Annual General Meeting 2012/2013                     December 11, 2013, Zurich

                                     ***

Barry Callebaut (www.barry-callebaut.com/):
With annual sales of about CHF 4.8 billion (EUR 4.0 billion / USD 5.2 billion)
for fiscal year 2011/12, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the
finest chocolate product. Barry Callebaut operates out of 30 countries, runs
more than 45 production facilities and employs a diverse and dedicated
workforce of about 6,000 people. Barry Callebaut serves the entire food
industry focusing on industrial food manufacturers, artisans and professional
users of chocolate (such as chocolatiers, pastry chefs or bakers), the latter
with its two global brands Callebaut^® and Cacao Barry^®. Barry Callebaut is
the global leader in cocoa and chocolate innovations and provides a
comprehensive range of services in the fields of product development,
processing, training and marketing. Cost leadership is another important
reason why global as well as local food manufacturers work together with Barry
Callebaut. Through its Cocoa Horizons initiative and research activities, the
company engages with farmers, farmer organizations and other partners to help
ensure future supplies of cocoa and improve farmer livelihoods.

                                     ***

Media and Analysts'/Institutional Investors' conferences of Barry Callebaut AG
Date:          Monday, April 8, 2013
Location:      Barry Callebaut Head Office, Chocolate Academy, Groundfloor,
               Pfingstweidstrasse 60, Westpark, 8005 Zurich/Switzerland
Time:          Media: 09.30 am to 10.30 am CET
               Analysts/Institutional Investors: 11.30 to approx. 1 pm CET
The conferences can be followed by telephone or audio webcast. All dial-in and
access details can be found on the Barry Callebaut website:
Media
Analysts/Institutional Investors

                                     ***

Contact
for investors and financial analysts: for the media:
Evelyn Nassar                         Raphael Wermuth
Head of Investor Relations            Head of Media Relations
Barry Callebaut AG                    Barry Callebaut AG
Phone: +41 43 204 04 23               Phone: +41 43 204 04 58
evelyn_nassar@barry-callebaut.com     raphael_wermuth@barry-callebaut.com

Group key figures for the first half of fiscal year 2012/13 -
from continuing operations

                                        Change in %
                                       in local        6 months up 6 months up
                                     currencies in CHF  to Feb 28,  to Feb 29,
                                                              2013    2012^[4]
Group
Sales volume                  Tonnes               7.8     745,256     691,061
Sales revenue                  CHF m      (2.6)  (2.4)     2,391.6     2,449.6
EBITDA                         CHF m        1.8    2.1       220.1       215.6
Operating profit (EBIT)        CHF m      (2.4)  (2.1)       173.8       177.6
Net profit                     CHF m      (7.7)  (7.4)       116.4       125.7
Net profit (incl.
discontinued operations)       CHF m       22.0   22.4       110.3        90.1
By Region
Europe
Sales volume                  Tonnes               5.8     377,458     356,888
Sales revenue                  CHF m        3.1    3.0     1,186.2     1,151.4
EBITDA                         CHF m        8.5    9.0       143.1       131.3
Operating Profit (EBIT)        CHF m        8.1    8.6       127.5       117.4
Americas
Sales volume                  Tonnes              13.6     200,434     176,446
Sales revenue                  CHF m        1.6    3.6       567.2       547.4
EBITDA                         CHF m       13.7   15.1        60.7        52.7
Operating profit (EBIT)        CHF m        8.7   10.4        49.8        45.1
Asia-Pacific
Sales volume                  Tonnes              11.9      30,915      27,639
Sales revenue                  CHF m        0.3    1.0       118.1       116.9
EBITDA                         CHF m        0.7    1.6        18.2        17.9
Operating Profit (EBIT)        CHF m      (2.5)  (1.3)        15.0        15.2
Global Sourcing & Cocoa
Sales volume                  Tonnes               4.9     136,449     130,088
Sales revenue                  CHF m     (17.2) (18.0)       520.1       633.9
EBITDA                         CHF m     (21.3) (23.6)        34.9        45.6
Operating Profit (EBIT)        CHF m     (37.5) (40.4)        19.8        33.2
By Product Group
Sales Volume                  Tonnes               7.8     745,256     691,061
Cocoa Products                Tonnes               4.9     136,449     130,088
Food Manufacturers Products   Tonnes               8.8     524,738     482,336
Gourmet & Specialties                              6.9      84,069      78,637
Products                      Tonnes
Sales Revenue                  CHF m      (2.6)  (2.4)     2,391.6     2,449.6
Cocoa Products                 CHF m     (17.2) (18.0)       520.1       633.9
Food Manufacturers Products    CHF m        1.9    2.6     1,455.1     1,418.3
Gourmet & Specialties                       4.5    4.8       416.4       397.4
Products                       CHF m

[1]The global chocolate confectionery market grew by 1.5% in volume in the
period September 2012 until January 2013. Source: Nielsen.
[2]Combined sales prices for cocoa butter and cocoa powder relative to the
cocoa bean price. For cocoa processors, profitability depends on the ratio
between input costs (price of cocoa beans) and output prices (price of cocoa
butter and powder).
[3]Mid-term growth targets for 2011/12-2014/15: On average 6-8% volume growth
and average EBIT growth in local currencies at least in line with volume
growth - barring any unforeseen events.
[4]Restated figures due to the divestiture of the consumer business.
[5]Including Western Europe, Eastern Europe, Middle East and Africa.
[6]China (+4.1%) and India (+16.3%); Source: Nielsen, September 2012 until
January 2013.
[7]The figures reported under "Global Sourcing & Cocoa" include all sales of
cocoa products to third-party customers in all Regions while the figures shown
under the respective Region show all chocolate sales.

The complete news release and CVs can be downloaded from the following links:

News Release (PDF)
CV - Candidate 2: Mr. Timothy E. Minges (PDF)
CV - Candidate 1: Mr. Fernando Aguirre (PDF)

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Source: Barry Callebaut via Thomson Reuters ONE
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Barry Callebaut
P.O. Box Zurich Switzerland

WKN: 914661;ISIN: CH0009002962;