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Company presentation
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We bring a smile to your
Munchy Moments
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This is Cloetta
• Founded by the three Cloetta brothers in 1862
• Annual sales of around SEK 5,3 billion
• Leading local brands in 6 countries
• Leading market positions in Sweden, Finland, Norway,
Denmark, the Netherlands and Italy
• 2,500 employees in 14 countries
• Production at 13 factories in 6 countries
• Listed on Nasdaq Stockholm.
The largest shareholders are Malfors Promotor,
AMF – Försäkring och fonder and Threadneedle
Investment Funds
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Cloetta´s history 4
Svenska Chokladfabriks AB (Svenfelt family) takes over majority shareholding from the Cloetta family
The three Cloetta brothers from Switzerland start production in Copenhagen
CSM acquires Red Band and Venco
LEAF acquires Ahlgrens
CSM acquires Malaco
Cloetta acquires Candelia
CSM acquires LEAF
Cloetta merges with Fazer Confectionery, CSM acquires Continental
Sweets (France, Belgium, the Netherlands and the UK)
Cloetta sells Handel business area, CSM acquires Socalbe (Italy)
CVC and Nordic Capital acquire CSM, which changes name to LEAF
LEAF acquires Cadbury in Italy
Cloetta Fazer is separated into Cloetta and Fazer Confectionery
Merger between Cloetta and LEAF 2012
2009
2007
2005
2001
2000
1999
1998
1997
1993
1986
1917
1862
2014 Cloetta acquires Nutisal and
The Jelly Bean Factory
2015 Cloetta acauires Lonka
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Strong local brands
with long traditions
1836 1909 1920 1927 1934 1937 1941 1951 1960 1970 1976 1981 2007
1878 1913 1922 1928 1936 1938 1949 1953 1965 1975 1977 1998
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6
Exports to more than 50 countries
worldwide
Main markets – countries where Cloetta has
a national sales organisation.
Countries where Cloetta´s products are sold
mainly through distributor agreements.
Share of Cloetta´s sales.
Cloetta has its 6 main markets in
Western Europe
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Net sales By country and by category
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Nordic market leader and
leading market positions
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Sugar confectionery, countlines, pastilles, chocolate bags
Pastilles, chewing gum and sugar confectionery
Pastilles and sugar confectionery
Pastilles and sugar confectionery
Pastilles, sugar confectionery and chewing gum
Seasonal products, sweetener and sugar confectionery
Country Leading market positions in the following categories
SWEDEN
NETHER-
LANDS
FINLAND
NORWAY
DENMARK
ITALY
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Strong presence in the main markets 9
• Customer relations – strong commercial organisation in all main
markets
• Category expertise – contributes to optimised and profitable sales
• Distribution – a presence in many categories and channels
with a complete product portfolio creates economies of scale
Cloetta´s main markets
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Wide range in production
technologies
10
• 99,500 tonnes produced in 2014
• 13 factories in six countries
• Technologies such as
• chocolate moulding
• mogul moulding
• coating
• wafer production
• extrusion
• hard boiled candy manufacturing
• toffee manufacturing
• compressing of pastilles
• nougat moulding
• manufacturing of sweeteners
• dry roasting of nuts
• fudge
Dublin
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Group management 11
President and CEO
David Nuutinen
President Operations
Jacqueline Hoogerbrugge
Scandinavia
Lars Påhlson
Finland
Ville Perho
Middle
Ewald Frénay
Italy/Rest of the World
Giorgio Boggero
CFO
Danko Maras
HR
Regina Ekström
CMO
Erwin Segers
Corporate Communications &
IR
Jacob Broberg
Corporate Development/M&A
Johnny Engman
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Mission
To bring a smile to
your
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Foto: Joakim Folke och
www.fotoakuten.se
Munchy Moments is our territory!
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Chocolate 14
• Cloetta has a leading position in Sweden with the brands Kexchoklad, Polly, Center
and Plopp
• Strong local position in Finland with the brands Tupla, Royal, Polly and Center
• Popular brands in Norway are Center, Sportlunch and Bridge
• In the Netherlands Lonka has Sinas Snippers and Soft nougat that are consumer’s
favorites with a long heritage in chocolate specialties
• The leader in Christmas seasonal products in Italy with Sperlari
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Sugar confectionery 15
Confectionery
• In Norway, Finland, Sweden and Denmark, Cloetta has harmonised its leading brand
Malaco and in the Netherlands and Belgium the brand Red Band
• Additional strong brands include Ahlgrens bilar, Venco, Galatine, Chewits, Juleskum
and The Jelly Bean Factory and Lonka
• The Italian brand Dietorelle was the first sugar-free candy
Sweeteners
• Strong local position in Italy with the brand Dietor
Seasonal products
• In Sweden the brand Juleskum has a strong local position
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Pastilles and chewing gum 16
Pastilles
• The company’s largest brand Läkerol is more than 100 years old
• Other leading brands are Mynthon, King and Saila
Chewing gum
• Cloetta is a leader in Finland with the brand Jenkki and has a leading position in the
Netherlands and Belgium with Sportlife and Xylifresh
• Cloetta has paved the way for the use of xylitol
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Nuts 17
• In January 2014 Cloetta acquired Nutisal, a leading Swedish producer of dry roasted
nuts.
• The acquisition is in line with Cloetta’s strategy to broaden its product portfolio within
Munchy Moments.
• Nutisals nuts are dry roasted through the use of unique knowledge and technology.
The dry roasting highlights the "true" taste of the nuts and give the products a unique
crunchiness.
• The Swedish market accounts for about half of sales, but Nutisal is also sold in
Denmark, Norway, Finland, Germany and the Benelux countries.
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Our key strategies 18
• Strong brands with
local traditions.
• Strong position in the
Nordic market.
• Widen and expand the
product portfolio
geographically.
• Launch and acquire
new products and
brands.
• Strategic pricing.
• Improve internal processes
and systems.
• Improve cost-efficiency
though the closure of
factories.
• Implement a programme for
continuous improvement.
• Increase breadth in
production technology to
create flexibility in product
development.
• Develop Cloetta´s
culture based on the
results of the employee
survey ”Great Place to
work”.
• Attract, develop and
retain competent
employees.
• Develop teamwork with
the help of the
leadership tool
“Management Drives”.
Focus on
margin expansion
and
volume growth
Focus on
cost-efficiency
Focus on
employee
development
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Long-term financial targets 19
• Organic sales growth The long-term target is to increase organic sales at least in line with market growth.
• Net debt The long-term target is a net debt /EBITDA ratio of around 2.5x.
• EBIT margin The target is an underlying EBIT margin of at least 14 per cent.
• Dividend policy The long-term intention is a dividend payout
of 40-60 per cent of profit after tax.
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Core values 20
Focus
Pride Teamplay
Passion
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Vision To be the most admired satisfier of
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Mission To bring a smile to your
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