INVESTOR PRESENTATION HALF YEAR 2012

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1 INVESTOR PRESENTATION HALF YEAR 2012

2 CONTENTS 1. PERFORMANCE HIGHLIGHTS HY ENVIRONMENT HY P&L & B/S DETAILS HY RAW MATERIALS & PACKAGING 5. OUTLOOK QUESTIONS & ANSWERS 2

3 1 PERFORMANCE HIGHLIGHTS HY

4 PERFORMANCE HIGHLIGHTS HY 2012 Net Net Trade Sales EBITDA CHF Mio Organic % Volume % Swiss Francs % CHF +6.6 Mio vs. p.y. + 7 % EBIT 48.7 CHF +6.7 Mio vs. p.y % NET INCOME 36.6 CHF +4.5 Mio vs. p.y % NET LIQUIDITY CHF Mio vs. p.y. 4

5 KEY FIGURES SOLID BALANCE SHEET, DECREASED NET CASH POSITION AFTER SHARE BUY BACK Equity CHF Mio Equity B/S ratio in % Net Cash Y/E CHF Mio 1'700 1'600 1'500 1'619 1' % 68.0% 66.0% 64.0% 64.4% 68.2% ' % 300 1' % 58.0% ' % 150 1' % 52.0% ' %

6 2 ENVIRONMENT HY

7 ENVIRONMENT ECONOMIES _ Ongoing economic uncertainties _ Austerity policy by indebted nations affecting consumers CONSUMERS _ Cautious consumer sentiment, mainly in Southern Europe _ Consumers willing to spend for quality, innovation and gifts _ Importance of promotional incentives CHOCOLATE MARKETS _ Flat volume development in main Lindt markets low value growth FX & MATERIAL _ Stabilized FX vs. CHF in Europe thanks to SNB _ Strengthening dollar currencies vs. CHF _ Lower volatility in raw material markets Cocoa rising again from lows 7

8 3 P&L & B/S DETAILS HY

9 OVERVIEW P&L & B/S DETAILS HY 2012 POSITIVE SET OF RESULTS DESPITE ONGOING NEGATIVE FX IMPACT 1'100 1' Net Net Trade Sales CHF Mio 1'007 1' EBIT CHF 48.7 Mio Net Income CHF 32.1 Mio +2.6% in CHF +5.3% in local curr % %

10 SALES ANALYSIS 5 YEARS IN SWISS FRANCS SWISS FRANCS GROWTH NEGATIVELY AFFECTED BY CURRENCIES THROUGHOUT 5 YEARS 1'200 Absolute in CHF Mio Growth in CHF '000 1' '057 1'007 1' % -5.4% 7.9% -4.7% 2.6%

11 SALES ANALYSIS 5 YEARS IN LOCAL CURRENCIES STRONG ORGANIC GROWTH OF 5.3% COMPARED TO AVERAGE MARKET GROWTH IN LINDT COUNTRIES OF 3% 1'200 Absolute in CHF Mio Increase in local currencies '000 1' '057 1'007 1' % 0.2% 9.2% 6.1% 5.3%

12 SALES ANALYSIS DRIVERS 1H2012 SALES GROWTH DRIVEN BY VOLUME LOW PRICE/MIX EFFECTS 6.00% 5.00% 0.9% 5.3% -2.7% 4.00% 4.4% 3.00% 2.00% 2.6% 1.00% 0.00% Volume Price/Mix Organic Forex Reported in CHF 12

13 SALES ANALYSIS SPLIT OF MARKETS TOTAL NNTS 2012: CHF Mio SPLIT BY KEY MARKETS 5.2% 7.1% 6.7% 13.8% 25.7% North America Germany Italy France Switzerland UK 11.3% 19.5% Rest of Europe Rest of World 10.7% 13

14 SALES ANALYSIS MARKETS POSITIVE ORGANIC GROWTH ACCROSS ALL REGIONS Europe NAFTA Rest of World 7.0% 6.0% 5.0% 4.0% 3.0% 7.0% 6.0% 5.0% 4.0% 3.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 2.0% 1.0% 0.0% 3.0% 2.0% 2.0% 1.0% 1.0% 6.9% 4.0% 5.8% 6.7% 3.1% 0.0% 0.0% 8.7% 1H H H H H H

15 MATERIAL COSTS INCLUDING +/- CHANGE IN INVENTORY COST MARGIN CONTINUES TO DECREASE DESPITE HIGH VOLATILITY OF INPUT COSTS Absolute in CHF Mio In % of NNTS % 38.1% 36.2% 35.2% 34.7%

16 PERSONNEL EXPENDITURE COST MARGIN STABILIZING AT AROUND 26.5% 300 Personnel exp. in CHF Mio Personnel exp. in % NNTS % 26.7% 26.4% 26.5% 26.6%

17 HEADCOUNT & NNTS / EMPLOYEE NUMBER OF EMPLOYEES +4.1% LEAD BY RETAIL EXPANSION VOLUME + 4.4% Average number of employees NNTS per employee CHF (000) 7'500 7'000 6'500 7'249 6'788 6'984 7'160 7'450 6'000 5'500 5'000 4'500 4'000 3'

18 OPERATING / MARKETING EXPENSES CONTINUED INVESTMENT IN BRAND Absolute in CHF Mio In % of NNTS % 30.0% 30.1% 29.9% 30.0%

19 OPERATING PROFIT (EBIT) EBIT DEVELOPMENT DRIVEN BY OPERATING EFFICIENCY GAINS AND VOLUME GROWTH Absolute in CHF Mio In % of NNTS % 2.5% 3.2% 4.2% 4.7%

20 NET INCOME SOUND PROFITABILITY IN FIRST HALF Net income in CHF Mio In % of NNTS % 1.9% 2.3% 3.2% 3.5%

21 OPERATING CASH FLOW & CAPEX OPERATING CASH FLOW MAINLY IMPACTED BY HIGHER RAW MATERIAL STOCK Operating Cash Flow in CHF Mio 369 CAPEX in CHF Mio

22 NET CASH POSITION DEVELOPMENT NET CASH POSITION REDUCED BY SHARE BUY BACK & DIVIDEND PAYMENT Net cash and net cash movement in CHF Mio Operating Cash Flow Capital Incr. CAPEX Dividend Paym. Share buy back Currency impact 1H

23 SHARE BUY BACK 2011 / 2012 REPURCHASE OF SHARES AND PCS CLOSE TO COMPLETION _ Total repurchase as per August 21, 2012: CHF 307 Mio or 4.7% of total capital (corresponding to 2.7% of registered shares and 7.9% of PCs) TERMS _ Share buy-back program of maximum 5% of total share/pc capital _ Program to continue through _ Repurchase via separate trading lines (second line; ticker LISPE, LISPE) _ Shares and PCs to be retired by means of capital reduction after completion _ Part of repurchased shares already retired as per (3 300 registered shares, PCs) 23

24 4 RAW MATERIAL & PACKAGING 24

Butter Ratio OTHER RAW MATERIALS - Milk - Sugar - Hazelnuts

25 MATERIAL COSTS TRENDS 2012 COCOA PRODUCTS - Terminal Market sidelined range GBP Bean Differentials - Butter Ratio OTHER RAW MATERIALS - Milk - Sugar - Hazelnuts - Almonds PACKAGING - Paper & Cardboard - Metals & Flexibles 25

26 COCOA CROP / GRINDING BALANCE Cocoa Beans in '000 t 4'500 4'310 3'500 3'731 3'591 3'635 3' % 3'923 3'990 3'993 2'500 1' % 5.5% 42.4% Production Grindings Surplus/Deficit % / / /11* 2011/12** *Estimate; ** Forecast; Source: ICCO 26

27 COCOA PRODUCT PRICES GBP / Ton 2'800 LONDON TERMINAL Ratio Multiple 3.40 BUTTER RATIO 2'600 2'400 2'200 2' ' '600 1'400 1'200 1'

28 NUT & ALMOND PRICES USD / Ton Hazelnuts USD / Ton Almonds 10'000 7'500 9'000 7'000 8'000 6'500 7'000 6'000 5'500 6'000 5'000 5'000 4'500 4'000 4'000 28

29 EUR / Ton MILK PRICES EUROPE, SWITZERLAND & WORLD Price Milkpowder 26% in Euro CH EU World 5'750 5'500 5'250 5'000 4'750 4'500 4'250 4'000 3'750 3'500 3'250 3'000 2'750 2'500 2'250 2'000 Source: VWD-Data, BLW Referenzpreise 29

30 USD / Ton SUGAR PRICES '500 1'400 1'300 1'200 1'100 1' Sugar prices in USD / Ton CH / EU USA West coast cane sugar Liffe Sources: CH/EU: Market Offers, USA: Milling&Baking News, White Sugar London, Forex: VWD-Data 30

31 5 OUTLOOK

32 OUTLOOK 2012 FINANCIAL GUIDANCE FOCUS ON INVESTING FOR FUTURE GROWTH MARKET FOCUS 2012 _ Selective price increases in specific markets and products _ Focus on market share gains _ Participate in strategic promotional activities to grow volume _ Continue investments in newly opened subsidiaries CONTINUATION OF MARKET INVESTMENTS IN 2012 _ Marketing spending: Further increase of market spending in all markets _ New geographies: Explore expansion potential _ Mature markets: Build market share through introduction of new and innovative products INTERNAL _ Optimize management of transactional FX-exposure _ Implement cost savings and efficiency improvement measures 32

33 MID TO LONG TERM FINANCIAL GUIDANCE UNCHANGED MID- TO LONG TERM SALES AND PROFIT TARGETS Organic Growth 6 8 % p.a. EBIT margin + 20 to 40 basis points (*) CAPEX CHF Mio Continued high cash generation (*) based on constant currencies 33

34 6 QUESTIONS & ANSWERS 34

35 DISCLAIMER This presentation contains forward looking statements which reflect management s current views and estimates. The forward looking statements involve risks and uncertainties that could cause actual results to differ from those expressed in the forward looking statements. Potential risks and uncertainties include among others factors as general economic conditions, foreign exchange and commodity price fluctuations, competitive product and pricing pressures and regulatory developments. 35

36 INVESTOR PRESENTATION HALF YEAR 2012

ONFERENCE CONFERENCE ANNUAL RESULTS

ONFERENCE CONFERENCE ANNUAL RESULTS FINANCIAL ANALYSTS CONFERENCE ANNUAL RESULTS 2010 CONTENTS 1 RESULTS HIGHLIGHTS 2010 2 BUSINESS REVIEW 3 FINANCIALS 4 OUTLOOK Business environment Key figures Sales analysis Sustainability Operating performance