Annual Report Title Image

Annual Report


Message from the CEO

Message from the CEO

Antoine de Saint-Affrique, CEO Barry Callebaut

Letter to Shareholders

“Smart growth” getting traction, strong free cash flow

Twenty years ago, Callebaut and Cacao Barry merged to form Barry Callebaut. Since then, we have created the world’s leading chocolate and cocoa company. Over all those years, we have remained focused on generating value in the long term for our shareholders and all other stakeholders.

Letter to Shareholders

Antoine de Saint-Affrique, CEO of Barry Callebaut, and Andreas Jacobs, Chairman of the Board of Directors.

Fiscal year 2015/16 in brief

  • Sales volume up +2.2%: strong chocolate business (+7.6%) and intentional phase-out of less profitable contracts in cocoa products (-12.0%)
  • Operating profit (EBIT) as anticipated, flat +0.1% in local currencies
    (–3.2% in CHF); net profit down -5.1% in local currencies (-8.7% in CHF)
  • Strong free cash flow generation of CHF 404.0 million
  • Andreas Jacobs to step down as Chairman of the Board of Directors; Patrick De Maeseneire proposed for election as new Chairman. All other Board members are standing for re-election for another term of office of one year
  • Proposed payout to shareholders of CHF 15.50 per share; payout ratio of 39%
  • Mid-term guidance1 confirmed


1 On average for the 3-year period 2015/16 to 2017/18: 4–6% volume growth and EBIT above volume growth in local currencies, barring any major unforeseen events.

Sales Volume


1.8 million tonnes


+0.1% in local currencies

CHF 401.7 million

Net Profit

(5.1%) in local currencies

CHF 219.0 million

Free cash flow

CHF 404.0 million


Payout ratio 39%

CHF 15.50 per share
Anchor: Business Review

Region EMEA

Strong growth across the Region

Region EMEA delivered a solid performance with well above market volume growth in both the Food Manufacturers and the Gourmet businesses in Western as well as Eastern Europe.

Sales Volume


814236 tonnes


+4.4% in local currencies

CHF 289.5 million
Sales Volume / EBIT EMEA

Region Americas

Sustained high performance

Region Americas had a very good year with strong growth in Food Manufacturers and double-digit growth in Gourmet, largely driven by new products and market share gains.

Sales Volume


507008 tonnes


+12.0% in local currencies

CHF 147.2 million
Sales Volume / EBIT Americas

Region Asia Pacific

Solid top- and bottom-line growth

Our chocolate business in Region Asia Pacific gained momentum and recorded double-digit volume growth in the Food Manufacturers and the Gourmet businesses, as well as in EBIT.

Sales Volume


76443 tonnes


+17.9% in local currencies

CHF 32.2 million
Sales Volume / EBIT Asia Pacific

Global Cocoa

Intentional phase-out of less profitable contracts

In response to a historically weak cocoa products market and to fully leverage our global scale in cocoa, we continued to adapt our business model through the Cocoa Leadership project.

Sales Volume


436537 tonnes


(60.3%) in local currencies

CHF 17.7 million
Sales Volume / EBIT Global Cocoa


This is Barry Callebaut

This is Barry Callebaut

Visual This is Barry Callebaut

What we do

We are the world’s leading manufacturer of chocolate and cocoa products, mastering every step in the value chain from the sourcing of raw materials to the production of the finest chocolates.

ValueChain Grafik
ValueChain Grafik Mobile

Our strategy

Barry Callebaut aims to outperform the global chocolate and cocoa market. This ambitious long-term strategy is based on four pillars:

Our strategy
Our Strategy Mobile

The highlights in fiscal year 2015/16

These are the highlights in fiscal year 2015/16 along our four strategic pillars - Expansion, Innovation, Cost Leadership and Sustainability:


Fast-growing market - 10% p.a. sales revenue growth in the general out-of-home beverage category

Expanding our Beverages offering in Europe

Our Beverage business recorded strong growth during the past several years, benefiting from the increasing trend towards out-of-home consumption. To capitalize on this trend we acquired the commercial beverage vending activities from FrieslandCampina Kievit. To support the further growth of our Beverages division, we also opened the first of its kind Beverage Academy Center in Kageröd/Sweden, modelled on our global network of 19 Chocolate Academies.


More than 200 co-creation sessions conducted with customers

Welcome to the Barry Callebaut Studio!

Our extensive research confirmed: The artisanal experience is no longer reserved for artisans. Today, it has extended into mass market and consumers expect the same quality and service from their favorite brands. To support our customers, we introduced the Barry Callebaut STUDIO concept. Through this unique selling proposition we offer a brand new way to craft and co-create products meeting the expectations of tomorrow´s discerning consumers.

Cost Leadership
Cost Leadership

More than CHF 150 million working capital reduction, supported by a 3-year inventory reduction program

Optimizing product flows, reducing working capital

With the continued implementation of the multi-year “Cocoa Leadership” project, we aim to fully leverage our global scale in cocoa and drive down our costs. Our 3-year Working Capital reduction program is a key part of this effort; this year, we achieved a reduction of CHF 156 million. Moving forward, this program will result in lower costs, better free cash flows and lower net debt. Together with strict cost discipline, all this will fuel the successful implementation of our “smart growth” strategy.


65,000 cocoa farmers to participate in “Katchilè” across Côte d`Ivoire

“None of us can do it alone!”

To collect and organize comprehensive farm data for traceability purposes, we developed a dedicated cloud-based App: “Katchilè” - named after the Baoulé word for change. Cocoa farmers now have access to professional support for better farm management at their fingertips. In addition, with two long-term projects and partnerships we complemented our efforts in empowering farmers to increase cocoa production as well as supporting the role of women in cocoa communities.


More than 12 years with the company

Developing our people: trust in leadership

As Managing Director since May 2016, Charity Sackitey is the face of Barry Callebaut in Ghana. During her twelve years with our company, Charity has exhibited strong leadership and an impressive track record of accomplishments in plant operations, people management, quality assurance, and Environment, Health and Safety (EHS). Barry Callebaut is proud to have supported Charity´s successful career path.


Chairman's Award 2016

Chairman's Award 2016

Chairman's Award Winners 2016 - Group Selfie

Value & Chairman´s Awards 2016

The Value Award recognizes managers and their teams who are willing to go the extra mile. The awards were given for each of our five company values: customer focus, passion, entrepreneurship, team spirit and integrity.


The Chairman´s Award recognizes employees who have been with Barry Callebaut for a number of years and have demonstrated outstanding performance at work, as well as a strong commitment to their local communities.

Value Award Winners 2016

Barry Callebaut Value Award Winners 2016

Chairman's Award Winners 2016

Barry Callebaut Chairman's Award Winners 2016

Anchor: Financial Report
Sales Volume
in tonnes
[["Year","Sales Volume"],["2011\/12",1378856],["2012\/13",1535662],["2013\/14",1716766],["2014\/15",1794782],["2015\/16","1834224"]]
Sales Revenue
in CHF million
[["Year","Sales Revenue"],["2011\/12",4829.5],["2012\/13",4884.1],["2013\/14",5865.9],["2014\/15",6241.9],["2015\/16","6676.8"]]
in CHF millions
Net profit for the year
in CHF million
[["Year","Net profit"],["2011\/12",142.6],["2012\/13",222.8],["2013\/14","255.0"],["2014\/15",239.9],["2015\/16","219.0"]]
Sales Volume by Region
in tonnes
[["Region","in tonnes",null],["EMEA",814236,null],["Americas",507008,null],["Asia Pacific",76443,null],["Global Cocoa",436537,null]]
Sales Volume by Product Group
in tonnes
[["by Product Group","in tonnes"],["Food Manufacturers Products",1192907],["Cocoa Products",436537],["Gourmet & Specialties Products",204780]]

Corporate Governance

Barry Callebaut is fully committed to good Corporate Governance. Our principles and rules are laid down in the company's Articles of Association, the Internal Regulations of the Board of Directors and the Charters of the Board Committees. We have prepared our Corporate Governance Report in accordance with the principles of the Directive Corporate Governance (DCG) issued by the Swiss Stock Exchange SIX. 

Board of Directors

Board of Directors
Board of Directors

From left to right: Timothy Minges, James Donald, Andreas Schmid, Wai Ling “Winnie” Liu, Jakob Baer, Andreas Jacobs (Chairman), Juergen Steinemann, Patrick De Maeseneire (Vice Chairman), Nicolas Jacobs, Fernando Aguirre

Many thanks, Andreas Jacobs!

Barry Callebaut’s remarkable success is clearly attributable to the stewardship and farsightedness of Andreas Jacobs. Andreas Jacobs joined the Board of Directors in 2003 and was elected its chairman in December 2005. After eleven years at the helm of our company, he will be stepping down from his post at the Annual General Meeting 2016.
Barry Callebaut owes its departing chairman a lot. The company’s undisputed global leadership in cocoa and chocolate production is largely due to the bold strategic decisions that Andreas Jacobs made in recent years. He had the strength and determination to turn his visions into reality. Andreas Jacobs had little appetite for short-termism nor was he obsessed with the next set of quarterly results, neither as Chairman nor as a representative of Jacobs Holding AG, our majority shareholder. Passionate and knowledgeable about every aspect of the company, caring for the people as much as he was for building the business for the long term, Andreas Jacobs has been a formidable ambassador of Barry Callebaut with all its stakeholders. As custodian of family values which are at the heart of our company, he carefully introduced his brother Nicolas Jacobs to the duties of a Director enabling the family’s intergenerational succession plan.
The Jacobs family will therefore continue to be duly represented on our Board.
We would like to express our sincere gratitude to Andreas Jacobs for his strong leadership that has helped make Barry Callebaut what it is today.


Board of Directors, Executive Committee and employees of Barry Callebaut

Andreas Jacobs

Andreas Jacobs to step down as Chairman of the Board of Directors

Executive Committee

Executive Committee
Executive Committee

From left to right: Massimo Garavaglia, David Johnson, Victor Balli, Antoine de Saint-Affrique, Dirk Poelman, Carole Le Meur, Steven Retzlaff, Peter Boone