Summary: Barry Callebaut AG Aug 03
Standard & Poors, August 2003
Abstract
The rating reflects Barry Callebaut AG's position as the world's largest and sole independent global supplier of cocoa and chocolate products to the food industry, its growing downstream expansion into finished products, and its relatively limited exposure to volatility in cocoa prices. These factors are offset to some extent by the group's fairly aggressive financial profile, as well as its partial reliance on short-term funding. Barry Callebaut's main business (accounting for 56% of estimated fiscal 2003 sales) is the provision of cocoa and chocolate products to food manufacturers. This division is the market leader in both Europe (41% market share) and North America (29%). It generates stable margins, since prices are set on a "tolling" basis (i.e., per volume processed),...
Companies mentioned in this report are: Barry Callebaut AG
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Barry Callebaut AG
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