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Athens University of Economics & Business Assignment: Company Profile Lindt
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Company Profile
Basic Data

 About Lindt
Chocoladefabriken Lindt & Sprüngli AG is recognized as a leader in the market for premium quality
chocolate, offering a large selection of products in more than 100 countries around the world. During
the nearly 160 years of Lindt & Sprüngli's existence, it has become known as one of the most
innovative and creative companies making premium chocolate.
The beginnings of Lindt & Sprüngli are in 1845, when father and son for the first time
manufactured solid chocolate in their small confectionery Sprüngli & Son, at that time yet a
partnership. Quickly growing, it was transformed into a joint stock company in 1898 and one year
later, the company acquired the Bern production facilities of Rodolphe Lindt with all the manufacturing
secrets and trademark rights to the then already famous brand. At the same time the company's
name was changed to Chocoladefabriken Lindt & Sprüngli AG, which in 1994 has become the parent
company's name. Since then, the enterprise has grown steadily, transforming itself into a
multinational group through progressive integration of licensees and strategic acquisitions.
The shares of Chocoladefabriken Lindt & Sprüngli AG are listed on the Swiss stock exchange
(SIX) since 1986.

History
It all started in a small pastry shop on Marktgasse in Zurich's old town in 1845. Confectioner David Sprüngli-Schwarz
and his 29 year old son Rudolf Sprüngli-Ammann, who also trained to be a confectioner, dared to do something new:
they decided to make chocolate.

 19th centry

A small pastry shop started on Marktgasse in Zurich's old town in 1845.

Confectioner David Sprüngli-Schwarz and his 29 year old son Rudolf

Sprüngli-Ammann, who also trained to be a confectioner, dared to do

something new: they decided to

make chocolate. In 1859 father

and son Sprüngli opened a

second, large pastry shop on Paradeplatz in Zurich. As early as 1870 more

space was needed to make the chocolate so they moved back to Zurich –

to the “Werdmühle”. Around a decade later Sprüngli already employed

around 80 people and supplied chocolates and pralines to many European countries and even to India. The older

brother, Johann Rudolf Sprüngli-Schifferli, received the chocolate factory. The far-sighted businessman, who was

willing to take risks from the very outset, increased the size of the factory facilities at “Werdmühle” and updated
 Course: Accounting
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Athens University of Economics & Business Assignment: Company Profile Lindt
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their technology. In the same year “Chocolat Sprüngli AG”

bought the Berne-based chocolate factory including the

exclusive manufacturing secrets and the famous brand from

Rodolphe Lindt, who had developed “conching” in 1879 – the

method of producing chocolate that was then far ahead of its

time in terms of aroma and melting qualities. His fine melting

chocolate, which he called “chocolat fondant” quickly became

famous and made a key contribution to the global reputation of Swiss chocolate.

 from 1905-1971

In the years between 1920 and 1945 the company was subject to massive

challenges. Global protectionism and the economic crises in the 1920s and

30s gradually resulted in the complete loss of all international markets; the

company had to reorganise completely and concentrate on the slowly

developing Swiss market. The Second World War resulted in tough import

restrictions on sugar and cocoa and also rationing in 1943. Although sales did not increase between 1919 and 1946,

Lindt & Sprüngli survived all of these crises, thanks mainly to consistent

adherence to the quality principle - since consumers were hardly able to

buy chocolate they should at least have some of the best!The company

signed promising licensing agreements with the aim of establishing a

foothold in other countries: 1947 in Italy, 1950 in Germany, 1954 in

France. The company also expanded in the domestic market: in 1961 the

company acquired Chocolat Grison in Chur, in 1971 Nago Nährmittel AG in Olten and Chocoladefabrik Gubor in

Langenthal. All three were fully integrated into the company as branches in 1971.
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 from 1972-1994

The establishment of an international group of

companies began in 1977 with the take-over of the
shareholdings of the French licensee. In 1986 followed
the acquisition of the German LINDT business and the
establishment of “Chocoladefabriken Lindt & Sprüngli
GmbH” in Aachen, followed by the opening of a factory
there in 1988. Also in 1986 Lindt & Sprüngli (USA), Inc.
– founded already in 1925 in New York – was re-
activated to assume the LINDT business in the USA. In
1989 the production and administration buildings in
Stratham, NH, came into operation.
Under the holding company, Chocoladefabriken Lindt & Sprüngli AG, all companies including the
former holding, Chocoladefabriken Lindt & Sprüngli (Schweiz) AG, and all other wholly-owned subsidiaries
are managed by the group management.

 from 1998 until today

The strategic objective is to take a leading position in

the quality chocolate segment in all markets that Lindt &
Sprüngli defines as important. This resulted in 1994 in
the acquisition of the popular Austrian confectionery
company ”Hofbauer”; followed by the acquisition of the
traditional production company "Caffarel" in Italy (Turin)
in 1997 and in 1998 "Ghirardelli Chocolate Company" in
the US (San Francisco) joined the group. With the
establishment of Lindt & Sprüngli subsidiaries in Poland,
Australia, Canada and other countries, the company began
its own distribution network for LINDT products
The group now has production companies in Switzerland,
Germany, France, Italy, USA and Austria, distribution and
sales companies in
England, Hong
Kong, Spain,
Poland, Canada,
Australia, Sweden,
Mexico and the
Czech Republic as well as sales offices in Dubai and Ireland. In
addition, Lindt & Sprüngli also sells its products via a vast network
of local, independent trade partners. And so, LINDT Maîtres
Chocolatiers are enchanting chocolate lovers around the world,
melting their hearts since 1845
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International presences

With six production sites in europe , two in the USA and distribution and sales companies on four
continets, Lindt&Sprugil is offering a large selection of products in more then 100 countries around world

 Australia -Lindt & Sprüngli (Australia) Pty. Ldt. Sydney, Australia (Share capital: AUD 1 million Participation:
100%)

 Austria Lindt & Sprüngli (Austria) Ges.m.b.H. Wien, Austria (Share capital: EURO 4.5 million Participation:
100% )

 Canada Lindt & Sprüngli (Canada) Inc. Toronto, Canada (Share capital: CAD 2.8 million Participation: 100%
)

 Czech Republic Lindt & Sprüngli (Czechia) s.r.o. Prague, Czech Republic (Share capital: CZK 0.2 million
Participation: 100%)

 France Lindt & Sprüngli SAS Paris, France (Share capital: EURO 13.0 million
Participation: 100% )

 Germany Chocoladefabriken Lindt & Sprüngli GmbH Aachen, Germany Share capital: EURO 1.0 million
Participation: 100%

 Guernsey Lindt & Sprüngli (Finance) Ltd. St. Peter Port, Guernsey Share capital: EURO 0.1
millionParticipation: 100%

 Hong Kong Lindt & Sprüngli (Asia-Pacific) Ltd. Hong Kong Share capital: HKD 0.5 million Participation:
100%
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 Italy Lindt & Sprüngli SpA Induno Olona, Italy Share capital: EURO 5.2 million Participation: 100%
Caffarel SpA

 Luserna S.Giovanni, Italy Share capital: EURO 2.2 million Participation: 100%

 Mexico Lindt & Sprüngli de Mexico SA de CV Mexico, D.F., Mexico Share capital: MXP 0.05 million
Participation: 100%

 Poland Lindt & Sprüngli (Poland), Sp.z o.o. Warsaw, Poland Share capital: PLN 1.3 million Participation:
100%

 Sweden Lindt & Sprüngli (Sweden) AB Johanneshov, SwedenShare capital: SEK 0.5 million Participation:
100%

 Spain Lindt y Sprüngli (España) SA Barcelona, Spain Share capital: EURO 3 millionParticipation:
100%

 Switzerland Chocoladefabriken Lindt & Sprüngli (Schweiz) AG Kilchberg, Switzerland Share

capital: CHF 10 million Participation: 100%

 Lindt & Sprüngli (International) AG

 Kilchberg, Switzerland Share capital: CHF 0.2 million Participation: 100% Lindt & Sprüngli Financière AG

 Kilchberg, Switzerland Share capital: CHF 5 millionParticipation: 100%

 Lindt & Sprüngli (UK) Ltd. West Drayton, U.K. Share capital: GBP 1.5 million
Participation: 100%

 Ghirardelli Chocolate Company San Leandro CA, USA Share capital: USD 0.1 million
Participation: 100%

 Ghirardelli Chocolate Company San Leandro CA, USA Share capital: USD 0.1 million
Participation: 100%

 Representative offices: Dubai, UAE (for Lindt & Sprüngli (Schweiz) AG) ; Dublin, Ireland (for Lindt &
Sprüngli (U.K.) Ltd.)

Management:

As a global company, Lindt & Sprüngli identifies strongly with efficient Corporate Governance. Both, the Board of
Directors and the Group Management, are committed to providing the shareholders, customers and employees
with a transparent and detailed overview of the company. Our shareholders shall have full confidence that their
interests are strongly considered at all times. Our business associates and customers shall be able to rely on the
company and the high quality of our products, and our employeees shall trust that they work for a company with a
strong ethical culture.
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 Elections
The term of office of Dr. Franz-Peter Oesch expires at the 2009 Annual General Meeting. The Board of Directors
proposes that Dr. Franz-Peter Oesch be re-elected for an additional three-year term of office. As a result of Dr. Peter
F. Baumberger’s decision not to stand for re-election, the Board of Directors proposes that Dkfm. Elisabeth Gürtler be
elected as member of the Board of Directors for a three-year term of office.The Board of Directors proposes the
retention of the current auditor of Chocoladefabriken Lindt & Sprüngli AG, PricewaterhouseCoopers AG, Zürich, for a
further year.

 Board of Directors
Ernst Tanner (CH)
Mr. Tanner was elected CEO and Vice Chairman by the Board of Directors in 1993. In 1994, he became
Chairman of the Board. Mr. Tanner completed a commercial education and thereafter attended a number of
management training courses in London and at Harvard University, to expand his know-how on a continuous
basis. Before joining Lindt & Sprüngli, Mr. Tanner held top management positions for more than 25 years
with the Johnson & Johnson Group in Europe and in the USA, his last position having been Company Group
Chairman Europe. Mr. Tanner is also a member of the Boards of Directors of the Credit Suisse Group and
the Swatch Group.
Dr. Kurt Widmer (CH)
Mr. Widmer completed his studies with a doctorate in law and has been a member of the Board of Directors
since 1987. Mr. Widmer is a proven finance and banking expert and was a member of the Executive Board
of Schweizerische Kreditanstalt and Credit Suisse Holding prior to his retirement in 1995. As CEO from 1993
to 1995, Mr. Widmer was principally responsible for the repositioning and the successful integration of
Schweizerische Volksbank into the Credit Suisse Group.Dr. Rudolf K. Sprüngli (CH)
Mr. Sprüngli completed his studies with a doctorate in economics and has been a member of the Board of
Directors since 1988. Due to his former executive activities for the Lindt & Sprüngli Group, and for an
international premium foodtrading company, Mr. Sprüngli is an expert and authority of the chocolate
business. Today, Mr. Sprüngli manages his own consulting firm. Additionally, he carries mandates as
member of the Board of Directors at Peter Halter Liegenschaften AG and Neurotune AG.
Dr. Franz Peter Oesch (CH)
Mr. Oesch completed his studies with a doctorate in law and has been a member of the Board of Directors
since 1991. Mr. Oesch is a partner of the law firm asg.advocati in St. Gallen since 1971. He is also Chairman
of the Board of Directors of the St. Galler Kantonalbank.
Antonio Bulgheroni (IT)
Mr. Bulgheroni is a member of the Board of Directors since 1996 and is Lead Director as of February 2009.
Due to decades of gathering experience in all management areas of chocolate production, distribution and
the Italian retail trade, Mr. Bulgheroni is a proven expert in the chocolate industry. He was CEO of Lindt &
Sprüngli SpA from 1993 until his retirement in April 2007. Ever since he is Chairman of the Board of both the
Lindt & Sprüngli SpA and CAFFAREL subsidiaries in Italy. Mr. Bulgheroni holds other Board mandates with
Banca Popolare Commercio e Industria SpA (Chairman) and Autogrill SpA. He is also Honorary Consul of
Switzerland in Varese.
Dkfm. Elisabeth Gürtler (AT)
Ms. Guertler is a member of the Board of Directors since 2009. She completed her studies in commercial
science with a master degree and has made her mark in a sector in which premium quality plays a crucial
role namely as Managing Director of the world renowned Sacher Hotels in Vienna and Salzburg. Ms. Gürtler
is a member of the Supervisory Board at Erste Bank Österreichische Sparkassen AG and of the general
council of Österreichische Nationalbank. Since 2007, she is also Managing Director of the Spanische
Hofreitschule in Vienna.

 Group management
Ernst Tanner (CH)
Mr. Tanner was elected CEO and Vice Chairman by the Board of Directors in 1993. In 1994, he became
Chairman of the Board. Mr. Tanner completed a commercial education and thereafter attended a number of
 Course: Accounting
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Athens University of Economics & Business Assignment: Company Profile Lindt
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management training courses in London and at Harvard University, to expand his know-how on a continuous
basis. Before joining Lindt & Sprüngli, Mr. Tanner held top management positions for more than 25 years with the
Johnson & Johnson Group in Europe and in the USA, his last position having been Company Group Chairman
Europe. Mr. Tanner is also a member of the Boards of Directors of the Credit Suisse Group and the Swatch
Group.
Hansjürg Klingler (CH)
Lawyer. Mr. Klingler has been a member of the Group Management since 1993 and is responsible for
establishing Overseas and Duty Free markets. Previously, he was head of Legal and Administration, and then
Deputy Group Head at Forbo, an international construction materials supplying group.
Uwe Sommer (D)
Economist, MA. Mr. Sommer joined the Lindt & Sprüngli Group in 1993 as a member of the Group Management,
responsible for Marketing and Sales with country responsibilities. He gained his professional experience as an
executive in the marketing/sales sector of Procter & Gamble, Mars in Germany and England, and as CEO with
Johnson & Johnson in Austria.
Dr. Dieter Weisskopf (CH)
PhD in Economics/Business Administration. Mr. Weisskopf joined the Lindt & Sprüngli Group in 1995 as Head of
Finance, Administration and Purchasing. Since 2004, he is also responsible for manufacturing. Starting his career
at Swiss Union Bank, he gained additional experience in the banking sector in Mexico and Brazil, later changing
to the food industry, namely the Jacobs Suchard Group. At Jacobs Suchard and at Klaus Jacobs Holding, he held
executive management positions in the fi nancial sector, last as CFO in Canada and Switzerland.
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Athens University of Economics & Business Assignment: Company Profile Lindt
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STOCK Data:

 Distribution of Net Earnings

The Board of Directors proposes that available net earnings in the amount of CHF 176’857’626
be distributed as follows:
Dividend-bearing shares and participation certificates: CHF 22’692’190 (CHF 22’427’170 in
2007)
 5 % statutory dividend CHF 1’134’610*
 355 % (325 % in 2007) additional dividend CHF 80’557’275*
 Emoluments to Directors Fr. 480’000
 Allocations to special reserves Fr. 75’000’000
 Balance carried forward Fr. 19’685’741

Approval of this proposal will lead to payment of a gross dividend in the amount of CHF 360.-
(CHF 330.- in 2007) per share and CHF 36.- (CHF 33.- in 2007) per participation certificate.
Payment will be made with effect from Tuesday, 21 April 2009, subject to 35% withholding tax.

 Lindt Shares ???

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 Prices & Chart

For last year

For last 5 years

For last 6 mounths

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 Share Info

Chocoladefabriken Lindt & Sprüngli AG, Kilchberg, Switzerland

• balanced split on of markets

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 P&L results

Corporate Social Responsibilities

Lindt & Sprüngli is one of the few chocolate manufacturers in the world which has complete control over every step of
its production and supply chain.This starts with the selection of the finest cocoa varieties from the best growing areas
in the world and of other high quality raw and packaging materials, continues right on through the processing and
refining of our cocoa beans and chocolate, and ends with the distribution of our elegantly packaged finished products.
When consumed in moderation, some chocolate can produce positive health benefits, as proved in many different
nutritional studies. Excessive consumption may, however, have a negative impact on people’s health. Besides the
quantity consumed, the quality is also of relevance for the consumer’s health. Nowadays the consumer’s preference
tends towards quality rather than quantity.

 sourced

Sustainability starts with the raw materials. To obtain high quality cocoa beans, nuts, milk
and all the other delicious ingredients used in its chocolates, Lindt & Sprüngli needs to know
exactly where they come from and who produces them. This enables the company to
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identify the best ways of supporting local farmers and communities – and to maintain a level of biodiversity that
guarantees future environmental health and commercial success.

 produced

Produced: Lindt & Sprüngli is working continuously on reducing the use of valuable
energy, water and paper (including waste volumes). Special attention is paid to the
constant reduction of CO2 emissions through programmes at production sites and by
optimising transport routes of raw materials and end products. Furthermore, Lindt &
Sprüngli offers safe and fair working conditions to its staff worldwide and is engaged in
many local initiatives.

 consumed

On ce Lindt & Sprüngli is convinced that a finished product has met its high quality standards,
it can leave the factory. However, the company’s responsibility does not end there; Lindt &
Sprüngli is extremely concerned that its products are consumed in a responsible manner.

Finace Data - Personel:

International presences:

Chanel of Distribution:

Bussniess Advantage:

Busnies strategy:

B/S – Income Statemenst, Cash Flow 2007, 2008 : nestle