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Investing.com -- Lindt & Sprüngli (SIX:LISN) on Tuesday reported a 73% drop in cash and cash equivalents in the first half of 2025, as negative operating cash flow and ongoing share repurchases weighed on liquidity.
Cash holdings fell to CHF 271.9 million as of June 30, down from CHF 1.01 billion at the end of 2024.
The group posted a negative operating cash flow of CHF 150.5 million, compared to a positive CHF 249.6 million in the prior-year period, due mainly to higher inventories, reduced accounts payable and lower accrued liabilities.
Net income declined to CHF 188.9 million from CHF 218 million, a 13% decrease. Operating profit fell to CHF 259.2 million from CHF 292.3 million.
Other income dropped to CHF 16.9 million from CHF 59.3 million, which in the previous year included a one-time legal gain. Earnings per share were CHF 812.7, down from CHF 943.4.
Sales rose 9% to CHF 2.35 billion from CHF 2.16 billion. In Europe, third-party sales increased to CHF 1.25 billion from CHF 1.07 billion, with operating profit rising to CHF 200.9 million from CHF 178.3 million.
North America posted flat sales at CHF 798.6 million, while operating profit declined sharply to CHF 25.6 million from CHF 77.2 million.
Sales in the Rest of the World rose slightly to CHF 304.4 million from CHF 293.2 million, with operating profit decreasing to CHF 32.7 million from CHF 36.8 million.
Total (EPA:TTEF) comprehensive income fell to CHF 321.1 million from CHF 387 million. The net financial result was a loss of CHF 16.4 million, compared to a loss of CHF 5.4 million in the same period last year.
Capital expenditures remained consistent, with CHF 143.7 million invested in property, plant and equipment. Intangible asset spending totaled CHF 26.1 million.
The group spent CHF 263.2 million on share buybacks during the period under its ongoing CHF 500 million program launched in August 2024.
As of June 30, CHF 400.4 million had been executed. A previous CHF 997.8 million program concluded in March 2024.
Lindt & Sprüngli paid dividends of CHF 1,500 per registered share and CHF 150 per participation certificate beginning April 25, following approval at the annual general meeting in April.
Total assets declined to CHF 8.57 billion from CHF 9.16 billion at year-end. Current assets fell to CHF 2.44 billion from CHF 3.56 billion, driven by the cash reduction.
Non-current assets increased to CHF 6.13 billion from CHF 5.60 billion. Liabilities dropped to CHF 3.81 billion from CHF 4.32 billion. Bonds remained unchanged at CHF 1.17 billion.