Victor Hansen's questions to ARHUF leadership • Q4 2024
Question
Inquired about the mix of new versus existing customers for CCF volumes, the current price difference between CBEs and cocoa butter, and whether the company would consider paying more for M&A targets given its improved profitability.
Answer
The company confirmed it has gained both new customers and new business with existing customers due to high cocoa prices but declined to provide a specific breakdown. They also refrained from quantifying the price gap between their CBEs and cocoa butter for competitive reasons, but noted it is significant and that their value proposition also includes superior functionality. Regarding M&A, the company will pay fair market value and is disciplined to avoid overpaying for synergies that AAK itself would create post-acquisition.