Barry Callebaut has reiterated its profit targets and growth plans to expand in emerging markets at its AGM in Zurich, Switzerland.

Chairman Andreas Jacobs told investors that the chocolate group plans to increase its EBIT by 10%, net profit by 12-15% and organic sales by 3-5% annually over the next two years.

Shareholders approved the proposed par value reduction and repayment of CHF10.50 (US$8.78) per registered share, instead of a dividend payment, and the re-election of Rolando Benedick, Markus Fiechter, Andreas Jacobs, Stefan Pfander, Andreas Schmid and Urs Widmer for another one-year term.

The payment of the par value reduction is expected to take place on 1 March, 2007.

Andreas W. Keller, who has been a member of the board since 1999, stepped down. "The board of directors wishes to thank him for his valuable contribution to the gratifying development of the company," the board said.