Givaudan Sa · SIX:GIVN
Givaudan Sa — FY2024 Earnings Presentation
30 slides from Givaudan Sa's earnings presentation, Jan 24, 2025
Slide 1: 2024 Full year results
24 January 2025 2024 Full year results Outstanding financial performance I Record free cash flow I 2025 Guidance on track
Slide 2: Performance highlights
Performance highlights Gilles Andrier Chief Executive Officer
Slide 3: 2024 full year results: Outstanding financial performance
2024 full year results Outstanding financial performance • Sales of CHF 7.4 billion, an increase of 12.3% on a like-for-like* basis and an increase of 7.2% in Swiss francs • Strong performance across all markets - high growth markets growing at 19.5% and mature markets at 6.4% on a like-for- like ba
Slide 4: Sales performance: Broad based growth in both Divisions
Sales performance Broad based growth in both Divisions In CHF million FY 2023 FY 2024 7,412 6,915 3,660 3,603 3,752 3,312 Group Fragrance & Beauty Taste & Wellbeing 12.3% 14.1% 10.7% % 2024 growth on LFL* basis 7.2% 10.5% 4.1% % 2024 growth in CHF 4.1% 7.6% 1.1% % 2023 growth in LFL* basis * Like-fo
Slide 5: Sales evolution by market
Sales evolution by market Excellent performance in high growth markets In CHF million FY 2023 FY 2024 3,764 3,956 3,456 3,151 Mature High growth 54% 53% 46% 47% % of total sales 6.4% 19.5% % 2024 growth on LFL* basis -0.6% 10.0% % 2023 growth on LFL* basis * Like-for-like: excludes the impact of cur
Slide 6: Sales evolution by region
Sales evolution by region Strong performance across all regions In CHF million FY 2023 2,982 FY 2024 2,717 1,821 1,698 1,653 1,734 847 875 LATAM APAC NOAM EAME 26.1% 11.4% 5.9% 12.6% % 2024 growth on LFL* basis 3.4% 7.2% 4.8% 9.8% % 2024 growth in CHF 15.1% 3.9% -6.8% 8.4% % 2023 growth on LFL* basi
Slide 7: Fragrance & Beauty: Sales growth of 14.1% on a LFL basis
Fragrance & Beauty Sales growth of 14.1% on a LFL basis In CHF million Fine Fragrance sales increased by 18.4% LFL • Continuing excellent performance across all segments, sustained 3,660 high levels of new business & market share gains +10.5% • The Middle East becomes the 2nd largest region 3,312 Co
Slide 8: Taste & Wellbeing: Sales growth of 10.7% on a LFL basis
Taste & Wellbeing Sales growth of 10.7% on a LFL basis In CHF million Sales by region 2023 2024 Sales Growth Sales Growth LFL LFL 4.1% 3,752 Europe 3.0% 5.9% South Asia, Middle East and Africa 13.2% 20.9% 3,603 North America -7.5% 5.5% Latin America 16.8% 27.3% Asia Pacific -2.6% 8.8% Total 1.1% 10.
Slide 9: Key innovations addressing customer needs and consumer trends
Key innovations addressing customer needs and consumer trends 2024 highlights Bloomful Splash Amaize® Orange Red • A significant advancement in fragrance • Extracted from a proprietary non-GM purple corn technology hybrid • Allowing our perfumers to define and measure • Provides a vibrant red, natur
Slide 10: Non-financial performance: Key progress and commitments
Non-financial performance Key progress and commitments –48% 100% 85% 32% GHG emissions scope 1+2 Purchased renewable electricity % of our naturals raw material Women in senior management since 2015 2023: 94% portfolio sourced responsibly1 2023: –43% 2023: 76% 2023: 28% Helping us reach our Reaching
Slide 11: Operating performance
Operating performance Stewart Harris Chief Financial Officer
Slide 12: Operating performance highlights
2024 Full year results Operating performance highlights • Sales of CHF 7.4 billion, an increase of 12.3% on a like-for-like* basis and an increase of 7.2% in Swiss francs • EBITDA of CHF 1,765 million compared to in CHF 1,473 in 2023, an increase of 19.8% over 2023 • Reported EBITDA margin of 23.8%
Slide 13: Exchange rate development
Exchange rate development Continued strengthening Swiss Franc against most currencies 0% -2% -2% -2% -4% -5% -6% -9% -9% JPY USD GBP EUR SGD BRL CNY MXN IDR FY 2024 0.58 0.88 1.12 0.95 0.66 0.16 12.25 4.82 0.55 FY 2023 0.64 0.90 1.12 0.97 0.67 0.18 12.71 5.08 0.59 Units 100 1 1 1 1 1 100 100 10,000
Slide 14: Operating performance: Group
Operating performance Group EBITDA in CHF million Gross margin 41.2% in % 44.1% Sales of CHF 7,412 million, an increase of 12.3% on a like- for-like basis* and an increase of 7.2% in Swiss francs 1,765 EBITDA of CHF 1,765 million, compared to CHF 1,473 million in 2023. EBITDA measured in local curre
Slide 15: Operating performance: Fragrance & Beauty
Operating performance Fragrance & Beauty Sales in CHF million 769 EBITDA 985 Sales of CHF 3,660 million, an increase of 14.1% on a like- in CHF million for-like basis* and 10.5% in Swiss francs EBITDA of CHF 985 million, compared to CHF 769 million +14.1% 3,660 in 2023, an increase of 28% LFL growth
Slide 16: Operating performance: Taste & Wellbeing
Operating performance Taste & Wellbeing Sales in CHF million EBITDA 704 in CHF million 780 Sales of CHF 3,752 million, an increase of 10.7% on a like- for-like basis* and an increase of 4.1% in Swiss francs +10.7% 3,752 3,603 LFL growth EBITDA of CHF 780 million, compared to CHF 704 million in 2023,
Slide 17: Net income: 14.7% of sales
Net income 14.7% of sales In CHF million Income before tax of CHF 1,313 million compared to CHF 989 million in 2023 1,090 +22.1% Net income of CHF 1,090 million, or 14.7% of sales, versus CHF 893 million, or 12.9% of sales in 2023. Net income increased by 32.1% when measured in local currency Effect
Slide 18: Free cash flow: Record CHF 1,158 million
Free cash flow Record free cash flow of CHF 1,158 million or 15.6% of sales In CHF million Free cash flow of CHF 1,158 million, compared to CHF 920 million in 2023. Free cash flow is 15.6% of sales compared to 13.3% in 2023 +25.9% 1,158 Operating cash flow of CHF 1,625 million, compared to 920 CHF 1
Slide 19: Dividend per share: 24th consecutive increase
Dividend per share Increasing 2.9% over 2024, the 24th consecutive increase 66 67 68 70* 60 62 64 56 58 54 47 50 36 1,158 20.6 21.5 22 18.8 19.5 20 17.6 15.4 16.3 920 843 787 811 8.1 720 7 703 6.5 662 604 597 594 549 512 479 437 390 340 273 295 289 262 203 157 145 117 2000 2001 2002 2003 2004 2005 2
Slide 20: Balanced debt structure
Balanced debt structure Debt maturities and average borrowing rates The weighted average effective interest rate for the Group was 1.75% as at 31 December 2024 compared to 1.69% in December 2023. Debt maturity in CHF million 899 749 766 637 450 467 467 304 169 169 Cash & Cash 2025 2026 2027 2028 202
Slide 21: Net debt to EBITDA
Net debt to EBITDA Strong free cash flow supports focus on deleveraging 3.7 3.4 3.5 3.2 3.1 3.1 2.9 3.0 2.9 2.9 2.9 2.5 2.3 2.2 HY 2018 FY 2018 HY 2019 FY 2019 HY 2020 FY 2020 HY 2021 FY 2021 HY 2022 FY 2022 HY 2023 FY 2023 HY 2024 FY 2024 2024 Full year results IR presentation 21
Slide 22: 2025 Strategy and outlook
2025 Strategy and outlook Gilles Andrier Chief Executive Officer
Slide 23: 2025 Strategy: Committed to Growth, with Purpose
2025 Strategy Committed to Growth, with Purpose Creations Nature We create inspiring We show our love solutions for happier, for nature through healthier lives impactful actions Growing together with People our customers Communities We nurture a place We bring benefits where we all love to to all co
Slide 24: 2025 Strategy: On track to deliver on commitments
2025 Strategy On track to deliver on our performance commitments AMBITION Sales growth Free cash flow Purpose commitments 4.0% − 5.0% >12% of sales 2021-2025 2021-2025 Purpose-linked Average LFL1 sales growth Average FCF2 as % of sales targets STATUS 7.2% 12.1% Ongoing progress Average LFL sales gro
Slide 25: 2025 Outlook: Key themes review
2025 Outlook Key themes review 2025 Strategy Delivery 2025 outlook Non-recurring Costs • Fully on track to deliver our 2025 strategy • Acquisition, Restructuring and other • Confident in our focused strategy, our commitments portfolio and our market position project related expenses of CHF 30 millio
Slide 26: Q&A
Q&A
Slide 27: Upcoming events and Thank you
Upcoming events • 20 March 2025 Annual General Meeting in Geneva • 10 April 2025 First quarter sales and spring investor conference in Vernier Thank you Contact Claudia Pedretti, Head of Investor and Media Relations T +41 52 354 01 32 E claudia.pedretti@givaudan.com 2024 Full year results IR present
Slide 28: Disclaimer
Disclaimer No warranty and no liability: While Givaudan is making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided on this presentation/handout and disclaim any
Slide 29: Follow us on social media @givaudan
Follow us on social media @givaudan
Slide 30: Slide 30