Dsm-firmenich Ag · EURONEXT:DSFIR
Dsm-firmenich — Firmenich — HY 2021 Earnings Presentation
25 slides from Dsm-firmenich's earnings presentation, Feb 11, 2021
Slide 1: HY 2021 results presentation
HY 2021 results presentation 11 February 2021
Slide 2: Disclaimer
Firmenich HY 2021 results presentation 2 Disclaimer This presentation is provided for information purposes only and on the basis relevant persons and any investment or investment activity to which the included in this presentation, other than statements of historical facts, are of the acceptance of
Slide 3: Your presenters today
Firmenich HY 2021 results presentation 3 Your presenters today CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Gilbert Ghostine Benoit Fouilland 6 years at Firmenich Joined Firmenich 1 September 2020 Previously 21 years at Diageo most recently Previously at Criteo, SAP, Business Objects leading APAC
Slide 4: Agenda
Firmenich HY 2021 results presentation 4 Agenda 01 HY 2021 in review 02 Financial review 03 Q&A 04 Appendix
Slide 5: HY 2021 in review
Firmenich HY 2021 results presentation 5 01 HY 2021 in review CHIEF EXECUTIVE OFFICER Gilbert Ghostine
Slide 6: HY 2021 at a glance
Firmenich HY 2021 results presentation 6 HY 2021 at a glance Driving growth and Integrating largest-ever Well positioned for post-crisis profitability acquisition rebound ▪ Revenue +14.0% at constant ▪ Leader in naturally derived, ▪ Proved our resilience currency, +2.3% organically renewable, biodeg
Slide 7: H1 2021: Solid performance despite the crisis
Firmenich HY 2021 results presentation 7 H1 2021: Solid performance despite the crisis Growth across our divisions: Growth in key geographies: Growth in key initiatives: Taste & Beyond China Sugar Reduction +4% +15% +20% Perfumery & Ingredients India North America Perfumery Mid Market +2% +11% +46%
Slide 8: DRT: Integration of our largest acquisition in progress
Firmenich HY 2021 results presentation 8 DRT: Integration of our largest acquisition in progress Transformative acquisition Integration is in progress Quality of assets and strategic rationale confirmed Largest acquisition in New leadership and organization in High quality, lean and agile platform F
Slide 9: Investing for the future
Firmenich HY 2021 results presentation 9 Investing for the future Leadership in Naturals Driving Innovation Executive Leadership ▪ Naturals Platform ▪ Pioneering AI-augmented creation ▪ New Perfumery Leadership organization – Innovation from Flavors to Flavorful Ingredients & Clean Label ▪ Strengthe
Slide 10: We continue to strengthen our leadership as a Global Responsible Business
Firmenich HY 2021 results presentation 10 We continue to strengthen our leadership as a Global Responsible Business • AAA rating for 3rd consecutive year • ESG risk rating 8.6 (negligible risk) #1 in our industry • 1 of only 2 companies worldwide • 1/445 in Chemicals Firmenich 8.6 Competitor 1 19.1
Slide 11: Firmenich ESG ambitions
Firmenich HY 2021 results presentation 11 Firmenich ESG ambitions
Slide 12: Strategic priorities
Firmenich HY 2021 results presentation 12 Strategic priorities Focus resources to Deliver breakthrough Consolidate leadership in Successfully execute M&A maximize organic innovation natural, sustainable, integrations growth renewable & biodegradable products ▪ Align organization to ▪ Use our consume
Slide 13: Financial review
Firmenich HY 2021 results presentation 13 02 Financial review CHIEF FINANCIAL OFFICER Benoit Fouilland
Slide 14: Delivered sustained revenue growth despite crisis
Firmenich HY 2021 results presentation 14 Delivered sustained revenue growth despite crisis Group revenue In CHF m +4.9% ▪ Solid topline performance despite the crisis +11.7% ▪ Strong contribution from acquisitions ▪ FX impact in HY 21 topline due to CHF appreciation +2.3% -9.1% +14.0% 1,904 1,997 H
Slide 15: Encouraging rebound in key geographies, despite ongoing challenges
Firmenich HY 2021 results presentation 15 Encouraging rebound in key geographies, despite ongoing challenges Europe North -10.0% America +12.8% North & East Asia +11.2% India, Middle East & Africa Southeast Asia Organic group revenue +4.2% growth at constant -2.1% currency, % Latin America +8.6%
Slide 16: Stable profitability on an organic basis, material impact from acquisitions and FX
Firmenich HY 2021 results presentation 16 Stable profitability on an organic basis, material impact from acquisitions and FX Adj. EBITDA In CHF m and as % of revenue ▪ On an organic basis at constant -12.4% currency, Adj. EBITDA margin remained stable 419 367 22.0% 18.4% HY 20 HY 21
Slide 17: Perfumery & ingredients: Resilient despite challenging period for Fine Fragrance
Firmenich HY 2021 results presentation 17 Perfumery & ingredients: Resilient despite challenging period for Fine Fragrance Revenue & Growth Adj. EBITDA In CHF m In CHF m and as % of revenue +10.2% +18.3% -6.9% -9.7% +1.6% +19.9% 270 251 1,342 22.1% 18.7% 1,218 HY 20 Organic Acquisitions FX HY 21 HY
Slide 18: Taste & Beyond: solid organic growth, profitability impacted by pandemic
Firmenich HY 2021 results presentation 18 Taste & Beyond: solid organic growth, profitability impacted by pandemic Revenue & Growth Adj. EBITDA In CHF m In CHF m and as % of revenue -4.6% +3.6% -22.3% 150 686 116 -8.1% 655 21.8% 17.8% HY 20 Organic FX HY 21 at Constant Currency HY 20 HY 21 ▪ Organic
Slide 19: Free cash flow increased 21% thanks to tight Working Capital Management
Firmenich HY 2021 results presentation 19 Free cash flow increased 21% thanks to tight Working Capital Management In CHF m Cash conversion ratio ▪ Payables/Receivables management offset reconstitution of Covid safety 36.6% 50.4% inventories +20.7% ▪ Capex and integration expenses linked +20 -31 to D
Slide 20: Leverage & financial policy: Committed to strong investment-grade credit rating
Firmenich HY 2021 results presentation 20 Leverage & financial policy: Committed to strong investment-grade credit rating Pro forma leverage Mid-to-long term financial policy Leverage (in CHFm) ▪ Aim to maintain a conservative capital structure Leverage commensurate with a strong investment grade cr
Slide 21: Q&A
Firmenich HY 2021 results presentation 21 03 Q&A
Slide 22: Appendix
Firmenich HY 2021 results presentation 22 04 Appendix
Slide 23: Definitions
Firmenich HY 2021 results presentation 23 Definitions Organic growth at constant currency reflects the real internal growth of the business after removing the impact of acquisitions completed during the previous 12 months, and exchange rate movements. This provides a "like‐for‐like" comparison with
Slide 24: Debt profile
Firmenich HY 2021 results presentation 24 Debt profile Maturity profile of Firmenich funding In CHF m Hybrid bond EUR bond EUR bond RCF (undrawn) 806 806 806 750 CHF Bond 475 Bank debt 176 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Calendar years
Slide 25: Thank you
7 — en 7 @ Tirmenich Thank you