Slide 1: Slide 1
Slide 2: 2022 Half year results
JULY 2022 2022 Half year results Solid performance in a challenging environment
Slide 3: Gilles Andrier: Sales performance
Gilles Andrier Chief Executive Officer Sales performance
Slide 4: Performance highlights
2022 Half year results Performance highlights • Sales of CHF 3,652 million, up 6.2% on a like-for-like* basis and 8.3% in Swiss francs • Good sales performance across the portfolio and markets, despite strong prior year comparables • Balanced growth between mature markets, up 5.4%, and high growth m
Slide 5: Half year sales performance
Half year sales performance Good growth in both divisions In CHF million HY 2021 3,652 HY 2022 3,373 2,006 1,809 1,564 1,646 Group Fragrance & Beauty Taste & Wellbeing 6.2% 4.7% 7.6% % 2022 growth on LFL* basis 8.3% 5.3% 10.9% % 2022 growth in CHF 7.9% 10.1% 6.1% % 2021 growth on LFL* basis * Like-f
Slide 6: Sales evolution by market
Sales evolution by market Good performance across all markets In CHF million HY 2021 HY 2022 2,076 1,938 1,576 1,435 Mature High growth 57% 57% 43% 43% % of total sales 5.4% 7.4% % 2022 growth on LFL* basis 6.1% 10.4% % 2021 growth on LFL* basis * Like-for-like: excludes the impact of currency, acqu
Slide 7: Sales evolution by region
Sales evolution by region Strong growth in EAME & LATAM In CHF million HY 2021 HY 2022 1,365 1,233 984 883 924 851 365 420 LATAM APAC NOAM EAME 9.0% 2.7% -1.5% 13.7% % 2022 growth on LFL* basis 21.2% 6.3% 7.5% 5.5% % 2021 growth on LFL* basis * Like-for-like: excludes the impact of currency, acquisi
Slide 8: Fragrance & Beauty
Fragrance & Beauty Sales growth of 4.7% on a LFL basis In CHF million Fine Fragrance sales increased by 17.9% LFL • Strong volume increases, with a sustained high level of new wins, 1,646 particularly in Prestige segment • 2019-2022 CAGR of ~10% Consumer Product sales increased by 0.4% LFL +5.3% • G
Slide 9: Taste & Wellbeing
Taste & Wellbeing Sales growth of 7.6% on a LFL basis In CHF million Sales by region 2021 2022 Sales Growth Sales Growth LFL LFL 2,006 Europe 1.7% 14.0% South Asia, Middle East and Africa 3.5% 16.9% North America 6.1% -0.9% +10.9% Latin America 23.4% 17.1% Asia Pacific 5.1% 5.1% Sales Commentary 1,8
Slide 10: Tom Hallam: Operating performance
Tom Hallam Chief Financial Officer Operating performance
Slide 11: Performance highlights
2022 Half year results Performance highlights • Sales of CHF 3,652 million, up 6.2% on a like-for-like* basis and 8.3% in Swiss francs • Reported EBITDA of CHF 816 million compared to CHF 809 million, with an EBITDA margin of 22.4% compared to 24.0% in 2021 • Comparable EBITDA margin of 22.5%, versu
Slide 12: Exchange rate development
Half year results Exchange rate development 11% 3% 3% 4% 1% 2% -3% -6% -9% JPY USD GBP EUR SGD BRL CNY MXN IDR HY 2022 0.77 0.94 1.22 1.03 0.69 0.19 0.15 0.05 0.65 HY 2021 0.84 0.91 1.26 1.10 0.68 0.17 0.14 0.04 0.64 Units 100 1 1 1 1 1 100 100 10,000 Investor conference call - 2022 Half year result
Slide 13: Operating performance Group
Operating performance Group EBITDA in CHF million Sales of CHF 3,652 million, an increase of 6.2% on a like-for-like 43.9% Gross margin in % 40.0% basis* and 8.3% in Swiss francs Gross margin of 40.0%, compared to 43.9% in 2021, due to the gross 816 margin dilution effect of the pricing actions, as
Slide 14: Operating performance Fragrance & Beauty
Operating performance Fragrance & Beauty Sales in CHF million EBITDA 375 in CHF million 362 Sales of CHF 1,646 million, an increase of 4.7% on a like-for-like basis* 1,646 and 5.3% in Swiss francs EBITDA of CHF 362 million, decreased from CHF 375 million in 2021. Acquisition and restructuring costs
Slide 15: Operating performance Taste & Wellbeing
Operating performance Taste & Wellbeing Sales in CHF million EBITDA 434 in CHF million 454 Sales of CHF 2,006 million, an increase of 7.6% on a like-for-like 2,006 basis* and 10.9% in Swiss francs EBITDA of CHF 454 million, increased from CHF 434 million in 2021. +7.6% Acquisition and restructuring
Slide 16: Net income 12.1% of sales
Net income 12.1% of sales In CHF million Income before tax of CHF 512 million compared to CHF 566 million in 2021 481 Net income of CHF 440 million, or 12.1% of sales, versus CHF 481 million, or 14.3% of sales in 2021 Higher non-operating costs, mainly driven by Fx losses and marketable securities v
Slide 17: Free cash flow
Free cash flow Driven by higher working capital requirements & investments In CHF million Free cash flow of CHF -147 million, compared to CHF 186 million in 2021. Free cash flow is -4.0% of sales compared to 5.5% in 2021 186 Operating cash flow of CHF 131 million, compared to CHF 415 million in 2021
Slide 18: Amortisation of intangible assets
Amortisation of intangible assets Total estimated annual amortisation charge In CHF million (updated to include all recent acquisitions) 186 161 145 136 132 128 38 40 40 40 40 40 110 111 105 96 92 88 21 4 17 6 2021 2022E 2023E 2024E 2025E 2026E Pre Quest Quest Other acquisitions Other IT Investor co
Slide 19: Balanced debt structure
Balanced debt structure Debt maturities and average borrowing rates • In June 2022, the Group refinanced its multi-bank committed credit facility in the amount of CHF 1.25 billion for a period of five years, with two-year extension options and the possibility to upsize the facility during its term.
Slide 20: Gilles Andrier: 2025 Strategy, Outlook
Gilles Andrier Chief Executive Officer 2025 Strategy Outlook
Slide 21: Strategy 2025: Committed to Growth, with Purpose
Strategy 2025 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 our People customers Communities We nurture a place We bring benefits where we all love to to all co
Slide 22: Strategy 2025 Performance commitments
Strategy 2025 Performance commitments Sales growth Free cash flow Purpose commitments 4.0 – 5.0% >12% of Sales Purpose linked targets 2021 – 2025 2021 – 2025 2021 – 2025 Average Like for Like1 Sales Growth Average FCF2 as % of sales Progress towards all published purpose targets 1. Like-for-like (LF
Slide 23: 2022 Outlook: Key themes review
2022 Outlook Key themes review 2022 outlook Focus on operations Key initiatives • Continued focus on delivering pricing • Strong focus on maintaining operations • Continued integration of acquired actions to compensate for higher input and supply chain performance at high companies on to Givaudan’s
Slide 24: Q&A
Q&A
Slide 25: 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 handout and disclaim any liability fo
Slide 26: Follow us on social media @givaudan
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