International Flavors & Fragrances, Inc. · NYSE:IFF
International Flavors & Fragrances — Q3 2022 Earnings Presentation
16 slides from International Flavors & Fragrances's earnings presentation, Nov 8, 2022
Slide 1: Third Quarter 2022 Earnings Conference Call
THIRD QUARTER 2022 EARNINGS CONFERENCE CALL November 8, 2022
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Statements in this presentation, which are not historical facts or information, are “forward looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on management’s current assumptions, estimates a
Slide 3: Non-GAAP Financials
NON-GAAP FINANCIALS We provide in this presentation non-GAAP financial measures, including: (i) comparable currency neutral sales; (ii) adjusted operating EBITDA and comparable currency neutral adjusted operating EBITDA ; iii) adjusted operating EBITDA margin (iv) adjusted EPS ex amortization; (v) f
Slide 4: Today's Speakers
TODAY’S SPEAKERS Frank Clyburn Glenn Richter Michael DeVeau Executive Vice President, Chief Investor Relations Chief Executive Officer Chief Financial Officer & Communications Officer 4
Slide 5: Agenda
AGENDA Strategy Refresh ____ Financial Results ____ Full Year Outlook ____ Q&A 5
Slide 6: Moving Towards Completion: Progressing Our Strategy Refresh
P R O G R E S S I N G O U R S T R AT E G Y R E F R E S H MOVING TOWARDS COMPLETION W O R K P L AN T I M E L I N E Portfolio Priority Strategy Refresh Operating Execute Decisions & Prioritization Plan & Communicate • Enterprise-wide view of • Alignment of category • Develop detailed • Operationalize
Slide 7: 9M YTD 2022 Highlights
9M YTD 2022 HIGHLIGHTS Sales Pricing Productivity $9.6B Actions Savings Comparable currency Achieved >$875M in price Captured >$125M in operational neutral sales ¹ ² +11% increases to recover total inflation efficiencies & deal-related synergies Adjusted Operating Portfolio Net Debt to Credit EBITDA
Slide 8: Q3 2022 Consolidated Results
Q3 2022 CONSOLIDATED RESULTS In millions / % of sales 2021 2022 C H AN G E Comparable currency neutral sales were +10% led by double digit growth in Nourish and Pharma Solutions ____ Revenue² $3,071 $3,063 0% Comparable adjusted currency neutral operating EBITDA1 grew 3% driven by pricing actions an
Slide 9: Q3 2022 Sales Performance
Q3 2022 SALES PERFORMANCE S AL E S R E C O N C I L I AT I O N Year-over-year change Comparable Currency Neutral Sales¹ ²: +10% Health Fine Industrial In Millions Fragrance Flavors Cultures & Pharma Microbial Food Enzymes Consumer Control Ingredients Fragrance Animal Nutrition $3,071 Fruit Prep Food
Slide 10: Q3 2022 Profitability Performance
Q3 2022 PROFITABILITY PERFORMANCE AD J U S T E D O P E R AT I N G E B I T D A¹ R E C O N C I L I AT I O N Year-over-year change Comparable Currency Neutral Adjusted Operating EBITDA¹ ²: +3% In Millions Microbial Control Fruit Prep Divestiture $648 Health Wright $612 Acquisition 1 Q3 2021 2 Portfolio
Slide 11: Q3 2022 Segment Performance
Q3 2022 SEGMENT PERFORMANCE NET ADJUSTED SALES O P E R AT I N G EBITDA¹ SEGMENT (Comparable (Comparable HIGHLIGHTS currency neutral currency neutral vs. vs. 3Q 21) ¹ ² 3Q 21) ¹ ² $1.7 billion $287 million • Double-digit growth in Food Designs & Ingredients Nourish +10% (4)% • Price increases and pro
Slide 12: Cash Flow & Leverage
9M YTD 2022 CASH FLOW & LEVERAGE C AS H F L O W L E V E R AG E Cash flow from operations totaled $189 million Cash and cash equivalents finished at $538 million ____ ____ Capex was $344 million or ~3.6% of sales Gross debt totaled $10,812 million ____ ____ Free cash flow1 generation of $(155) millio
Slide 13: Consolidated Outlook FY 2022
FY 2022 CONSOLIDATED OUTLOOK In billions / % Previous Revised Market conditions have become more challenging, with foreign exchange fluctuations, continued inflation & economic pressures Sales $12.6 to $13.0 $12.4 to $12.5 ____ Currency Neutral Sales growth continues to be driven by pricing actions,
Slide 14: Summary
SUMMARY Executing our pricing, productivity and divestiture objectives to deliver strong financials & improved debt leverage profile ____ Proceeding with caution in Q4 as market conditions have become more challenging (i.e., FX, inflation and economic) ____ Focused on controlling what we can control
Slide 15: Investor Day invitation
iff You are cordially invited to International Flavors & Fragrances Inc. INVESTOR DAY Wednesday, December 7, 2022 The TimesCenter 242 W 4st St. New York, NY 10036 12:30pm - 1:00pm Registration 1:00pm - 4:00pm Presentations & Q&A 4:00pm - 6:00pm Innovation Stations & Cocktails
Slide 16: Where science & creativity meet
iF f Where science & creativity meet
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