2021
FULL-YEAR RESULTS FINANCIAL SUMMARY
Key figures | Consolidated financial statements |
Key figures
Financial Review
For the year ended 31 December
in millions of Swiss francs except earnings per share data | 2021 | 2020 | |
Sales | 6,684 | 6,322 | |
Gross profit | 2,855 | 2,659 | |
as % of sales | 42.7% | 42.1% | |
EBITDA a | 1,482 | 1,397 | |
as % of sales | 22.2% | 22.1% | |
Operating income | 1,089 | 996 | |
as % of sales | 16.3% | 15.8% | |
Income attributable to non-controlling interests | - | - | |
Income attributable to equity holders of the parent | 821 | 743 | |
as % of sales | 12.3% | 11.8% | |
Earnings per share - basic (CHF) | 89.03 | 80.59 | |
Earnings per share - diluted (CHF) | 88.37 | 79.96 | |
Operating cash flow b | 1,288 | 1,189 | |
as % of sales | 19.3% | 18.8% | |
Free cash flow c | 843 | 811 | |
as % of sales | 12.6% | 12.8% |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
- After careful consideration with the Group auditors, the Group has determined that purchase and sale of own equity instruments relates to financing activities and has been reclassified from cash flows from (for) operating activities into cash flows from (for) financing activities.
- Free Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.
For the six months ended 31 December (unaudited)
in millions of Swiss francs except earnings per share data | 2021 | 2020 | |
Sales | 3,311 | 3,101 | |
Gross profit | 1,375 | 1,300 | |
as % of sales | 41.5% | 41.9% | |
EBITDA a | 673 | 663 | |
as % of sales | 20.3% | 21.4% | |
Operating income | 476 | 464 | |
as % of sales | 14.4% | 15.0% | |
Income attributable to non-controlling interests | - | - | |
Income attributable to equity holders of the parent | 340 | 330 | |
as % of sales | 10.3% | 10.6% | |
Earnings per share - basic (CHF) | 36.84 | 35.78 | |
Earnings per share - diluted (CHF) | 36.58 | 35.48 | |
Operating cash flow b | 873 | 830 | |
as % of sales | 26.4% | 26.8% | |
Free cash flow c | 657 | 633 | |
as % of sales | 19.8% | 20.4% | |
- EBITDA: Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation. This corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
- After careful consideration with the Group auditors, the Group has determined that purchase and sale of own equity instruments relates to financing activities and has been reclassified from cash flows from (for) operating activities into cash flows from (for) financing activities.
- Free Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.
2 Givaudan - 2021 Financial summary
Key figures | Consolidated financial statements |
Group
For the year ended 31 December
in millions of Swiss francs | 2021 | 2020 |
Sales to third parties | 6,684 | 6,322 |
EBITDA a | 1,482 | 1,397 |
as % of sales | 22.2% | 22.1% |
One off items | (22) | (45) |
Comparable EBITDA | 1,504 | 1,442 |
as % of sales | 22.5% | 22.8% |
Operating income | 1,089 | 996 |
as % of sales | 16.3% | 15.8% |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
Fragrance & Beauty
For the year ended 31 December
in millions of Swiss francs | 2021 | 2020 |
Sales to third parties | 3,091 | 2,924 |
EBITDA a | 696 | 677 |
as % of sales | 22.5% | 23.2% |
One off items | (2) | (13) |
Comparable EBITDA | 698 | 690 |
as % of sales | 22.6% | 23.6% |
Operating income | 547 | 536 |
as % of sales | 17.7% | 18.4% |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
Taste & Wellbeing
For the year ended 31 December
in millions of Swiss francs | 2021 | 2020 | |
Sales to third parties | 3,593 | 3,398 | |
EBITDA a | 786 | 720 | |
as % of sales | 21.9% | 21.2% | |
One off items | (20) | (32) | |
Comparable EBITDA | 806 | 752 | |
as % of sales | 22.4% | 22.1% | |
Operating income | 542 | 460 | |
as % of sales | 15.1% | 13.5% | |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
3 Givaudan - 2021 Financial summary
Key figures | Consolidated financial statements |
Consolidated financial statements
Consolidated Income Statement
For the year ended 31 December
in millions of Swiss francs, except for earnings per share data | 2021 | 2020 | |
Sales | 6,684 | 6,322 | |
Cost of sales | (3,829) | (3,663) | |
Gross profit | 2,855 | 2,659 | |
as % of sales | 42.7% | 42.1% | |
Selling, marketing and distribution expenses | (921) | (848) | |
Research and product development expenses | (562) | (536) | |
Administration expenses | (239) | (218) | |
Share of results of joint ventures and associates | 2 | 3 | |
Other operating income | 35 | 45 | |
Other operating expense | (81) | (109) | |
Operating income | 1,089 | 996 | |
as % of sales | 16.3% | 15.8% | |
Financing costs | (94) | (86) | |
Other financial income (expense), net | (30) | (34) | |
Income before taxes | 965 | 876 | |
Income taxes | (144) | (133) | |
Income for the period | 821 | 743 | |
Attribution | |||
Income attributable to non-controlling interests | - | - | |
Income attributable to equity holders of the parent | 821 | 743 | |
as % of sales | 12.3% | 11.8% | |
Earnings per share − basic (CHF) | 89.03 | 80.59 | |
Earnings per share − diluted (CHF) | 88.37 | 79.96 |
Consolidated Statement of Comprehensive Income
For the year ended 31 December
in millions of Swiss francs | 2021 | 2020 | |
Income for the period | 821 | 743 | |
Items that may be reclassified to the income statement | |||
Cash flow hedges | |||
Movement in fair value, net | 54 | (51) | |
Gains (losses) removed from equity and recognised in the | |||
consolidated income statement | 9 | 6 | |
Movement on income tax | (4) | 4 | |
Exchange differences arising on translation | |||
of foreign operations | |||
Movement in fair value arising on hedging instruments | |||
of the net assets in foreign operations | 42 | 58 | |
Currency translation differences | (31) | (385) | |
Movement on income tax | (2) | 5 | |
Items that will not be reclassified to the income statement | |||
Defined benefit pension plans | |||
Remeasurement gains (losses) of post-employment | |||
benefit obligations | 222 | 46 | |
Movement on income tax | (40) | (5) | |
Other comprehensive income for the period | 250 | (322) | |
Total comprehensive income for the period | 1,071 | 421 | |
Attribution | |||
Total comprehensive income attributable to | |||
non-controlling interests | - | - | |
Total comprehensive income attributable to equity | |||
holders of the parent | 1,071 | 421 | |
4 Givaudan - 2021 Financial summary
Key figures | Consolidated financial statements |
Consolidated Statement of Financial Position
As at 31 December
31 December | 31 December | ||
in millions of Swiss francs | 2021 | 2020 | |
Assets | |||
Cash and cash equivalents | 273 | 411 | |
Derivative financial instruments | 16 | 54 | |
Financial assets at fair value through income statement | 4 | 4 | |
Accounts receivable - trade | 1,464 | 1,359 | |
Inventories | 1,380 | 1,201 | |
Current tax assets | 57 | 66 | |
Prepayments | 65 | 50 | |
Other current assets | 147 | 154 | |
Current assets | 3,406 | 3,299 | |
Derivative financial instruments | 37 | 65 | |
Property, plant and equipment | 2,291 | 2,222 | |
Intangible assets | 4,853 | 4,543 | |
Deferred tax assets | 182 | 218 | |
Post-employment benefit plan assets | 69 | 20 | |
Financial assets at fair value through income statement | 297 | 180 | |
Interests in joint ventures and investments in associates | 37 | 35 | |
Other non-current assets | 248 | 76 | |
Non-current assets | 8,014 | 7,359 | |
Total assets | 11,420 | 10,658 |
31 December | 31 December | ||
in millions of Swiss francs | 2021 | 2020 | |
Liabilities and equity | |||
Short-term debt | 428 | 206 | |
Derivative financial instruments | 37 | 49 | |
Accounts payable - trade and others | 1,008 | 809 | |
Accrued payroll and payroll taxes | 235 | 211 | |
Current tax liabilities | 188 | 157 | |
Financial liability - own equity instruments | 148 | 108 | |
Provisions | 13 | 23 | |
Other current liabilities | 261 | 233 | |
Current liabilities | 2,318 | 1,796 | |
Derivative financial instruments | 61 | 103 | |
Long-term debt | 4,239 | 4,245 | |
Provisions | 83 | 71 | |
Post-employment benefit plan liabilities | 371 | 545 | |
Deferred tax liabilities | 280 | 310 | |
Other non-current liabilities | 127 | 80 | |
Non-current liabilities | 5,161 | 5,354 | |
Total liabilities | 7,479 | 7,150 | |
Share capital | 92 | 92 | |
Retained earnings and reserves | 6,365 | 6,133 | |
Own equity instruments | (211) | (168) | |
Other components of equity | (2,317) | (2,567) | |
Equity attributable to equity holders of the parent | 3,929 | 3,490 | |
Non-controlling interests | 12 | 18 | |
Total equity | 3,941 | 3,508 | |
Total liabilities and equity | 11,420 | 10,658 |
5 Givaudan - 2021 Financial summary
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Givaudan SA published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 06:05:02 UTC.