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%

  1. 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.
  2. 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.
  3. 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%

  1. 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.
  2. 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.
  3. 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%

  1. 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%

  1. 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%

  1. 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

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.