RSSPrintEmail

Half Year 2001 results: Givaudan increases net profit by 16%

Geneva, 14 August 2001 - Givaudan maintained its momentum in the first half year 2001 while further improving operating and net margins. It recorded sales of CHF 1259 million compared to 1203 million in 2000, resulting in a healthy increase of 5.2% in local currencies and 4.7% in Swiss Francs. Key growth drivers were the overall good performance of the Flavour Division and the Fragrance Consumer Products segment. On a regional basis, Asia Pacific outperformed all other regions, showing double-digit growth in both divisions, followed by Latin America. North America and Europe also showed positive growth in both divisions. The efforts to focus on core customers while further improving operational efficiency were successfully continued.

The new online product offering, GivaudanAccess™, which was launched mid-July in North America, will enable Givaudan to efficiently serve a broader customer base and thereby generating accelerated profitable sales. GivaudanAccess™ operates as a focused, self-contained unit.

Capitalising on global purchasing leverage and the efficient management of our production facilities the gross profit margin was maintained at 47.9%. Major investments in our operating base and IT-based business systems over the last years have led to sustainable supply chain improvements.

In a highly competitive market, the operating profit margin further improved compared to pro forma figures in the first half year 2000 by 0.2 percentage points to 17.6% of sales. Thanks to the good operating performance and the improvements in financial results, net income likewise rose by 16% to CHF 149 million.
Barring unforeseen events Givaudan expects good results for the full year 2001.

Key Figures

In million CHF
30 June 2001
30 June 2000*
Change in %
Swiss Francs
Sales
1,259
1,203
5
Gross Profit
603
577
Gross Profit Margin
47.9%
48.0%
Operating Profit
222
209
6
Operating Profit Margin
17.6%
17.4%
EBITDA **
295
276
7
EBITDA Margin
23.4%
22.9%
Net Income
149
129
16
Net Income Margin
11.8%
10.7%
Earnings per share - basic (in CHF)***
17.91
14.99
Total Assets
4,624
4,114
Total Liabilities
1,734
1,432
Total Equity and Minority Interests
2,890
2,682
Number of employees
5,168
4,996


*) The first half year figures 2000 are shown in pro forma terms. They show the combined financial statements as if the spin-off from Roche had occurred on 1 January 1999.

**) EBITDA: Earnings Before Interest (and other financial income), Tax, Depreciation and Amortisation. This corresponds to operating profit before depreciation and amortisation.

**) The 2000 pro forma weighted average number of shares outstanding assumed an unchanged share capital of 8,605,327 shares for the first semester 2000. The weighted average number of shares outstanding is 8,320,990 in 2001.




For further information please contact:
Peter Wullschleger, Givaudan Investor Relations
5, chemin de la Parfumerie, CH-1214 Vernier
T +41 22 780 90 93, F +41 22 780 90 90
E-mail: peter_b.wullschleger@givaudan.com

RSSPrintEmail