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Performance Review Simos Soloriberis Quate 38 Performance review Simos soloriberis quate Performance review The 2016 business performance for the Group and our divisions are detailed in the following section. Also included is an overview of our business environment in addition to our risk management, compliance and regulatory. In this section: Business environment and markets 40 Business performance – Group 42 Business performance – Flavour Division 44 Business performance – Fragrance Division 46 Capital markets 48 Risk management 51 Compliance 54 Regulatory and public policy 56 Givaudan – 2016 Annual Report Management report Simos soloriberis quate 39 Our value creation through financial performance Ourand business outcomes and financial performance measurement system helps us understand what drives value and what managers must have in place to measure performance and capture information on all aspects of the business. CHFFree cash flow 597 million Our free cash flow position is in line with the average financial targets we aim to achieve by 2020. CHFproposed cash 56 dividend per share This proposed cash return for 2016 will be the 16th consecutive increase in earnings distributed to shareholders since the Company’s listing on the Swiss stock exchange, if approved at the Annual General Meeting in March 2017. Givaudan – 2016 Annual Report 40 Performance review Business environment and markets Business environment and markets Operating in a fast-changing landscape We operate in a landscape of fast- Through targeted investments, we focus changing demographics; shifting our efforts on best serving our customers and maximising our consumer preferences that are growth opportunities. driven by influences such as an The flavour and fragrance industry has grown steadily for at ageing population, rising least the past four years and is estimated to be worth approximately CHF 18 billion. The largest companies, which urbanisation and increased include Givaudan, Firmenich, IFF and Symrise, make up more than two-thirds of the market while the rest of the industry demand for natural and healthy is fragmented with many smaller players. Local taste products; and continuous preferences and consumer behaviours influence our industry, but there are also trends that affect the demand for products change from new technologies and services in which flavours and fragrances are used. In the following section we describe three megatrends that we and digitalisation. see as the most relevant for our business: the growing consumer Economic and regulatory environment base, people’s longer and more responsible lives, and the Givaudan is the leading company in the flavour and fragrance increasingly connected world. industry with approximately 25% market share. We create and sell flavours for the food and beverage industry, and Market developments, industry trends and fragrances for personal, home and laundry care brands. We are competitive environment expanding these traditional segments to include active The world’s population is to rise by 2020 to an estimated 7.7 cosmetic ingredients. billion, of whom 55% will live in cities. In a complex and volatile world, we see growth for our industry in Africa and Asia, We have a global presence with over 10,000 employees in 49 increased relevance for local and regional companies in countries at 98 sites, 39 of which are production sites. In Group emerging markets, and more demand for convenience products. sales, 52% are in Flavour Division and 48% are in Fragrance In the fragrance industry, an evolution in retailing is being seen Division; 45% of our sales are in the high growth markets of with the development of speciality retailers and the growth of Asia, Latin America, Africa, the Middle East and Eastern Europe, e-commerce. Local brands are also quickly gaining more while 55% are in the mature markets of Western Europe, relevance with consumers, and innovation is moving at a faster North America and Oceania. pace. Growth in flavours will come mostly from high growth markets, where local and regional brands are gaining relevance Through targeted investments, we focus our efforts on best with consumers. serving our customers and maximising our growth opportunities. Acquisitions are an important part of A second megatrend influencing the flavour and fragrance our growth model, with our acquisition in 2016 of Spicetec industry is the fact that we are all living longer and more following those of Soliance and Induchem in 2014 and responsibly. By 2020, almost 20% of the population will be over 2015 respectively. 60, yet 50% of adults are expected to be overweight or obese. Givaudan – 2016 Annual Report Performance review Business environment and markets 41 Consumers are more aware of healthier products and are Market share questioning labels, and transparency is a growing expectation. in % The sustainability agenda continues to gain momentum and of the the market value which is people are concerned about the environment and want to ~25% estimated at approximate CHF 18 billion identify with companies taking a lead. For fragrances, this megatrend will mean strong demand for cosmetic products in high growth markets, and significant growth in the cosmetics market where the ageing population seeks to look beautiful for longer. In flavours, it means the role of food is changing with a focus on health and well-being, a growing popularity for functional foods, and an increased demand for healthier products. Givaudan sales development by region in CHF million 2016 1,601 1,320 591 1,151 4,663 By 2020, 50% of adults are expected to 2015 1,567 1,238 571 1,020 4,396 be overweight or obese. 2014 1,686 1,188 579 951 4,404 We live in an increasingly interconnected world, and this is the 2013 1,653 1,180 578 958 4,369 third megatrend that is shaping the future. About 40% of the 4,257 world’s population uses the internet, and two-thirds of these 2012 1,588 1,147 570 952 users are in the developing world. Increased digitalisation is Europe, Africa and Middle East Latin America driving big data, which can be used to understand consumers’ Asia Pacific North America habits and preferences more fully and can lead to changes in offerings to customers. Consumers also have easier access to Givaudan sales: mature vs high growth markets information, and social media is changing the way knowledge is in % shared. For the food and beverage industry, this trend also means increased consumer empowerment and a desire for 2016 55 45 transparency and authenticity as customers move towards 2007 64 36 more natural and clean label products. In fragrances, consumers are empowered in seeking more knowledge about Mature markets High growth markets what is in their products and can ‘vote with a click’, and bloggers have a growing role in shaping fine fragrances, beauty care and cosmetics. Givaudan – 2016 Annual Report 42 Performance review Business performance – Group Business performance – Group Solid financial performance – in line with 2020 guidance Sales hedging costs and exchange losses in markets where Givaudan Group full year sales were CHF 4,663 million, an currencies could not be hedged. increase of 4.2% on a like-for-like basis and 6.1% in Swiss francs when compared to 2015. The income tax expense as a percentage of income before taxes was 18%, flat when compared to the underlying rate in Fragrance Division sales were CHF 2,230 million, an increase of 2015. As a reminder, in 2015 income tax expense was impacted 5.6% on a like-for-like basis and 6.4% in Swiss francs. by one-time items following changes in Swiss Accounting Law and the Group’s operating structure. Flavour Division sales were CHF 2,433 million, an increase of 3.0% on a like-for-like basis and 5.8% in Swiss francs. Net income The net income increased to CHF 644 million in 2016 from Gross margin CHF 625 million in 2015, an increase of 3.1%. This results in a net The gross margin declined to 45.6% from 46.2% in 2015, mainly profit margin of 13.8%, versus 14.2% in 2015. Basic earnings per as a result of the lower gross margin on the acquired Spicetec share increased to CHF 69.95 versus CHF 67.89 for the same Flavors business. period in 2015. Earnings before Interest, Tax, Depreciation Cash flow and Amortisation (EBITDA) Givaudan delivered an operating cash flow of CHF 805 million The EBITDA increased to CHF 1,126 million in 2016 from in 2016, compared to CHF 915 million in 2015. The decrease was CHF 1,070 million in 2015, an increase of 5.2% in Swiss francs mainly as a result of higher working capital and taxes paid. As and 3.7% in local currency. The EBITDA margin declined slightly a percentage of sales, working capital was flat when compared to 24.1% in 2016 from 24.3% in 2015. In 2016 the Group to 2015. recognised one-off non-cash gains of CHF 62 million, mainly following a change in pension plans. As a reminder, in 2015 the Total net investments in property, plant and equipment were Group recognised a net one-off non-cash gain of CHF 135 million, compared to CHF 125 million in 2015. During CHF 20 million, mainly following a change in pension plans. 2016 the Group continued its investments to support growth in high growth markets, most notably the start of a new flavours Operating income savoury facility in Pune, India and the investment in the Zurich The operating income increased by 10.2% to CHF 875 million Innovation Centre (ZIC). from CHF 794 million for the same period in 2015. When measured in local currency terms, the operating income Intangible asset additions were CHF 40 million in 2016 increased by 8.1%. The operating margin increased to 18.8% in compared to CHF 35 million in 2015 as the Company continued 2016 from 18.1% in 2015.
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