DOCSLIB.ORG

2018 Integrated Annual Report Delivering with Excellence with Delivering Report Annual 2018 Integrated Key Figures

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2018 Integrated Annual Report Delivering with Excellence with Delivering Report Annual 2018 Integrated Key Figures 2018 Integrated Annual Report Delivering with excellence 2018 Integrated Annual Report Integrated 2018 Key figures Key figures Strong business momentum – investing for the future Performance review Percentage For the year ended 31 December, in millions of Swiss francs, except for capital markets and employee data 2018 2017 change Sales and results Group Sales 5,527 5,051 9.4% Like-for-like sales growth 5.6% 4.9% Gross profit 2,329 2,250 3.5% as % of sales 42.1% 44.5% EBITDA 1 1,145 1,089 5.2% as % of sales 20.7% 21.6% Operating income 883 869 1.7% as % of sales 16.0% 17.2% Income attributable to equity holders of the parent 663 720 (7.9%) as % of sales 12.0% 14.2% Balance sheet and cash flows Operating cash flow 916 861 6.4% as % of sales 16.6% 17.0% Free cash flow 703 594 18.4% as % of sales 12.7% 11.8% Net debt 2,847 1,074 165.1% Leverage ratio 41% 21% Capital Markets Market capitalisation 21,016 20,794 1.1% Share price as of last trading day of December 2,276 2,252 1.1% Cash dividend 2 60 58 3.4% Earnings per share − basic (CHF) 71.92 78.18 (8.0%) Employees Number of employees as at 31 December 13,598 11,170 21.7% Lost time injury rate 0.25 0.33 (24.2%) 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. 2018 dividend subject to shareholder approval at the AGM on 28 March 2019. Note: Like-for-like excludes the impact of currency, acquisitions and disposals. page 40, Performance review page 119, Financial report Givaudan – 2018 Integrated Annual Report Givaudan at a glance Givaudan at a glance Global industry leader in flavours and fragrances million million million 5,527Group sales (in CHF) 477R&D spend (in CHF) 60.00Proposed dividend 21,016Market capitalisation per share (in CHF) (in CHF) Sales by division Flavour Division Sweet goods Beverages WeFragrance make Ilifengredients taste delicious Fine Fragrances Latin America EAME Latin America EAME Weand areActive dedicated Beauty to expanding the world’s expression through Flavour flavours by bringing momentsFragrance of delight with delicious flavour Total 54% and taste experiences. Our Tcustomersotal 46% – global, international, Dairy regional and local – are in the food and beverage industry and North America North America span key segments including beverages, sweet goods, savoury, snacks and dairy. We explore the globe for ingredients, Savoury Consumer Products Asia Pacific Asia Pacific innovate to bring our customers unique propositions, and delight millions of consumers around the world. Fragrance Division Sweet goods Beverages Fragrance Ingredients Fine Fragrances We live to perfumeLatin America life EAME Latin America EAME and Active Beauty The artistry of our perfumers encompasses a myriad of scented Flavour Fragrance stories for brands everywhere. Our customers – global, Total 54% Total 46% international, regional and local – serve end-consumer markets Dairy with fragrancesNorth for America personal, home and laundry care brands as North America well as prestige perfumes, creating memorable scents and fragrances used daily the world over. And for nature-derived Savoury Consumer Products Asia Pacific Asia Pacific beauty performance, our Active Beauty business offers an extensive portfolio of award-winning active cosmetic ingredients designed by teams that harness the power of nature for cutting-edge cosmetics. Markets 57% of annual sales in mature markets, 43% of sales in high growth markets. We are a global company with subsidiaries and branches in 50 countries. High growth markets continue to be an important contributor to our future growth, with sales driven by the growing population and expanding middle class. In both these markets, increasing demand for health and well-being products – examples of which include lower salt and fat in food and anti-ageing effects in cosmetics – is a stimulating potential for growth. Givaudan – 2018 Integrated Annual Report over million 148Locations worldwide 64Production sites Products 74,000 sold per year 13,598Employees 19.5Hours worked safely Global footprint Europe, Africa North America and Middle East Sales Sales CHF 1,441 million CHF 1,982 million Production sites Production sites 13 28 Employees Employees 2,518 6,363 Asia Pacific Sales CHF 1,475 million Production sites 14 Employees 2,877 Latin America Sales CHF 629 million Production sites 9 Employees 1,840 Sustainability leadership A Sense of Tomorrow Givaudan has earned CDP Meeting needs today, defining what's next leadership scores with an As a responsible company, we understand the exciting opportunities A- grade in both climate change that sustainability offers to add value to our business and society at and water security scoring. large. Our sustainability approach, 'A Sense of Tomorrow', transforms challenges into new possibilities in sourcing, innovation and the environment – for the Company, the surrounding communities, our customers and consumers. www.givaudan.com – Our company – About Givaudan Disclosure 102 – 6, 102 – 7 Title Subtitle 1 2018 Integrated Annual Report Delivering with excellence Table of contents Our 2018 Annual Report focuses on 2 Creating value ‘Delivering with Excellence’ and 4 Chairman’s introduction highlights our continuous efforts to 6 Chief Executive Officer’s review 11 Strategic value creation achieve this across our value chain. 12 Value creation at Givaudan 16 Our unique positioning We strive for excellence at every 18 Our 2020 strategy touch point with our customers, 31 Acquisitions 34 A Sense of Tomorrow and in today’s competitive and fast- 36 Megatrends moving market, this demands that 39 Financial capital we are agile and efficient. 40 Performance review 44 Shareholder value creation 47 Our innovative capabilities We focus our investments on 48 Driven by a culture of innovation areas that bring most value to 53 Our people & culture our customers while seeking 54 A culture of performance and appreciation 58 Embracing our culture of safety to enhance our operational 61 Sourcing & operations excellence and efficiency across 62 From sourcing to supply the organisation to further 65 Excellence in operations 71 Good governance streamline our costs and deliver a 72 Risk management strong financial performance. 76 Compliance 79 Regulatory 81 Corporate citizenship 85 Compensation report 99 Governance report 119 Financial report 201 Appendix Givaudan – 2018 Integrated Annual Report 2 TitleCreating Subtitle value Creating value through an integrated approach Integrated Reporting offers a platform for the concise presentation of how our financial and non-financial capitals contribute to the Company’s responsible growth and shared value for internal and external stakeholders. Gilles Andrier, CEO As we continue our journey towards Integrated Reporting, based on the framework of the International Integrated Reporting Council (IIRC), we focus on how our Company creates new opportunities for responsible growth and shared success by transforming our financial and non-financial capitals into value for not only the Company, but our key stakeholders and the environment. And in this year’s integrated report, we highlight how we continue to drive excellence across our value chain. Givaudan – 2018 Integrated Annual Report CreatingTitle Subtitle value 3 About this report Our reporting suite Givaudan adheres to legal requirements, good corporate Readers are advised to consult our entire reporting suite to get governance and follows best practices consistent with those a complete overview: of leading international companies. This report complies with Swiss law, IFRS, the SIX Exchange Regulation’s Directive on – The 2018 Integrated Annual Report offers a holistic Information relating to Corporate Governance, the Swiss Code explanation of our value creation, financial and non-financial of Best Practice for Corporate Governance and addresses the capitals and performance, including our Governance, main elements of the Integrated Reporting Framework issued Compensation and Financial reports. by the IIRC. – The 2018 Sustainability Progress Review offers case Our sustainability reporting is based on the Global Reporting studies and progress data for the three focus areas of our Initiative (GRI) Standards. sustainability approach as well as eco-efficiency targets versus progress. The GRI Content Index is included in this report. We select the report’s topics based on an internal strategic evaluation defining focus areas along the value chain, operational – Our Sustainability Approach offers a strategic overview key achievements, our sustainability context and materiality of A Sense of Tomorrow, the approach for each of the matrix, completeness, balance and stakeholder inclusion. three sustainability focus areas, and related issues such as stakeholder engagement and material topics. Cross-references help readers navigate through the reports: a GRI icon signals information related to GRI Disclosures; SDG icons are used to show which content contributes to the ten United Nations Sustainable Development Goals (SDG) we believe we can have the most impact on; and the magnifying glass icon refers the reader to a specific page in the report or to the website or to another publication for further information. References used References to other pages in this Indicates GRI Standards Indicates UN Sustainable report, other reports, documents or disclosures Development Goals Givaudan our websites
Load more

Recommended publications
  • 2020 Governance, Compensation and Financial Report Ements
    Governance, Compensation and Financial Report 2020 Governance, Compensation Governance report and Financial Report As part of our reporting suite, this stand-alone document contains the full details of our governance and compensation policies as well as the details of our financial performance. Compensation Compensation report An overview can be found in the Integrated Annual Report. Consolidated Consolidated report financial Statutory report financial Table of contents 3 Governance report 22 Compensation report 38 Consolidated financial report 102 Statutory financial report Appendix 114 Appendix Governance Report In this section 4 Group structure and shareholders 5 Capital structure 7 Board of Directors 16 Executive Committee 19 Compensation, shareholdings and loans 19 Shareholders’ participation 20 Change of control and defence measures 20 Auditors 21 Information policy Givaudan – 2020 Governance, Compensation and Financial Report 4 Corporate governance Governance report Ensuring proper checks and balances 1. Group structure and shareholders The Governance report is aligned with 1.1 Group structure 1.1.1 Description of the issuer’s operational Group structure international standards and has been prepared Givaudan SA, the parent company of the Givaudan Group, with its registered corporate headquarters at 5 Chemin de la Parfumerie, 1214 Vernier, Switzerland (‘the Company’), is a in accordance with the ‘Swiss Code of Obligations’, ‘société anonyme’, pursuant to art. 620 et seq. of the Swiss Code of Obligations. It is listed on Compensation Compensation report the ‘Directive on Information Relating to the SIX Swiss Exchange under security number 1064593, ISIN CH0010645932. Corporate Governance’ issued by the SIX Swiss The Company is a global leader in its industry. Givaudan operates around the world and has two principal businesses: Taste & Wellbeing and Fragrance & Beauty, providing customers Exchange and the ‘Swiss Code of Best Practice for with compounds, ingredients and integrated solutions.
    [Show full text]
  • 2017 Annual Report Partnering for Shared Success 2017 Annual Report 2017
    2017 Annual Report Partnering for shared success 2017 Annual Report 2017 Givaudan – 2016 Annual Report Givaudan at a glance Givaudan at a glance Our business in 2017 million 109Locations worldwide 46Production sites 424R&D spend 11,170Full time employees Sales in North America CHF 1,352 million Production sites 9 Employees 2,231 Annual sales in mature markets Sales in Latin America CHF 618 million % Production sites 57 6 Employees 1,471 Flavour Division We make life taste delicious Sweet% goods Beverages% Confectionery Soft drinks We are dedicated to expanding the world’s expression through Baked goods Fruit juices flavours by bringing moments of delight with delicious flavour Sugar confectionery Instant beverages and taste experiences. Our customers – global, international, Chocolate Total 54% Chewing gum regional and local – are in the food and beverage industry and of Group sales span across key segments including beverages, sweet goods, savoury, snacks and dairy. We explore the globe for ingredients, innovate to bring our customers unique propositions, and Dairy % Savoury delight millions of consumers around the world. Ice cream and yoghurt % Ready-made meals Desserts Snacks Yellow fats (margarines) www.givaudan.com – our company – about Givaudan Soups and sauces Meat and poultry Disclosure 102 – 6, 102 – 7 Givaudan – 2017 Annual Report million emissions score ‘A Sense of Tomorrow’ 19.2Hours worked safely GHGScience-based targets for 2030 CDPLeadership level A A new sustainability approach Sales in Europe, Africa and Middle East CHF 1,723 million Production sites 18 Employees 4,819 Annual sales in high growth markets Sales in Asia Pacific CHF 1,358 million Production sites 13 43% Employees 2,649 Fragrance Division We live to perfume life Fragrance% Ingredients Fine F%ragrances and Active Beauty Signature fragrances The artistry of our perfumers encompasses a myriad of scented Line extensions stories for brands everywhere.
    [Show full text]
  • Table of Contents
    Table of Contents Foreword Letter from the Chairman 4 Letter from the CEO 6 Fragrance Division 9 Fine Fragrances 11 Consumer Products 12 Fragrance Ingredients 13 Flavour Division 15 Asia Pacific 16 North America 17 Europe, Africa and Middle East 17 Latin America 17 Research and Development 19 Fragrances 21 Flavours 22 Corporate Activities and Organisation 25 GivaudanAccessTM 26 Safety and Environmental Protection 27 Human Resources 28 Corporate Governance 30 Givaudan Securities 35 Financial Review 38 Consolidated Financial Statements 39 Consolidated Income Statement 39 Consolidated Balance Sheet 40 Consolidated Statement of Changes in Equity 41 Consolidated Cash Flow Statement 42 Notes to the Consolidated Financial Statements 43 Report of the Group Auditors 71 Pro forma Condensed Consolidated Income Statement (unaudited) 72 Pro forma Condensed Consolidated Income Statement 72 Notes to the Pro forma Condensed Consolidated Income Statement 73 Statutory Financial Statements of Givaudan SA 74 (Group Holding Company) Income Statement 74 Balance Sheet 75 Notes to the Financial Statements 76 Appropriation of Available Earnings of Givaudan SA 78 Report of the Statutory Auditors 79 Givaudan World-wide 81 Givaudan - Annual Report 2001 1 Traveller’s Tree The endemic Ravenala madagascariensis has been named the Traveller’s Tree because around one litre of water is accumulated in each leaf base. This water is very useful for travellers in an emergency; and if you are in such a situation and have to cut one of the stalks at the base with your machete, you may additionally enjoy a refreshing green and somewhat floral scent. It is said that a traveller in need, standing in front of the tree and making a wish, will have this wish fulfilled.
    [Show full text]
  • Annual Report 2015 Responsible Growth. Shared Success. Annual 2015 Report Worldreginfo - 7F99e2b6-E3a3-4C76-Ad4e-6Bad0f9494f6 Key Figures
    Annual Report 2015 Responsible growth. Shared success. Annual 2015 Report WorldReginfo - 7f99e2b6-e3a3-4c76-ad4e-6bad0f9494f6 Key figures Key figures Strong financial performance 1 – Sales of CHF 4.4 billion, up 2.7% on a LFL basis. CHF Group salesbillion – EBITDA of CHF 1,070 million, up 8.0% in 4.4 local currencies. – EBITDA margin improved to 24.3% from Organic sales %growth 23.9% in 2014. 2.7 – Net income of CHF 635 million, up 12.7% year-on-year. EBITDA margin% – Free cash flow of 16.4% of sales, compared to 24.3 13.7% in 2014. – Proposed dividend of CHF 54.00 per share, up 8.0% year on year. For the year ended 31 December, in millions of Swiss francs, except for cash dividend and earnings per share data 2015 2014 Group Sales 4,396 4,404 Fragrance sales 2,096 2,108 Flavour sales 2,300 2,296 Like-for-like sales growth 2.7% 3.7% Gross profit 2,030 2,027 as % of sales 46.2% 46.0% EBITDA 2 1,070 1,053 as % of sales 24.3% 23.9% Operating income 794 760 as % of sales 18.1% 17.3% Income attributable to equity holders of the parent 635 563 as % of sales 14.4% 12.8% Operating cash flow 915 806 as % of sales 20.8% 18.3% Free cash flow 720 604 as % of sales 16.4% 13.7% Net debt 677 795 Leverage ratio 15% 17% Cash dividend 54 50 Earnings per share − basic (CHF) 68.98 61.18 1.
    [Show full text]
  • Group Management Report
    Group Management Report SYMRISE AG, HOLZMINDEN JANUARY 1 TO DECEMBER 31, 2019 BASIC INFORMATION ON THE GENERAL STATEMENT ON THE SYMRISE GROUP 6 COMPANY’S ECONOMIC SITUATION 51 Structure and business activities 7 Market and competition 12 OUTLOOK 52 Goals and strategy 14 Future general conditions 53 Value-oriented management 15 Future corporate development 54 Research and development 15 General statement on the Employees 19 company’s expected development 54 Sustainability 22 REMUNERATION REPORT 55 ECONOMIC REPORT 24 Remuneration of the Executive Board 55 Global economic and industry- Remuneration of the Supervisory Board 62 related conditions 25 Corporate development 28 DISCLOSURES PURSUANT TO SECTION 315A OF THE GERMAN OPPORTUNITIES AND RISK REPORT 42 COMMERCIAL CODE (HGB) 64 Management of opportunities and risks 43 Approach to evaluating risks 43 CORPORATE GOVERNANCE STATEMENT 67 Opportunities and risks in detail 44 Overall assessment of opportunity and risk situation 49 ESSENTIAL FEATURES OF THE ACCOUNTING-RELATED INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM 49 Main features and objectives 49 Organization and process 50 6 — Group Management Report — BASIC INFORMATION ON THE SYMRISE GROUP Basic information on the Symrise Group Sharing values: Strong roots, new paths SEGMENTS Flavor Nutrition Scent & Care Cosmetic Aroma Flavor Diana ADF/IDF Probi Fragrance Ingredients Molecules DIVISIONS GOALS Financial goals Sales growth EBITDA margin at local currency 19 – 22 % (until 2020) 5 – 7 % p.a. (CAGR) 20 – 23 % (until 2025) > 50 % 1/3 Cross-divisional
    [Show full text]
  • 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.
    [Show full text]
  • ESQ Junjul20
    Portfolio Portfolio Feature Feature NOTES FROM THE PERFUME INDUSTRY Olivier Pescheux Givaudan perfumer A Creations: 34 boulevard Saint Germain Diptyque, Amber Sky Ex Nihilo, Arpege Pour Homme Lanvin, 1 Million Paco Rabanne, Balmain Homme Pierre Balmain, Higher Christan Dior ESQ: In hindsight, do you find that trends, current events or cultural movements have an impact on your creations? OLIVIER PESCHEUX: It’s hard to answer with certainty. Nevertheless, perfumers are like sponges absorbing the air of time (Nina Ricci’s L’Air du Temps is one of the most accurate names you can find). Hence every societal movement leaves its mark on creations, in a more or less obvious way. It’s still too early to know in IN what ways the current health crisis will leave its mark in perfume, but it will leave its mark, that’s for sure. ESQ: Do you attribute gender to certain notes and raw materials? OLIVIER PESCHEUX : Not really, but it’s true that I perceive rose as rather feminine simply because it has been used a lot THE and in significant quantities in women’s fragrances in the West. That’s less true in the Middle East, where the rose also perfumes men. Lavender is rather masculine as it’s used a lot in fougère, the favourite family of men’s fragrances. It’s interesting to note that in Brazil, lavender is also feminine. So it’s more of a cultural affair. Yann Vasnier I’m trying to fight against this natural and cultural leaning, and on Givaudan perfumer the contrary, I use this challenge to fuel my creativity.
    [Show full text]
  • The Fragrance Industry Urges Governments to Recognize Essential
    IFRA statement – 23 March 2020 The fragrance industry urges governments to recognize essential role of sector in fight against coronavirus Key role in supply chain qualifies fragrance manufacturing as ‘critical infrastructure’ The global fragrance industry calls on governments to include factories manufacturing fragrance as ‘critical infrastructure’ or ‘essential business’ in combating the current coronavirus (COVID-19) pandemic, and therefore exempt these facilities from measures that would restrict access to employees and close operations. The fragrance industry, represented by The International Fragrance Association, highlights the following needs being met by the industry during this pandemic, which cannot be done remotely, and which require the day-to-day presence of specialist personnel: ≡ Fragrance companies are producing essential components for sanitary, hygiene and disinfecting products, which are recognized as vital products in combating viral pathogens. The presence of fragrance in cleaning products, soaps and other essential personal care items has been shown to encourage product use, therefore maintaining good cleanliness and hygiene – which are crucial in slowing the spread of the virus. Interrupting fragrance manufacturing at this time would cut the supply chain to producers of finished goods, reducing supply when demand has dramatically increased. ≡ Many fragrance companies are manufacturing hydroalcoholic gels that supply hospitals, pharmacies, care facilities for the elderly and other premises. These gels are a key tool in combating the transmission of the virus, especially in situations where vulnerable people may be exposed to it. ≡ Many factories have closely connected fragrance and flavor operations, the latter being vital in securing the food supply chain and considered as critical infrastructure. IFRA and its members call on governments to ensure that fragrance manufacturing, as part of the chemical industry, is recognised as a key element of the supply chain for essential items.
    [Show full text]
  • University of Oklahoma Graduate College
    UNIVERSITY OF OKLAHOMA GRADUATE COLLEGE GEOGRAPHIES OF KNOWLEDGE IN THE INTERNATIONAL FRAGRANCE INDUSTRY A DISSERTATION SUBMITTED TO THE GRADUATE FACULTY in partial fulfillment of the requirements for the Degree of DOCTOR OF PHILOSOPHY By BODO KUBARTZ Norman, Oklahoma 2009 GEOGRAPHIES OF KNOWLEDGE IN THE INTERNATIONAL FRAGRANCE INDUSTRY A DISSERTATION APPROVED FOR THE DEPARTMENT OF GEOGRAPHY BY ___________________________ Dr. Fred Shelley, Co-Chair ___________________________ Dr. Bret Wallach, Co-Chair ___________________________ Dr. Robert Cox ___________________________ Dr. Karl Offen ___________________________ Dr. Darren Purcell ___________________________ Dr. Laurel Smith ___________________________ Dr. Andrew Wood © Copyright by BODO KUBARTZ 2009 All Rights Reserved. ACKNOWLEDGEMENTS The ‘discovery of the world’ has been a stereotypical focus of human geography. However, the research helped me to discover a new world for myself. The fragrance industry delineates a rich landscape of sensorial stimulations. I appreciated not only the experience of smelling perfumes in different environments and the ‘look behind the scenes’ but the diversity of approaches to perfumery in this artistic industry. Therefore, my first ‘thank you’ goes to the industry experts that spend their precious time with me and opened their doors for me in France, Germany, and the United States. Thank you very much for introducing me to a world that you experience, develop, and change every day. Second, a dissertation is a long journey. This one has seen different companions until it came into being. It developed quite a bit over time. My friends in the United States and in Germany contributed through their critique, mental support, active interest, questions, guidance, and feedback. Thus, the second ‘thank you’ goes to all companions.
    [Show full text]
  • 2019Governance, Compensation and Financial Report
    Governance, Compensation and 2019Financial Report 2019 Governance, Compensation and Financial Report As part of our reporting suite, this year we have created a stand-alone document with the full details of our governance and compensation policies as well as a detailed look at our financials; an overview can be found in the Integrated Annual Report. Good corporate governance ensures proper checks and balances and Table of contents Givaudan is managed and supervised 1 Governance report 18 Compensation report in a responsible way, with a focus 31 Consolidated financial report on value creation. Our compensation 100 Statutory financial report programmes are aligned with our 112 Appendix strategy and reflect the performance of the business and of individuals. Full information on our financial performance and our focus on creating value for the Company and all its stakeholders can be found in this report. Governance report 1 Governance report In this section 2 Group structure and shareholders 3 Capital structure 4 Board of Directors 12 Executive Committee 15 Compensation, shareholdings and loans 15 Shareholders’ participation 16 Change of control and defence measures 16 Auditors 17 Information policy Givaudan – 2019 Governance, Compensation and Financial Report 2 Governance report Corporate governance Ensuring proper checks and balances 1. Group structure and shareholders The Governance report is 1.1 Group structure aligned with international 1.1.1 Description of the issuer’s operational Group structure standards and has been Givaudan SA, the parent company of the Givaudan Group, with its registered corporate headquarters at 5 Chemin de la prepared in accordance with the Parfumerie, 1214 Vernier, Switzerland (‘the Company’), is a ‘société anonyme’, pursuant to art.
    [Show full text]
  • 2018 Integrated Annual Report 11
    10 Givaudan – 2018 Integrated Annual Report 11 Strategic value creation In this section 12 Value creation at Givaudan 16 Our unique positioning 18 Our 2020 strategy 20 – Growing with our customers 23 – Delivering with excellence 27 – Partnering for shared success 31 Acquisitions 34 A Sense of Tomorrow 36 Megatrends Givaudan – 2018 Integrated Annual Report 12 Strategic value creation Value creation at Givaudan Value creation at Givaudan Introducing our business model Givaudan’s presentation of its value creation process, which follows the International Integrated Reporting Framework, shows how the Company draws on its various resources called capital inputs, and translates them into outcomes. These outcomes are the internal and external consequences of its business activities that impact the Company and its stakeholders. This approach shows that through our value chain we generate innovative products and solutions created in a sustainable way for our customers. It also demonstrates how we seek to deliver with excellence and share our success with stakeholders while shaping a better tomorrow for all. Givaudan – 2018 Integrated Annual Report Strategic value creation Value creation at Givaudan 13 Value creation for Givaudan and its stakeholders Customers Owners and investors Suppliers Local communities Public and Employees regulatory agencies Our Sustainability Approach – Stakeholder engagement Disclosure 102 – 40 Our value creation process Our capitals The goal of our value creation process is to ultimately engage We have identified five kinds of capitals that feed Givaudan’s consumers’ senses. We aim to inspire emotions and craft value chain: Financial capital, Our innovative capabilities memorable experiences through our creations. To do this, we (Intellectual capital), People & culture (Human capital), Sourcing draw on our unique positioning and our three-pillar strategy & operations (Natural and manufactured capital) and Good ‘Responsible Growth.
    [Show full text]
  • Paris, Lang, Massé 2019 Versi
    Polarized worlds and contextual creativity in creative industries: the case of creation processes in the perfume industry Mondes polarisés et créativité contextuelle dans les industries créatives : le cas des processus de création dans l'industrie de la parfumerie Mundos polarizados y creatividad contextual en las industrias creativas: el caso de los procesos de creación en la industria del perfume Thomas Paris GREG HEC, CNRS & HEC Paris Gerald Lang KEDGE Business School David Massé Télécom ParisTech i3 - SES ABSTRACT Co-existing within the creative industries, there are opposite worlds with different organizations, creators and approaches to the product development process. Nevertheless, surprising collaborations occur between these worlds. This paper joins the emerging literature that analyses the specificities of the creative industries from both the management and organization viewpoints. From the viewpoint of the product development process, it seeks to analyze how and why designers are able to create differently in two worlds that are based on different creative approaches. In an in-depth exploratory study, we detail two product development processes in the perfume industry and show how the same designers operate in two different contexts. This article proposes a new explanation for these collaborations and the way that creators cross from one world to another. In addition to the social and conventional dimensions that are traditionally used to explain these collaborations in creative industries, we show that these opposite worlds are structured by differences in industry organization, distribution systems and creation processes. We show that the creativity of creators is embedded in a specific context and propose the notion of contextual creativity.
    [Show full text]