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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. Our customers – global, international, regional and local – serve end-consumer markets Total 46% of Group with fragrances for personal, home and laundry care brands as sales well as prestige perfumes, which bring pleasure to millions daily. And for nature-derived beauty performance, our Active Beauty offers an extensive portfolio of award-winning active cosmetic ingredients designed by teams that harness the power of nature Consumer% Products Fabric and personal care for cutting-edge cosmetics. Hair and skin care Household and air care Oral care Performance highlights Performance highlights Investing in the future Group sales and growth rate 2017 4.9 5,051 2016 4.2 4,663 Salesup 4.9% on of a like-for-like CHF basis 1 billion 5.1 2015 2.7 4,396 2014 3.7 4,404 2013 5.5 4,369 Group sales in millions of Swiss francs % growth LFL1 EBITDA of CHF 1,089 million EBITDA and margin 2017 21.6 1,089 2016 24.1 1,126 2015 24.3 1,070 EBITDA margin of % 2014 23.9 1,053 21.6 2013 22.2 970 EBITDA in millions of Swiss francs EBITDA margin in % Free cash flow Netup 11.7% income year-on-year of CHF million 720 2017 11.8 594 2016 12.8 597 2015 16.4 720 2014 13.7 604 Free cash flow of % of sales 2013 15.2 662 11.8 Free cash flow in millions of Swiss francs % of sales Dividend per share 2 in Swiss francs 2017 582 Proposedper share, an increase dividend of 3.6% year-on-year of CHF 2016 56 58.00 2015 54 1. Like-for-like excludes the impact of currency, acquisitions and disposals. 50 2. Subject to shareholder approval at the AGM on 22 March 2018. 2014 2013 47 Givaudan – 2017 Annual Report 1 2017 Annual Report Partnering for shared success True partnerships with our key stakeholders are crucial in creating shared success and a sustainable future. In nurturing these partnerships and as part of our 2020 strategy, we are determined to continue our industry-leading investment in innovation by increasing our network of strategic partners and expanding our natural, sensorial and cosmetic capabilities. We invest significantly in our talent and foster a great place to work. Furthermore, we enhance our responsible sourcing in collaboration with our suppliers and embrace our responsibility to minimise our impact on the environment while strengthening the social and economic fabric of the communities in which we operate. Givaudan – 2017 Annual Report 2 TitleAbout Subtitlethis report About this report Presenting what matters most “Integrated Reporting, with its core aspect of value creation, offers the possibility of presenting what mattersGilles Andrier, most.” Chief Executive Officer We continue our journey towards Integrated Reporting based on the framework of the International Integrated Reporting Council, which offers a platform for presenting what matters most and communicating the value we create for our stakeholders. Our priority is to provide clear, concise and meaningful information on the topics that are most important to our internal and external stakeholders and most material to our ability to create value. We have further integrated non- financial topics from our Sustainability Report. References used in Givaudan reports References to Givaudan’s Annual Report, Sustainability Report, or website References to GRI Standards disclosures References to UN Sustainable Development Goals Givaudan – 2017 Annual Report About this report 3 Our commitment Table of contents This report is about how our Company’s strategy, governance, performance and prospects lead to the creation of value in the short, medium and long term. The topics that are most Chairman’s introduction 04 material to our ability to create value over these periods form Chief Executive Officer’s review 06 the basis of the disclosures in this report. We focus on showing Market trends and business environment 10 how our financial and non-financial capital is transformed through our strategy to create value for our stakeholders. Strategic value creation 12 Givaudan adheres to legal requirements, good corporate Our business model 14 governance and follows best practices consistent with those of major international companies. All information in this report Our value chain 16 complies with the Swiss Code of Best Practice for Corporate Our capabilities 17 Governance and the SIX Directive for Corporate Governance. Our 2020 strategy 18 Our journey – Growing with our customers 19 We aim to offer a concise presentation of how our financial and – Delivering with excellence 23 non-financial capital contributes to our strategy, growth and – Partnering for shared success 25 business development. The chapter ‘Strategic value creation’ offers a view on how we create value and provides an overview of our key achievements in 2017. Performance review 30 Performance review – Group 32 Sustainability is important for our long-term financial and operational success, and is a key business driver and means of Business performance 33 generating new value. In the report we have further integrated Capital markets 36 topics from our Sustainability Report, which will published separately on 20 March 2018. Differentiating business enablers 38 We have further developed the concept of Givaudan’s reporting Givaudan Business Solutions 40 suite. Icons mark the content that addresses GRI Standards, From sourcing to supply 42 and the GRI index is listed at the end of this report. Where relevant, references to our Sustainability Report and website Our talent, performance and culture 44 are included to ensure a full overview of the business, support Environment, health and safety 47 the connectivity of information and avoid repetition. This year Risk management 49 we have also identified which content is in line with the nine United Nations Sustainable Development Goals (SDGs) we Compliance 53 believe we can have the most impact on. Regulatory and public policy 56 What’s next As we continue moving to Integrated Reporting, we will further Governance report 58 incorporate our sustainable development priorities and Compensation report 78 strengthen our reporting suite. We will regularly review the Financial report 92 topics that are most material to our business to ensure they best reflect our value creation activities. Appendix 168 Givaudan – 2017 Annual Report 4 Chairman’s introduction Chairman’s introduction Creating value with our partners Set against a more positive economic outlook, there will Givaudan finished a successful be continued headwinds from ongoing political, policy and economic uncertainties in many parts of the world. The widely second year of its 2020 strategy documented global megatrends of a growing global population, increasing urbanisation and rising life expectation with strong business momentum. continue to have implications for the flavour and fragrance industry. Our 2020 strategy has been developed with these In 2017 we delivered solid trends in mind, and I am confident we are in a strong position topline growth and free cash to take advantage of these opportunities afforded to us. flow generation, in line with our projected average 2020 I am confident we are in a strong financial targets. position to take advantage of the On the basis of Givaudan’s healthy performance in 2017, and its opportunities afforded to us. continued solid financial position, the Board of Directors will Being responsive to our customers’ needs remains crucial, propose an increase in the dividend to CHF 58.00 at the and in 2017 we made a number of investments to evolve our Annual General Meeting on 22 March 2018. This is the business. We started on our journey to implement Givaudan seventeenth increase since our listing on the Swiss stock Business Solutions, the foundation of our ‘Delivering with exchange. Excellence’ pillar, which will allow us to deliver a superior customer experience. As part of our 2020 strategy to The second year of our 5-year strategy cycle was marked by strengthen our offering for customers we acquired Vika B.V. one of persistent external challenges in the market, requiring and Activ International, and are successfully integrating these us to remain agile and adaptable.
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