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2020 Annual Report ANNUAL REPORT 2020 WHERE SCIENCE AND CREATIVITY MEET YEAR IN REVIEW 2020 Named for the first time to the Dow Jones Sustainability Indices (DJSI) for both the 2020 IFF shareholders voted to approve the World and North America, which validates our previously proposed merger of IFF and leadership position in sustainability performance DuPont’s Nutrition & Biosciences with and underscores our commitment to executing more than 99 percent of the votes cast on key environmental, social and governance in favor (ESG) priorities Earned Economic Dividend for Gender Equality (EDGE) Move level certification, globally, making it the first – and currently the only – company to earn this level of recognition Modified our production Announced the opening of a facilities to manufacture and new creation, application and distribute hand sanitizer for innovation center for our Taste first responders and other division in Dubai, UAE to better organizations around the serve our customers’ unique FULL-YEAR 2020 RESULTS world during pandemic needs and drive growth in the African, Middle Eastern, Turkish Company Financials and Indian markets ADJUSTED OPERATING SALES PROFIT* “ ” $5.1 $730 LISTERA BILLION MILLION Named to CDP’s A Lists for Awarded the 2020 EcoVadis Water Security and Climate platinum sustainability rating, ADJUSTED EPS EX Change for the second and a new and more highly selective ADJUSTED EPS* AMORTIZATION* fifth consecutive year, designation introduced by the respectively internationally recognized Andreas Fibig platform earlier in the year Chairman and $4.38 $5.70 Chief Executive Officer DEAR FELLOW SHAREHOLDERS, CUSTOMERS & EMPLOYEES In an unpredictable year, all of us at IFF have so much to be proud of. Our teams have responded to the challenges of this year with grit, determination, creativity and an even greater passion for the work we do and the essential role IFF plays in consumer end markets around the world. The resolve I have seen across our global organization is an incredible testament to the people who make IFF such an incredible purpose-driven organization. * Adjusted Operating Profit, Adjusted Operating Profit Ex Amortization, Adjusted EPS, Adjusted EPS ex Amortization & Adjusted EBITDA are Non-GAAP metrics. Our experiences throughout 2020 revealed IFF’s truly essential role for We have also realigned our global organization into four divisions to our customers all over the world. More than anything, the past year has successfully integrate our business with N&B, meet our synergy commit- confirmed that IFF is so much more than an ingredients and solutions ments, anticipate customer needs faster and deliver on our long-term supplier. We are a force for good for our customers, our communities and growth and profitability goals. We recently announced that our combined our world. Amid the challenges of the past year, I have witnessed astounding Taste, Food & Beverage division will now be called Nourish. To nourish is resilience, collaboration, flexibility and innovation across our organization to feed with purpose, a commitment that guides IFF’s partnership with all as we continued to deliver for all our stakeholders. our stakeholders. In addition to Nourish, the combined company’s divisions include Scent, which pioneers the discovery and development of ingredients I have always believed deeply in the power of our people when faced with that create unique fragrances for fine perfumes, beauty, personal care a challenge. Throughout the pandemic, IFFers fearlessly and passionately and household goods; Health & Biosciences, a leading innovation partner acted above and beyond expectations – with speed, agility and an unshakeable developing safer, healthier and more sustainable solutions across a broad commitment to our craft – in line with our commitment to Do More Good. range of consumer product, industrial and agricultural sectors; and Pharma Solutions, a trusted leader in a highly regulated industry that develops the Our teams found creative ways to leverage IFF’s unique capabilities and ingredients, products and applications that support the global production innovative spirit to support COVID-19 relief. We modified our production of pharma and dietary supplements. facilities to manufacture and distribute hand sanitizer for first responders and other organizations around the world; developed a new scent, Hope As we uphold our commitment to fostering an inclusive culture, with values 2020, to do our part to bring positivity through olfactive design; partnered that support our promises to our people, our stakeholders and our planet, with Harvard Medical School and Massachusetts General Hospital to create we recognize that we have a duty to act sustainably – and with compassion – the first globally-developed early detection smell test for asymptomatic to leverage our enhanced scale to Do More Good in all of our communities. carriers; and donated food and other necessary sanitization items to local orphanages, hospitals and police stations across India, just to name IFF is proudly certified for diversity, equity and inclusion leadership a few. The ways in which our teams managed supply chain disruptions around the world, most recently achieving Economic Dividend for Gender and customer demand and adapted our ways of working, while ensuring Equality (EDGE) Move certification globally for our empowering employee meaningful contribution to our communities in need, is remarkable. environment. Having received certification in 21 countries – the largest number of countries ever certified by EDGE at one time – IFF is the first and Importantly, we remained focused on achieving our strategic growth only company to earn this level of recognition, which serves as a testament initiatives, including the completion of our combination with DuPont’s to our company’s commitment to full gender parity. In addition to this latest Nutrition & Biosciences (N&B) business. This milestone is the next and honor, we are pleased to hold several other important diversity & inclusion final step in IFF’s industry-defining transformation into a global leader in certifications, including from Diversity Inc., Human Rights Campaign, and high-value ingredients and solutions for global food, beverage, home and the signing of the U.N. Global LGBTI Standards of Conduct for Business and personal care and health and wellness markets. Throughout the year, our the U.N. Women’s Empowerment Principles. At IFF, we benefit from the rich integration teams worked tirelessly to finalize the organization’s leadership, array of perspectives and contributions of people of unique backgrounds, operational structure, brand identity and foundational vision – all key to experiences and cultures. It also allows us to reflect and respond to a broad realizing the full potential of our exciting new company. customer base around the world – serving as a key driver of our long-term Our leadership team believes passionately in the importance of our success. Throughout the year, we accelerated specific plans and actions commitment to lead as a purpose-driven enterprise. We have established with clear objectives, milestones and KPIs to ensure we are moving in the a unified identity that echoes across the divisions and teams of our global right direction and are resolutely committed to keep doing our part in the organization, and that captures our obsession for combining a passion fight against social injustice. for creativity with the rigors of cutting-edge science. IFF’s core purpose – Applying science and creativity for a better world – and central vision – Be We continue to focus on strengthening our responsible sourcing program the partner for essential solutions – guide our customer-centric strategy and natural ingredient supply chains, implementing breakthrough en- to push past traditional industry boundaries. We are committed to be a vironmental standards across our innovation platform. Building on our force for a better and more sustainable future – to do more good for our EcoEffective+ environmental initiative that defines our 2025 emissions people, customers and communities. These statements will accelerate the goals and our long-standing commitment to the Paris Climate Agreement, long-term success of our business while encouraging our teams to inspire IFF was named to CDP’s A Lists for Water Security and Climate Change and empower others, unleash new discoveries and challenge the status quo for the second and fifth consecutive year, respectively, placing us among a to promote lasting societal impact. prestigious group of global environmental leaders with Double-A distinction. We were also named to the Barron’s 100 Most Sustainable Companies list for With our combination with N&B officially completed in February 2021, we the third consecutive year, joining the ranks of 99 leading U.S. companies are now reimagining what it means to partner with our customers through a assessed for environmental, social and corporate governance practices, and platform at the forefront of consumer and commercial product development were named for the first time to the 2020 World Index and North America and an enhanced ability to deliver in-demand, differentiated solutions. Dow Jones Sustainability Indices, a family of best-in-class benchmarks for Guided by our customer-centric approach, unmatched R&D capabilities investors who have recognized that sustainable business practices are and a storied legacy of artistry, we are forging our way forward as the critical to generating long-term shareholder value.
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