DOCSLIB.ORG

Beautiful Answers Start with Brave Questions. ANNUAL REPORT 2015 Beautiful Answers Start with Brave Questions

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Beautiful Answers Start with Brave Questions. ANNUAL REPORT 2015 Beautiful Answers Start with Brave Questions Beautiful answers start with brave questions. ANNUAL REPORT 2015 Beautiful answers start with brave questions. “We are the catalyst for discoveries that spark the senses & transform the everyday.” Andreas Fibig Chairman and Chief Executive Officer DEAR FELLOW SHAREHOLDERS, CUSTOMERS & EMPLOYEES IFF’s new purpose statement encapsulates 126 years of on Euronext Paris—an important step in facilitating broader innovation and a deeply rooted ambition to explore new frontiers. ownership of IFF shares in the European capital markets. It illuminates how, at the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?” to address We are proud of our results, but we also know that the today’s challenges and envision tomorrow’s opportunities. world around us is changing. We see the profound dynamics This powerful statement grew out of our refreshed business of an increasing and diverse population, unprecedented climate strategy—Vision 2020—to ensure that we continue to lead change, and pervasive market volatility. Our only choice is to where we compete and maintain our focus on what matters adapt and to evolve. This is in our DNA—to be nimble, to adjust most: our customers, consumers, employees, and shareholders. and to transform to meet the needs of a changing environment. Vision 2020 influences the way we do business. It guides Today is no different. We continue to thrive because we bring our efforts to accelerate profitable growth, build greater people together—employees, customers and partners—to differentiation and maximize shareholder value. When we create products that meet the present and future needs of communicated our long-term financial targets, established consumers. Collaboration generates ideas and defines our objectives to drive mergers and acquisitions, and improved our role not only in the flavors and fragrances industry, but capital allocation distribution—we underscored our commitment with adjacent businesses as well. to the strategy. Further, we reprioritized our expansive R&D initiatives, progressed our sustainability goals and recharged Our Vision 2020 strategy consists of four pillars: our story with a fresh brand platform and visuals. • Innovating Firsts • Winning Where We Compete I am pleased to share that, along with these accomplishments, • Becoming our Customers’ Partner of Choice we delivered strong financial results. Due in large part to • Strengthening and Expanding the Portfolio the diversity of our business and our recent acquisitions, we achieved 5% sales growth, an 8% increase in adjusted operating These pillars are rooted in our foundation of Talent and profit* and an 11% improvement in adjusted EPS* growth—all on Organization, Continuous Improvement, and Sustainability. a currency neutral basis. We also increased our dividend by 20% and repurchased 1.1 million of our shares to reach a total payout As you will see on the following pages, while still in its early ratio of adjusted net income of 66%—above our target range stages, our Vision 2020 strategy has already realized several of 50 to 60%—and completed the cross-listing of our shares exciting accomplishments. See reconciliation of GAAP to Non-GAAP financial measures in Exhibit A at end of this report Innovating Firsts 2 We understand and realize the future needs of our customers and consumers by building robust R&D platforms that deliver consumer-preferred solutions. Dedicated to driving differentiation, our goals for Vision 2020 are clear and achievable: for Fragrances, we aim to be the undisputed leader in delivery systems, new molecules and naturals; for Flavors, we are focused on modulation, delivery systems and naturals. Fragrance delivery systems via encapsulation Uniting IFF expertise in natural ingredients remain a must-win platform because it provides and our unique R&D pipeline with Lucas Meyer the greatest opportunity across all categories. Cosmetics’ (LMC) cosmetics ingredients We are pioneers in this technology. In 2006, we innovation has strengthened our product launched our first encapsulation product for offerings—and enabled IFF to differentiate Fabric Care—a solid growth driver and key in in the very attractive skin care and hair care differentiating brands we support. In 2015, our segments. LMC has a strong commercialization encapsulation-related sales increased to the pipeline of captive new molecules that comprises mid-teens. We expect this success to continue active ingredients, including anti-aging and as we enhance and evolve our technology and anti-wrinkle formulations; functional ingredients, as we expand into new areas, such as personal including emulsifiers and cooling effects; and care products. delivery systems, including long lasting effects. In 2015, LMC commercialized five patent- We are on our way to assume a leadership protected molecules demonstrating a robust position in new molecule development by pipeline that underscores our excellent 2020. The resulting fragrance ingredients position to capture the growth potential provide a greater competitive advantage for our in the short and long term. perfumers to use in their formulas and allow us increased differentiation among our peers. In In Flavors, our aim is to address consumers’ 2015, we commercialized four captive fragrance ever-growing need for health and wellness ingredients—a 50% increase from our annual offerings. Today’s consumers are more proactive average over the last decade—providing about their health than ever before and, as a greater confidence in our accelerated growth result, our major customers are prioritizing ambition. We also launched Amber Extreme™ modulation solutions. We are helping to meet —a previously captive fragrance ingredient— this growing need. This year, we launched for broad use within the fragrance industry. two natural modulators and our Savory and Sweet modulation technologies grew strong We will strengthen our leadership position in double-digits. naturals by continuing to develop responsible products. One route is to create innovative and Recent success in Latin America—a region with unique specialty scents derived from natural strong double-digit growth in 2015—reveals ingredients. We also intend to expand our that there is still room for innovative and portfolio of key ”Living” ingredients—which cost-effective solutions. One exciting global are critical to the Fine Fragrance and Beauty project on the horizon is a powder encapsulation Care categories—by sourcing new botanicals, system that delivers improved flavors at mastering cultivation, and performing extraction. the lowest possible price. 3 Winning Where We Compete 4 2015 was all about identifying key markets, categories and customers primed for growth. We initiated strategies across both our Flavors and Fragrances business units to achieve a leadership position in our home market of North America—a market with over $4.5 billion in potential. As part of this initiative and aligned with our renewed focus on M&A, we acquired Ottens Flavors and moved from #3 to #2 Flavors partner in North America. With a solid reputation for outstanding customer service and diverse flavor technologies, Ottens Flavors provides tremendous opportunities to leverage in the future. Our increased strategic efforts in the fast-growing economies of Africa and the Middle East reveal significant progress, including sales in the regions showing mid-teens growth on a currency neutral basis. We’ve also aligned our operations to fully support the efforts of our global customers who recognize the potential benefits of expanding into promising markets. We turned our attention to specific value- enhancing categories, including Fine Fragrances and Home Care, as well as key growth customers across both business units. For Fine Fragrances, we intend to increase growth by focusing on fast- growing end-market customers, concentrating on several fast-moving, smaller brands in order to increase our position. In Home Care, the largest consumer fragrance category in North America, we plan to leverage our global center of excellence to further accelerate growth. This year, the category was up high-single-digits globally and mid-single- digits in North America, further evidence that our strategy is on the right track. 5 Becoming Our Customers’ Partner of Choice Commercial excellence —this is our goal. To achieve it, we are building upon our efforts to offer our customers in-depth and local consumer insights, industry-leading innovation, outstanding service, and the highest quality products available. This is how we remain an essential partner and provide incremental business opportunities for our customers and for IFF. In 2015, we launched our refreshed branding, Cosmetics won the 2015 Gold Award for the unveiling a new website, purpose statement, Innovation Zone Best Active Ingredient at the visual identity, and tone of voice. All of renowned In-cosmetics Asia Conference. which are geared towards showcasing IFF’s vision, imagination, and innovative When it comes to winning future business, focus to customers, employees, and of however, we know that it is imperative to course, shareholders. stay on our customers’ core lists. We are achieving this by investing in our R&D It was also a year of considerable progress — capabilities, developing consumer insights, and customers took note. We won the and expanding our understanding of North American Innovation Award for thought- regulatory requirements. In 2015, we leadership with one of our largest Flavors reaffirmed or expanded
Load more

Recommended publications
  • Joy Harjo Reads from 'Crazy Brave' at the Central Library
    Joy Harjo Reads From 'Crazy Brave' at the Central Library [0:00:05] Podcast Announcer: Welcome to the Seattle Public Library's podcasts of author readings and Library events; a series of readings, performances, lectures and discussions. Library podcasts are brought to you by the Seattle Public Library and Foundation. To learn more about our programs and podcasts visit our website at www.spl.org. To learn how you can help the Library Foundation support the Seattle Public Library go to foundation.spl.org. [0:00:40] Marion Scichilone: Thank you for joining us for an evening with Joy Harjo who is here with her new book Crazy Brave. Thank you to Elliot Bay Book Company for inviting us to co-present this event, to the Seattle Times for generous promotional support for library programs. We thank our authors series sponsor Gary Kunis. Now, I'm going to turn the podium over to Karen Maeda Allman from Elliott Bay Book Company to introduce our special guest. Thank you. [0:01:22] Karen Maeda Allman: Thanks Marion. And thank you all for coming this evening. I know this is one of the readings I've most look forward to this summer. And as I know many of you and I know that many of you have been reading Joy Harjo's poetry for many many years. And, so is exciting to finally, not only get to hear her read, but also to hear her play her music. Joy Harjo is of Muscogee Creek and also a Cherokee descent. And she is a graduate of the Iowa Writers Workshop at the University of Iowa.
    [Show full text]
  • MUSIC and MOVEMENT in PIXAR: the TSU's AS an ANALYTICAL RESOURCE
    Revis ta de Comunicación Vivat Academia ISSN: 1575-2844 Septiembre 2016 Año XIX Nº 136 pp 82-94 DOI: https://doi.org/10.15178/va.2016.136.82-94 INVESTIGACIÓN/RESEARCH Recibido: 18/12/2015 --- Aceptado: 27/05/2016 --- Publicado: 15/09/2016 Recibido: 18/12/2015 --- Aceptado: 27/05/2016 --- Publicado: 15/09/2016 MUSIC AND MOVEMENT IN PIXAR: THE TSU’s AS AN ANALYTICAL RESOURCE Diego Calderón Garrido1: University of Barcelona. Spain [email protected] Josep Gustems Carncier: University of Barcelona. Spain [email protected] Jaume Duran Castells: University of Barcelona. Spain [email protected] ABSTRACT The music for the animation cinema is closely linked with the characters’ movement and the narrative action. This paper presents the Temporary Semiotic Units (TSU’s) proposed by Delalande, as a multimodal tool for the music analysis of the actions in cartoons, following the tradition of the Mickey Mousing. For this, a profile with the applicability of the nineteen TSU’s was applied to the fourteen Pixar movies produced between 1995-2013. The results allow us to state the convenience of the use of the TSU’s for the music comprehension in these films, especially in regard to the subject matter and the characterization of the characters and as a support to the visual narrative of this genre. KEY WORDS Animation cinema, Music – Pixar - Temporary Semiotic Units - Mickey Mousing - Audiovisual Narrative – Multimodality 1 Diego Calderón Garrido: Doctor in History of Art, titled superior in Modern Music and Jazz music teacher and sound in the degree of Audiovisual Communication at the University of Barcelona.
    [Show full text]
  • Brave Waiting No
    Sermon #1371 Metropolitan Tabernacle Pulpit 1 BRAVE WAITING NO. 1371 A SERMON DELIVERED ON LORDS-DAY MORNING, AUGUST 26, 1877, BY C. H. SPURGEON, AT THE METROPOLITAN TABERNACLE, NEWINGTON. “Wait on the Lord: be of good courage and He shall strengthen your heart: wait, I say, on the Lord.” Psalm 27:14. THE Christian’s life is no child’s play. All who have gone on pilgrimage to the celestial city have found a rough road, sloughs of despond and hills of difficulty, giants to fight and tempters to shun. Hence there are two perils to which Christians are exposed—the one is that under heavy pressure they should start away from the path which they ought to pursue—the other is lest they should grow fearful of failure and so become faint-hearted in their holy course. Both these dangers had evidently occurred to David and in the text he is led by the Holy Spirit to speak about them. “Do not,” he seems to say, “do not think that you are mistaken in keeping to the way of faith. Do not turn aside to crooked policy. Do not begin to trust in an arm of flesh, but wait upon the Lord.” And, as if this were a duty in which we are doubly apt to fail, he repeats the exhortation and makes it more emphatic the second time, “Wait, I say, on the Lord.” Hold on with your faith in God. Persevere in walking according to His will. Let nothing seduce you from your integrity—let it never be said of you, “You ran well, what did hinder you that you did not obey the truth?” And lest we should be faint in our minds, which was the second danger, the psalmist says, “Be of good courage, and He shall strengthen your heart.” There is really nothing to be depressed about.
    [Show full text]
  • A Brave New World (PDF)
    Dear Reader: In Spring 2005, as part of Cochise College’s 40th anniversary celebration, we published the first installment of Cochise College: A Brave Beginning by retired faculty member Jack Ziegler. Our reason for doing so was to capture for a new generation the founding of Cochise College and to acknowledge the contributions of those who established the College’s foundation of teaching and learning. A second, major watershed event in the life of the College was the establishment of the Sierra Vista Campus. Dr. Ziegler has once again conducted interviews and researched archived news­ paper accounts to create a history of the Sierra Vista Campus. As with the first edition of A Brave Beginning, what follows is intended to be informative and entertaining, capturing not only the recorded events but also the memories of those who were part of expanding Cochise College. Dr. Karen Nicodemus As the community of Sierra Vista celebrates its 50th anniversary, the College takes great pleas­ ure in sharing the establishment of the Cochise College Sierra Vista Campus. Most importantly, as we celebrate the success of our 2006 graduates, we affirm our commitment to providing accessible and affordable higher education throughout Cochise County. For those currently at the College, we look forward to building on the work of those who pio­ neered the Douglas and Sierra Vista campuses through the College’s emerging districtwide master facilities plan. We remain committed to being your “community” college – a place where teaching and learning is the highest priority and where we are creating opportunities and changing lives. Karen A.
    [Show full text]
  • The Wild Robot.Pdf
    Begin Reading Table of Contents Copyright Page In accordance with the U.S. Copyright Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of the publisher is unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than for review purposes), prior written permission must be obtained by contacting the publisher at [email protected]. Thank you for your support of the author’s rights. To the robots of the future CHAPTER 1 THE OCEAN Our story begins on the ocean, with wind and rain and thunder and lightning and waves. A hurricane roared and raged through the night. And in the middle of the chaos, a cargo ship was sinking down down down to the ocean floor. The ship left hundreds of crates floating on the surface. But as the hurricane thrashed and swirled and knocked them around, the crates also began sinking into the depths. One after another, they were swallowed up by the waves, until only five crates remained. By morning the hurricane was gone. There were no clouds, no ships, no land in sight. There was only calm water and clear skies and those five crates lazily bobbing along an ocean current. Days passed. And then a smudge of green appeared on the horizon. As the crates drifted closer, the soft green shapes slowly sharpened into the hard edges of a wild, rocky island. The first crate rode to shore on a tumbling, rumbling wave and then crashed against the rocks with such force that the whole thing burst apart.
    [Show full text]
  • Brave-Esampler-Margie.Pdf
    Margie sets herself apart with a powerful and inspiring message, paired with her energetic, down-to-earth and disarming delivery. Margie’s insights helped me bolster my personal vision for a candid, collaborative and forward-leaning workplace. She provided practical advice on how to challenge ourselves and others to be more courageous, take more risks and find more success. Kathy Calvin, President and CEO, United Nations Foundation Nothing worthwhile is achieved living timidly and avoiding all risk. Brave will help you build the confidence to dare more boldly and live more bravely. Carolyn Cresswell, Company Founder and Managing Director, Carman’s Kitchen Fear and doubt are the two greatest enemies to success in business and life. Written for busy people on the go, this practical and encouraging book will guide you to achieve your greatest goals in work and life. Kate Carnell AO, CEO Australian Chamber of Commerce and Industry Brave will help you grow your ‘courage muscles’ to achieve your biggest dreams and wildest ambitions. Read it often. Practise it daily. Emma Isaacs, CEO, Business Chicks If you have ever doubted your ability to achieve these wildly big goals, you don’t need to any longer! Brave needs to become your most valuable book as it will give you useful insight, tips and tricks to ensure you live your life fully! Paul McKeown, Head of Retail, The Body Shop Many people doubt themselves too much, and back themselves too little (particularly us women!). If you want to live more bravely, more boldly, and more fully, this book was written for you! It’s a game changer.
    [Show full text]
  • Brave: the New Face of Princesses? by Aisling Breen May 2015
    Brave: The New Face of Princesses? By Aisling Breen May 2015 Page | 1 This dissertation has been submitted in partial fulfilment of the BA (Hons) Film degree at Dublin Business School. I confirm that all work included in this thesis is my own unless indicated otherwise. Aisling Breen May 2015 Supervisor: Barnaby Taylor Page | 2 Acknowledgements I would like to acknowledge the help, contribution and support from the following people. I would not have been able to complete this without them: Barnaby Taylor Martin Breen Siobhan Breen Jason Muddiman Shane Hegarty The Disney Store Cast Members DBS Library Brenda Chapman Mark Andrews Thank you so much for your help and support. I appreciate every bit of it. Page | 3 Table of Contents Chapter 1 Page Introduction 5 The History of Animation 6 Chapter 2 Animation 11 Background of the Company 15 Chapter 3 Origins of Brave 19 Chapter 4 The Film 23 About Brave 27 Chapter 5 Responses to the Film 30 To Change or Not to Change 33 Chapter 6 Conclusion 36 References 43 Bibliography 45 Filmography 48 Page | 4 Chapter 1 Introduction The Pixar Animation Studios have been around for many years and in those years it has made some outstanding feature and short films. It has exchanged hands three times but has kept its flare and individuality. It is the company that has created some ground breaking technology that has changed how animation looks and is received today. It is the company that is making history for all the right reasons and makes childhood memorable and creating memories for the adults.
    [Show full text]
  • Summer Camp Song Book
    Summer Camp Song Book 05-209-03/2017 TABLE OF CONTENTS Numbers 3 Short Neck Buzzards ..................................................................... 1 18 Wheels .............................................................................................. 2 A A Ram Sam Sam .................................................................................. 2 Ah Ta Ka Ta Nu Va .............................................................................. 3 Alive, Alert, Awake .............................................................................. 3 All You Et-A ........................................................................................... 3 Alligator is My Friend ......................................................................... 4 Aloutte ................................................................................................... 5 Aouettesky ........................................................................................... 5 Animal Fair ........................................................................................... 6 Annabelle ............................................................................................. 6 Ants Go Marching .............................................................................. 6 Around the World ............................................................................... 7 Auntie Monica ..................................................................................... 8 Austrian Went Yodeling .................................................................
    [Show full text]
  • THE COLLECTED POEMS of HENRIK IBSEN Translated by John Northam
    1 THE COLLECTED POEMS OF HENRIK IBSEN Translated by John Northam 2 PREFACE With the exception of a relatively small number of pieces, Ibsen’s copious output as a poet has been little regarded, even in Norway. The English-reading public has been denied access to the whole corpus. That is regrettable, because in it can be traced interesting developments, in style, material and ideas related to the later prose works, and there are several poems, witty, moving, thought provoking, that are attractive in their own right. The earliest poems, written in Grimstad, where Ibsen worked as an assistant to the local apothecary, are what one would expect of a novice. Resignation, Doubt and Hope, Moonlight Voyage on the Sea are, as their titles suggest, exercises in the conventional, introverted melancholy of the unrecognised young poet. Moonlight Mood, To the Star express a yearning for the typically ethereal, unattainable beloved. In The Giant Oak and To Hungary Ibsen exhorts Norway and Hungary to resist the actual and immediate threat of Prussian aggression, but does so in the entirely conventional imagery of the heroic Viking past. From early on, however, signs begin to appear of a more personal and immediate engagement with real life. There is, for instance, a telling juxtaposition of two poems, each of them inspired by a female visitation. It is Over is undeviatingly an exercise in romantic glamour: the poet, wandering by moonlight mid the ruins of a great palace, is visited by the wraith of the noble lady once its occupant; whereupon the ruins are restored to their old splendour.
    [Show full text]
  • Ep I Scoml Cirk11m En S Outhr~
    iSZ~ EP I SCOML CIRK11M EN for S OUTHR~ Room 1005 • 853 Broadway, New York, N . Y. 10003 • Phone : (212) 477-0066 —For A Free Southern Africa JANUARY . NAMIBIA - Whittling Away 1979 The South African regime has won yet another round for maintaining the whip hand in Namibia . Pretoria's anointed Democratic Turnhalle Alliance was pro- claimed the winner of the Pretoria .-run early December 1978 elections for a constituent assembly in the Territory, an exercise of continued defiance of the United Nations- which the Security Council has pronounced 'null and , void' . South Africa, long experienced in dealing with its colony and with the out- side world, is playing close-to-the-chest and taking sure risks . Justin El- ls' article herein details why the South African rulers are so everlasting- ly successful in controlling Namibia as their very own. Bomb explosions in Windhoek on the eve of the elections made it convenient for the South African Police to detain SWAPO's leadership in the city. month later another bomb explosion in the seaside resort of Swakopmund af- forded another opportunity to arrest SWAPO leaders . Although they were re- leased later, Pretoria exerts constant pressures on Namibia's strongest and most integral national political organization . (So too the campaign against Namibian churches who have consistently and publicly stood up against South African occupation and its fraudulent and intimidatory practices :late night on 4 December, security police raided the offices of the Anglican diocese in Windhoek - looking for . arms and ammunition, they said .) SWAPO and several smaller parties refused to contest the Pretorian elections, yet the probabil- ity of a second election under UN observation and the prospect of a SWAPO vic- tory spurs Pretoria to work ever more industriously at strengthening the odds in its favor.
    [Show full text]
  • Study on the Societal Acceptance of Urban Air Mobility in Europe
    Study on the societal acceptance of Urban Air Mobility in Europe May 19, 2021 Confidential and proprietary. Any use of this material without specific permission of EASA is strictly prohibited. 8A0846_Report_Spreads_210518_Langversion.indd 1 19.05.2021 12:55:16 Further information and the full survey insights are available at easa.europa.eu/UAM This study has been carried out for EASA by McKinsey & Company upon award of a specific contract implementing a running multiple framework contract for the provision of consultancy services. Consequently, it does not necessarily express the views of EASA itself, nor should it be relied upon as a statement, as any form of warranty, representation, undertaking, contractual, or other binding commitment upon EASA. Ownership of all copyright and other IPR in this material including any documentation, data and technical information, remains vested to EASA. All logo, copyrights, trademarks, that may be contained within, are the property of their respective owners. Reproduction of this study, in whole or in part, is permitted under the condition that this Disclaimer remains clearly and visibly affixed in full at all times with such reproduced part. This study has measured the attitude of the EU society towards UAM early 2021, well in advance of future deployment in EU cities foreseen around 2024-2025. The results have been generated with best effort at this point in time, however public perception may change over time once citizens are exposed to actual UAM operations. 8A0846_Report_Spreads_210518_Langversion.indd 2 19.05.2021 12:55:16 Executive Summary New technologies such as the enhancement of battery technologies and electric propulsion as well as major investments made into start-ups are enabling the development of new vertical take-off and landing Urban Air Mobility (UAM) aircraft.
    [Show full text]
  • English Assessment Report 2016
    ENGLISH MAJOR PROGRAM ASSESSMENT REPORT 2016 GUIDING QUESTIONS 1. What are the Student Learning Outcomes (SLOs) for your unit? How do you inform the public and other stakeholders (students, potential students, the community) about your SLOs? Students who earn the Bachelor of Arts in English should: 1. Demonstrate the ability to write fluently, concisely, and clearly; 2. Demonstrate the ability to read literary texts analytically and critically; 3. Demonstrate good research skills; 4. Demonstrate an understanding of literary history, including literary movements and the evolutions of the genres; 5. Demonstrate knowledge of the history and structure of the English language. These learning outcomes are on all course syllabi (see Appendix A), in the university catalogue, and on the School of Arts and Humanities website: http://www.uamont.edu/pages/school-of-arts- humanities/learning-outcomes// 2. Describe how your unit’s Student Learning Outcomes fit into the mission of the university. The University of Arkansas at Monticello Mission Statement reads as follows: The University of Arkansas at Monticello shares with all universities the commitment to search for truth and understanding through scholastic endeavor. The University seeks to enhance and share knowledge, to preserve and promote the intellectual content of society, and to educate people for critical thought. The University provides learning experiences which enable students to synthesize knowledge, communicate effectively, use knowledge and technology with intelligence and responsibility, and act creatively within their own and other cultures. The University strives for excellence in all its endeavors. Educational opportunities encompass the liberal arts, basic and applied sciences, selected professions, and vocational and technical preparation.
    [Show full text]