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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. -
New Launches News
the scent post A MONTHLY UPDATE ON THE LATEST FRAGRANCE NEWS new launches top new videos poison girl roller pearl | DIOR les merveilleuses ladurée arizona coco mademoiselle intense english fields LADURÉE PROENZA SCHOULER CHANEL JO MALONE NEW FRAGRANCE NEW FRAGRANCE RANGE EXTENSION LIMITED EDITION news arizona | PROENZA SCHOULER elevator music hermè s creates a sense of miller harris’ concept meta cacti the fragrance created by ritual around its scents store heightens the by chiaozza byredo and off-white senses in canary wharf x régime des fleurs x | brrch floral coco mademoiselle edp intense CHANEL FRAGRANCE NEWS hermessence Hermès creates a sense of ritual around its scents Fashion house Hermès is expanding its perfume offering with a new range consisting of eaux de toilette and essences de parfum scents. Part of its Hermessence collection, the oil-based essences de parfum mark a departure for the brand, which has until now only created the lighter eaux de toilette. Intended to be worn either as a base for other fragrances or on their own, the fragrances add an additional layer to the ritual of putting on perfume, an idea explored in the Multisensory Beauty microtrend. The musk-based scent profiles, Cardamusc and Musc Pallida, draw on cardamom and iris oils, both of which are known for their wellness properties, including use as a decongestant. In line with Psychoactive Scents, as the wellness and beauty sectors become increasingly entwined, brands are exploring new ways to combine the properties of essential oils with high-end scents. FRAGRANCE NEWS miller harris’ concept store heightens the senses A very vibrant force has landed in Cabot Place, Canary Wharf. -
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. -
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. -
Paris, March 20, 2017 MAISON FRANCIS KURKDJIAN JOINS the LVMH GROUP Motivated by a Shared Vision of French Perfume Making and Th
Paris, March 20, 2017 MAISON FRANCIS KURKDJIAN JOINS THE LVMH GROUP Motivated by a shared vision of French perfume making and the creativity that inspires it, LVMH and Maison Francis Kurkdjian have announced their association in order to jointly pursue the long-term development of the fragrance House. Under the agreement LVMH will acquire a majority share in Maison Francis Kurkdjian. Marc Chaya and Francis Kurkdjian will continue in their current roles as Chief Executive Officer and Creative Director, respectively, and will remain shareholders of the company. Maison Francis Kurkdjian has since its founding in 2009 created contemporary fragrances characterized by excellence, savoir-faire and audacity. Consistent with the vision of the two founders, Maison Francis Kurkdjian is emblematic of a new generation of exclusive and atypical fragrance Houses. The House’s fragrance collection is conceived as a “fragrance wardrobe”. Committed to uncompromising quality in the unique tradition of French fine perfumery, the House at the same time proposes a contemporary vision of the art of creating and wearing perfume. Maison Francis Kurkdjian is currently present in 40 countries and in 2016 became a member of the Comité Colbert, the association that promotes French luxury and art de vivre around the world. Internationally-renowned perfumer Francis Kurkdjian has designed visionary fragrances that meld exacting quality and contemporary flair for leading names in beauty and fashion. He has in particular collaborated with several LVMH Houses, including Acqua di Parma, Christian Dior, Guerlain and, most recently, Kenzo. For more than 20 years he has explored new creative territories in fragrances through his own bespoke fragrance atelier, collaborations with artists and pop-up installations. -
Male Fragrances That Evoke a Feral Growl, Full-Blown Tempests Or The
A WHIFF OF DANGER Male fragrances that evoke a feral growl, full-blown tempests or the swaggering brio of ancient Rome are a bullseye for those who embrace their masculinity, says Lucia van der Post. Photograph by Omer Knaz he first scent I ever truly fell in love with was Schiaparelli’s Shocking, made by the great Jean Carles, and I came across it because my father wore it. I still remember the shock of pleasure when that first light floral note hit me, then the sense of surprise as the herbs, sandalwood and honey began to emerge, and finally it became sexier and more earthy as the oakmoss and what I now know Tto be civet took over. I remember, too, old-fashioned child that I was, that I thought it strange that my markedly heterosexual father wore a scent that seemed so voluptuous and so clearly aimed at women. Today, nobody would think anything of it. Speak to connoisseurs of perfume and as one they reject the notion of male and female scents. As Roja Dove, éminence grise of the perfume world, puts it: “For years floral notes were associated with feminine perfumes and – since men were considered strutting, predatory things – woody, mossy, earthy materials were linked with masculine ones, but the boundaries nowadays have become much more blurred. A rose, after all, has neither a penis nor a vagina – a rose on a man is a masculine rose, a rose on a woman is a feminine rose.” Violet, a note that one would have thought was largely feminine, was much beloved by Italian dandies in the late 19th and early 20th centuries, and it was an overdose of violet that made Geoffrey Beene’s Grey Flannel (£45 for 60ml EDT, to which much-respected perfume scholar Luca Turin awards five stars, calling it “a masterpiece”) such a success when it was launched in Clockwise from far left: 1975. -
Download ATELIER, Our Brand Collection
ATELIER _ our Brand Portfolio Acqua dell’Elba is the Essence of the Sea. Its uniqueness lies in the creation of artisan fragrances inspired by the sea in one of the most beautiful island of the Mediterranean Sea. Each product is created by expert Tuscan craftsmen using natural raw materials of the highest quality. Acqua dell’Elba is a family-run artisan fragrance house from Tuscany, started 18 years ago in Marciana Marina. It has a network of 28 branded retail outlets: 19 on Elba Island and 9 further stores located in some of Italy’s most beautiful destinations (Florence, Rome, Siena, Lucca, Como, Venice and Palermo). It has also developed a network of over 580 independent perfumeries across Italy that stock the products. Argan History Imagine walking in a semi-desert place, where dry winds blow and the earth breaks due to the lack of water. This is where Argan plants grow. With wide and rounded crowns, dark green and leathery leaves, gnar- led trunks, these incre- dible trees survive the difficult conditions of the Souss plain, giving life to a precious fru- it, whose oil has sur- prising properties. Even today, Argan berries are harvested by the expert hands of Berber women, who extract oil in a traditional way, through a very ancient process. Pure Argan oil is a rare and precious ingredient, a beauty ritual handed down for centuries for the care and rejuvena- tion of skin and hair. Argan Beneficial Properties Extremely rich in vitamin A, vitamin E, Omega-6 and anti- oxidants, Argan oil has always been known for its nutritional and moisturizing properties. -
Here Comes the Budget Bride the Biggest News in Fashion This Week Isn’T on the Milan Runways
The Inside: Pg. 18 ICAHN’S FEDERATED MOVE/3 KELLWOOD’S BUY/3 Where LoyaltyWWD Lies WWDWomen’s Wear Daily • The Retailers’THURSDAY Daily Newspaper • September 28, 2006 • $2.00 List Sportswear Here Comes the Budget Bride The biggest news in fashion this week isn’t on the Milan runways. Rather, it hails from the wonderful world of high- low, where Viktor & Rolf and H&M have gotten hitched for a short-term marriage. It’s that very idea that inspired Viktor Horsting and Rolf Snoeren, who discussed details of the collaboration exclusively with WWD. The ultimate object of their wedded bliss: this 298 euro, or $380, wedding gown, pictured here with Horsting and Snoeren in the ad campaign shot by Inez van Lamsweerde and Vinoodh Matadin. For more on the season, see pages 6 to 9. Chloé to Name Marni’s Paolo Melin Anderson as Head Designer By Miles Socha French fashion house later this about its succession plan after its hloé has tapped a senior, but year. show during Paris Fashion Week. Chidden, talent from Marni to Reached late on Wednesday, a Anderson, a Swedish native who succeed Phoebe Philo, WWD has Chloé spokesman said only, “We has worked at Marni for several learned. do not comment on rumors.” years, will assume the design According to sources, Paolo However, the house said recently helm at one of the fastest-growing Melin Anderson will join the it would make an announcement See Chloé, Page 10 WWDTHURSDAYWWD.COM Sportswear FASHION ™ For better or worse, themes played a big role in the Milan collections, from a silvery space theme to a football game to a fashion safari. -
Perfumes to Pout About Fragrance Isn’T the Only Cosmetic That Leaves an Impression, Says Victoria Frolova
Perfumes to pout about Fragrance isn’t the only cosmetic that leaves an impression, says Victoria Frolova. Illustration by Maxwell Burnstein don’t remember the colour of my first lipstick, but I recall its scent. I was passing through the local department store in Chicago, aged 15, when an array of shiny, black tubes at the Chanel counter drew my attention. They promised the glamour and sophistication that I desperately craved. I was making Iswatches of the different tones of pinks and reds on the back of my hand when, suddenly, I became aware of the fragrance of roses. The wave that swept over me was so intense that my eyes welled with tears. The scent reminded me of my great-grandmother, Asya, who adored rose essence; its sweetness enveloped her and always left a rich sillage in her wake. Even her lipstick smelled of roses. When Asya wasn’t around, I furtively sniffed her rouge compact, its fragrance evoking her soft cheeks and melodious laughter. The make-up worn by the women in my family, the lotions they swept onto their skin and the shampoo they lathered into their hair always intrigued me – but nothing more so than lipstick, with its captivating aroma. All those years later at the beauty counter, I was reminded so vividly of my late great-grandmother and her lipstick that I felt her presence. Still reeling, I handed over my entire allowance and left the store without a penny to my name, but with a beautiful, powerful accessory. I don’t believe I ever wore it. -
Perfume Engineering Perfume Engineering Design, Performance & Classification
Perfume Engineering Perfume Engineering Design, Performance & Classification Miguel A. Teixeira, Oscar Rodríguez, Paula Gomes, Vera Mata, Alírio E. Rodrigues Laboratory of Separation and Reaction Engineering (LSRE) Associate Laboratory Department of Chemical Engineering Faculty of Engineering of University of Porto Porto, Portugal P. Gomes and V. Mata are currently at i-sensis company S. João da Madeira, Portugal AMSTERDAM • BOSTON • HEIDELBERG • LONDON NEW YORK • OXFORD • PARIS • SAN DIEGO SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB, UK 225 Wyman Street, Waltham, MA 02451, USA First published 2013 Copyright r 2013 Elsevier Ltd. All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system, without permission in writing from the publisher. Details on how to seek permission, further information about the Publisher’s permissions policies and our arrangement with organizations such as the Copyright Clearance Center and the Copyright Licensing Agency, can be found at our website: www.elsevier.com/permissions This book and the individual contributions contained in it are protected under copyright by the Publisher (other than as may be noted herein). Notices Knowledge and best practice in this field are constantly changing. As new research and experience broaden our understanding, changes in research methods, professional practices, or medical treatment may become necessary. Practitioners and researchers must always rely on their own experience and knowledge in evaluating and using any information, methods, compounds, or experiments described herein. -
Fragonard Magazine N°9 - 2021 a Year of PUBLICATION DIRECTOR and CHIEF EDITOR New Charlotte Urbain Assisted By, Beginnings Joséphine Pichard Et Ilona Dubois !
MAGAZINE 2021 9 ENGLISH EDITORIAL STAFF directed by, 2021, Table of Contents Agnès Costa Fragonard magazine n°9 - 2021 a year of PUBLICATION DIRECTOR AND CHIEF EDITOR new Charlotte Urbain assisted by, beginnings Joséphine Pichard et Ilona Dubois ! ART DIRECTOR Claudie Dubost assisted by, Maria Zak BREATHE SHARE P04 Passion flower P82 Audrey’s little house in Picardy AUTHORS Louise Andrier P10 News P92 Passion on the plate recipes Jean Huèges P14 Laura Daniel, a 100%-connected by Jacques Chibois Joséphine Pichard new talent! P96 Jean Flores & Théâtre de Grasse P16 Les Fleurs du Parfumeur Charlotte Urbain 2020 will remain etched in our minds as the in which we all take more care of our planet, CELEBRATE CONTRIBUTORS year that upturned our lives. Yet, even though our behavior and our fellow men and women. MEET P98 Ten years of acquisitions at the Céline Principiano, Carole Blumenfeld we’ve all suffered from the pandemic, it has And especially, let’s pledge to turn those words P22 Musée Jean-Honoré Fragonard leading the way Eva Lorenzini taught us how to adapt and behave differently. into actions! P106 A-Z of a Centenary P24 Gérard-Noel Delansay, Clément Trouche As many of you know, Maison Fragonard is a Although uncertainty remains as to the Homage to Jean-François Costa a familly affair small, 100% family-owned French house. We reopening of social venues, and we continue P114 Provence lifestyle PHOTOGRAPHERS enjoy a very close relationship with our teams to feel the way in terms of what tomorrow will in the age of Fragonard ESCAPE Olivier Capp and customers alike, so we deeply appreciate bring, we are over the moon to bring you these P118 The art of wearing perfume P26 Viva România! Eva Lorenzini your loyalty. -
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.