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IFF-Annual-Report-2019-Full Spread.Pdf THE NEXT ANNUAL 2019 REPORT ERA OF IFF INTERNATIONAL FLAVORS & FRAGRANCES INC. | ANNUAL REPORT 2019 YEAR IN REVIEW Recognized 2 externally with a 2019 Noteworthy Award from Diversity Inc Top 50 Companies for Diversity Announced anticipated combination with DuPont’s Nutrition & Biosciences (N&B) business 0 Awarded a place on CDP’s “ ” Named to Barron’s 100 Most prestigious "A" List for Sustainable Companies list Climate Change and for second consecutive year Water Security A Lister 1 Achieved significant cost synergies of Announced intention to expand Tastepointsm model in multiple ~50M geographies around the from Frutarom world to serve dynamic well ahead of our 9 middle-market customers year-one targets Opened the Delivered a industry’s largest significant increase solar array at its in operating and free Union Beach, cash flow** – increasing New Jersey 60% and 73% respectively property versus prior year Reduced net debt to EBITDA FULL-YEAR 2019 RESULTS leverage by 40 bps to Company Financials 3.2x ADJUSTED OPERATING SALES PROFIT* $5.1 $793 BILLION MILLION Andreas Fibig Reconfirmed Chairman and commitment to ADJUSTED EPS EX Chief Executive Officer mitigate climate change ADJUSTED EPS* AMORTIZATION* by signing the UN’s Business Ambition for 1.5°C: Our Only Future pledge $4.88 $6.17 DEAR FELLOW Five years ago, IFF boldly re-imagined what this company could SHAREHOLDERS, be. As a CEO new to the role, but not new to the company, I was committed to working with the innovators and visionaries within CUSTOMERS & the IFF fold to re-establish the Company’s leadership position * Adjusted Operating Profit, Adjusted EPS & Adjusted EPS Ex Amortization are Non-GAAP metrics. EMPLOYEES and strengthen our value proposition for all our stakeholders. ** Free cash flow is defined as operating cash flow less capital expenditures. Please see our GAAP to Non-GAAP metrics in Exhibit A at the end of this report. Fast forward to today and IFF has experienced a remarkable We refreshed our talent and organization practices to embrace transformation that positions us to truly redefine our industry and a high-performing corporate culture based on three main pillars: better meet our customers’ evolving needs. We’ve built on our extreme accountability, bias for action and effective collaboration. successful effort to reassert our leadership in flavors and fragrances Foundationally, we’ve made strong advancements in our employee to set our sights on becoming the preeminent partner in taste, scent base by improving succession planning, objective setting and and nutrition. Our dedicated focus on our customers and the global employee training. And organizationally, we’ve formalized diversity & consumer has led us to create sensorial experiences that range from inclusion even more thoroughly with the launch of three employee-led developing Michelle Pfeiffer’s Henry Rose fragrances made with EWG® colleague communities, bringing our resource groups to a total of verified and Cradle to Cradle™ certified ingredients, to crafting bold four - all of which operate locally at a grassroots level and work to flavors and satisfying mouthfeel for alternative protein products. direct the global path forward. The pervasive efforts of our employees have been recognized externally with a 2019 Noteworthy Award from Following a full year of integrating the talent and technologies of Diversity Inc Top 50 Companies for Diversity, an EDGE certification legacy Frutarom into the IFF family, we have begun to realize the (US) and a perfect score for the second year in a row on the Human powerful potential of our combined capabilities that we identified Rights Campaign Foundation’s Corporate Equality Index, earning us when we first struck the partnership. With Frutarom, we now have another Best Place to Work for LGBTQ Equality award. We’ve also the strongest innovation pipeline in IFF history and have exponentially made strong commitments towards parity in 2019 by adopting expanded our capabilities in fast-growing categories such as food the UN Women’s Empowerment Principles and signing onto the protection, inclusions, cosmetic actives and health ingredients. UN Global LGBTI Standards of Conduct for Business. But the acquisition of Frutarom was only the first step in our strategic As we’ve embarked on this ambitious growth trajectory, our journey. Our late-in-the-year announcement of an agreement to sustainability priorities have remained a clear focus through each combine with DuPont’s Nutrition & Biosciences business (N&B) initiative. IFF’s mission to do better for people and the planet only represents the next leap forward for IFF as we advance toward strengthened in 2019. Building on our EcoEffective+ environmental delivering integrated solutions as a stronger innovation and creative initiative that defines our 2025 emissions goals and our long-standing partner for our customers. Our combination with N&B will create commitment to the Paris Climate Agreement, IFF became a signatory a new global leader with an enhanced ability to deliver full-scale to the UN’s Business Ambition for 1.5° C: Our Only Future pledge. solutions to thousands of customers across a broad range of end-use Last year, for the fourth time, we placed on the CDP’s Climate markets, including food & beverage, home & personal care and health Change “A” list and, we are pleased to say, made our debut placement & wellness. Upon completion, we expect our combined company on the CDP “A” list for water security, placing the Company among will be valued north of $30 billion with a combined pro forma 2019 a prestigious group of global environmental leaders with Double-A revenue of more than $11 billion and $2.6 billion of EBITDA – more distinction. Additional distinctions for corporate responsibility included than doubling where we are today. REDEFINING HOW being named to CR Magazine’s 100 Best Corporate Citizens and the Euronext Vigeo World 120 Index for Corporate Social Responsibility. WE LIVE IN AND In 2019, we launched Vision 2021 – building the next era of IFF – and unveiled our organizational purpose – to redefine & transform how we CARE FOR THE In addition to our responsible sourcing and partnering with others who live in and care for the resources of our world. We also released an RESOURCES hold our same environmental values, we’re also exploring ways to make entirely unique brand identity, including our first logo change in 40 OF OUR WORLD our manufacturing footprint more sustainable. In New Jersey, we’ve years. Together, these initiatives have laid the foundation for a thriving recently repurposed a brownfield by installing the industry’s largest future with greater opportunities for our colleagues, customers solar array, which is large enough to power our entire R&D facility. and shareholders. By better defining our vision and purpose, the With all future facility investments and projects underway, we prioritize organization shares an aligned focus on our path to grow in the opportunities to build in ways that reduce waste, leverage clean marketplace while empowering our employees to take even more renewable energy and increase water stewardship. ownership and do more good. 2 3 Recent investments in our new Center of Excellence for Food Service and Seasonings in Carrollton, Texas, the opening of our Home & Fabric DO MORE GOOD Care Innovation Center at Bell Works in Holmdel, New Jersey and the openings of our Global Service Center in Budapest and L’Atelier du Parfumeur in Grasse, France reflect this commitment to environmentally responsible real estate development. I am pleased to say we delivered strong financial results in the year as well, including record-setting sales of $5.1 billion. We also expanded our adjusted profit margin* and delivered $6.17 of adjusted EPS* – a testament to our team’s focus, dedication and commitment to ex amortization deliver strong results while executing our long-term strategy. We also delivered a significant increase in operating and free cash flow** – increasing 60% and 73% respectively versus prior year – and reduced our net debt to EBITDA leverage by 40 bps to 3.2x – exemplifying the strong cash generation of our business. For the tenth consecutive year, we increased our quarterly dividend reflecting our Board’s confidence in our strategic vision and strong financial profile. As mentioned, 2019 was a transformational year for the company but one where we positioned IFF – including our shareholders, employees and customers – for long-term success. If you look back at our 2014 Annual Report, you’ll see that we promised a reinvention of our company – and thanks to our talent and leadership, I can proudly say we’ve delivered on that promise. Looking ahead, I’m excited for what the future will bring and confident that IFF is well-positioned to become a new global innovation integrated solutions leader delivering even more value for all of our stakeholders. Andreas Fibig Chairman and Chief Executive Officer 10-KInternational Flavors & Fragrances * Adjusted Operating Profit, Adjusted EPS & Adjusted EPS Ex Amortization are Non-GAAP metrics. ** Free cash flow is defined as operating cash flow less capital expenditures. 4 Please see our GAAP to Non-GAAP metrics in Exhibit A at the end of this report. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
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