DOCSLIB.ORG

2.2. Selective Perfumes Segment: Highly Competitive

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2.2. Selective Perfumes Segment: Highly Competitive INDEPENDENT RESEARCH Interparfums 8th June 2017 The scent of success Luxury & Consumer Goods Fair Value EUR41 (price EUR37.00) BUY Coverage initiated Bloomberg ITP FP We initiate coverage of Interparfums, an independent company Reuters IPAR.PA involved on the Perfumes segment sold in selective retail, with a BUY 12-month High / Low (EUR) 37.4 / 20.2 rating and a fair value of EUR41. Market capitalisation (EURm) 1,314 Enterprise Value (BG estimates EURm) 1,138 Avg. 6m daily volume ('000 shares) 13.30 Interparfums is a leading player in the global market for high-end Free Float 27.0% perfumes that are distributed selectively. The group is still controlled by its 3y EPS CAGR 13.0% Gearing (12/16) NM founders, Philippe Benacin and Jean Madar (73%). It operates in this Dividend yields (12/17e) 1.62% segment thanks to licencing agreements with luxury-goods groups (80% of revenues), but also via its own brands. YE December 12/16 12/17e 12/18e 12/19e Revenue (EURm) 365.60 416.00 458.00 500.00 EBIT(EURm) 49.90 57.00 63.00 69.00 Interparfums’ business model is very light. Production and packaging are Basic EPS (EUR) 0.90 1.04 1.15 1.30 Diluted EPS (EUR) 0.90 1.04 1.15 1.30 subcontracted. Moreover, licence agreements are valid for at least 10 years. EV/Sales 3.16x 2.74x 2.44x 2.19x The main licence is Montblanc (30% of sales), followed by Jimmy Choo EV/EBITDA 18.1x 15.8x 14.0x 12.6x EV/EBIT 23.1x 20.0x 17.7x 15.8x (22%). Lanvin (one of Interparfums’ own brands) accounts for 15% of P/E 41.2x 35.5x 32.0x 28.6x group revenues. ROCE 12.7 13.7 14.8 16.0 Over the past five years, pro-forma sales growth has averaged 16% per 36.1 annum, reflecting the group’s dynamic business model. However, management. The group attaches considerably importance to sales growth, 31.1 which we expect to average +11% per annum in 2016-19, nevertheless 26.1 with the operating margin almost stable at 13.5-14%, as management’s priority does not appear to be regular growth of operating profit. 21.1 16.1 With net cash holdings of EUR160m at end 2016, Interparfums says it is 04/12/15 04/03/16 04/06/16 04/09/16 04/12/16 04/03/17 04/06/17 INTERPARFUMS SXX EUROPE 600 ready to participate in a reshuffle of the global perfumes business, which looks likely since Coty acquired P&G’s cosmetics activities in 2016 and, more recently, signed a licence agreement with Burberry. To value the group, we have relied on the DCF method, as we do not consider the other perfume groups true comparables. Our DCF model suggests a Fair Value de EUR41 and we initiate coverage with a BUY rating. Analyst: Sector Analyst Team: Loïc Morvan Nikolaas Faes 33(0) 1 70 36 57 24 Antoine Parison [email protected] Virginie Roumage Cedric Rossi r r Interparfums Simplified Profit & Loss Account (EURm) 2014 2015 2016 2017e 2018e 2019e Revenues 297 327 366 416 458 500 Change (%) -15.2% 10.2% 11.7% 13.8% 10.1% 9.2% Adjusted EBITDA 41.8 58.1 63.9 72.0 80.0 87.0 EBIT 31.3 45.8 49.9 57.0 63.0 69.0 Change (%) -40.2% 46.3% 9.0% 14.2% 10.5% 9.5% Financial results 2.8 (0.70) 0.0 1.0 1.0 1.0 Pre-Tax profits 34.1 45.1 49.9 58.0 64.0 70.0 Tax (11.1) (16.0) (18.0) (21.0) (23.0) (24.0) Profits from associates 0.0 0.0 0.0 0.0 0.0 1.0 Minority interests 0.0 0.0 0.0 0.0 0.0 1.0 Net profit 23.0 29.1 31.9 37.0 41.0 46.0 Restated net profit 23.0 29.1 31.9 37.0 41.0 46.0 Change (%) -34.1% 26.5% 9.6% 16.0% 10.8% 12.2% Cash Flow Statement (EURm) Operating cash flows 33.0 43.0 43.0 51.0 55.0 60.0 Change in working capital 17.0 9.8 (3.0) 14.7 10.9 11.6 Capex, net 2.0 3.0 2.0 3.0 3.0 3.0 Financial investments, net 24.0 108 3.0 0.0 0.0 0.0 Dividends 12.0 13.2 16.0 17.6 19.4 21.3 Other (24.0) 0.0 0.0 0.0 0.0 0.0 Net debt (225) (135) (160) (175) (197) (221) Free Cash flow 14.0 30.2 44.0 33.3 41.1 45.4 Balance Sheet (EURm) Tangible fixed assets 5.2 5.9 7.0 7.0 7.0 7.0 Intangibles assets 69.4 173 163 163 163 163 Cash & equivalents 225 226 230 246 268 292 current assets 129 150 159 169 180 192 Other assets 12.8 13.4 15.0 14.8 14.8 14.8 Company description Total assets 441 568 574 600 632 668 Interparfums Group, indirectly L & ST Debt 0.0 90.5 70.0 70.3 70.3 70.3 controled by Philippe Benacin and Others liabilities 72.5 89.8 99.7 94.9 94.9 94.9 Shareholders' funds 369 388 404 435 467 503 Jean Madar (73%) operates on the Total Liabilities 441 568 574 600 632 668 prestige Perfumes market sold on the Capital employed 151 265 251 266 277 288 selective retail (perfumeries, Ratios Department stores, or specialized Operating margin 10.54 13.99 13.65 13.70 13.76 13.80 stores as Sephora or Marionnaud), Tax rate 32.55 35.48 36.07 36.21 35.94 34.29 Net margin 7.74 8.89 8.73 8.89 8.95 9.20 through own brands as Rochas and ROE (after tax) NM NM NM NM NM NM lanvin (20%of sales) and exclusive and ROCE (after tax) 13.96 11.15 12.71 13.69 14.83 15.96 long term licence contracts as for Gearing NM NM NM NM NM NM Montblanc (30% of sales), Jimmy Pay out ratio 57.29 55.33 61.21 57.57 56.28 57.88 Choo (22% of sales) and very recently Number of shares, diluted 29.20 32.20 35.50 35.50 35.50 35.50 Coach. Moreover, its activity is mainly Data per Share (EUR) EPS 0.65 0.81 0.90 1.04 1.15 1.30 achieved in US (27% of sales), Restated EPS 0.65 0.81 0.90 1.04 1.15 1.30 Western Europe (32%) and Asia (15% % change -35.1% 25.9% 10.5% 16.0% 10.8% 12.2% of sales. EPS bef. GDW 0.65 0.81 0.90 1.04 1.15 1.30 BVPS NM NM NM NM NM NM Operating cash flows 1.13 1.34 1.21 1.44 1.55 1.69 FCF NM NM NM NM NM NM Net dividend 0.37 0.45 0.55 0.60 0.65 0.75 Source: Company Data; Bryan, Garnier & Co ests. 2 Interparfums Table of contents 1. Investment Case ...........................................................................................................................................4 2. A competitive perfumes market ................................................................................................................5 2.1. Global cosmetics market is growing steadily .................................................................. 5 2.2. Selective perfumes segment: highly competitive ............................................................ 5 2.3. Growth is driven by the very high-end segment ............................................................ 6 2.4. Interparfums is still a small player in this market ........................................................... 7 3. Interparfums’ business model ...................................................................................................................8 3.1. A light, efficient organisation… ........................................................................................ 8 3.2. …allows dynamic sales ........................................................................................................8 3.3. A strong presence in Europe and the US ..................................................................... 10 4. Business model of perfume licences ..................................................................................................... 12 4.1. Differences between eyewear and perfumes ................................................................ 12 4.2. Licences offer good visibility .......................................................................................... 13 4.3. A reshuffle of the portfolio of brands ........................................................................... 14 4.4. The main brands ............................................................................................................... 15 4.4.1. Montblanc ........................................................................................................................... 15 4.4.2. Jimmy Choo ........................................................................................................................ 16 4.5. Interparfums’ own brands ............................................................................................... 17 4.5.1. Lanvin .................................................................................................................................. 17 4.5.2. Rochas ................................................................................................................................. 17 4.6. Coach’s potential ............................................................................................................... 18 5. Encouraging prospects ............................................................................................................................ 21 5.1. Momentum remains very strong .................................................................................... 21 5.2. 11% sales CAGR in 2016-19e ......................................................................................... 23 5.3. Higher profitability is not an objective .......................................................................... 25 5.4. A very healthy financial situation ................................................................................... 27 5.4.1. Net cash of EUR160m ..................................................................................................... 28 5.4.2. Ambitious pay-out ............................................................................................................. 28 6. Valuation .................................................................................................................................................... 30 6.1. A very good stock-market performance… ................................................................... 30 6.2. … but still some
Load more

Recommended publications
  • Performance & Sustainability Report
    Performance & Sustainability Report 2016 ABOUT FIRMENICH ORGANIZATIONAL PROFILE TABLE OF CONTENTS Firmenich is the world’s largest privately owned company in the Chairman and CEO Letter 02 fragrance and flavor business. Founded in 1895 and headquartered in Geneva, Switzerland, R&D Perspectives 04 Firmenich has created many of the world’s best-known perfumes Ingredient Perspectives 04 and flavors enjoyed around the world, every day. Firmenich reports its financial results and sustainability initiatives Perfumery Perspectives 05 (following the GRI guidelines) on a fiscal year basis ending June 30. Flavor Perspectives 06 In this report, all references to “FY16” relate to the 12 months ended June 30, 2016. Sustainability at Firmenich 07 Pathways to Positive 08 6,500 Employees 36 Countries Ethics and Excellence 10 Environment and 18 Resources 25 Manufacturing 3.2bn Swiss francs Innovation, Science 26 sites (CHF) sales and Society Partnerships 32 People and Communities 40 3 R&D centers About this Report 48 OUR WORLD Firmenich operates in three business divisions: Ingredients, Fragrances and Flavors. • The Ingredient Division designs natural and synthetic perfumery and flavoring ingredients. This division was the first created 120 years ago. • The Fragrance Division creates home care, body care and fine fragrances featuring Firmenich molecules and raw materials bought from suppliers. • The Flavor Division crafts flavors used in Sweet Goods, Beverages, and Savory Products. Firmenich’s Flavor Division aims to capture and capitalize on the continued consumer demand for healthier products. As a supplier to the world’s largest consumer goods companies and to a multitude of regional and local customers, Firmenich’s environmental footprint and governance standards matter to our customers.
    [Show full text]
  • 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.
    [Show full text]
  • Annual Report 2018 Contents 1St 86,000 Cosmetics Group Employees Prospects Worldwide(1) 02 Prospects by Jean-Paul Agon, Chairman & CEO
    Annual Report 2018 Contents 1st 86,000 cosmetics group employees Prospects worldwide(1) 02 Prospects by Jean-Paul Agon, Chairman & CEO Strategy 36 150 brands countries 06 Governance · The Board of Directors · The Executive Committee 10 Quality 12 Ethics 26.9 505 14 Responsibility · “Sharing Beauty With All” billion euros patents registered · Citizen Day of sales(2) in 2018 · The L’Oréal Corporate Foundation 18 Human Relations Performance Commitments for 2 4.92 1 Cosmetics Market 24 L’Oréal in figures billion euros in 2020 28 Worldwide advances operating profit “Sharing Beauty With All” 31 Strategic themes Brands 33 Brands overview (1) Source: WWD, Beauty Top 100,May 2018. (2) At 31 December 2018. 34 Consumer Products 38 L’Oréal Luxe 42 Professional Products More exclusive content 46 Active Cosmetics on the digital version Expertise lorealannualreport2018.com 52 Research & Innovation 54 Operations Discover and filter 56 Digital the Annual Report content 58 Administration and Finance Discover the strategic themes of the Annual Report. Use them to filter content and personalise your navigation to find content that matches your interests. The digital version also features more exclusive content, articles, infographics and many videos. Our mission Beauty for All Offering all women and men worldwide the best of cosmetics in terms of quality, efficacy and safety to satisfy all their beauty needs and desires, in their infinite diversity. Our strategy Universalisation L’Oréal has chosen a unique strategy: Universalisation. It means globalisation that captures, understands and respects differences. Differences in desires, needs and traditions. To offer tailor-made beauty, and meet the aspirations of consumers in every part of the world.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 2020 Annual Results L'oréal Accelerates Growth in the Fourth
    Clichy, 11 February 2021 at 6.00 p.m. 2020 ANNUAL RESULTS L’ORÉAL ACCELERATES GROWTH IN THE FOURTH QUARTER, REINFORCES ITS MARKET SHARES, AND PRESERVES ITS PROFITABILITY AT 18.6% ➢ Sales: 27.99 billion euros o -4.1% like-for-like 1 o -3.6% at constant exchange rates o -6.3% based on reported figures ➢ Operating profit: 5.20 billion euros, representing 18.6% of sales ➢ Earnings per share 2: 7.30 euros ➢ Net cash flow 3: 5.48 billion euros, an increase of +8.9% ➢ Dividend 4: 4.00 euros, an increase of +3.9% The Board of Directors of L’Oréal met on 11 February 2021, under the chairmanship of Jean-Paul Agon and in the presence of the Statutory Auditors. The Board closed the consolidated financial statements and the financial statements for 2020. Commenting on the annual results, Jean-Paul Agon, Chairman and CEO of L’Oréal, said: “In 2020, the Covid-19 pandemic, which spread across the world, triggered a crisis of supply due to the widespread closure of points of sale which led to an unprecedented, if temporary, decline of the beauty market. Throughout the year, L’Oréal made the protection of all its employees as well as its customers and suppliers an absolute priority and mobilised to produce millions of units of hand sanitiser and hand cream for donation to healthcare and other frontline workers. Thanks to the outstanding commitment of its employees, L’Oréal has traversed this crisis in the best possible condition and has even grown stronger. As anticipated and announced, the Group returned to growth in the second half, with a fourth quarter in acceleration at +4.8% 1, and won significant market shares.
    [Show full text]
  • 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.
    [Show full text]
  • 2019 Annual Results
    Clichy, 6 February 2020 at 6.00 p.m. 2019 ANNUAL RESULTS BEST SALES GROWTH OF THE DECADE: +8.0%1 RECORD OPERATING MARGIN: 18.6% Sales: 29.87 billion euros o +8.0% like-for-like 1 o +8.8% at constant exchange rates o +10.9% based on reported figures Operating profit: 5.54 billion euros, an increase of +12.7% 2 Earnings per share 3: 7.74 euros, an increase of +9.3% Operating cash flow 4: 5.03 billion euros, an increase of +29.8% Dividend 5: 4.25 euros, an increase of +10.4% The Board of Directors of L’Oréal met on 6 February 2020, under the chairmanship of Jean-Paul Agon and in the presence of the Statutory Auditors. The Board closed the consolidated financial statements and the financial statements for 2019. Commenting on the Annual Results, Jean-Paul Agon, Chairman and CEO of L’Oréal, said: “L’Oréal closed the decade with its best year for sales growth since 2007, at +8.0% like-for-like 1, and an excellent fourth quarter, in a beauty market that remains very dynamic. All Divisions are growing. L’Oréal Luxe sales exceeded 11 billion euros, driven by the strong dynamism of its four big brands – Lancôme, Yves Saint Laurent, Giorgio Armani and Kiehl’s – which all posted double-digit growth. The Active Cosmetics Division had its best year ever, with La Roche-Posay sales exceeding one billion euros. Growth at the Consumer Products Division was boosted by L’Oréal Paris which had a great year.
    [Show full text]
  • United States Patent (19) 11 Patent Number: 5,792,740 Mimoun Et Al
    IIIUSOO5792740A United States Patent (19) 11 Patent Number: 5,792,740 Mimoun et al. 45) Date of Patent: Aug. 11, 1998 (54) FRAGRANT MACROCYCLIC LACTONES S. Schreiber, "Fragmentation Reactions of ol-Alkoxy Hydroperoxides and Application to the Synthesis of the (75) Inventors: Hubert Mimoun, Challex, France; Macrollide (E)-Recifeiolide". J. Am. Chen, Soc., vol. 102 Pierre-Alain Blanc, Crassier, (1980), pp. 6163-6165. Switzerland S. Schreiber et al., "Iron/Copper Promoted Fragmentation Reactions of o-Alkoxy Hydroperoxides". Tetrahedron, vol. 73) Assignee: Firmenich SA. Geneva, Switzerland 42 (1986), pp. 2945-2950. J. Becker et al. "Eine neuartige Fragmentierung bicyclis (21) Appl. No.: 811,991 cher Enolather Verfahren zur Darstellung macrocyclischer 22 Filed: Mar. 5, 1997 Lactone". Hely. Chim. Acta, vol. 54 (1971), pp. 2889–2895. (51) int. Cl. ......................... A61K 7/46 Primary Examiner-James H. Reamer (52) U.S. C. ........................ 512/11; 252/174.11; 252/8.6: Attorney, Agent, or Firm-Pennie & Edmonds LLP 424/76.4; 549/266 58) Field of Search ......................... 512/11; 252/174.11. 57 ABSTRACT 252/8, 6; 424/76.4; 549/266 Perfuming ingredients which include at least one macrollide of formula (56) References Cited U.S. PATENT DOCUMENTS 3,856,815 12/1974 Hopp et al. ............... ............. 260/333 3,890,353 6/1975 Becker .................. O 260/343 5,266,559 1/1993 Frankhauser et al. ... 512/11 5,354,735 10/1994 Demole et al. ........ ... 512/8 FOREIGN PATENT DOCUMENTS having a double bond in one of the positions indicated by the O 424787 10/1996 European Pat. Off. ................. 512/11 dotted lines and wherein the symbol R represents a hydrogen 1436465 12/1995 Russian Federation ................
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Third Joint Icao-Wco Conference on Enhancing
    THIRD JOINT ICAO‐WCO CONFERENCE ON ENHANCING AIR CARGO SECURITY AND FACILITATION OPTIONS FOR SITE VISITS, WEDNESDAY 17 JULY, FROM 4.30PM AEOs AND COURIER COMPANIES DHL DHL Express set up its operations in Malaysia in 1973 handling customers’ air express, time critical and sub freight needs. The company employs over 600 staff stationed at 29 strategically located locations (Gateways, Offices, Service Centres, and Warehouses) throughout Peninsular and East Malaysia. DHL Express has 5 international Gateways to channel all cross‐border movements. In 2008, DHL Express Malaysia handled over 7 million shipments. KLAS KL Airport Services Sdn. Bhd. (also known as KLAS) is a subsidiary of the renowned conglomerate DRB‐HICOM. Incorporated on the 9th February 1995, it is Malaysia’s only licensed independent ground handler that provides a comprehensive range of services to various commercial airlines operating into and through Malaysian Airports. With over 20 years of experience, the company employs over 2,000 manpower to serve 42 airlines. Fedex FedEx established its operations in Malaysia in 1989. It became the first airline in Malaysia, apart from the national carrier, to handle its own aircraft. In 1998, Fedex opened its Cargo Facility at Kuala Lumpur International Airport. With more than 880 employees, it serves more than 220 countries and territories over the world from its hub in KLIA, Sepang and Penang International Airport, Bayan Lepas. UPS UPS established its operations in Malaysia in 1988 with its headquarters currently located in Shah Alam, Selangor. With more than 400 employees, 59 delivery fleets covering 10 offices and 63 MBE outlets, the company handles 20 weekly flight segments to and from Kuala Lumpur International Airport and Penang International Airport.
    [Show full text]