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2018 Integrated Annual Report Delivering with Excellence with Delivering Report Annual 2018 Integrated Key Figures 2018 Integrated Annual Report Delivering with excellence 2018 Integrated Annual Report Integrated 2018 Key figures Key figures Strong business momentum – investing for the future Performance review Percentage For the year ended 31 December, in millions of Swiss francs, except for capital markets and employee data 2018 2017 change Sales and results Group Sales 5,527 5,051 9.4% Like-for-like sales growth 5.6% 4.9% Gross profit 2,329 2,250 3.5% as % of sales 42.1% 44.5% EBITDA 1 1,145 1,089 5.2% as % of sales 20.7% 21.6% Operating income 883 869 1.7% as % of sales 16.0% 17.2% Income attributable to equity holders of the parent 663 720 (7.9%) as % of sales 12.0% 14.2% Balance sheet and cash flows Operating cash flow 916 861 6.4% as % of sales 16.6% 17.0% Free cash flow 703 594 18.4% as % of sales 12.7% 11.8% Net debt 2,847 1,074 165.1% Leverage ratio 41% 21% Capital Markets Market capitalisation 21,016 20,794 1.1% Share price as of last trading day of December 2,276 2,252 1.1% Cash dividend 2 60 58 3.4% Earnings per share − basic (CHF) 71.92 78.18 (8.0%) Employees Number of employees as at 31 December 13,598 11,170 21.7% Lost time injury rate 0.25 0.33 (24.2%) 1. EBITDA: Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation. This corresponds to operating income before depreciation, amortisation and impairment of long-lived assets. 2. 2018 dividend subject to shareholder approval at the AGM on 28 March 2019. Note: Like-for-like excludes the impact of currency, acquisitions and disposals. page 40, Performance review page 119, Financial report Givaudan – 2018 Integrated Annual Report Givaudan at a glance Givaudan at a glance Global industry leader in flavours and fragrances million million million 5,527Group sales (in CHF) 477R&D spend (in CHF) 60.00Proposed dividend 21,016Market capitalisation per share (in CHF) (in CHF) Sales by division Flavour Division Sweet goods Beverages WeFragrance make Ingredientslife taste delicious Fine Fragrances Latin America EAME Latin America EAME Weand areActive dedicated Beauty to expanding the world’s expression through Flavour flavours by bringing momentsFragrance of delight with delicious flavour Total 54% and taste experiences. Our Tcustomersotal 46% – global, international, Dairy regional and local – are in the food and beverage industry and North America North America span key segments including beverages, sweet goods, savoury, snacks and dairy. We explore the globe for ingredients, Savoury Consumer Products Asia Pacific Asia Pacific innovate to bring our customers unique propositions, and delight millions of consumers around the world. Fragrance Division Sweet goods Beverages Fragrance Ingredients Fine Fragrances We live to perfumeLatin America life EAME Latin America EAME and Active Beauty The artistry of our perfumers encompasses a myriad of scented Flavour Fragrance stories for brands everywhere. Our customers – global, Total 54% Total 46% international, regional and local – serve end-consumer markets Dairy with fragrancesNorth for America personal, home and laundry care brands as North America well as prestige perfumes, creating memorable scents and fragrances used daily the world over. And for nature-derived Savoury Consumer Products Asia Pacific Asia Pacific beauty performance, our Active Beauty business offers an extensive portfolio of award-winning active cosmetic ingredients designed by teams that harness the power of nature for cutting-edge cosmetics. Markets 57% of annual sales in mature markets, 43% of sales in high growth markets. We are a global company with subsidiaries and branches in 50 countries. High growth markets continue to be an important contributor to our future growth, with sales driven by the growing population and expanding middle class. In both these markets, increasing demand for health and well-being products – examples of which include lower salt and fat in food and anti-ageing effects in cosmetics – is a stimulating potential for growth. Givaudan – 2018 Integrated Annual Report over million 148Locations worldwide 64Production sites Products 74,000 sold per year 13,598Employees 19.5Hours worked safely Global footprint Europe, Africa North America and Middle East Sales Sales CHF 1,441 million CHF 1,982 million Production sites Production sites 13 28 Employees Employees 2,518 6,363 Asia Pacific Sales CHF 1,475 million Production sites 14 Employees 2,877 Latin America Sales CHF 629 million Production sites 9 Employees 1,840 Sustainability leadership A Sense of Tomorrow Givaudan has earned CDP leadership Meeting needs today, defining what's next scores with an A- grade in both climate As a responsible company, we understand the exciting opportunities change and water security scoring. that sustainability offers to add value to our business and society at large. Our sustainability approach, 'A Sense of Tomorrow', transforms challenges into new possibilities in sourcing, innovation and the environment – for the Company, the surrounding communities, our customers and consumers. www.givaudan.com – Our company – About Givaudan Disclosure 102 – 6, 102 – 7 Title Subtitle 1 2018 Integrated Annual Report Delivering with excellence Table of contents Our 2018 Annual Report focuses on 2 Creating value ‘Delivering with Excellence’ and 4 Chairman’s introduction highlights our continuous efforts to 6 Chief Executive Officer’s review 11 Strategic value creation achieve this across our value chain. 12 Value creation at Givaudan 16 Our unique positioning We strive for excellence at every 18 Our 2020 strategy touch point with our customers, 31 Acquisitions 34 A Sense of Tomorrow and in today’s competitive and fast- 36 Megatrends moving market, this demands that 39 Financial capital we are agile and efficient. 40 Performance review 44 Shareholder value creation 47 Our innovative capabilities We focus our investments on 48 Driven by a culture of innovation areas that bring most value to 53 Our people & culture our customers while seeking 54 A culture of performance and appreciation 58 Embracing our culture of safety to enhance our operational 61 Sourcing & operations excellence and efficiency across 62 From sourcing to supply the organisation to further 65 Excellence in operations 71 Good governance streamline our costs and deliver a 72 Risk management strong financial performance. 76 Compliance 79 Regulatory 81 Corporate citizenship 85 Compensation report 99 Governance report 119 Financial report 201 Appendix Givaudan – 2018 Integrated Annual Report 2 TCitlereating Subtitle value Creating value through an integrated approach Integrated Reporting offers a platform for the concise presentation of how our financial and non-financial capitals contribute to the Company’s responsible growth and shared value for internal and external stakeholders. Gilles Andrier, CEO As we continue our journey towards Integrated Reporting, based on the framework of the International Integrated Reporting Council (IIRC), we focus on how our Company creates new opportunities for responsible growth and shared success by transforming our financial and non-financial capitals into value for not only the Company, but our key stakeholders and the environment. And in this year’s integrated report, we highlight how we continue to drive excellence across our value chain. Givaudan – 2018 Integrated Annual Report CreatingTitle Subtitle value 3 About this report Our reporting suite Givaudan adheres to legal requirements, good corporate Readers are advised to consult our entire reporting suite to get governance and follows best practices consistent with those complete overview: of leading international companies. This report complies with Swiss law, IFRS, the SIX Exchange Regulation’s Directive on – The 2018 Integrated Annual Report offers a holistic Information relating to Corporate Governance, the Swiss Code explanation of our value creation, financial and non-financial of Best Practice for Corporate Governance and addresses the capitals and performance, including our Governance, main elements of the Integrated Reporting Framework issued Compensation and Financial reports. by the IIRC. – The 2018 Sustainability Progress Review offers case Our sustainability reporting is based on the Global Reporting studies and progress data for the three focus areas of our Initiative (GRI) Standards. sustainability approach as well as eco-efficiency targets versus progress. The GRI Content Index is included in this report. We select the report’s topics based on an internal strategic evaluation defining focus areas along the value chain, operational – O ur Sustainability Approach offers a strategic overview key achievements, our sustainability context and materiality of A Sense of Tomorrow, the approach for each of the matrix, completeness, balance and stakeholder inclusion. three sustainability focus areas, and related issues such as stakeholder engagement and material topics. Cross-references help readers navigate through the reports: a GRI icon signals information related to GRI Disclosures; SDG icons are used to show which content contributes to the ten United Nations Sustainable Development Goals (SDG) we believe we can have the most impact on; and the magnifying glass icon refers the reader to a specific page in the report or to the website or to the A Sense of Tomorrow progress review. References used References to other pages in this Indicates GRI Standards Indicates UN Sustainable report, other reports, documents or disclosures Development Goals Givaudan our websites
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