2022 Financial summary

Half year results

Key figures

FINANCIAL REVIEW

For the six months ended 30 June

in millions of Swiss francs except earnings per share data

2022

2021

Sales

3,652

3,373

Gross profit

1,459

1,480

as % of sales

40.0%

43.9%

EBITDA a

816

809

as % of sales

22.4%

24.0%

Operating income

631

613

as % of sales

17.3%

18.2%

Income attributable to non-controlling interests

-

-

Income attributable to equity holders of the parent

440

481

as % of sales

12.1%

14.3%

Earnings per share - basic (CHF)

47.74

52.19

Earnings per share - diluted (CHF)

47.52

51.78

Operating cash flow

131

415

as % of sales

3.6%

12.3%

Free cash flow b

(147)

186

as % of sales

(4.0%)

5.5%

  1. EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
  2. Free Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.

Givaudan - 2022 Half Year Financial Summary  28

Key figures

GROUP

For the six months ended 30 June

in millions of Swiss francs

2022

2021

Sales to third parties

3,652

3,373

EBITDA a

816

809

as % of sales

22.4%

24.0%

One off items

(4)

(8)

Comparable EBITDA

820

817

as % of sales

22.5%

24.2%

Operating income

631

613

as % of sales

17.3%

18.2%

  1. EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.

TASTE & WELLBEING

For the six months ended 30 June

in millions of Swiss francs

2022

2021

Sales to third parties

2,006

1,809

EBITDA a

454

434

as % of sales

22.6%

24.0%

One off items

(1)

(5)

Comparable EBITDA

455

439

as % of sales

22.7%

24.3%

Operating income

340

312

as % of sales

16.9%

17.3%

  1. EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.

FRAGRANCE & BEAUTY

For the six months ended 30 June

in millions of Swiss francs

2022

2021

Sales to third parties

1,646

1,564

EBITDA a

362

375

as % of sales

22.0%

24.0%

One off items

(3)

(3)

Comparable EBITDA

365

378

as % of sales

22.2%

24.2%

Operating income

291

301

as % of sales

17.7%

19.2%

  1. EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.

Givaudan - 2022 Half Year Financial Summary  29

Consolidated financial statements

CONSOLIDATED INCOME STATEMENT

For the six months ended 30 June

in millions of Swiss francs, except for earnings per share data

2022

2021

Sales

3,652

3,373

Cost of sales

(2,193)

(1,893)

Gross profit

1,459

1,480

as % of sales

40.0%

43.9%

Selling, marketing and distribution expenses

(450)

(453)

Research and product development expenses

(268)

(277)

Administration expenses

(102)

(116)

Share of results of joint ventures and associates

11

2

Other operating income

16

12

Other operating expense

(35)

(35)

Operating income

631

613

as % of sales

17.3%

18.2%

Financing costs

(48)

(46)

Other financial income (expense), net

(71)

(1)

Income before taxes

512

566

Income taxes

(72)

(85)

Income for the period

440

481

Attribution

Income attributable to non-controlling interests

-

-

Income attributable to equity holders of the parent

440

481

as % of sales

12.1%

14.3%

Earnings per share − basic (CHF)

47.74

52.19

Earnings per share − diluted (CHF)

47.52

51.78

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June

in millions of Swiss francs

2022

2021

Income for the period

440

481

Items that may be reclassified to the income statement

Cash flow hedges

Movement in fair value, net

181

55

Gains (losses) removed from equity and recognised in the consolidated income

5

4

statement

Movement on income tax

(14)

(5)

Exchange differences arising on translation of foreign operations

Movement in fair value arising on hedging instruments of the net assets in foreign

25

(42)

operations

Change in currency translation

(58)

224

Movement on income tax

(3)

2

Items that will not be reclassified to the income statement

Defined benefit pension plans

Remeasurement gains (losses) of post employment benefit obligations

157

124

Movement on income tax

(25)

(18)

Other comprehensive income for the period

268

344

Total comprehensive income for the period

708

825

Attribution

Total comprehensive income attributable to non-controlling interests

-

-

Total comprehensive income attributable to equity holders of the parent

708

825

Givaudan - 2022 Half Year Financial Summary  30

Consolidated financial statements

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 June

31 December

in millions of Swiss francs

2022

2021

Assets

Cash and cash equivalents

310

274

Derivative financial instruments

28

16

Financial assets at fair value through income statement

13

4

Accounts receivable - trade

1,683

1,464

Inventories

1,585

1,380

Current tax assets

77

57

Prepayments

95

65

Other current assets

151

147

Current assets

3,942

3,407

Derivative financial instruments

131

37

Property, plant and equipment

2,307

2,301

Intangible assets

4,796

4,857

Deferred tax assets

124

182

Post-employment benefit plan assets

46

69

Financial assets at fair value through income statement

281

297

Interests in joint ventures and investments in associates

57

37

Other non-current assets

230

247

Non-current assets

7,972

8,027

Total assets

11,914

11,434

30 June

31 December

in millions of Swiss francs

2022

2021

Liabilities and equity

Short-term debt

1,140

429

Derivative financial instruments

95

37

Accounts payable - trade and others

960

1,008

Accrued payroll & payroll taxes

149

235

Current tax liabilities

139

188

Financial liability - own equity instruments

122

148

Provisions

9

13

Other current liabilities

258

264

Current liabilities

2,872

2,322

Derivative financial instruments

17

61

Long-term debt

4,299

4,244

Provisions

82

83

Post-employment benefit plan liabilities

201

371

Deferred tax liabilities

309

285

Other non-current liabilities

113

127

Non-current liabilities

5,021

5,171

Total liabilities

7,893

7,493

Share capital

92

92

Retained earnings and reserves

6,198

6,365

Own equity instruments

(225)

(211)

Other components of equity

(2,049)

(2,317)

Equity attributable to equity holders of the parent

4,016

3,929

Non-controlling interests

5

12

Total equity

4,021

3,941

Total liabilities and equity

11,914

11,434

Givaudan - 2022 Half Year Financial Summary  31

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Givaudan SA published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 04:53:02 UTC.