In the first nine months of 2014, Givaudan posted sales of CHF 3,313 million, an increase of 4.5% on a like-for-like basis and a decline of 0.2% in Swiss francs compared to the previous year. Midterm, its overall objective is to grow organically between 4.5% and 5.5% per annum, assuming a market growth of 2-3%, and to continue on the path of market share gains.
Fragrance division sales were CHF 1,587 million for the first nine months of 2014, an increase of 4.8% on a like-for-like basis and 0.5% in Swiss francs. Total sales of fragrance compounds (fine fragrances and consumer products combined) increased by 4.2% on a like-for-like basis. In Swiss francs, sales of compounds decreased by 0.9% to CHF 1,386 million from CHF 1,399 million in 2013. Fine Fragrance sales grew 3.4% on a like-for-like basis driven by strong growth in developing markets, where new business and volume gains in established business helped performance.
Flavor division sales were CHF 1,726 million during the first nine months of 2014, an increase of 4.2% on a like-for-like basis and a decrease of 0.8% in Swiss francs driven by a continued good performance in the developing markets. There was growth across all major segments, with strength in beverages, dairy and snacks. Health and Wellness sales continued with improved taste solutions involving sweetness, salt and masking capabilities being provided for our customers. In particular, there were strong double-digit gains in Latin America for this segment.
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