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Givaudan Nine-month Sales 2013 Driven by New Wins, Market Growth
Posted: October 11, 2013
Givaudan (Geneva) has reported sales of CHF 3,318 million in the first nine months of 2013, an increase of 5.0% (all percentages based on a "like-for-like" basis, which excludes the impact of currency, acquisitions and disposals).
The period was marked by new wins, growth in all markets and "negligible" pricing effects. The company now hopes to grow as much as 5.5% a year, assuming the overall industry grows by as much as 3% a year.
- Fragrance sales (nine month): CHF 1,579 million, up 4.5%
- Fragrance compound sales (nine month, fine fragrances and consumer products combined): CHF 1,399 million, an increase of 5.5%
- Fine fragrance sales (nine month): Increase of 2.7% ("growth in both mature and developing markets")
- Consumer products (nine month): Increase of 6.2%
- Fragrance ingredients sales (none month): Decline of 2.6% despite "good performance of speciality sales in the third quarter"
- Comments: "Mature markets also showed positive year on year growth. The double-digit sales increase in Latin America was spread across all customers groups and driven by a strong performance in the fabric care segment and the deodorant category. In Asia, the international customers were the main driver of the sales increase, strongly led by dynamic sales in the personal care segment. In Europe, Africa and the Middle East, the sales increase was underlined by all customer types. The growth was strongly driven by increases in personal care and home care. The positive sales performance in North America was as a result of a significant increase with local and regional customers."
- Fragrance (third quarter: CHF 539 million, up 2.6%
- Flavor (nine month): CHF 1,739 million, up 5.4%
- Flavor (third quarter): CHF 561 million, up 4.8%
"Flavour Division Flavour Division sales were CHF 1,739 million during the first nine months of 2013, an increase of 5.4% on a like-for-like basis and 2.4% in Swiss Francs. Sales growth in the first nine months was driven by increases in the developing markets, particularly across all Asia Pacific markets. The mature markets of Western Europe and North America contributed as well. All segments expanded globally with strong performances in Beverage, Dairy, Savoury, Snacks and Sweet Goods. Health and Wellness continued to evolve globally with significant double-digit gains in the salt, sweetness and bitterness masking capabilities of the TasteSolutions portfolio. Asia Pacific Sales in Asia Pacific rose 7.0% on a like-for-like basis, driven by solid new wins and growth of existing business. The developing markets of China, Indonesia and India delivered strong growth with increases in Beverage, Sweet Goods, Savoury and Snacks. The mature market of Japan was marginally above prior year with good growth in Beverage and Savoury offset by lower non-food segment sales. For the region, all business segments contributed to the incremental gains with Beverage, Dairy, Savoury and Snacks each delivering strong growth. Europe, Africa and Middle East Sales grew 4.9% on a like-for-like basis driven by growth in the developing markets of Africa and Russia. The mature markets of Western Europe strongly contributed to the increased sales led by the markets of Great Britain, Italy and Spain. Overall performance was driven by volume gains and growth of existing business in the developing markets. All segments provided good year over year growth with Beverage, Savoury, Snacks and Sweet Goods delivering the growth. Latin America Sales increased across the region by 7.9% on a like-for-like basis with strong growth coming from Argentina, Brazil and Mexico. New wins and growth of existing business contributed to the expansion. Growth was across all segments with Beverage, Dairy and Snacks leading the way. North America Sales across the region grew 3.3% on a like-for-like basis. New wins contributed to the sales expansion with Beverage, Dairy, Snacks and Sweet Goods helping the overall increase."
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