Givaudan Full Year 2009 Results

Givaudan (Geneva) has reported 2009 sales of CHF 3,959 million, an increase of 1.4% in local currencies and a decrease of 3.1% in Swiss francs compared to the previous year. Excluding the impact of divestments, sales increased by 1.6% versus 2008. Fragrance division sales totaled CHF 1,824 million, an increase of 0.9% in local currencies and a decrease of 3.9% in Swiss francs versus 2008. Flavor division sales totaled CHF 2,135 million, an increase of 1.9% in local currencies and a decrease of 2.5% in Swiss francs compared to the previous year. The company's total 2009 investments in property, plant and equipment were CHF 95 million, down from CHF 194 million in 2008.

According to an official release, the company expects to outgrow the market in 2010, "based on its growing pipeline of briefs and new wins." The company believes it will meet a savings target of CHF 200 million by 2010, bringing it to its pre-acquisition EBITDA margin level of 22.7%. And, according to the company, "in an improving environment, Givaudan continues to focus on its growth initiatives to expand in developing countries and in key segments."

Of the results, Givaudan CEO Gilles Andrier said, “Givaudan’s overall performance in 2009, against the backdrop of a difficult business environment, is a very satisfactory achievement. It is also a strong sign of our unique capability to understand and deliver innovation to support our customers, demonstrating at the same time a deep knowledge of the markets we serve. Givaudan fared better than the overall market because of the solid base we have put in place through the integration of Quest International as well as the exceptional efforts and dedication of our employees."

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