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Givaudan Reports 2020 Half Year Results

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Givaudan has released its 2020 first half sales results with increases in both flavor and fragrance despite COVID-19 setbacks.

Givaudan has released its sales results for the first six months of 2020. Total sales for this period were CHF 3,221 million, an increase of 4.0% on a like-for-like basis and 4.1% in Swiss francs.

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Fragrance division sales were CHF 1,456 million, an increase of 4.5% on a like-for-like basis and 7.0% in Swiss francs. Flavor division sales were CHF 1,765 million, an increase of 3.6% on a like-for-like basis and 1.9% in Swiss francs.

The gross profit increased by 6.7% from CHF 1,274 million in 2019 to CHF 1,359 million in 2020. Due to continued productivity gains and cost discipline, the gross margin increased to 42.2% in 2020 compared to 41.2% in 2019.

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The EBITDA increased by 11.3% to CHF 734 million from CHF 660 million for the same period in 2019, whilst the EBITDA margin was 22.8% in 2020 compared to 21.3% in 2019. On a comparable basis, the EBITDA margin was 23.7% in 2020 compared to 22.3% in 2019.

As the COVID-19 pandemic continues to have an impact on a global level, Givaudan sustained business momentum whilst maintaining its operations and global supply chain with minimal disruption.

The good growth was achieved across most product segments and geographies, with particularly strong performance in household, health and personal care segments within the fragrance division, as well as in packaged foods, savory, snacks and nutraceuticals in the flavor division.

The product segments most affected by the COVID-19 pandemic include fine fragrance and, to a lesser extent, active beauty in the fragrance division and foodservice in the Flavor division. The group experienced a significant reduction in business activity in the months from March through June as a result of restrictions related to the COVID-19 pandemic.

“Our strong performance in the first half of 2020 demonstrates our market leadership and the important role that we play in sustaining the global supply chain in food and beverage as well as in household, health and personal care products,” said CEO Gilles Andrier. “I am very proud of the entire Givaudan organization for their dedication during this challenging period and for enabling us to continue to support our customers to keep critical products available to consumers throughout the COVID-19 crisis.”

 The full 2020 first half report can be found on the Givaudan website.