Givaudan Releases 2022 Half Year Results

Givaudan has released its half-year results for 2022, demonstrating solid business performance in a challenging environment.

Related: Givaudan's Olivier Gillotin Receives ASP Lifetime Achievement Perfumer Award

Highlights of the report include:

• Givaudan group sales for the first six months of the year were CHF 3,652 million, an increase of 6.2% on a like-for-like1 basis and 8.3% in Swiss francs.
• Fragrance & Beauty sales were CHF 1,646 million, an increase of 4.7% on a like-for-like1 basis and 5.3% in Swiss francs, against strong comparable growth of 10.1% in 2021.
• Taste & Wellbeing sales were CHF 2,006 million, an increase of 7.6% on a like-for-like1 basis and an increase of 10.9% in Swiss francs.
• The EBITDA increased by 0.9% to CHF 816 million from CHF 809 million for the same period in 2021, whilst the EBITDA margin was 22.4% in 2022 compared to 24.0% in 2021.
• The EBITDA of Fragrance & Beauty decreased to CHF 362 million in 2022 compared to CHF 375 million for the first six months of 2021.
• The EBITDA of Taste & Wellbeing increased to CHF 454 million from CHF 434 million in 2021, an increase of 4.5%.
• The operating income increased to CHF 631 million, compared to CHF 613 million in 2021, an increase of 2.9%.
• The operating income for Fragrance & Beauty decreased to CHF 291 million in 2022, versus CHF 301 million for the same period in 2021.
• In Taste & Wellbeing, the operating income increased to CHF 340 million in 2022 from CHF 312 million in 2021, an increase of 8.7%.
• Financing costs were CHF 48 million in the first half of 2022, stable versus CHF 46 million for the same period in 2021.
• The net income for the first six months of 2022 was CHF 440 million compared to CHF 481 million in 2021, resulting in a net profit margin of 12.1% versus 14.3% in 2021.
• Givaudan delivered an operating cash flow of CHF 131 million for the first six months of 2022, compared to CHF 415 million in 2021.
• Net working capital was 29.6% of sales compared to 28.3% in 2021.
• Total net investments in property, plant and equipment were CHF 130 million, compared to CHF 79 million in 2021.
• Total net investments in tangible and intangible assets were 4.5% of sales, compared to 3.6% in 2021.
• Operating cash flow after net investments was CHF -33 million versus CHF 295 million recorded in 2021.

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