GIVAUDAN SA 2023 Financial summary
Half Year results
Key figures
FINANCIAL REVIEW
For the six months ended 30 June
in millions of Swiss francs except earnings per share data | 2023 | 2022 |
Sales | 3,535 | 3,652 |
Gross profit | 1,448 | 1,459 |
as % of sales | 41.0% | 40.0% |
EBITDA a | 763 | 816 |
as % of sales | 21.6% | 22.4% |
Operating income | 586 | 631 |
as % of sales | 16.6% | 17.3% |
Income attributable to non-controlling interests | - | - |
Income attributable to equity holders of the parent | 449 | 440 |
as % of sales | 12.7% | 12.1% |
Earnings per share - basic (CHF) | 48.69 | 47.74 |
Earnings per share - diluted (CHF) | 48.53 | 47.52 |
Operating cash flow | 340 | 131 |
as % of sales | 9.6% | 3.6% |
Free cash flow b | 104 | (147) |
as % of sales | 2.9% | (4.0%) |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
- Free Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.
Givaudan - 2023 Financial summary 2
Key figures
GROUP
For the six months ended 30 June
in millions of Swiss francs | 2023 | 2022 |
Sales to third parties | 3,535 | 3,652 |
EBITDA a | 763 | 816 |
as % of sales | 21.6% | 22.4% |
One off items | (40) | (4) |
Comparable EBITDA | 803 | 820 |
as % of sales | 22.7% | 22.5% |
Operating income | 586 | 631 |
as % of sales | 16.6% | 17.3% |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
TASTE & WELLBEING
For the six months ended 30 June
in millions of Swiss francs | 2023 | 2022 |
Sales to third parties | 1,863 | 2,006 |
EBITDA a | 380 | 454 |
as % of sales | 20.4% | 22.6% |
One off items | (17) | (1) |
Comparable EBITDA | 397 | 455 |
as % of sales | 21.3% | 22.7% |
Operating income | 273 | 340 |
as % of sales | 14.6% | 16.9% |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
FRAGRANCE & BEAUTY
For the six months ended 30 June
in millions of Swiss francs | 2023 | 2022 |
Sales to third parties | 1,672 | 1,646 |
EBITDA a | 383 | 362 |
as % of sales | 22.9% | 22.0% |
One off items | (23) | (3) |
Comparable EBITDA | 406 | 365 |
as % of sales | 24.3% | 22.2% |
Operating income | 313 | 291 |
as % of sales | 18.7% | 17.7% |
- EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before depreciation, amortisation and impairment of long-lived assets.
Givaudan - 2023 Financial summary 3
Consolidated financial statements
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June
in millions of Swiss francs, except for earnings per share data | 2023 | 2022 |
Sales | 3,535 | 3,652 |
Cost of sales | (2,087) | (2,193) |
Gross profit | 1,448 | 1,459 |
as % of sales | 41.0% | 40.0% |
Selling, marketing and distribution expenses | (449) | (450) |
Research and product development expenses | (262) | (268) |
Administration expenses | (96) | (102) |
Share of results of joint ventures and associates | 3 | 11 |
Other operating income | 16 | 16 |
Other operating expense | (74) | (35) |
Operating income | 586 | 631 |
as % of sales | 16.6% | 17.3% |
Financing costs | (61) | (48) |
Other financial income (expense), net | (9) | (71) |
Income before taxes | 516 | 512 |
Income taxes | (67) | (72) |
Income for the period | 449 | 440 |
Attribution | ||
Income attributable to non-controlling interests | - | - |
Income attributable to equity holders of the parent | 449 | 440 |
as % of sales | 12.7% | 12.1% |
Earnings per share − basic (CHF) | 48.69 | 47.74 |
Earnings per share − diluted (CHF) | 48.53 | 47.52 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June
in millions of Swiss francs | 2023 | 2022 |
Income for the period | 449 | 440 |
Items that may be reclassified to the income statement | ||
Cash flow hedges | ||
Movement in fair value, net | (25) | 181 |
Gains (losses) removed from equity and recognised in the consolidated | ||
income statement | 4 | 5 |
Movement on income tax | 2 | (14) |
Exchange differences arising on translation of foreign opera- | ||
tions | ||
Movement in fair value arising on hedging instruments of the net assets in | ||
foreign operations | 31 | 25 |
Change in currency translation | (148) | (58) |
Movement on income tax | (2) | (3) |
Items that will not be reclassified to the income statement | ||
Defined benefit pension plans | ||
Remeasurement gains (losses) of post employment benefit obligations | 4 | 157 |
Movement on income tax | (1) | (25) |
Other comprehensive income for the period | (135) | 268 |
Total comprehensive income for the period | 314 | 708 |
Attribution | ||
Total comprehensive income attributable to non-controlling interests | - | - |
Total comprehensive income attributable to equity holders of the parent | 314 | 708 |
Givaudan - 2023 Financial summary 4
Consolidated financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June | 31 December | |
in millions of Swiss francs | 2023 | 2022 |
Assets | ||
Cash and cash equivalents | 244 | 475 |
Derivative financial instruments | 19 | 21 |
Financial assets at fair value through income statement | 6 | 13 |
Accounts receivable - trade | 1,650 | 1,512 |
Inventories | 1,541 | 1,423 |
Current tax assets | 67 | 71 |
Prepayments | 72 | 64 |
Other current assets | 148 | 128 |
Current assets | 3,747 | 3,707 |
Derivative financial instruments | 118 | 144 |
Property, plant and equipment | 2,254 | 2,293 |
Intangible assets | 4,716 | 4,646 |
Deferred tax assets | 125 | 112 |
Post-employment benefit plan assets | 24 | 22 |
Financial assets at fair value through income statement | 276 | 286 |
Interests in joint ventures and investments in associates | 51 | 53 |
Other non-current assets | 255 | 246 |
Non-current assets | 7,819 | 7,802 |
Total assets | 11,566 | 11,509 |
30 June | 31 December | |
in millions of Swiss francs | 2023 | 2022 |
Liabilities and equity | ||
Short-term debt | 1,407 | 356 |
Derivative financial instruments | 20 | 70 |
Accounts payable - trade and others | 845 | 861 |
Accrued payroll & payroll taxes | 143 | 164 |
Current tax liabilities | 127 | 123 |
Financial liability - own equity instruments | 64 | 76 |
Provisions | 33 | 9 |
Other current liabilities | 251 | 266 |
Current liabilities | 2,890 | 1,925 |
Derivative financial instruments | 10 | 18 |
Long-term debt | 4,073 | 4,649 |
Financial liability - own equity instruments | 28 | 46 |
Provisions | 66 | 75 |
Post-employment benefit plan liabilities | 172 | 177 |
Deferred tax liabilities | 273 | 270 |
Other non-current liabilities | 108 | 112 |
Non-current liabilities | 4,730 | 5,347 |
Total liabilities | 7,620 | 7,272 |
Share capital | 92 | 92 |
Retained earnings and reserves | 6,446 | 6,614 |
Own equity instruments | (216) | (228) |
Other components of equity | (2,381) | (2,246) |
Equity attributable to equity holders of the parent | 3,941 | 4,232 |
Non-controlling interests | 5 | 5 |
Total equity | 3,946 | 4,237 |
Total liabilities and equity | 11,566 | 11,509 |
Givaudan - 2023 Financial summary 5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Givaudan SA published this content on 20 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 07:41:04 UTC.
