The Consensus Forecasts , compiled by Givaudan, are based on emails and reports, received between 17 February and 26 March 2014.


The consensus forecast set out below results from regular research reports made by analysts currently covering Givaudan, as detailed in the list below. This list has been drawn up to the best of Givaudan’s knowledge but does not purport to be comprehensive of all institutions publishing financial research on Givaudan.

Any opinions, forecasts, estimates, projections or predictions regarding Givaudan’s performance made by the analysts are exclusively theirs and do not represent the opinions, forecasts, estimates, projections or predictions of Givaudan or its management. The publication of this information on this website does not imply that Givaudan endorses, or concurs with, the reports, conclusions or recommendations of the cited analysts. Givaudan disclaims any liability for the accuracy or completeness of such information and does not assume any obligation to update it even if it becomes aware of any changes.

This information is provided for ease of reference only and does not constitute an offer or solicitation to buy, hold or sell Givaudan securities.


Consensus Forecasts First Quarter 2014

 CHF million High Average Low
 Sales Fragrances 538 520 504
 Sales Flavours 598 576 557
 Fragrance growth
5.5% 4.5% 2.8%
 Flavours growth
6.7% 5.3% 4.0%

* like-for-like excludes the impact of currency, acquisitions and disposals 

Consensus Forecasts Full Year Results 2014

 CHF million High Average Low
 Sales 4637 4469 4345
 Growth like-for-like 6.2% 5.0% 4.2%
 EBITDA 1053 1017 995
 Net Income reported 554 526 502
 Free Cash Flow 732 650 544


Consensus Forecasts Full Year Results 2015

 CHF million High Average Low
 Sales 4805 4665 4558
 Growth like-for-like 6.0% 5.0% 4.2%
 EBITDA 1114 1083 1048
 Net Income reported 636 601 572
 Free Cash Flow 793 685 568



 Number of analysts'
Buy Hold Sell
5 11 2


Analysts who have contributed to this consensus:

Rolf Kunz, Bank am Bellevue
Favre Laurent, Bank of America - Merrill Lynch
Jean-Philippe Bertschy, Bank Vontobel AG
Gunther Zechmann, Barclays Capital
Evgenia Molotova, Berenberg Bank
Jack Gorman, Davy Research
Virginie Boucher-Ferte, Deutsche Bank AG
Heidi Vesterinen, Exane BNP Paribas
Rakesh Patel, Goldman Sachs Chemicals
Andreas Von Arx, Helvea SA
Sebastian Satz, HSBC BANK PLC
Celine Pannuti, JP Morgan Securities Ltd.
Adam Collins, Liberum
Bernd Pomrehn, MainFirst Schweiz AG
Erik Sjogren, Morgan Stanley
Patrick Lambert, Nomura International plc
Joe Dewhurst, UBS
Daniel Bürki, ZKB