- Sales up 7.8% to CHF 1,474 million
- Operating profit improved 11% to CHF 313 million
- Net profit increased 28% to CHF 266 million
- Earnings per share improved 30% to CHF 37.37
Geneva, 4 August 2006. In the first half of 2006, sales totalled CHF 1,474 million, resulting in a growth of 3.7% in local currencies and 7.8% in Swiss francs. This good growth was achieved despite the on-going streamlining of commodity ingredients in both divisions. Although raw material prices continued to rise, the gross profit margin was maintained at previous year’s level. The operating performance remained strong. This, together with a positive non-operating result, led to an improvement in the net profit. Both, operating cash flow and balance sheet remained strong.
Flavour sales grew 2.6% in local currencies and 6.8% in Swiss francs, in line with the market. Total sales of CHF 868 million were impacted by continued streamlining of commodity ingredients, amounting to CHF 7 million (estimated full year impact CHF 25 million). Latin American sales showed strong double digit growth. Europe and North America exceeded prior year’s levels with low single digit growth, whilst Asia Pacific experienced slow sales due to a decline in the Japanese Beverage segment and high comparables.
Share Buy Back Programme
1) EBITDA: Earnings Before Interest (and other financial income), Tax, Depreciation and Amortisation. This corresponds to operating profit before depreciation, amortisation and impairment of long-lived assets. The 2005 comparative has been adjusted to reflect an impairment charge of CHF 4 million which was previously included in EBIDTA.
This afternoon, 4 August 2006, at 15.00 CET a conference call between the company and analysts and investors will also be broadcasted on Givaudan’s web site. Click here for more information.
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