engage your senses

Performance highlights

“I am very pleased with the results we have achieved in 2019 and feel confident that we deliver against all of the strategic objectives that we defined under our 2020 strategy.”

Gilles Andrier, Chief Executive Officer

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4
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Financial performance
Value added
Employees and safety
Capital markets

 

Financial performance
Key figures fully on track to deliver 2020 guidance

Sustainable performance review
 

For the year ended 31 December, in millions of Swiss francs except for environment and social data

2019

2018

Percentage
change

Economics

 

 

 

Group sales

6,203

5,527

12.2%

Like-for-like sales growth

5.8%

5.6%

 

Gross profit

2,530

2,329

8.6%

as % of sales

40.8%

42.1%

 

EBITDA ¹

1,275

1,145

11.4%

as % of sales

20.6%

20.7%

 

Operating income

920

883

4.2%

as % of sales

14.8%

16.0%

 

Income ²

702

663

6.0%

as % of sales

11.3%

12.0%

 

Operating cash flow

1,136

916

24%

as % of sales

18.3%

16.6%

 

Free cash flow

787

703

11.9%

as % of sales

12.7%

12.7%

 

Total assets

10,396

9,277

12.1%

Net debt 3,679 2,847 29.2%
Leverage ratio 47% 41%  
Share price as of last trading day of December (CHF) 3,031 2,276 33.2%
Dash dividend ³ (CHF) 62 60 3.3%
Earnings per share - basic (CHF) 76.17 71.92 5.9%

Environmental

     
GHG emissions scope 1 + 2 4 ( 17.0% ) ( 13.9% ) 22.3%
Renewable electricity 75.0% 69.4% 8.1%

Social

     
Number of employees as of 31 December (FTE) 14,969 13,598 10.1%
Women in total work force 38.5% 38.2% 0.9%
Women in senior management 26.0% 24.0% 8.3%
Lost time injury rate 0.22 0.25 ( 12.0% )
Turnover rate 10.0% 12.0% ( 16.7% )
Main direct suppliers assessed via Sedex 80.0% 78.0% 2.6%
1
 
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. 
2
The income is 100% attributable to equity holders of the parent.
3
2019 dividend subject to shareholder approval at the AGM on 25 March 2020.
4
Compared to baseline year 2015. 2019 figure as at 30 September.
Note: Like-for-like excludes the impact of currency, acquisitions and disposals
 

Sales by division

Fragrance Division

 

Flavour Division

Divisional sales in 2019

 

Value added
Direct economic value generated and distributed
 

For the year ended 31 December, in millions of Swiss francs

2019

2018

% change

Revenues

6,244

5,590

11.70%

Operating costs

( 3,908 )

( 3,408 )

14.67%

Payments to governments

( 126 )

( 131 )

-3.82%

Payments to providers of capital

( 631 )

( 589 )

7.13%

Employee wages and benefits

( 1,405 )

( 1,289 )

9.00%

Economic value retained

174

173

( 0.58 )

 

Employees and safety

 

2019

2018

Total full time employees ¹

14,969

13,598

Total headcount ²

12,218

11,725

Fatalities

0

0

Number of LTIs ³

26

24

LTI rate

0.22

0.25

Lost day rate

7.62

6.61

Number of hours worked safely

23.8 million

19.5 million

1
Defined as the equivalent full time employee and includes acquisitions. In 2018 the number includes employees from Activ International, Vika, Centroflora Nutra, Expressions Parfumées and Naturex. In 2019 the number includes employees from Activ International, Vika, Centroflora Nutra, Expressions Parfumées, Naturex, Albert Vieille, Fragrance Oils, drom fragrances and Golden Frog.
2
For 2018 and 2019 this is defined as the headcount: Givaudan employees, internal temporary employees, and employees from Activ International. All other acquisitions excluded.
3
LTI = Lost Time Injury

 

Capital markets
Shareholder value creation

Key share figures
 

For the year ended 31 December in Swiss francs except for number of shares

2019

2018

2017

2016

2015

Market capitalisation (in millions) 27,987 21,016 20,794 17,230 16,437
Number of issued shares 9,233,586 9,233,586 9,233,586 9,233,586 9,233,586
Share price as at last trading day 3,031 2,276 2,252 1,866 1,780
Share price, highest 3,052 2,478 2,289 2,106 1,829
Share price, lowest 2,285 2,087 1,716 1,674 1,511
Earnings per share - basic (CHF) 76.17 71.92 78.18 69.95 67.89
Total shareholder return (in %) 35.81 3.64 23.69 7.86 7.42


Dividend per share and free cash flow (in millions of Swiss francs)

* Subject to shareholder approval at the AGM on 25 March 2020