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2015 Nine Months Sales

Improved performance in developing markets

Business performance

In the first nine months of 2015 Givaudan recorded sales of CHF 3,296 million, an increase of 2.0% on a like‑for‑like basis and a decline of 0.5% in Swiss francs compared to the previous year.

Givaudan’s guidance for the period 2010-2015 is to grow organically between 4.5% and 5.5% per annum, assuming a market growth of 2‑3%, and to continue on the path of market share gains. By delivering on the Company’s five pillar growth strategy – developing markets, Health and Wellness, market share gains with targeted customers and segments, research and sustainable sourcing - Givaudan expects to outgrow the underlying market and to continue to achieve its industry‑leading EBITDA margin while targeting an annual free cash flow of between 14% and 16% of sales by 2015.

Givaudan confirms its intention to return above 60% of the Company’s free cash flow to shareholders while maintaining a medium term leverage ratio target below 25%.

Sales January to September 2015

Change %

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in CHF


Group sales





Fragrance sales





Flavour sales





Mature markets





Developing markets





Sales July to September 2015

Change %

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in CHF


Group sales





Fragrance sales





Flavour sales





*LFL: like-for-like

Fragrance Division

Fragrance Division sales were CHF 1,563 million for the first nine months of 2015, an increase of 0.7% on a like‑for‑like basis and a decline of 1.5% in Swiss francs. Including Soliance and the recently acquired company Induchem, the growth was 1.8% in local currencies. Induchem contributed CHF 2 million following the acquisition on the 31 August 2015.

Total sales of Fragrance compounds (Fine Fragrances and Consumer Products combined) increased by 1.8% on a like‑for‑like basis. In Swiss francs, sales of compounds decreased by 1.6% to CHF 1,364 million from CHF 1,386 million in 2014.

Fine Fragrances

Fine Fragrance sales grew 1.7% on a like‑for‑like basis with growth in both developing and mature markets. Strong double‑digit growth in Asia and the Middle East more than compensated for slightly lower sales in Latin America.

Consumer Products

The Consumer Product business grew by 1.8% on a like‑for‑like basis with strong growth in developing markets more than offsetting lower sales in mature markets.  Latin America delivered double‑digit growth against strong comparables, supported by all customer groups. In Asia sales were supported by the strong growth of local and regional customers. In Europe, Africa and the Middle East, sales growth was also driven by solid performance with local and regional customers in all sub‑regions. Sales in North America were below last year mainly driven by international customers, whilst local and regional customers demonstrated a strong sales growth.

On a product segment basis, there was a strong increase in the fabric care segment. Oral care, personal care and the home care segment also contributed to the growth.

Fragrance and Cosmetic Ingredients

Sales of Fragrance and Cosmetic Ingredients decreased by 7.0% on a like‑for‑like basis, mainly as a result of the lower commodity sales and high comparables. The sales of Soliance, which was acquired on 2 June 2014, and the sales of Induchem, which was acquired on 31 August 2015, were CHF 27 million for the first nine months of 2015, growing double‑digit in local currency when compared to the same period of last year. Including the recently acquired companies, the growth of Fragrance and Cosmetic Ingredients was 2.2% in local currency.  All product categories in Fragrance Ingredients declined, however, the specialities business was the least impacted. The earlier announced product transfers to the production site in Mexico and the joint venture partner in China are on schedule and will continue to ensure that the Group remains competitive in the fragrance ingredients market.

Flavour Division

Flavour Division sales were CHF 1,733 million during the first nine months of 2015, an increase of 3.3% on a like‑for‑like basis and 0.4% in Swiss francs, driven by a continued good performance in North and Latin America and an improvement in the developing markets.

Good growth in the Beverage and Dairy segments was as a result of new wins and a solid existing business. The positive momentum of health and wellness in all regions continued with improved taste solutions being provided to the division’s customers.

Asia Pacific

Sales in Asia Pacific increased by 1.9% on a like‑for‑like basis. New wins and existing business growth in China and India contributed to the growth. The mature markets continued to grow reversing a slow start to the year with a particularly good performance in Japan. The Snacks and Dairy segments demonstrated growth as a result of new wins.

Europe, Africa and Middle East

Sales were flat on a like‑for‑like basis with developing markets delivering a growth during the quarter driven by Africa and Middle East markets. Challenging economic conditions continue to impact growth in Eastern Europe, particularly in Russia and Ukraine. Performance in the mature markets has evolved positively for the year with the Dairy, Snacks and Savoury segments increasing as a result of new wins and existing business growth.

North America

Sales increased 6.7% on a like‑for‑like basis. The strong momentum continued into the third quarter of the year. The strong sales growth was attributed to existing business growth and new wins with a particularly good performance in the Beverage, Dairy and Snacks segments.

Latin America

Growth in Latin America was 10.4% on a like‑for‑like basis with strong sales coming from Argentina, Brazil and Mexico. All segments grew with a particularly good performance in the Beverage, Savoury and Sweet Goods segments as a result of new wins and existing business growth.

Note: Like-for-like excludes the impact of currency, acquisitions and disposals

For further information please contact:

Peter Wullschleger, Givaudan Media and Investor Relations
Chemin de la Parfumerie 5
1214 Vernier
T +41 22 780 9093