Givaudan reports sales, profit up
Flavours and fragrances company Givaudan Group has reported sales up 6.6% (8.7% in Swiss Francs) to CHF 4,257 million.
Gross margin declined slightly, but EBITDA increased by 14.8% to CHF 870 million in 2012 from CHF 758 million last year. The improvement in the EBITDA was hampered by higher pension costs and the costs associated with the start-up of the facility in Makó, Hungary. In the second half of 2012 the Group recorded a CHF 27 million gain on the sale of a non-strategic business.
When measured in local currency terms, EBITDA increased by 11.9%. The EBITDA margin was 20.4% in 2012, compared to the 19.4% reported in 2011.
Givaudan’s Flavour Division reported sales of CHF 2,236 million, a growth of 5.0% in local currencies and 7.4% in Swiss francs. All major segments grew favourably with beverages and snacks leading the way.
In Asia Pacific, the company reported strong new wins and growth of existing business fuelling expansion across all segments with gains coming from beverage, dairy, savoury and snacks. Dairy, savoury and beverages also saw double digit growth in Latin America. Sales increased 3.6% in local currencies in EAME despite the adverse economic conditions in Northern Africa and Southern Europe. In North America, sales increased 4.1% in local currencies as a result of new wins and gains on existing business.
