2022 Financial summary
Half year results
Key figures
FINANCIAL REVIEW
For the six months ended 30 June
in millions of Swiss francs except earnings per share data | 2022 | 2021 | ||
Sales | 3,652 | 3,373 | ||
Gross profit | 1,459 | 1,480 | ||
as % of sales | 40.0% | 43.9% | ||
EBITDA a | 816 | 809 | ||
as % of sales | 22.4% | 24.0% | ||
Operating income | 631 | 613 | ||
as % of sales | 17.3% | 18.2% | ||
Income attributable to non-controlling interests | - | - | ||
Income attributable to equity holders of the parent | 440 | 481 | ||
as % of sales | 12.1% | 14.3% | ||
Earnings per share - basic (CHF) | 47.74 | 52.19 | ||
Earnings per share - diluted (CHF) | 47.52 | 51.78 | ||
Operating cash flow | 131 | 415 | ||
as % of sales | 3.6% | 12.3% | ||
Free cash flow b | (147) | 186 | ||
as % of sales | (4.0%) | 5.5% |
- 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.
- Free Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.
Givaudan - 2022 Half Year Financial Summary 28
Key figures
GROUP
For the six months ended 30 June
in millions of Swiss francs | 2022 | 2021 |
Sales to third parties | 3,652 | 3,373 |
EBITDA a | 816 | 809 |
as % of sales | 22.4% | 24.0% |
One off items | (4) | (8) |
Comparable EBITDA | 820 | 817 |
as % of sales | 22.5% | 24.2% |
Operating income | 631 | 613 |
as % of sales | 17.3% | 18.2% |
- 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.
TASTE & WELLBEING
For the six months ended 30 June
in millions of Swiss francs | 2022 | 2021 | |
Sales to third parties | 2,006 | 1,809 | |
EBITDA a | 454 | 434 | |
as % of sales | 22.6% | 24.0% | |
One off items | (1) | (5) | |
Comparable EBITDA | 455 | 439 | |
as % of sales | 22.7% | 24.3% | |
Operating income | 340 | 312 | |
as % of sales | 16.9% | 17.3% |
- 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.
FRAGRANCE & BEAUTY
For the six months ended 30 June
in millions of Swiss francs | 2022 | 2021 |
Sales to third parties | 1,646 | 1,564 |
EBITDA a | 362 | 375 |
as % of sales | 22.0% | 24.0% |
One off items | (3) | (3) |
Comparable EBITDA | 365 | 378 |
as % of sales | 22.2% | 24.2% |
Operating income | 291 | 301 |
as % of sales | 17.7% | 19.2% |
- 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.
Givaudan - 2022 Half Year Financial Summary 29
Consolidated financial statements
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June
in millions of Swiss francs, except for earnings per share data | 2022 | 2021 | ||
Sales | 3,652 | 3,373 | ||
Cost of sales | (2,193) | (1,893) | ||
Gross profit | 1,459 | 1,480 | ||
as % of sales | 40.0% | 43.9% | ||
Selling, marketing and distribution expenses | (450) | (453) | ||
Research and product development expenses | (268) | (277) | ||
Administration expenses | (102) | (116) | ||
Share of results of joint ventures and associates | 11 | 2 | ||
Other operating income | 16 | 12 | ||
Other operating expense | (35) | (35) | ||
Operating income | 631 | 613 | ||
as % of sales | 17.3% | 18.2% | ||
Financing costs | (48) | (46) | ||
Other financial income (expense), net | (71) | (1) | ||
Income before taxes | 512 | 566 | ||
Income taxes | (72) | (85) | ||
Income for the period | 440 | 481 | ||
Attribution | ||||
Income attributable to non-controlling interests | - | - | ||
Income attributable to equity holders of the parent | 440 | 481 | ||
as % of sales | 12.1% | 14.3% | ||
Earnings per share − basic (CHF) | 47.74 | 52.19 | ||
Earnings per share − diluted (CHF) | 47.52 | 51.78 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June
in millions of Swiss francs | 2022 | 2021 | ||
Income for the period | 440 | 481 | ||
Items that may be reclassified to the income statement | ||||
Cash flow hedges | ||||
Movement in fair value, net | 181 | 55 | ||
Gains (losses) removed from equity and recognised in the consolidated income | 5 | 4 | ||
statement | ||||
Movement on income tax | (14) | (5) | ||
Exchange differences arising on translation of foreign operations | ||||
Movement in fair value arising on hedging instruments of the net assets in foreign | 25 | (42) | ||
operations | ||||
Change in currency translation | (58) | 224 | ||
Movement on income tax | (3) | 2 | ||
Items that will not be reclassified to the income statement | ||||
Defined benefit pension plans | ||||
Remeasurement gains (losses) of post employment benefit obligations | 157 | 124 | ||
Movement on income tax | (25) | (18) | ||
Other comprehensive income for the period | 268 | 344 | ||
Total comprehensive income for the period | 708 | 825 | ||
Attribution | ||||
Total comprehensive income attributable to non-controlling interests | - | - | ||
Total comprehensive income attributable to equity holders of the parent | 708 | 825 | ||
Givaudan - 2022 Half Year Financial Summary 30
Consolidated financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June | 31 December | |||
in millions of Swiss francs | 2022 | 2021 | ||
Assets | ||||
Cash and cash equivalents | 310 | 274 | ||
Derivative financial instruments | 28 | 16 | ||
Financial assets at fair value through income statement | 13 | 4 | ||
Accounts receivable - trade | 1,683 | 1,464 | ||
Inventories | 1,585 | 1,380 | ||
Current tax assets | 77 | 57 | ||
Prepayments | 95 | 65 | ||
Other current assets | 151 | 147 | ||
Current assets | 3,942 | 3,407 | ||
Derivative financial instruments | 131 | 37 | ||
Property, plant and equipment | 2,307 | 2,301 | ||
Intangible assets | 4,796 | 4,857 | ||
Deferred tax assets | 124 | 182 | ||
Post-employment benefit plan assets | 46 | 69 | ||
Financial assets at fair value through income statement | 281 | 297 | ||
Interests in joint ventures and investments in associates | 57 | 37 | ||
Other non-current assets | 230 | 247 | ||
Non-current assets | 7,972 | 8,027 | ||
Total assets | 11,914 | 11,434 |
30 June | 31 December | |||
in millions of Swiss francs | 2022 | 2021 | ||
Liabilities and equity | ||||
Short-term debt | 1,140 | 429 | ||
Derivative financial instruments | 95 | 37 | ||
Accounts payable - trade and others | 960 | 1,008 | ||
Accrued payroll & payroll taxes | 149 | 235 | ||
Current tax liabilities | 139 | 188 | ||
Financial liability - own equity instruments | 122 | 148 | ||
Provisions | 9 | 13 | ||
Other current liabilities | 258 | 264 | ||
Current liabilities | 2,872 | 2,322 | ||
Derivative financial instruments | 17 | 61 | ||
Long-term debt | 4,299 | 4,244 | ||
Provisions | 82 | 83 | ||
Post-employment benefit plan liabilities | 201 | 371 | ||
Deferred tax liabilities | 309 | 285 | ||
Other non-current liabilities | 113 | 127 | ||
Non-current liabilities | 5,021 | 5,171 | ||
Total liabilities | 7,893 | 7,493 | ||
Share capital | 92 | 92 | ||
Retained earnings and reserves | 6,198 | 6,365 | ||
Own equity instruments | (225) | (211) | ||
Other components of equity | (2,049) | (2,317) | ||
Equity attributable to equity holders of the parent | 4,016 | 3,929 | ||
Non-controlling interests | 5 | 12 | ||
Total equity | 4,021 | 3,941 | ||
Total liabilities and equity | 11,914 | 11,434 |
Givaudan - 2022 Half Year Financial Summary 31
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Givaudan SA published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 04:53:02 UTC.