新闻稿

芬美意发布半年报,疫情期间,成绩斐然

获得持续的营收和自由现金流增长,同时展现出稳定的盈利能力。完成有史以来最大规模并购的后续整合。

瑞士日内瓦, 2021年 2月 11日 -

Firmenich International SA, the world’s largest privately-owned Perfume and Taste company, announced its Half Year Results for the six months ended 31 December 2020.

 

 

Financial Highlights

 

• Total Revenue reached CHF 1,997 million, up 2.3% on an organic basis at constant currency1. Including acquisitions, Total Revenue increased 14.0% year-over-year at constant currency. On a reported basis, Total Revenue increased 4.9% year-over-year
 

• Adjusted EBITDA2 of CHF 367 million, up 1.6% year-over-year on an organic basis at constant currency, and down -12.4% year-over-year on a reported basis
 

• Adjusted EBITDA margin of 18.4%. On an organic basis at constant currency, Adj. EBITDA margin remained stable year-over-year. On a reported basis, Adj. EBITDA margin decreased by 360 basis points, due to the negative impact of foreign exchange and the impact of the pandemic on our acquisitions
 

• Free Cash Flow3 of CHF 182 million, up 20.7% year-over-year
 

• EBITDA to Free Cash Flow conversion ratio of 50%, an increase of 13 percentage points from 37% in HY 2020

 

 

Operating Highlights

 

• Demonstrated sustained organic revenue growth across Taste & Beyond and Perfumery & Ingredients divisions, despite the global Covid-19 pandemic
 

• Delivered double-digit revenue growth in key geographies: China +15.1%, North America +12.8% and India +11.4%, on an organic basis at constant currency
 

• We are in the process of integrating DRT, our largest ever acquisition, to build the leading innovation platform for renewable, biodegradable and sustainable ingredients. The pandemic had a material impact on revenue and profit during the first half of the year
 

• Strengthened leadership team with new senior appointments and a new Perfumery leadership organization
 

• Cultivated responsible business leadership, obtaining a CDP AAA rating for the 3rd year running, and an industry-leading Sustainalytics ESG rating of 8.6, in the top 1% of the 13,500 companies rated

 


“Firmenich continued to perform strongly across its business in the first half of FY2021. I would like to warmly thank all of our 10,000 colleagues around the world for their tremendous resilience and agility. For more than 125 years, our people have been the bedrock of our success. Together, we have weathered many major global crises, and I am confident we will once more emerge stronger from these testing times” said Patrick Firmenich, Chairman of the Board.


“Firmenich delivered a solid performance in the past six months, underpinned by sustained organic growth, despite new peaks in the pandemic. In a challenging environment, I am pleased that we demonstrated again the strength of our business, growing at double-digit rates in key markets such as China, North America and India. Thanks to the dedication of our colleagues, we maintained the highest level of service for our customers, supplying the global food chain and essential home and personal care products. I firmly believe that we are well positioned to capture the opportunities that will arise after this public health crisis,” said Gilbert Ghostine, CEO of Firmenich.

 

 

HY2021 Performance


Total Revenue reached CHF 1,997 million, up 2.3% year-over-year on an organic basis at constant currency. Including acquisitions, Total Revenue increased 14.0% year-over-year at constant currency. On a reported basis, Total Revenue increased 4.9% year-over-year. Foreign exchange, in comparison to prior year rates, had an unfavorable impact of minus CHF 174 million on Total Revenue.


Taste & Beyond Revenue increased +3.6%, organically at constant currency, driven by Beverages, Sweet Goods, and Sugar Reduction, more than offsetting the temporary negative impact of the crisis on Foodservice and Savory goods.


Perfumery & Ingredients Revenue increased +1.6%, organically at constant currency, driven primarily by Consumer Fragrance and Ingredients. Our Mid-Market Perfumery platform in North America delivered strong double-digit organic growth. Fine Fragrance continues to be impacted by the retail closures and travel restrictions, yet we have seen an encouraging sequential improvement in the second quarter.

 

 

Adjusted EBITDA


Adjusted EBITDA reached CHF 367 million, up 1.6% on an organic basis at constant currency, and down 12.4% on a reported basis. Foreign exchange, in comparison to prior year rates, had an unfavorable impact of minus CHF 72 million on the Adjusted EBITDA.


Adjusted EBITDA margin was 18.4%, a decrease of 3.6 percentage points in comparison to 22.0% in the prior year. Half of this decrease is explained by foreign exchange and the remaining half is due to the impact of the pandemic on our acquisitions. On an organic basis at constant currency, Adjusted EBITDA margin stayed constant in comparison to the prior year.

 

 

Cash Flow


Free Cash Flow increased 20.7% year-over-year to CHF 182 million, thanks to tight working capital management, underscoring our prudent execution during the crisis. As a result, our conversion ratio of EBITDA to Free Cash Flow reached 50%, an increase of 13 percentage points in comparison to the prior year.

 

 

DRT Integration


Last fiscal year, we completed the transformational acquisition of DRT, a leader in naturally-derived renewable ingredients. This acquisition enables Firmenich to build the world’s leading innovation platform for renewable, biodegradable and sustainable ingredients for Fragrances, Flavors and Nutrition. While we are in the process of integrating DRT, revenue and profit were materially impacted by the pandemic in the first half of the year, as a result of lower volume and demand in the DRT industrial end markets as well as in the fine fragrance market. Despite this soft start, we remain entirely confident in the strategic fit of the acquisition, as well as in the quality of the assets and the team. Feedback from our customers on the value of our unique and proprietary access to renewable ingredients confirms our confidence that DRT provides us a long-term competitive advantage.

 

 

Responsible Business


We have continued to strengthen our leading position in Environmental, Social and Governance issues. Running our business responsibly and sustainably is a core pillar of our company culture. We are very proud of our ESG credentials and awards that recognize our commitment to both climate change and social causes. Among other achievements, we would like to highlight that we are one of only two companies worldwide to have been awarded, for the third year in a row, the CDP AAA rating for climate change, water security and forests. Additionally, we are proud to have received an ESG rating of 8.6 from Sustainalytics, placing us in the lead in our industry and in the top 1% of companies rated worldwide.

 

 

Disclosure


This information is provided by Firmenich International SA pursuant to the EU Market Abuse Regulation 596/2014 and the Swiss FMIA. The information was submitted for publication, through the contact persons set out below, at 7:00 CET on 11 February 2021. Further information is available for investors on https://investors.firmenich.com.

Firmenich Compass

Contact

Firmenich
Diego Chantrain, Investor Relations
Email: investor_relations@firmenich.com


FTI Consulting (Financial PR)
Jonathon Brill
Email: firmenich@fticonsulting.com
Tel: +44 (0) 20 3727 1000

 

 

关于芬美意

 

芬美意成立于1895年,总部位于瑞士日内瓦,是一家拥有125年历史的私营家族企业。芬美意是一家在香气和风味领域面向企业,从事研究、创意、生产和销售日化香精、食用香精和香原料的公司。芬美意旨在为客户提供卓越的创意配方、广泛和高品质的香原料库、以及专有技术,包括生物技术、微胶囊技术、气味科学和口感修饰技术,以及其他领域的创新技术。截至2020年6月底,芬美意的年营业额为39亿瑞士法郎。欲知更多芬美意的信息,请访问www.firmenich.com

 

 

 


 

1 按不变汇率计算的有机增长反映了在去除过去12个月内完成的收购和汇率变动影响后的实际内部增长。这是在相同范围和开票货币下与前一年业绩的“同类”比较,以便人们能够更深入地了解导致不同年份的收入、毛利率和调整后的EBITDA变化的业务动态。

2 EBITDA即“息税折旧摊销前利润”,指未扣除折旧、摊销、减值损失和政府补助的营业利润。调整后的EBITDA对与基本正常运营活动关系不大的重要项目进行了调整。调整后的项目包括重组成本、非流动资产损益、收购相关成本、和缩减的影响。

3 自由现金流等于经营活动的现金流减去净投资。它代表本集团支付股息、偿还资本或进行收购(如有)的现金产生能力。

Company