芬美意全年业绩稳健,下半年增长势头迅猛

实现了5%左右的收入自然增长和强劲的现金增值,但盈利能力受到疫情干扰和汇率影响。

瑞士日内瓦, 2021年 8月 6日 -

Firmenich International SA, the world’s largest privately-owned Perfume and Taste company, announces its Full Year Results for the 52 weeks ended 30 June 2021.

 

 

Financial Highlights

 

  • Revenue reached CHF 4,272 million, up 4.7% year-over-year on an organic basis at constant currencyi . Including acquisitions, Revenue increased 16.8% year-over-year at constant currency. On a reported basis, Revenue increased 10.2% year-over-year
  • EBITDAii of CHF 874 million, up +6.2% year-over-year. Excluding the impact of acquisitions and foreign exchange, EBITDA would have increased by +10.6%.
  • Adjusted EBITDA of CHF 816 million, down -5.0% year-over-year. Excluding the impact of acquisitions and foreign exchange, Adjusted EBITDA would have decreased by -1.1%. Adjusted EBITDA margin of 19.1%, down -3.0 percentage points compared to the previous year, due to the impact of acquisitions, negative foreign exchange, and the temporary effect of the pandemic on costs and mix
  • Free Cash Flowiii of CHF 511 million, up +12.5% year-over-year
  • EBITDA to Free Cash Flow conversion ratio of 59%

 

 

Operating Highlights

 

  • Demonstrated solid revenue growth across Perfumery & Ingredients and Taste & Beyond divisions, on an organic basis at constant currency, driven by a rebound in Fine Fragrance, strong customer demand in Ingredients, growth in Beverages supported by our Sugar Reduction solutions, and Dairy
  • Achieved double-digit revenue growth in key markets of North America, China, and India, on an organic basis at constant currency
  • Further progress made integrating DRT. The pandemic has had an adverse impact on revenue and profit this year, resulting in us being behind our original business case assumptions for FY21. Significant revenue rebound in the second half of the year, as well as improving profitability
  • Strengthened leadership team with new senior appointments and upgraded organizations in Perfumery & Ingredients and Taste & Beyond
  • Accelerated development of innovative new products including launch of the world’s first Flavor and first Consumer Fragrance designed with the help of Artificial Intelligence
  • Strengthened responsible business leadership position with CDP AAA rating for the 3rd year running, and an industry-leading Sustainalytics ESG rating of 8.6
  • Announced ambitious ESG targets to reach carbon neutrality by 2025, and carbon positive impact beyond that date. By 2030, we will strive to achieve absolute carbon emission reduction in line with the 1.5°C Science-Based Targets

 

“Firmenich achieved solid performance in a challenging year, demonstrating the strength of our business. I am proud and thankful for the dedication and commitment of our people that delivered these results. Throughout the year, we have continued to invest to position ourselves for the future, and I believe we are well placed to capture the opportunities that will arise after the crisis,” said Patrick Firmenich, Chairman of the Board.

 

“I am proud of our achievements this year. We maintained a sharp focus on the health and safety of our employees. I am grateful for the dedication and energy that our people have demonstrated in this challenging time. We delivered strong revenue growth and cash generation across the business, with double-digit growth in the key geographies of North America, China and India. We continued to make progress on the integration of our acquisitions and accelerated our innovation to help our customers win bigger in the post-pandemic world,” said Gilbert Ghostine, CEO of Firmenich.

 

 

FY2021 Performance

 

Revenue

 

Revenue reached CHF 4,272 million, up +10.2% year-over-year on a reported basis, and +4.7% on an organic basis at constant currency.

 

Perfumery & Ingredients Revenue increased +4.4%, on an organic basis at constant currency, driven by the rebound in Fine Fragrance and strong customer demand in Ingredients.

 

Taste & Beyond Revenue increased +5.2%, on an organic basis at constant currency, driven by growth in Beverages, supported by our Sugar Reduction solutions, and growth in Dairy.

 

In the second half of the year, we saw an acceleration in revenue growth, with continued momentum from our two Divisions, and a strong rebound in Fine Fragrance, which grew by +39%, on an organic basis at constant currency.

 

Adjusted EBITDA

 

Adjusted EBITDA reached CHF 816 million, down -5.0% year-over-year. Excluding the impact of acquisitions and foreign exchange, Adjusted EBITDA would have decreased by -1.1% compared to the previous year.

 

Adjusted EBITDA margin as a percentage of revenue was 19.1%, a decrease of -3.0 percentage points compared to the previous year. This was driven by the impact of acquisitions, negative foreign exchange impact as well as the temporary impact of the pandemic on costs and mix. Excluding the impact of acquisitions and foreign exchange, Adjusted EBITDA margin would have decreased by -1.2 percentage points.

 

Free Cash Flow

 

Free Cash Flow reached CHF 511 million, a +12.5% increase compared to the previous year. This underscores our prudent execution and disciplined working capital management during the crisis, in line with our commitment to retain a strong investment grade credit rating through solid cash generation. Free Cash Flow was favorably impacted by the cash effect of disposals (CHF 42 million) and settlement of legal claims (CHF 30 million).

 

Continued progress with DRT Integration

 

The transformational acquisition of DRT, a leader in naturally derived renewable ingredients, has enabled Firmenich to build the world’s leading innovation platform for renewable, biodegradable, and sustainable ingredients for Fragrances, Flavors and Nutrition. This in turn has allowed us to meet our customers’ growing demand for sustainable products, a key long-term growth driver for our industry. During the period, the pandemic continued to have an adverse impact on revenue and profit due to lower demand in the DRT industrial end markets and in Fine Fragrance, resulting in us being behind our original business case assumptions for FY21. In the second half of the year, we have seen a significant revenue rebound, as well as improving profitability. We are confident in the strategic fit of this acquisition and in the long-term competitive advantage provided by our unique and proprietary access to renewable ingredients.

 

Leader in Responsible Business

 

Our responsible business model is a core part of our family heritage and is consistent with our values and company purpose. This year, we further strengthened our industry leading sustainability credentials, announcing ambitious ESG goals for 2025 and clear measurable targets for 2030. We are taking an ambitious carbon emissions commitment: to reach carbon neutrality by 2025, and carbon positive impact beyond that date. By 2030, we will strive to achieve absolute carbon emission reduction in line with the 1.5°C Science-Based Targets. In a further demonstration of our responsible leadership, we are one of only two companies in the world to receive a triple “A” rating from CDP, in Climate, Water and Forests, for the third year in a row. We were also rated for the first time by Sustainalytics, with a score of 8.6, which not only places us as ESG leaders in our industry and the broader Chemicals sector, but also in the top 1% of companies rated worldwide. Additionally, in May we received the global EDGE MOVE™ certification, in recognition of our work and longstanding commitment for gender equality. This builds on our earlier EDGE certification, which we obtained for the first time in 2018.

 

Strengthening our Leadership Team

 

We have continued to strengthen our leadership team with new senior appointments and upgraded organizations in Perfumery & Ingredients and Taste & Beyond. This year saw internal promotions and external hires to key senior leadership positions, including a new Chief Financial Officer, a new Chief Procurement Officer, a new Chief Supply Chain Officer, and a new Chief Research Officer (effective 1 July 2021).

 

Disclosure

 

This information is provided by Firmenich International S.A. 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 above, at 7:00 CEST on 6 August 2021. Further information is available for investors on http://investors.firmenich.com.

Contact

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


FTI Consulting (Financial PR)
James Styles
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2021年6月底,芬美意的年营业额为42亿7千2百万瑞士法郎。欲知更多芬美意的信息,请访问  www.firmenich.com

 

 

 


 

i
按不变汇率计算的增长
我们的管理层和董事会使用“按不变汇率计算的增长”来评估经营业绩。我们相信,排除汇率变化的影响有利于同期对比经营业绩,也有利于更好地理解业绩背后的基本推动因素。统计“按不变汇率计算的增长”时,将按上期汇率换算的本期业绩与按相同汇率换算的上期业绩进行比较。

自然增长
我们的管理层和董事会使用“自然增长”来评估经营业绩。我们相信,排除业务收购和资产处置的影响有利于同期对比经营业绩,也有利于更好地理解业绩背后的基本推动因素。统计“自然增长”时,排除业务收购和资产处置对实施收购和处置前后12 个月的影响。

按不变汇率计算的收入自然增长
我们的管理层和董事会使用“按不变汇率计算的收入自然增长”来评估经营业绩。我们相信,排除业务收购、资产处置和汇率变化的影响有利于同期对比经营业绩,也有利于更好地理解业绩背后的基本推动因素。统计“按不变汇率计算的收入自然增长”时,请参考上文关于“按不变汇率计算的增长”和“自然增长”的表述。

 

ii
EBITDA
EBITDA即“息税折旧摊销前利润”,指未扣除折旧、摊销和减值损失的营业利润。

调整后的EBITDA
调整后的EBITDA是我们的管理层和董事会用来评估我们的核心经营业绩的衡量指标。调整后的EBITDA排除了非经常性和/或不直接归属于经营业绩的特定项目的影响,因为这些项目可能会实质性扭曲同期比较结果和/或影响我们对持续经营业绩的评估。
确定的调整项目清单包括重组和转型成本、收购和处置相关成本、处置无形资产和物业、厂房和设备的损益,以及其他一次性和/或非经营性的项目,其中可能包括依法索赔及理赔,或削减福利养老金计划等因素。

 

iii 自由现金流
自由现金流是我们的管理层和董事会用来评估公司为返还股东资本、偿还债务以及为潜在收购而产生现金能力的衡量指标。我们将自由现金流定义为来自经营活动的现金流减去购买无形资产和物业厂房及设备(不含处置损益)的结果。

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