Givaudan released the full-year sales results for 2023, reporting CHF 6,915 million, an increase of 4.1% on a like-for-like (LFL) basis and a decrease of 2.8% in Swiss francs when compared to 2022.
The company provided report highlights including:
- Strong performance in high-growth markets with 10.0% growth on a like-for-like basis
- EBITDA of CHF 1,473 million and EBITDA margin of 21.3%, versus 20.7% in 2022
- Comparable EBITDA margin of 22.4% compared to 20.9% in 2022
- Net income of CHF 893 million, an increase of 4.3% over 2022, and an increase of 14.3% when measured in local currency terms
- Record free cash flow of CHF 920 million, an increase of 92% over 2022, or 13.3% of sales
- Proposed dividend of CHF 68.00 per share, up 1.5% year-on-year
Fragrance & Beauty
Fragrance & Beauty sales were CHF 3,312 million, an increase of 7.6% LFL and 1.7% in Swiss francs, against a comparable growth of 5.5% LFL in 2022.
Taste & Wellbeing
Sales in Taste & Wellbeing were CHF 3,603 million, an increase of 1.1% on a LFL basis and a decrease of 6.7% in Swiss francs, against a comparable growth of 5.2% LFL in 2022.
For the full report, visit https://www.givaudan.com/specials/file/giv-2023-fyr-en.pdf.
Looking Forward
Givaudan's mid and long term ambitions include:
- Achieving organic sales growth of 4 to 5% on a like-for-like basis and free cash flow of at least 12%, both measured as an average over the five-year period strategy cycle.
- Aim to deliver on key non-financial targets around sustainability, diversity and safety, linked to Givaudan’s purpose.
- Doubling business through creations that contribute to "happier, healthier lives by 2030,"
- Becoming climate-positive before 2050
- Becoming a leading employer for inclusion before 2025 and sourcing all materials and services in a way that protects the environment and people by 2030.
At the Annual General Meeting on March 21, 2024, all current Board members will stand for re-election. All Board members will be elected for a term of office ending at the Annual General Meeting in 2025.
“We are very pleased with our strong financial performance in 2023, despite the challenging environment that we have faced throughout the year. Our clearly defined strategic positioning and the proactive steps that we have taken to adapt to the broader environment have supported the achievement of these industry leading results” said CEO Gilles Andrier. “We are well on course in all areas of our 2025 strategy and we will remain focused on supporting the growth of our customers with innovative and differentiating solutions.”
