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Givaudan reports Q1 2024 sales of 1.82B Swiss francs, up 2.8% year-over-year; company highlights strong momentum to start the year with increased volume demand from customers, while some supply chain challenges are ongoing

April 12, 2024 (press release) –

Ad hoc announcement pursuant to article 53 LR

”We are pleased with our very good start to 2024, driven by strong momentum in our established business and a high level of new wins. The strong growth has been achieved across all markets and segments and once again highlights the unique position of Givaudan in supporting the growth of our customers around the world with innovative high value-added products and solutions.” 

Gilles Andrier, CEO

Sales performance

In the first three months of 2024 Givaudan recorded sales of CHF 1,822 million, an increase of 12.6% on a like-for-like (LFL) basis1 and an increase of 2.8% in Swiss francs.

Givaudan started the year with strong business momentum, a healthy project pipeline and maintained its operations and global supply chain at a high level, against increased volume demand from customers and some continuing supply chain challenges.

The strong growth was achieved across product segments and geographies, with the high growth markets growing at 21.8% on a LFL basis and the mature markets growing at 5.5% LFL.

Fragrance & Beauty sales were CHF 900 million, an increase of 16.3% LFL1 and an increase of 7.5% in Swiss francs.

On a business unit basis, Fine Fragrance sales increased by 16.8% LFL against a high prior year comparable growth of 20.9%, Consumer Products sales increased by 17.6% LFL and sales of Fragrance Ingredients and Active Beauty increased by 10.0% LFL.

The strong sales growth was achieved across all regions and customer groups, with particularly strong performance in the high growth markets and with local and regional customers.

Taste & Wellbeing sales were CHF 922 million, an increase of 9.3% LFL1 and a decrease of -1.5% in Swiss francs.

On a regional basis, the good sales performance was achieved in all regions, with Europe growing by 1.4% LFL, against a high prior year comparable growth of 6.7%, South Asia, Africa and the Middle East sales which increased by 9.4% and Latin America, where sales increased by 45.0% LFL. Sales in North America grew by 5.0% LFL and Asia Pacific increased by 6.5%.

From a segment perspective there was strong double-digit growth in Snacks, Sweet Goods and Dairy and high single-digit growth in Beverages.

Our mid and long term ambitions

Our 2025 strategy, ‘Committed to Growth, with Purpose’, is our intention to deliver growth in partnership with our customers, through creating inspiring products for happier, healthier lives and having a positive impact on nature, people and communities.

Ambitious targets are an integral part of this strategy, with the Company aiming to achieve organic sales growth of 4-5% on a like-for-like basis and free cash flow2 of at least 12%, both measured as an average over the five-year period strategy cycle. In addition, we aim to deliver on key non-financial targets around sustainability, diversity and safety, linked to Givaudan’s purpose.

Our bold and ambitious long-term purpose goals are defined in four domains: creations, nature, people and communities. Our ambitions include doubling our 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.

Upcoming events
Half year results – 23 July 2024
Summer investor conference – 28 August 2024
Nine month sales – 10 October 2024
Investor field trip – 23-24 October 2024
Full year results – 24 January 2025

Key tables

January to March

in million CHF

 

2024

2023

 

Group

Fragrance &
Beauty

Taste &
Wellbeing

Group

Fragrance &
Beauty

Taste &
Wellbeing

Sales as reported  

1,822

900

922

1,773

837

936

- growth in CHF

%

2.8%

7.5%

-1.5%

-0.4%

3.3%

-3.5%

- like-for-like1

%

12.6%

16.3%

9.3%

3.6%

6.8%

1.0%

Acquisition impact (net) (a)  

2

6

-4

0

0

0

- acquisition impact (net)

%

0.1%

0.7%

-0.4%

0.0%

0.0%

0.0%

Currency effects  

-177

-80

-97

-71

-28

-43

- currency effects

%

-9.9%

-9.5%

-10.4%

-4.0%

-3.5%

-4.5%

(a) Acquisitions and divestments

January to March

in million CHF

2024

2023

Group

Fragrance &
Beauty

Taste &
Wellbeing

Group

Fragrance &
Beauty

Taste &
Wellbeing

Acquisitions and divestments

2

6

-4

0

0

0

- Amyris

6

6

0

0

0

0

- discontinued and supposed business

-4

0

-4

0

0

0

Sales performance by division

January to March

2024 2023

sales growth
LFL1

sales growth
LFL1

Fragrance & Beauty

16.3%

6.8%

- Fine Fragrance

16.8%

20.9%

- Consumer Products

17.6%

3.0%

- Fragrance Ingredients and Active Beauty

10.0%

5.1%

Taste & Wellbeing

9.3%

1.0%

- Europe

1.4%

6.7%

- South Asia, Middle East and Africa

9.4%

23.4%

- North America

5.0%

-10.7%

- Latin America

45.0%

10.9%

- Asia Pacific

6.5%

-3.8%

Sales performance by geography

January to March, in million CHF

2024

2023

Sales
reported

LFL1 %

CHF %

Sales
reported

LFL1 %

CHF %

LATAM

218

40.1%

5.8%

206

10.9%

4.4%

APAC

419

8.0%

-0.7%

422

4.9%

-0.5%

NOAM

437

7.2%

1.2%

432

-9.5%

-9.3%

EAME

748

10.8%

4.9%

713

     9.9%

      4.4%

             
High growth markets

825

21.8%

6.2%

776

9.7%

3.3%

Mature markets

997

5.5%

0.0%

997

-0.8%

-3.2%

             
Total Group

1,822

12.6%

2.8%

1,773

3.6%

-0.4%

Notes:

  1. Like-for-like (LFL) is defined as: (a) sales calculated using the invoicing exchange rates of the prior year, (b) excluding sales of businesses acquired from the acquisition date until the period end date, up to 12 months from the acquisition date, and (c) excluding sales of the businesses disposed of from the disposal date until the period end date of the comparable prior period.

  2. Free Cash Flow (FCF) refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments.

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