Fragrance Division sales were CHF 2,088 million, an increase of 8.5% on a like-for-like basis and an increase of 11.2% in Swiss francs. Flavour Division sales were CHF 2,576 million, an increase of 4.6% on a like-for-like basis and an increase of 17.4% in Swiss francs.

Givaudan says it continued the year with good business momentum and with the project pipeline and win rates sustained at a high level. This growth was achieved across all product segments and geographies, with the company’s key strategic focus areas of Naturals, Health and well-being, Active Beauty, Integrated solutions and local and regional customers delivering strong growth, complemented by the recent acquisitions.

The company says it continues to implement price increases in collaboration with its customers to fully compensate for the increases in input costs.

Givaudan says its 2020 ambition is to create further value through profitable, responsible growth. Building on the first three years of this strategic cycle, Givaudan’s 2020 ambition is defined around the three strategic pillars of ‘Growing with our customers’, ‘Delivering with excellence’ and ‘Partnering for shared success’.

As part of the company’s 2020 strategy, Givaudan says it also seeks to create value through targeted acquisitions, which complement existing capabilities in providing winning solutions for its customers. Since 2014, Givaudan has completed thirteen acquisitions, which are fully in line with the growth pillars within the Company’s 2020 strategy.

Ambitious financial targets are a fundamental part of Givaudan’s strategy, the company says. It aims to outpace the market with 4-5% sales growth and a free cash flow of 12-17% of sales, both measured as an average over the five-year period of its strategy cycle. It is Givaudan’s intention to maintain its current dividend practice as part of this ambition.

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