VERNIER (dpa-AFX) - Givaudan (GVDBF.PK), a Swiss manufacturer of fragrance and flavor products, reported Thursday that its net income for the first six months of 2019 grew 2.3 percent to 380 million Swiss francs from last year's 371 million francs. Basic earnings per share were 41.24 francs, higher than 40.26 francs last year.
The EBITDA increased 9.9 percent to 660 million francs from 601 million francs in 2018. The EBITDA margin was 21.3 percent in 2019, down from 22.5 percent last year. On a comparable basis, the EBITDA margin was 22.3 percent, compared to 23.4 percent a year ago.
Group sales were 3.09 billion francs, an increase of 15.7 percent in Swiss francs and 6.3 percent on a like-for-like basis. Fragrance Division sales were 1.36 billion francs, up 11.3 percent, and Flavour Division sales were 1.73 billion francs, up 19.4 percent.
Looking ahead for fiscal 2020, the company said it aims to outpace the market with 4-5 percent sales growth and a free cash flow of 12-17 percent of sales, both measured as an average over the five-year period of strategy cycle. Givaudan also said it intends to maintain its current dividend practice as part of this ambition.
The Company added that it continues to implement price increases to compensate for the increases in input costs.
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