For its fiscal year ended June 30, 2010, Firmenich posted a sales increase of 12.1% in local currencies, 8.7% in Swiss Francs, to reach CHF 2.873 million. This performance was driven by double- digit growth in the perfumery and flavor segments, with a particularly strong rebound in fine fragrance during the second half of the year. The perfume and flavor ingredients business followed the trend, recording a healthy performance and consolidating our leadership in this key area to help our clients differentiate their brands.
Geographically, emerging markets posted the strongest growth—led by the Eastern Europe, Middle East and Africa; followed by Asia-Pacific and Latin America. North America and Western Europe. In February 2010, the company opened a new affiliate in Dubai, United Arab Emirates, to strengthen its presence in the Gulf region. According to the company, the move will enable it to deepen its understanding of local consumers and markets, and increase its offering of fragrances and flavors adapted to local tastes. Firmenich also inaugurated a new state-of-the-art perfume and flavor development center at its affiliate in Brazil. This will further expand its market presence in Brazil and across the Latin American region. It also opened a perfume ingredients plant in Gujarat Province, India, complementing the Firmenich ingredients site in Geneva. Production also began at a new flavor encapsulation site in the U.S.
The company also evolved its organization, moving from two to three commercial divisions (Perfumery, Flavors and Ingredients), and folded its supply chain activities into each division. The move aims to optimize service to clients across global, regional and local markets, as well as production costs and efficiencies, due to a seamless path from creation to delivery.
Firmenich continues to invest 10% of annual profits in innovation, which it sees as a key to future success. This included the development of new ingredients to inspire new pleasures in taste and smell. In its fiscal year, the company filed a total of 32 new patent applications for new fragrance and flavor ingredients, unique delivery systems and original processes.