Givaudan Reports First Nine Months 2011 Financials
Posted: October 11, 2011
Givaudan released its financials for the first nine months of 2011, recording sales of CHF2,971 million—an increase of 4.7% in local currencies but a decrease of 9.5% in Swiss francs compared to 2010 financial results. The company also announced it is working to implement new price increases in light of a significant rise in input costs, forecasting that this will help mitigate the input costs’ affect for half of 2011 and fully in 2012, while working to maintain a full project pipeline.
Specifically for the Givaudan fragrance division, in the first nine months of 2011, it recorded sales of CHF1,395 million, a growth of 4.4% in local currencies and a decline of 9.4% in Swiss francs. Total sales for fragrance compounds (fine fragrances and consumer products combined) increased 4.2% in local currencies and declined by 10.0% in Swiss francs to CHF1,202 million from CHF1,335 million. Fine fragrance sales growth was at 1.3% in local currencies against strong comparables in 2010. The company’s growth in Latin America and North America was supported by the launch of new perfumes, while sales in Europe were below last year’s. The consumer products fragrance business grew by 5.1% in local currencies across both developing and mature markets. Asia Pacific showed the strongest increase, and in Latin America, performance was driven by Mexico. In Europe, Africa and the Middle East, sales increased across all customer groups, while in North America, a solid performance was achieved due to double-digit sales growth with both local and regional customers.