Half year investor conference 2020 Strategy

Half year investor conference 2020 Strategy
Half year investor conference
2020 Strategy

27th August 2015
Half year investor conference 2020 Strategy
Half year investor conference
2015 Half year results
Half year investor conference 2020 Strategy
2015 Half Year Results
Financial summary

Sales of CHF 2.2 billion, an increase of 1.3% on a like-for-like basis, briefs
pipeline and win rate sustained at a high level

Operating leverage and strong cost focus driving improved EBITDA margin

Net income of CHF 339 million, up 11.2% versus 2014

Strong cash flow, on track to deliver on 2015 targets

Net debt CHF 1,050 million, leverage ratio 23%




                           Confidential and proprietary business information of Givaudan   27th August 2015   3
Half year investor conference 2020 Strategy
2015 Half Year Results
Operating performance: Consistent improvement

                                                                         Gross                     46.6%                    46.5%
Sales of CHF 2,184 million                                               margin
(2014: CHF 2,191 million)

Gross margin of 46.5% compared to 46.6%                                  EBITDA
in 2014, lower operational costs in Flavours                             (in million Swiss francs)                           566
and supply chain efficiencies, offset by
impact of currencies                                                                               562

EBITDA of CHF 566 million, up 0.6%,
driven by strong cost control. One off net non
cash gain of CHF 20 million in 2015,
compared to one-off gain of CHF 38 million in
2014

EBITDA margin of 25.9%, up from 25.6%
in 2014

Operating income of CHF 428 million, up
1.6% from 2014, driven by higher EBITDA
and lower amortisation of intangibles
                                                                                           HY 2014                         HY 2015

                                                                                                   25.6%   EBITDA margin    25.9%

                                                                         As %
                                                                         of sales                           Underlying
                                                                                                   23.9%                    25.0%
                                                                                                           EBITDA margin
                                   Confidential and proprietary business information of Givaudan                           27th August 2015   4
Half year investor conference 2020 Strategy
2015 Half Year Results
Net income: increasing by 11% as a result of continued strong
operating performance


Income before tax of CHF 381 million, up from
CHF 376 million in 2014, driven by:
                                                                         Net income
• Improved EBITDA
                                                                         In CHF million
• Flat financial expenses
                                                                                                             339
Effective tax rate of 11%, underlying tax rate
of 19%, the same as in June 2014

Net income of CHF 339 million, or 15.5%
of sales, versus 13.9% in 2014

Basic EPS of CHF 36.82, versus
CHF 33.13 in 2014
                                                                                                   305




                                                                                           HY 2014         HY 2015
                                                                         Basic
                                                                                                   33.13     36.82
                                                                         EPS
                                                                         (CHF)
                                   Confidential and proprietary business information of Givaudan           27th August 2015   5
Half year investor conference 2020 Strategy
2015 Half Year Results
Free cash flow: strong underlying performance


Operating cash flow of CHF 341 million, up
from CHF 218 million in 2014
                                                                         Free cash flow
Working capital as a % of sales down slightly                            In CHF million
versus HY 2014
                                                                                                            248
Total investments of CHF 57 million, including
the completion of the facility in Nantong,
China, compared to CHF 46 million in 2014
                                                                                                   178
Net investments as % of sales were 3.4% in
2015, compared to 0.5% in 2014




                                                                                           HY 2014        HY 2015
                                                                         As %
                                                                                                   8.1%    11.4%
                                                                         of sales


                                   Confidential and proprietary business information of Givaudan          27th August 2015   6
Half year investor conference 2020 Strategy
2015 Half Year Results
Leverage ratio: Continuing to de-leverage on a yearly basis

• Leverage ratio of 23% as at June 2015 as a result of solid cash flow generation and despite currency impact on
  equity following the strengthening of the Swiss franc in Jan 2015
• Intention to maintain a medium term leverage ratio target below 25%
• Company will exclude from equity definition any impact arising from changes in IAS 19

                         26%
      24%                                                                                  24%
                                                                                                                           23%


                                                    18%
                                                                                                      17%




     Dec '12            Jun '13                  Dec '13                                 Jun '14     Dec '14            Jun '15


                                     Confidential and proprietary business information of Givaudan             27th August 2015   7
Half year investor conference 2020 Strategy
2015 Half Year Results
On track to deliver on our ambitious mid-term guidance


        4.5 to 5.5%                                           Best-in-class                                                           14-16%                    Above 60%
      organic sales growth                                            EBITDA                                                 free cash flow as %               free cash flow return
          per annum2                                                                                                           of sales in 2015                   to shareholders1




Driven by a five-pillar strategy

Developing markets                                Research and                          Health and wellness                            Sustainable sourcing   Targeted customers
                                                  development                                                                          of raw materials       and segments




1   FCF (free cash flow), above 60% return to shareholders whilst maintaining a leverage ratio of no more than 25%
2   Sales growth assumes a market growth of 2-3%




                                                                      Confidential and proprietary business information of Givaudan                            27th August 2015        8
Half year investor conference 2020 Strategy
2020 Strategy
Responsible growth. Shared success.
Half year investor conference 2020 Strategy
Executing our strategy
2010-2015

Increase footprint        Expand beyond                                     Deliver innovation                   Develop innovative
in high growth            Fragrances and                                    to customers                         sourcing strategies
markets                   Flavours
                                                                            New Fragrance molecules               Origination programme
Mako, Hungary             Health and wellness taste                         Strong palette of                     Long-term partnerships
                          solutions                                         innovative Flavour
Cimanggis, Indonesia
                                                                            ingredients                           Fragrance Ingredients
Nantong, China            Integrated beverage                                                                     joint venture in China
                          solutions                                         New technologies
Mumbai, India
                          Active cosmetic
Singapore                                                                   New delivery systems
                          ingredients
São Paulo, Brazil
Buenos Aires, Argentina
Pedro Escobedo, Mexico
Dubai, UAE
New offices
Pakistan, Nigeria,
Myanmar



Operate with excellence                •    SAP                                                      •   Lean manufacturing
                                       •    Supply chain management                                  •   Givaudan Shared Services




                                     Confidential and proprietary business information of Givaudan                  27th August 2015       10
Mega trends
Our consumer base is growing.
Mega trends
We are living longer and more responsibly.
Mega trends
Our world is interconnected.
Our customers’ focus for their
brands is consistent
 …whether global                                                                …or local/regional

                                     “We will introduce its                 “Everything our
                                     family standard of                     business has done has          “We will continue to meet
“We are developing
                                     transparency with the                  been based on a                the health demands of
new business practices
                                     release of its new ad                  commitment                     consumers from
that grow both our
                                     entitled ‘Honesty’. The                of respect for                 different regions and
company and
                                     ad emphasizes the                      the environment and            help consumers to live a
communities, meeting
                                     company’s commitment to                social                         healthy life.”
people's desire for
                                     disclosing the ingredients             responsibility.”
more sustainable
                                     in its products.”
products and creating
a brighter future.”



                                                                            “Our business revolves
                                    “Our ambition for the
“Is committed to                                                            around ordinary days,
                                    coming years is to win
increasing the                                                              supporting cleanliness,          “Healthy and tasty
                                    over another one billion
nutritional value of                                                        health and comfort while         natural food. Products
                                    consumers around the
our products whilst                                                         protecting our global            gathered from nature
                                    world by creating the
improving taste and                                                         environment. Dedicated           to nourish your well-
                                    cosmetic products that
pleasure. We believe                                                        to creating a future full of     being.”
                                    meet the infinite
in a balanced healthy                                                       health, hope and
                                    diversity of their beauty
lifestyle and eating                                                        happiness.”
                                    needs and desires.”
habits, and we actively
support their
promotion.”
             Confidential information of Givaudan   27th August 2015   14
What do customers expect?




                                                            Cost-effective
  Trust




                                                            Responsible
          Creative
         Sustainable

          Knowledgeable
            Transparent                                                                Partner
      Innovative



                                                      Insightful
                                                   Collaborative
         Agile




                       Confidential and proprietary business information of Givaudan     27th August 2015   15
Customers at the heart of our business


                                              Customer
                                               Orders




                                        Customer
                                       Partnership




                   Confidential and proprietary business information of Givaudan   27th August 2015   16
Vision




To inspire emotion through our
creations every day,
everywhere, as we strive for a
better tomorrow.


         Confidential and proprietary business information of Givaudan   27th August 2015   17
Mission




Together with our customers, we
craft memorable experiences that
bring moments of delight to
consumers.


          Confidential and proprietary business information of Givaudan   27th August 2015   18
Responsible growth.
Shared success.
                •Shared success.
Responsible growth.
Shared success.




                  Confidential and proprietary business information of Givaudan   27th August 2015   20
2020 Strategy
Flavours
Global trends
Impact on Flavours
                                                    Almost 80% of flavours
                                                    market growth in high growth
                                                    markets*




                                                    Biggest
                                                    opportunity is in
                                                    high growth
                                                    markets
         Local and regional brands gaining
         relevance with consumers

                                                                                      Global customers seeing
                                                                                      more share from high growth
                                                                                      markets



                                                                                                           *Givaudan estimate


                      Confidential and proprietary business information of Givaudan                27th August 2015        22
Global trends
Impact on Flavours
           More                                              Customers moving
                                                             towards natural and
                                                             clean label products
       consumer
 empowerment &
       desire for
transparency and
     authenticity
                                                                       Doubling of product launches with
                                                                       “no artificial ingredients”*

       In H&W category, “natural” is the
       most frequent product positioning,
       accounting for almost 40% of the
       category**
                                                                                                                  *Innova Marketing Insights 2014
                                                                                         **2013 Euromonitor International’s health and wellness data


                         Confidential and proprietary business information of Givaudan                                   27th August 2015         23
Global trends
                                                         Increased demand for
Impact on Flavours                                       healthier products with
                                                         less fat, sugar, salt.
                                                         • In H&W category, 21% are
                                                           better-for-you products.*



                         Beverage
                          calories
                         in school
                          reduced
                                                        Role of food
                         69%                            changing with focus
                                                        on well-being
Growing popularity of
‘functional foods’.
• In H&W category, 35%
  are
  fortified/functional
  products.*
                                                                                                    Functional food
                                                                                                    ingredients market
                                                                                                    worth 2.5 B USD
                                                                                                    by 2020**

                                                                                *2013 Euromonitor International’s health and wellness data
                                           **Markets and Markets, "Functional Food Ingredients Market…Global Forecast to 2020“, June 2015

                              Confidential and proprietary business information of Givaudan                     27th August 2015        24
Global trends
Impact on Flavours                                                                        Large customers
                                                                                          removing costs
                                                                                          while seeking to
                                                                                          spur innovation

Top 25 US food and
beverage companies lost   New local and
equivalent of 18 B USD
in market share since
2009*
                          small brands preferred                                                                      Stronger
                                                                                                                      competitive

                          by consumers & customer                                                                     market



                          expectations are shifting
                                                                                             Small players transform
                                                                                             traditional categories




                                                                 *Credit Suisse analyst Robert Moskow cited in Fortune, 01/06/15
                          Confidential and proprietary business information of Givaudan                      27th August 2015       25
Market structure
Flavours
                                                                                                                     APAC
                                                                                                                      Asia-Pacific




                                                                                                                    EAME
                                                                                                       Europe, Africa, Middle East


10.5 B CHF
Market Potential as of 2015



                                                                                                                 LATAM
                                                                                                                    Latin America




    Market potential as of 2015
                                                                                                                   NOAM
                                                                                                                    North America
    Givaudan market share as of 2015




                                                                                                                      Based on Givaudan internal estimates
                                       Confidential and proprietary business information of Givaudan                            27th August 2015        26
2020 Growth aspirations
High growth vs. mature markets
                                                                                +0.3
                                                                                 B CHF


                                                                             Mature
                                                                             markets

2015                     2020
% of sales               % of sales
                                                                                                         CAGR

 45%
          55%
                          51%
                                  49%
                                                                                                        4-5%                    +1.4
                                                                                                                                B CHF

                                                                                  +1.1
                                                                                  B CHF
   High growth markets       Mature markets




                                                                        High growth
                                                                        markets
                                                                                                                       Market growth CAGR

                                                                                                                       Givaudan growth CAGR



                                                                                                                Givaudan internal estimates
                                        Confidential and proprietary business information of Givaudan            27th August 2015        27
Responsible growth.
Shared success.




                  Confidential and proprietary business information of Givaudan   27th August27th
                                                                                              2015August 2015   28
                                                                                                                28
High growth markets
Where to play
Growing with our customers




       1
                                                                                                                China




                             Confidential and proprietary business information of Givaudan   27th August 2015       29
High growth markets
Where to play
Growing with our customers




       1                                              5
                                                                                                           India
                             Mexico
                                                                                                  Thailand



                                                                                                     Indonesia
                                                                           Brazil




                             Confidential and proprietary business information of Givaudan   27th August 2015      30
High growth markets
Where to play
Growing with our customers




       1                                                   5                                      5
                             Egypt                                                                 Pakistan

                                                                                                            Vietnam
                        Nigeria



                                                                                                     Philippines




                                  Confidential and proprietary business information of Givaudan   27th August 2015   31
High growth markets
How to win
Growing with our customers




Local
Local talent
Local infrastructure
Localised business model




               Confidential information of Givaudan   27th August 2015   32
Consumer preferred products
Where to play
Growing with our customers


01                              02                                                           01 Beverages




                                                                                             02 Yogurts




03                              04                                                           03 Processed meats




                                                                                             04 Dairy drinks




                             Confidential and proprietary business information of Givaudan                  27th August 2015   33
Consumer preferred products
How to win
Growing with our customers




Innovation &
Creativity
Leverage innovation and creativity
Focused investments
Refined business model




             Confidential information of Givaudan   27th August 2015   34
Health and well-being
Where to play
Growing with our customers


Enable ‘positive’ health          Reduce ‘negative’                                          Strengthen our extensive
ingredient use                    ingredient use                                             natural flavour offerings




                             Confidential and proprietary business information of Givaudan             27th August 2015   35
Health and well-being
How to win
Growing with our customers




Health & Wellness
Investing in masking and taste technologies




Natural products
Strengthening our naturals innovation platform
Leveraging traditional and emerging technologies
Leadership in regulatory landscape




             Confidential information of Givaudan   27th August 2015   36
Excellence in execution
How to win
Delivering with excellence


 Customer
 experience                                                                                  Operations
 Create differentiation                                                                      Ensure the delivery
 and competitive                                                                             of high quality
 advantage through a                                                                         products and
 superior customer                                                                           services that are cost
 experience                                                                                  efficient, safe and
                                                                                             sustainable.




 Streamlined
 enterprise                                                                                  Agility
 Improve efficiency and                                                                      Be fast, focused and
 evolve business model                                                                       agile



                             Confidential and proprietary business information of Givaudan         27th August 2015   37
2020 Growth aspirations                                               Additional growth
Growth drivers                                                        Integrated solutions




       Confidential information of Givaudan   27th August 2015   38
Responsible growth.
Shared success.




                  Confidential and proprietary business information of Givaudan   27th August27th
                                                                                              2015August 2015   39
                                                                                                                39
2020 Strategy
    Fragrances
• 27 August 2015
Global trends
Impact on Fragrances
                                                                   Development of specialty
                                                                   retailers and e-commerce




                                                                   An
                                                                   evolution
                                                                   in retail
 Local brands have the opportunity to
                                                                                              Innovation is moving at
 quickly increase their relevance with
                                                                                              an increasingly fast pace
 consumers




                              Confidential and proprietary business information of Givaudan              27th August 2015   41
Global trends
Impact on Fragrances
                                                               Consumers want to
                                                               know more about what
                                                               is in products




            More
        consumer
     empowerment
                                                               Consumers “vote with a click”



     Bloggers have a growing role in
     shaping Fine Fragrances, Beauty
     Care and Cosmetics




                           Confidential and proprietary business information of Givaudan       27th August 2015   42
Global trends
 Impact on Fragrances

                                                                                         Cosmetic market
                                                                                         expected to have
                                                                                         significant growth




                             Staying
Strong demand for cosmetic
products seen in high
growth markets


                             beautiful
                             longer                                                   Growth in cosmetic industry driven
                                                                                      by ageing population




                             Confidential and proprietary business information of Givaudan                     27th August 2015   43
Global trends
Impact on Fragrances

                                                                                   Strong growth of
                                                                                   fine fragrance
                                                                                   brands with high
                                                                                   fragrance
                                                                                   investment

                Customer
                investment in
                sensorial                                                         Significant demand for encapsulation
                                                                                  in fabric conditioner, hair
                                                                                  care, shower gels, deodorants

                innovation
                Over-proportional dose of
                fragrances in high growth
                markets




                  Confidential and proprietary business information of Givaudan                   27th August 2015   44
Market structure
Fragrances

                                                                                                                              CP
                                                                                                                 Consumer Products




                                                                                                                               FF
8.7 B CHF                                                                                                            Fine Fragrances
Market Potential as of 2015




                                                                                                                            FIB
                                                                                                       Fragrance Ingredient Business




                                                                                                + 1.0 B CHF                ACI
    Market potential as of 2015
                                                                                                                    Active cosmetic
    Givaudan market share as of 2015                                                                                     ingredients



                                                                                                                          Based on Givaudan internal estimates
                                       Confidential and proprietary business information of Givaudan                                27th August 2015        45
2020 Growth aspirations
High growth vs. mature markets
                                                                               +0.4
                                                                                 B CHF


                                                                              Mature
                                                                              markets


2015                     2020
% of sales               % of sales
                                                                                                         CAGR

 48%
          52%
                          53% 47%                                                                       4-5%                    +1.4
                                                                                                                                B CHF


                                                                                 +1.0
                                                                                  B CHF
   High growth markets       Mature markets




                                                                        High growth                                 Market growth CAGR

                                                                        markets                                     Givaudan share




                                                                                                                Givaudan internal estimates
                                        Confidential and proprietary business information of Givaudan            27th August 2015        46
Responsible growth.
Shared success.




                 Confidential and proprietary business information of Givaudan   27th August27th
                                                                                             2015August 2015   47
                                                                                                               47
High growth markets
Where to play
Growing with our customers


Consumer Products
                                                                                                    APAC
                                                                                                    China, SEA
                        South Asia,
                        Middle East &
                        Africa
  LATAM                 Africa, India, Middle
  Brazil, Mexico        East




                                 Confidential and proprietary business information of Givaudan   27th August 2015   48
High growth markets
Where to play
Growing with our customers


Fine Fragrances
                                                                                                          APAC
                                                                                                          Develop in
                             South Asia,                                                                  Singapore
                             Middle East
                             & Africa
LATAM                        Expand in Dubai
Brazil, Colombia
Mexico




                                    Confidential and proprietary business information of Givaudan   27th August 2015   49
High growth markets
How to win
Growing with our customers



Consumer
Products
Increase presence in new markets e.g. Africa
Invest in talent e.g. Perfumery School in Singapore
Invest in infrastructure




Fine
Fragrances
Establish the Fine Fragrance team in Singapore
Invest in talent e.g. Perfumery School in Singapore
Invest in infrastructure


              Confidential information of Givaudan   27th August 2015   50
Consumer preferred products
Where to play
Growing with our customers




                                                                                             Further reinforce the
                                                                                             partnerships
                                                                                             where we have a
                                                                                             strong presence


                                                                                             Increase pipeline
                                                                                             with selected
                                                                                             customers


                                                                                             Accelerate in high
                                                                                             opportunity
                                                                                             categories




                             Confidential and proprietary business information of Givaudan           27th August 2015   51
Consumer preferred products
How to win
Growing with our customers




Consumer
Products
Reinforce customer partnerships
Implement proactive programmes in key categories
Focus R&D innovation on ingredients and
delivery systems
Leverage Global Category Management to build
consumer insights




             Confidential information of Givaudan   27th August 2015   52
Consumer preferred products
How to win
Growing with our customers




Fine
Fragrances
Expand innovation programmes in naturals

Strengthen customer partnerships

Implement creative programmess to
define future olfactive vision

Use consumer insights from Perfume Club
to co-create




             Confidential information of Givaudan   27th August 2015   53
Consumer preferred products
How to win
Growing with our customers




Fragrance
Ingredients
Innovation in molecules and processes
Invest to drive cost effectiveness
e.g. joint venture for production in China and
expansion of manufacturing in Mexico




              Confidential information of Givaudan   27th August 2015   54
Health and well-being
Where to play
Growing with our customers




           Asian
                                                                        Active
                                                                        Cosmetic
       consumer
        in close-
            up
         treating
        the skin
                                                                        Ingredients




                             Confidential and proprietary business information of Givaudan   27th August 2015   55
Health and well-being
How to win
Growing with our customers




Active Cosmetic
Ingredients
Use synergies within Fragrances

Exploit Soliance biotechnology

Leverage teams in high growth markets




Expand through
acquisitions


             Confidential information of Givaudan   27th August 2015   56
Excellence in execution
How to win
Delivering with excellence


 Customer
 experience                                                                                  Operations
 To provide superior                                                                         Leverage best practices
 customer partnership                                                                        from our Continuous
 from brief to delivery                                                                      Improvement processes




 Streamlined
 enterprise                                                                                  Agility
 Improve efficiency and                                                                      Global expertise with
 evolve business model                                                                       a focused and agile
                                                                                             local execution


                             Confidential and proprietary business information of Givaudan         27th August 2015   57
Responsible growth.
Shared success.




                 Confidential and proprietary business information of Givaudan   27th August27th
                                                                                             2015August 2015   58
                                                                                                               58
2020 Strategy
Partnering for shared success
Responsible growth.
Shared success.




                  Confidential and proprietary business information of Givaudan   27th August 2015   60
Innovators
Partnering for shared success




    Existing capabilities                                                                       New capabilities


•     Organic chemistry                                                                         •   Enhanced fermentation
•     Natural isolation and                                                                     •   Design biotransformation
      concentration
•     Fermentation                              Strategic                                       •   Advanced agricultural
                                                                                                    techniques
•
•
      High through-put screening
      Sensory analysis
                                              partnerships                                      •   Sensory psychology and
                                                                                                    neuroscience
•     Natural product chemistry




                                Confidential and proprietary business information of Givaudan                  27th August 2015   61
People
Partnering for shared success



Culture: promote a diverse
workforce which operates in an
agile and collaborative way

Talent: nurture a pipeline of
industry experts and future
leaders to develop skills for
sustained success

Performance: create an
environment where our people
feel empowered to partner with
their customers to deliver
growth



                                                      Professional and cultural diversity
                                                      Givaudan employees from around the world




                                Confidential and proprietary business information of Givaudan    27th August 2015   62
Suppliers
Partnering for shared success



Apply breakthrough sourcing
models to generate competitive
advantage

Lead the industry in responsible
sourcing to best meet customer
expectations

Manage supply risk effectively
while delivering cost and cash
leadership



                                                       Patchouli harvest
                                                       Borneo, Indonesia
                                                       Givaudan Origination




                                Confidential and proprietary business information of Givaudan   27th August 2015   63
Communities
Partnering for shared success




Striving for a
better tomorrow
• Support locally relevant
  projects and charitable causes
  in the communities within which
  we operate globally

• Aim to decouple growth and
  environmental impact


                                                       KidStrong Programme
                                                       Givaudan Shanghai Riverfront
                                                       Supporting migrant children's access to health services, nutrition and
                                                       education




                                Confidential and proprietary business information of Givaudan                   27th August 2015   64
Stabilizing impact while increasing production volumes
 Partnering for shared success


Ahead of schedule                                                                      Raising the bar for 2020
2010-2020 Eco-efficiency targets
(consumption per tonne of product)
                                                                                   • Reduce CO2 footprint by at least 4% of
                                                                                     the absolute CO2 footprint of the
   Energy




                                               Waste
                  Water




                                                                                     previous year
                                    CO2



                                                                                   • Reduce waste production and energy
                                                                                     consumption per tonne of product by
                                                                                     4% each year as compared to the
                                                                                     previous year
              -15%
-20%                                                                               • Reduce water usage by 15% per tonne
                                  -25%                                               of product from 2010 to 2020*
                                           -15%

    Status as of 31 December 2014

    Target set in 2010 for 2020




                                                                                                          *remains the same target as established in 2010

                                          Confidential and proprietary business information of Givaudan                              27th August 2015       65
Responsible growth.
Shared success.




                  Confidential and proprietary business information of Givaudan   27th August 2015   66
Creating value
  15 years of growth


                                                                                                                                                   60


2000                                                                                                                                               50
1800
1600                                                                                                                                               40
1400
1200                                                                                                                                               30
1000
 800                                                                                                                                               20
 600
 400                                                                                                                                               10
 200
  0                                                                             0                                                                  0
  Jun-00   Jun-03   Jun-06    Jun-09       Jun-12             Jun-15
                                                                   5            Jun-00             Jun-03   Jun-06    Jun-09    Jun-12        Jun-15
                        Share Price                                                                           Dividend per Share

  2000-2015                                                                         2000-2015
  Share price evolution                                                             Dividend per share




                                   Confidential and proprietary business information of Givaudan                           27th August 2015       67
Responsible growth.
Shared success.




 4–5%                                    12–17%                                          Partner
 Average organic sales
 growth*
                                         Average free cash
                                         flow as                                         of choice
                                         % of sales*




Creating additional value through acquisitions
                                                                                          * Average over the 5 year period
                         Confidential and proprietary business information of Givaudan            27th August 2015      68
2020 Strategy
Responsible growth.
Shared success. •Shared success.




                               69
Disclaimer


No warranty and no liability: While Givaudan is making great efforts to include
accurate and up-to-date information, we make no representations or
warranties, expressed or implied, as to the accuracy or completeness of the
information provided on this presentation/handout and disclaim any liability for
the use of it.
No offer and no solicitation: The information provided on this handout does not
constitute an offer of or solicitation for the purchase or disposal, trading or any
transaction in any Givaudan securities. Investors must not rely on this
information for investment decisions.
Forward-looking information: This handout may contain forward-looking
information. Such information is subject to a variety of significant uncertainties,
including scientific, business, economic and financial factors, and therefore
actual results may differ significantly from those presented.


Copyright © 2015 Givaudan SA. All rights reserved.




                                             2015 Half Year Results Presentation   70
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