PARIS — Givaudan reported its full-year 2012 net profits grew 63.1 percent to 411 million Swiss francs, or $438.5 million, bolstered by an improved operating performance, decreased financial expenses and a lower income-tax rate.
The Vernier, Switzerland-based fragrance and flavors supplier’s operating income in the 12-month period grew 37 percent to 607 million Swiss francs, or $647.6 million.
Sales were up 8.7 percent to 4.26 billion Swiss francs, or $4.54 billion. On a constant-currency basis, revenues rose 6.6 percent.
Dollar figures are converted at average exchange for the period to which they refer.
The company’s fragrance division’s sales were 2.02 billion Swiss francs, or $2.16 billion, a 10.3 percent increase. Its flavor division’s revenues gained 7.4 percent to 2.24 billion Swiss francs, or $2.39 billion.
Givaudan reiterated its mid-term objectives of growing organically between 4.5 percent and 5.5 percent annually, assuming market growth of 2 percent to 3 percent, and continuing market-share gains.
“Givaudan expects to outgrow the underlying market and to continue to achieve its industry-leading EBITDA margin while improving its annual free cash flow to between 14 percent and 16 percent of sales by 2015,” the company stated.