LONDON — Swiss flavors and fragrances firm Givaudan reported its full-year 2008 net profits increased 19.4 percent on-year to 111 million Swiss francs, or $102.83 million at average exchange for the period.
The firm’s basic earnings per share rose 19 percent to 15.61 Swiss francs, or $14.46.
Givaudan said integration savings associated with its 2007 acquisition of Quest International hit 90 million Swiss francs, or $83.4 million, in 2008. The firm’s earnings before interest, taxes, depreciation and amortization increased 12.5 percent to 765 million Swiss francs, or $708.7 million.
Meanwhile, group sales for the year increased 6.7 percent in local currencies and dipped 1.1 percent in Swiss francs to 4.09 billion Swiss francs, or $3.79 billion. The firm’s fragrance division registered sales of 1.9 billion Swiss francs, or $1.76 billion, up 7.9 percent in local currencies and down 0.1 percent in Swiss francs year-on-year.
The company said its fine fragrances division clocked an excellent second half.
“For the full year 2009, Givaudan is confident [it will] outgrow the underlying market, based on brief pipeline and new wins,” the company stated. “The integration achievements have reinforced Givaudan’s unique platform for accelerated growth and performance improvement. The company is confident [it will] achieve the announced savings target of 200 million Swiss francs [$185.29 million] by 2010, and therefore reach its pre-acquisition EBITDA margin level of 22.7 percent by 2010.”
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