PARIS Givaudan unveiled its financial ambitions through 2020, aiming at a slightly lower growth than the mid-term guidance ending in 2015.

The Swiss flavors and fragrance supplier said it targets an average organic sales growth of 4 to 5 percent for the next five years and average free cash flow of 12 to 17 percent of sales, unveiling the targets in tandem with an investors’ meeting on Thursday.

In the 2010 to 2015 period, the growth target was between 4.5 and 5.5 percent, while the cash flow range was from 14 to 16 percent of sales.

“We intend to create further shareholder value through profitable growth and acquisitions,” Givaudan chief executive officer Gilles Andrier said.

“Givaudan is taking into reality that emerging markets, which account for around 45 percent of the company’s business today, are growing at a slightly lower pace,” explained Andreas von Arx, analyst at Baader Helvea, who adds that the company’s growth target for 2015 remains unchanged at 15 percent. “In fact, it was reiterated today.

Givaudan said it plans on further expanding its position within “high growth markets” such as China and India.

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It also eyes acquisitions “in the areas of integrated solutions for food and beverages, as well as health and well-being, which also includes active cosmetic ingredients.”

Shares of Givaudan S.A. dipped 1 percent in midday trading Thursday.

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