PARIS — Givaudan reaffirmed its mid-term objectives and reported first-half 2012 net profits climbed 68 percent.
The Vernier, Switzerland-based fragrance and flavor supplier’s net income in the six months ended June 30 was 201 million Swiss francs, or $216.5 million.
Company sales were 2.13 billion Swiss francs, or $2.29 billion, up 6 percent. In local-currency terms, revenues gained 6.9 percent.
Givaudan’s fragrance division’s sales were 994 million Swiss francs, or $1.07 billion, up 7.2 percent. Its flavor division’s revenues came in at 1.13 billion Swiss francs, or $1.22 billion, a 5 percent increase.
Dollar figures are converted at average exchange for the period to which they refer.
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 during the next five years.
“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.