PARIS — Givaudan reported its first-quarter sales declined 0.2 percent to 1.09 billion Swiss francs, or $1.22 billion.

On a like-for-like basis, the Vernier, Switzerland-based fragrance flavors supplier’s revenues rose 5.7 percent in the three months ended March 31.

“Like-for-like growth rates were in line with the company’s mid-term sales growth objectives,” Givaudan said in a statement on Friday.

The company’s revenues in developing markets increased 9.8 percent in like-for-like terms.

Dollar figures are converted at average exchange for the period to which they refer.

Givaudan’s fragrance division posted a 0.2 percent decline in sales to 516 million Swiss francs, or $578.1 million. The firm’s flavor division registered revenues of 571.2 million Swiss francs, or $640 million, down 0.1 percent versus first-quarter 2013.

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 continued market-share gains.

The company said it expects to outgrow the underlying market and to target an annual free cash flow of 14 percent to 16 percent of sales in 2015.

“Givaudan confirms its intention to return above 60 percent of the company’s free cash flow to shareholders while maintaining a medium-term leverage ration target below 25 percent,” the company stated. 

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