– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
NEW YORK--(BUSINESS WIRE)--International Flavors & Fragrances Inc. (NYSE: IFF) reported financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Consolidated Summary:
Reported (GAAP) |
|
Adjusted (Non-GAAP)1 |
||||||||
Sales |
|
Income Before Taxes |
|
EPS |
|
Operating EBITDA |
|
Operating EBITDA Margin |
|
EPS ex Amortization |
$3.2 B |
|
$285 M |
|
$0.96 |
|
$702 M |
|
21.8% |
|
$1.69 |
Management Commentary
“We are pleased with our strong start to 2022 led by broad-based growth across our entire portfolio,” said IFF CEO Frank Clyburn. “Our pricing actions, in combination with our diligent focus on cost discipline, have helped offset the inflationary pressures felt across the global economy. Given our performance to date and reflecting additional inflation throughout the year, we have increased our sales expectation to include incremental pricing actions to fully recover our cost exposure as we remain committed to delivering our full year profit objective. At the same time, we are also sharpening our execution rigor, enhancing our focus on productivity, and investing to strengthen our business as we position the company to deliver sustainable, profitable growth for our shareholders.”
First Quarter 2022 Consolidated Financial Results
| ____________________ |
1 Schedules at the end of this release contain reconciliations of reported GAAP to Non-GAAP metrics. See Use of Non-GAAP Financial Measures for explanations of our Non-GAAP metrics. |
2 Comparable results for the first quarter is defined as 3 months (January, February and March) of legacy IFF and N&B results, in both the 2021 and 2022 periods, and exclude the impact of divestitures in the prior year period and acquisitions in the current year period. |
First Quarter 2022 Segment Summary: Growth vs. Prior Year
|
Reported (GAAP) |
|
Adjusted (Non-GAAP) |
|
Comparable Currency Neutral (Non-GAAP)2 |
|
Comparable Currency Neutral Adjusted (Non-GAAP)2 |
|
Sales |
|
Operating EBITDA |
|
Sales |
|
Operating EBITDA |
Nourish |
32% |
|
22% |
|
16% |
|
14% |
Health & Biosciences |
55% |
|
50% |
|
10% |
|
8% |
Scent |
3% |
|
(9)% |
|
6% |
|
(2)% |
Pharma Solutions |
54% |
|
51% |
|
10% |
|
10% |
Nourish Segment
Health & Biosciences Segment
Pharma Solutions Segment
Financial Guidance
The Company expects full year 2022 sales to be approximately $12.6 billion to $13.0 billion (versus previous guidance of $12.3 billion to $12.7 billion), with an expected full year 2022 adjusted operating EBITDA of approximately $2.5 billion to $2.6 billion (no change). The Company's updated full year guidance reflects the expected Microbial Control divestiture, which is anticipated to be complete on July 1, 2022 (versus June 1, 2022 previously), as well as the addition of the Health Wright Products acquisition, which closed on April 1, 2022.
The Company expects to deliver comparable currency neutral sales growth of approximately 9% to 12% (versus 6 to 9% previously) for the full year 2022. The Company continues to expect comparable currency neutral adjusted operating EBITDA growth for 2022 to be approximately 4% to 8% (no change).
Based on current market foreign exchange rates, the Company expects that foreign exchange will negatively impact sales growth in 2022 by approximately 4 percentage points (versus 2 previously) and adjusted operating EBITDA growth by approximately 5 percentage points (versus 4 previously).
A live webcast to discuss the Company’s first quarter 2022 financial results will be held on May 10, 2022, at 9:00 a.m. ET. The webcast and accompanying slide presentation may be accessed on the Company's IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company's website approximately one hour after the event and will remain available on IFF’s website for one year.
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
Statements in this press release, which are not historical facts or information, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations including those concerning the impacts of COVID-19 and our plans to respond to its implications; the expected impact of global supply chain challenges; expectations regarding sales and profit for the fiscal year 2022, including the impact of foreign exchange, pricing actions, raw materials, and sourcing, logistics and manufacturing costs; expectations of the impact of inflationary pressures and the pricing actions to offset exposure to such impacts; the impact of higher input costs, including raw materials and energy; our ability to drive cost discipline measures and the ability to recover margin to pre-inflation levels; the divestiture of our microbial control business and the progress of our portfolio optimization strategy, through non-core business divestitures; our combination with N&B, including the expected cost benefits and synergies of the N&B Transaction, the success of our integration efforts and ability to deliver on our synergy commitments as well as future opportunities for the combined company; the success of our optimization of our portfolio; the growth potential of the markets in which we operate, including the emerging markets, expected capital expenditures, the expected costs and benefits of our ongoing optimization of our manufacturing operations, including the expected number of closings, expected cash flow and availability of capital resources to fund our operations and meet our debt service requirements; our ability to drive reductions in expenses; our strategic investments in capacity and increasing inventory to drive improved profitability; the impact of inflation and other macroeconomic factors; our ability to innovate and execute on specific consumer trends and demands; and our ability to continue to generate value for, and return cash to, our shareholders.
These forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Certain of such forward-looking information may be identified by such terms as “expect”, “anticipate”, “believe”, “intend”, “outlook”, “may”, “estimate”, “should”, “predict” and similar terms or variations thereof. Such forward-looking statements are based on a series of expectations, assumptions, estimates and projections about the Company, are not guarantees of future results or performance, and involve significant risks, uncertainties and other factors, including assumptions and projections, for all forward periods. Our actual results may differ materially from any future results expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors include, among others, the following: (1) inflationary trends in the price of our input costs, such as raw materials, transportation and energy; (2) supply chain disruptions, geopolitical developments, including the Russia-Ukraine conflict, or climate-change related events (including severe weather events) that may affect our suppliers or procurement of raw materials; (3) disruption in the development, manufacture, distribution or sale of our products from COVID-19 and other public health crises; (4) risks related to the integration of N&B and the Frutarom business, including whether we will realize the synergies and benefits anticipated from the acquisitions in the expected time frame; (5) failure to successfully establish and manage acquisitions, collaborations, joint ventures or partnerships, or the failure to close strategic transactions or divestments; (6) our ability to successfully market to our expanded and diverse customer base; (7) our substantial amount of indebtedness and its impact on our liquidity and ability to return capital to its shareholders; (8) our ability to effectively compete in our market and develop and introduce new products that meet customers’ needs; (9) our ability to retain key employees; (10) changes in demand from large multi-national customers due to increased competition and our ability to maintain “core list” status with customers; (11) our ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations; (12) disruption in the development, manufacture, distribution or sale of our products from natural disasters, public health crises, international conflicts, terrorist acts, labor strikes, political crisis, accidents and similar events; (13) the impact of a significant data breach or other disruption in our information technology systems, and our ability to comply with data protection laws in the U.S. and abroad; (14) unprecedented increases and volatility in sourcing and logistics costs; (15) our ability to comply with, and the costs associated with compliance with, regulatory requirements and industry standards, including regarding product safety, quality, efficacy and environmental impact; (16) our ability to meet increasing customer, consumer, shareholder and regulatory focus on sustainability; (17) defect, quality issues (including product recalls), inadequate disclosure or misuse with respect to the products and capabilities; (18) our ability to react in a timely and cost-effective manner to changes in consumer preferences and demands, including increased awareness of health and wellness; (19) our ability to benefit from our investments and expansion in emerging markets; (20) the impact of currency fluctuations or devaluations in the principal foreign markets in which we operate; (21) economic, regulatory and political risks associated with our international operations; (22) the impact of global economic uncertainty on demand for consumer products; (23) our ability to comply with, and the costs associated with compliance with, U.S. and foreign environmental protection laws; (24) our ability to successfully manage our working capital and inventory balances; (25) the impact of the failure to comply with U.S. or foreign anti-corruption and anti-bribery laws and regulations, including the U.S. Foreign Corrupt Practices Act; (26) our ability to protect our intellectual property rights; (27) the impact of the outcome of legal claims, regulatory investigations and litigation, including current and future developments involving tax matters in Brazil; (28) changes in market conditions or governmental regulations relating to our pension and postretirement obligations; (29) the impact of changes in federal, state, local and international tax legislation or policies, including the Tax Cuts and Jobs Act, with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes; (30) the impact of the United Kingdom’s departure from the European Union; (31) the impact of the phase out of the London Interbank Offered Rate (LIBOR) on interest expense; and (32) risks associated with our CEO transition, including the impact on employee hiring and retention.
The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the Company (such as in our other filings with the SEC or in company press releases) for other factors that may cause actual results to differ materially from those projected by the Company. Please refer to Part I. Item 1A., Risk Factors, of the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2022 for additional information regarding factors that could affect our results of operations, financial condition and liquidity.
We intend our forward-looking statements to speak only as of the time of such statements and do not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this press release or included in our other periodic reports filed with the SEC could materially and adversely impact our operations and our future financial results. Any public statements or disclosures made by us following this press release that modify or impact any of the forward-looking statements contained in or accompanying this press release will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this press release.
Use of Non-GAAP Financial Measures
We provide in this press release non-GAAP financial measures, including: (i) comparable currency neutral sales; (ii) adjusted operating EBITDA and comparable currency neutral adjusted operating EBITDA; (iii) adjusted EBITDA margin; (iv) adjusted EPS ex amortization; (v) free cash flow; and (vi) net debt to credit adjusted EBITDA.
Our non-GAAP financial measures are defined below.
Currency Neutral metrics eliminate the effects that result from translating non-U.S. currencies to U.S. dollars. We calculate currency neutral numbers by translating current year invoiced sale amounts at the exchange rates used for the corresponding prior year period. We use currency neutral results in our analysis of subsidiary or segment performance. We also use currency neutral numbers when analyzing our performance against our competitors.
Adjusted operating EBITDA and adjusted operating EBITDA margin exclude depreciation and amortization expense, interest expense, other income (expense), net, restructuring and other charges and certain non-recurring items such as gains (losses) on sale of assets, shareholder activism related costs, business divestiture costs, employee separation costs, Frutarom acquisition related costs, N&B inventory step-up costs, N&B transaction related costs, integration related costs and the impact of the merger with N&B.
Adjusted EPS ex Amortization excludes the impact of non-operational items including restructuring and other charges, gains (losses) on sale of assets, shareholder activism related costs, business divestiture costs, employee separation costs, Frutarom acquisition related costs, N&B inventory step-up costs, N&B transaction related costs, integration related costs, redemption value adjustment to EPS, the impact of the merger with N&B and non-cash items including the amortization of acquisition related intangible assets.
Free Cash Flow is operating cash flow (i.e. cash flow from operations) less capital expenditures.
Net debt to credit adjusted EBITDA is the leverage ratio used in our credit agreement and defined as Net debt (which is long-term debt less cash and cash equivalents) divided by the trailing 12-month credit adjusted EBITDA. Credit adjusted EBITDA is defined as income (loss) before income taxes, depreciation and amortization expense, interest expense, specified items and non-cash items.
Comparable results for the first quarter is defined as 3 months (January, February and March) of legacy IFF and N&B results in the 2021 period and for the full company in the current 2022 period, and exclude the impact of divestitures in the prior year period and acquisitions in the current year period.
These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics.
The Company cannot reconcile its expected Adjusted Operating EBITDA and expected annual effective tax rate under "Financial Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. These items include but are not limited to gains (losses) on sale of assets, shareholder activism related costs, business divestiture costs, employee separation costs, N&B inventory step-up costs, N&B transaction related costs, integration related costs and the impact of the merger with N&B.
At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
International Flavors & Fragrances Inc. Consolidated Income (Loss) Statements (Amounts in millions except per share data) (Unaudited)
|
Three Months Ended March 31, |
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Net sales |
$ |
3,226 |
|
|
$ |
2,465 |
|
|
31 |
% |
Cost of goods sold |
|
2,081 |
|
|
|
1,711 |
|
|
22 |
% |
Gross profit |
|
1,145 |
|
|
|
754 |
|
|
52 |
% |
Research and development expenses |
|
157 |
|
|
|
143 |
|
|
10 |
% |
Selling and administrative expenses |
|
459 |
|
|
|
451 |
|
|
2 |
% |
Amortization of acquisition-related intangibles |
|
186 |
|
|
|
152 |
|
|
22 |
% |
Restructuring and other charges |
|
2 |
|
|
|
4 |
|
|
(50 |
)% |
Operating profit |
|
341 |
|
|
|
4 |
|
|
NMF |
|
Interest expense |
|
72 |
|
|
|
65 |
|
|
11 |
% |
Other income, net |
|
(16 |
) |
|
|
(7 |
) |
|
129 |
% |
Income (loss) before taxes |
|
285 |
|
|
|
(54 |
) |
|
NMF |
|
Provision for (benefit from) income taxes |
|
39 |
|
|
|
(14 |
) |
|
NMF |
|
Net income (loss) |
|
246 |
|
|
|
(40 |
) |
|
NMF |
|
Net income attributable to noncontrolling interests |
|
2 |
|
|
|
2 |
|
|
— |
% |
Net income (loss) attributable to IFF stockholders |
|
244 |
|
|
|
(42 |
) |
|
NMF |
|
|
|
|
|
|
|
|||||
Net income (loss) per share - basic (1) |
$ |
0.96 |
|
|
$ |
(0.21 |
) |
|
|
|
Net income (loss) per share - diluted (1) |
$ |
0.96 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|||||
Average number of shares outstanding - basic |
|
255 |
|
|
|
206 |
|
|
|
|
Average number of shares outstanding - diluted |
|
255 |
|
|
|
206 |
|
|
|
|
(1) |
For 2022 and 2021, net income (loss) per share reflects adjustments related to the redemption value of certain redeemable noncontrolling interests. |
NMF |
Not meaningful |
International Flavors & Fragrances Inc. Condensed Consolidated Balance Sheets (Amounts in millions) (Unaudited)
|
March 31, |
|
December 31, |
||
|
2022 |
|
2021 |
||
Cash, cash equivalents, and restricted cash |
$ |
661 |
|
$ |
715 |
Receivables, net |
|
2,160 |
|
|
1,906 |
Inventories |
|
2,795 |
|
|
2,516 |
Other current assets |
|
1,891 |
|
|
1,850 |
Total current assets |
|
7,507 |
|
|
6,987 |
|
|
|
|
||
Property, plant and equipment, net |
|
4,295 |
|
|
4,368 |
Goodwill and other intangibles, net |
|
26,548 |
|
|
26,920 |
Other assets |
|
1,397 |
|
|
1,383 |
Total assets |
$ |
39,747 |
|
$ |
39,658 |
|
|
|
|
||
Short-term borrowings |
$ |
939 |
|
$ |
632 |
Other current liabilities |
|
3,093 |
|
|
3,001 |
Total current liabilities |
|
4,032 |
|
|
3,633 |
|
|
|
|
||
Long-term debt |
|
10,738 |
|
|
10,768 |
Non-current liabilities |
|
3,911 |
|
|
4,035 |
|
|
|
|
||
Redeemable noncontrolling interests |
|
101 |
|
|
105 |
|
|
|
|
||
Shareholders' equity |
|
20,965 |
|
|
21,117 |
Total liabilities and shareholders' equity |
$ |
39,747 |
|
$ |
39,658 |
International Flavors & Fragrances Inc. Consolidated Statements of Cash Flows (Amounts in millions) (Unaudited)
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
246 |
|
|
$ |
(40 |
) |
Adjustments to reconcile to net cash (used in) provided by operating activities |
|
|
|
||||
Depreciation and amortization |
|
303 |
|
|
|
242 |
|
Deferred income taxes |
|
(65 |
) |
|
|
(86 |
) |
Stock-based compensation |
|
9 |
|
|
|
11 |
|
Pension contributions |
|
(8 |
) |
|
|
(9 |
) |
Amortization of inventory step-up |
|
— |
|
|
|
182 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Trade receivables |
|
(272 |
) |
|
|
(175 |
) |
Inventories |
|
(311 |
) |
|
|
(64 |
) |
Accounts payable |
|
178 |
|
|
|
250 |
|
Accruals for incentive compensation |
|
(101 |
) |
|
|
(22 |
) |
Other current payables and accrued expenses |
|
39 |
|
|
|
48 |
|
Other assets/liabilities, net |
|
(22 |
) |
|
|
21 |
|
Net cash (used in) provided by operating activities |
|
(4 |
) |
|
|
358 |
|
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(132 |
) |
|
|
(93 |
) |
Additions to intangible assets |
|
(2 |
) |
|
|
— |
|
Proceeds from disposal of assets |
|
2 |
|
|
|
1 |
|
Cash provided by the Merger with N&B |
|
11 |
|
|
|
207 |
|
Net cash (used in) provided by investing activities |
|
(121 |
) |
|
|
115 |
|
Cash flows from financing activities: |
|
|
|
||||
Cash dividends paid to shareholders |
|
(201 |
) |
|
|
(82 |
) |
Increase (decrease) in revolving credit facility and short-term borrowings |
|
1 |
|
|
|
(104 |
) |
Proceeds from issuance of commercial paper (maturities after three months) |
|
155 |
|
|
|
— |
|
Repayments of commercial paper (maturities after three months) |
|
(75 |
) |
|
|
— |
|
Net borrowings of commercial paper (maturities less than three months) |
|
227 |
|
|
|
— |
|
Repayments of long-term debt |
|
— |
|
|
|
(12 |
) |
Contingent consideration paid |
|
— |
|
|
|
(14 |
) |
Purchases of noncontrolling interest |
|
(6 |
) |
|
|
— |
|
Proceeds from issuance of stock in connection with stock options |
|
7 |
|
|
|
3 |
|
Employee withholding taxes paid |
|
(13 |
) |
|
|
(6 |
) |
Net cash provided by (used in) financing activities |
|
95 |
|
|
|
(215 |
) |
Effect of exchange rates changes on cash, cash equivalents and restricted cash |
|
(24 |
) |
|
|
(37 |
) |
Net change in cash, cash equivalents and restricted cash |
|
(54 |
) |
|
|
221 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
716 |
|
|
|
660 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
662 |
|
|
$ |
881 |
|
The following table reconciles cash, cash equivalents and restricted cash between the Company's statement of cash flows for the periods ended March 31, 2022 and March 31, 2021 to the amounts reported in the Company's balance sheet:
AMOUNTS IN MILLIONS |
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
||||
Current assets |
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
$ |
657 |
|
$ |
711 |
|
$ |
872 |
|
$ |
650 |
Restricted cash |
|
4 |
|
|
4 |
|
|
7 |
|
|
7 |
Noncurrent assets |
|
|
|
|
|
|
|
||||
Restricted cash included in Other assets |
|
1 |
|
|
1 |
|
|
2 |
|
|
3 |
Cash, cash equivalents and restricted cash |
$ |
662 |
|
$ |
716 |
|
$ |
881 |
|
$ |
660 |
International Flavors & Fragrances Inc. Reportable Segment Performance (Amounts in millions) (Unaudited)
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net Sales |
|
|
|
||||
Nourish |
$ |
1,731 |
|
|
$ |
1,308 |
|
Health & Biosciences |
|
661 |
|
|
|
426 |
|
Scent |
|
585 |
|
|
|
569 |
|
Pharma Solutions |
|
249 |
|
|
|
162 |
|
Consolidated |
$ |
3,226 |
|
|
$ |
2,465 |
|
Segment Adjusted Operating EBITDA |
|
|
|
||||
Nourish |
$ |
329 |
|
|
$ |
270 |
|
Health & Biosciences |
|
192 |
|
|
|
128 |
|
Scent |
|
116 |
|
|
|
128 |
|
Pharma Solutions |
|
65 |
|
|
|
43 |
|
Total |
|
702 |
|
|
|
569 |
|
Depreciation & Amortization |
|
(303 |
) |
|
|
(242 |
) |
Interest Expense |
|
(72 |
) |
|
|
(65 |
) |
Other income, net |
|
16 |
|
|
|
7 |
|
Restructuring and Other Charges |
|
(2 |
) |
|
|
(4 |
) |
Shareholder Activism Related Costs |
|
(3 |
) |
|
|
(7 |
) |
Business Divestiture Costs |
|
(30 |
) |
|
|
— |
|
Employee Separation Costs |
|
(4 |
) |
|
|
(3 |
) |
Frutarom Acquisition Related Costs |
|
(1 |
) |
|
|
— |
|
N&B Inventory Step-Up Costs |
|
— |
|
|
|
(182 |
) |
N&B Transaction Related Costs |
|
— |
|
|
|
(89 |
) |
Integration Related Costs |
|
(18 |
) |
|
|
(38 |
) |
Income (Loss) Before Taxes |
$ |
285 |
|
|
$ |
(54 |
) |
Segment Adjusted Operating EBITDA Margin |
|
|
|
||||
Nourish |
|
19.0 |
% |
|
|
20.6 |
% |
Health & Biosciences |
|
29.0 |
% |
|
|
30.0 |
% |
Scent |
|
19.8 |
% |
|
|
22.5 |
% |
Pharma Solutions |
|
26.1 |
% |
|
|
26.5 |
% |
Consolidated |
|
21.8 |
% |
|
|
23.1 |
% |
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation (Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Gross Profit |
|||||
|
First Quarter |
||||
(DOLLARS IN MILLIONS) |
2022 |
|
2021 |
||
Reported (GAAP) |
$ |
1,145 |
|
$ |
754 |
N&B Inventory Step-Up Costs |
|
— |
|
|
182 |
Integration Related Costs (f) |
|
1 |
|
|
— |
Adjusted (Non-GAAP) |
$ |
1,146 |
|
$ |
936 |
Reconciliation of Selling and Administrative Expenses |
|||||||
|
First Quarter |
||||||
(DOLLARS IN MILLIONS) |
|
2022 |
|
|
|
2021 |
|
Reported (GAAP) |
$ |
459 |
|
|
$ |
451 |
|
Shareholder Activism Related Costs (a) |
|
(3 |
) |
|
|
(7 |
) |
Business Divestiture Costs (b) |
|
(30 |
) |
|
|
— |
|
Employee Separation Costs (c) |
|
(4 |
) |
|
|
(3 |
) |
Frutarom Acquisition Related Costs (d) |
|
(1 |
) |
|
|
— |
|
N&B Transaction Related Costs (e) |
|
— |
|
|
|
(89 |
) |
Integration Related Costs (f) |
|
(17 |
) |
|
|
(38 |
) |
Adjusted (Non-GAAP) |
$ |
404 |
|
|
$ |
314 |
|
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation (Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Net Income (Loss) and EPS |
|||||||||||||||||||||||||||
|
First Quarter |
||||||||||||||||||||||||||
|
2022 |
|
2021 |
||||||||||||||||||||||||
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) |
Income before taxes |
|
Provision for income taxes (h) |
|
Net Income Attributable to IFF (i) |
|
Diluted EPS |
|
(Loss) Income before taxes |
|
(Benefit from) Provision for income taxes (h) |
|
Net (Loss) Income Attributable to IFF (i) |
|
Diluted EPS (j) |
||||||||||||
Reported (GAAP) |
$ |
285 |
|
$ |
39 |
|
$ |
244 |
|
$ |
0.96 |
|
$ |
(54 |
) |
|
$ |
(14 |
) |
|
$ |
(42 |
) |
|
$ |
(0.21 |
) |
Restructuring and Other Charges |
|
2 |
|
|
— |
|
|
2 |
|
|
0.01 |
|
|
4 |
|
|
|
1 |
|
|
|
3 |
|
|
|
0.02 |
|
Shareholder Activism Related Costs (a) |
|
3 |
|
|
1 |
|
|
2 |
|
|
0.01 |
|
|
7 |
|
|
|
2 |
|
|
|
5 |
|
|
|
0.03 |
|
Business Divestiture Costs (b) |
|
30 |
|
|
7 |
|
|
23 |
|
|
0.09 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Employee Separation Costs (c) |
|
4 |
|
|
1 |
|
|
3 |
|
|
0.01 |
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
0.01 |
|
Frutarom Acquisition Related Costs (d) |
|
1 |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
N&B Inventory Step-Up Costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
182 |
|
|
|
37 |
|
|
|
145 |
|
|
|
0.70 |
|
N&B Transaction Related Costs (e) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
89 |
|
|
|
18 |
|
|
|
71 |
|
|
|
0.34 |
|
Integration Related Costs (f) |
|
18 |
|
|
5 |
|
|
13 |
|
|
0.05 |
|
|
38 |
|
|
|
9 |
|
|
|
29 |
|
|
|
0.14 |
|
Redemption value adjustment to EPS (g) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Adjusted (Non-GAAP) |
$ |
343 |
|
$ |
53 |
|
$ |
288 |
|
$ |
1.13 |
|
$ |
269 |
|
|
$ |
53 |
|
|
$ |
214 |
|
|
$ |
1.03 |
|
Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization |
|||||
|
First Quarter |
||||
(DOLLARS AND SHARE AMOUNTS IN MILLIONS) |
2022 |
|
2021 |
||
Numerator |
|
|
|
||
Adjusted (Non-GAAP) Net Income |
$ |
288 |
|
$ |
214 |
Amortization of Acquisition related Intangible Assets |
|
186 |
|
|
152 |
Tax impact on Amortization of Acquisition related Intangible Assets (h) |
|
43 |
|
|
34 |
Amortization of Acquisition related Intangible Assets, net of tax (k) |
|
143 |
|
|
118 |
Adjusted (Non-GAAP) Net Income ex. Amortization |
$ |
431 |
|
$ |
332 |
|
|
|
|
||
Denominator |
|
|
|
||
Weighted average shares assuming dilution (diluted) |
|
255 |
|
|
207 |
Adjusted (Non-GAAP) EPS ex. Amortization |
$ |
1.69 |
|
$ |
1.60 |
(a) |
Represents shareholder activist related costs, primarily professional fees. |
(b) |
Represents costs related to the Company's planned sales of businesses, primarily legal and professional fees. |
(c) |
Represents costs related to severance, including accelerated stock compensation expense, for certain employees and executives who have been separated or will separate from the Company. |
(d) |
Represents transaction-related costs and expenses related to the acquisition of Frutarom. |
(e) |
Represents transaction costs and expenses related to the transaction with N&B, primarily includes legal and professional fees. |
(f) |
Represents costs related to integration activities since 2018, primarily for Frutarom and N&B. For 2022, represents costs primarily related to external consulting fees and internal integration costs, including salaries. For 2021, represents costs primarily related to performance stock awards and consulting fees for advisory services. |
(g) |
Represents the adjustment to EPS related to the excess of the redemption value of certain redeemable noncontrolling interests over their existing carrying value. |
(h) |
The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments. |
(i) |
For 2022, net income is reduced by income attributable to noncontrolling interest of $2 million. For 2021, net loss is increased by income attributable to noncontrolling interest of $2 million. |
(j) |
The sum of these items does not foot due to rounding. |
(k) |
Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax. |
International Flavors & Fragrances Inc. Debt Covenants (Amounts in millions) (Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Credit Adjusted EBITDA to Net Income |
||
(DOLLARS IN MILLIONS) |
Twelve Months Ended March 31, 2022 |
|
Net income |
$ |
556 |
Interest expense |
|
296 |
Income taxes |
|
128 |
Depreciation and amortization |
|
1,217 |
Specified items(1) |
|
405 |
Non-cash items(2) |
|
38 |
Credit Adjusted EBITDA |
$ |
2,640 |
| ____________________ | |
(1) |
Specified items for the 12 months ended March 31, 2022 of $405 million, consisted of restructuring and other charges, shareholder activism related costs, business divestiture costs, employee separation costs, pension income adjustment, pension settlement, Frutarom acquisition related costs, N&B inventory step-up costs, N&B transaction related costs and integration related costs. |
(2) |
Non-cash items represent all other adjustments to reconcile net income to net cash provided by operations as presented on the Statement of Cash Flows, including gains on disposal of assets, gains on business disposal and stock-based compensation. |
Net Debt to Total Debt |
||
(DOLLARS IN MILLIONS) |
March 31, 2022 |
|
Total debt(1) |
$ |
11,695 |
Adjustments: |
|
|
Cash and cash equivalents |
|
657 |
Net debt |
$ |
11,038 |
| ____________________ | |
(1) |
Total debt used for the calculation of Net debt consists of short-term debt, long-term debt, short-term finance lease obligations and long-term finance lease obligations. |
International Flavors & Fragrances Inc. Comparable Reportable Segment Performance (Amounts in millions) (Unaudited)
The following information and schedule provides reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedule is not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net Sales |
|
|
|
||||
Nourish(1) |
$ |
1,731 |
|
|
$ |
1,537 |
|
Health & Biosciences |
|
661 |
|
|
|
615 |
|
Scent |
|
585 |
|
|
|
569 |
|
Pharma Solutions |
|
249 |
|
|
|
233 |
|
Consolidated |
$ |
3,226 |
|
|
$ |
2,954 |
|
Segment Adjusted Operating EBITDA |
|
|
|
||||
Nourish |
$ |
329 |
|
|
$ |
304 |
|
Health & Biosciences |
|
192 |
|
|
|
181 |
|
Scent |
|
116 |
|
|
|
128 |
|
Pharma Solutions |
|
65 |
|
|
|
60 |
|
Total |
|
702 |
|
|
|
673 |
|
Depreciation & Amortization |
|
(303 |
) |
|
|
(242 |
) |
Interest Expense |
|
(72 |
) |
|
|
(65 |
) |
Other income, net |
|
16 |
|
|
|
7 |
|
Restructuring and Other Charges |
|
(2 |
) |
|
|
(4 |
) |
Shareholder Activism Related Costs |
|
(3 |
) |
|
|
(7 |
) |
Business Divestiture Costs |
|
(30 |
) |
|
|
— |
|
Employee Separation Costs |
|
(4 |
) |
|
|
(3 |
) |
Frutarom Acquisition Related Costs |
|
(1 |
) |
|
|
— |
|
N&B Inventory Step-Up Costs |
|
— |
|
|
|
(182 |
) |
N&B Transaction Related Costs |
|
— |
|
|
|
(89 |
) |
Integration Related Costs |
|
(18 |
) |
|
|
(38 |
) |
Divestiture of Businesses(2) |
|
— |
|
|
|
3 |
|
Impact of Merger with N&B(3) |
|
— |
|
|
|
(107 |
) |
Income (Loss) Before Taxes |
$ |
285 |
|
|
$ |
(54 |
) |
Segment Adjusted Operating EBITDA Margin |
|
|
|
||||
Nourish |
|
19.0 |
% |
|
|
19.8 |
% |
Health & Biosciences |
|
29.0 |
% |
|
|
29.4 |
% |
Scent |
|
19.8 |
% |
|
|
22.5 |
% |
Pharma Solutions |
|
26.1 |
% |
|
|
25.8 |
% |
Consolidated |
|
21.8 |
% |
|
|
22.8 |
% |
| ____________________ | |
(1) |
Nourish sales information for the three months ended March 31, 2021 excludes the results of the Fruit Preparation business to present fully comparable scenarios of the Company due to divestiture of the business in the fourth quarter of 2021. As a result, there is no impact of the Fruit Preparation business for the 2022 period. |
(2) |
Information related to the amounts exclude the results of the Fruit Preparation business to present fully comparable scenarios of the Company due to divestiture of the business in the fourth quarter of 2021. |
(3) |
Information related to the amounts included from merger with N&B was received directly from DuPont and management believes such information is reliable. DuPont has not provided the underlying adjustments for the amounts included, but based on management's review of financial statement and other scheduled information provided, we believe the amounts reflected are reasonable. For the three months ended March 31, 2021, amounts include N&B results for January to reflect the same period N&B is included in IFF results in 2022. |
The pro forma historical segment information has been presented for informational purposes only and is not necessarily indicative of what IFF's results of operations actually would have been, had the N&B transaction occurred on the date indicated below. In addition, the pro forma historical segment information does not purport to project the future operating results of the Company, shown below: |
|
(DOLLARS IN MILLIONS) |
January 2021 |
|||||
|
Pro Forma Sales |
|
Pro Forma Adjusted Operating EBITDA |
|||
Nourish |
$ |
247 |
|
$ |
37 |
|
Health & Biosciences |
|
189 |
|
|
53 |
|
Scent |
|
— |
|
|
— |
|
Pharma Solutions |
|
71 |
|
|
17 |
|
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited)
Q1 Nourish |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
13% |
|
8% |
|
(0.8)% |
Currency Impact |
|
3% |
|
6% |
|
0.4% |
% Change - Currency Neutral |
|
16% |
|
14% |
|
(0.4)% |
|
|
|
|
|
|
|
Q1 Health & Biosciences |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
7% |
|
6% |
|
(0.4)% |
Currency Impact |
|
3% |
|
2% |
|
(0.2)% |
% Change - Currency Neutral |
|
10% |
|
8% |
|
(0.6)% |
|
|
|
|
|
|
|
Q1 Scent |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
3% |
|
(9)% |
|
(2.7)% |
Currency Impact |
|
3% |
|
7% |
|
1.0% |
% Change - Currency Neutral |
|
6% |
|
(2)% |
|
(1.7)% |
|
|
|
|
|
|
|
Q1 Pharma Solutions |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
7% |
|
8% |
|
0.3% |
Currency Impact |
|
3% |
|
2% |
|
(0.3)% |
% Change - Currency Neutral |
|
10% |
|
10% |
|
0.0% |
|
|
|
|
|
|
|
Q1 Consolidated |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
9% |
|
4% |
|
(1.0)% |
Currency Impact |
|
4% |
|
5% |
|
0.3% |
% Change - Currency Neutral |
|
13% |
|
9% |
|
(0.7)% |
НЬЮ-ЙОРК--(BUSINESS WIRE)--International Flavors & Fragrances Inc. (NYSE: IFF) сообщила о финансовых результатах за первый квартал, закончившийся 31 марта 2022 года.
Сводная сводка за Первый квартал 2022 года:
Reported (GAAP) |
|
Adjusted (Non-GAAP)1 |
||||||||
Sales |
|
Income Before Taxes |
|
EPS |
|
Operating EBITDA |
|
Operating EBITDA Margin |
|
EPS ex Amortization |
$3.2 B |
|
$285 M |
|
$0.96 |
|
$702 M |
|
21.8% |
|
$1.69 |
Комментарий руководства
“Мы довольны нашим уверенным началом 2022 года, что обусловлено широким ростом всего нашего портфеля”, - сказал генеральный директор IFF Фрэнк Клайберн. “Наши действия в области ценообразования в сочетании с нашим пристальным вниманием к дисциплине затрат помогли компенсировать инфляционное давление, ощущаемое во всей мировой экономике. Учитывая наши показатели на сегодняшний день и отражая дополнительную инфляцию в течение года, мы увеличили наши ожидания по продажам, включив дополнительные действия по ценообразованию, чтобы полностью компенсировать наши затраты, поскольку мы по-прежнему привержены достижению нашей цели по прибыли за весь год. В то же время мы также повышаем строгость исполнения, повышаем наше внимание к производительности и инвестируем в укрепление нашего бизнеса, поскольку мы позиционируем компанию так, чтобы она обеспечивала устойчивый и прибыльный рост для наших акционеров ”.
Консолидированные Финансовые результаты за Первый квартал 2022 года
| ____________________ |
1 Schedules at the end of this release contain reconciliations of reported GAAP to Non-GAAP metrics. See Use of Non-GAAP Financial Measures for explanations of our Non-GAAP metrics. |
2 Comparable results for the first quarter is defined as 3 months (January, February and March) of legacy IFF and N&B results, in both the 2021 and 2022 periods, and exclude the impact of divestitures in the prior year period and acquisitions in the current year period. |
Сводка по сегменту за первый квартал 2022 года: Рост по сравнению с Предыдущий Год
|
Reported (GAAP) |
|
Adjusted (Non-GAAP) |
|
Comparable Currency Neutral (Non-GAAP)2 |
|
Comparable Currency Neutral Adjusted (Non-GAAP)2 |
|
Sales |
|
Operating EBITDA |
|
Sales |
|
Operating EBITDA |
Nourish |
32% |
|
22% |
|
16% |
|
14% |
Health & Biosciences |
55% |
|
50% |
|
10% |
|
8% |
Scent |
3% |
|
(9)% |
|
6% |
|
(2)% |
Pharma Solutions |
54% |
|
51% |
|
10% |
|
10% |
Питательный Сегмент
Сегмент здравоохранения и биологических наук
Сегмент Фармацевтических решений
Финансовое руководство
Компания ожидает, что объем продаж за весь 2022 год составит примерно от 12,6 млрд до 13,0 млрд долларов (по сравнению с предыдущим прогнозом в 12,3 млрд до 12,7 млрд долларов), при этом ожидаемая скорректированная операционная EBITDA за весь 2022 год составит примерно от 2,5 млрд до 2,6 млрд долларов (без изменений). Обновленное руководство Компании на весь год отражает ожидаемую ликвидацию контроля над микробами, которая, как ожидается, будет завершена 1 июля 2022 года (по сравнению с 1 июня 2022 года ранее), а также добавление приобретения Health Wright Products, которое было закрыто 1 апреля 2022 года.
Компания ожидает, что сопоставимый рост продаж, не зависящий от валюты, составит примерно от 9% до 12% (против 6-9% ранее) за весь 2022 год. Компания по-прежнему ожидает, что сопоставимый скорректированный с учетом валютных колебаний рост операционной EBITDA в 2022 году составит примерно 4-8% (без изменений).
Исходя из текущих рыночных валютных курсов, Компания ожидает, что иностранная валюта негативно повлияет на рост продаж в 2022 году примерно на 4 процентных пункта (против 2 ранее) и скорректированный рост операционной EBITDA примерно на 5 процентных пунктов (против 4 ранее).
Прямая веб-трансляция для обсуждения финансовых результатов Компании за первый квартал 2022 года состоится 10 мая 2022 года в 9:00 утра по восточному времени. Доступ к веб-трансляции и сопровождающей ее слайд-презентации можно получить на веб-сайте IR Компании по адресу ir.iff.com . Для тех, кто не сможет прослушать прямую трансляцию, записанная версия будет доступна на веб-сайте Компании примерно через час после мероприятия и останется доступной на веб-сайте IFF в течение одного года.
Предостерегающее заявление В соответствии С Законом О реформе судебных разбирательств по частным ценным бумагам 1995 года
Заявления в этом пресс-релизе, которые не являются историческими фактами или информацией, являются “прогнозными заявлениями” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Такие прогнозные заявления основаны на управлении текущих предположениях, оценках и ожиданиях в том числе те, которые касаются воздействия COVID-19 и наши планы, чтобы ответить на его последствия; предполагаемое воздействие глобальной цепочки поставок задач; ожидания относительно продаж и прибыли за финансовый год, 2022, в том числе влияния иностранных валют, цен акций, сырья, поставщиков, логистических и производственных затрат; ожидания от влияния инфляционного давления и ценообразование действия, чтобы компенсировать воздействие такого воздействия; воздействие более высоких производственных издержек, в том числе сырья, материалов и энергии; способность увеличивать стоимость дисциплина меры и способность к восстановлению маржи предварительно уровнем инфляции; как разукрупнение наш микробиологического контроля деятельности и прогрессу нашего портфеля оптимизация стратегии в рамках непрофильного бизнеса выбытий; в нашей комбинации с n&B, в том числе ожидаемые затраты и выгоды синергии Н&Б сделки, успех наших интеграционных усилий и способности выполнять взятые на себя обязательства "синергия", а также будущие возможности для объединенной компании; успех нашей оптимизация нашего портфеля; потенциал роста рынков, на которых мы работаем, в том числе на развивающихся рынках, ожидается, что капитальные затраты, ожидаемые затраты и выгоды от нашей постоянной оптимизации наших производственных операций, в том числе ожидаемое число закрытий, ожидается, что денежный поток и доступность капитальных ресурсов для финансирования наших операций и выполнить наши требования по обслуживанию долга; наша способность к вождению сокращения расходов; наши стратегические инвестиции в производственные мощности и увеличения запасов для повышения прибыльности; влияние инфляции и других макроэкономических факторов; наша способность к инновациям и выполнять на конкретных потребительских тенденций и потребностей; и наша способность генерировать значение, и вернуть деньги, наши акционеры.
Эти прогнозные заявления должны оцениваться с учетом многих рисков и неопределенностей, присущих нашему бизнесу, которые могут привести к тому, что фактические результаты и события будут существенно отличаться от тех, которые указаны в прогнозных заявлениях. Определенная из такой прогнозной информации может быть идентифицирована такими терминами, как “ожидать”, “предвидеть”, "полагать”, “намереваться”, “прогноз”, “может”, “оценивать”, “должен”, “прогнозировать” и аналогичные термины или их варианты. Такие прогнозные заявления основаны на ряде ожиданий, допущений, оценок и прогнозов в отношении Компании, не являются гарантией будущих результатов или результатов деятельности и связаны со значительными рисками, неопределенностями и другими факторами, включая допущения и прогнозы, на все будущие периоды. Наши фактические результаты могут существенно отличаться от любых будущих результатов, выраженных или подразумеваемых в таких прогнозных заявлениях.
Такие риски, неопределенности и иные факторы включают, среди прочего, следующие: (1) инфляционных тенденций в стоимость входных затрат, таких как сырье, транспорт и энергетика; (2) цепь цепь сбоев, геополитическими изменениями, в том числе российско-украинского конфликта или изменение климата в мероприятиях (в том числе и экстремальных погодных явлений), которые могут повлиять на наши поставщики и закупки сырья; (3) нарушение в развитии, изготовлении, распределение или продажу нашей продукции от COVID-19 и другие кризисы в области общественного здравоохранения; (4) риски, связанные с интеграцией Н&B и Frutarom бизнеса, в том числе будет ли у нас реализовать синергии и предполагаемую пользу от приобретения в отведенные для этого сроки; (5) отказа для успешного создания и управления поглощений, совместных предприятий или партнерство, или неспособность закрывать стратегических сделок или продажи активов; (6) нам возможность успешно рынок нашей расширенной и диверсифицированной клиентской базы; (7) наш значительный размер задолженности и ее влияние на нашу ликвидность и способность возвращать капитал акционерам; (8) наша способность эффективно конкурировать на нашем рынке и разрабатывать и внедрять новые продукты, удовлетворяющие потребностям клиентов; (9) наша способность удерживать ключевых сотрудников; (10) изменения спроса со стороны крупных транснациональных компаний в связи с ростом конкуренции и способности поддерживать “основного списка” статус с клиентами; (11) наша способность успешно развивать инновационные и экономически эффективные продукты, которые позволяют клиентам достичь своих рентабельности ожидания; (12) нарушение в развитии, изготовлении, распространении или продаже нашей продукции, стихийные бедствия, кризисы в области общественного здравоохранения, межнациональных конфликтов, террористических актов, забастовок, политических кризисов, аварий и других подобных мероприятий; (13) влияние значительное данные нарушения или другие нарушения наших информационно-технических систем, и наша способность соблюдать законы О защите данных в США и за рубежом; (14) беспрецедентный рост и волатильность в поиске и логистических затрат; (15) наша способность соблюдать, и затраты, связанные с соблюдением нормативных требований и стандартов, в том числе в отношении безопасности, качества, эффективности и воздействия на окружающую среду; (16) нашей способности для удовлетворения растущего клиентов, потребителей, акционеров и регулирующих акцент на устойчивости; (17) дефектов, проблем с качеством (в том числе и продукции), ненадлежащее раскрытия или неправомерного использования в отношении продуктов и возможностей; (18) наша способность реагировать своевременно и экономически эффективным способом для изменения предпочтений потребителей и требований, в том числе повышение уровня информированности здоровья; (19) возможности получать выгоду от инвестиций и экспансии на новых рынках; (20) последствия колебаний валютного курса или девальвации в основные внешние рынки, на которых мы работаем; (21) экономические, нормативные и политические риски, связанные с международными операциями; (22) влияние глобальной экономической неопределенности на спрос на потребительские товары; (23) наш умение соблюдать, и затраты, связанные с соблюдением, США и других стран природоохранного законодательства; (24) наша способность успешно управлять нашей оборотных средств и сальдо запасов; (25) последствия невыполнения США или иностранных противодействия коррупции, а также антикоррупционных законов и нормативных актов, в том числе США иностранной коррупционной практике закона; (26) нашу способность защищать наши права на интеллектуальную собственность; (27) влияние на исход судебных исков, правовых расследований и судебных процессов, в том числе текущих и будущих изменениях, касающихся налоговых вопросов в Бразилии; (28) изменения рыночных условий или постановлений правительства, касающихся пенсионного и после обязательств; (29) влияние изменений в федеральные, государственные, местные и международного налогового законодательства или политики, включая снижение налогов и рабочих мест акта, в отношении трансфертного ценообразования и государственной помощи, и негативные результаты налоговых проверок, оценок и споров; (30) влияние Соединенного Королевства вылета из Европейского Союза; (31) последствия отказа от Лондонская межбанковская ставка предложения (ЛИБОР) на процентные расходы; и (32) риски, связанные с переходом генерального директора, в том числе о влиянии на наем и удержание персонала.
Приведенный выше список важных факторов не включает все такие факторы и не обязательно представляет их в порядке важности. Кроме того, вам следует ознакомиться с другими раскрытиями, сделанными Компанией (например, в других наших заявках в SEC или в пресс-релизах компании), на предмет других факторов, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозируемых Компанией. Пожалуйста, обратитесь к Части I. Пункт 1А. "Факторы риска" Годового отчета Компании по форме 10-K, поданного в SEC 28 февраля 2022 года для получения дополнительной информации о факторах, которые могут повлиять на наши результаты деятельности, финансовое состояние и ликвидность.
Мы предполагаем, что наши прогнозные заявления будут действовать только на момент таких заявлений и не обязуемся и не планируем обновлять или пересматривать их по мере поступления дополнительной информации или для отражения изменений в ожиданиях, предположениях или результатах. Мы не можем дать никаких гарантий в том, что такие ожидания или прогнозные заявления окажутся верными. Возникновение или любое существенное неблагоприятное изменение одного или нескольких факторов риска или рисков и неопределенностей, упомянутых в этом пресс-релизе или включенных в другие наши периодические отчеты, поданные в SEC, может существенно и негативно повлиять на нашу деятельность и наши будущие финансовые результаты. Любые публичные заявления или раскрытия, сделанные нами после этого пресс-релиза, которые изменяют или влияют на любое из прогнозных заявлений, содержащихся в этом пресс-релизе или сопровождающих его, будут считаться изменяющими или заменяющими такие прогнозы или другие прогнозные заявления, содержащиеся в этом пресс-релизе или сопровождающие его.
Использование финансовых показателей, не относящихся к ОПБУ
В этом пресс-релизе мы приводим финансовые показатели, не относящиеся к GAAP, в том числе: (i) сопоставимые продажи, не зависящие от валюты; (ii) скорректированная операционная EBITDA и сопоставимая скорректированная операционная EBITDA, не зависящая от валюты; (iii) скорректированная рентабельность по EBITDA; (iv) скорректированная прибыль на акцию без учета амортизации; (v) свободный денежный поток; и (vi) скорректированный показатель EBITDA по отношению чистого долга к кредиту.
Наши финансовые показатели, не относящиеся к ОПБУ, определены ниже.
Показатели, нейтральные к валюте, устраняют эффекты, возникающие в результате перевода неамериканских валют в доллары США. Мы рассчитываем нейтральные к валюте цифры путем пересчета сумм продажи, выставленных по счетам за текущий год, по обменным курсам, использованным для соответствующего периода предыдущего года. Мы используем результаты, не зависящие от валюты, в нашем анализе деятельности дочерних компаний или сегментов. Мы также используем нейтральные к валюте цифры при анализе наших показателей по сравнению с нашими конкурентами.
Скорректированная операционная EBITDA и скорректированная операционная рентабельность по EBITDA исключают расходы на износ и амортизацию, процентные расходы, прочие доходы (расходы), нетто, расходы на реструктуризацию и другие расходы, а также определенные разовые статьи, такие как прибыль (убытки) от продажи активов, расходы, связанные с активностью акционеров, расходы на продажу бизнеса, расходы на увольнение сотрудников, расходы на Frutarom затраты, связанные с приобретением, затраты на увеличение запасов N & B, затраты, связанные со сделкой N & B, затраты, связанные с интеграцией, и влияние слияния с N & B.
Скорректированная прибыль на акцию без учета амортизации исключает влияние неоперационных статей, включая расходы на реструктуризацию и прочие расходы, прибыли (убытки) от продажи активов, расходы, связанные с активностью акционеров, расходы на продажу бизнеса, расходы на увольнение сотрудников, расходы, связанные с приобретением Frutarom, расходы на увеличение запасов N & B, расходы, связанные с транзакциями N &B., затраты, связанные с интеграцией, корректировка стоимости погашения на прибыль на акцию, влияние слияния с N&B и неденежные статьи, включая амортизацию нематериальных активов, связанных с приобретением.
Свободный денежный поток - это операционный денежный поток (т.е. денежный поток от операций) за вычетом капитальных затрат.
Отношение чистого долга к скорректированной по кредиту EBITDA - это коэффициент кредитного плеча, используемый в нашем кредитном соглашении и определяемый как Чистый долг (который представляет собой долгосрочный долг за вычетом денежных средств и их эквивалентов), деленный на итоговую 12-месячную скорректированную по кредиту EBITDA. Скорректированный по кредиту показатель EBITDA определяется как доход (убыток) до вычета налогов на прибыль, расходов на износ и амортизацию, процентных расходов, определенных статей и неденежных статей.
Сопоставимые результаты за первый квартал определяются как 3 месяца (январь, февраль и март) предыдущих результатов IFF и N &B в период 2021 года и для всей компании в текущем периоде 2022 года, и исключают влияние распродаж в период предыдущего года и приобретений в период текущего года.
Эти показатели, не относящиеся к GAAP, предназначены для предоставления дополнительной информации о наших основных операционных результатах и сопоставимых показателях за год. Такая информация является дополнительной к информации, представленной в соответствии с GAAP, и не предназначена для представления представления в соответствии с GAAP. При обсуждении наших исторических и ожидаемых будущих результатов и финансового состояния мы считаем важным, чтобы инвесторы были осведомлены и получили помощь в лучшем понимании, на сопоставимой основе от периода к периоду, финансовых сумм, как включающих, так и исключающих эти выявленные статьи, а также влияние колебания обменного курса. Эти показатели, не относящиеся к GAAP, не следует рассматривать изолированно или в качестве замены анализа результатов Компании в соответствии с GAAP, и они могут быть несопоставимы с расчетами таких показателей другими компаниями.
Компания не может согласовать ожидаемую Скорректированную операционную EBITDA и ожидаемую годовую эффективную налоговую ставку в соответствии с "Финансовыми рекомендациями" без необоснованных усилий, поскольку определенные статьи, влияющие на чистую прибыль и другие показатели согласования, находятся вне контроля Компании и / или не могут быть разумно предсказаны в настоящее время. Эти статьи включают, но не ограничиваются прибылью (убытком) от продажи активов, расходами, связанными с активностью акционеров, расходами на продажу бизнеса, расходами на увольнение сотрудников, расходами на увеличение запасов N & B, расходами, связанными со сделкой N & B, расходами, связанными с интеграцией, и последствиями слияния с N &B.
В IFF (NYSE: IFF), лидере отрасли продуктов питания, напитков, парфюмерии, здравоохранения и биологических наук, наука и творчество встречаются, чтобы создать важные решения для улучшения мира – от глобальных икон до неожиданных инноваций и опыта. Обладая красотой искусства и точностью науки, мы являемся международным коллективом мыслителей, которые сотрудничают с клиентами, чтобы предлагать ароматы, вкусы, впечатления, ингредиенты и решения для продуктов, которых жаждет мир. Вместе мы принесем больше пользы людям и планете. Узнайте больше на сайте iff.com , Twitter, Facebook, Instagram и LinkedIn.
International Flavors & Fragrances Inc. Консолидированные Отчеты о прибылях и убытках (Суммы в миллионах, за исключением данных на акцию) (Неаудировано)
|
Three Months Ended March 31, |
|||||||||
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Net sales |
$ |
3,226 |
|
|
$ |
2,465 |
|
|
31 |
% |
Cost of goods sold |
|
2,081 |
|
|
|
1,711 |
|
|
22 |
% |
Gross profit |
|
1,145 |
|
|
|
754 |
|
|
52 |
% |
Research and development expenses |
|
157 |
|
|
|
143 |
|
|
10 |
% |
Selling and administrative expenses |
|
459 |
|
|
|
451 |
|
|
2 |
% |
Amortization of acquisition-related intangibles |
|
186 |
|
|
|
152 |
|
|
22 |
% |
Restructuring and other charges |
|
2 |
|
|
|
4 |
|
|
(50 |
)% |
Operating profit |
|
341 |
|
|
|
4 |
|
|
NMF |
|
Interest expense |
|
72 |
|
|
|
65 |
|
|
11 |
% |
Other income, net |
|
(16 |
) |
|
|
(7 |
) |
|
129 |
% |
Income (loss) before taxes |
|
285 |
|
|
|
(54 |
) |
|
NMF |
|
Provision for (benefit from) income taxes |
|
39 |
|
|
|
(14 |
) |
|
NMF |
|
Net income (loss) |
|
246 |
|
|
|
(40 |
) |
|
NMF |
|
Net income attributable to noncontrolling interests |
|
2 |
|
|
|
2 |
|
|
— |
% |
Net income (loss) attributable to IFF stockholders |
|
244 |
|
|
|
(42 |
) |
|
NMF |
|
|
|
|
|
|
|
|||||
Net income (loss) per share - basic (1) |
$ |
0.96 |
|
|
$ |
(0.21 |
) |
|
|
|
Net income (loss) per share - diluted (1) |
$ |
0.96 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|||||
Average number of shares outstanding - basic |
|
255 |
|
|
|
206 |
|
|
|
|
Average number of shares outstanding - diluted |
|
255 |
|
|
|
206 |
|
|
|
|
(1) |
For 2022 and 2021, net income (loss) per share reflects adjustments related to the redemption value of certain redeemable noncontrolling interests. |
NMF |
Not meaningful |
International Flavors & Fragrances Inc. Сокращенный Консолидированный Бухгалтерский баланс (Суммы в миллионах) (Неаудировано)
|
March 31, |
|
December 31, |
||
|
2022 |
|
2021 |
||
Cash, cash equivalents, and restricted cash |
$ |
661 |
|
$ |
715 |
Receivables, net |
|
2,160 |
|
|
1,906 |
Inventories |
|
2,795 |
|
|
2,516 |
Other current assets |
|
1,891 |
|
|
1,850 |
Total current assets |
|
7,507 |
|
|
6,987 |
|
|
|
|
||
Property, plant and equipment, net |
|
4,295 |
|
|
4,368 |
Goodwill and other intangibles, net |
|
26,548 |
|
|
26,920 |
Other assets |
|
1,397 |
|
|
1,383 |
Total assets |
$ |
39,747 |
|
$ |
39,658 |
|
|
|
|
||
Short-term borrowings |
$ |
939 |
|
$ |
632 |
Other current liabilities |
|
3,093 |
|
|
3,001 |
Total current liabilities |
|
4,032 |
|
|
3,633 |
|
|
|
|
||
Long-term debt |
|
10,738 |
|
|
10,768 |
Non-current liabilities |
|
3,911 |
|
|
4,035 |
|
|
|
|
||
Redeemable noncontrolling interests |
|
101 |
|
|
105 |
|
|
|
|
||
Shareholders' equity |
|
20,965 |
|
|
21,117 |
Total liabilities and shareholders' equity |
$ |
39,747 |
|
$ |
39,658 |
International Flavors & Fragrances Inc. Консолидированные отчеты о движении денежных средств (Суммы в миллионах) (Неаудировано)
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
246 |
|
|
$ |
(40 |
) |
Adjustments to reconcile to net cash (used in) provided by operating activities |
|
|
|
||||
Depreciation and amortization |
|
303 |
|
|
|
242 |
|
Deferred income taxes |
|
(65 |
) |
|
|
(86 |
) |
Stock-based compensation |
|
9 |
|
|
|
11 |
|
Pension contributions |
|
(8 |
) |
|
|
(9 |
) |
Amortization of inventory step-up |
|
— |
|
|
|
182 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Trade receivables |
|
(272 |
) |
|
|
(175 |
) |
Inventories |
|
(311 |
) |
|
|
(64 |
) |
Accounts payable |
|
178 |
|
|
|
250 |
|
Accruals for incentive compensation |
|
(101 |
) |
|
|
(22 |
) |
Other current payables and accrued expenses |
|
39 |
|
|
|
48 |
|
Other assets/liabilities, net |
|
(22 |
) |
|
|
21 |
|
Net cash (used in) provided by operating activities |
|
(4 |
) |
|
|
358 |
|
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(132 |
) |
|
|
(93 |
) |
Additions to intangible assets |
|
(2 |
) |
|
|
— |
|
Proceeds from disposal of assets |
|
2 |
|
|
|
1 |
|
Cash provided by the Merger with N&B |
|
11 |
|
|
|
207 |
|
Net cash (used in) provided by investing activities |
|
(121 |
) |
|
|
115 |
|
Cash flows from financing activities: |
|
|
|
||||
Cash dividends paid to shareholders |
|
(201 |
) |
|
|
(82 |
) |
Increase (decrease) in revolving credit facility and short-term borrowings |
|
1 |
|
|
|
(104 |
) |
Proceeds from issuance of commercial paper (maturities after three months) |
|
155 |
|
|
|
— |
|
Repayments of commercial paper (maturities after three months) |
|
(75 |
) |
|
|
— |
|
Net borrowings of commercial paper (maturities less than three months) |
|
227 |
|
|
|
— |
|
Repayments of long-term debt |
|
— |
|
|
|
(12 |
) |
Contingent consideration paid |
|
— |
|
|
|
(14 |
) |
Purchases of noncontrolling interest |
|
(6 |
) |
|
|
— |
|
Proceeds from issuance of stock in connection with stock options |
|
7 |
|
|
|
3 |
|
Employee withholding taxes paid |
|
(13 |
) |
|
|
(6 |
) |
Net cash provided by (used in) financing activities |
|
95 |
|
|
|
(215 |
) |
Effect of exchange rates changes on cash, cash equivalents and restricted cash |
|
(24 |
) |
|
|
(37 |
) |
Net change in cash, cash equivalents and restricted cash |
|
(54 |
) |
|
|
221 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
716 |
|
|
|
660 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
662 |
|
|
$ |
881 |
|
В следующей таблице приведена сверка денежных средств, их эквивалентов и ограниченных денежных средств между отчетом о движении денежных средств Компании за периоды, закончившиеся 31 марта 2022 года и 31 марта 2021 года, с суммами, указанными в балансе Компании:
AMOUNTS IN MILLIONS |
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
||||
Current assets |
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
$ |
657 |
|
$ |
711 |
|
$ |
872 |
|
$ |
650 |
Restricted cash |
|
4 |
|
|
4 |
|
|
7 |
|
|
7 |
Noncurrent assets |
|
|
|
|
|
|
|
||||
Restricted cash included in Other assets |
|
1 |
|
|
1 |
|
|
2 |
|
|
3 |
Cash, cash equivalents and restricted cash |
$ |
662 |
|
$ |
716 |
|
$ |
881 |
|
$ |
660 |
International Flavors & Fragrances Inc. Отчетные показатели сегмента (Суммы в миллионах) (Неаудировано)
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net Sales |
|
|
|
||||
Nourish |
$ |
1,731 |
|
|
$ |
1,308 |
|
Health & Biosciences |
|
661 |
|
|
|
426 |
|
Scent |
|
585 |
|
|
|
569 |
|
Pharma Solutions |
|
249 |
|
|
|
162 |
|
Consolidated |
$ |
3,226 |
|
|
$ |
2,465 |
|
Segment Adjusted Operating EBITDA |
|
|
|
||||
Nourish |
$ |
329 |
|
|
$ |
270 |
|
Health & Biosciences |
|
192 |
|
|
|
128 |
|
Scent |
|
116 |
|
|
|
128 |
|
Pharma Solutions |
|
65 |
|
|
|
43 |
|
Total |
|
702 |
|
|
|
569 |
|
Depreciation & Amortization |
|
(303 |
) |
|
|
(242 |
) |
Interest Expense |
|
(72 |
) |
|
|
(65 |
) |
Other income, net |
|
16 |
|
|
|
7 |
|
Restructuring and Other Charges |
|
(2 |
) |
|
|
(4 |
) |
Shareholder Activism Related Costs |
|
(3 |
) |
|
|
(7 |
) |
Business Divestiture Costs |
|
(30 |
) |
|
|
— |
|
Employee Separation Costs |
|
(4 |
) |
|
|
(3 |
) |
Frutarom Acquisition Related Costs |
|
(1 |
) |
|
|
— |
|
N&B Inventory Step-Up Costs |
|
— |
|
|
|
(182 |
) |
N&B Transaction Related Costs |
|
— |
|
|
|
(89 |
) |
Integration Related Costs |
|
(18 |
) |
|
|
(38 |
) |
Income (Loss) Before Taxes |
$ |
285 |
|
|
$ |
(54 |
) |
Segment Adjusted Operating EBITDA Margin |
|
|
|
||||
Nourish |
|
19.0 |
% |
|
|
20.6 |
% |
Health & Biosciences |
|
29.0 |
% |
|
|
30.0 |
% |
Scent |
|
19.8 |
% |
|
|
22.5 |
% |
Pharma Solutions |
|
26.1 |
% |
|
|
26.5 |
% |
Consolidated |
|
21.8 |
% |
|
|
23.1 |
% |
International Flavors & Fragrances Inc. Сверка ОПБУ с Не-ОПБУ (Неаудировано)
Следующая информация и графики предоставляют информацию о сверке между заявленными суммами по ОПБУ и определенными скорректированными суммами, не относящимися к ОПБУ. Эта информация и графики не предназначены и не должны рассматриваться как замена отчетных сумм по ОПБУ или финансовой отчетности Компании, подготовленной и представленной в соответствии с ОПБУ.
Reconciliation of Gross Profit |
|||||
|
First Quarter |
||||
(DOLLARS IN MILLIONS) |
2022 |
|
2021 |
||
Reported (GAAP) |
$ |
1,145 |
|
$ |
754 |
N&B Inventory Step-Up Costs |
|
— |
|
|
182 |
Integration Related Costs (f) |
|
1 |
|
|
— |
Adjusted (Non-GAAP) |
$ |
1,146 |
|
$ |
936 |
Reconciliation of Selling and Administrative Expenses |
|||||||
|
First Quarter |
||||||
(DOLLARS IN MILLIONS) |
|
2022 |
|
|
|
2021 |
|
Reported (GAAP) |
$ |
459 |
|
|
$ |
451 |
|
Shareholder Activism Related Costs (a) |
|
(3 |
) |
|
|
(7 |
) |
Business Divestiture Costs (b) |
|
(30 |
) |
|
|
— |
|
Employee Separation Costs (c) |
|
(4 |
) |
|
|
(3 |
) |
Frutarom Acquisition Related Costs (d) |
|
(1 |
) |
|
|
— |
|
N&B Transaction Related Costs (e) |
|
— |
|
|
|
(89 |
) |
Integration Related Costs (f) |
|
(17 |
) |
|
|
(38 |
) |
Adjusted (Non-GAAP) |
$ |
404 |
|
|
$ |
314 |
|
International Flavors & Fragrances Inc. Сверка ОПБУ с Не-ОПБУ (Неаудировано)
Следующая информация и графики предоставляют информацию о сверке между заявленными суммами по ОПБУ и определенными скорректированными суммами, не относящимися к ОПБУ. Эта информация и графики не предназначены и не должны рассматриваться как замена отчетных сумм по ОПБУ или финансовой отчетности Компании, подготовленной и представленной в соответствии с ОПБУ.
Reconciliation of Net Income (Loss) and EPS |
|||||||||||||||||||||||||||
|
First Quarter |
||||||||||||||||||||||||||
|
2022 |
|
2021 |
||||||||||||||||||||||||
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) |
Income before taxes |
|
Provision for income taxes (h) |
|
Net Income Attributable to IFF (i) |
|
Diluted EPS |
|
(Loss) Income before taxes |
|
(Benefit from) Provision for income taxes (h) |
|
Net (Loss) Income Attributable to IFF (i) |
|
Diluted EPS (j) |
||||||||||||
Reported (GAAP) |
$ |
285 |
|
$ |
39 |
|
$ |
244 |
|
$ |
0.96 |
|
$ |
(54 |
) |
|
$ |
(14 |
) |
|
$ |
(42 |
) |
|
$ |
(0.21 |
) |
Restructuring and Other Charges |
|
2 |
|
|
— |
|
|
2 |
|
|
0.01 |
|
|
4 |
|
|
|
1 |
|
|
|
3 |
|
|
|
0.02 |
|
Shareholder Activism Related Costs (a) |
|
3 |
|
|
1 |
|
|
2 |
|
|
0.01 |
|
|
7 |
|
|
|
2 |
|
|
|
5 |
|
|
|
0.03 |
|
Business Divestiture Costs (b) |
|
30 |
|
|
7 |
|
|
23 |
|
|
0.09 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Employee Separation Costs (c) |
|
4 |
|
|
1 |
|
|
3 |
|
|
0.01 |
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
0.01 |
|
Frutarom Acquisition Related Costs (d) |
|
1 |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
N&B Inventory Step-Up Costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
182 |
|
|
|
37 |
|
|
|
145 |
|
|
|
0.70 |
|
N&B Transaction Related Costs (e) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
89 |
|
|
|
18 |
|
|
|
71 |
|
|
|
0.34 |
|
Integration Related Costs (f) |
|
18 |
|
|
5 |
|
|
13 |
|
|
0.05 |
|
|
38 |
|
|
|
9 |
|
|
|
29 |
|
|
|
0.14 |
|
Redemption value adjustment to EPS (g) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Adjusted (Non-GAAP) |
$ |
343 |
|
$ |
53 |
|
$ |
288 |
|
$ |
1.13 |
|
$ |
269 |
|
|
$ |
53 |
|
|
$ |
214 |
|
|
$ |
1.03 |
|
Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization |
|||||
|
First Quarter |
||||
(DOLLARS AND SHARE AMOUNTS IN MILLIONS) |
2022 |
|
2021 |
||
Numerator |
|
|
|
||
Adjusted (Non-GAAP) Net Income |
$ |
288 |
|
$ |
214 |
Amortization of Acquisition related Intangible Assets |
|
186 |
|
|
152 |
Tax impact on Amortization of Acquisition related Intangible Assets (h) |
|
43 |
|
|
34 |
Amortization of Acquisition related Intangible Assets, net of tax (k) |
|
143 |
|
|
118 |
Adjusted (Non-GAAP) Net Income ex. Amortization |
$ |
431 |
|
$ |
332 |
|
|
|
|
||
Denominator |
|
|
|
||
Weighted average shares assuming dilution (diluted) |
|
255 |
|
|
207 |
Adjusted (Non-GAAP) EPS ex. Amortization |
$ |
1.69 |
|
$ |
1.60 |
(a) |
Represents shareholder activist related costs, primarily professional fees. |
(b) |
Represents costs related to the Company's planned sales of businesses, primarily legal and professional fees. |
(c) |
Represents costs related to severance, including accelerated stock compensation expense, for certain employees and executives who have been separated or will separate from the Company. |
(d) |
Represents transaction-related costs and expenses related to the acquisition of Frutarom. |
(e) |
Represents transaction costs and expenses related to the transaction with N&B, primarily includes legal and professional fees. |
(f) |
Represents costs related to integration activities since 2018, primarily for Frutarom and N&B. For 2022, represents costs primarily related to external consulting fees and internal integration costs, including salaries. For 2021, represents costs primarily related to performance stock awards and consulting fees for advisory services. |
(g) |
Represents the adjustment to EPS related to the excess of the redemption value of certain redeemable noncontrolling interests over their existing carrying value. |
(h) |
The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments. |
(i) |
For 2022, net income is reduced by income attributable to noncontrolling interest of $2 million. For 2021, net loss is increased by income attributable to noncontrolling interest of $2 million. |
(j) |
The sum of these items does not foot due to rounding. |
(k) |
Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax. |
International Flavors & Fragrances Inc. Долговые обязательства (Суммы в миллионах) (Неаудировано)
Следующая информация и графики предоставляют информацию о сверке между заявленными суммами по ОПБУ и определенными скорректированными суммами, не относящимися к ОПБУ. Эта информация и графики не предназначены и не должны рассматриваться как замена отчетных сумм по ОПБУ или финансовой отчетности Компании, подготовленной и представленной в соответствии с ОПБУ.
Reconciliation of Credit Adjusted EBITDA to Net Income |
||
(DOLLARS IN MILLIONS) |
Twelve Months Ended March 31, 2022 |
|
Net income |
$ |
556 |
Interest expense |
|
296 |
Income taxes |
|
128 |
Depreciation and amortization |
|
1,217 |
Specified items(1) |
|
405 |
Non-cash items(2) |
|
38 |
Credit Adjusted EBITDA |
$ |
2,640 |
| ____________________ | |
(1) |
Specified items for the 12 months ended March 31, 2022 of $405 million, consisted of restructuring and other charges, shareholder activism related costs, business divestiture costs, employee separation costs, pension income adjustment, pension settlement, Frutarom acquisition related costs, N&B inventory step-up costs, N&B transaction related costs and integration related costs. |
(2) |
Non-cash items represent all other adjustments to reconcile net income to net cash provided by operations as presented on the Statement of Cash Flows, including gains on disposal of assets, gains on business disposal and stock-based compensation. |
Net Debt to Total Debt |
||
(DOLLARS IN MILLIONS) |
March 31, 2022 |
|
Total debt(1) |
$ |
11,695 |
Adjustments: |
|
|
Cash and cash equivalents |
|
657 |
Net debt |
$ |
11,038 |
| ____________________ | |
(1) |
Total debt used for the calculation of Net debt consists of short-term debt, long-term debt, short-term finance lease obligations and long-term finance lease obligations. |
International Flavors & Fragrances Inc. Сопоставимые Показатели Отчетных Сегментов (Суммы в миллионах) (Неаудировано)
Следующая информация и график предоставляют информацию о сверке между заявленными суммами по ОПБУ и определенными скорректированными суммами, не относящимися к ОПБУ. Данная информация и график не предназначены и не должны рассматриваться как замена отчетных сумм по ОПБУ или финансовой отчетности Компании, подготовленной и представленной в соответствии с ОПБУ.
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net Sales |
|
|
|
||||
Nourish(1) |
$ |
1,731 |
|
|
$ |
1,537 |
|
Health & Biosciences |
|
661 |
|
|
|
615 |
|
Scent |
|
585 |
|
|
|
569 |
|
Pharma Solutions |
|
249 |
|
|
|
233 |
|
Consolidated |
$ |
3,226 |
|
|
$ |
2,954 |
|
Segment Adjusted Operating EBITDA |
|
|
|
||||
Nourish |
$ |
329 |
|
|
$ |
304 |
|
Health & Biosciences |
|
192 |
|
|
|
181 |
|
Scent |
|
116 |
|
|
|
128 |
|
Pharma Solutions |
|
65 |
|
|
|
60 |
|
Total |
|
702 |
|
|
|
673 |
|
Depreciation & Amortization |
|
(303 |
) |
|
|
(242 |
) |
Interest Expense |
|
(72 |
) |
|
|
(65 |
) |
Other income, net |
|
16 |
|
|
|
7 |
|
Restructuring and Other Charges |
|
(2 |
) |
|
|
(4 |
) |
Shareholder Activism Related Costs |
|
(3 |
) |
|
|
(7 |
) |
Business Divestiture Costs |
|
(30 |
) |
|
|
— |
|
Employee Separation Costs |
|
(4 |
) |
|
|
(3 |
) |
Frutarom Acquisition Related Costs |
|
(1 |
) |
|
|
— |
|
N&B Inventory Step-Up Costs |
|
— |
|
|
|
(182 |
) |
N&B Transaction Related Costs |
|
— |
|
|
|
(89 |
) |
Integration Related Costs |
|
(18 |
) |
|
|
(38 |
) |
Divestiture of Businesses(2) |
|
— |
|
|
|
3 |
|
Impact of Merger with N&B(3) |
|
— |
|
|
|
(107 |
) |
Income (Loss) Before Taxes |
$ |
285 |
|
|
$ |
(54 |
) |
Segment Adjusted Operating EBITDA Margin |
|
|
|
||||
Nourish |
|
19.0 |
% |
|
|
19.8 |
% |
Health & Biosciences |
|
29.0 |
% |
|
|
29.4 |
% |
Scent |
|
19.8 |
% |
|
|
22.5 |
% |
Pharma Solutions |
|
26.1 |
% |
|
|
25.8 |
% |
Consolidated |
|
21.8 |
% |
|
|
22.8 |
% |
| ____________________ | |
(1) |
Nourish sales information for the three months ended March 31, 2021 excludes the results of the Fruit Preparation business to present fully comparable scenarios of the Company due to divestiture of the business in the fourth quarter of 2021. As a result, there is no impact of the Fruit Preparation business for the 2022 period. |
(2) |
Information related to the amounts exclude the results of the Fruit Preparation business to present fully comparable scenarios of the Company due to divestiture of the business in the fourth quarter of 2021. |
(3) |
Information related to the amounts included from merger with N&B was received directly from DuPont and management believes such information is reliable. DuPont has not provided the underlying adjustments for the amounts included, but based on management's review of financial statement and other scheduled information provided, we believe the amounts reflected are reasonable. For the three months ended March 31, 2021, amounts include N&B results for January to reflect the same period N&B is included in IFF results in 2022. |
The pro forma historical segment information has been presented for informational purposes only and is not necessarily indicative of what IFF's results of operations actually would have been, had the N&B transaction occurred on the date indicated below. In addition, the pro forma historical segment information does not purport to project the future operating results of the Company, shown below: |
|
(DOLLARS IN MILLIONS) |
January 2021 |
|||||
|
Pro Forma Sales |
|
Pro Forma Adjusted Operating EBITDA |
|||
Nourish |
$ |
247 |
|
$ |
37 |
|
Health & Biosciences |
|
189 |
|
|
53 |
|
Scent |
|
— |
|
|
— |
|
Pharma Solutions |
|
71 |
|
|
17 |
|
International Flavors & Fragrances Inc. Сверка ОПБУ с Не-ОПБУ Сопоставимое Влияние Иностранной Валюты (Неаудировано)
Q1 Nourish |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
13% |
|
8% |
|
(0.8)% |
Currency Impact |
|
3% |
|
6% |
|
0.4% |
% Change - Currency Neutral |
|
16% |
|
14% |
|
(0.4)% |
|
|
|
|
|
|
|
Q1 Health & Biosciences |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
7% |
|
6% |
|
(0.4)% |
Currency Impact |
|
3% |
|
2% |
|
(0.2)% |
% Change - Currency Neutral |
|
10% |
|
8% |
|
(0.6)% |
|
|
|
|
|
|
|
Q1 Scent |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
3% |
|
(9)% |
|
(2.7)% |
Currency Impact |
|
3% |
|
7% |
|
1.0% |
% Change - Currency Neutral |
|
6% |
|
(2)% |
|
(1.7)% |
|
|
|
|
|
|
|
Q1 Pharma Solutions |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
7% |
|
8% |
|
0.3% |
Currency Impact |
|
3% |
|
2% |
|
(0.3)% |
% Change - Currency Neutral |
|
10% |
|
10% |
|
0.0% |
|
|
|
|
|
|
|
Q1 Consolidated |
|
Sales |
|
Segment Adjusted Operating EBITDA |
|
Segment Adjusted Operating EBITDA Margin |
% Change - Comparable |
|
9% |
|
4% |
|
(1.0)% |
Currency Impact |
|
4% |
|
5% |
|
0.3% |
% Change - Currency Neutral |
|
13% |
|
9% |
|
(0.7)% |
