Edited from “To our shareholders”, annual report and “24th Annual Strategic Decisions Conference” presentation.
International Flavours & Fragrances (IFF) states that the year 2008 was a year of “success and significance” It delivered solid financial results and a double-digit increase in earnings per share. Its business structure and strategy drove important advances in strengthening its progress for the company. Looking ahead, a key strategic initiative for IFF is to build a stronger and more effective organisation.
In the company’s view considerable progress has been made in its strategic initiatives.
Moving forward, IFF will focus on:
Being a global leader in fragrances and flavours.
Providing its customers with differentiated solutions.
Executing on its business unit focus that will align management and resources with the needs of its strategic customers and provide greater accountability; this will drive improved results.
Focusing its research and development efforts on projects considered most likely to drive future profitable growth. The company anticipates much of this research will be conducted internally, but such efforts may be augmented by joint research undertakings and through acquisition of technology.
Providing quality, safe and suitable products, for inclusion in its customers’ end products; an essential element is the consistent assurance of the quality and safety of raw materials through a combination of steps including but not limited to vendor certification and quality assurance testing.
Continuously improving its operations and customer service, and related initiatives.
Building a culture that attracts, retains and develops its “best talent”.
2009 financial goals
Grow local currency sales by 4%/year.
Improve operating margins to 18% of sales.
Increase earnings per share (EPS) to 11%/year.
Grow dividend in-line with EPS growth.
ICIS Chemical Business magazine has unveiled the ICIS Top 100 Chemical Companies, with rankings based on 2008 sales.
A PDF of the ICIS Top 100 Chemical Companies is available for download on ICIS connect.
See the article and analysis of the ICIS Top 100 on ICIS news.
Financial highlights: IFF, year ended 31 December
|
|
2008 |
2007 |
2006 |
2005 |
2004 |
|
Sales ($ m) |
2,389 |
2,277 |
2,095 |
1,993 |
2,034 |
|
R&D ($ m) |
213 |
199 |
186 |
180 |
175 |
|
Net Profit ($ m) |
230 |
247 |
227 |
193 |
196 |
|
Total Assets ($ m) |
2,761.5 |
2,726 |
2,479 |
2,638 |
2,363 |
|
Diluted earnings per share ($) |
2.87 |
2.82 |
2.48 |
2.04 |
2.05 |
|
Number of Employees |
5,300 |
5,315 |
5,087 |
5,160 |
5,212 |
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International Flavours and Fragrance
Company Structure
International Flavours & Fragrances (IFF) creates and manufactures a variety of artificial aromas, flavours and fragrances. IFF began in 1929 when Dutch immigrant and perfumer, A L van Ameringen, and William Haebler formed a fragrance company, van Ameringen-Haebler, in New York, US. In 1958, it merged with Polak & Schwartz to form IFF. Today, the van Ameringen family still controls about 20% of IFF.
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