Provides Additional Detail on Segment-Level Financial Profile, Including 2020 Pro Forma Performance
NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today introduced a new “Learning Labs” video series, featuring in-depth discussions with the leadership of the company’s segments and R&D function. Each video provides a comprehensive overview of IFF’s robust portfolio and enhanced capabilities following its recently completed merger with DuPont’s Nutrition and Biosciences (“N&B”) business. The complete “Learning Labs” series can be found here: ir.iff.com/events-presentations. In addition, IFF has also provided segment-level financial detail based on 2020 pro forma results.
“As a global industry leader of high-value consumer ingredients, we are pleased to provide a closer look into our capabilities, operational model and future growth potential,” said Andreas Fibig, IFF Chairman and CEO. “Stakeholder communication remains essential to IFF’s continued growth, and since combining with N&B, we have continued to explore new ways to meaningfully connect with our investors. The insights shared through our ‘Learning Labs’ series and detail provided in our 2020 pro forma segment financials is a testament to our commitment to continued transparency and greater comparability to peers.”
IFF 2020 Pro Forma Segment-Level Financial Results
To accompany the “Learning Labs” video series, IFF has provided additional detail on the financial performance, including sales and adjusted EBITDA metrics, for each of the company’s four segments on a 2020 pro forma basis.
Welcome to IFF
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. | |||||||||||
2020 Pro Forma Combined Reporting Segments (1)(2) | |||||||||||
(Dollars in millions) | |||||||||||
| Q1 2020 (3) |
| Q2 2020 |
| Q3 2020 |
| Q4 2020 |
| Pro Forma FY 2020 (excl. N&B Jan.) (3) |
| Pro Forma FY 2020 (4) |
|
|
|
|
|
|
|
|
|
|
|
|
Nourish Pro Forma Sales | 1,276 |
| 1,450 |
| 1,418 |
| 1,488 |
| 5,632 |
| 5,887 |
Nourish Pro Forma Adjusted Operating EBITDA | 255 |
| 303 |
| 275 |
| 257 |
| 1,090 |
| 1,153 |
as % of Pro Forma Sales | 20% |
| 21% |
| 19% |
| 17% |
| 19% |
| 20% |
|
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|
|
|
|
|
|
|
|
|
|
Scent Pro Forma Sales | 541 |
| 475 |
| 525 |
| 524 |
| 2,064 |
| 2,064 |
Scent Pro Forma Adjusted Operating EBITDA | 118 |
| 87 |
| 118 |
| 93 |
| 416 |
| 416 |
as % of Pro Forma Sales | 22% |
| 18% |
| 22% |
| 18% |
| 20% |
| 20% |
|
|
|
|
|
|
|
|
|
|
|
|
Health & Biosciences Pro Forma Sales | 427 |
| 588 |
| 579 |
| 572 |
| 2,166 |
| 2,353 |
Health & Biosciences Pro Forma Adjusted Operating EBITDA | 131 |
| 181 |
| 172 |
| 149 |
| 634 |
| 680 |
as % of Pro Forma Sales | 31% |
| 31% |
| 30% |
| 26% |
| 29% |
| 29% |
|
|
|
|
|
|
|
|
|
|
|
|
Pharma Solutions Pro Forma Sales | 152 |
| 224 |
| 215 |
| 188 |
| 779 |
| 839 |
Pharma Solutions Pro Forma Adjusted Operating EBITDA | 42 |
| 62 |
| 61 |
| 38 |
| 203 |
| 216 |
as % of Pro Forma Sales | 28% |
| 28% |
| 28% |
| 20% |
| 26% |
| 26% |
|
| % Change in Sales - 2020 vs. 2019 (5) | ||||||||||
|
| Q1 (3) |
| Q2 |
| Q3 |
| Q4 | ||||
|
| Reported | Currency Neutral |
| Reported | Currency Neutral |
| Reported | Currency Neutral |
| Reported | Currency Neutral |
Nourish |
| 3% | 5% |
| (4)% | (1)% |
| (5)% | (3)% |
| —% | 1% |
Scent |
| 4% | 7% |
| (6)% | —% |
| 4% | 9% |
| 4% | 6% |
Health & Biosciences |
| 8% | 11% |
| (4)% | (2)% |
| (1)% | —% |
| 1% | —% |
Pharma Solutions |
| 9% | 11% |
| 6% | 7% |
| 2% | 1% |
| (2)% | (4)% |
Total |
| 4% | 7% |
| (4)% | —% |
| (2)% | —% |
| 1% | 1% |
|
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|
|
|
|
|
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|
|
| Pro Forma FY 2020 (excl. N&B Jan.) (3) |
| Pro Forma FY 2020 (4) |
|
|
|
|
|
| ||
|
| Reported | Currency Neutral |
| Reported | Currency Neutral |
|
|
|
|
|
|
Nourish |
| (2)% | —% |
| (2)% | —% |
|
|
|
|
|
|
Scent |
| 2% | 5% |
| 2% | 5% |
|
|
|
|
|
|
Health & Biosciences |
| —% | 1% |
| —% | 1% |
|
|
|
|
|
|
Pharma Solutions |
| 4% | 3% |
| 1% | 1% |
|
|
|
|
|
|
Total |
| —% | 2% |
| (1)% | 1% |
|
|
|
|
|
|
_______________________
Note: Adjusted Operating EBITDA for each segment is defined as Income (Loss) Before Taxes before depreciation and amortization expense, interest expense, restructuring and other charges, net and certain non-recurring items. Additionally, all corporate expenses have been allocated to all of the reportable segments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210415006035/en/
Michael DeVeau Chief Investor Relations & Communications Officer 212.708.7164 Michael.DeVeau@iff.com
Source: IFF