Enhanced Investments - Financial Portal

Published: 2021-04-15 16:26:00 ET

EX-99.1 2 exhibit991pro-forma.htm EX-99.1 Document

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%

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%

	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.

(1)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 dates indicated below. In addition, the pro forma historical segment information does not purport to project the future operating results of the Company.

(2)Dollar amounts may not foot due to rounding.

(3)The first quarter and Pro Forma FY 2020 (excl. N&B Jan.) show the combination of the historical results of IFF and N&B as if the N&B transaction had been consummated on February 1, 2020. Therefore, the first quarter and Pro Forma FY 2020 (excl. N&B Jan.) do not include the N&B business for the month of January 2020, which would allow comparability against the 2021 calendar year since the merger occurred on February 1, 2021. Total N&B Sales and Adjusted Operating EBITDA included in reportable segments for the month of January 2020 amounted to $502 million and $124 million, respectively.

(4)Pro Forma FY 2020 shows the combination of the historical results of IFF and N&B as if the N&B Transaction had been consummated on January 1, 2020. Therefore, Pro Forma FY 2020 includes a full twelve months of 2020 N&B and IFF results.

(5)Effective 2021, we calculate currency neutral growth by translating current year invoiced sale amounts at the average exchange rates used for the corresponding prior year period. Previously we calculated currency neutral numbers by comparing current year results to the prior year results restated at exchange rates in effect for the current year based on the currency of the underlying transaction.

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.