5 August 2008 - In the first half year 2008, the business of Givaudan has proven resilient with above market growth in a difficult economic environment.
Sales totalled CHF 2,095 million, representing a growth of 13.5% in local currencies and 4.5% in Swiss francs. On a pro forma basis – which reflects the combined activity of Givaudan and Quest over the period ending 30 June 2008 and assumes that the acquisition had taken place on 1 January 2007 – sales increased by 3.0% in local currencies and excluding the ongoing portfolio streamlining. Including this effect, sales on a pro forma basis increased 1.7% in local currencies and declined by 6.5% in Swiss francs.
This good performance again reflects the strong complementarities of the combined businesses as well as the effective integration process which created practically no disruption.
The EBITDA and operating profit margins in comparable pro forma terms improved by 1.2 and 0.4 percentage points respectively, despite rising raw material, energy and transportation costs.
Net profit increased by 13.3% to CHF 94 million. Earnings per share were CHF 13.22.