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Firmenich Reports Solid Full Year Results With Accelerating Momentum in the Second Half

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3 years ago

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Firmenich International SA, the world’s largest privately-owned Perfume and Taste company, announces its Full Year Results for the 52 weeks ended 30 June 2021.

Financial Highlights

  • Revenue reached CHF 4,272 million, up 4.7% year-over-year on an organic basis at constant currency[i]. Including acquisitions, Revenue increased 16.8% year-over-year at constant currency. On a reported basis, Revenue increased 10.2% year-over-year
  • EBITDA[ii] of CHF 874 million, up +6.2% year-over-year. Excluding the impact of acquisitions and foreign exchange, EBITDA would have increased by +10.6%.
  • Adjusted EBITDA of CHF 816 million, down -5.0% year-over-year. Excluding the impact of acquisitions and foreign exchange, Adjusted EBITDA would have decreased by -1.1%. Adjusted EBITDA margin of 19.1%, down -3.0 percentage points compared to the previous year, due to the impact of acquisitions, negative foreign exchange, and the temporary effect of the pandemic on costs and mix
  • Free Cash Flow[iii] of CHF 511 million, up +12.5% year-over-year
  • EBITDA to Free Cash Flow conversion ratio of 59%

Operating Highlights

  • Demonstrated solid revenue growth across Perfumery & Ingredients and Taste & Beyond divisions, on an organic basis at constant currency, driven by a rebound in Fine Fragrance, strong customer demand in Ingredients, growth in Beverages supported by our Sugar Reduction solutions, and Dairy
  • Achieved double-digit revenue growth in key markets of North America, China, and India, on an organic basis at constant currency
  • Further progress made integrating DRT. The pandemic has had an adverse impact on revenue and profit this year, resulting in us being behind our original business case assumptions for FY21. Significant revenue rebound in the second half of the year, as well as improving profitability
  • Strengthened leadership team with new senior appointments and upgraded organizations in Perfumery & Ingredients and Taste & Beyond
  • Accelerated development of innovative new products including launch of the world’s first Flavor and first Consumer Fragrance designed with the help of Artificial Intelligence
  • Strengthened responsible business leadership position with CDP AAA rating for the 3rd year running, and an industry-leading Sustainalytics ESG rating of 8.6
  • Announced ambitious ESG targets to reach carbon neutrality by 2025, and carbon positive impact beyond that date. By 2030, we will strive to achieve absolute carbon emission reduction in line with the 1.5°C Science-Based Targets

“Firmenich achieved solid performance in a challenging year, demonstrating the strength of our business. I am proud and thankful for the dedication and commitment of our people that delivered these results. Throughout the year, we have continued to invest to position ourselves for the future, and I believe we are well placed to capture the opportunities that will arise after the crisis,” said Patrick Firmenich, Chairman of the Board.

“I am proud of our achievements this year. We maintained a sharp focus on the health and safety of our employees. I am grateful for the dedication and energy that our people have demonstrated in this challenging time. We delivered strong revenue growth and cash generation across the business, with double-digit growth in the key geographies of North America, China and India. We continued to make progress on the integration of our acquisitions and accelerated our innovation to help our customers win bigger in the post-pandemic world,” said Gilbert Ghostine, CEO of Firmenich.

FY2021 Performance

Revenue

Revenue reached CHF 4,272 million, up +10.2% year-over-year on a reported basis, and +4.7% on an organic basis at constant currency.

Perfumery & Ingredients Revenue increased +4.4%, on an organic basis at constant currency, driven by the rebound in Fine Fragrance and strong customer demand in Ingredients.

Taste & Beyond Revenue increased +5.2%, on an organic basis at constant currency, driven by growth in Beverages, supported by our Sugar Reduction solutions, and growth in Dairy.

In the second half of the year, we saw an acceleration in revenue growth, with continued momentum from our two Divisions, and a strong rebound in Fine Fragrance, which grew by +39%, on an organic basis at constant currency.

Adjusted EBITDA

Adjusted EBITDA reached CHF 816 million, down -5.0% year-over-year. Excluding the impact of acquisitions and foreign exchange, Adjusted EBITDA would have decreased by -1.1% compared to the previous year.

Adjusted EBITDA margin as a percentage of revenue was 19.1%, a decrease of -3.0 percentage points compared to the previous year. This was driven by the impact of acquisitions, negative foreign exchange impact as well as the temporary impact of the pandemic on costs and mix. Excluding the impact of acquisitions and foreign exchange, Adjusted EBITDA margin would have decreased by -1.2 percentage points.

Free Cash Flow

Free Cash Flow reached CHF 511 million, a +12.5% increase compared to the previous year. This underscores our prudent execution and disciplined working capital management during the crisis, in line with our commitment to retain a strong investment grade credit rating through solid cash generation. Free Cash Flow was favorably impacted by the cash effect of disposals (CHF 42 million) and settlement of legal claims (CHF 30 million).

Continued progress with DRT Integration

The transformational acquisition of DRT, a leader in naturally derived renewable ingredients, has enabled Firmenich to build the world’s leading innovation platform for renewable, biodegradable, and sustainable ingredients for Fragrances, Flavors and Nutrition. This in turn has allowed us to meet our customers’ growing demand for sustainable products, a key long-term growth driver for our industry. During the period, the pandemic continued to have an adverse impact on revenue and profit due to lower demand in the DRT industrial end markets and in Fine Fragrance, resulting in us being behind our original business case assumptions for FY21.  In the second half of the year, we have seen a significant revenue rebound, as well as improving profitability. We are confident in the strategic fit of this acquisition and in the long-term competitive advantage provided by our unique and proprietary access to renewable ingredients.

Leader in Responsible Business

Our responsible business model is a core part of our family heritage and is consistent with our values and company purpose. This year, we further strengthened our industry-leading sustainability credentials, announcing ambitious ESG goals for 2025 and clear measurable targets for 2030. We are taking an ambitious carbon emissions commitment: to reach carbon neutrality by 2025, and carbon positive impact beyond that date. By 2030, we will strive to achieve absolute carbon emission reduction in line with the 1.5°C Science-Based Targets. In a further demonstration of our responsible leadership, we are one of only two companies in the world to receive a triple “A” rating from CDP, in Climate, Water and Forests, for the third year in a row. We were also rated for the first time by Sustainalytics, with a score of 8.6, which not only places us as ESG leaders in our industry and the broader Chemicals sector, but also in the top 1% of companies rated worldwide. Additionally, in May we received the global EDGE MOVE™ certification, in recognition of our work and longstanding commitment for gender equality. This builds on our earlier EDGE certification, which we obtained for the first time in 2018.

Strengthening our Leadership Team

We have continued to strengthen our leadership team with new senior appointments and upgraded organizations in Perfumery & Ingredients and Taste & Beyond. This year saw internal promotions and external hires to key senior leadership positions, including a new Chief Financial Officer, a new Chief Procurement Officer, a new Chief Supply Chain Officer, and a new Chief Research Officer (effective 1 July 2021).

Disclosure

This information is provided by Firmenich International S.A. pursuant to the EU Market Abuse Regulation 596/2014 and the Swiss FMIA. The information was submitted for publication, through the contact persons set out below, at 7:00 CEST on 6 August 2021. Further information is available for investors on http://investors.firmenich.com.

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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Clinical Trials Matching Software Market Projected to Reach $832.56 million by 2030 – Exclusive Report by 360iResearch

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39 mins ago

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April 19, 2024

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PUNE, India, April 18, 2024 /PRNewswire/ — The report titled “Clinical Trials Matching Software Market by Functionality (Analytics & Reporting, Compliance Tracking, Data Management), Deployment (Cloud & Web Based, On-Premise), End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $342.20 million in 2023 to reach $832.56 million by 2030, at a CAGR of 13.54% over the forecast period.

“The Global Surge in Adoption of Matching Software for Enhanced Participant Enrollment”
Clinical trials matching software stands at the forefront of revolutionizing clinical research by automating the process of identifying and enrolling eligible participants. These platforms offer a streamlined approach to match patient health profiles with trial requirements, accelerating enrollment and supporting the shift toward personalized healthcare using these advanced AI and ML technologies. Although integrating these systems poses challenges due to variations in healthcare IT infrastructure and the imperative for rigorous data security, the potential for market growth is substantial. In the Americas, a robust clinical trials ecosystem thrives; in the European Union, it has unified regulatory standards and extended to emerging regions such as the Middle East, Africa, and the APAC countries; the demand for such innovative solutions is on a steep rise. This demand is fueled by governmental support, the evolving regulatory landscape, and strategic partnerships to embed these solutions within electronic health records, underscoring a global movement toward optimizing clinical trial processes to better cater to specific patient demographics.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
“The Rise of Virtual Trials and Advanced Matching Software”
The healthcare landscape is witnessing a transformative shift toward virtual clinical trials, fueled by technological advancements and the necessity for continuity during the COVID-19 pandemic. This transition supports research amid social distancing measures and introduces significant cost savings by reducing the need for physical infrastructure and in-person interactions. The efficiencies brought by electronic health records (EHR), wearable technologies, and automation streamline the entire process, from patient recruitment to data analysis. Several approaches, endorsed by regulatory bodies such as the FDA, represent a leap forward in making clinical trials more accessible and streamlined, ensuring that more patients can participate in potentially life-saving research without the geographical and logistic constraints of traditional trials.
“Enhancing Clinical Trials through Advanced Analytics, Rigorous Compliance, and Precision-Patient Matching”
Integrating advanced analytics, meticulous compliance monitoring, and precision-patient matching marks a significant advancement toward maximizing efficiency and fostering trial diversity. The software delivers insightful data on trial progress, participant demographics, and enrollment figures, empowering stakeholders to make well-informed decisions and optimize resource distribution to meet trial goals effectively by implementing cutting-edge analytics. The built-in compliance feature ensures trials are conducted in strict adherence to regulatory standards, minimizing risks associated with non-compliance. Furthermore, a robust data management system guarantees the integrity and availability of clinical trial data, which is critical for the seamless operation and real-time analysis of trials. The software includes state-of-the-art patient matching technology, which employs sophisticated algorithms and artificial intelligence to expedite recruitment by accurately identifying candidates who match specific trial requirements. This innovative approach accelerates the recruitment timeline and enhances the diversification of trial participants, paving the way for more inclusive and representative clinical research outcomes.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
“Medidata by Dassault Systèmes SE at the Forefront of Clinical Trials Matching Software Market with a Strong 11.30% Market Share”
The key players in the Clinical Trials Matching Software Market include International Business Machines Corporation, Science 37, Inc. by eMed, LLC, Medidata by Dassault Systèmes SE, AutoCruitment LLC, Deep 6 AI Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Clinical Trials Matching Software Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Clinical Trials Matching Software Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Clinical Trials Matching Software Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/clinical-trials-matching-software
“Dive into the Clinical Trials Matching Software Market Landscape: Explore 190 Pages of Insights, 286 Tables, and 22 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsClinical Trials Matching Software Market, by FunctionalityClinical Trials Matching Software Market, by DeploymentClinical Trials Matching Software Market, by End-UseAmericas Clinical Trials Matching Software MarketAsia-Pacific Clinical Trials Matching Software MarketEurope, Middle East & Africa Clinical Trials Matching Software MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
Related Reports:
Clinical Trial Support Services Market – Global Forecast 2024-2030Virtual Clinical Trials Market – Global Forecast 2024-2030Clinical Trials Management System Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
To learn more, visit 360iresearch.com or follow us on LinkedIn, Twitter, and Facebook.
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RepTrak Announces 2024 Global RepTrak® 100 Report

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9 hours ago

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April 18, 2024

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BOSTON, April 18, 2024 /PRNewswire/ — The RepTrak™ Company, the world’s leading reputation data and insights company, released its annual Global RepTrak 100 report. Utilizing its advanced reputation monitoring software, RepTrak gathered data from more than 243,000 survey responses across 14 major economies to rank the world’s 100 most reputable companies. They share that ranking alongside a full analysis of global corporate reputation trends and corresponding public sentiment in the 2024 report.

After two years of consecutive Reputation Score declines, this year’s Score is back up with an increase from 73.2 in 2023 to 73.8 in 2024. It’s a small increase after 2023’s full one-point drop. However, it’s an encouraging sign that companies have begun to recover from reputation falls driven by many challenges: macroeconomic issues, workplace difficulties, product problems, and corporate responsibility skepticism.
“This year’s report underscores a pivotal shift in the corporate landscape, spotlighting the remarkable adaptability and dedication of the Top 100 companies in responding to the dynamic needs of stakeholders,” states RepTrak CEO Mark Sonders. “The companies featured in our report are not just riding the wave of change; they are the ones steering it, proving that the best approach to business is one that embraces evolution and champions progress.”
RepTrak’s report explores how people thought, felt, and acted toward companies over the past year. Findings include notable increases in Conduct and Citizenship efforts, stakeholders’ rising willingness to invest, culturally resonant brand communications, and ESG Scores that soared despite skepticism around the acronym.
To read the full 2024 Global RepTrak 100 report, please visit: www.reptrak.com/globalreptrak
About RepTrak
The RepTrak™ Company is the world’s leading reputation data and insights company. We help companies by organizing and grading a variety of reputational elements, offering a real-world report card on their corporate reputation. Subscribers to the RepTrak program use our predictive insights to protect business value, improve return on investment, and increase their positive impact on society. RepTrak’s pairing of advanced metrics and dedicated reputation advisors offers clients an actionable analysis of their reputation data, aligning business objectives with stakeholder sentiment across different markets and sectors.
Established in 2004, The RepTrak Company owns the world’s largest reputation benchmarking database, gathering over 1 million company ratings per year used by CEOs, boards, and executives in more than 60 countries worldwide. For more information, please visit: www.reptrak.com
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Group-IB takes part in a global operation to cripple Canadian Phishing-as-a-Service provider LabHost

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11 hours ago

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April 18, 2024

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SINGAPORE, April 18, 2024 /PRNewswire/ — Group-IB, a leading cybersecurity company aimed at investigating, preventing, and fight digital crime announced today that it participated in a coordinated global takedown operation against prominent Canadian Phishing-as-a-Service (PhaaS) provider LabHost, which has led to the arrest of 37 suspects across the United Kingdom and around the world by law enforcement agencies. As part of the operation, Group-IB also conducted an extensive analysis of LabHost’s criminal history and infrastructure, including insights into LabHost’s administrative platform and the services it provides to its purported user base which exceeds 2,000 subscribers worldwide, who illegally obtained around 480,000 card numbers, 64,000 pin numbers, and over 1 million passwords from victims used for websites and other online services, according to law enforcement agencies.

“By leveraging our Threat Intelligence and Digital Risk Protection, we are able to identify and monitor phishing attacks and websites like those deployed by LabHost and its subscribers around the world, enabling us to actively alert and protect our customers, and in turn, their customers as well,” said Dmitry Volkov, Chief Executive Officer of Group-IB. “Today’s takedown operation demonstrates the agility and responsiveness of our decentralized Digital Crime Resistance Centers, and how quickly we can provide immediate and local assistance wherever our customers may be.”
First uncovered in late 2021, LabHost emerged as a fully automated Phishing-as-a-Service (PhaaS) platform, streamlining the creation of phishing websites meticulously mirroring the interface and functionality of prominent banking, postal, and financial entities, aimed at intercepting, seizing, and profiting from users’ personal, credit card, and online banking credentials. Users are prompted to select from various “membership plans,” tailored to target businesses and individuals in either the United States and Canada, or globally, akin to mobile subscription models. These plans encompass “standard,” “premium,” and “world membership” tiers, priced between US$179 and US$300 monthly, with options for monthly, quarterly, or annual billing cycles.
For media inquiries, please contact [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/group-ib-takes-part-in-a-global-operation-to-cripple-canadian-phishing-as-a-service-provider-labhost-302121388.html

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