GIVAUDAN - NINE MONTHS SALES 2012 Continued good sales momentum

15 October 2012 | News | Source: Givaudan Flavors Corp

In the first nine months of 2012 Givaudan recorded sales of CHF 3,231 million, an increase of 6.1% in local currencies and 8.8% in Swiss francs compared to the previous year.

Givaudan continues to demonstrate strong business momentum with a full project pipeline and win rates sustained at a high level.

Mid-term, the overall objective is to grow organically between 4.5% and 5.5% per annum, assuming a market growth of 2-3%, and to continue on the path of market share gains. By delivering on the company's five pillar growth strategy - developing markets, Health and Wellness, market share gains with targeted customers and segments, research and sustainable sourcing - Givaudan expects to outgrow the underlying market and to continue to achieve its industry-leading EBITDA margin while improving its annual free cash flow to between 14% and 16% of sales by 2015.

Givaudan confirms its intention to return above 60% of the company's free cash flow to shareholders once the targeted leverage ratio, defined as net debt, divided by net debt plus equity, of 25% has been reached. For this ratio calculation, the Company has decided to exclude from equity any impact arising from the proposed changes of IAS 19 - Employee Benefits (revised) going forward.



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