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IFF Reports Fourth Quarter and Full Year 2019 Results

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International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF) reported financial results for the fourth quarter and full year ended December 31, 2019.

Management Commentary

“2019 was a transformational year for IFF as we continued to take important steps to redefine our industry, including our integration of Frutarom and recently announced combination with DuPont Nutrition & Biosciences,” said IFF Chairman and CEO Andreas Fibig. “Importantly, we continued to achieve significant cost synergies from Frutarom well ahead of our year-one targets, and captured solid year one revenue synergies, demonstrating our broad operational strength.

“In the fourth quarter, we delivered high-single digit currency neutral top-line growth and a robust double-digit increase in adjusted EPS ex amortization - both broadly in line with our expectations. During 2019, we grew sales to $5.1 billion, expanded our adjusted operating profit margin ex amortization, and delivered on our balance sheet deleverage commitment - a testament to our team’s focus, dedication and commitment to delivering strong results while executing our long-term strategy.

“Looking forward to 2020, our priorities are clear: drive growth and profitability in our business, substantially complete the Frutarom integration and lay the groundwork for a successful combination with DuPont Nutrition & Biosciences. With continued focus on execution, we will be well-positioned to become a global leader in innovative integrated solutions and create value for all of our stakeholders."

Fourth Quarter2019 Consolidated Financial Results

  • Reported net sales for the fourth quarter totaled $1.28 billion, an increase of 5% from $1.22 billion in 2018. Currency neutral sales increased 7%, including the net contribution of acquisitions and divested businesses. Growth this quarter benefited from approximately 4 percentage points associated with an additional week of sales, or a 53rd week.
  • Reported earnings per share (EPS) for the fourth quarter was $0.70 per diluted share versus $0.09 per diluted share reported in 2018. Excluding those items that affect comparability, adjusted EPS ex amortization was $1.46 per diluted share in 2019 versus $1.23 in the year-ago period, led by adjusted operating profit growth, increases in other income and a lower effective tax rate.

Scent Business Unit

  • On a reported basis, sales increased 4%, or $20.4 million, to $478.3 million. Currency neutral sales increased 6%, with growth in all regions and nearly all categories. Performance was strongest in Consumer Fragrance, increasing high-single digits, driven by strong growth in Home, Fabric and Hair Care. Fine Fragrance grew mid single-digits, led by double-digit growth in both Greater Asia and Latin America. Fragrance Ingredients declined low single-digits as price increases were offset by volume declines related to inventory destocking.
  • Scent segment profit increased 7% on a reported basis and increased 11% on a currency neutral basis driven by the benefits of productivity initiatives and volume growth.

Taste Business Unit

  • On a reported basis, sales increased 7%, or $28.3 million, to $429.9 million. Currency neutral sales increased 8% led by double-digit growth in Greater Asia and high single-digit growth in North America. From a category perspective, growth was strongest in Beverage and Savory, led by strong new win performance.
  • Taste segment profit increased 2% on a reported basis and increased 5% on a currency neutral basis as contributions from volume growth, productivity and lower incentive compensation expense were moderated by higher raw material costs.

Frutarom Business Unit

  • On a reported basis, sales increased 4%, or $16.0 million, to $375.6 million. Currency neutral sales increased 6%, including the net contribution of acquisitions and divested businesses. Sales, excluding the impact of foreign currency and the benefits of acquisitions, grew 2% driven by solid growth in Taste and Savory Solutions.
  • Frutarom segment profit increased 17% on a reported basis and 24% on a currency neutral basis to $32 million. Excluding amortization, segment profit for the fourth quarter was $73 million driven by acquisition-related synergies and cost management.

Full Year 2019 Consolidated Financial Results

  • Reported net sales for the full year totaled $5.1 billion, an increase of 29% from $4.0 billion in 2018, including the contribution of sales related to Frutarom. On a combined basis, currency neutral sales increased 3%, including the net contribution of acquisitions and divested businesses. Growth this year benefited from approximately 1 percentage point associated with an additional week of sales, or a 53rd week.
  • Reported earnings per share (EPS) for the full year was $4.00 per diluted share versus $3.79 per diluted share reported in 2018. Excluding those items that affect comparability, adjusted EPS ex amortization was $6.17 per diluted share in 2019 versus $6.23 in the year-ago period, as adjusted operating profit improvement was more than offset by higher shares outstanding and interest expense - both related to the Frutarom acquisition.

Scent Business Unit

  • On a reported basis, sales increased 2%, or $42.1 million, to $1.9 billion. Currency neutral sales increased 4%, with growth in all regions and all categories. Performance was strongest in Fine Fragrance and Consumer Fragrance, both growing mid single-digits. Fine Fragrance results were driven by double-digit growth in EAME and Greater Asia, while Consumer Fragrance was led by strong improvements in Home and Fabric Care. Fragrance Ingredients improved low single-digits led by price increases related to higher raw material costs.
  • Scent segment profit increased 1% on a reported basis and increased 6% on a currency neutral basis led by raw material driven price increases and the benefits of productivity initiatives.

Taste Business Unit

  • On a reported basis, sales remained relatively constant at $1.7 billion. Currency neutral sales increased approximately 2% as performance was driven by high single-digit growth in Greater Asia and low single-digit growth in EAME. In North America and Latin America, results were challenged, as performance was adversely impacted by volume erosion with multinational customers. From a category perspective, growth was strongest in Beverage and Savory, led by strong new win performance.
  • Taste segment profit decreased 3% on a reported basis and 0% on a currency neutral basis as productivity, integration related synergies and lower incentive compensation expense were offset by higher raw material costs.

Frutarom Business Unit

  • On a reported basis, sales were $1.5 billion. On a standalone basis, currency neutral sales increased 3%, including the net contribution of acquisitions and divested businesses.
  • Sales, excluding the impact of foreign currency and the benefits of acquisitions, remained constant driven by solid growth in Taste and Savory Solutions.
  • Frutarom segment profit contributed $127 million, or $286 million excluding amortization. Margin continued to be supported by acquisition-related synergies and cost management.

Brazil Tax Recovery During the fourth quarter of 2019, the Company recognized $8 million in income related to the expected recoveries of previously paid indirect taxes in Brazil from the period from 2012 to 2018 that have been subject to litigation between the Company and certain tax authorities. The amount has been recorded in Selling and administrative expense.

Compliance Investigation Completed

IFF’s investigation of allegations that improper payments to representatives of customers were made in Russia and Ukraine has been completed. Such allegations were substantiated, and IFF has confirmed that key members of Frutarom’s senior management at the time were aware of such payments. IFF has taken appropriate remedial actions, including replacing senior management in relevant locations, and believes that such improper customer payments have stopped.

IFF has confirmed in these investigations that total affected sales represented less than 1% of IFF’s consolidated net sales for 2019. The impact of the reviews including the costs associated with them, have not been material to IFF’s results of operations or financial condition. In addition, no evidence was uncovered suggesting that any of these compliance matters had any connection to the United States.

In addition to IFF’s standard compliance integration activities, IFF also conducted a robust secondary review of Frutarom’s operations in certain other jurisdictions, including those that it deems “high risk”. These reviews supplemented IFF’s existing global compliance initiatives that were implemented at Frutarom in connection with the closing of the Frutarom transaction. These secondary reviews were conducted with the assistance of outside legal and accounting firms. These reviews are also complete.

IFF is committed to the highest standards of ethics and integrity and has strict compliance policies in place that are regularly reviewed and updated.

Outlook

When comparing 2020 guidance to 2019 results, currency is expected to negatively impact sales by an estimated 1 percentage point, and adjusted EPS ex amortization by 3 percentage points.

Sales growth for 2020 is expected to be approximately 1% to 5% on a currency neutral basis, which includes an estimated 1 percentage point impact related to the 53rd week in the prior year period and an anticipated 0.5 percentage point impact, principally related to the carryover effect from the Russia/Ukraine compliance issue and CitraSource. Excluding these impacts, currency neutral core sales growth is expected to be approximately 2.5% to 6.5%.

Adjusted EPS ex amortization growth for 2020 is expected to be approximately 3.5% to 7.5% on a currency neutral basis, which includes an estimated 5 percentage point impact related to an incentive compensation reset, an estimated 1 percentage point impact related to the 53rd week in the prior year period and an anticipated 0.5 percentage point impact, principally related to the carryover effect from the Russia/Ukraine compliance issue and CitraSource. Offsetting this is a 6 percentage point contribution from integration synergies. Excluding these impacts, core currency neutral adjusted EPS ex amortization growth is expected to be approximately 4% to 8%.

The Company expects to achieve a Net Debt to EBITDA ratio of less than 3.0x by the end of 2020.

The Company expects a modest impact from the recent coronavirus outbreak in Asia, based on its knowledge at this time. However, there are still too many variables and uncertainties regarding this outbreak to quantify currently. The Company is assessing developments constantly and will update these measures as needed.

Starting in the first quarter 2020, the Company will report financial results in two segments, Taste and Scent, incorporating nearly all Frutarom business into the Taste segment. Under the new reporting structure, the new Taste segment would have represented approximately 62% of 2019 sales and the new Scent segment would have represented approximately 38% of 2019 sales.

A copy of the Company’s Annual Report on Form 10-K will be available on its website at www.iff.com or at www.sec.gov by March 3, 2020.

Audio Webcast

A live webcast to discuss the Company’s fourth quarter and full year 2019 financial results will be held on February 13, 2020, at 10:00 a.m. ET. The webcast and accompanying slide presentation may be accessed on the Company's IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company's website approximately one hour after the event and will remain available on IFF’s website for one year.

Cautionary Statement Under The Private Securities Litigation Reform Act of 1995

This press release includes “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including statements regarding guidance for full year 2020, the proposed combination with DuPont’s Nutrition & Biosciences business (“N&B”), the progress of the integration of Frutarom, including expected cost savings in 2020, and our ability to accelerate growth and profitability in 2020. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K filed with the Commission on February 26, 2019 and subsequent filings with the SEC, including the Company’s Quarterly Reports on Form 10-Q. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. With respect to the Company’s expectations regarding these statements, such factors include, but are not limited to: (1) risks related to the integration of the Frutarom business, including whether we will realize the benefits anticipated from the acquisition in the expected time frame, (2) unanticipated costs, liabilities, charges or expenses resulting from the Frutarom acquisition, (3)the impact of the outcome of legal claims, regulatory investigations and litigation, including any that may arise out of the Company’s investigations into improper payments made in Frutarom businesses principally operating in Russia and the Ukraine, (4) the increase in the Company’s leverage resulting from the additional debt incurred to pay a portion of the consideration for Frutarom and its impact on the Company’s liquidity and ability to return capital to its shareholders, (5) the Company’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed combination with N&B, (6) any failure to obtain necessary regulatory approvals, approval of IFF’s shareholders, anticipated tax treatment or any required financing or to satisfy any of the other conditions to the proposed combination with N&B, (7) potential inability to access or reduced access to the capital markets or increased cost of borrowings, including as a result of a credit rating downgrade, (8) the integration of IFF and N&B being more difficult, time consuming or costly than expected, (9) the possibility that IFF may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the proposed combination with N&B within the expected time frames or at all, (10) customer loss and business disruption being greater than expected following the proposed combination with N&B, (11) the impact of any divestitures required as a condition to consummation of the proposed combination with N&B as well as other conditional commitments, (12) risks relating to the value of the IFF shares to be issued in the combination with N&B and uncertainty as to the long-term value of IFF’s common stock, (13) the Company’s ability to successfully market to its expanded and decentralized Taste and Frutarom customer base, (14) the Company’s ability to effectively compete in its market and develop and introduce new products that meet customers’ needs, (15) the Company’s ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations, (16) the impact of the disruption in the Company’s manufacturing operations, (17) the impact of a disruption in the Company’s supply chain, including the inability to obtain ingredients and raw materials from third parties, (18) volatility and increases in the price of raw materials, energy and transportation, (19) the Company’s ability to comply with, and the costs associated with compliance with, regulatory requirements and industry standards, including regarding product safety, quality, efficacy and environmental impact, (20) the impact of any failure or interruption of the Company’s key information technology systems or a breach of information security, (21) the Company’s ability to react in a timely and cost-effective manner to changes in consumer preferences and demands, (22) the Company’s ability to establish and manage collaborations, joint ventures or partnership that lead to development or commercialization of products, (23) the Company’s ability to benefit from its investments and expansion in emerging markets, (24) the impact of currency fluctuations or devaluations in the principal foreign markets in which it operates, (25) economic, regulatory and political risks associated with the Company’s international operations, (26) the impact of global economic uncertainty on demand for consumer products, (27) the inability to retain key personnel, (28) the Company’s ability to comply with, and the costs associated with compliance with, U.S. and foreign environmental protection laws, (29) the Company’s ability to realize the benefits of its cost and productivity initiatives, (30) the Company’s ability to successfully manage its working capital and inventory balances, (31) the impact of the failure to comply with U.S. or foreign anti-corruption and anti-bribery laws and regulations, including the U.S. Foreign Corrupt Practices Act, (32) the Company’s ability to protect its intellectual property rights, (33) the impact of the outcome of legal claims, regulatory investigations and litigation, (34) changes in market conditions or governmental regulations relating to our pension and postretirement obligations, (35) the impact of future impairment of our tangible or intangible long-lived assets, (36) the impact of changes in federal, state, local and international tax legislation or policies, including the Tax Cuts and Jobs Act, with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes, (37) the effect of potential government regulation on certain product development initiatives, and restrictions or costs that may be imposed on the Company or its operations as a result, and (38) the impact of the United Kingdom’s departure from the European Union. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on the Company’s business. Accordingly, the Company undertakes no obligation to publicly revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures

We provide in this press release non-GAAP financial measures, including: (i) currency neutral sales; (ii) adjusted operating profit; (iii) adjusted operating profit (margin) ex. amortization; (iv) adjusted EPS; (v) adjusted EPS ex. amortization; (vi) Frutarom organic sales and (vii) Frutarom segment profit ex amortization

Our non-GAAP financial measures are defined below.

Currency Neutral metrics eliminate the effects that result from translating international currency to U.S. dollars. We calculate 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.

Frutarom organic sales are currency neutral sales excluding the impact of acquisitions for the twelve months following the acquisition. We also adjust Frutarom organic sales on a currency neutral basis to reflect planned divestitures and temporary business headwinds related to CitraSouce, Natural Colors, PTI and Trade & Marketing that are expected to normalize.

Adjusted Operating Profit excludes the impact of operational improvement initiatives, acquisition related costs, integration related costs, restructuring and other charges, net, losses (gains) on sale of assets, FDA mandated product recall, Frutarom acquisition related costs, compliance review & legal defense costs and N&B transaction related costs ("Operating Profit Items Impacting Comparability").

Adjusted Operating Profit (Margin) ex. Amortizationexcludes the impact of Operating Profit Items Impacting Comparability and the amortization of acquisition related intangible assets.

Adjusted EPS excludes the impact of operational improvement initiatives, acquisition related costs, integration related costs, restructuring and other charges, net, losses (gains) on sale of assets, FDA mandated product recall, U.S. tax reform, Frutarom acquisition related costs, compliance review & legal defense costs, N&B merger related costs and redemption value adjustment to EPS (often referred to as “Items Impacting Comparability”).

Adjusted EPS ex. Amortizationexcludes the impact of Items Impacting Comparability and the amortization of acquisition related intangible assets.

Frutarom segment profit ex amortization is Frutarom segment profit excluding amortization expense related to intangible assets of $41 million in the fourth quarter of 2019 and $159 million in the full year 2019.

These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics.

In the fourth quarter of fiscal year 2018, we began including Adjusted EPS ex. Amortization as a key non-GAAP financial measure of our business. Full amortization expense of intangible assets acquired in connection with acquisitions will be excluded from Adjusted EPS ex. Amortization calculation. The exclusion of amortization expense allows comparison of operating results that are consistent over time for newly and long-held businesses and with both acquisitive and non-acquisitive peer companies. We believe this calculation will provide a more accurate presentation in this and in future periods in the event of additional acquisitions. Further, this allows the investors to evaluate and understand operating trends excluding the impact on operating income and earnings per diluted share. In addition, the Frutarom acquisition related costs have been separated from costs related to prior acquisitions. The Frutarom acquisition costs represent a significant balance and we believe this amount should be shown separately to provide an accurate presentation of the acquisition related costs. Our GAAP results and GAAP metrics do not change, and this change has no effect on day to day business operations, or how we manage our business. For Frutarom, we present segment profit excluding amortization expense as it allows comparison of operating results that are consistent over time for newly and long-held businesses and with both acquisitive and non-acquisitive peer companies.

Forward-Looking Non-GAAP Metrics. This press release also includes our expectations for 2020 with respect to (i) sales growth; (ii) Adjusted EPS growth; and (iii) Adjusted EPS ex. amortization growth. The closest corresponding GAAP measures to these non-GAAP measures and a reconciliation of the differences between the non-GAAP metric expectation and the corresponding GAAP measure is not available without unreasonable effort due to the length of the forecasted period and potential variability, complexity and low visibility as to items such as future contingencies and other costs that would be excluded from the GAAP measures, and the tax impact of such items, in the relevant future period. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Combined 2018 Financials

We calculated “combined” numbers by combining (i) our fiscal year 2018 results (including Frutarom from October 4, 2018 to December 31, 2018) with (ii) the results of Frutarom from January 1, 2018 to October 3, 2018, and adjusting for divestitures of Frutarom’s businesses since October 4, 2018, but do not include any other adjustments that would have been made had we owned Frutarom for such periods prior to October 4, 2018.

Standalone Frutarom Growth

We calculated Frutarom growth “on a standalone basis” by comparing (i) Frutarom sales results prior to acquisition from January 1, 2018 to October 3, 2018 combined with Frutarom sales post acquisition from October 4, 2018 to December 31, 2018 to (ii) Frutarom sales results for fiscal year 2019.

Welcome to IFF

At IFF (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF), we’re using Uncommon Sense to create what the world needs. As a collective of unconventional thinkers and creators, we put science and artistry to work to create unique and unexpected scents, tastes, experiences and ingredients for the products our world craves. Learn more at www.iff.com, Twitter, Facebook, Instagram, and LinkedIn.

Contact information

Michael DeVeau
Head of Investor Relations and Communications & Divisional CFO, Scent
212.708.7164
Michael.DeVeau@iff.com

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