FOR THE YEAR ENDED JUNE 30, 2022
Annual Report  
2022

STRATEGIC REPORT
CORPORATE GOVERNANCE
2
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
Contents
STRATEGIC REPORT	
03
Firmenich at-a-glance
03
Chairman and CEO’s statement
07
Purpose, strategy & sustainability
11
Our people
19
Performance review
26
Enterprise risk management
41
CORPORATE GOVERNANCE
44
Shareholders
45
Board of Directors
45
Executive Committee (Direction Générale “DG”)
52
External auditors
55
FINANCIAL STATEMENTS	
56
Consolidated Financial Statements
57
Notes to the Consolidated Financial Statements
62
Report on the Audit of the  
Consolidated Financial Statements
107
Financial Statements of  
Firmenich International SA
112
Notes to the financial statements of  
Firmenich International SA
114
Report on the Audit of the Financial Statements
120
Appendix: Alternative Performance Measures
122

CORPORATE GOVERNANCE
3
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Firmenich at-a-glance
905M
FY22 ADJUSTED EBITDA (CHF)
414M
FY22 FREE CASH FLOW (CHF)
FY21: 816M
FY21: 511M
ADJUSTED  
EBITDA 
MARGIN:
FY22: 19.2%
FY21: 19.1%
FY21
FY22
FY21
FY22
*At constant currency
** Excluding CHF 72 million of exceptional items that positively affected Free Cash Flow in FY21
Key Financial Figures 
Firmenich at-a-glance
+10.9% 
-19.1% 
-5.9% ON A COMPARABLE BASIS**
72 M
EXCEPTIONAL 
ITEMS
↗
4.7BN
FY22 REVENUE (CHF)
+11.1% ORGANIC*
+11.2% INCL. ACQUISITIONS*
FY21
FY22
2,855M
PERFUMERY & 
INGREDIENTS
3,141M
1,417M
TASTE & 
BEYOND
1,581M
+11.3% 
ORGANIC*
+10.7% 
ORGANIC*
+11.1% INCL
ACQUISITIONS*
↗
↗
FY21: 4.3BN

CORPORATE GOVERNANCE
4
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
A global leader in the Fragrance and Taste industry
A market leader with critical 
scale and competitive 
advantages
Established long-term customer 
relationships, with balanced 
and diversified product portfolio
Proven track record of organic 
growth and successful bolt-on 
acquisitions
Private company operating with 
public company governance 
standards with industry-leading 
ESG credentials
Leadership in Science, and a 
highly innovative product portfolio 
built through long-standing 
commitment to R&D and passion 
for creativity
Strong profitability supporting 
steady and resilient cash flow 
generation
CO-LEADER  
IN PERFUMERY  
& INGREDIENTS1
1. Ranked #1 as co-leader. Based on Management estimates; Firmenich CY22 vs. key players revenue figures. 
8.5%
OF REVENUE 
INVESTED IN R&D
~11,000
COLLEAGUES 
 
100+
MARKETS
127 
YEARS SWISS AND  
FAMILY-OWNED
7.5
SUSTAINALYTICS 
RATING INDUSTRY- 
LEADING ESG POSITION
Firmenich at-a-glance

CORPORATE GOVERNANCE
5
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Global ESG leadership
BEST-IN-CLASS  
ESG REPORTING
GLOBAL REPORTING 
INITIATIVE (GRI) BASED 
+47 QUANTITATIVE ESG 
GOALS 
+100% INDEPENDENTLY 
AUDITED (REASONABLE 
ASSURANCE)
Global ESG leadership
• ESG Risk Rating Score: 7.5 
• 37th out of nearly 15,000  
companies worldwide 
• Rated 1st in our industry
• 1 of only 2 companies 
worldwide to be triple A for 
4 consecutive years
• 1st company in the world to successfully 
upgrade its global EDGE Certification for 
gender to the next level: “Move” status 
• 1 of 2 companies globally rated at “Move” 
level"
• Founding member of The Global Alliance 
for YOUth to promote job opportunities 
for young people 
• Recognized by Ethisphere® as one of the 
world’s most ethical companies (2022)
• 1st company in the industry and second 
in the world to achieve living wage 
certification across all of its operations
• 100% Renewable Electricity in 
all operations worldwide
INDUSTRY-LEADING ESG RATINGS
ADVANCING SOCIAL IMPACT
TACKLING CLIMATE CHANGE & EMBRACING NATURE
• ESG Performance Score: 88
• Top 1% OF 90,000+ companie
• Rated first in our industry
• Firmenich is part of the 
Financial Times “Europe’s 
Climate Leaders” 
• 100% UEBT validation of 
our integrated biodiversity 
strategy
• Founding member of One 
Planet Business for  
Biodiversity 
• Business Ambition for 1.5°C
• 1 of 665 companies
• 1st in our industry to complete  
B Corp SDG Action manager 
assessment with a result of 
84.3/100
• UN Global Compact Impact  
Sponsor Labour and Decent Work 
Firmenich at-a-glance

CORPORATE GOVERNANCE
6
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
We hold leadership positions in our markets
PERFUMERY & INGREDIENTS
— Co-leader in Perfumery & 
Ingredients
— Global leader in prestige Fine 
Fragrance
— Leader renewable, natural,  
biodegradable, and sustainable 
ingredients
— Global scale player
— Leading innovator in Natural /  
Clean Label Transformation, 
Better Nutrition (Sugar 
Reduction) and Plant-based 
foods
TASTE & BEYOND
67%
OF REVENUE
33%
OF REVENUE
#1
#3
Note: Market rankings based on Management estimates. Firmenich CY22 vs. key players revenue figures.
FINE FRAGRANCE
CONSUMER FRAGRANCES
INGREDIENTS
TASTE MARKET SEGMENTS
BEYOND TASTE FOCUS GROWTH CATEGORIES
Sweet Goods
Beverage
Savory
Dairy and meat 
analogues
Sugar  
reduction
Natural/ 
clean label
Firmenich at-a-glance

CORPORATE GOVERNANCE
7
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Chairman and CEO’s statement
Our Fiscal Year 2022 (FY22) 
was a year of growth, 
leadership, and excellence 
in execution. We achieved 
record Revenue and 
+11.1% Revenue growth1 
across the business, while 
delivering double-digit 
Adjusted EBITDA growth 
and strong cash generation, 
underpinned by industry-
leading ESG performance. 
This performance is the result of our commitment 
to serve our customers and innovate with them, 
help them strengthen their brands and delight 
their consumers  through the strength of our 
offerings across Perfumery & Ingredients (P&I) 
and Taste & Beyond (T&B). Throughout the year, 
we have continued our strategy of focused invest-
ment in growth markets and segments.
In a challenging environment, as the world faces 
serious supply chain disruption, raw material 
shortages, rising inflation, and geopolitical insta-
bility, we have maintained our focus on protecting 
service levels for our customers as their trusted 
partner. We have accelerated our profitable 
organic growth, gaining market share with our 
customers.
None of this would have been possible without 
the constant dedication and hard work of the 
11,000 employees in our Group, to whom we are 
immensely grateful.
Furthermore, their skill and passion drive our 
leadership in ESG. Sustainability lies at the heart 
of decision-making throughout our business 
operations. We are proud to have made further 
strides as a responsible business, as accredited by 
key sustainability ratings including a new, indus-
try-leading ESG risk score from Sustainalytics.  
This year will be remembered as the start of a 
new chapter in the 127-year history of Firmenich. 
On 31 May, we announced our intention to merge 
with DSM. This will be a merger of equals between 
two iconic companies, both with a track record 
of superior financial performance and a shared 
commitment to make a positive impact on people 
and the planet. Subject to closing, DSM-Firmen-
ich will be an industry leader in nutrition, beauty, 
and well-being.  DSM-Firmenich will be uniquely 
positioned to anticipate and address evolving con-
sumer needs in support of our customers. 
We turn to the future chapter 
in our history with confidence 
and excitement, and we look 
forward to embarking on the 
DSM-Firmenich adventure. 
We are convinced that for all 
stakeholders of the future DSM-
Firmenich business, the most 
exciting times are still to come.
PATRICK FIRMENICH,  
CHAIRMAN
Chairman and CEO’s statement
1. Unless otherwise stated, Revenue growth comparisons are made on 
an organic basis at constant currency, as defined in the Alternative 
Performance Measurements section, versus the same period in the prior 
year

CORPORATE GOVERNANCE
8
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
We are excited by the opportunities created by the 
combination of these two like-minded companies, 
with one goal in mind: creating greater value for 
all our stakeholders. The Firmenich family share-
holders will also be long-term, committed share-
holders of DSM-Firmenich. Through this merger, 
the legacy of Firmenich will carry on proudly into 
the future.
RECORD FINANCIAL PERFORMANCE
For our Fiscal Year 2022, our Revenue reached 
CHF 4,723 million, up +11.1%, driven by growth 
across the business. 
In P&I, we delivered record revenue of CHF 3,141 
million, up +11.3%. This was driven primarily by 
strong growth in Fine Fragrance, which is up by 
double digits and surpassing pre-pandemic levels.
In T&B, we continued to outperform our key com-
petitor in revenue growth. T&B revenue reached 
CHF 1,581 million, increasing by +10.7% year-
over-year, with double-digit growth across all 
categories: beverages, sweet goods and savory. 
We achieved double-digit revenue growth in key 
geographies, including Europe, India and China.
Despite the ongoing, challenging raw material cost 
and supply environment, logistical difficulties, and 
unfavorable exchange rates, we have achieved 
double-digit Adjusted EBITDA growth, reaching 
CHF 905 million. Adjusted EBITDA margin as a 
percentage of revenue was 19.2%, an increase of 
10 basis points compared to the previous year. 
This performance is the result of our 
commitment to serve our customers 
and innovate with them, winning with 
the winners thanks to the strength 
of our offerings across Perfumery & 
Ingredients and Taste & Beyond.
GILBERT GHOSTINE,  
CEO OF FIRMENICH
The Group continued to deliver strong cash gen-
eration, with Free Cash Flow of CHF 414 million, 
down -5.9% on a comparable basis1, while preserv-
ing balanced service levels and safety of supply 
to our customers. We delivered cash generation 
in line with our commitment to retaining a strong 
investment grade credit rating.
INVESTING FOR THE FUTURE
As a leading player with global reach, we con-
tinue to invest in high growth markets, seizing 
the opportunities to invest, as well as concluding 
several strategic acquisitions and partnerships, 
to enhance our value proposition. For example:
• In September 2021, we opened an end-to-end 
fragrance and taste co-creation center in Guang-
zhou to serve our customers in South China, one 
of the most dynamic areas of growth in this key 
market. This center brings under one roof our 
commercial, marketing, and creative teams, 
and allows them to develop innovative offerings 
together with our customers. 
+11.1%
REVENUE GROWTH  
(ORGANIC BASIS AT 
CONSTANT CURRENCY)
+10.9%
ADJUSTED EBITDA GROWTH
1. Excluding CHF 72 million of exceptional items that 
positively affected Free Cash Flow in FY21
Chairman and CEO’s statement

CORPORATE GOVERNANCE
9
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
• In November 2021, we also launched the con-
struction of a state-of-the-art production hub in 
Turkey. The CHF 47 million investment will pro-
vide us with 20,000 tonnes of additional capacity 
to serve fragrance customers in Turkey, the Mid-
dle East and the “Stans” countries. In line with 
our 2030 ESG ambitions, the plant will meet the 
highest standards for energy efficiency, environ-
mental protection, and a healthy working envi-
ronment.
• In December 2021, we commissioned a new pro-
duction unit for renewable ingredients in France, 
which will expand the production capacity of our 
Castets facility by 50%. This reinforces our abil-
ity to develop and produce the new, renewable 
ingredients that our customers demand.
• In January 2022, we announced a strategic part-
nership with HARMAY, a leading new retail brand 
in China. Under the agreement, we joined forces 
to contribute to the development of the Fine 
Fragrance category in China, by leveraging our 
respective capabilities to support new fragrance 
brands, concepts, experiences, and models.
• In March 2022, the opening of a new state-of-the-
art regional hub at Dubai Science Park was an 
exciting milestone for our P&I and T&B divisions. 
This advanced creation and sampling laboratory 
allows us to deliver high-quality and innovative 
ingredients for fine fragrances and consumer 
fragrances, as well as a variety of food and bev-
erage flavors designed to delight consumers in 
the region.
• In T&B, we moved to majority equity ownership 
of our strategic partner ArtSci in China in April 
2022. This move will further strengthen Firmen-
ich’s ability to serve the rapidly growing Chinese 
local market and extend its geographic reach 
across China.
ACCELERATING INNOVATION
Innovation remains a cornerstone of our growth. 
We are proud of our leadership in science, invest-
ing the highest proportion of revenue on R&D in 
the industry, yielding over 4,000 active patents. In 
addition to driving our business, we leverage our 
research to help address key societal challenges, 
such as sustainability, nutrition and sanitation. 
In addition, to reinforce the development of our 
research and development strategy, we announced 
a new Scientific Advisory Board (SAB) in May 2022. 
The SAB, which includes leading independent 
scientists, provides world-class insight into the 
development of fields of science, including biotech-
nology, neuroscience, materials science, artificial 
intelligence, and health, identifying potential new 
business opportunities. The SAB also reviews the 
research portfolio to provide strategic input into 
differentiating focus areas for Firmenich.
Moreover, as industry pioneers in digitalization, 
we have been accelerating our investment since 
2018. We use the latest technologies to create 
new growth drivers, harnessing our agility, crea-
tivity and innovation. Today, our digital capabilities 
support our creators, for example through Scent-
mate™, our AI-enabled fragrance co-creation plat-
form for entrepreneurs and independent brands. 
We are now rolling out this platform into the new 
category of Aromachology, at the crossroads of 
fragrance, human emotions, and consumer behav-
ior. 
In November 2021, we were honored to be recog-
nized for the Digital Innovation of The Year at the 
Digital Economy Awards 2021 in Switzerland. This 
celebrates the Group’s groundbreaking AI capabil-
ities and its new Formula Generator.
Highlighting the success of our approach to digi-
tal innovation, our E-commerce channel, launched 
three years ago, increased Revenue by double 
digits year-over-year, now surpassing CHF 250 
million.
In March 2022, we unveiled our new Sharing Inno-
vation 2022 collection of perfumery ingredients, 
which bridges the gap between nature and green 
science. Each year, we launch a one-of-a-kind col-
lection of carefully selected Firmenich signature 
ingredients, to ignite creativity and broaden per-
fume palettes worldwide.
RESPONSIBLE BUSINESS
Being a responsible business is at the core of our 
values and represents a source of trust and dif-
ferentiation for our customers, our investors, and 
all our stakeholders. 
To reinforce our Company’s commitment to sus-
tainability and its governance, in March 2022 we 
announced the evolution of our Board committee 
structure. We have formally embedded ESG at our 
highest level of governance through the creation 
of a Governance and Sustainability Committee. In 
total, during the Fiscal Year 2022, the Firmenich 
Board of Directors held 14 meetings, and the dif-
ferent Board committees met between one and six 
times. The full detail can be found in the Corporate 
Governance section of this Annual Report.
To further secure our industry leadership in ESG 
performance, two critical ESG criteria are part 
of the Long-Term Incentive plan of Senior Lead-
ers, based on CO2 reduction and gender & ethnic 
diversity of Senior Leaders. Our ESG performance 
continues to receive best-in-class evaluation. We 
received an enhanced rating from Sustainalyt-
ics, with a score of 7.5, improving on our already 
industry-leading score of the last Fiscal Year. This 
Chairman and CEO’s statement

CORPORATE GOVERNANCE
10
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
We are heartened by the performance delivered by 
Firmenich in the Fiscal Year 2022, and we wish to 
express our deepest gratitude to all our investors, 
shareholders, customers, partners, and suppliers, 
and to our colleagues and their families. 
We turn to the future chapter in our history with 
confidence and excitement, and we look forward 
to embarking on the DSM-Firmenich adventure. 
We are convinced that for all stakeholders of the 
future DSM-Firmenich business, the most exciting 
times are still to come.
not only places us as ESG leaders in our industry 
and the broader Chemicals sector, but also in the 
global top 50 of over 15,000 companies. 
Furthermore, Firmenich is now one of only two 
companies in the world, and the first in our indus-
try, to be globally Living Wage Certified by Fair 
Wage Network.
For the fourth year in a row, Firmenich was one of 
only two companies in the world to have received 
a triple “A” rating from CDP, in Climate, Water 
and Forests. This is a testament to our efforts to 
address environmental issues across our oper-
ations.
In addition, we also achieved a second consecu-
tive Platinum sustainability rating from EcoVadis, 
with an industry-leading score of 88% that also 
places us in the top 1% of all companies assessed 
worldwide.
Firmenich was ranked 10th out of 350 companies 
in the World Benchmarking Alliance Food & Agri-
culture Benchmark. This benchmark measures 
and ranks keystone companies on key issues 
underpinning the food systems transformation 
agenda in line with the United Nations Sustainable 
Development Goals (SDG). 
As part of Firmenich’s ongoing program to develop 
sustainable new ingredients, in the last year we 
launched Muguissimo™, a new biodegradable lily-
of-the-valley ingredient developed through Green 
Chemistry, that brings elegant and fresh natural 
floral notes to fragrances, highly appreciated by 
perfumers.
Furthermore, since our acquisition of Campus, we 
have accelerated our innovation in plant-based 
protein solutions. We launched our latest portfo-
lio of SmartProteins® innovations for the rapidly 
growing plant-based dairy space. 
To help consumers achieve better nutrition and 
well-being, we have continued to develop our 
NutriGem Nutrition Innovation program, with 
ready-to-use integrated solutions using fibers, 
vitamins, minerals, and natural extracts.
KEY PRIORITIES FOR FY23
In the coming year, we will continue to pursue 
profitable organic growth and market share gains, 
supported by breakthrough innovation in key seg-
ments, by our customer intimacy, and our strength 
in natural and renewable ingredients.
In a challenging global raw material and sup-
ply chain context, we will continue to prioritize 
customer service and security of supply, while 
preserving strong cash generation and working 
with our customers to pass on raw materials cost 
increases and protect our profitability. 
As a leading responsible family business that 
strives to keep its people and the environment at 
the forefront, we continue to work towards the pio-
neering 2025 ESG Targets we set out last year. Our 
sustainability drive not only helps our business 
and our colleagues, but also creates value for our 
stakeholders today, and for future generations. 
TOP 50
OF ~15,000 COMPANIES
SUSTAINALYTICS ESG  
RISK RATING
PATRICK  
FIRMENICH,
Chairman of the 
Board
GILBERT  
GHOSTINE,
Chief Executive 
Officer
Chairman and CEO’s statement

CORPORATE GOVERNANCE
11
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Purpose, strategy & sustainability
Our purpose
FOR GOOD, NATURALLY 
We are Firmenich. 
11,000 passionate people 
who believe that fragrance 
and taste can change 
the world for good. 
Since 1895, we have been 
innovating to make a 
positive difference for all.
There is no long-term 
shareholder value 
creation without values.
GILBERT GHOSTINE  
CHIEF EXECUTIVE OFFICER
We go beyond creating unique sensorial 
experiences. We create positive emotions 
to improve wellbeing, while preserving the 
planet. 
Where you perceive taste as something 
to savor, we see the potential to advance 
nutrition, by making healthier foods taste 
delicious. 
Where you experience fragrance as a 
pleasurable smell, we see the opportunity 
to accelerate wellness around the world.
This is the heart of our purpose: creating 
positive emotions to enhance wellbeing, 
naturally.
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
12
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Our Values
CUSTOMERS
• We fragrance and flavor our 
customers’ products for our 
mutual success
• Our customer intimacy is 
unique as we partner with our 
customers to transform their 
ambitions into reality
• We anticipate consumers’ 
desires, continuously reinvent-
ing the world of taste and smell
• We deliver value through inno-
vative products and services, 
placing decision-making as 
close as possible to our cus-
tomers
• Our people are the heart of our 
Company. They are recognized 
for their passion, talent and 
commitment
• We strictly maintain the high-
est levels of personal integrity 
and ethical behavior
• We value diversity and create 
an environment in which each 
colleague is empowered and 
encouraged to grow, enabling 
us to shape our future with 
confidence and imagination
• We unite the finest talents and 
nurture an entrepreneurial 
team spirit to attain our stra-
tegic goals
PEOPLE
CREATIVITY
SUSTAINABILITY
LEGACY
• Creativity is our essence. We 
create fragrances and flavors 
that inspire moments of pleas-
ure and delight for consumers 
worldwide
• We lead our industry in 
research and innovation, con-
stantly driving incremental and 
breakthrough winning ideas 
and technologies
• We apply our creativity to 
improve all parts of the busi-
ness
• Our integrity and sense of indi-
vidual and collective respon-
sibility ensure our long-term 
success
• We practice a sustainable busi-
ness model for the well-being 
of present and future genera-
tions
• We engage all our stakehold-
ers to build responsible, trans-
parent and traceable supply 
chains everywhere
• Our independence gives us the 
freedom to control our destiny
• We are a family-owned com-
pany, committed to our inde-
pendence
• We take a long-term view of 
our business
• We pursue a policy of financial 
strength, profitable growth and 
return on assets
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
13
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Our strategy
Firmenich is a leader 
in the global Fragrance 
and Taste industry, 
with 127 years of 
heritage, decades-long 
relationships with our 
customers including 
leading multinational, 
regional and disruptor 
brands around the world.
We are a leading player in every segment where 
we operate and are diversified across resilient end 
markets. Our products touch the lives of four bil-
lion consumers around the world every day. We 
are known by our customers as a trusted innova-
tion partner with purpose-led values.   
OUR LONGEVITY AND SUCCESS ARE 
DUE TO FOUR KEY ELEMENTS: 
We are passionate about innovating with our 
customers
Our business is consumer driven, building on clear 
consumer insights and anticipating consumer 
trends. We leverage these insights through our 
industry-leading Research & Development capa-
bilities to help our customers win. We are leading 
suppliers to the world’s top consumer products 
companies in Fragrance and Taste and have exten-
sive presence in customers’ core supplier lists.
The Fragrance and Taste industry has demon-
strated GDP+ growth and offers attractive oppor-
tunities for innovation and differentiation. It ben-
efits from continued population growth, with a 
concurrent rise of the middle class; technology-en-
abled increases in choice; stronger environmental 
consciousness; and increasingly empowered con-
sumers. Evolving trends in consumer behavior are 
reshaping strategic opportunities and focus areas 
for all industry players. In addition, consumer hab-
its, from demands for increased transparency in 
consumer labels, to customer requirements for 
more renewable and biodegradable ingredients, 
are also evolving quickly.  Industry players need to 
remain adaptive, flexible and innovation oriented.  
We lead with unique and proprietary 
ingredients that are at the core of our 
differentiation
Firmenich is ideally placed to address these macro 
trends and grow better than the industry thanks to 
its innovation-led product portfolio, built through a 
strong commitment to R&D and creativity, and its 
deep-rooted dedication to responsible business. 
We invest in key categories with superior growth 
dynamics and where we can unlock opportunities 
for our customers, including natural ingredients 
and clean label solutions, renewable ingredients, 
sugar and salt reduction, and meat and dairy ana-
logs. 
We have the broadest palette of natural, synthetic, 
renewable, biodegradable and biotech ingredients. 
This is a critical competitive advantage, allowing 
us to help our customers win with products that 
both delight consumers and address their desire 
for greater transparency on product composition. 
We offer the most proprietary, or “captive”, ingredi-
ents in the industry. These proprietary molecules 
are unique to our portfolio and allow us to protect 
our customers’ products from imitation.
Firmenich is the most vertically integrated player 
in the industry, with the best access to raw materi-
als and natural ingredients. This is a differentiating 
advantage that enables us to face supply chain 
challenges and maintain a high quality service for 
our customers. 
We invest behind key 
categories with
superior growth 
dynamics, where we can 
unlock opportunities 
for our customers. 
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
14
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
We have a demonstrated passion for 
performance
Our competitive advantage translates into solid 
and resilient financial performance. We have a 
proven track record of profitable growth, both 
organically and through successful acquisitions. 
Over the past 10 years, we have led growth in the 
Fragrance and Taste industry, outgrowing our key 
competitors, and we have delivered industry-lead-
ing profitability.
We are focused on best-in-class service for our 
customers, delivering the highest quality prod-
ucts in a timely manner. Even at the height of 
the pandemic, we avoided supply disruptions or 
reformulations. Our customers know that they can 
rely on us.
We are defined by our values
Firmenich is a company that cares about all 
its stakeholders. Our leadership credentials in 
responsible business are widely recognized and 
we continuously raise the bar in the industry.
We are a private company operating with public 
company governance standards, and with a cul-
ture guided by clear values. Our Board of Directors 
is independent from management and a majority 
of its members are independent and not related 
to our family shareholders.  
OUR STRATEGY BY SEGMENT 
In Perfumery & Ingredients, our strategy builds 
upon our co-leadership positions. We are driving 
ahead with our guiding vision for Positive Perfum-
ery, which expresses our aspirations for our Per-
fumery business’s impact on the planet, people, 
and society. This addresses all stakeholders: our 
people, who want to make a difference, consumers 
seeking fragrances to enhance their well-being, 
our customers, and the communities we serve. 
We will reinforce our Fine Fragrance business by 
offering our customers innovative products devel-
oped through olfactory creativity, leading the drive 
for responsible perfumery by increasing the con-
tent of renewable ingredients in our formulations, 
and expanding our market reach, particularly in 
growth markets. In Consumer Fragrances, we will 
continue to serve as a strategic partner for lead-
ing global and local customers, and by developing 
breakthrough innovations to offer superior prod-
ucts for the conscious consumer. In Ingredients, 
we are leveraging our position as the world’s lead-
ing innovation platform for renewable, biodegrad-
able, and sustainable ingredients for Fragrance 
and Taste, while investing to continually enhance 
the world's leading creative perfumery palette. 
Within Taste & Beyond, we are committed to accel-
erating the consumer-led global diet transforma-
tion by helping to create healthier, affordable 
great-tasting food and beverages with more natural 
and sustainable ingredients to enhance the well- 
being of the people and the planet. We will build 
We are committed to accelerating 
the consumer-led global diet 
transformation by helping to
create healthier, affordable great-
tasting food and beverages with 
more natural and sustainable
ingredients to enhance well-being 
for people and the planet. 
We are driving ahead with 
our guiding vision for Positive 
Perfumery, which expresses our 
aspirations for our Perfumery 
business’s impact on the planet, 
people, and society.
on our flavor foundations, which are sweet, savory 
and beverage. Growth in the flavor foundations 
is underpinned by a continued focus on winning 
with both global and local customers, increased 
penetration of growth markets, extending our nat-
ural ingredients portfolio, and an acceleration of 
launches of innovative new ingredients and solu-
tions. We are also expanding into selected “Beyond 
Flavors” domains, to co-create the next generation 
of food and beverages and lead diet transformation 
through our innovation in four key areas: sugar and 
salt reduction solutions, meat and dairy analogs, 
best-in-class nutrition, and natural transformation 
and clean label.
Delivering breakthrough 
innovation and 
consolidating Firmenich’s 
leadership in ingredients 
while deploying increased 
flexibility in the supply 
chain 
Further broadening 
Firmenich’s commercial 
reach, while intensifying 
its pursuit of high growth 
segments 
“Become More Nimble” – 
driving end-to-end business 
model simplification and 
enhanced alignment with 
evolving consumer needs, 
while leveraging digital 
technologies to enhance 
efficiency and service 
2
Gain Value Share 
OUR THREE STRATEGIC PILLARS: 
3
Become More 
Nimble
1
Deliver Enhanced 
Customer 
Experience
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
15
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Pathways to Positive: our Environmental,  
Social and Governance (ESG) strategy
Driving Business for Good. 
We strive for a sustainable 
and positive impact for 
people, nature and climate 
through our business and 
all along our value chain 
– working together with 
suppliers, partners and our 
customers. 
Driven by our Fundamental values, we started our 
sustainability journey a full year before the Rio de 
Janeiro Earth Summit, with the signing, in 1991, 
of the International Chamber of Commerce's first 
sustainability charter. 
Our future increasingly depends on our ability to 
innovate responsibly while building on our time-
less values and our legacy of sustainability lead-
ership.
Our sustainability framework is holistically embed-
ded at the heart of our company strategy. We see 
the next 10 years as a transformational journey 
towards business for good powered by science. 
However, the global challenges of the next dec-
ade are such that Firmenich cannot succeed alone. 
We will only meet our goals if we can engage our 
stakeholders in the journey, working together with 
our customers, suppliers and partners. 
Our Environmental, Social and Governance (ESG) 
strategy, Pathways to Positive, focuses on three 
streams in which we can make the biggest dif-
ference: 
• Acting on Climate Change
• Embracing Nature
• Caring about People
This strategy is a vital investment for the future 
that generates sustainable value for all our stake-
holders. This supports our business objectives 
and aligns with the United Nations Sustainable 
Development Goals (SDGs). It empowers every 
colleague to make change happen, and involves 
everyone in our supply chain. 
The Sustainable Development Goals (SDGs) are a 
compass that guides our action. In FY22, we have 
further scaled up our commitments by joining the 
UN Global Compact Labour and Decent Work Plat-
form to build consensus in the business commu-
nity on key principles of decent work”.
To design this strategy, we collected inputs from 
a wide range of colleagues and online workshops, 
and consulted with external stakeholders to 
ensure that our new ambitions have been shaped 
by co-ownership and co-accountability. 
In FY22, to stay ahead of the curve in a global 
shifting environment we have performed a new 
ESG materiality analysis to identify the sustainabil-
ity topics which matter most to our business and 
to our stakeholders. Our comprehensive materi-
ality approach, based on best-in-class standards 
including those set by the Global Reporting Initia-
tive (GRI), is a valuable way to engage our custom-
ers and stakeholders in our sustainability journey. 
We are delivering solutions to our customers to 
solve global challenges and we are upholding 
our purpose as creators of emotions through the 
senses of taste and smell, to enhance wellbeing 
naturally, for people, the planet and society.
This strategy is a vital 
investment for the future
that generates sustainable 
value for all our 
stakeholders. 
Firmenich's 2025 ESG targets were launched in 
February 2021 and built on our CEO and Executive 
Team’s dialogue across the Group. 
Furthermore, strong sustainability governance is 
essential. In FY22, following the implementation 
of ESG criteria in our Senior Leaders' incentive 
plan, we have taken further steps at Board level 
by setting up a Governance and Sustainability 
Committee as well as a Human Capital Committee. 
Our 2022 ESG report serves as a progress follow-up 
on the implementation of the Sustainable Devel-
opment Goals and shares our achievements and 
elements of progress towards our 2025 ESG tar-
gets. Our ESG report can be found at the following 
address https://www.firmenich.com/company/ 
sustainability.
Acting on 
Climate Change
Embracing  
Nature
Caring  
about People
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
16
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
ESG 2022 performance highlights
100%
RENEWABLE ELECTRICITY 
INCL. IN ALL ACQUISITIONS
25
BIODIVERSITY PERMITS
0.74
HECTARES UNDER 
RESTORATION ACTIVITIES
0
HUMAN RIGHTS NON-
COMPLIANCE IN OUR 
OPERATIONS
36.1%
REDUCTION IN SCOPE 1 & 
2 CO2E EMISSIONS VS. FY17
ESG RISK RATING SCORE: 7.5
TOP 1% OF 14,000 + COMPANIES RATED
1ST IN OUR INDUSTRY
TOP 1% OF 90,000+ COMPANIES
SCORE: 88/100
3
MANUFACTURING SITES 
CARBON NEUTRAL
-7.7% GJ
OF TOTAL ENERGY USED PER 
TONNE PRODUCED VS. FY21
PERFORMANCE
SUSTAINABLE 
DEVELOPMENT
GOALS
ASSESSMENTS
RATINGS
100%
LIVING WAGE 
CERTIFIED COMPANY
0.26
TOTAL RECORDABLE 
CASE (TRC) RATE
RECOGNIZED BY ETHISPHERE® AS ONE OF THE 
WORLD'S MOST ETHICAL COMPANIES (2022)
UEBT MEMBER AT 
GLOBAL LEVEL
Acting on 
Climate Change
Embracing  
Nature
Caring 
about People
1. Scope 3 emissions from purchased goods and services 
2. Members identified as female and/or ethnically diverse. Senior Leaders are Executives, Senior Presidents, selected Vice Presidents, Senior Directors and Creators that are members of the Senior Leadership Team
NO
GENDER PAY GAP
1 OF 2 COMPANIES WORLDWIDE
TRIPLE A FOR 4 CONSECUTIVE YEARS
GLOBAL EDGE CERTIFICATION FOR GENDER EQUALITY 
IN THE WORKPLACE, UPGRADED TO “MOVE” STATUS
96.6%
ULTIMATELY OR PARTIALLY 
BIODEGRADABLE 
INGREDIENTS IN OUR 
FRAGRANCE PORTFOLIO
x2
TYPES OF PLANT-BASED 
PROTEINS USED
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
17
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
100% 
UEBT VALIDATED 
BIODIVERSITY STRATEGY
OPERATE WITH
Green 
Chemistry 
Principles
High vitality 
of R&D 
Pipeline
DECREASING PRESSURE 
ON THREATENED NATURAL 
RESOURCES
100% 
ABS DUE DILIGENCE 
SYSTEM EXTERNALLY 
VERIFIED
100% 
OF EMPLOYEES 
TRAINED ON BIAS AND 
BELONGING PRINCIPLES 
Safety
ACHIEVING A TOTAL 
RECORDABLE CASE RATE 
BELOW 0.20
NO
ETHNIC PAY GAP AND 
ENGAGEMENT GAP
55% 
OF SENIOR LEADERS ARE 
DIVERSE*.
NO GENDER PAY GAP,  
NO ETHNIC PAY GAP,  
NO ENGAGEMENT GAP
Carbon 
Neutral
IN OUR DIRECT 
OPERATIONS
-8%
GHG EMISSIONS 
SCOPE 3 VS. 2021 
(FIRMENICH + 
M&A)
100%
PLASTIC PACKAGING 
FULLY RECYCLABLE OR 
REUSABLE
Zero 
WASTE TO LANDFILL
Acting on 
Climate 
Change
Embracing 
Nature
Caring 
about 
People
in Conscious Perfumery
in Diet Transformation
in Renewable Ingredients
#1
STRATEGIC  
PILLARS
SUSTAINABLE  
BUSINESS
TARGETS
DRIVERS
BUSINESS 
ETHICS
RESPONSIBLE 
SOURCING
IMPACTFUL 
SCIENCE
DIGITAL 
ACCELERATION
Main 2025 ESG targets
* Members identifying as female and/or ethnically diverse. Senior Leaders are Executives, Senior Presidents, selected Vice Presidents, Senior Directors and Creators that are members of the Senior Leadership Team.
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
18
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
2025 ESG TARGETS BREAKDOWN
BY PERFORMANCE STATUS
ACTING ON  
CLIMATE CHANGE
EMBRACING  
NATURE
CARING  
ABOUT PEOPLE
ABOVE
ON TRACK
BELOW
2021
ESG TARGETS LAUNCH
2021
ESG TARGETS LAUNCH
2021
ESG TARGETS LAUNCH
2025
2025
2025
Performance against individual targets can be found in the chapters on Climate, Nature, People and Business for Good.
11%
25%
26%
79%
42%
63%
10%
50%
46%
58%
33%
11%
20%
ABOVE
16%
BELOW
64%
ON TRACK
ESG 2025 targets progress
Purpose, strategy & sustainability

CORPORATE GOVERNANCE
19
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Our people
In driving business as a 
force for good, we put our 
people first by providing a 
respectful, motivating and 
fulfilling environment to 
make a positive difference 
for our customers, our 
planet and society.  
Inspired by our legacy as a family-owned fragrance 
and taste company, we place particular value on 
the expertise and creativity of our people. We take 
pride in investing in human capital to nurture skills 
and enable learning, ensuring employability and 
adaptability so that we can thrive together in our 
ever-changing world and contribute to the wider 
development of our communities. 
How do we do this? By being open to new ways of 
working and being flexible in adjusting to change. 
Most importantly, by ensuring each colleague feels 
respected, and recognized, valued and rewarded 
for their contributions to the success of the team 
and Firmenich. 
WE ARE A LEARNING ORGANIZATION 
As such, we provide opportunities for our people 
to advance their knowhow and feed their curiosity 
to grow, by sharing knowledge and offering train-
ing and challenging career opportunities, across 
roles, teams and our global locations. 
In FY22, we have been bolder in our commitment 
on leadership development, as well-trained man-
agers are key to growing our people. We have 
extended our leadership 360º feedback tool to 
more colleagues as part of their development 
plan. In addition, to support the growth of our tal-
ents, we have deployed training sessions for all 
our people managers to help them drive perfor-
mance, engagement and transformation and pro-
vide role models for best practice. This Leadership 
signature program (Lead Now and Lead Next) has 
reached more than 400 people leaders across the 
organization. Furthermore, we have provided per-
sonalized online coaching to 69 employees for a 
period of six months. Finally, we have deployed 
soft skill training for all our employees related to 
people management, such as goal-setting, provid-
ing feedback, and executing performance reviews. 
As a responsible company, it is our upmost priority 
to ensure our employees are equipped to succeed 
in the future of work. We aim to upskill and reskill 
our people to help them adapt and thrive in our 
evolving workplace and beyond. This year, we 
have focused on building a skills library to identify 
and offer intentional learning programs that build 
the skills needed to enable employability for our 
talents throughout their working life.
We bring together and 
empower 11,000 passionate 
people who believe that 
fragrance and taste can change 
the world for the better. 
Our people

CORPORATE GOVERNANCE
20
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
WE VALUE BEING TOGETHER… 
Two years of living with the COVID-19 pandemic 
completely reshaped our ways of working and our 
views on life at the office. We continue to offer 
flexibility to support our employees by adapting 
our smarter working policy launched in 2018 and 
adapting it to the new normal. Creativity and inno-
vation are paramount to our business and the best 
ideas are born when we come together as a team. 
We endorse a Hybrid Working Model with a mini-
mum number of days per week spent in the office. 
In FY22, to help employees who had to rely 100% 
on remote working to return and reconnect in-per-
son with their colleagues, we launched a Return 
to Site initiative. This combination of local events 
and global support culminated in the launch of 
our new Smarter Working booklet, which aims to 
provide guidance on navigating the Hybrid Work 
Model. Whether our colleagues work from home 
or in the office, we want them to perform at their 
full potential. Furthermore, in FY22, we launched 
our most ambitious wellbeing program ever, to 
educate our people and provide them resources 
as well as support on Mental well-being. 
WINNING BEHAVIORS
GROWTH MINDSET
PROACTIVITY
DATA DRIVEN
ABSOLUTE CUSTOMER 
FOCUS
IMPACT OBSESSED
PEOPLE & ORGANIZATION STRATEGY
Our Winning Behaviors 
are the future-focused 
ways of thinking and  
acting to drive our 
growth and success.
MOST RESPONSIBLE 
COMPANY
• No pay gap nor 
engagement gap for 
minority groups
• 2,500 youth employ-
ment opportunities
• 100% Living Wage 
certification
• 100% leaders 
trained on human 
rights & Mental 
Health First Aiders 
• 100% of employees 
trained on bias
BEST TALENT  
IN INDUSTRY
• Sales force mindset 
& capabilities
• Continuous learning 
& unlearning
• New skillsets
• Succession  
planning
• Talent attraction
AGILE OPERATING 
MODEL
• Drive decision- 
making in market 
with maximum  
customer proximity
• Prioritize local roles
• Be laser sharp on 
what Global CoEs 
do and decide
• Joint accountability 
for business results 
& goals
WINNING  
CULTURE
• New performance 
management eco-
system
• Winning Behaviors
• New short-term 
incentive design
• New Leadership 
Series embedding 
Winning Behaviors
Our people

CORPORATE GOVERNANCE
21
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Progress towards our 2025 diversity & belonging objectives
Diversity and Belonging sits 
at the heart of everything 
we do at Firmenich, from 
how we recruit and develop 
our people, through the 
spaces we create for them 
to be their full selves and to 
grow, to the way we serve 
our diverse customers and 
empower the communities 
that we partner with.
OUR ESG GOALS FOR 2025 RELATED 
TO DIVERSITY AND BELONGING ARE 
THE FOLLOWING: 
1. NO GENDER PAY GAP
Gender balance is at the heart of our strategy for 
achieving equity in our compensation, policies and 
practices, leadership development, talent recruit-
ment and selection, as well as representation and 
retention. We set ourselves a target of building 
a gender-balanced organization. Today, 37% of 
employees at Firmenich are women. Additionally, 
four out of nine of our senior Executive Commit-
tee are women and 40% of our Director roles and 
above are held by women. In FY22, we launched 
our Step Forward initiative, an acceleration pro-
gram designed to boost the development of 36 key 
talented women and prepare them to move up in 
their careers. 
We have a long-standing commitment to equal pay 
for equal work. We have been globally certified as 
gender equal, including for pay equity, by EDGE 
since 2018, and were the first company in the world 
to upgrade globally to “MOVE” status in 2021. In 
June 2022, we kicked-off our third global EDGE 
certification. In addition, an annual statistical gen-
der pay analysis was performed to ensure no gen-
der pay gap exists around the world. We reward 
our colleagues for their contributions to business 
results and provide a fair and competitive package 
with clear and competitive rewards policies. 
2. NO ENGAGEMENT GAP 
We aim to build an equitable workplace where every-
one feels they belong. To embrace local cultures, 
address local challenges and leverage local oppor-
tunities, 23 country affiliates have implemented in 
FY22 a local Diversity & Belonging strategy based 
on our global strategic goals. In total, more than 300 
objectives have been launched to make our global 
strategy relevant at a local level and to ensure we 
do not have an engagement gap with colleagues 
who self-identify as part of a minority group in our 
engagement survey. 
In May 2022, we joined the Stonewall Diversity 
program and its community of over 900 employers 
committed to LGBTIQIA+1 inclusion in the workplace. 
We aim to collaborate and learn from our peers 
to keep us at the cutting edge of practices. These 
efforts are gaining recognition and encouraging 
partnerships. Firmenich India was recognized as a 
'Bronze' employer for the India Workplace Equality 
Index (IWEI) 2021, recognizing their journey to better 
LGBTQIA+ inclusion at work. In May 2022, Firmenich 
Paris signed NGO L'Autre Cercle's LGBT+ “Commit-
ment Charter”, providing a formal framework to 
incorporate the LGBTQIA+ theme in a policy to pro-
mote diversity and prevent discrimination. 
3. INDUSTRY LEADING DIVERSITY OF 
SENIOR LEADERS2 
Our commitment to Diversity & Belonging aims 
to drive winning performance and growth. By 
cultivating an inclusive culture that does not dis-
criminate, and provides equal opportunities for all, 
we are also striving to reflect our business and 
customer footprint. 
We believe a diverse senior leadership team is 
an essential component of business success that 
deepens our understanding of our global cus-
tomer base and our workforce, and allows us to 
As a responsible company, 
we are convinced, now 
more than ever, that 
being truly inclusive will 
empower every person to 
achieve their full potential. 
37% 
OF EMPLOYEES AT FIRMENICH 
ARE WOMEN
1. LGBTQIA+ stands for: lesbian, gay, bisexual, trans, queer, intersex and 
asexual. ‘+’ can include members of other communities, including allies.
2. Senior Leaders: Executives, Senior Presidents, selected Vice Presidents, 
Senior Directors and Creators that are members of the Senior Leadership 
Team (SLT)
Our people

CORPORATE GOVERNANCE
22
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
attract, retain and develop top global talent. Our 
goal is to increase the representation of women or 
ethnically diverse people among our senior lead-
ers to 50% or more. In June 2022, we conducted 
a voluntary self-identification survey among our 
Senior Leadership Team in line with data privacy 
rules in force in the countries of employment. As of 
30 June 2022, 54% of those who chose to answer, 
self-identified as diverse i.e. as Female or Non-bi-
nary and/or Ethnically diverse. Using the same 
methodology as last year (internal assessment), 
48% of our Senior Leadership Team1 is diverse. 
4. NO ETHNIC PAY GAP
In an effort to increase our outreach and attract 
diverse talent, the Diversity, Inclusion and Belong-
ing Council (DIB) in Firmenich North America has 
engaged with Historically Black Colleges and 
Universities. This has included participation in 
student fairs at Howard University and Spelman 
College and ongoing exploration of partnership 
opportunities through internships, programs and 
events. We are focusing our efforts on accelerating 
representation of African American/ Black citizens 
in our workforce with targeted action for leader-
ship positions from Director level and above. By 
driving action in our talent framework, we have 
increased the diversity of hires as well as specific 
programs for black employees meeting specific 
criteria. As a result of this focus in North America, 
we have increased our Black leader population in 
Director positions and above from 1.8% (FY21) to 
3.6% (FY22).  
5. 100% OF LINE MANAGERS 
TRAINED AS MENTAL HEALTH FIRST 
AIDERS 
In FY22, we launched our most ambitious wellbe-
ing program ever, we have partnered with Thrive 
Global, a company that provides behavior change 
technology, to help our top leaders and line 
managers better manage stress, improve focus, 
strengthen their connection with their colleagues 
and improve overall well-being. In total, over 2,300 
senior colleagues received advanced training and 
the necessary tools to create a work environment 
in which well-being and mental health are key. 
Over 160 colleagues (79% of the HR as well as 
HSE Line managers and Business partners, our 
focus of area in FY22) around the world have been 
trained and certified as Mental Health First Aiders 
to provide compassionate and mental support to 
people when needed. They are a point of contact 
for anyone who is experiencing a mental health 
issue or emotional distress and will provide guid-
ance and support – including to obtain appropriate 
help from healthcare professionals -- in full con-
fidentiality. In May 2022, we launched the Firmen-
ich Mental Well-being Awareness course, which is 
available to all our colleagues including on shop 
floors. This course is designed to help raise our 
awareness of how mental and physical health 
affects our overall wellbeing, and how we can all 
take care of ourselves in practical and sustainable 
ways every day.  
160+ 
COLLEAGUES TRAINED AND 
CERTIFIED AS MENTAL HEALTH 
FIRST AIDERS
54% 
OF OUR SENIOR LEADERS 
SELF IDENTIFIED AS DIVERSE 
INCLUDING 37% OF WOMEN OR 
NON-BINARY SENIOR LEADERS
By driving action in our 
talent framework, we have 
increased the diversity of 
hires and specific programs 
for black employees.
1. All members of the Senior Leadership Team identifying as female or non-
binary and/or ethnically diverse.
Our people

CORPORATE GOVERNANCE
23
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
11% 
OF OUR PEOPLE IDENTIFIED AS 
DIFFERENTLY-ABLED IN OUR 
GLOBAL INCLUSION SURVEY OF 
SEPTEMBER 20201
6. DIFFERENTLY-ABLED PEOPLE 
TO AMOUNT TO 5% OF OUR 
WORKFORCE
In the world, one person in seven lives with a 
disability. And those with a disability are among 
the most marginalized populations in terms of 
employment and educational opportunity. Remov-
ing the barriers facing people living with disabili-
ties is long overdue. Building on our long-standing 
commitment of welcoming people with different 
abilities, we have set ourselves the target of 5% 
of differently-abled people in our workforce. To 
achieve this target, we made a commitment with 
the Valuable 500 in December 2019. 
In FY22, we had : 
• Partnerships with 15 local organizations working 
on disability inclusion
• 26 blind or visually impaired panelists employed 
in five countries 
7. 100% OF EMPLOYEES TRAINED ON 
BIAS AND BELONGING PRINCIPLES
Creating a culture that is respectful, and where 
everybody belongs, is a shared responsibility. 
That’s why we are uniting forces globally to com-
bat bias and structural inequalities. On 8 March 
2022, we marked International Women’s Day, 
with a global call for action, #BreakTheBias, to 
accelerate equality for all women. We launched a 
campaign internally and externally to listen to the 
experiences of inspirational female colleagues and 
hear their advice on fighting gender bias. Everyone 
in the Company is encouraged to actively call out 
bias, discrimination and stereotyping, affecting 
women or more, each time they see it. Further-
more, we launched a global mandatory course in 
June 2022 on Unconscious Bias. We are commit-
ted to tackle this issue and will continue to raise 
awareness internally and support everyone who 
wants to engage in conversation on this topic.
8. LIVING WAGE CERTIFIED 
At Firmenich, we strive for business for good.  In 
a world with rising inequalities and social divides, 
we stand and act for a fairer and more equitable 
society. Our initial goal was to ensure that all our 
employees earn at least a living wage by 2025, 
and to scale up our suppliers’ engagement on a 
living wage by 2030 in line with our responsibility 
to ensure respect for human rights in our global 
supply chain. We are proud that we achieved our 
objective in June 2022. Firmenich is now one of 
1 out of 2
COMPANY TO BE GLOBALLY 
LIVING WAGE CERTIFIED 
At Firmenich, we believe in 
business for good, and in a world 
with rising inequalities and social
divides, we stand and act for a 
fairer and more equitable society.
only two companies in the world, and the first in 
our industry, to be globally Living Wage Certified 
by Fair Wage Network, a rigorous and widely rec-
ognized international NGO. A living wage is defined 
as the wage that is required to purchase the goods 
and services needed to meet a minimum accept-
able living standard for workers and their families, 
encompassing access to health, food and nutrition, 
housing and education.
Beyond doing the right thing for Firmenich 
employees and their immediate families, Living 
Wage certification reinforces our equitable culture.
1. Next Global Inclusion Survey to be launched in September 2022
Our people

CORPORATE GOVERNANCE
24
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
 
Workforce indicators 
HEADCOUNT IN FULL-TIME EQUIVALENTS 
BY CONTRACT TYPE
HEADCOUNT BY GENDER2
HEADCOUNT BY REGION2
HEADCOUNT BY GENERATION2
HEADCOUNT BY DIVISION & 
FUNCTION2
EMPLOYEE TOTAL 
TURNOVER BY GENDER2,3
43%
Europe
46%
Gen X (1965-1981)
18%
North America
39%
Gen Y (1982-1994)
38%
Perfumery & Ingredients
15%
India, Middle 
East & Africa
31%
Global 
Operations 
Supply Chain
9%
South America
 16%
Enablers
9%
North & East Asia
7%
Gen Z (1995 onwards)
11%
Taste & Beyond
6%
South East Asia
8%
Baby Boomers (1946-1964)
4%
Research & Development
10.6%
Men
9.7%
Women
10.3%
Total
2. Does not include ArtSci and DRT Anthea. 
3. Turnover scope: Permanent contracts
1. Percentage calculated only for employees whom data is available
10,900
GROUP TOTAL IN FTE
9,934
GROUP TOTAL IN FTE  
10,165
PERMANENT
9,392
PERMANENT
735 
TEMPORARY
542
TEMPORARY
FY22
Board of Directors
Total Group1
Senior Executive Team (DG)
Senior Leadership Team (SLT)
Men
Women
FY21
33%
44%
56%
33%
67%
37%
63%
All acquisitions included.
67%
Our people

CORPORATE GOVERNANCE
25
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Workforce indicators
GENDER PAY EQUALITY1
EMPLOYEE DIVERSITY IN FIRMENICH SIGNATURE 
LEADERSHIP PROGRAMS
LEAD NOW – PEOPLE MANAGER FOCUS
Gender
Gender
Market
Market
LEAD NEXT – NEXT GENERATIONS OF LEADERS
NON-EXEMPT
The median pay for women is 3.23% higher than 
that of men for Non-Exempt population.
3.23%
WOMEN
MEN
EXEMPT
The median pay for men is 2.41% higher than that 
of women for Exempt population.
2.41%
WOMEN
MEN
MIDDLE MANAGEMENT
The median pay for men is 4.03% higher than that 
of women at Middle management level.
4.03%
WOMEN
MEN
DIRECTOR
The median pay for men is 3.87% higher than that 
of women at Director level
3.87%
WOMEN
MEN
Non-exempt: Operational levels, who are typically entitled to overtime pay and may be paid on salary or hourly basis
Exempt: Specialist, Middle, Upper and top management levels, who are typically not eligible to overtime pay
1. A positive number indicates which gender earns more on average. 2022 data for Firmenich Group (excluding DRT, MG, VKL, Essex, ArtSci)
44%
Women
52%
Women
30%
Emerging 
markets
28%
Emerging 
markets
56%
Men
48%
Men
70%
Mature 
markets
72%
Mature 
markets
Our people

CORPORATE GOVERNANCE
26
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Group
Performance review
Performance review
REVENUE (IN CHF)
PROFITABILITY AND  
FREE CASH FLOW (CHF)
FY21
FY21
FY21
FY22
FY22
FY22
*At constant currency
4,723M
REVENUE
4,272M
REVENUE
+11.1% ORGANIC*
+11.2% INCL ACQUISITIONS*
+11.3% ORGANIC*
+10.7% ORGANIC*
+11.1% INCL
ACQUISITIONS*
2,855M
PERFUMERY & 
INGREDIENTS
3,141M
1,417M
TASTE & 
BEYOND
1,581M
↗
↗
↗
↗
↗
↗
905M
FY22 ADJUSTED EBITDA
414M
FY22 FREE CASH FLOW
+10.9%
-19.1%
-5.9%
Firmenich delivers strong 
performance despite 
challenging macro-
economic environment.
72 M
EXCEPTIONAL  
ITEMS

CORPORATE GOVERNANCE
27
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
FINANCIAL HIGHLIGHTS
• Revenue of CHF 4,723 million, up +11.1%1  
• Adjusted EBITDA of CHF 905 million, up +10.9%
• Adjusted EBITDA margin 19.2%, up +10 basis 
points 
• Free Cash Flow of CHF 414 million, down -19.1%, 
or -5.9% on a comparable basis2
• EBITDA to Free Cash Flow conversion ratio of 
51.8% 
• Record Revenue and Adjusted EBITDA, despite a 
challenging global environment for raw materi-
als, logistics and energy costs
• Outperforming the industry in topline growth 
and gaining market share, underpinned by dou-
ble-digit Revenue growth across both Perfumery 
& Ingredients and Taste & Beyond, on the back of 
improving customer demand
• Revenue growth across all regions, and strong 
momentum in our key geographies, including 
Europe (+18.9%), India (+13.1%), China (+9.4%), 
and North America (+5.1%) 
• Strong cash generation, despite higher safety 
inventories linked to prioritizing customer service 
of supply in a challenging global environment
 
In a challenging
global environment,
we delivered record
revenue growth across
the business, as well as
double-digit Adjusted
EBITDA growth and
strong cash generation. 
OPERATING HIGHLIGHTS
• Continued to prioritize customer supply, preserv-
ing superior OTIF3 service levels, in a particularly 
challenging global raw material and supply chain 
environment 
• Benefited from our ongoing investment in 
growing segments and differentiated offerings, 
including Sugar Reduction, Naturals & Renew-
able Ingredients, Plant-based Foods, Clean & 
Responsible Fragrances, e-commerce and dig-
ital channels
• Continued investment in strategic markets, 
highlighted by the move to majority ownership 
of ArtSci in May 2022 to better serve the high-
growth Chinese taste market
• Ongoing strategic investment in innovation:
- Announced a Scientific Advisory Board in May 
2022 to oversee our R&D strategy 
- Inaugurated a state-of-the-art Creation & Devel-
opment Centre at Dubai Science Park, to further 
expand science and innovation capabilities 
- Launched new biodegradable ingredients such 
as Muguissimo™ and 100% natural ingredients 
including Muguet Firgood™
• Raising the bar in ESG: improved our indus-
try-leading Sustainalytics ESG risk score to 7.5, 
in the top 50 companies rated worldwide; rec-
ognized as one of the 2022 World’s Most Ethi-
cal Companies by Ethisphere; secured a fourth 
consecutive Triple “A” rating from CDP; and a 
second consecutive EcoVadis Platinum Sustain-
ability Rating, with an industry-leading score of 
88/100, in the top 1% of all companies assessed.
1. Unless otherwise stated, Revenue growth comparisons are made on 
an organic basis at constant currency, as defined in the Alternative 
Performance Measurements section, versus the same period in the prior 
year.
2. Excluding CHF 72 million of exceptional items that positively affected Free 
Cash Flow in FY21.
3. OTIF – On Time In Full.
Performance review

CORPORATE GOVERNANCE
28
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
FY22 PERFORMANCE
In the Fiscal Year 2022, we saw the global econ-
omy enter a challenging raw material and supply 
chain environment, compounded by high geopo-
litical instability, and new waves of Covid-19 in 
various regions.  
Against this backdrop, we delivered record Rev-
enue growth across the business, as well as 
double-digit Adjusted EBITDA growth and strong 
cash generation. We navigated this challenging 
environment with agility, prioritizing service and 
safety of supply for our customers. Our trustwor-
thiness as a commercial partner, combined with 
the competitive advantage provided by our supply 
vertical integration, has helped us continue to gain 
market share. 
REVENUE
Revenue increased +11.1% , reaching CHF 4,723 
million. Acquisitions contributed CHF 6 million or 
+0.1 percentage points to Revenue growth. Foreign 
exchange had an unfavorable impact of CHF -29 
million or –0.7 percentage points, linked primarily 
to the strengthening of the Swiss franc against the 
Euro and other trading currencies. On a reported 
basis, Revenue increased +10.5% year-over-year. 
Perfumery & Ingredients Revenue increased 
+11.3%, driven by the industry-leading growth and 
market share gains in Fine Fragrance (+32.5%), 
and strong customer demand in Ingredients. 
Consumer Fragrances grew by low single-digits 
against a backdrop of industry-wide softness.
Taste & Beyond Revenue increased +10.7%, driven 
by our innovation portfolio and our commercial 
focus on strategic partnerships with key custom-
ers. Our differentiated offering in Sugar Reduction, 
Naturals & Renewable Ingredients, Plant-based 
Foods, and Clean & Responsible Fragrances con-
tinued to drive growth. We continued to outper-
form our key competitor.
In the second half of the Fiscal Year, we delivered 
double-digit Revenue growth of +10.0%, maintain-
ing the momentum that we had at the beginning 
of the year.
During FY22, on a geographical basis, we achieved 
strong Revenue growth across all regions and 
strong momentum in our key geographies, includ-
ing Europe (+18.9%), India (+13.1%), China (+9.4%), 
and North America (+5.1%). 
Our trustworthiness as
a commercial partner
has helped us continue
to gain share with our
customers. 
1. Unless otherwise stated, Revenue growth comparisons are made on 
an organic basis at constant currency, as defined in the Alternative 
Performance Measurements section, versus the same period in the prior 
year.
North 
America 
1,160 
↗
+5.1%
Latin 
America 
472↗
+6.2%
India,  
Middle East 
and  Africa 
534 
↗
+10.5%
India  
256 
↗
+13.1%
Europe 
1,684 
↗
+18.9%
South 
East Asia 
469↗
+6.1%
North &  
East Asia 
404 
↗
+10.1%
REVENUE BY REGION (CHF M), GROWTH ON AN ORGANIC BASIS AT CONSTANT CURRENCY
China 
305 
↗
+9.4%
Performance review

CORPORATE GOVERNANCE
29
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
GROSS PROFIT AND ADJUSTED 
EBITDA
Like the rest of the industry, we have witnessed 
significant inflationary pressure on raw materials, 
energy and transportation costs, which acceler-
ated in the second half of the year, as well as new 
waves of Covid-19 affecting various geographies. 
We have also faced an unfavorable evolution of 
foreign exchange rates, linked primarily to the 
strengthening of the US dollar and the weakening 
of the Euro relative to the Swiss franc. 
We took proactive actions to mitigate the nega-
tive effect of these challenges, including pricing 
in partnership with our customers, and cost dis-
cipline. Gross Profit reached CHF 1,847 million, 
up +5.0% on a reported basis. Gross Margin, as a 
percentage of Revenue, decreased by -210 basis 
points compared to the previous year, to 39.1%. 
Adjusted EBITDA increased by double-digits to CHF 
905 million, up +10.9% year-over-year. Excluding 
the impact of acquisitions and foreign exchange 
Adjusted EBITDA would have increased by +13.1%. 
Including the 12-month impact pro-forma impact 
of acquisitions, Adj. EBITDA was CHF 916m. 
Adjusted EBITDA margin, as a percentage of Reve-
nue, increased to 19.2%, up +10 basis points com-
pared to the previous year. Excluding the impact 
of acquisitions and foreign exchange, Adjusted 
EBITDA margin would have increased by +30 basis 
points. 
EBITDA was CHF 798 million, down -8.6% year-
over-year, due to the impact of non-recurring 
expenses linked to the DSM-Firmenich merger. 
Excluding the impact of acquisitions, foreign 
exchange and non-recurring expenses related 
the DSM-Firmenich merger, EBITDA would have 
increased by +3.2% . 
FINANCIAL COSTS AND OTHER 
FINANCIAL EXPENSES 
Financing costs remained stable at CHF 48 million, 
compared to CHF 48 million in the previous year. 
Net other financial expenses reached CHF 14 mil-
lion, compared to CHF 19 million the previous year. 
Lower foreign exchange losses were partly offset 
by devaluation of financial instruments linked to 
the Essential Labs transaction. In addition, there 
was a CHF 24 million remeasurement to fair value 
of our pre-existing interest in ArtSci, following our 
move to majority ownership.
We benefited from our 
ongoing investment in 
growing segments and 
differentiated offerings, 
including Sugar 
Reduction, Naturals & 
Renewable Ingredients,
Plant-based Foods, 
Clean & Responsible
Fragrances, e-commerce 
and digital channels. 
Performance review

CORPORATE GOVERNANCE
30
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
NET INCOME
Net Income attributable to equity holders of the 
Parent reached CHF 392 million, a decrease 
of 12.8% year-over-year. This was driven by a 
reduction in Operating Profit, higher income tax 
expenses partly offset by lower Other expenses, 
and the exceptional impact of costs linked to the 
DSM-Firmenich merger. In addition, Net Income 
in FY 2021 had benefited from exceptional gains 
linked to disposals and settlement of legal claims, 
resulting in a higher base of comparison.
TAX
The Group effective tax rate reached 17.4%, com-
pared to 14.9% in the previous year. The increase 
was linked to the geographic mix of one-time 
expenses.
FREE CASH FLOW
We delivered strong free cash flow generation, 
reaching an EBITDA to Free Cash Flow conver-
sion ratio of 51.8%, while prioritizing customer ser-
vice levels and security of supply in a challenging 
global raw material and supply chain environment. 
Free Cash Flow decreased by -19.1% year-over-
year to CHF 414 million. On a comparable basis, 
excluding CHF 72 million of exceptional items that 
positively affected Free Cash Flow in the previous 
year, Free Cash Flow decreased by -5.9%.  Profit 
growth was offset by unfavorable working capital, 
linked to CHF 242 million of higher inventories, 
as a result of higher safety stocks to preserve 
customer service, as well as raw material cost 
inflation. 
We will continue balancing customer service with 
cash generation in line with our commitment to 
maintaining a strong investment grade credit rat-
ing.    
FINANCIAL POSITION
The Group’s financial position remained strong. 
Net debt stood at CHF 1,600 million, stable com-
pared to CHF 1,591 million in June 2021. Our Net 
debt relative to our EBITDA is in line with our 
expectations and our commitment to maintaining a 
strong investment-grade credit rating. Total assets 
reached CHF 8,630 million, compared to CHF 8,328 
million in June 2021. Non-current assets reached 
CHF 5,429 million, and current assets stood at CHF 
3,201 million.
DIVIDEND
The Board will propose a dividend payout of CHF 
250 million for this fiscal year, to be approved at 
the Annual Shareholders Meeting in October. 
51.8%
EBITDA TO FCF CASH 
CONVERSION RATIO
Performance review

CORPORATE GOVERNANCE
31
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Historical summary
In millions of CHF (except employees)  
as of June 30:
2022 
2021 
2020
2019
2018
INCOME STATEMENT
Revenue
4 722.7
4,272.1 
3,877.6 
3,873.8 
3,658.5 
Gross profit
1 846.7
1,758.9 
1,728.4 
1,693.3 
1,701.6 
Operating expenses
(1 338.7)
(1,164.5)
(1,105.8)
(986.8)
(1,029.2)
Operating profit
508.0
594.4 
622.6 
706.5 
672.3 
Other (expenses) and income
(28.1)
(61.6)
(63.5)
(75.5)
(15.3)
Taxes
(83.7)
(79.6)
(96.9)
(102.0)
(75.3)
Net income (attributable to equity holders)
391.7
449.4 
460.2 
526.7 
580.4 
EBITDA
798.1
873.6 
822.5 
847.7
800.1
Adjusted EBITDA
904.5
815.9 
858.8 
832.7 
825.5 
CASH FLOW STATEMENT
Cash flows from operating activities
620.8
693.3
641.9
618.8
572.7
Free cash flow
413.6
511.3
454.5
421.3
367.0
1. The adoption of IFRS 16 Leases on a prospective basis as of July 1, 2019, resulted in a favorable impact on Adjusted EBITDA of CHF 43.4 million for the year ended June 30, 2020, compared to the prior year
In millions of CHF (except employees)  
as of June 30:
2022 
2021 
2020
2019
2018
PERSONNEL
Number of fixed employees at year end 
10,165 
9,392 
9,166 
6,918 
6,627 
Number of temporary employees at year end 
735 
542 
737 
430 
413 
KEY RATIOS
Gross margin
39.1% 
41.2% 
44.6% 
43.7% 
46.5% 
Operating margin
10.8% 
13.9% 
16.1% 
18.2% 
18.4% 
Net income (attributable to equity holders) / 
Revenue
8.3% 
10.5% 
11.9% 
13.6% 
15.9% 
EBITDA / Revenue
16.9% 
20.5% 
21.2% 
21.9% 
21.9% 
Adjusted EBITDA / Revenue
19.2% 
19.1% 
22.1% 
21.5% 
22.6% 
Cash flows from operating activities / Revenue
13.1% 
16.2% 
16.6% 
16.0% 
15.7% 
Return on equity
9.5% 
12.0% 
14.9% 
20.6% 
26.2% 
Total equity / Total assets
49.8% 
48.9% 
44.3% 
56.1% 
52.6% 
Net cash (Net debt) / Equity
-37.2% 
-39.1% 
-44.6% 
-4.1% 
0.5% 
Personnel costs / Revenue
23.7% 
25.6% 
23.8% 
22.5% 
24.4% 
Revenue by employee
0.465 
0.455 
0.423 
0.560 
0.552 
EBITDA to Free Cash Flow conversion rate
51.8% 
58.5% 
55.3% 
49.7% 
45.9% 
BALANCE SHEET
Fixed assets
5,429.0
5,472.3 
5,132.4 
2,586.3 
2,207.1 
Inventories
1,133.6 
896.1 
857.8 
669.1 
679.5 
Trade, other receivables and prepaid expenses
1,233.1 
1,103.5 
1,038.9 
1,026.0 
1,001.7 
Marketable securities, cash and bank balances
756.1 
794.6 
828.0 
448.9 
617.1 
Net investments
207.2 
182.0 
187.4 
197.5 
205.8 
Equity attributable to equity holders 
of the parent
4,241.6 
4,023.6 
3,477.4 
2,686.9 
2,414.6 
Non-controlling interests
55.0 
44.9 
45.0 
19.5 
18.4 
Borrowings
2,356.1 
2,385.5 
2,400.1 
559.7 
603.9 
Other liabilities
1,977.2 
1,873.5 
2,022.9 
1,560.2 
1,585.6 
Net cash / (Net debt)
(1,599.9)
(1,590.9)
(1,572.1)
(110.6)
13.2 
Performance review

CORPORATE GOVERNANCE
32
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Perfumery & Ingredients
Perfumery & Ingredients 
delivered double-digit 
Revenue growth1, driven by 
a record increase in Fine 
Fragrance and Ingredients, 
while Consumer Fragrances 
delivered resilient growth 
despite industry-wide 
softness.
+11.3%
AT CONSTANT 
CURRENCY
+7.0%
ADJUSTED 
EBITDA  
MARGIN: 
FY21: 19.3% 
FY22: 18.7%
REVENUE (IN CHF)
ADJUSTED EBITDA (IN CHF)
3,141M
588M
FY21
FY21
FY22
FY22
2,855M
550M
1. Unless otherwise stated, Revenue growth comparisons are 
made on an organic basis at constant currency, as defined in 
the Alternative Performance Measurements section, versus 
the same period in the prior year.
↗
↗
Performance review

CORPORATE GOVERNANCE
33
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Perfumery & Ingredients delivered double-digit 
Revenue growth1, driven by a record increase in 
Fine Fragrance and Ingredients, while Consumer 
Fragrances delivered resilient growth despite 
industry-wide softness. 
In Fine Fragrance, we outperformed the industry 
and gained market share through our continued 
focus on innovation, digitalization, and sustaina-
bility. Inspired by our vision for Positive Perfum-
ery, we continued to reinvent fragrance design to 
produce high-performance fragrances that delight 
consumers, made with clean, renewable, biode-
gradable and responsibly sourced ingredients. 
We are key suppliers to all the major brands, with 
unparalleled customer intimacy and a commit-
ment to best-in-class customer service. Our ideal 
positioning allowed us to benefit from renewed 
growth in consumption in Fine Fragrance, which 
has exceeded pre-pandemic levels. 
In Ingredients, we capitalized on strong market 
demand, thanks to our industry-leading vertical 
integration, our leadership in proprietary, biode-
gradable and renewable ingredients, our differen-
tiating local footprint in Europe and North America, 
and our economies of scale. 
We are pleased to have achieved such a strong 
performance against a challenging macro-envi-
ronment, marked by raw material cost inflation 
and shortages, energy cost inflation, global supply 
chain and logistics challenges, as well as ongoing 
market softness in the Consumer Fragrances cat-
egory. We are proactively managing our resources 
to continue prioritizing our levels of customer ser-
vice while protecting cash generation and margins.
FY22 PERFORMANCE
Perfumery & Ingredients Revenue reached CHF 
3,141 million, an increase of +11.3% year-over-
year. Growth was driven by industry-leading 
performance in Fine Fragrance and Ingredients, 
continuing the momentum seen in the first half 
of the year. Foreign exchange, in comparison to 
prior year rates, had an unfavorable impact of 1.3 
percentage points on Revenue growth. As a result, 
Revenue increased by +10.0% year-over-year on a 
reported basis. Revenue grew across all our geog-
raphies and by double digits in Europe, driven by 
Fine Fragrance. 
Our investment in innovation is paying off, driving 
Revenue growth. Renewable fragrances, which 
are aligned with our 2030 ESG ambitions, grew 
Revenue by +31%; and our e-commerce channel 
achieved a +10.6% increase in Revenue.
Adjusted EBITDA reached CHF 588 million, up 
+7.0% year-over-year. Adjusted EBITDA margin as 
a percentage of Revenue was 18.7%, a decrease 
of 50 basis points versus the prior year. This 
was driven by the unfavorable impact of Foreign 
exchange, in addition to raw material and logistical 
cost inflation, partly offset by favorable product 
mix resulting from strong growth in Fine Fra-
grance. Foreign exchange, in comparison to prior 
year rates, had a negative impact of CHF -25 mil-
lion on Adjusted EBITDA. Excluding the impact of 
foreign exchange, Adjusted EBITDA margin would 
have been 19.3%.
1. Unless otherwise stated, Revenue growth comparisons are made on an organic basis at constant currency, as defined in the Alternative Performance 
Measurements section, versus the same period in the prior year.
Performance review

CORPORATE GOVERNANCE
34
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
FINE FRAGRANCE 
In Fine Fragrance, we achieved industry-leading, 
high double-digit Revenue growth during the year, 
surpassing pre-pandemic levels and reinforcing 
our leadership in the Prestige category. We grew 
Revenue by double-digits with our top custom-
ers, as well as in our key geographies, including 
Europe and North America. Growing consumption 
and significant new wins with key customers con-
tributed to this result, as our continued investment 
to drive innovation, and our customer intimacy, 
paid off. Consumption of Fine Fragrance increased 
strongly during FY22, as consumers returned to 
this affordable luxury to satisfy self-care and well-
being needs in the wake of the pandemic. Fur-
thermore, the period was marked by a gradual 
recovery in travel retail.
CONSUMER FRAGRANCES
Consumer Fragrances delivered resilient perfor-
mance, recording low single-digit growth in Reve-
nue year-over-year. This result was achieved in a 
context of stagnating consumption in several cate-
gories, compounded by a high base of comparison 
in the previous year, linked to higher demand at 
the start of the pandemic. In addition, raw material 
shortages and logistical challenges also impacted 
the production capacity of some of our custom-
ers. Against this challenging backdrop, we have 
achieved double-digit Revenue growth with our 
top regional customer accounts, as well as with 
regional accounts in North America, Europe, India 
and North & East Asia. We continue to invest for 
the future and increase our customer intimacy, 
having also been selected as a core supplier by 
several key customers during the year.
INGREDIENTS
Ingredients had a record year in FY22 with dou-
ble-digit Revenue growth across our portfolio of 
products, outperforming the industry. We grew 
by double digits in almost all regions, driven 
by strong demand and price increases to offset 
input cost inflation. Our differentiating local sup-
ply close to key customers and fast-growing mar-
kets in Europe and North America, as well as our 
strength in renewable ingredients, proved to be 
strong competitive advantages and allowed us to 
capture growth opportunities. This performance 
was achieved against a challenging backdrop of 
capacity constraints, raw material and energy 
We are key suppliers to all the 
major brands, with unparalleled 
customer intimacy and a 
commitment to best-in-class 
customer service.
Performance review

CORPORATE GOVERNANCE
35
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
emotions for consumers. New benefit spaces are 
being explored and validated scientifically for 
future launches on the market.
Pioneering a new digital business model for the 
perfume industry
Scentmate™, our fully integrated, AI-powered dig-
ital fragrance house aimed at entrepreneurs and 
independent brands, celebrates its first anniver-
sary with more than 500 customers and more than 
2,000 projects initiated. After a successful launch 
in Europe, where it reached over 500 customers in 
its first year, we are rolling out this platform into 
the new category of Aromachology.
Advancing our vision for Positive Perfumery
We are leading the industry transformation to Pos-
itive Perfumery. Positive Perfumery is focused on 
elevating Perfumery by creating products that are 
‘good for our consumers’, ‘good for the planet’, and 
'good for the communities we serve', which moti-
vates our people each and every day. 
As part of our Positive Perfumery vision, our  ambi-
tion is to lead the industry in sustainable, Con-
scious Perfumery, targeting the delivery of renew-
able fragrances with lower carbon footprints (from 
the highest biodegradable category) without 
compromising on their appeal to consumers. To 
support this transformation, we have developed 
CreateForGood™, a design process, that brings 
together our extensive consumer insights and our 
creative know-how to help guide our customers 
in delivering fragrances that are both sensorial 
and eco-friendly. We are also extending the capa-
bilities of EcoScent Compass™, our integrated 
science-based impact measurement tool, with an 
updated version that is strengthened by additional 
sustainability data points to enhance transpar-
ency and support superior consumer claims. This 
guides our creations towards more sustainable 
fragrances. 
inflation, as well as disruption to supply and logis-
tics chains affecting the entire industry. 
Throughout the year, we launched multiple initia-
tives to continue serving strong customer demand 
and to lift capacity constraints. We increased our 
production capacity in the US for Habanolide®, 
our high performance and best-selling iconic 
musk, and we are launching a major project to 
also manufacture it in France, close to key mar-
kets in Europe. In addition, we commissioned a 
new production unit for renewable ingredients at 
our Castets site in France. By providing additional 
production capacity for perfumery ingredients, this 
new plant enables superior service to our cus-
tomers. 
Creation & Innovation
We continue to lead in redefining the future of fra-
grance, in collaboration with our customers, lever-
aging our deep consumer insights and world-class 
scientific research.
Superior performance for our customers 
We launched new sustainable, high-performing 
technologies, including the new generation of  
PopScent® Eco, biodegradable and microplastic 
free perfume capsules, as well as our new bio-
degradable HaloScent® profragrances, enhancing 
bloom and long-lasting performance. We also fur-
ther developed our receptor-based malodor con-
trol program to give consumers the ideal fresh-
ness experience.
Supporting consumer choice through olfaction 
and emotions 
Our EmotiOn program leverages decades of 
cutting-edge neuroscientific research with dis-
tinguished scientific partners and our deep con-
sumer insights to help our customers develop 
perfect product mixes. This year, we developed 
a new suite of fragrance tools to create positive 
We have launched a 
Conscious Perfumery 
collection of fragrances, 
based on our sustainable 
palette of renewable, 
biodegradable and 
responsibly sourced 
ingredients.
Performance review

CORPORATE GOVERNANCE
36
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
This year, we have launched a Conscious Perfum-
ery collection of fragrances, based on our sus-
tainable palette of renewable, biodegradable and 
responsibly sourced ingredients. In June 2022, we 
launched our new Circular Fragrance collection, 
a unique set of 100% upcycled fragrances created 
with ingredients from our upcycled palette. The 
collection harnesses waste or unused source 
materials such as unsold jasmine flowers and 
damaged cardamom pods. These are transformed 
into new materials of higher value, including a new 
generation of upcycled musks and unique marine 
molecules, contributing to zero waste and circu-
larity. 
Leading in Renewable Ingredients with new 
groundbreaking products
Building on our strength in R&D and innovation, 
we continue to break new ground in our day-to-
day research, further developing natural ingredi-
ents and new technologies, and by extending the 
application of green chemistry, biotechnology and 
natural extraction technology, expanding biodeg-
radability as well as upcycling waste or unused 
by-products. 
In 2022, we introduced three new biodegradable 
molecules produced by applying green chemistry 
principles. The most recent is Muguissimo™, a 
powerful and cost-effective lily-of-the-valley ingre-
dient highly appreciated by perfumers. 
We also developed Muguet Firgood™ a pure and 
100% natural ingredient for the luxury perfume 
market, in partnership with a French start-up, 
Jungle. Reinforcing our leadership in Naturals, 
Muguet Firgood™ brings together Jungle’s unique 
capabilities in vertical farming and our proprietary 
and revolutionary Firgood™ natural extraction 
technology. 
Pioneering and upcycled Ingredients collections
We launched a new collection of signature ingre-
dients earlier this year at our site in Grasse with 
over 60 customers. This collection comprises 
renewable, biotechnology, upcycled, natural and 
traceable Ingredients, and showcases our cut-
ting-edge research capability and technologies.
We also released an Upcycled Collection of 150 
ingredients, including citrus oil extracted from 
salvaged orange peels and cedar oil from lefto-
ver woodchips from the furniture industry. This 
collection valorizes by-products, waste materials 
or unused products by turning them into new 
products of higher value for a positive impact on 
the environment. 
 
We continue to lead in redefining 
the future of fragrance, in 
collaboration with our customers, 
leveraging our deep consumer 
insights and world-class scientific 
research.
Performance review

CORPORATE GOVERNANCE
37
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
+10.7%ORGANIC*
+11.1% INCL. 
ACQUISITIONS*
+18.8%
ADJUSTED 
EBITDA  
MARGIN: 
FY21: 18.8% 
FY22: 20.0%
REVENUE (IN CHF)
ADJUSTED EBITDA (IN CHF)
1,581M
316M
FY21
FY21
FY22
FY22
1,417M
266M
* At constant currency
↗
↗
Taste & Beyond accelerated 
growth in FY22, growing 
both volume and Revenue by 
double digits1 on the back of 
strong customer demand. We 
continued to outperform our 
key competitor, while adapting 
to a challenging macro-
environment.
Taste & Beyond
1. Unless otherwise stated, Revenue growth comparisons are made on 
an organic basis at constant currency, as defined in the Alternative 
Performance Measurements section, versus the same period in the 
prior year.
Performance review

CORPORATE GOVERNANCE
38
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Taste & Beyond accelerated growth in FY22, 
growing both volume and Revenue by double 
digits1 on the back of strong customer demand. 
We continued to outperform our key competitor, 
while adapting to a challenging macro-environ-
ment, marked by raw material cost inflation and 
shortages, energy cost inflation, global supply 
chain and logistics challenges, complicated by 
ongoing uncertainty linked to Covid-19 in some 
of the markets where we operate. We confirm our 
strong track record of growth. 
This performance is the result of our successful 
innovation platforms in Naturals, Nutrition and 
Plant-based foods and beverages, as well as our 
commercial focus, sharpened by establishing suc-
cessful strategic partnerships with customers, to 
help them win with our innovation and consumer 
insights. 
We are industry pioneers in digitalization, lever-
aging our digital tools to augment the work of our 
creators, increase our agility and responsiveness 
to customer needs, and offer a superior customer 
experience through our e-commerce channel.
FY22 PERFORMANCE
Taste & Beyond Revenue reached CHF 1,581 mil-
lion, an increase of +10.7%. This is reflected in 
a double-digit Revenue growth across all core 
business segments: Beverage, Sweet Goods and 
Savory. We delivered strong performance in Nat-
urals, including our red fruits, citrus and vanilla 
tonalities. We also achieved strong growth in our 
key strategic initiatives, including Sugar Reduc-
tion (+20%), and Plant-based Foods and Beverages 
(+114%). Our e-commerce channel also grew by 
+44% in the same period. Throughout the year, 
we achieved significant new business wins, and 
lower business erosion, across our core business 
and innovation portfolio, thanks to our improved 
commercial focus and consumer insights.
We achieved robust Revenue growth across all 
regions, including our key geographies of India 
(+29.5%), China (+16.4%), North America (+4.9%), 
and in Europe (+13.7%), South and East Asia 
(+8.8%) and Latin America (+13.0%).
Adjusted EBITDA reached CHF 316 million, an 
increase of 18.8% compared to the previous year, 
driven by volume growth. Foreign exchange and 
acquisitions had a favorable impact of CHF 7 mil-
lion. Excluding these impacts, Adjusted EBITDA 
would have increased by +16.3%. Adjusted EBITDA 
margin as percentage of Revenue reached 20.0%, 
an increase of 120 basis points despite the unfa-
vourable impact of raw material and logistics cost 
inflation. 
Our Innovation and 
Beyond Flavors portfolios 
remain our strategic 
growth drivers, continuing 
to generate incremental 
Revenue momentum thanks 
to powerful consumers 
macrotrends of nutrition
and healthier lifestyles.
1. Unless otherwise stated, Revenue growth comparisons are made on an 
organic basis at constant currency, as defined in the Alternative Performance 
Measurements section, versus the same period in the prior year.
Performance review

CORPORATE GOVERNANCE
39
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
BEVERAGES 
Beverages achieved strong double-digit Revenue 
growth. We saw sustained demand in energy 
drinks, soft drinks, juices and nectars, as well 
as citrus tonality solutions, natural flavors, and 
clean label offerings, with new adoptions with 
key customers in a context of ongoing recovery in 
Foodservice. Growth was driven by global partner 
customers, as well as local customers. Our innova-
tions strongly supported this growth, thanks to our 
strengths in Sugar Reduction and steady demand 
on Low- and No-Alcohol Drinks platforms and good 
momentum in our taste delivery systems.
SWEET GOODS
In Sweet Goods, we achieved double-digit Rev-
enue growth. This performance was driven by 
dairy analogs and nutritional solutions, reinforcing 
immunity systems for consumers. We achieved 
strong growth both with global and local custom-
ers, as well as with start-up customers, supported 
by our strength in Sugar Reduction, and integrated 
solutions for Plant-based Dairy analogs.
SAVORY
Revenue in the Savory category grew by dou-
ble-digits. Growth was driven by recovery in Food-
service and Snacks, as pandemic restrictions were 
lifted in many geographies, and by our strong port-
folio of Plant-Based Meat analogs, across global 
customers, local customers and new entrants. We 
have continued to invest in this rapidly-expand-
ing category, where we expect to continue to see 
strong long-term growth driven by the consumer 
shift towards flexitarian diets and the desire for 
healthier and more sustainable meat alternatives. 
Our innovation capabilities helped to strengthen 
our position with our customer partners in Clean 
Label solutions and Ingredient solutions, by 
increasing the differentiation and performance of 
their products.
INNOVATION AND BEYOND FLAVORS
Our Innovation and Beyond Flavors portfolios 
remain our strategic growth drivers, continuing to 
generate incremental Revenue momentum thanks 
to powerful consumers macrotrends of nutrition 
and healthier lifestyles. 
We are industry pioneers in 
digitalization, leveraging
our digital tools to augment the 
work of our creators, increase 
our agility and responsiveness
to customer needs, and offer a 
superior customer experience 
through our e-commerce 
channel.
Performance review

CORPORATE GOVERNANCE
40
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
tary solutions across Aroma, Taste, Texture and 
Salt Reduction. Since our acquisition of Campus, 
we have continued to differentiate in the analog 
space by helping to create complete plant-based 
eating experiences which delight all the senses. 
In the first half of the year, we deployed SMART 
TX, our portfolio of integrated and multifunctional 
solutions to improve creaminess and mouthfeel of 
dairy analogs, dietary and nutrition products. Our 
solutions allow sugar reduction as well as manage 
off-notes from a wide range of plant protein, using 
more familiar ingredients desired by customers 
and consumers. Our innovation in the Plant-based 
space has allowed us to more than double Rev-
enue in the SmartProteins® program during the 
year, despite volatility caused by the pandemic. In 
the second part of the year, we launched Best in 
Class Milk (BICM), our innovation program bring-
ing together the best of global capabilities with 
highly-localized consumer insights. BICM help 
brands develop consumer-preferred products for 
their market, by combining our masking, texture 
and taste expertise with informed creation and 
consumer insights, to create regionally-tailored 
plant-based milk alternatives.    
Better nutrition, with less sugar
Our proprietary consumer research shows that 
reducing sugar intake is the top health change 
that consumers intend to make. We lead innova-
tion within the industry in Sugar Reduction, with 
an integrated range of solutions that preserve 
taste authenticity. Our Sugar Reduction portfolio 
Revenue has grown by strong double-digits across 
all categories this year. We are also meeting con-
sumer demand for lower sodium and cleaner 
labels through our expanded salt reduction capa-
bilities that offer customers cost-efficient and easy 
to use solutions. 
During FY22, we continued to develop our Nutri-
tion Innovation program, to help consumers bet-
ter balance their diet and well-being through bet-
ter-tasting food and beverages, including immunity 
enhancement and improved microbiome health, 
with nutritional ready-to-use integrated solutions 
using fibers, vitamins, minerals and extracts. We 
are making great strides in innovation focused 
on the growing market trend towards well-being 
and moderation. We continue to develop finished 
flavors that maintain organoleptic performance in 
low- and no-alcohol beverages, including beers, 
ciders and spirits. We have developed a large 
palette of optimization tools to address taste and 
texture gaps in sugar- and fat-reduced nutritional 
drinks and alcoholic beverages, as well as to 
improve taste in non-alcoholic beers.
Supporting the consumer diet transformation
We are committed to accelerating the consum-
er-led global diet transformation by helping to 
create healthier, affordable great-tasting food 
and beverages with more natural and sustaina-
ble ingredients to enhance well-being for people 
and the planet. This is driven by our purpose 
and fully aligned with our Taste & Beyond ESG 
targets, around people, nature and climate. We 
believe taste is a fundamental catalyst to serve 
this transformation, with more natural, consum-
er-preferred eating and drinking experiences that 
deliver better nutrition and help to serve the plant-
based revolution. 
Transforming into natural
We are committed to deriving the best from 
nature with the most positive impact. Our Naturals 
Transformation ambition answers the consumer 
demand for more natural and less-transformed 
products with a better impact on the environment. 
We are doing this through sustainable procure-
ment standards, collections of certified ingredients 
with strong involvement at source, and constant 
innovation.
We are continuously improving our ability to meas-
ure our sustainability footprint with new proprie-
tary digital tools that allow us to share knowledge 
on our ingredients, with the objective of providing 
our customers with ever-greater transparency to 
meet the requirements of consumers. We continue 
to evolve our creation palette with a portfolio of 
natural and clean label ingredients, utilizing pro-
prietary gentle extraction technology to bring 
authentic flavor while minimizing plant waste.
We recently launched our Best In Class Lemon 
portfolio (BICL) to serve the growing demand 
for clean label products, offering natural extract 
claims and organic certifications. BICL is a curated 
portfolio offering a range of lemon profiles selected 
through extensive consumer sensory insights that 
delivers winning performance and consumer-pre-
ferred taste.  
Plant-based revolution
We are helping to accelerate the plant-based 
revolution with better, more diverse meat and 
dairy analogs through our SmartProteins® con-
tinuous innovation program, featuring proprie-
Performance review

CORPORATE GOVERNANCE
41
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
Enterprise Risk Management
Our Enterprise Risk 
Management (ERM) 
framework aims at 
identifying, assessing 
and mitigating risks 
that could impact the 
execution of Firmenich’s 
strategy and its long-term 
business success.
OBJECTIVES
ERM ensures we adequately protect the Company 
while allowing a calculated level of risk in running 
our business. It provides a common framework to:
•  Help management identify underlying trends 
and any changes that may negatively or posi-
tively affect the Company
•  Mitigate the associated threats and leverage 
identified opportunities, leading to stronger 
performance
•  Support risk-informed decision making
•  Safeguard Firmenich's Fundamentals and the 
Company’s assets
•  Provide reasonable assurance that risks will not 
prevent our Company from reaching its objec-
tives.
Enterprise Risk Management 
ensures we adequately protect 
the Company while allowing 
a calculated level of risk in 
running our business. 
APPROACH
Our ERM follows a rigorous and pragmatic 
approach, tailored to the Company’s needs. It pro-
motes a risk awareness culture and empowers 
management to foster the Company’s resiliency, 
sustainability and value creation. 
PROCESS AND GOVERNANCE
The ERM aims at including all divisional and 
organizational processes. We run a yearly risk 
management cycle which includes the following 
activities:
•  Structured risk identification on the basis of an 
overall risk universe, leveraging internal and 
external inputs
•  Risk assessment, involving risk analysis to 
understand the underlying drivers, and the defi-
nition of likelihood and impact
•  Risk mitigation through the formulation of risk 
responses and mitigating actions
•  Periodic monitoring and reporting on risk evo-
lution and mitigating actions
•  Follow-up on the emergence of new risks 
throughout the risk management cycle
The Finance, Audit & Risk Committee of Firmen-
ich’s Board of Directors (FA&RC) oversees the 
Company’s strategic approach to risk manage-
ment; its execution is delegated to the Executive 
Committee.
The Risk Committee oversees the execution of 
the ERM process and meets on a quarterly basis. 
It reviews and validates the results of the risk 
assessment and assigns top corporate risk spon-
sorship. The Risk Committee is chaired by the 
Chief Executive Officer and is composed of the 
Chief Financial Officer, the Chief Operating Officer, 
the Presidents of the Commercial Divisions, the 
General Counsel, the Chief Supply Chain Officer 
and the VP Enterprise Risk Management (secre-
tary). 
Enterprise Risk management

CORPORATE GOVERNANCE
42
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
STRATEGIC AND COMMERCIAL RISKS
Firmenich is exposed to a number of strategic and 
commercial risks, including:
•  Risk of changing consumer preferences and 
emergence of new consumption trends
•  Risk of business model inadequacy or obso-
lescence, incl. changes brought by technology 
trends
•  Risks associated with the execution of our digital 
business transformation
•  Risk of increased competition as a result of 
change in market dynamics or emergence of 
new market entrants
•  Risks associated with the integration of acqui-
sitions
Mitigation strategy:
•  We run an efficient consumer and customer 
insights function
•  We leverage strong business intelligence and 
continuously monitor the competitive landscape 
•  Our management and Board regularly reassess 
and adapt our business model and strategy
•  We have established a digital transformation 
roadmap and continuously track its realization
•  We apply a thorough acquisition integration 
approach and monitor the realization of the 
acquisition business cases
ENVIRONMENTAL AND SUSTAINABILITY 
RISKS
Risk of climate change
Climate change may impact our ability to operate 
in certain locations, result in additional costs, or 
disrupt operations; it may also create sourcing 
issues, in particular for natural raw materials.  
Risk linked to increasing demand for 
responsible products
There is an increasing demand for responsible 
products. Firmenich’s ability to respond to this 
consumer macro trend in terms of sustainability 
and transparency bears risk with respect to sup-
plier selection and their ESG performance, as well 
as raw material traceability.
Mitigation strategy:
•  According to our ESG strategy, we are committed 
to drive our company to a carbon positive and 
water neutral future by 2030. Ambitious ESG 
goals have been set across three key areas: 
Acting on Climate Change, Embracing Nature, 
and Caring about People.  
   -  Clear and ambitious targets are defined in 
terms of reduction of CO2e emissions, renew-
able energy consumption and waste reduction.
   -  Our Nature commitments are focused on 
renewability, certification and biodegradability 
of our products.
•  We continue to develop new partnerships and 
supplier programs to further strengthen our 
responsible sourcing commitment, guided by 
our Responsible Sourcing Policy. 
Our ERM follows a rigorous 
and pragmatic approach, 
tailored to the Company’s 
needs. It promotes a risk 
awareness culture and 
empowers management 
to foster the Company’s 
resiliency, sustainability and 
value creation. 
Enterprise Risk management

CORPORATE GOVERNANCE
43
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
OPERATIONAL RISKS
Firmenich is exposed to a number of operational 
risks, due to its global footprint but also driven by 
the large-scale recent events, including Covid-19 
and more recently the war in Ukraine. Key risks 
include:
•  Risk of disruption or breakdown of our opera-
tions as a result of external or internal factors 
and events that may threaten our ability to pro-
duce and deliver quality products on a timely 
basis
•  Risk to raw material availability, and of price 
volatility that may hinder our ability to produce 
quality products on a timely basis at a compet-
itive price
•  Geopolitical risks, uncertainty and events that 
may result in business disruption and / or secu-
rity threats
•  Cybersecurity risks that may result in loss or 
theft of data, or disruption of operations
•  Risk of not acquiring and retaining the right tal-
ents and missing critical competencies
Mitigation strategy:
•  The Business Continuity Management (BCM) pro-
cess enables us to identify and mitigate risks 
that could affect our business, operations and 
manufacturing plants
•  We run effective raw material sourcing and sup-
plier risk management processes and tools to 
anticipate issues and prevent supply shortages
•  We continuously monitor safety stocks and work 
on single source reduction, including in-house 
production capabilities for key raw materials
•  We are committed to protecting our people, pro-
cesses and assets. The health, safety and secu-
rity of our employees are our highest priority
•  We monitor cyber risks on an ongoing basis. 
We continuously upgrade our systems and infra-
structure and train people to mitigate occur-
rence and impact of cyber threats	
•  We leverage strong employer branding to attract 
the best talents. HR practices in place support 
talent growth, succession planning and diversity. 
Inclusion and wellbeing programs addressing 
physical, mental, social and financial wellbeing 
are available for our employees.
FINANCIAL RISKS
Firmenich is exposed to usual financial risks, 
including foreign exchange risk, inflation risk, 
interest rate risk, credit risk and liquidity risk.
Mitigation strategy:
•  We have Finance Corporate policies in place 
to drive financial risk management across the 
group and we monitor their execution centrally
•  Group Treasury is actively monitoring the foreign 
currency exposure and implements a hedging 
strategy where relevant
•  The Credit Committee monitors and manages 
customers’ financial risk exposure
LEGAL, REGULATORY & COMPLIANCE RISKS
Legal & compliance risks
Our international operations are subject to regu-
latory and compliance risks. Illegal or unethical 
behaviours, including fraud and corruption, may 
result in business interruption, financial and rep-
utational damages. 
Product compliance risks
A non-compliant product from a quality or safety 
standpoint may result in consumer health issues, 
customer complaints, and product liability claims 
leading to financial or reputational damages.
Mitigation strategy:
•  Our Fundamentals, the Code of Ethics and the 
Corporate Policies provide a comprehensive 
framework to manage legal and compliance 
risks and we continuously promote best prac-
tices and risk awareness
•  We proactively monitor regulatory evolution in 
areas relevant to Firmenich and assess business 
impacts so that strategy and operations can be 
adapted when applicable
•  Our Quality, Health, Safety, and Environment 
(QHS&E) Principles and Codes aim at providing 
best-in-class product quality and service to cus-
tomers. We market, produce, distribute and sell 
products that meet or exceed customer require-
ments and aim to achieve the highest standards 
of QHS&E performance, starting at the product 
design stage
•  We have rigorous regulatory processes and sys-
tems to ensure product safety and compliance
Enterprise Risk management

44
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
Corporate Governance
In all it does, Firmenich 
strives to reach the highest 
governance and operating 
standards, and live by our 
Fundamentals – the values 
determined by our family 
shareholders many years 
ago.
Our governance framework supports sus-
tainable financial performance as well as 
long-term value creation for all our stake-
holders: our share and bond holders, our 
employees, our customers, and the com-
munities in which we operate.  
Firmenich's corporate governance princi-
ples are embedded in our key governance 
documents, in particular in the Articles 
of Association and the Regulations of the 
Board of Directors (the “Board Regula-
tions”). To support our commitment to 
maintaining the highest standards, the 
Governance and Sustainability Committee 
regularly reviews the Company's corporate 
governance principles and the key govern-
ance documents against evolving best prac-
tice standards and new developments.

45
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
GENERAL MEETINGS
The Shareholders’ Annual General Meeting (“AGM” 
or “General Meeting”) must be held within six 
months after the end of the financial year (June 30) 
and generally takes place in early October. Share-
holder Meetings may be requested by the Board, 
the external auditor or shareholders representing 
at least 10% of the share capital or representing 
shares with an aggregate nominal value of CH 1 
million.
POWERS
The following powers are vested exclusively in the 
General Meeting:
• Adoption and modification of the Articles of 
Association
• Appointment of the members of the Board of 
Directors, the Chairman of the Board, the mem-
bers of the Human Capital Committee and the 
external auditors
• Approval of the maximum aggregate annual 
compensation of the Board and DG members
• Approval of the management report and the 
consolidated financial statements
• Approval of the financial statement of Firmen-
ich International SA, and of the appropriation of 
available earnings, including dividends
• Discharge of Board members
• Approval of increases/reductions of share cap-
ital
• Decisions on other matters that are reserved by 
law or by the Articles of Association.
PRINCIPAL MISSION
In accordance with Swiss law, the Articles of Asso-
ciation and the Board Regulations, the duties of the 
Board of Directors include the overall manage-
ment of the Company, defining the organization, 
overseeing risk control, the ultimate supervision 
of the persons entrusted with managing the com-
pany, in particular with regard to compliance with 
the law, organizing the accounting, financial con-
trol and financial planning systems, notifying the 
court in case of insolvency, verifying the qualifica-
tions of the auditors and overseeing the manage-
ment and maintenance of the Fundamentals. The 
Board sets the strategic direction for Firmenich, 
appoints and oversees the CEO and Executive 
Committee (“DG”), convenes the AGM, approves 
the Company’s ESG strategy and ESG report, as 
well as the Company’s compensation policies and 
major transactions and investments.
COMPOSITION
Except in extraordinary circumstances, the Board 
is composed of seven to nine members in accord-
ance with Article 21 of the Articles of Association. 
A majority of the members must be directors 
independent from the shareholders. The Board is 
currently composed of nine members, of which 
five are independent, and four are members of the 
Firmenich family.
ELECTION AND TERM OF OFFICE
Board members, including the Chairman, are 
elected individually by the shareholders at the 
General Meeting, for a three-year term of office 
(unless otherwise decided by the General Meet-
ing). The members of the Human Capital Com-
mittee, which is the Committee responsible for 
Compensation, are elected individually by the 
shareholders at the General Meeting for a one-
year term of office, which expires at the next AGM. 
The Board must ensure that the mandates of at 
least two board members expire at each AGM.
According to our Articles of Association, the man-
date of any Board member automatically termi-
nates on the date of the AGM called to approve 
the accounts for the financial year in which any 
such Board member has attained the age of 70. In 
addition to the age limit, the Articles of Association 
foresee that Board mandates may be renewed for 
up to five consecutive mandates.
SUCCESSION PLANNING
The Human Capital Committee ensures effective 
succession plans for the Board, the CEO, and the 
DG. Candidates are interviewed by the Board, 
and the Human Capital Committee makes a rec-
ommendation to the full Board, which ultimately 
decides on the appointments, subject to the pow-
ers of the AGM to elect Board members. 
INDEPENDENCE
We assess the independence of the Non-Family 
Board Members coming up for election/ re-elec-
tion. The Firmenich independence criteria provide, 
in particular, that no Board member may have a 
contractual relationship with Firmenich, have 
been an employee or DG member of Firmenich 
in the last 3 years, nor hold shares in Firmenich 
(whether directly or indirectly).
Shareholders
Board of Directors

46
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
MANDATES OUTSIDE THE 
FIRMENICH GROUP
According to the Article of Association, mandates 
are limited to five, in addition to the Company 
Board mandate. “Mandates” means holding the 
position of a director in a for-profit commercial 
enterprise. Pro-Bono mandates in family-owned 
entities of the Board member, Advisory Boards, 
and mandates in not-for-profit entities are not 
taken into account, provided the level of commit-
ment in these is not incompatible with the work 
required for the Firmenich Board. Mandates in 
entities of the same group of companies count as 
one mandate.
DIVERSITY
Firmenich has long been convinced by the ben-
efits of Board diversity, fostering a greater vari-
ety of problem-solving approaches, perspectives, 
and ideas. Firmenich’s five independent Board 
Members represent 5 nationalities. Of the Fir-
menich Board members, 33% are female and 67% 
male. 55% are above the age of 60, and 45% aged 
between 40 and 60.
SELF-ASSESSMENT
The Board performs a complete review of its per-
formance every 3 years, covering topics includ-
ing roles & responsibilities, Board governance, 
impact, composition, and skills. The process is 
supported by an external consultancy firm. The 
last assessment was done in 2020.
From Left to Right:
Richard Ridinger, Karen Jones Easton, Antoine Firmenich, Patrick Firmenich, Pierre Bouchut, Barbara Kux, 
André Pometta, Ajai Puri, Diana Oltramare
BOARD SKILLS
The Human Capital Committee periodically reviews 
the composition and size of the Board to ensure 
that the Board has the proper expertise, and con-
sists of sufficient diversity including diversity of 
gender, backgrounds, knowledge, and experience 
to meet the needs of the Company. To learn more 
about our Board members, please refer to their 
biographies below.

47
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
1. PATRICK FIRMENICH
Chairman, Chair of the Human Capital Committee
Swiss national, born 1962.
Board Member since 2002.
Chairman of the Board since 2016.
Patrick Firmenich was appointed Chairman of the Board 
of Firmenich in October 2016, after first joining the Board 
in 2002 when he became CEO of Firmenich. Patrick served 
as the Group’s CEO for 12 years, from 2002 to 2014. During 
this time, he maintained Firmenich’s leadership in Perfum-
ery and Ingredients, while implementing a long term vision 
for the Company’s Flavors Business Unit. He also sustained 
Firmenich’s above average investment in R&D and legacy of 
game-changing technologies, while setting an ambitious sus-
tainability strategy for the Company and leading the Company 
to achieve world class HS&E performance. 
Patrick first joined Firmenich in 1990, and spent a decade suc-
cessfully leading the strategic development of the Company’s 
International Fine Fragrance business in New York and Paris 
before being appointed to the Executive Committee in 1999.
Patrick is a Board member of the UBS Group SA, Jacobs Hold-
ing AG, INSEAD, and the INSEAD World Foundation. He also 
serves as a member of the Advisory Council of the Swiss Board 
Institute. 
He is the winner of the 2020 EY Entrepreneur of the Year™ 
Switzerland award for Family Business.
Patrick holds a law degree from the University of Geneva 
and qualified as a barrister in 1987. He also holds a Master’s 
degree in Business Administration from INSEAD in Fontaineb-
leau.
2. BARBARA KUX
Vice-Chairman, Chair of the Governance and 
Sustainability Committee
Swiss national, born 1954.
First joined 2008-2011, rejoined since 2013.
Barbara served on the Firmenich Board from May 2008 
to October 2011. She rejoined the Board in 2013 and was 
appointed Vice-Chairman in 2016. Barbara has over 30 years 
of experience in management positions with leading interna-
tional industrial and consumer goods companies. She started 
her career as a management consultant with McKinsey.
In 2008, she was appointed the first woman to the Managing 
Board of Siemens AG where she increased results from supply 
chain management and green technologies, as she had done in 
her previous role at Royal Philips, where she was a Member 
of the Group Management Committee from 2003 to 2008. As 
Member of the SDSN Leadership Council for the UN she has 
contributed to the development of the Sustainable Develop-
ment Goals (SDGs).
Barbara is Member of the Supervisory Board of Henkel AG & 
Co. KGaA and a member of the International Advisory Board 
of Adobe. In addition, she has been appointed as a Member of 
the Advisory Boards of INSEAD, the Max Schmidheiny Stiftung 
and the Department of Economics at the University of Zurich.
She is a lecturer for sustainability at the University of St.Gallen 
and has been appointed Director for Corporate Governance 
at INSEAD.
Barbara holds a Master’s degree in Business Administration 
with Distinction from INSEAD in Fontainebleau. INSEAD has 
recognized her among the 50 Alumni who changed the World.
3. PIERRE BOUCHUT
Board Member, Chair of the Finance, Audit and Risk 
Committee
French national, born 1955.
First joined 2016.
Pierre was the Chief Operating Officer for Europe and Indo-
nesia and a member of the Management Board of Ahold Del-
haize until September 2018. Prior to the merger of Ahold and 
Delhaize, Pierre was the Executive Vice President and Chief 
Financial Officer of Delhaize Group having joined them in 2012.
Before joining Delhaize Group, Pierre was Chief Financial 
Officer and then Executive Director of Growth Markets at Car-
refour, overseeing operations in Latin America, Turkey, India, 
Indonesia and Malaysia. He also oversaw Carrefour Personal 
Financial Services operations worldwide and was in charge of 
IT and Real Estate globally. Pierre also worked at the Schnei-
der Group as Chief Financial Officer and member of the Man-
agement Board, developing numerous initiatives in structured 
finance, risk management and external growth; was CEO of 
Casino group; worked at McKinsey & Company as a consultant 
in the corporate finance and integrated logistics practices; and 
prior to that, was with Citibank in Paris.
He is a Board Member of  Geopost SA (a subsidiary of the 
French Post Office), Albioma SA (a company specialized in the 
production of “green” electricity), Entain Plc (a sports bet-
ting and gaming group) and  Pepco NV (a pan-European retail 
group). In addition, he was recently appointed as Board mem-
ber of Tom&Co (a pet food and supplies retailer). 
A graduate of HEC Paris, he holds a Master’s degree in Applied 
Economics from the University of Paris Dauphine.

48
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
4. ANTOINE FIRMENICH
Board Member, Member of the Governance & 
Sustainability and Finance, Audit & Risk Committees
Swiss national, born 1965.
First joined 2009.
Antoine Firmenich joined the Board of Firmenich in 2009. He 
was a Board Member of Sentarom SA, Switzerland, the holding 
company of the Firmenich group of companies, from 2004 until 
2015, serving as its Chairman from 2009 until 2015.
Since 2008 Antoine is the CEO & Managing Director of Aquilus 
Pte Ltd in Singapore. He is a founding partner of Alatus Capital, 
a value investment management firm which has worked over 
the past decade and a half with a number of preeminent global 
foundations, pension funds, endowments, and discerning long-
term investors. 
Over the last 15 years, Antoine has been increasingly involved 
in climate and sustainability issues, specifically supporting basic 
research projects on several continents, and driving high impact 
investment and policy initiatives centered on health and educa-
tion, and the long-term health of oceans and coastal ecosystems. 
Prior to his current role, Antoine worked at Firmenich in a 
number of leadership roles within the Flavors division, which 
included responsibility for the Flavors division Sweet Goods 
Global Business Unit, its Savory Global Business Unit and for 
all Encapsulated solutions.
He has served on a number of corporate boards, including SIX-
listed Nobel Biocare, the world’s largest dental implant and dig-
ital dentistry company (since taken over by Danaher in the U.S).
He holds a BS in Life Sciences from the Massachusetts Institute 
of Technology (MIT), a PhD in Biochemistry from Stanford Univer-
sity School of Medicine and an MBA from the Stanford University 
Graduate School of Business. 
5. DIANA OLTRAMARE
Board Member, Member of the Governance and 
Sustainability Committee
Swiss national, born 1979.
First joined 2021.
Diana Oltramare was appointed to the Board of Sentarom SA, 
the holding company of the Firmenich group of companies in 
2018, and has been serving as its Vice-Chair since 2021. Prior 
to joining the Sentarom Board, Diana worked successively as 
an Associate in Geneva law firm Bonnant Warluzel & Associés, 
and a Risk Manager at Swiss private bank Lombard Odier. She 
also had training experience working within the legal advisory 
team of UBS Financial Services in New York.
Diana holds a law degree from the University of Geneva and was 
admitted to the Geneva Bar in 2007.
6. KAREN JONES EASTON CBE
Board Member, Member of the Human Capital 
Committee
British national, born 1956.
First joined 2011.
Karen has over 30 years of experience in creating, developing, 
and leading hospitality businesses across the U.K. She was 
previously CEO of Spirit Group Ltd (a 2,500 strong pub group) 
and Co-Founded the Pelican Group Plc, the owner of several 
successful restaurant chains.
Karen is Executive Chairman of Prezzo, chairs Hawksmoor 
(backed by Graphite Capital), Mowgli Street Food (backed 
by Foresight Group) and Frontier Pubs (a JV with Ei Group/
Stonegate Pubs). She was appointed as Commissioner for The 
Crown Estate in 2020 and is a member of the Board of online 
food delivery company, Deliveroo Plc where she chairs the 
remuneration Committee.
Karen chairs the Board of National Theatre Enterprises Ltd, 
sits on the Imbiba Advisory Board and is a Patron of the 
National Society for the Prevention of Cruelty to Children.
She holds a BA in English and American Literature from the 
University of East Anglia in the UK, which also awarded her 
an honorary doctorate and where she is now Chancellor. She 
spent a year at Wellesley College, USA.
In the Queen’s Birthday Honours in June 2022, Karen was 
awarded the honour of DBE (Dame Commander of the British 
Empire) for Services to Business and Hospitality.

49
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
7. ANDRÉ POMETTA
Board Member, Member of the Human Capital 
Committee and Finance, Audit and Risk Committees
Swiss national, born 1965.
First joined 2003.
André Pometta joined the Firmenich Board in 2003. He was 
a Board member of Sentarom SA from 2000 to 2008, and 
re-joined in 2014, serving as its Chairman since 2021.
Today, André works exclusively on innovative projects with 
investors, successful entrepreneurs, and executives. He 
advises and supports businesses and start-ups in the fields 
of social integration, clean tech, and affordable tourism.
Prior to working independently, André was a member of 
Firmenich’s Flavour Executive Team until 2013 and was 
appointed President of Firmenich China in 2008. He played 
an active role in the restructuring of the division, building a 
culture of customer & consumer centricity, and was instru-
mental in establishing China as its own independent region 
within the organization.
André joined Firmenich in 1997 in the Fragrance division. 
He spent most of his career working for customers in China, 
Southeast Asia, Eastern Europe and the Middle East, where 
he successfully led and implemented strategies that delivered 
significant growth with local customers in emerging markets. 
André started his career in the Philippines working more than 
four years for the Zuellig Group where he held various posi-
tions in sales, marketing and operations.
André is a Board Member of Smixin SA (a cleantech company).
André holds a BS in Economics from HEC Lausanne, Switzerland. 
8. DR. AJAI PURI
Board Member, Member of the Governance and 
Sustainability and Human Capital Committees
U.S./U.K. national, born 1953.
First joined 2014.
From 2003 to 2007, Ajai served as Executive Board Member 
and President – Research, Development and Product Integrity 
at Royal Numico, a specialized nutrition company. At Royal 
Numico, now part of Groupe Danone, he was responsible for 
developing and implementing a highly successful science 
driven, consumer-led R&D strategy in the areas of early life 
and medical nutrition. He also served as Principal Crisis Man-
agement Officer at the Company. Prior to Royal Numico, Ajai 
had a long career at The Minute Maid Company / The Coca-
Cola Company in the U.S. During this 22 year period, he held a 
various positions of global scope including that of Senior Vice 
President Technical (Science and Technology). 
Ajai holds non-executive directorships at Britannia Industries 
Ltd, one of India’s largest independent food groups, Olam 
International, a leading global food and agri-business and at 
IMI Plc, a specialist engineering group. He was also recently 
appointed as non-executive director of Califia Farms, a North 
American leader in plant milks and premium ready-to-drink 
coffee. His previous board mandates include non-executive 
directorships with Nutreco NV, Barry Callebaut AG and Tate 
& Lyle Plc.
He holds a Ph.D. in Food Science from the University of Mary-
land, College Park, United States and an MBA from the Crummer 
School, Rollins College, Orlando, United States.
9. RICHARD RIDINGER
Board Member, Member of the Finance, Audit and 
Risk Committee
German national, born 1958.
First joined 2016.
Richard has extensive experience in science-driven organ-
izations. His most recent role was as the CEO of Lonza, a 
global leader in Life Sciences which he held until 2019. In this 
position, he strengthened Lonza’s market position in relevant 
markets, and drove competitive capabilities and productivity 
improvement in critical areas. Prior to becoming CEO at Lonza, 
he was responsible for Care Chemicals, the largest group at 
Cognis, a former division of Henkel, with approximately 3,000 
employees. A trained chemical engineer, his experience spans 
process development, production management, product and 
marketing management, leading global business units and 
responsibility for leading a worldwide specialty chemicals 
group. 
Richard is Chairman of the Board of Recipharm AB, Chairman 
of the Advisory Committee of Zentiva, Board Member of SHL 
Medical AG, Member of the Advisory Group of NOVO Holding 
and member of the Supervisory Board of Brenntag AG.
He holds a Master’s degree in chemical engineering from the 
University of Karlsruhe in Germany.

50
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
Board Committees
ROLE OF THE BOARD COMMITTEES
In accordance with the Articles of Association, 
the Board may establish Committees to assist it 
in preparing decisions in the areas of its compe-
tence. The Board sets out the composition and 
the responsibilities of the Committees in a Char-
ter. The Committees review the files submitted 
to them, conduct research and analysis when 
deemed necessary, and submit their recommen-
dations to the Board, which has sole authority to 
decide. The Board appoints the Committee mem-
bers and the Chair of each Committee, subject to 
the powers of the AGM to elect the members of 
the Human Capital Committee. 
EMBEDDING ESG IN ITS GOVERNANCE
At the 2021 AGM, in anticipation of new Swiss leg-
islation on non-financial reporting requirements, 
the shareholders approved the Company’s ESG 
report in a non-binding vote.
In 2022, the Board reinforced its governance in 
ESG matters through the creation of a Govern-
ance and Sustainability Committee and a Human 
Capital Committee. With these changes, the Board 
reviewed the composition of its Committees, and 
the shareholders unanimously approved the 
members of the new Human Capital Committee at 
an Extraordinary General Meeting held on March, 
3 2022. The Governance and Sustainability Com-
mittee reviews Firmenich’s ESG strategy, and the 
Human Capital Committee reviews the company’s 
performance against its Human Capital goals, 
including Diversity & Belonging. The existing 
Finance, Audit and Risk Committee reviews the 
reported ESG results. Oversight of Firmenich’s 
ESG ambitions and strategy remain the respon-
sibility of the Board. 
Additional information on the primary responsibil-
ities of the Board Committees can be found below.
GOVERNANCE AND SUSTAINABILITY 
COMMITTEE
Members: Barbara Kux (Chair), Diana Oltramare, 
Antoine Firmenich, Ajai Puri 
Primary Responsibilities:
• Periodically review the Articles of Association 
and the Board Regulations/Committee Char-
ters and recommend changes to the Board for 
the purpose of fostering good corporate gov-
ernance and shareholder’s rights
• Periodically review the Board Committee struc-
tures
• Annually review the Board and DG members' 
external mandates
• Supports the Board in undertaking evaluations 
in the Board’s performance
• Review the Company’s ESG strategy and goals, 
and recommend it to the Board for approval
• Define and periodically review the Company’s 
ESG metrics
• Periodically review the Company’s ESG perfor-
mance against peer groups
• Review the Company’s ESG report and recom-
mend it to the Board for approval
HUMAN CAPITAL COMMITTEE
Members: Patrick Firmenich (Chair), Karen Jones 
Easton, André Pometta, Ajai Puri.
Primary Responsibilities:
• Periodically review the composition of the 
Board and its Committees and propose qual-
ified individuals to become members of the 
Board of Directors
• Prepare and maintain succession plans for the 
CEO and DG
• Review annually the performance of family 
associates employed within the Company
• Review annually the performance of the Com-
pany’s People strategy, including the Diversity 
and Belonging strategy
• Prepare the compensation report and submit it 
to the Board for approval 
• Review the design and implementation of the 
Company’s compensation principles, variable 
compensation and long-term incentive plans
• Propose to the Board the aggregate compen-
sation for the Board and the DG, for approval 
by the AGM
FINANCE, AUDIT & RISK COMMITTEE
Members: Pierre Bouchut (Chair), Antoine Firmen-
ich, André Pometta, Richard Ridinger 
Primary Responsibilities:
• Oversee the external auditors that audit the 
Company’s financial statements and ESG report 
and review their performance
• View the structure, funding, and accruals of the 
Company employee pension funds
• Review periodic reports of the Internal Audit 
function
• Approve Enterprise Risk Management govern-
ance and methodology
• Review the process for monitoring compliance 
within the Company of the Code of Ethics
• Ensure the Company’s ESG reporting is in com-
pliance with the standards set by the Govern-
ance and Sustainability Committee, and review 
and evaluate the internal controls in place to 
ensure integrity and accuracy of the Company’s 
ESG results
THE CHAIRMAN
In addition to the powers laid down in the Arti-
cles of Association, the Chairman’s responsibil-
ities include organizing the affairs of the Board 
to ensure the Company moves forward with its 
strategies, reviewing with the CEO the major stra-
tegic projects before submissions to the Board, 
communicating to the Board any information that 
may have a significant impact on the Company’s 
strategy, reviewing actual and potential conflicts 
of interest of a Board member, and maintaining 
regular and frequent contact with the CEO outside 
Board meetings, as well as with the DG members.
Patrick Firmenich, Chairman of the Board, is a Fir-
menich family member and non-executive Board 
member.
DELEGATION OF MANAGEMENT
The Board delegates day to day business man-
agement of the Group to the CEO subject to the 
powers of the Board reserved by law, the Articles 
of Association, and the Board Regulations.
CHIEF EXECUTIVE OFFICER
The CEO, assisted by the Executive Committee (DG), 
is primarily responsible for the business manage-
ment of the organization, including embedding the 
Firmenich Fundamentals throughout the Group, 
presenting the Group’s strategy and general poli-
cies to the Board for approval, and driving business 
development. The CEO leads the DG in order to 
achieve the strategic plans and annual budgets of 
the Group, communicates relevant updates to the 
Board, ensures the implementation of the ESG strat-
egy and crisis management framework, proposes to 
the Board the appropriate organizational model to 
achieve the Group’s objectives and ensures compli-
ance with the law and the Code of Ethics.

51
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
BOARD OF DIRECTORS  
Meetings held between July 1, 2021 
and June 30, 2022: 14
BOARD MEMBER  
Number of Board 
meetings/calls attended
Patrick Firmenich
14
Barbara Kux
14
Pierre Bouchut
13
Antoine Firmenich
14
Michel Firmenich 
(resigned on 
October 5, 2021)
2 
Karen Jones Easton
13
Diana Oltramare  
(elected on 
October 5, 2021)
12 
André Pometta
14
Ajai Puri
14
Richard Ridinger 
13
With the creation of the Governance and Sustain-
ability and Human Capital Committees in March 
2022, the previously existing Governance and 
Compensation Committee and Nomination Com-
mittees ceased to exist under those names. Also 
in March 2022, the Board reviewed the composi-
tion of the Finance, Audit & Risk Committee. The 
below charts show attendance at the previous and 
existing Committees throughout the financial year.
Board and Committee attendance
GOVERNANCE & COMPENSATION 
COMMITTEE  
Meetings held between July 1, 2021 
and March 3, 2022: 6
GCC MEMBER
Number of GCC 
meetings/calls attended
Karen Jones Easton
6
Michel Firmenich 
(resigned on 
October 5, 2021)
3 
Antoine Firmenich
6
Diana Oltramare 
(appointed on 
October 5, 2021)
3 
Richard Ridinger 
6
GOVERNANCE & SUSTAINABILITY 
COMMITTEE  
Meetings held between March 3, 2022 
and June 30, 2022: 1
GSC MEMBER  
Number of GSC 
meetings/calls attended
Barbara Kux 
1
Antoine Firmenich
1
Diana Oltramare
1
Ajai Puri
1
NOMINATION COMMITTEE  
Meetings held between July 1, 2021 
and March 3, 2022: 2
NOM MEMBER 
Number of NOM 
meetings/calls attended
Patrick Firmenich
2
Michel Firmenich 
(resigned on 
October 5, 2021)
1 
Barbara Kux
2
Diana Oltramare 
(appointed on 
October 5, 2021)
1 
Ajai Puri
2
HUMAN CAPITAL COMMITTEE 
Meetings held between March 3, 2022 
and June 30, 2022: 1
HCC MEMBER     
Number of HCC 
meetings/calls attended
Patrick Firmenich
1
Karen Jones Easton
1
André Pometta
1
Ajai Puri
1
FINANCE, AUDIT& RISK COMMITTEE 
Meetings held between July 1, 2021 
and March 3, 2022, with former 
composition: 4
FARC MEMBER      
Number of FARC 
meetings/calls attended
Pierre Bouchut
4
Antoine Firmenich
4
Barbara Kux
4
André Pometta
4
FINANCE, AUDIT & RISK COMMITTEE 
Meetings held between March 3, 
2022 and June 30, 2022, with current 
composition: 2
FARC MEMBER 
Number of FARC 
meetings/calls attended
Pierre Bouchut
2
Antoine Firmenich
2
André Pometta
2
Richard Ridinger
2

52
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
RESPONSIBILITIES OF THE 
EXECUTIVE COMMITTEE (“DG”)
The DG supports the CEO in each of the CEO’s 
areas of responsibility, including ensuring com-
pliance with the Fundamentals, Code of Ethics, 
and law throughout the organization, preparing 
strategies and strategic plans, ensuring efficient 
operations and optimizing results, promoting 
internal and external communications, ensuring 
resources are used efficiently, and promulgating 
general policies, including people, safety and envi-
ronmental protection.
DIVERSITY
The DG’s nine members (which includes the CEO) 
are drawn from each of the Company’s key busi-
ness divisions and functions. Illustrating our inclu-
sive and diverse corporate culture, 4 of our DG 
members are female, and seven nationalities are 
represented.
GILBERT GHOSTINE
CEO
Gilbert Ghostine joined Firmenich in 2014 as the 
Group’s first non-family member CEO. Building 
on Firmenich’s legacy of worldclass research and 
creativity, exemplified by a Nobel Prize, he is firmly 
focused on shaping winning solutions for our cus-
tomers to delight their consumers worldwide. Fir-
menich’s groundbreaking science and innovation 
capability is working to address some of the great-
est global challenges, such as wellbeing, nutrition 
and harnessing digital transformation. Under Gil-
bert’s leadership, Firmenich has grown into a rec-
ognized global leader in Environmental, Social and 
Governance (ESG) performance, driven by bold and 
measurable ambitions. Firmenich grew at above 
5% organic CAGR over the last 8 years while secur-
ing 14 key acquisitions. Prior to leading Firmenich, 
Gilbert acquired a deep understanding of the Con-
sumer Goods and Luxury industries, for more than 
2 decades during 21 years with Diageo, the premium 
drinks company. He led the Diageo businesses 
across four continents: Africa, Asia Pacific, the United 
States and Europe. Gilbert holds a Master’s Degree 
in Business Administration from Saint Joseph Uni-
versity, Lebanon and completed Harvard Business 
School’s Advanced Management Program.
 
BOET BRINKGREVE
President, Ingredients 
Boet Brinkgreve has a track record of driving stra-
tegic growth and transformation at Firmenich since 
2007. As President of Ingredients & Procurement, he 
is responsible for strengthening the Group’s lead-
ership in naturals, biotech, biodegradable synthetic 
and renewable ingredients. Focused on driving the 
most competitive palette in the industry across per-
fumery and flavors, Boet leads the Group’s end-to-
end Ingredients business, spanning sales, portfolio 
management and industrial operations, as well as 
new business segments, such as adhesives, cos-
metics and agriculture. He is also responsible for 
the strategic leadership of Procurement, overseeing 
global sourcing, procurement and supplier collab-
oration. Previously, Boet held the position of Chief 
Supply Chain Officer. Prior to joining Firmenich, Boet 
worked for DuPont in several senior roles, in pri-
vate equity and ran various start-ups. Boet holds a 
Bachelor’s degree in Mechanical Engineering from 
HTS Den Bosch, and an Executive MBA from INSEAD.
 
EMMANUEL BUTSTRAEN
President Taste & Beyond
(Nominated Chief Integration Officer effective 
July 12, 2022)
Emmanuel joined Firmenich as President of Taste & 
Beyond in 2018 and has been driving the business’ 
transformation to become the global innovation part-
ner of choice to the food and beverage industry, lead-
ing growth across the Group’s three segments: Bev-
erages, Sweet Goods, and Savory. Creating winning 
solutions for customers with a focus on enhanced 
well-being, he has put Firmenich’s expertise to work 
making healthier choices taste great, from sugar and 
salt reduction, to plant proteins, clean label offerings 
and functional nutrition solutions. Prior to Firmen-
ich, Emmanuel was President of Solvay’s Novecare 
global business unit, preceded by 17 years with 
BASF, where he served as Strategy Senior VP of the 
Agricultural Products division. Emmanuel graduated 
as an Agricultural Engineer and obtained an MBA, 
both from the University of Lille, France. 
Executive Committee (Direction Générale “DG”)

53
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
 
BENOIT FOUILLAND
Chief Financial Officer 
Benoit joined Firmenich as Chief Financial Officer in 
September 2020. He is responsible for leading the 
Company’s global finance organization and serves 
as Secretary of the Finance, Audit & Risk Committee 
of the Board of Directors. Benoit brings extensive 
experience of building and leading finance organi-
zations at global technology companies, including 
Business Objects, SAP and Criteo. In his most recent 
role as Criteo’s CFO he had a pivotal role in scaling 
the company through rapid growth and leading its 
highly successful NASDAQ IPO. A business minded 
leader with extensive public market CFO experience, 
Benoit is passionate about driving finance strategies 
to maximize company performance and enable sus-
tainable business success. He holds a Master’s in 
Management from the ESLSCA Graduate School 
of Business in Paris, a Master’s degree in Finance 
from Dauphine University in Paris and an MBA from 
INSEAD.
 
ERIC NICOLAS
Chief Operating Officer
Eric Nicolas oversees Corporate Strategy & M&A, 
Digitalization and Information Services, Business 
Process Excellence, Global Workplace Solutions, and 
Supply Chain. A champion of sustainable finance, he 
is a Board Member of the Livelihoods Carbon Fund, 
rated as “Best Corporate Offsetting Program” by the 
Voluntary Carbon Markets Rankings in 2016. Prior to 
joining Firmenich, Eric served as Senior Vice Pres-
ident, Corporate Controller and Group Strategy of 
the Renault Group in Paris, France. Eric holds a Mas-
ter’s in Econometrics from the University of Paris 
1 Panthéon-Sorbonne, a Doctorate in Economy and 
Organizational Sciences, a Master’s in Finance from 
HEC in Paris, and has successfully completed the 
International Directors Program at INSEAD.
 
DR. SARAH REISINGER
Chief Research Officer
Sarah has been driving Firmenich towards new 
frontiers of scientific excellence, building on the 
company’s legacy of industry-leading innovation. 
By embracing new technology to deliver break-
through solutions in a fast-changing world, she has 
harnessed a multidisciplinary and global approach 
to research and development. Sarah combines an 
extensive background in biotechnology with a strong 
track record in ingredients and technology devel-
opment for the consumer goods industry. Prior to 
joining Firmenich in 2018, she held pivotal roles 
at Ginkgo Bioworks, Intrexon and Amyris, having 
started her career in the field of biology and cancer 
therapeutics. She holds a bachelor’s in Biology from 
Harvey Mudd College, US, as well as a master’s in 
Plant Biology and a Ph.D. in Microbiology from the 
University of California, Berkeley, US.

54
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
 
ILARIA RESTA
President Perfumery 
Ilaria was named Firmenich’s President of Global 
Perfumery in 2020, and has since been transform-
ing the Fine Fragrance and Consumer Fragrances 
business. Ilaria has been leading organizational 
change and pioneering digital innovation to take 
on new markets, augment creative excellence, and 
drive sales for winning performance with our cus-
tomers. A passionate business leader with expertise 
in brand building, sales and P&L management, Ilaria 
has more than 22 years of experience with Procter 
& Gamble, building iconic home and personal care 
brands such as Tide, Ariel, Fairy, Swiffer, Duracell, 
Pantene, Head & Shoulders, Herbal Essences and 
Aussie, across Europe, Middle-East, China and North 
America. She was recognized as 2020 Brand Builder 
of the Year in the US by WWD (Women's Wear Daily) 
and won the 2022 Achiever Award from the Cosmetic 
Executive Women (CEW) organization. Ilaria holds 
a bachelor’s in Marketing and Economics from the 
University of Naples, Italy.
 
JANE SINCLAIR
General Counsel
Jane has led the governance functions of Firmenich 
since 2016, bringing over 30 years of international 
experience in FMCG, pharmaceuticals and research 
companies. With extensive experience in emerging 
and mature markets, Jane is committed to building 
trust to last by conducting responsible business 
for present and future generations. In addition to 
being the General Counsel, Jane leads the Legal & 
Compliance functions across Firmenich’s worldwide 
operations with direct oversight of Legal; Intellec-
tual Property; Quality, Health, Safety & Environment; 
Regulatory; Business Ethics and Trade Compliance. 
With her commitment to responsible business, the 
company's leadership in environmental, safety and 
regulatory stewardship has been recognized glob-
ally. Prior to joining Firmenich, Jane worked in mul-
tiple senior roles in the Asia Pacific, US, Europe and 
Australia for Abbott, AbbVie, Genea and The Coca-
Cola Company. Jane holds an LL.B. in Asian Studies 
and Law from the Australian National University, an 
MBA from Deakin University, Australia, and success-
fully completed the INSEAD International Directors 
Program.
 
MIEKE VAN DE CAPELLE
Chief Human Resources Officer
Mieke joined Firmenich as Chief Human Resources 
Officer in 2016. She has been responsible for leading 
the Global Human Resources, Sustainability and Cor-
porate Communications functions, setting the com-
pany’s strategy and winning culture as a responsible 
business, with the additional responsibility of being 
the Secretary of the Governance and Compensation 
Committee of the Board of Directors. Under her lead-
ership, Firmenich obtained the EDGE global certifica-
tion for gender equality, as one of only seven com-
panies worldwide, and Ethical Corporation’s global 
Diversity & Inclusion Award. A seasoned leader with 
20 plus years of broad consumer goods experience, 
Mieke has worked across Europe, the US and Asia. 
She holds a master’s degree in International Com-
munication Strategy from the University of Bur-
gundy, France, a master’s degree in Philology from 
Ghent University, Belgium, and diplomas in Business 
Administration and Management as well as Organi-
zational Leadership from IMD Business School.

55
FIRMENICH ANNUAL  
REPORT 2022
FINANCIAL STATEMENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
The external auditors audit Firmenich Interna-
tional SA consolidated financial statements and 
its subsidiaries (the Group) in order to provide an 
opinion on the consolidated financial statements 
and on the internal control system. Furthermore, 
the external auditors audit the Firmenich Interna-
tional SA financial statements in order to provide 
an opinion on the financial statements and on the 
internal control system.
At the AGM on 12 October 2010, KPMG SA was first 
appointed as Group and statutory auditor of Fir-
menich International SA and its affiliates and has 
held the audit mandate since that time. At the AGM 
on 5 October 2021, KPMG SA was reappointed as 
statutory auditor of the fiscal year 2022. The rota-
tion of the lead auditor follows the legally required 
maximum duration of seven years in accordance 
with art. 730 a par. 2 of the Swiss Code of Obli-
gations.
During the financial year, KPMG SA attended three 
Finance, Audit & Risk Committee (FARC) meetings.
External 
auditors

56
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Financial statements

57
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Consolidated financial statements
Consolidated income statement
For the year ended June 30
In millions of CHF
Notes
 2022 
2021
Revenue
27
4 722.7
4 272.1
Cost of goods sold
20/21
(2 876.0)
(2 513.2)
Gross profit
1 846.7
1 758.9
as % of revenue
39.1%
41.2%
Distribution expenses
20/21
(161.9)
(121.5)
Research and development expenses
20/21
(401.1)
(397.7)
Commercial and marketing expenses
20/21
(464.9)
(448.2)
Administration expenses
20/21
(322.2)
(276.3)
Other operating income
20
11.4
79.2
Operating profit
508.0
594.4
as % of revenue
10.8%
13.9%
Financing costs
22
(48.3)
(48.4)
Net other financial expenses
23
(13.7)
(18.9)
Remeasurement to fair value of pre-existing interest in an acquiree
6
23.7
-
Share of profit of jointly controlled entities and associates, net of taxes
6
10.3
5.7
Income before taxes
480.0
532.8
Income tax expense
24
(83.7)
(79.6)
Net income for the period
396.3
453.2
Attributable to:
Non-controlling interests
14
4.6
3.8
Equity holders of the parent
391.7
449.4
as % of revenue
8.3%
10.5%
Basic and diluted earnings per A share (in CHF)
13
483.57
554.88
Basic and diluted earnings per B share (in CHF)
13
48.36
55.49
The notes 1 to 33 are an integral part of these consolidated financial statements.
Firmenich International SA
Annual report 2022

58
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Consolidated financial statements
Consolidated statement of comprehensive income
For the year ended June 30
In millions of CHF
Notes
 2022 
2021
Net income for the period
396.3
453.2
Items that may be reclassified subsequently to the income statement
Exchange differences on translating foreign operations
12.4
(44.1)
Exchange differences on translating foreign operations in jointly controlled entities and associates
(10.2)
(6.6)
Items that will not be reclassified to the income statement
Remeasurement of employee benefit obligations
15
291.2
246.1
Equity investments at fair value through other comprehensive income
(139.9)
153.8
Related tax on remeasurement of employee benefit obligations
24
(41.8)
(38.3)
Related tax on equity investments at fair value through other comprehensive income
24
19.7
(21.6)
Total other comprehensive income for the period, net of tax
131.4
289.3
Total comprehensive income for the period
527.7
742.5
Attributable to:
Non-controlling interests
14
3.9
3.4
Equity holders of the parent
523.8
739.1
The notes 1 to 33 are an integral part of these consolidated financial statements.
Firmenich International SA
Annual report 2022

59
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Consolidated financial statements
Consolidated statement of financial position
As at June 30
In millions of CHF
Notes
 2022 
2021
Assets
Goodwill and intangible assets
3
2 900.3
2 888.4
Property, plant and equipment
4
1 688.7
1 635.0
Financial investments and other long-term assets
5
607.6
686.1
Investments in jointly controlled entities and associates
6
148.8
146.3
Deferred tax assets
24
83.6
116.5
Total non-current assets
5 429.0
5 472.3
Inventories
7
1 133.6
896.1
Trade accounts receivable
8/25
1 020.7
958.2
Other receivables and prepaid expenses
9
212.4
145.3
Derivative financial instruments assets
10/25
13.8
1.8
Current income tax assets
64.3
59.2
Financial investments
11/25
164.4
223.2
Cash and cash equivalents
25
591.7
571.4
Total current assets
3 200.9
2 855.2
Total assets
8 629.9
8 327.5
Equity and liabilities
Share capital
12
40.5
40.5
Retained earnings and other reserves
4 728.6
4 755.5
Remeasurement of employee benefit obligations
4.6
(244.8)
Translation of foreign operations
(532.1)
(527.6)
Equity attributable to equity holders of the parent
4 241.6
4 023.6
Non-controlling interests
14
55.0
44.9
Total equity
4 296.6
4 068.5
Employee benefit obligations
15
210.2
463.0
Provisions
16
11.9
12.7
Deferred tax liabilities
24
276.1
301.8
Long-term borrowings
17/25
2 250.3
2 287.5
Redemption liabilities
18
99.7
77.4
Other debt
18
35.3
18.1
Total non-current liabilities
2 883.5
3 160.5
Trade accounts payable
25
527.1
354.1
Other payables and accrued expenses
19
674.1
529.4
Derivative financial instruments liabilities
10/25
7.0
6.5
Employee benefit obligations
15
50.5
18.2
Provisions
16
4.6
11.5
Current income tax liabilities
80.8
80.8
Short-term borrowings
17/25
105.7
98.0
Total current liabilities
1 449.8
1 098.5
Total liabilities
4 333.3
4 259.0
Total equity and liabilities
8 629.9
8 327.5
The notes 1 to 33 are an integral part of these consolidated financial statements.
Firmenich International SA
Annual report 2022

60
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Consolidated financial statements
Consolidated statement of changes in equity
In millions of CHF
 Share capital 
 Retained 
earnings and 
other reserves 
 Remeasure- 
ment of 
employee 
benefit 
obligations 
 Fair value 
reserve 
 Translation of 
foreign 
operations 
 Attributable to 
equity holders 
of the parent 
 Non-
controlling 
interests (*) 
 Total Equity 
Balance as at July 1, 2020
40.5
4 377.8
(461.4)
6.5
(486.0)
3 477.4
45.0
3 522.4
Net income for the period
449.4
449.4
3.8
453.2
 Other comprehensive income for 
the period 
(17.5)
216.6
132.2
(41.6)
289.7
(0.4)
289.3
 Total comprehensive income 
for the period 
431.9
216.6
132.2
(41.6)
739.1
3.4
742.5
Dividends
(180.2)
(180.2)
(1.5)
(181.7)
Remuneration on deeply 
subordinated fixed rate resettable 
perpetual notes (note 12)
(7.6)
(7.6)
(7.6)
Changes in non-controlling 
interests
(5.1)
(5.1)
(2.0)
(7.1)
Net change in other equity items
(192.9)
(192.9)
(3.5)
(196.4)
Balance as at June 30, 2021
40.5
4 616.8
(244.8)
138.7
(527.6)
4 023.6
44.9
4 068.5
Balance as at July 1, 2021
40.5
4 616.8
(244.8)
138.7
(527.6)
4 023.6
44.9
4 068.5
Net income for the period
391.7
391.7
4.6
396.3
 Other comprehensive income for 
the period 
7.4
249.4
(120.2)
(4.5)
132.1
(0.7)
131.4
 Total comprehensive income
for the period 
399.1
249.4
(120.2)
(4.5)
523.8
3.9
527.7
 Dividends 
(250.3)
(250.3)
(1.3)
(251.6)
 Acquisition of business 
(24.8)
(24.8)
8.4
(16.4)
Remuneration on deeply 
subordinated fixed rate resettable 
perpetual notes (note 12)
(30.4)
(30.4)
(30.4)
Changes in non-controlling 
interests
(0.3)
(0.3)
(0.9)
(1.2)
Net change in other equity items
(305.8)
(305.8)
6.2
(299.6)
Balance as at June 30, 2022
40.5
4 710.1
4.6
18.5
(532.1)
4 241.6
55.0
4 296.6
The notes 1 to 33 are an integral part of these consolidated financial statements.
(*) Refer to note 14
Firmenich International SA
Annual report 2022

61
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Consolidated financial statements
Consolidated statement of cash flows
For the year ended June 30
In millions of CHF
Notes
 2022 
2021
Cash flows from operating activities
Net income for the period
396.3
453.2
Income tax expense
24
83.7
79.6
Income before taxes
480.0
532.8
Depreciation of property, plant and equipment
4/20
177.9
170.8
Amortization of intangible assets
3/20
106.9
102.6
Impairment losses
4/20
5.3
5.8
Changes in provisions and employee benefits
5.3
41.9
Other non cash items
4.5
(53.7)
Net interests
39.0
44.4
Share of profit of jointly controlled entities and associates
6
(10.3)
(5.7)
Adjustment for non-cash items
328.6
306.1
Changes in inventories
(242.4)
(37.6)
Changes in trade and other receivables
(132.9)
(44.9)
Changes in trade and other payables
330.7
72.5
Changes in working capital
(44.6)
(10.0)
Interests paid
(45.8)
(39.5)
Income tax paid
(97.4)
(96.1)
Cash flows from operating activities
620.8
693.3
Cash flows used in investing activities
Purchase of property, plant and equipment
4/27
(171.5)
(185.7)
Purchase of intangible assets
3/27
(37.8)
(38.1)
Disposal of intangible assets, property, plant and equipment
2.1
41.8
Net investments
(207.2)
(182.0)
Acquisition of businesses (net of cash)
2
(110.6)
(123.8)
Acquisition of jointly controlled entities and associates (net of cash)
6
(108.0)
(65.6)
Proceeds / (acquisition) of short-term financial investments
56.8
(103.8)
(Acquisition) / proceeds of long-term financial investments
(32.4)
1.8
Interests received
1.9
4.0
Dividends received
8.7
3.0
Cash flows used in investing activities
(390.8)
(466.4)
Cash flows used in financing activities
Proceeds from borrowings
17
195.5
41.8
Repayments of borrowings
17
(69.4)
(135.5)
Payment of lease liabilities
17
(44.9)
(46.4)
Payment of redemption liability and other debt
(0.1)
(29.7)
Remuneration on deeply subordinated fixed rate resettable perpetual notes
12
(30.4)
(7.6)
Dividend payment to equity holders of the parent
13
(250.3)
(180.2)
Acquisition of non-controlling interests
14
(4.3)
-
Dividend paid to non-controlling interests
14
(1.3)
(1.5)
Cash flows used in financing activities
(205.2)
(359.1)
Net decrease in cash and cash equivalents
24.8
(132.2)
Cash and cash equivalents
Cash and cash equivalents at beginning of period
571.4
704.7
Net effect of currency translation on cash and cash equivalents
(4.5)
(1.1)
Cash and cash equivalents at end of period
591.7
571.4
Cash and cash equivalents variation
24.8
(132.2)
The notes 1 to 33 are an integral part of these consolidated financial statements.
Firmenich International SA
Annual report 2022

62
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
1. Accounting information and policies
Firmenich Group
Basis of accounting
Critical accounting estimates and judgments
a) Impairment of goodwill
b) Pensions and other post-employment benefits 
Changes in significant accounting policies
Notes to the consolidated financial statements
The Firmenich International SA Board of directors approved for issue these consolidated financial statements on August 4, 2022. They are
subject to the approval by the Annual General Meeting on October 4, 2022.
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and liabilities, income and expenses, disclosure of contingent assets
and liabilities at the date of the financial statements. Actual outcomes could differ from those estimates. The estimates and underlying
assumptions are based on historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
The financial year 2022 covers the period from July 1, 2021 to June 30, 2022.
The Group operates various pensions and post-employment benefit plans. The net defined liability recognized in the statement of financial
position is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The
defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method and is determined by
discounting the estimated future cash outflows. The latter will depend on assumptions such as expected salary increases, pension
increases, plan participants withdrawal rate and life expectancy. The actuarial assumptions (including the discount rate) used may differ
materially from actual results e.g. due to changes in market and economic conditions, higher or lower withdrawal rates or longer or shorter
life spans of participants and significantly impact the amount of pension costs and pension liabilities to be recognized (refer to note 15).
The Group’s consolidated financial statements are prepared in accordance with the accounting and reporting requirements of the
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Swiss law. The
consolidated financial statements are prepared on an accrual basis and using the historical cost convention, unless otherwise stated.
The Group tests annually whether goodwill has suffered any impairment, in accordance with IFRS. The recoverable amounts of cash-
generating units (i.e. CGU) have been determined based on value-in-use calculations. 
These calculations require the use of estimates (refer to note 3). 
The Firmenich Group operates worldwide and has affiliated companies and representative offices in over 30 countries. The Group is a
global supplier of fragrances and flavors.
Notes to the consolidated financial statements
Firmenich International SA is incorporated and domiciled in Switzerland (7, rue de la Bergère, 1242 Satigny, Canton of Geneva). These
consolidated financial statements comprise Firmenich International SA and its subsidiaries (the Group).
Furthermore, the application of the Group’s accounting policies may require management to make judgments, apart from those involving
estimates that can have a significant effect on the amounts recognized in the financial statements. 
A list of main entities of the Group is disclosed in note 33.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities
within the next twelve months are: 
The accounting policies adopted are consistent with those of the annual financial statements for the year ended June 30, 2021, as
described in the 2021 consolidated financial statements with the exception of the adoption as of July 1, 2021, of the standards and
interpretations described below.
In the following notes all amounts are shown in millions of Swiss francs (CHF) unless otherwise stated.
Firmenich International SA is controlled by Sentarom SA. The ultimate controlling party is the Firmenich family.
Firmenich International SA
Annual report 2022

63
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Standards issued but not yet effective
Group significant accounting policies
Principles of consolidation
I. Business combinations
II. Subsidiaries
III. Non-controlling interests (NCI)
IV. Loss of control
A number of new amendments are effective from July 1, 2021, but they do not have a material effect on the Group's financial statements.
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The Group 'controls'
an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The consideration transferred (the assets given up, shares issued or liabilities undertaken at the
date of acquisition) in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. 
Amendments to IFRS 16, COVID-19-Related Rent Concessions, provides practical relief for lessees in accounting for rent concessions by
introducing an optional practical expedient under which lessees are not required to assess whether eligible rent concessions are lease
modifications, and instead are permitted to account for them as if they were not lease modifications. The practical expedient was
introduced in 2020 and extended by 12 months due to the economic challenges presented by the COVID-19 pandemic that persist longer
than anticipated.
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest Rate Benchmark Reform (IBOR), Phase 2, provide relief from applying
requirements relating to modifications of financial instruments and lease contracts or hedging relationships triggered by a replacement of a
benchmark interest rate in a contract with a new alternative benchmark. The reliefs have the effect that changes that result as a direct
consequence of IBOR reform will not result in an immediate gain or loss in the income statement and should also not generally cause hedge
accounting to terminate (refer to note 25 Market risk - Interest rate risk).
A number of standards are effective for annual periods beginning after July 1, 2021 and earlier application is permitted. However, the
Group has not early adopted the new or amended standards in preparing these consolidated financial statements. 
NCI are measured initially at their proportionate share of the acquiree's identifiable net assets at the date of acquisition. Changes in the
Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
The Group is currently considering the implications of all other amendments and new standards on its consolidated financial statements.
Subsidiaries are entities controlled (directly or indirectly) by the Group. The financial statements of subsidiaries are included in the
consolidated financial statement from the date on which control is transferred to the Group and are no longer consolidated from the date
that control ceases. 
When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other
components of equity. Any resulting gain or loss is recognized in the income statement. Any interest retained in the former subsidiary is
measured at fair value when control is lost.
Transaction costs are recognized in the income statement, except if related to the issue of debt or equity securities. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair values at the acquisition
date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the
identifiable net assets acquired is recorded as goodwill, which is tested annually for impairment. If the cost of acquisition is less than the
fair value of the net assets of the affiliated company acquired, a bargain purchase gain is recognized directly in the income statement.
Firmenich International SA
Annual report 2022

64
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
V. Interests in joint ventures and associates
VI. Transactions eliminated on consolidation
Foreign currencies
Revenue
Hyperinflationary economies
The Group's presentation currency is Swiss francs (CHF), which is the parent company's functional currency.
Interests in jointly controlled entities and associates are accounted for using the equity method. They are initially recognized at cost, which
includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of profit or
loss and other comprehensive income (OCI) of jointly controlled entities and associates, until the date on which joint control or significant
influence ceases. Under this method, these investments are shown in the statement of financial position at the Group's share of the net
assets of the companies and the movement for the year in these investments is shown in the income statement.
Other significant accounting policies are included in the relevant notes and applied throughout the consolidated financial statements.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into CHF
at the exchange rates ruling at the year-end. The income statement accounts are translated into CHF at the exchange rates at the dates of
the transactions. Foreign currency differences are recognized in OCI and accumulated in the translation reserve, except to the extent that
the translation difference is allocated to NCI. Statement of cash flows are translated into CHF by applying to the foreign currency amount
the exchange rate at the dates of the transactions. On the disposal of a foreign operation, the cumulative translation adjustments relating
to that foreign operation are recognized in the income statement as part of the gain or loss on disposal.
No element of financing is deemed present as the sales are made with a short-term credit term.
The Group generates revenue from contracts with customers for the sale of fragrance and flavor products. The performance obligation is
satisfied when control over a good is transferred to the customer. Revenue is recognized at that point in time based on the price specified
in the contract, net of the estimated volume discounts provided that it is highly probable that a significant reversal will not occur. The
Group recognizes revenue when it transfers control over a good to a customer which is deemed upon shipment. 
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates ruling
at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the respective
company's functional currency at the exchange rate at the reporting date. Foreign currency differences are generally recognized in income
statement and presented within Net other financial expenses, including the effects of forward contracts, except for transactions qualified
as net investment in a foreign operation. Exchange gains and losses arising on such transactions are recognized in other comprehensive
income.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating
policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the
arrangement, rather than rights to its assets and obligations for the liabilities.
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated.
Unrealized gains arising from transactions with jointly controlled entities and associates are eliminated against the investment to the extent
of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that
there is no evidence of impairment.
Group companies whose functional currencies have experienced a cumulative inflation rate of more than 100% over the past three years
apply the rules of IAS 29 "Financial Reporting in Hyperinflationary Economies". 
The statement of financial position and income statement of group companies operating in hyperinflationary economies are restated for
the changes in the general purchasing power of the local currency, using official indices at the closing date, before translation into Swiss
Francs and, as a result, are stated in terms of measuring unit current at the closing date.
The impact of the restatement of the non-monetary assets and liabilities with the general price index at the beginning of the period is
recorded in equity. The subsequent gains or losses on the net monetary position and non-monetary assets and liabilities are recorded in the
consolidated income statement.
The hyperinflationary economies in which the Group operates are Argentina and Turkey. Argentina was hyperinflationary for all years
presented, and Turkey became hyperinflationary effective July 1, 2021. None of them have a significant impact on the consolidated
financial statements.
Firmenich International SA
Annual report 2022

65
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
2. Business combinations
2.1 Business combination agreement
2.2 Businesses acquired
2.2.a Business acquired in 2022
Business acquired
Cash generating unit
Date of acquisition
ArtSci
Taste & Beyond
April 30, 2022
2.2.b Business acquired in 2021
Business acquired
Cash generating unit
Date of acquisition
MG International
Perfumery
July 1, 2020
Since acquisition date, ArtSci contributed CHF 6.6 to revenue. If control had been taken on July 1, 2021, management estimates that
consolidated revenue would have increased by CHF 31.2. The impacts on the Group's net income are insignificant.
If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition
identifies adjustments to these amounts, or any additional provisions that existed at the date of acquisition, then the accounting for this
acquisition will be revised.
In May 2022, the Group announced a merger agreement with DSM to become the leading creation and innovation company in Nutrition,
Beauty and Well-Being. DSM is a Dutch company that specializes in nutritional ingredients for food and feed with proven world-leading
bioscience capabilities and an international network of high-quality manufacturing sites that underpin a business model of global products,
local solutions and personalization and precision. DSM has transformed itself during its long history into the health, nutrition and
bioscience global leader that they are today.
The identifiable assets and liabilities are recorded at fair value at the date of acquisition. The resulting goodwill of CHF 182.1 is attributable
to the revenue growth and synergies expected to be achieved by developing the Group's presence in China. Transaction costs of CHF 1.5
have been expensed (included in Administration expenses) and are part of the Cash flows from operating activities. The goodwill is not
deductible for tax purpose. The Group recognized a redemption liability on the remaining 10% interest to be acquired in ArtSci (refer to
note 18).
The Group initially acquired 69% of Gülçiçek Kimya ve Uçan Yaglar Sanayive Ticaret A.S. (MG International). MG International is a leading
middle-market Fragrance company based in Turkey with an extensive reach across its broader region.
The Group increased its equity stake in ArtSci Biology Technologies Co Ltd (ArtSci) from 49.99% to 90.00%, thereby taking control of the
business. ArtSci is a leading taste company in China’s middle market and a strategic partner to Firmenich since 2019. Headquartered in
Hangzhou, ArtSci specializes in dairy and beverages as well as bakery and confectionery, and is strongly established with a broad
distribution network across China where it is known for its agility in serving local big and mid-sized customers. 
DSM and Firmenich will seek to obtain all the necessary approvals and competition clearances as soon as is practicable and will initiate the
information and applicable consultation procedures, with DSM’s work councils and unions as soon as possible. The Offering Circular is
expected to be made public in the second half of the calendar year 2022. The merger is expected to ultimately close in the first half of
calendar year 2023.
Firmenich International SA
Annual report 2022

66
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
2.3 Assets and liabilities recognized at the date of acquisition
2.3.a Assets and liabilities recognized at date of acquisition in 2022
In millions of CHF
 ArtSci 
Non-current assets
Intangible assets
71.6
Property, plant and equipment
10.5
Financial investments and loans
2.7
Deferred tax assets
0.1
Current assets
Cash and cash equivalents
3.9
Inventories
2.7
Trade accounts receivable
11.1
Other receivables and prepaid expenses
2.4
Non-current liabilities
Deferred tax liabilities
(11.3)
Long-term borrowings
(0.1)
Current liabilities
Trade accounts payable
(7.0)
Other payables and accrued expenses
(2.7)
Short-term borrowings
(0.1)
Total identifiable net assets acquired at fair value
83.8
Non-controlling interests at the proportionate share of the acquiree's net assets
(8.4)
Total identifiable net assets attributable to the Group
75.4
Fair value of pre-existing interest in ArtSci (*)
(143.0)
Goodwill arising on acquisition
182.1
Consideration transferred
114.5
2.3.b Assets and liabilities recognized at date of acquisition in 2021
In millions of CHF
 MG 
International 
Non-current assets
Intangible assets
86.2
Property, plant and equipment
35.7
Current assets
Cash and cash equivalents
1.5
Inventories
15.5
Trade accounts receivable
21.9
Other receivables and prepaid expenses
3.0
Non-current liabilities
Deferred tax liabilities
(19.5)
Long-term borrowings
(0.5)
Current liabilities
Trade accounts payable
(5.1)
Other payables and accrued expenses
(2.9)
Short-term borrowings
(11.9)
Total identifiable net assets attributable to the Group
123.9
Goodwill arising on acquisition
55.7
Consideration transferred
179.6
Less redemption liability (note 18)
(54.3)
Purchase price paid
125.3
(*) The remeasurement to fair value of the pre-existing interest in ArtSci resulted in a gain of CHF 23.7 recorded in the income statement (refer to note 6).
Firmenich International SA
Annual report 2022

67
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
2.4 Cash flow on acquisitions
2.4.a Cash flow on acquisitions in 2022
In millions of CHF
 ArtSci 
Purchase price paid
(114.5)
Cash and cash equivalents acquired
3.9
Net cash outflow
(110.6)
2.4.b Cash flow on acquisitions in 2021
In millions of CHF
 MG 
International 
Purchase price paid
(125.3)
Cash and cash equivalents acquired
1.5
Net cash outflow
(123.8)
3. Goodwill and intangible assets
Amortization of intangible assets
Customer base
10 to 20 years
Technology and formulas
5 to 10 years
Brands and trademarks
5 to 20 years
Software and other
5 to 20 years
Impairment
Goodwill
In millions of CHF
2022
2021
CASH GENERATING UNITS
Perfumery & Ingredients
1 002.7
1 103.7
Perfumery
23.1
42.9
Consumer fragrance
250.1
241.3
Taste & Beyond
720.0
554.7
Total goodwill
1 995.9
1 942.6
Refer to note 2 for the allocation of goodwill arising from acquisitions to their respective CGUs.
The amortization on a straight-line basis is done over the following periods:
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that
are largely independent of the cash inflows of other assets or CGUs. 
Goodwill arising on the acquisition of businesses is measured at cost less accumulated impairment losses. Intangible assets are initially
recorded at cost of purchase or development and are measured at cost less accumulated amortization and any accumulated impairment
losses.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.
At each reporting date, the Group reviews the carrying amounts of its intangible assets to determine whether there is an indication of
impairment. If any such indication exists, then the assets' recoverable amount are estimated. Goodwill is tested annually for impairment.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on
the estimated future cash-flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset or CGU.
Goodwill is allocated to CGUs according to the geography and business segment that are expected to benefit from the synergies of the
business combination. 
Firmenich International SA
Annual report 2022

68
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Customer base
Technology and formulas
Brands and trademarks
Software and other
Software
Patents, licenses
Research and development
Development in progress
The key sensitivities for the impairment tests are the growth in revenues, the operating margin and the discount rate. Reducing the
expected revenue growth rate, the operating margin or increasing the discount rate by reasonable basis points would not result in the
carrying amount of a cash-generating unit exceeding its recoverable amount.
The recoverable amount of CGUs is determined based on value-in-use calculations. These calculations use cash flow projections based on
financial business plans and budgets approved by management covering a five-year-period, as well as a terminal value. The terminal value
assumes the long-term inflation rate for growth beyond the five year period. The discount rates used are based on the Group's weighted
average cost of capital adjusted for currency risks associated with the cash flow projections. A pre-tax discount rate of 8.0% (2021: 7.6%)
was applied to cash-flow projections for the Perfumery & Ingredients, Perfumery and Consumer fragrance CGUs, and 7.1% (2021: 6.8%) for
the Taste & Beyond CGU. 
The Group acquired several brands and trademarks as part of business combinations for the Taste & Beyond and Perfumery & Ingredients
divisions.
Customer base consists of client relationships to key customers that complement the Group’s client portfolio and increase market share.
Acquired patents, licenses and other purchased rights are initially recorded at their acquisition cost and are amortized on a straight-line
basis over the lower of their estimated economic lives or legal duration, up to a maximum of 20 years. Incorporation expenses are not
capitalized but recognized as an expense when incurred.
Costs associated with developing or maintaining internally generated computer software programs are recognized as an expense as
incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and
that will probably generate future economic benefits exceeding costs beyond one year, are recognized as intangible assets. Direct costs
include the software development costs, comprising employees’ and consultants’ cost, and an appropriate portion of relevant overheads.
Research expenditure is recognized as an expense as incurred. Development costs are recognized as intangible assets only if the costs can
be reliably measured, future economic benefits are probable, the product is technically feasible and the Group has the intent and the
resources to complete the project. Capitalized development costs are amortized on a straight-line basis over the period of the expected
benefit. In most cases development costs are expensed as incurred, as they do not meet the criteria for recognition as an asset.
Application technologies and formulas consist of manufacturing recipes, production and natural extraction know-how acquired via business
combinations. 
No impairment loss resulted from the impairment tests for goodwill.
These intangible assets not being yet available for use, they are subject to a review for impairment annually, or more frequently if events or
circumstances indicate this is necessary. Any impairment is charged to the income statement as it arises.
Development in progress consists of development expenses for the Canopy project which aims to install an intelligent and collaborative
platform for the Development and Application communities across the world, for both Perfumery and Taste & Beyond CHF 6.9 (2021: CHF
0.0); a tool for mass reformula and molecules development (Amyris Inc) CHF 6.2 (2021: CHF 1.4); DRT SAP implementation CHF 4.8 (2021:
CHF 0.0) and various other projects including software developments CHF 26.7 (2021: CHF 43.1).
Firmenich International SA
Annual report 2022

69
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 Goodwill 
 Customer 
base 
 Technology and 
formulas 
 Brands and 
trademarks 
 Software 
and other 
 Development
in progress 
 Total 
COST
Opening balance 2021
1 872.3
680.8
440.6
116.4
482.6
40.0
3 632.7
Additions
-
-
-
-
0.8
37.3
38.1
Disposals
-
-
-
-
(0.6)
(0.4)
(1.0)
Transfers (*)
-
(1.1)
9.3
1.5
24.3
(32.4)
1.6
Acquisition of businesses 
55.7
34.5
26.5
23.2
2.0
-
141.9
Currency translation and others
14.6
(2.6)
(6.1)
(4.6)
0.3
(0.0)
1.6
Closing balance 2021
1 942.6
711.6
470.3
136.5
509.4
44.5
3 814.9
Additions
-
-
-
-
0.3
37.5
37.8
Disposals
-
-
-
(0.2)
(2.0)
(0.0)
(2.2)
Transfers (*)
-
-
-
1.3
35.3
(37.1)
(0.5)
Acquisition of businesses 
182.1
43.0
16.0
12.5
0.1
-
253.7
Currency translation and others
(128.8)
(27.0)
(6.4)
(5.6)
(2.0)
(0.3)
(170.1)
Closing balance 2022
1 995.9
727.6
479.9
144.5
541.1
44.6
3 933.6
ACCUMULATED AMORTIZATION
Opening balance 2021
180.8
232.7
18.6
394.9
827.0
Charge of the year
38.7
24.8
11.1
28.0
102.6
Disposals
-
-
-
(0.6)
(0.6)
Transfers (*)
0.8
(0.4)
(0.1)
(1.9)
(1.6)
Currency translation and others
(0.3)
(0.1)
(0.3)
(0.2)
(0.9)
Closing balance 2021
220.0
257.0
29.3
420.2
926.5
Charge of the year
40.5
25.1
11.0
30.3
106.9
Impairment losses
-
-
-
4.9
4.9
Disposals
-
-
(0.1)
(0.4)
(0.5)
Currency translation and others
(2.2)
(1.5)
(0.5)
(0.3)
(4.5)
Closing balance 2022
258.3
280.6
39.7
454.7
1 033.3
NET BOOK VALUE
Closing balance 2021
1 942.6
491.6
213.3
107.2
89.2
44.5
2 888.4
Closing balance 2022
1 995.9
469.3
199.3
104.8
86.4
44.6
2 900.3
4. Property, plant and equipment
In millions of CHF
 Land 
 Buildings and 
infrastructure 
 Equipment 
 Construction 
in progress 
 Total 
Acquired property, plant and equipment
71.3
583.6
597.9
206.2
1 459.0
Right-of-use of assets
2.3
137.9
35.8
-
176.0
Closing balance 2021
73.6
721.5
633.7
206.2
1 635.0
In millions of CHF
 Land 
 Buildings and 
infrastructure 
 Equipment 
 Construction 
in progress 
 Total 
Acquired property, plant and equipment
67.5
606.4
632.4
199.8
1 506.1
Right-of-use of assets
2.2
143.5
36.9
-
182.6
Closing balance 2022
69.7
749.9
669.3
199.8
1 688.7
(*) Transfers from development in progress to other intangibles categories.
Firmenich International SA
Annual report 2022

70
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Acquired property, plant and equipment
Impairment
Depreciation
Buildings
25 to 50 years
Infrastructure
10 to 20 years
Equipment
3 to 20 years
In millions of CHF
 Land 
 Buildings and 
infrastructure 
 Equipment 
 Construction 
in progress 
 Total 
COST
Opening balance 2021
83.6
1 317.3
1 491.1
212.0
3 104.0
Additions (*)
0.2
4.5
12.5
169.3
186.5
Disposals
(11.1)
(138.5)
(42.8)
(0.3)
(192.7)
Transfers (***)
(7.3)
73.7
104.6
(175.1)
(4.1)
Acquisition of businesses 
9.4
17.6
7.7
0.1
34.8
Currency translation and others
(3.5)
(1.1)
5.1
0.2
0.7
Closing balance 2021
71.3
1 273.5
1 578.2
206.2
3 129.2
Additions (*)
-
3.7
15.4
155.7
174.8
Disposals
-
(1.2)
(5.0)
(0.2)
(6.4)
Transfers (***)
(0.9)
57.8
114.1
(170.6)
0.4
Acquisition of businesses 
-
6.5
3.8
-
10.3
Currency translation and others
(2.9)
(0.1)
(8.6)
8.7
(2.9)
Closing balance 2022
67.5
1 340.2
1 697.9
199.8
3 305.4
ACCUMULATED DEPRECIATION
Opening balance 2021
775.0
934.6
1 709.6
Charge of the year (**)
42.4
83.9
126.3
Impairment losses
0.9
3.3
4.2
Disposals
(126.6)
(42.6)
(169.2)
Transfers (***)
(1.5)
0.5
(1.0)
Currency translation amd others
(0.3)
0.6
0.3
Closing balance 2021
689.9
980.3
1 670.2
Charge of the year (**)
44.0
90.6
134.6
Impairment losses
(0.2)
0.6
0.4
Disposals
(0.6)
(4.0)
(4.6)
Transfers (***)
1.6
(1.6)
-
Currency translation and others
(0.9)
(0.4)
(1.3)
Closing balance 2022
733.8
1 065.5
1 799.3
Gains and losses on disposal of land, buildings, infrastructure and equipment are determined by reference to their carrying amount and are
recognized in the income statement.
An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount.
The depreciation on a straight-line basis is done over the following periods:
Property, plant and equipment are initially recorded at cost of purchase or construction and depreciated on a straight-line basis over the
expected useful lives of the assets. Subsequent expenditure on an item is capitalized at cost only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Land is not depreciated. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.
(*) Additions of Property, plant and equipment exclude the government grants received of CHF -3.3 (2021: CHF -0.8).
(**) Depreciation charge of the year for Property, plant and equipment exclude the release of government grants of CHF -2.5 (2021: CHF -2.3).
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is an
indication of impairment. If any such indication exists, then the assets' recoverable amount are estimated. 
(***) Include transfers from construction in progress to land, buildings and infrastructure and equipment.
Firmenich International SA
Annual report 2022

71
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Right-of-use assets
In millions of CHF
 Land 
 Buildings and 
infrastructure 
 Equipment 
 Total 
COST
Opening balance 2021
2.9
148.0
40.0
190.9
Additions
-
44.6
24.3
68.9
Derecognition
(0.3)
(13.6)
(5.4)
(19.3)
Acquisition of businesses
0.1
0.1
0.7
0.9
Currency translation adjustment
(0.1)
3.7
0.7
4.3
Closing balance 2021
2.6
182.8
60.3
245.7
Additions
-
45.5
23.8
69.3
Derecognition
-
(22.5)
(11.4)
(33.9)
Acquisition of businesses
-
0.2
-
0.2
Currency translation adjustment
-
(5.6)
(3.7)
(9.3)
Closing balance 2022
2.6
200.4
69.0
272.0
ACCUMULATED DEPRECIATION
Opening balance 2021
0.2
21.7
8.1
30.0
Charge of the year
0.2
27.5
19.1
46.8
Impairment losses
-
1.6
-
1.6
Derecognition
(0.1)
(6.6)
(3.1)
(9.8)
Currency translation adjustment
-
0.7
0.4
1.1
Closing balance 2021
0.3
44.9
24.5
69.7
Charge of the year
0.1
27.2
18.5
45.8
Derecognition
-
(13.8)
(9.2)
(23.0)
Currency translation adjustment
-
(1.4)
(1.7)
(3.1)
Closing balance 2022
0.4
56.9
32.1
89.4
Right-of-use assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group
will obtain ownership by the end of the lease term, or the lease term will be extended.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as the discount rate.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made.
It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the
amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or
extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. 
The Group leases land, offices, warehouses, vehicles, machinery and IT equipment. Lease arrangements are typically made for fixed periods
but may have extension options. The Group has applied judgement to determine the lease term at lease commencement date, which
affects the amount of lease liabilities and right-of-use assets recognized, by assessing whether the Group is reasonably certain to exercise
such options. These extension options are exercisable only by the Group and not by the lessors.
The sale of the site located in La Jonction (Geneva, Switzerland) was completed and transfer of ownership to the buyer occurred on
February 1, 2021. Of the total proceeds of CHF 70.0, cash inflows for the year 2021 amount to CHF 42.0, CHF 7.0 were already received in
December 2016 and CHF 21.0 will be received in 2023. The transaction resulted in a capital gain of CHF 48.0 in 2021 recorded under Other
operating income (refer to note 20).
Refer to note 17 for details on lease liabilities and amounts recognized in the income statement.
Contracts may contain both lease and non-lease components. The Group has elected not to separate lease and non-lease components for
lease arrangements other than real estate and accounts for these as a single lease component. However, for leases of real estate the Group
allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured
at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of
the lease liability.
Firmenich International SA
Annual report 2022

72
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
5. Financial investments and other long-term assets
In millions of CHF
Notes
 2022 
 2021 
Equity instruments at fair value through OCI
446.6
556.4
Financial assets at fair value through income statement
63.8
73.3
Net defined benefit assets
15
47.6
-
Loans at amortized cost
49.6
56.4
Land use rights
15.7
13.5
Other loans and receivables
25.1
34.5
Loans to related parties
8.0
7.3
Loans to personnel
0.8
1.1
Financial investments and other long-term assets
607.6
686.1
Equity instruments at fair value through OCI
Financial assets at fair value through income statement
Loans at amortized cost
6. Associates and joint ventures
For accounting policy on financial investments and loans refer to note 25.
During the year, the Group received a net dividend income of CHF 2.9 (2021: CHF 1.9) from these investments.
Loans to related parties mainly consist of a long-term financing granted to Prolitec Inc of CHF 6.2 (2021: CHF 6.0).
In September 2021, the Group acquired 49% of the shares of Essential Labs LLC for CHF 108.1. This investment is treated as an associate
and initialy measured at cost. The Group simultaneously entered a put and call options agreement with the sellers to acquire the remaining
51% shares. The initial valuation of these options amounts to a net financial liability of CHF 4.6 that was recognized against the initial cost
of investment. 
The following is a summary of the movements in the jointly controlled entities and associates. Jasmine Concrete Exports Private Ltd and
InnovAroma SA are joint ventures in which the Group has a joint control. The other investments are associated companies in which the
Group has a significant influence. 
The Group owns 21.8% of Robertet SA's share interests, representing circa 11% of voting rights. At June 30, 2022, this investment amounts
to CHF 423.5 (2021: CHF 556.4).
In November 2021, Firmenich acquired 10% of S H Kelkar and Co Ltd 's share interests, representing circa 10% of voting rights for a total
price of CHF 30.0 (INR 2'461'883). At June 30, 2022, this investment amounts to CHF 23.1.
These equity instruments are long-term strategic investments (not held for trading). On initial recognition, the Group irrevocably elected to
present subsequent changes in these investments' fair value in other comprehensive income (also refer to note 25).
In April 2022, the Group acquired 40.01% of the outstanding shares in ArtSci Biology Technologies Co Ltd (ArtSci) in addition to the 49.99%
previously held (also refer to note 2). The remeasurement to fair value of the Group’s existing interest in ArtSci resulted in a gain of CHF
23.7 (CHF 143.0 fair value less the CHF 122.3 carrying amount of the associate at the date of acquisition, plus a reclassification of the
translation reserve of CHF 3.0). This amount is presented separately in the income statement.  
Long-term financial investments held at fair value through income statement include funds in relation with a deferred compensation
scheme of CHF 48.1 (2021: CHF 53.5) that are restricted to employee benefits use only. Assets are invested mainly in various mutual funds
to cover the company’s obligations under deferred compensation arrangements (also refer to note 15). They mainly consist of insurance
policy and deposits covering employee benefits.
Firmenich International SA
Annual report 2022

73
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 ArtSci Biology 
Technologies Co 
Ltd. 
 Essential Labs, 
LLC 
 Biomass Energy 
Solutions VSG SAS 
 Jasmine Concrete 
Exports Private 
Ltd 
 Other (*) 
 Total 
MOVEMENT IN ASSOCIATES AND JOINT VENTURES
Opening balance 2021
46.7
-
13.0
7.0
4.9
71.6
Acquisition
65.6
-
-
-
-
65.6
Share of profit / (loss)
4.4
-
0.9
(0.1)
0.5
5.7
Dividend paid
(3.0)
-
-
-
-
(3.0)
Currency translation adjustment
6.0
-
0.4
(0.1)
0.1
6.4
Closing balance 2021
119.7
0.0
14.3
6.8
5.5
146.3
Acquisition
-
112.7
-
-
-
112.7
Share of profit
4.9
4.2
0.2
0.1
0.9
10.3
Dividend paid
(4.7)
(0.8)
-
-
(0.2)
(5.7)
Change in control
(122.3)
-
-
-
(0.1)
(122.4)
Currency translation adjustment
2.4
5.8
(1.3)
(0.2)
0.9
7.6
Closing balance 2022
-
121.9
13.2
6.7
7.0
148.8
7. Inventories
In millions of CHF
 2022 
 2021 
INVENTORY SPLIT BY CATEGORY
Raw material and supplies
407.7
301.8
Work in progress
451.4
366.3
Finished goods
300.4
266.6
Allowance for slow-moving and obsolete inventories
(25.9)
(38.6)
Total inventories
1 133.6
896.1
In millions of CHF
 2022 
 2021 
MOVEMENT IN INVENTORY ALLOWANCE
Opening balance
(38.6)
(24.5)
Increase in allowance
(34.3)
(57.7)
Use and reversal of allowance
46.3
43.8
Currency translation adjustment
0.7
(0.2)
Closing balance
(25.9)
(38.6)
Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work-in-progress comprises raw
materials, direct labor, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing
costs. Net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and selling expenses.
Allowances for slow-moving and obsolete inventories have been made. Cost is determined using the weighted average cost formula.
The jointly controlled entites and associates have no significant contingent liabilities to which the Group is exposed.
(*) In 2022, The Nelixia Company SA, Prolitec Inc, InnovAroma SA and Kalsangi Pte. Ltd are included under Other. The Group sold its interest in Novali A.S.
In 2021, The Nelixia Company SA, Prolitec Inc, InnovAroma SA, Novali A.S. and Kalsangi Pte. Ltd are included under Other.
The Group has no outstanding capital commitments to the jointly controlled entities.
Total inventory losses for the year ended June 30, 2022 reached CHF 25.0 (2021: CHF 40.7) and are included in the Cost of goods sold.
Firmenich International SA
Annual report 2022

74
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
8. Trade accounts receivable
In millions of CHF
 2022 
 2021 
Trade accounts receivable (gross)
1 029.8
969.1
Allowance for doubtful debts
(9.1)
(10.9)
Total trade accounts receivable
1 020.7
958.2
In millions of CHF
 2022 
 2021 
AGEING OF PAST DUE BUT NOT IMPAIRED
Neither past due nor impaired
987.3
924.2
Less than 30 days
29.2
30.9
30 to 60 days
6.4
6.0
60 to 90 days
4.7
3.1
More than 90 days
2.2
4.9
Less allowance for doubtful debts
(9.1)
(10.9)
Total trade accounts receivable
1 020.7
958.2
In millions of CHF
 2022 
 2021 
MOVEMENT IN LOSS ALLOWANCE FOR IMPAIRMENT
Opening balance
(10.9)
(7.4)
Increase in allowance for impairment
(12.4)
(22.3)
Reversal of allowance for impairment
13.7
17.3
Use of allowance for impairment
0.2
1.5
Currency translation adjustment
0.3
-
Closing balance
(9.1)
(10.9)
9. Other receivables and prepaid expenses
In millions of CHF
 2022 
 2021 
VAT receivables
55.6
71.1
Other receivables and accrued income
125.2
43.5
Prepaid expenses
31.6
30.7
Total other receivables and prepaid expenses
212.4
145.3
Other receivables and accrued income contains prepayments on raw materials and a receivable due to the sale of La Jonction site in 
Geneva (refer to note 4). 
The Group has several major global clients, as well as a vast number of customers internationally dispersed. As a consequence, the credit
risk with respect to trade accounts receivable is limited. Their carrying amount approximates the fair value.
Trade accounts receivable are initially measured at the transaction price and classified as financial assets at amortized cost less loss
allowance. They are carried at non-discounted values as they do not contain a significant financing component.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected credit loss
allowance for all trade receivables. ECL's are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows
that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. 
Total trade accounts receivable written-off for the year ended June 30, 2022 are CHF 0.2 (2021: CHF 1.7).
Firmenich International SA
Annual report 2022

75
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
10. Derivative financial instruments
In millions of CHF
2022
2021
Fair value
Assets
Liabilities
Assets
Liabilities
Forward exchange contracts
12.6
4.3
1.3
5.3
Currency options
1.2
2.7
0.5
1.2
Total derivative financial instruments
13.8
7.0
1.8
6.5
11. Financial short-term investments
In millions of CHF
 2022 
 2021 
Fixed term deposits over 48 hours
162.5
220.8
Equity securities
1.9
2.4
Financial investments
164.4
223.2
In millions of CHF
 2022 
 2021 
FINANCIAL INVESTMENTS SPLIT BY CURRENCIES
CHF
100.0
150.0
USD
22.3
38.6
CNY
3.4
1.0
SGD
27.5
-
INR
5.2
26.1
Other
6.0
7.5
Total
164.4
223.2
12. Share capital and retained earnings
 2022 
 2021 
Registered A shares
Number
729 000
729 000
Nominal value (in CHF)
50.0
50.0
Total A shares (in millions of CHF)
36.45
36.45
Registered B shares
Number
810 000
810 000
Nominal value (in CHF)
5.0
5.0
Total B shares (in millions of CHF)
4.05
4.05
Share capital (in millions of CHF)
40.5
40.5
Deeply subordinated fixed rate resettable perpetual notes
Also refer to note 25 for the classification of Derivative financial instruments according to IFRS 9.
For accounting policy on financial investments and further details, refer to note 25.
Each share carries the right to one vote. When a dividend on ordinary share is declared, holders of A shares are entitled to a preferential
dividend equivalent to 10% of the nominal share value in priority to other dividend payments.
Firmenich International SA issued EUR 750.0 (CHF 794.5) deeply subordinated fixed rate resettable perpetual notes on June 3, 2020 with a
coupon of 3.75% payable annually at the sole discretion of the issuer until the first reset date i.e. September 3, 2025. Thereafter, the
interest rate is reset every 5 years. In financial year 2022 the remuneration on the deeply subordinated fixed rate resettable perpetual
notes amounts to CHF 30.4 (2021: CHF 7.6).
The ordinary share capital of Firmenich International SA has been authorized, issued and fully paid.
There are no restrictions on marketable securities.
The fair value of derivative financial instruments is determined based on information obtained from financial institutions. 
Firmenich International SA
Annual report 2022

76
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
13. Earnings per share
 2022 
 2021 
Net income attributable to Firmenich International SA
391.7
449.4
A shares part of share capital in %
90.0%
90.0%
A shares part of net income from ordinary activities
352.5
404.5
B shares part of share capital in %
10.0%
10.0%
B shares part of net income from ordinary activities
39.2
44.9
Earnings per A share (in CHF)
483.57
554.88
Earnings per B share (in CHF)
48.36
55.49
Dividend distribution
14. Non-controlling interests
In millions of CHF
 DRT Anthea 
Aroma Chemicals 
Pvt. Ltd 
 PT Firmenich 
Indonesia 
 ArtSci Biology 
Technologies Co 
Ltd 
 Kunming 
Firmenich 
Aromatics Co. 
Ltd. 
 Other (*) 
 Total 
MOVEMENT IN NON-CONTROLLING INTERESTS
Opening balance 2021
20.8
8.2
-
5.1
10.9
45.0
Share of profit / (loss)
2.6
1.3
-
0.2
(0.3)
3.8
Dividends
(0.7)
(0.5)
-
(0.1)
(0.2)
(1.5)
Other movements
(3.4)
-
-
-
1.4
(2.0)
Currency translation adjustment
0.1
(0.4)
-
0.2
(0.3)
(0.4)
Closing balance 2021
19.4
8.6
-
5.4
11.5
44.9
Share of profit
2.9
1.1
-
0.5
0.1
4.6
Acquisition of businesses
-
-
8.4
-
-
8.4
Dividends
(0.4)
(0.6)
-
(0.1)
(0.2)
(1.3)
Changes in non-controlling 
interests
-
-
-
-
(0.9)
(0.9)
Currency translation adjustment
(0.5)
0.1
(0.2)
-
(0.1)
(0.7)
Closing balance 2022
21.4
9.2
8.2
5.8
10.4
55.0
In April 2022, the Group increased its ownership in ArtSci to 90%, recognizing non-controlling interests of CHF 8.4 for the remaining 10%
(also refer to note 2).
At the General meeting held in October 2021, a distribution on financial year 2021 net income of CHF 309.0 gross per A share and CHF 30.9
gross per B share was approved (October 2020: CHF 222.5 per A share and CHF 22.25 per B share).
The Group has not issued share capital related instruments that could have affected earnings per share.
In millions of CHF (except for earnings per share)
In accordance with the provisions of IAS 32 Financial Instruments – Presentation, this instrument is accounted for in equity in the Group’s
consolidated financial statements.
This year the Board of directors proposes a dividend of CHF 308.64 gross per A share, which includes the 10% preferential dividend, and
CHF 30.86 gross per B share.
In December 2021, the Group increased its ownership in VKL Seasoning Private Ltd from 64.6% to 69.4% for a consideration of CHF 4.3.
(*) VKL Seasoning Private Ltd, Essex Laboratories LLC, DRT Approvisionnement Biomasse SAS and Watt Burgas OOD KD are included under Other.
Basic earnings per share is calculated by dividing the net income attributable to shareholders by the weighted average number of ordinary
shares in issue during the year.
The following provides information on the non-controlling interests of the Group's subsidiaries.
Firmenich International SA
Annual report 2022

77
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
15. Employee benefit obligations
In millions of CHF
 2022 
 2021 
Non-current employee benefit obligations
Pension plans and other post-employment benefit obligations
129.9
377.3
Other employee benefits
80.3
85.7
Total non-current employee benefit obligations
210.2
463.0
Current employee benefit obligations
Other employee benefits
50.5
18.2
Total current employee benefit obligations
50.5
18.2
15.1 Pension plans and other post-employment benefit obligations
15.1.a Defined benefit pension plans
15.1.b Other post-employment benefits
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to the
statement of other comprehensive income in the period in which they arise. Past service costs are recognized immediately in the income
statement.
Other post-employment benefits are not funded and comprise healthcare benefits, jubilees, long-service leaves, other discretionary
benefits as well as temporary benefits in relation to retirements of Corporate management. The entitlement to healthcare benefits is
usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The
expected costs of these benefits are accrued to the date when further service will lead to no material amount of further benefits using the
same accounting methodology as used for defined benefit pension plans.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal
or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay the benefits relating to employee
service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.
Net defined benefit assets are only recognized to the extent that the Group is able to derive future economic benefits in the way of refunds
from the plan or reductions of future contributions.
The Group’s contributions to defined contribution pension plans are charged to the income statement in the period to which the
contributions relate.
The Group distinguishes two categories of defined benefit plans i.e. pension plans and other post-employment benefits. The most
significant plans are held in Switzerland, the United States of America and the United Kingdom.
Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more
factors such as age, years of service and compensation.
Pension assets and liabilities in different defined benefits plans are not offset unless the Group has a legally enforceable right and obligation
to use the surplus in one plan to settle obligations in the other plan.
The Group companies operate various defined benefit and defined contribution pension plans in accordance with local conditions and
practices in the countries concerned. The pension plans are generally funded by payments from employees and by the relevant Group
companies, taking into account the recommendations of independent qualified actuaries. 
The net defined liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is
calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows in respect of prior service using the yields on high-quality corporate bonds
that are denominated in the currency and approximate duration of the related defined benefit pensions obligation.
Defined benefit pension plans are either funded or unfunded plans. The assets of funded plans are held independently of the Group’s assets
in separate funds. 
Firmenich International SA
Annual report 2022

78
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
The table below outlines defined benefit plans reflected in the financial statements.
In millions of CHF
 2022 
 2021 
OBLIGATIONS
Defined benefit pensions
68.0
250.3
Other post-employment benefits
61.9
127.0
Liability in statement of financial position
129.9
377.3
INCOME STATEMENT CHARGES
Defined benefit pensions
53.1
56.4
Other post-employment benefits
5.8
6.0
Total included in income statement
58.9
62.4
REMEASUREMENT
Defined benefit pensions
(230.4)
(239.0)
Other post-employment benefits
(60.8)
(7.1)
Total remeasurement included in other comprehensive income
(291.2)
(246.1)
For further details please refer to sections 'Main defined benefit pension plans description' and 'Other post-employment benefits
description' respectively.
During the financial year, expenses related to defined contribution plans recognized in the income statement are CHF 49.7 (2021: 46.2).
Firmenich International SA
Annual report 2022

79
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
15.1.a Defined benefit pension plans
In millions of CHF
 Funded and 
unfunded defined 
benefit 
obligations 
 Fair value of plan 
assets 
 Impact of 
minimum funding 
requirement/ 
asset ceiling 
 Net (Assets) / 
Liabilities 
recognized in the 
balance sheet 
MOVEMENT IN NET (ASSETS) / LIABILITIES OVER THE YEAR
Opening balance 2022
1 783.9
(1 537.9)
4.3
250.3
INCLUDED IN INCOME STATEMENT
Current service cost
45.7
45.7
Plan administration expenses
6.1
6.1
Interest expense / (income)
13.1
(11.8)
1.3
Total included in income statement
58.8
(5.7)
-
53.1
INCLUDED IN OTHER COMPREHENSIVE INCOME
Remeasurement arising from:
Loss / (gain) from change in demographic assumptions
(4.2)
(4.2)
Loss / (gain) from change in financial assumptions (*)
(380.9)
(380.9)
Experience loss / (gain)
28.9
28.9
Return on plan assets excluding interest income
119.8
119.8
Asset ceiling change, excluding movement through income statement (**)
6.0
6.0
Total included in other comprehensive income
(356.2)
119.8
6.0
(230.4)
OTHER
Benefits paid
(64.8)
64.8
(0.0)
Contributions by plan participants
13.6
(13.6)
-
Employer contributions
(46.9)
(46.9)
Currency translation adjustment and other
(3.8)
(1.9)
(5.7)
Total other
(55.0)
2.4
-
(52.6)
Closing balance 2022
1 431.5
(1 421.4)
10.3
20.4
Composed of:
Net defined benefit assets (note 5)
(47.6)
Net defined benefit liabilities
68.0
Total
20.4
The net defined benefit assets represent a recognized surplus mainly related to Swiss pension plans, for which future economic benefits are available to the
Group.
(*) The defined benefit pensions measurement is the consequence of changes in financial assumptions, in particular the higher discount rate on the Swiss
pension funds (from 0.3% to 2.2%) and higher interest credit rate assumption (from 1.75% to 2%).
(**) One of the Group's Swiss pension plans has a surplus that is not recognized, on the basis that future economic benefits are not available to the Group in
the form of a reduction in future contributions or a cash refund. 
Firmenich International SA
Annual report 2022

80
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 Funded and 
unfunded defined 
benefit 
obligations 
 Fair value of plan 
assets 
 Impact of 
minimum funding 
requirement/ 
asset ceiling 
 Net (Assets) / 
Liabilities 
recognized in the 
balance sheet 
MOVEMENT IN NET (ASSETS) / LIABILITIES OVER THE YEAR
Opening balance 2021
1 829.2
(1 327.9)
-
501.3
INCLUDED IN INCOME STATEMENT
Current service cost
47.6
-
-
47.6
Plan administration expenses
-
5.6
-
5.6
Interest expense / (income)
12.5
(9.3)
-
3.2
Total included in income statement
60.1
(3.7)
-
56.4
INCLUDED IN OTHER COMPREHENSIVE INCOME
Remeasurement arising from:
Loss / (gain) from change in demographic assumptions (*)
(89.2)
-
-
(89.2)
Loss / (gain) from change in financial assumptions (*)
46.7
-
-
46.7
Experience loss / (gain)
(17.4)
-
-
(17.4)
Return on plan assets excluding interest income
-
(183.4)
-
(183.4)
Asset ceiling change, excluding movement through income statement (**)
-
-
4.3
4.3
Total included in other comprehensive income
(59.9)
(183.4)
4.3
(239.0)
OTHER
Benefits paid
(59.8)
59.8
-
-
Contributions by plan participants
13.5
(13.5)
-
-
Employer contributions
-
(57.0)
-
(57.0)
Currency translation adjustment
0.8
(12.2)
-
(11.4)
Total other
(45.5)
(22.9)
-
(68.4)
Closing balance 2021
1 783.9
(1 537.9)
4.3
250.3
In millions of CHF
 2022 
 2021 
PLAN ASSETS SPLIT BY CATEGORY
354.4
494.2
524.7
489.9
134.3
161.8
6.9
7.7
0.1
0.1
209.5
204.1
Insurance policies
34.9
48.5
117.0
80.5
39.6
51.1
Total plan assets
1 421.4
1 537.9
Cash and bank deposits
(**) One of the Group's Swiss pension plans has a surplus that is not recognized, on the basis that future economic benefits are not available to the Group in
the form of a reduction in future contributions or a cash refund. 
(*) The defined benefit pensions measurement is the consequence of changes in demographic and financial assumptions, in particular, on the Swiss pension
funds, longevity and disability tables adopted in 2021 (BVG 2020 G, CMI LTR 1.5%) and higher interest credit rate assumption (from 0.45% to 1.75%).
The expected contributions to post-employment benefit plans for the year ended June 30, 2023 are CHF 42.4.
Commodities
Property
Equities and bonds: all significant positions are quoted in an active market.
Derivatives
Hedge funds
Property, hedge funds, commodities, insurance policies: not quoted in an active market.
Other
Equity
Bonds
Firmenich International SA
Annual report 2022

81
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
The table below outlines the funding situation by geographic area:
June 30, 2022
In millions of CHF
 Switzerland 
 United States of 
America 
 United Kingdom 
 Other countries 
 Total 
DEFINED BENEFIT PENSION PLANS
Funded and unfunded defined benefit obligations
1 130.8
205.6
53.0
42.1
1 431.5
Fair value of plan assets
(1 172.5)
(189.9)
(53.5)
(5.5)
(1 421.4)
Net excess of liabilities/(assets) over obligations 
(41.7)
15.7
(0.5)
36.6
10.1
Unrecognized assets due to asset ceiling  (*)
10.3
10.3
Net excess of liabilities/(assets) over obligations recognized 
(31.4)
15.7
(0.5)
36.6
20.4
Composed of:
Net defined benefit assets (note 5)
(47.1)
(0.5)
(47.6)
Net defined benefit liabilities
15.7
15.7
36.6
68.0
Total
(31.4)
15.7
(0.5)
36.6
20.4
(*) One of the Group's Swiss pension plans has a surplus of CHF 10.3 that is not recognized.
June 30, 2021
In millions of CHF
 Switzerland 
 United States of 
America 
 United Kingdom 
 Other countries 
 Total 
DEFINED BENEFIT PENSION PLANS
Funded and unfunded defined benefit obligations
1 416.3
233.4
78.7
55.5
1 783.9
Fair value of plan assets
(1 234.2)
(220.9)
(76.7)
(6.1)
(1 537.9)
Net excess of liabilities/(assets) over obligations
182.1
12.5
2.0
49.4
246.0
Unrecognized assets due to asset ceiling (*)
4.3
4.3
Net excess of liabilities/(assets) over obligations recognized 
186.4
12.5
2.0
49.4
250.3
(*) One of the Group's Swiss pension plans has a surplus of CHF 4.3 that is not recognized.
 2022 
 Switzerland 
 United States of 
America 
 United Kingdom 
 Other countries 
Discount rate
2.16%
4.62%
3.75%
2.05 % to 7.3%
Salary increases
1.50%
3.00%
0.00%
0 % - 8.7 %
Pension increases
0.00%
0.00%
3.10%
0 % - 2 %
Mortality assumptions
BVG 2020 G 
CMI LTR 1.5%
Pri-2012 
Generational 
Mortality Table 
with MP 2021
S3PA with CMI 
2021, 1.25% 
long-term 
trend
Life expectancy at age 65 for a male/female member currently aged 65
22.0/23.7
20.6/22.6
21.9/24.3
-
 
                 
2021
 Switzerland 
 United States of 
America 
 United Kingdom 
 Other countries 
Discount rate
0.29%
2.84%
1.70%
0.6 % to 6.95 %
Salary increases
1.50%
2.75%
0.00%
0 % - 8.7 %
Pension increases
0.00%
0.00%
2.75%
0 % - 8 %
Mortality assumptions
BVG 2020 G 
CMI LTR 1.5%
Pri-2012 
Generational 
Mortality Table 
with MP 2020
S3PA with CMI 
2020, 1.25% 
long-term 
trend
Life expectancy at age 65 for a male/female member currently aged 65
21.9/23.6
20.5/22.4
21.9/24.3
-
 
                 
Key actuarial assumptions
Firmenich International SA
Annual report 2022

82
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 Change in 
assumption 
 Increase in 
assumption 
 Decrease in 
assumption 
Discount rate
0.50%
(81.0)
90.4
Future salary increases
0.50%
9.1
(8.7)
Future pension increases
0.50%
52.7
(2.7)
Life expectancy
1 year
35.0
(34.7)
Switzerland
International Pension Plan 
United States of America
The purpose of the plan is to ensure that key international employees obtain a level of benefits in case of disability, death, retirement or
termination of employment close to those they would have had if they were covered by the Swiss pension system applicable to the
employees of Firmenich SA, taking of course into account any local coverage that these employees may have abroad. The benefit, if any,
can only be paid as a lump-sum to the Participant or the Beneficiary.
The Group expects to contribute CHF 28.2 to these plans during the year ending June 30, 2023.
There are named fiduciaries that are responsible for ensuring the plan is managed in accordance with the law. The fiduciaries are
responsible for defining the investment strategy for long-term returns with an acceptable level of risk as well as the oversight of the
investment of plan assets.
The employer and employees pay contributions to the pension plan at rates set out in the pension plans rules based on a percentage of
salary. 
The amount of the retirement account can be taken by the employee at retirement in the form of pension or capital.
The Base Plan insures all employees of Firmenich SA. The complementary plan insures exclusively the members of the Direction Générale
(DG).
Under IAS 19 Employee benefits, the pension plans are classified as defined benefit plans due to the promises and underlying benefits
guarantees. Consequently the pension obligation is calculated by using the projected unit credit method.
Main defined benefit pension plans description
The Pension Boards are composed of equal numbers of employee and employer representatives. Each year, the Pension Boards decide the
level of interest, if any, to apply to the retirement accounts in accordance with the pension policy. 
Sensitivity analysis
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is
unlikely to occur, and changes in some of the assumptions may be correlated.
This plan is intended to be an unfunded and unsecured plan maintained primarily for the purpose of providing pension benefits for key
international employees.
The weighted average duration of the defined benefit obligation is 5.1 years.
The sensitivity of the defined benefit obligation to changes in the principal actuarial assumptions is:
It is also responsible for the investment of the assets and defining the investment strategy for long-term returns with an acceptable level of
risk. The Pension Funds provide benefits on a defined contribution basis.
The US pension plan is qualified under and is managed in accordance with the requirements of US federal law. In accordance with federal
law the assets of the plan are legally separate from the employer and are held in a pension trust. The law requires minimum and maximum
amounts that can be contributed to the trust, together with limitations on the amount of benefits that may be provided under the plan. 
The weighted average duration of the defined benefit obligation is 14.7 years.
According to the Swiss Federal Law on Occupational Retirement, Survivors and Disability (LPP/BVG), the Swiss Pension plans are managed
by independent and legally autonomous entities which have the legal structure of foundation. 
The purposes of both plans are to protect the employees against the economic consequences of retirement, disability and death.
Firmenich International SA
Annual report 2022

83
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
United Kingdom
Asset - liability management and funding arrangement
Risks related to defined benefit plans
The overall investment policy and strategy for the Group’s funded defined benefit plans is guided by the objective of achieving an
investment return which, together with the contributions paid, is sufficient to maintain reasonable control over the various funding risks of
the plans. As those risks evolve with the development of capital markets and asset management activities, the Group addresses the
assessment and control process of the major investment pension risks. In order to protect the Group’s defined benefit plans funding ratio
and to mitigate the financial risks, protective measures on the investment strategies are in force. To the extent possible, the risks are
shared equally amongst the different stakeholders.
The weighted average duration of the defined benefit obligation is 11 years.
The Group expects to contribute CHF 8.1 to these plans during the year ending June 30, 2023.
Plan trustees or General Assemblies are responsible for determining the mix of asset classes and target allocations of the plans with the
support of investment advisors. Periodical reviews of the assets mix are made by mandating external consultants to perform asset-liability
matching analyses. Such analyses aim at comparing dynamically the fair value of assets and the liabilities in order to determine the most
adequate strategic asset allocation.
The employees do not contribute to the plan and the employer contributes to the plan amounts which are at least equal to the minimum
required by the law and not more than the maximum that would limit the tax deductibility of the contributions. The plan provides benefits
on a defined benefit basis, and is closed to all new employees. The plan was also closed to the majority of current employees for future
benefit accruals. The grandfathered Group of participants to the defined benefit plan continue to accrue benefits which are payable at
retirement and on death in service. With exceptions for optional lump sum amounts for certain sections of the plan, the benefits are paid
out as annuities. Under IAS 19 Employee benefits, the pension obligations are calculated by using the projected unit credit method.
The Group expects to contribute CHF 1.1 to this plan during the year ending June 30, 2023.  
The scheme is closed to accrual of further benefits. Previous active members of this scheme now receive contributions from the Company's
Group Personal Pension Plan. At the last Scheme Funding Assessment for the Firmenich Wellingborough scheme a shortfall in the assets
below the liabilities was identified – as a result, the employer has agreed to contribute fixed sums to the Scheme in order to address this
shortfall. With exceptions for trivial amounts, transfer values, lump sum death benefits and tax free lump sums, the benefits are paid out as
regular payments to Scheme members for life (and for the life of their spouse or a dependent where applicable).
The Group is exposed to a number of risks in relation to operating defined benefit plans. The most significant risks are longevity risk as well
as market and liquidity risks. In order to minimize these risks, the Group regularly reviews related assumptions. When and where feasible,
measures to reduce or transfer the risks are considered.
Under IAS 19 Employee benefits, the defined benefit pension obligations in the Firmenich Wellingborough Employee Benefits Plan are
calculated by using the projected unit credit method. 
The weighted average duration of the defined benefit obligation is 9.5 years.
The occupational pension scheme Firmenich Wellingborough Employee Benefits Plan is arranged under the applicable UK Pension Schemes
and Pension Acts and is managed as a legally autonomous pension trust by the Board of Trustees. 
The Board of Trustees is composed of two member-nominated representatives (one of whom is a current pensioner of the Scheme) and
two employer-nominated representatives. The Board of Trustees is responsible for the investment of the assets, defining the investment
strategy for long-term returns with an acceptable level of risk. The Trust provides benefits on a defined benefit basis. This defined benefit
Scheme is closed to new members.
Firmenich International SA
Annual report 2022

84
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
15.1.b Other post-employment benefits
In millions of CHF
 2022 
 2021 
MOVEMENT IN OTHER POST-EMPLOYMENT BENEFITS
Opening balance
127.0
133.0
INCLUDED IN INCOME STATEMENT
Current service cost
5.2
5.3
Interest cost
0.6
0.7
Total included in income statement
5.8
6.0
INCLUDED IN OTHER COMPREHENSIVE INCOME
Remeasurement arising from:
Loss / (gain) from change in demographic assumptions
(33.6)
(6.0)
Loss / (gain) from change in financial assumptions
(26.3)
0.6
Experience loss / (gain)
(0.9)
(1.7)
Total included in other comprehensive income
(60.8)
(7.1)
OTHER
Benefits paid
(10.0)
(4.8)
Currency translation adjustment
(0.1)
(0.1)
Total other
(10.1)
(4.9)
Closing balance
61.9
127.0
In millions of CHF
 2022 
 2021 
AMOUNTS RECOGNIZED IN INCOME STATEMENT
Contributions to medical insurance
2.9
3.1
Annual premium
0.4
0.4
Other pensions
0.0
0.1
Retirement compensation
2.5
2.4
Total included in income statement
5.8
6.0
AMOUNTS RECOGNIZED IN STATEMENT OF FINANCIAL POSITION
Contributions to medical insurance
37.5
84.9
Annual premium
4.4
12.1
Other pensions
2.0
2.4
Retirement compensation
18.0
27.6
Total other post-employment benefits
61.9
127.0
2022
 Switzerland 
 United States of 
America 
2.2%
4.3%
4.5% to 6.75%
2021
 Switzerland 
 United States of 
America 
0.3%
2.5%
4.5% to 7.25%
Medical cost trend rate
Discount rate
Key financial actuarial assumptions
Discount rate
Medical cost trend rate
Firmenich International SA
Annual report 2022

85
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 Change in 
assumption 
 Increase in 
assumption 
 Decrease in 
assumption 
Discount rate
0.5%
(3.2)
3.5
Life expectancy
1 year
1.9
(1.9)
Medical cost trend rate
1.0%
3.5
(2.9)
The table below outlines the funding situation by geographic area:
In millions of CHF
 Switzerland 
 United States of 
America 
 Other countries 
 Total 
Present value of unfunded obligations
54.0
6.9
                     
1.0
                     
61.9
                    
In millions of CHF
 Switzerland 
 United States of 
America 
 Other countries 
 Total 
Present value of unfunded obligations
117.5
8.2
                     
1.3
                     
127.0
                  
Switzerland
The weighted average duration of the defined benefit obligation is 13.6 years.
United States of America
15.2 Other employee benefits
NON-CURRENT OTHER EMPLOYEE BENEFITS
In millions of CHF
 2022 
 2021 
Provision for long-term remuneration incentives
28.6
28.0
Deferred compensation
51.7
57.7
Closing balance 
80.3
85.7
CURRENT OTHER EMPLOYEE BENEFITS
In millions of CHF
 2022 
 2021 
Provision for long-term remuneration incentives
50.5
18.2
Closing balance 
50.5
18.2
The US retiree medical plan provides certain medical benefits to retirees of the US subsidiary. There are no funded plan assets for these
benefits and the related unfunded liability is included in the Group's balance sheet. The defined benefit obligation associated with this plan
is reappraised annually by an independent actuary. In July 2002, the plan was closed to all future employees. In January 2013, the plan was
closed to all previously grandfathered employees who retire after June 30, 2014. 
The plans described below qualify as employee benefits.
Long-term incentives
June 30, 2022
Other post-employment benefits description
The Swiss post-employment benefits plans are not funded and comprise healthcare benefits, jubilees, long-service leaves, other
discretionary benefits as well as temporary benefits in relation to retirements of corporate management. The entitlement to these other
post-employment benefits is usually conditional on the employee remaining in service up to retirement age.
The long-term incentive (LTI) plans are delayed payment schemes eligible to senior management and tied to the performance of the Group.
Sensitivity analysis 
Deferred compensation 
Deferred compensation liability is mainly covered by assets that are primarily invested in various mutual funds to cover the Group’s
obligations under deferred compensation arrangements (refer to note 5). 
The weighted average duration of the defined benefit obligation is 6.3 years.
The sensitivity of the defined benefit obligation to changes in the principal actuarial assumptions is:
June 30, 2021
Firmenich International SA
Annual report 2022

86
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 Deferred 
compensation 
 Provision for long-
term incentives 
 Total 
MOVEMENT IN DEFERRED COMPENSATION AND PROVISIONS FOR LTI
Opening balance 2021
51.2
27.7
78.9
Additional provisions
14.3
24.2
38.5
Unused provisions reversed
-
(4.2)
(4.2)
Used during year 
(6.5)
(3.7)
(10.2)
Transfer
-
2.2
2.2
Currency translation adjustment
(1.3)
(0.0)
(1.3)
Closing balance 2021
57.7
46.2
103.9
Additional provisions
4.3
62.7
67.0
Unused provisions reversed
(0.5)
(13.1)
(13.6)
Used during year 
(11.4)
(15.5)
(26.9)
Transfer
(0.0)
0.1
0.1
Currency translation adjustment
1.6
(1.3)
0.3
Closing balance 2022
51.7
79.1
130.8
16. Provisions
In millions of CHF
 Provision for 
business risk 
 Long service 
leaves 
 Provision for 
restructuring 
charges 
 Provision for 
litigation 
 Product warranty 
liability 
 Other provisions 
 Total 
MOVEMENT IN PROVISIONS
Opening balance 2022
4.6
3.3
4.7
0.5
1.7
9.4
24.2
Additional provisions
-
2.0
3.2
0.4
0.8
2.3
8.7
Unused provisions reversed
(0.8)
(2.2)
(0.2)
-
(0.4)
-
(3.6)
Used during year 
(3.8)
(0.5)
(6.6)
(0.1)
(1.1)
(1.2)
(13.3)
Reclassification
-
-
-
-
-
0.3
0.3
Currency translation adjustment
-
(0.1)
0.0
0.0
0.3
-
0.2
Closing balance 2022
-
2.5
1.1
0.8
1.3
10.8
16.5
Total non-current provisions
-
2.3
-
0.4
-
9.2
11.9
Total current provisions
-
0.2
1.1
0.4
1.3
1.6
4.6
17. Bonds and borrowings
In millions of CHF
Notes
 2022 
 2021 
Bonds
1 960.7
2 110.8
Long-term bank borrowings
142.1
34.2
Long-term lease liabilities
147.5
142.5
Short-term bank borrowings
66.2
59.8
Short-term lease liabilities
39.5
38.2
Total Bonds and borrowings
25
2 356.0
2 385.5
The underlying assumptions are based on historical experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances. Differences between the final obligations and the estimates impact the income statement in the
period in which such determination is made.
Judgment is required by the management in determining the various provisions. A range of possible outcomes are determined to make
reliable estimates of the obligation that is sufficient for the recognition of a provision. 
Provisions are recognized when there is a present legal or constructive obligation as a result of past events, when it is probable that an
outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can be made.
Firmenich International SA
Annual report 2022

87
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 Short-term bank 
borrowings 
 Long-term bank 
borrowings and 
bonds 
 Short-term lease 
liabilities 
 Long-term lease 
liabilities 
 Total 
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
Opening balance 2021
115.6
2 121.5
35.5
127.5
2 400.1
New lease contracts
-
-
16.4
52.5
68.9
Leases termination of contract
-
-
(1.2)
(7.8)
(9.0)
Proceeds from borrowings
33.9
7.9
-
-
41.8
Repayments of lease liabilities and borrowings
(103.9)
(31.6)
(46.4)
-
(181.9)
Reclassification
4.4
(4.4)
33.1
(33.1)
-
Acquisition of businesses
11.5
-
0.4
0.5
12.4
Currency translation adjustment
(1.7)
51.6
0.4
2.9
53.2
Closing balance 2021
59.8
2 145.0
38.2
142.5
2 385.5
New lease contracts
-
-
11.6
57.6
69.2
Leases termination of contract
-
-
(4.3)
(7.6)
(11.9)
Proceeds from borrowings
57.1
138.4
-
-
195.5
Repayments of lease liabilities and borrowings
(59.1)
(10.3)
(44.9)
-
(114.3)
Reclassification
7.2
(7.2)
40.0
(40.0)
-
Acquisition of businesses
-
-
-
-
-
Currency translation adjustment
1.2
(163.1)
(1.1)
(5.0)
(168.0)
Closing balance 2022
66.2
2 102.8
39.5
147.5
2 356.0
AMOUNTS RECOGNIZED IN INCOME STATEMENT
In millions of CHF
 2022 
 2021 
Interest on lease liabilities
(4.1)
(4.1)
Variable lease payments not included in the measurement of lease liabilities
(8.9)
(7.5)
Total expenses recognized in income statement
(13.0)
(11.6)
BONDS
 Year of issue - 
 Effective 
In millions of CHF
 2022 
 2021 
 Coupon 
maturity 
  interest rate 
 2022 
 2021 
ISSUER/FACE VALUE
Firmenich Productions 
Participations SAS (France)/
EUR 750
747.2
823.5
1.375%
2020-2026
1.44%
744.6
819.9
Firmenich Productions 
Participations SAS (France)/
EUR 750
747.2
823.5
1.750%
2020-2030
1.84%
741.0
815.8
Total bonds issued in EUR 1 500
1 494.4
1 647.0
1 485.6
1 635.7
Firmenich International SA/
CHF 425
425.0
425.0
1.000%
2020-2023
0.99%
425.0
424.9
Firmenich International SA/
CHF 50
50.0
50.0
1.000%
2020-2023
0.81%
50.1
50.2
Total bonds issued in CHF 475
475.0
475.0
475.1
475.1
Total bonds
1 969.4
2 122.0
1.49%
1 960.7
2 110.8
Carrying amount
The total fair value of bonds issued is CHF 1 870.3 (2021: CHF 2 276.5).
            Face value
Bonds are initially recorded at the amount of proceeds received, net of transaction costs. They are subsequently carried at amortized cost
with the difference between the proceeds, net of transaction costs, and the amount due on redemption being amortized using the effective 
interest rate method and charged to interest expenses over the period of the relevant bond.
Firmenich International SA
Annual report 2022

88
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
18. Redemption liabilities and other debts
In millions of CHF
Notes
 2022 
 2021 
Redemption liabilities
25
99.7
77.4
Government grants
18.3
17.8
Other debt
17.0
0.3
Total redemption liabilities and other debt
135.0
95.5
Redemption liabilities
Government grants
Other debt
19. Other payables and accrued expenses
In millions of CHF
 2022 
 2021 
Payables to other creditors
318.9
208.4
Accruals for rebates and interest payables
211.1
172.8
Employee-related liabilities and social security payables
111.2
124.7
VAT payables and other
32.9
23.5
Other payables and accrued expenses
674.1
529.4
- In financial year 2020, the Group entered into a put option agreement to purchase the remaining shares of VKL owned by non-controlling
interests. The option is expected to be exercised within 5 years from acquisition date. At June 30, 2022, the liability amounts to CHF 52.2
(2021: CHF 55.2).
The Group recognized redemption liabilities in relation to the following business combinations:
Other debt includes CHF 16.9 put and call option liabilities on aquiring the remaining 51% shares in Essential Labs LLC (refer to note 6).
- In April 2022, the Group recognized a redemption liability of CHF 24.8 on the remaining 10% interest in ArtSci. At June 30, 2022, the
liability amounts to CHF 24.5. The conditions precedent to the completion are expected to be met in December 2023.
During the current year, CHF 2.5 (2021: CHF 2.3) have been released to the income statement.
- In July 2020, a redemption liability of CHF 54.3 has been recognized for the purchase of the remaining shares in MG International (also
refer to note 2). At June 30, 2022, the remaining liability amounts to CHF 23.0 (2021: CHF 22.2) and will be redeemed in July 2023.
The Group received various government grants that will be released to the income statement over the useful live of the underlying assets.
These grants are included in liabilities as deferred income.
- Two grants are to indemnify for the forced relocation of production sites in China. In Kunming, the amount is to compensate the
relocation costs and the related investments. In Shanghai, the amount is to compensate part of the lease land of the new location. At June
30, 2022, the remaining value of these two grants was CHF 13.4.
- Other grants are to help fund environmental projects in China and France. At June 30, 2022, the remaining value of these grants was CHF
4.9.
Firmenich International SA
Annual report 2022

89
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
20. Expenses by nature
In millions of CHF
 Notes 
 2022 
 2021 
COST OF GOODS SOLD AND OPERATING EXPENSES BY NATURE
Raw material and consumables used
2 108.0
1 790.6
Employee benefits
21
1 117.3
1 093.6
Supplies
144.5
126.1
Services
546.2
438.2
Depreciation, amortization and impairment of assets
290.1
279.2
Loss / (gain) on assets (*)
0.3
(40.8)
Operating taxes
19.7
22.0
Other income (**)
(11.4)
(31.2)
Total expenses
4 214.7
3 677.7
21. Employee benefits
In millions of CHF
 2022 
 2021 
EMPLOYEE BENEFIT EXPENSES
Wages and salaries
827.5
805.5
Social security
164.9
155.4
Post-employment benefits
86.2
85.1
Other expenses
38.7
47.6
Total employee benefit expenses
1 117.3
1 093.6
In full time equivalent
 2022 
 2021 
NUMBER OF EMPLOYEES WITHIN THE GROUP
Fixed employees at year end
10 165
9 392
Temporary employees (including agencies)
735
542
Total workforce at year end
10 900
9 934
Average number of employees during the year (average total workforce)
10 417
9 919
(**) 2021 : Other income mainly consists of a gain related to a legal case settlement (CHF 30.1).
In the current year, acquisition related costs amount to CHF 99.9, of which CHF 57.3 are included in Services and CHF 42.6 in Employee benefits. They mainly 
consist of expenses and provisions related to the DSM-Firmenich merger.
The total personnel costs with regards to key management personnel (Board of directors and Corporate management) for the year ended
June 30, 2022 are CHF 46.4 (2021: CHF 45.8). In these amounts are included CHF 42.7 of short-term employee benefits (2021: CHF 24.2),
CHF 7.6 (2021: CHF 6.6) post-employment benefits and CHF -4.0 (2021: CHF 15.0) of other long-term employee benefits.
(*) 2021 : The gain on sale of the site located in La Jonction (CHF 48.0) is reported under Other operating income in the income statement. Refer to note 4 for 
more details on the transaction.
For the year ended June 30, 2022, the total personnel costs include CHF 46.9 (2021: CHF 9.9) of restructuring charges of which CHF 43.5
(2021: CHF 9.2) are departure indemnities, with related social charges of CHF 3.4 (2021: CHF 0.7).
Significant expenses by nature consist of:
Firmenich International SA
Annual report 2022

90
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
22. Financing costs
In millions of CHF
 2022 
 2021 
FINANCING COSTS
Interest expenses
46.5
44.5
Interest on net defined benefit liability
1.8
3.9
Total Financing costs
48.3
48.4
23. Net other financial expenses
In millions of CHF
 2022 
 2021 
Interest and dividend income
6.5
2.0
Fair value (losses) / gains
(0.5)
1.3
Gains on sale on financial investments
0.4
0.7
Losses on derivative financial instruments
(12.0)
-
Results on investments held at fair value through income statement
(5.6)
4.0
Other interest and dividend income
2.9
2.0
Other results on financial assets
1.2
-
Net exchange losses
(23.0)
(0.6)
Net exchange gains / (losses) on currency options and contracts
17.3
(16.6)
Net of cash discount received and (granted), (bank charges and other financial charges)
(6.5)
(7.7)
Net other financial expenses
(13.7)
(18.9)
24. Taxes
Income tax expense
In millions of CHF
 2022 
 2021 
INCOME TAX EXPENSE
Current income tax expense
95.6
95.6
Previous year tax adjustment
3.0
3.1
Deferred tax income
(14.1)
(6.5)
Previous year adjustment on deferred tax
(0.8)
(12.6)
Income tax expense
83.7
79.6
Income tax expense at the Group's average applicable tax
93.0
97.7
Change in income tax rate
-
(4.3)
Tax effect of:
Income not taxable
(20.4)
(16.4)
Expenses not deductible
3.2
11.1
Utilization of tax loss carry forward
(0.7)
(5.1)
Current year losses for which no deferred tax asset is recognized
6.7
6.3
Recognition of previously unrecognized tax losses
-
0.2
Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences
(0.3)
(0.4)
Prior year and other adjustments
2.2
(9.5)
Income tax expense at the Group's effective tax rate
83.7
79.6
Since the Group operates internationally, it is subject to income taxes in many different tax jurisdictions. The Group calculates its average
applicable tax rate as a weighted average of the tax rates in the tax jurisdictions in which the Group operates, including withholding tax on
dividends, interest and royalties.
In financial year 2022, the Group’s effective tax rate increased to 17.4% (2021: 14.9%). This increase results from the changes of the
composition of the Group’s taxable income, but mainly from one-time M&A costs.

91
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Deferred taxes
In millions of CHF
 2022 
 2021 
DEFERRED TAXES
Deferred tax assets
83.6
116.5
Deferred tax liabilities
(276.1)
(301.8)
Net deferred tax liabilities
(192.5)
(185.3)
In millions of CHF
 2022 
 2021 
Amount of tax losses available
336.7
289.6
Amount of tax losses considered to accrue deferred tax assets
134.6
97.3
The movement in deferred tax assets and liabilities during the current year, without taking into consideration the offsetting of balances
within the same tax jurisdiction, is usually charged / (credited) to the income statement. Deferred tax movements relating to employee
benefit obligations and to equity investments at fair value through OCI for an amount of CHF -22.1 (2021: -59.9) are credited to other
comprehensive income with no material amount of currency translation adjustments.
Unused tax losses for which no deferred tax assets have been recognized amount to CHF 202.1 (2021: CHF 192.3) with a potential tax
benefit of CHF 49.8 (2021: CHF 47.9). These unused tax losses are mainly located in affiliates in France and the USA.
Deferred tax assets on provisions are mainly relating to provision for defined benefit pension plans and other post-employment benefits in
Switzerland and the USA.
Deferred taxation is provided using the full liability method, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements. The principal temporary differences arise from intangible assets, property, plant and
equipment, inventories, revaluation of derivative contracts, provisions for defined benefit pension plans and other post-employment
benefits.
Current and deferred tax assets and liabilities are offset when the income tax expense is levied by the same taxation authority and when
there is a legally enforceable right to offset them. Determination of deferred tax expenses / income is based on present enacted tax rate or
substantively enacted income tax rate.
Deferred tax liabilities on intangible assets are mainly relating to customer base and extraction technology resulting from acquisitions. 
Given the fact that temporary differences are created between local books and reporting submitted, deferred tax impacts have to be taken
into account. 
Deferred tax liabilities of CHF 16.0 (2021: CHF 11.9) for withholding tax that would be payable on the unremitted earnings has been
recognized as at June 30, 2022. The amount of undistributed reserves on which no withholding tax has been provided for represents CHF
1'334.9 (2021: CHF 946.6).
As at June 30, 2022, the Group had CHF 336.7 of tax losses available (2021: CHF 289.6), of which only CHF 134.6 are considered to carry
forward against future taxable income (2021: CHF 97.3). The deferred tax assets relating to tax loss carried forward are recognized as at
June 30, 2022 for CHF 32.4 (2021: CHF 23.3). They are recognized only to the extent that realization of the related tax benefit is probable.
These tax losses do not expire.

92
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
June 30, 2022
In millions of CHF
 Opening balance 
 Acquisition of 
businesses 
 (Credited) / 
Debited  to 
income 
statement 
 (Credited) / 
Debited  to other 
comprehensive 
income 
 Set off tax 
 Currency 
translation 
adjustments 
 Closing balance 
Intangible assets
0.4
-
(0.2)
-
(0.1)
0.1
0.2
Property, plant and equipment
1.5
-
0.1
-
(0.8)
0.5
1.3
Long-term assets
3.8
-
(2.6)
1.2
(1.5)
1.7
2.6
Inventories
5.2
-
(0.7)
-
(26.4)
26.0
4.1
Prov. for def. benefit obligations
48.7
-
2.4
(36.1)
(12.5)
11.3
13.8
Long-term liabilities
9.8
-
(1.1)
-
(4.6)
3.8
7.9
Tax loss carry forwards
23.3
-
9.1
-
-
-
32.4
Other assets
8.3
0.1
(2.0)
(0.3)
(3.2)
2.7
5.6
Other liabilities
15.5
-
3.9
-
(10.6)
6.9
15.7
Deferred tax assets
116.5
0.1
8.9
(35.2)
(59.7)
53.0
83.6
Intangible assets
(194.3)
(10.7)
7.0
-
28.1
(7.6)
(177.5)
Property, plant and equipment
(50.8)
(0.2)
(1.9)
-
7.8
(4.0)
(49.1)
Long-term assets
(21.3)
(0.4)
0.2
16.2
(0.2)
(2.5)
(8.0)
Inventories
(8.2)
-
(2.3)
-
-
(1.0)
(11.5)
Prov. for def. benefit obligations
(21.6)
-
(26.1)
(3.1)
21.0
9.4
(20.4)
Long-term liabilities
(0.3)
-
4.9
-
-
(4.6)
-
Other assets
(5.0)
-
(4.0)
-
1.3
(0.3)
(8.0)
Other liabilities
(0.3)
-
(1.6)
-
1.7
(1.4)
(1.6)
Deferred tax liabilities
(301.8)
(11.3)
(23.8)
13.1
59.7
(12.0)
(276.1)
June 30, 2021
In millions of CHF
 Opening balance 
 Acquisition of 
businesses 
 (Credited) / 
Debited  to 
income 
statement 
 (Credited) / 
Debited  to other 
comprehensive 
income 
 Set off tax 
 Currency 
translation 
adjustments / 
Other 
 Closing balance 
Intangible assets
0.2
-
0.7
-
(0.1)
(0.4)
0.4
Property, plant and equipment
1.3
-
(2.3)
-
(0.6)
3.1
1.5
Long-term assets
4.1
-
(3.9)
-
(1.6)
5.2
3.8
Inventories
4.4
-
1.1
-
(24.6)
24.3
5.2
Prov. for def. benefit obligations
63.3
-
(32.8)
(35.3)
(11.2)
64.7
48.7
Long-term liabilities
8.6
-
(1.1)
-
(3.9)
6.2
9.8
Tax loss carry forwards
13.9
-
10.3
-
-
(0.9)
23.3
Other assets
4.5
-
14.1
(0.3)
(3.3)
(6.7)
8.3
Other liabilities
22.0
-
13.0
(10.3)
(6.7)
(2.5)
15.5
Deferred tax assets
122.3
-
(0.9)
(45.9)
(52.0)
93.0
116.5
Intangible assets
(152.7)
(19.8)
(1.5)
-
25.4
(45.7)
(194.3)
Property, plant and equipment
(36.1)
-
(24.2)
-
6.0
3.5
(50.8)
Long-term assets
(10.3)
-
(1.0)
(11.3)
2.4
(1.1)
(21.3)
Inventories
(7.6)
0.2
(1.5)
-
1.0
(0.3)
(8.2)
Prov. for def. benefit obligations
(55.5)
0.1
8.8
(2.7)
16.0
11.7
(21.6)
Long-term liabilities
-
-
(0.7)
-
-
0.4
(0.3)
Other assets
(6.0)
-
2.4
-
0.6
(2.0)
(5.0)
Other liabilities
(0.1)
-
(0.5)
-
0.6
(0.3)
(0.3)
Deferred tax liabilities
(268.3)
(19.5)
(18.2)
(14.0)
52.0
(33.8)
(301.8)

93
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
25. Financial risk management
Financial risk factors
Classification and measurement of financial instruments 
Financial assets
a) Financial assets at amortized cost
b) Financial assets at fair value through income statement
The Group classifies its financial assets as at amortized cost only if both of the following criteria are met:
- the asset is held within a business model whose objective is to collect the contractual cash flows, and 
- the contractual terms give rise to cash flows that are solely payments of the principal and interest.
These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by
impairment losses.
Financial assets at amortized cost comprise cash and cash equivalents, loans, trade accounts receivable, other receivables in the Statement
of financial position. They are included in current assets, except for maturities exceeding 12 months after the end of the reporting period,
which are classified as non-current assets. 
The Group, as a result of its financing activities, is exposed to a variety of risks, including the effects of volatility of foreign currency
exchange rates and interest rates, which may adversely affect its results of operations and financial conditions. In seeking to minimize the
risks and costs associated with such activities, the Group manages exposure to changes in foreign currency exchange rates, interest rates
and commodity prices, when deemed appropriate, through the use of derivative financial instruments. The instruments utilized include:
forward contracts, currency options, commodity options, interest rate swaps. The Group does not use financial instruments for speculative
or trading purposes.
On initial recognition the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at
amortized cost as at fair value through income statement if doing so eliminates or significantly reduces an accounting mismatch that would
otherwise arise.
Financial risk management is carried out by a central treasury department (Group Treasury) under Group policies and principles. Group
Treasury identifies, evaluates and hedges financial risks in close co-operation with the operating units. Group policies also cover areas such
as (net debt) /net cash management and bank relationship management.
The Group recognizes loss allowances for expected credit losses (ECLs) only on financial assets measured at amortized cost. The Group
measures loss allowances at an amount equal to lifetime ECLs except for debt securities and bank balances, which are measured at 12-
month ECLs in case of low credit risk or non significant evolution of the credit risk since initial recognition. Lifetime ECLs result from all
possible default events over the expected life of a financial instrument. 12-month ECLs are the portion that result from default events that
are possible within the 12 months after the reporting date.
The Group classifies and measures financial instruments as follows.
Financial assets at fair value through income statement comprise marketable securities and derivative financial assets not designated as
hedging instruments. Marketable securities are mainly composed of short-term deposits over 48 hours and equity and debt securities,
which are traded in liquid markets. They are classified as current assets as they are potentially realizable within 12 months of the reporting
date.
Cash and cash equivalents comprise petty cash, cash on hand, bank balances and short-term deposits at 48 hours. The same definition is
applied to cash and cash equivalents as disclosed in the Statement of cash flows. Bank overdrafts are included in Short-term bank
borrowings in current liabilities.
IFRS 9 contains three principal classification categories for financial assets: measured at amortized cost, measured at fair value through
income statement and measured at fair value through other comprehensive income. 
The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.
Management determines the classification of its financial assets at initial recognition. 
Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated.
Instead, the hybrid financial instrument as a whole is assessed for classification.
All purchases and sales of marketable securities are recognized on the trade date, which is the date that the Group commits to purchase, or
sell the asset. Marketable securities are initially recorded at fair value and subsequently measured at fair value. Fair value is determined by
reference to share exchange quoted selling prices and net asset values determined and communicated by hedge fund managers at close of
business on the reporting date.

94
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
c) Financial assets at fair value through other comprehensive income
Financial liabilities
June 30, 2022
In millions of CHF
 Notes 
 At amortized 
cost 
 At fair value 
through income 
statement 
 At fair value 
through other 
comprehensive 
income 
 Total 
FINANCIAL ASSETS
Long-term financial investments and loans
5
49.6
63.8
446.6
560.0
Trade accounts receivable
8
1 020.7
1 020.7
Other receivables
9
125.2
125.2
Derivative financial instruments assets
10
13.8
13.8
Short-term financial investments
11
162.5
1.9
164.4
Cash and cash equivalents
591.7
591.7
FINANCIAL LIABILITIES
Long-term borrowings
17
2 250.3
2 250.3
Redemption liabilities (*)
18
99.7
99.7
Short-term borrowings 
17
105.7
105.7
Trade and other payables (**)
1 044.8
1 044.8
Options
18
16.9
16.9
Derivative financial instruments liabilities
10
7.0
7.0
These equity securities are subsequently measured at fair value. Dividends continue to be recognized in the income statement, unless the
dividend clearly represents a recovery of part of the cost of the investment, whereas other net gains and losses are recognized in OCI and
are never reclassified to the income statement.
(**) Accrued expenses that are not financial liabilities (CHF 156.4) are not included.
Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and which
have been irrevocably elected at initial recognition to be recognized in this category. This election is made on an investment-by-investment
basis. These are long-term strategic investments and this classification is considered to be more relevant.
(*) The movements of fair value of the redemption liabilities are recognized directly in equity.
Financial liabilities are classified as measured at amortized cost or fair value through income statement. A financial liability is classified as at
fair value through income statement if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition.
Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign
exchange gains and losses are recognized in the income statement. Any gain or loss on derecognition is also recognized in the income
statement.
Realized and unrealized gains and losses arising from changes in the fair value of financial assets at fair value through income statement are
included in the income statement in the period in which they arise.
At initial recognition, financial assets at fair value through other comprehensive income are measured including transaction costs that are
directly attributable to the acquisition of the financial asset.
On derecognition any related balance within the fair value through other comprehensive income reserve is reclassified to retained
earnings.

95
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
June 30, 2021
In millions of CHF
 Notes 
 At amortized 
cost 
 At fair value 
through income 
statement 
 At fair value 
through other 
comprehensive 
income 
 Total 
FINANCIAL ASSETS
Long-term financial investments and loans
5
56.4
73.3
556.4
686.1
Trade accounts receivable
8
958.2
958.2
Other receivables
9
43.5
43.5
Derivative financial instruments assets
10
1.8
1.8
Short-term financial investments 
11
220.8
2.4
223.2
Cash and cash equivalents
571.4
571.4
FINANCIAL LIABILITIES
Long-term borrowings
17
2 287.5
2 287.5
Redemption liabilities (*)
18
77.4
77.4
Short-term borrowings 
17
98.0
98.0
Trade and other payables (**)
766.6
766.6
Derivative financial instruments liabilities
10
6.5
6.5
Derivative financial instruments and hedging activities
a) Derivatives designated as hedge accounting 
b) Derivatives not designated as hedge accounting 
Except where mentioned in the relevant notes, the carrying amount of each class of financial assets and financial liabilities disclosed in the
above tables approximates the fair value.
Gains and losses, realized or unrealized, from forward exchange contracts and currency options used to hedge potential exchange rate
exposures are included in the year’s results. Interest differentials under swap arrangements used to manage interest rate exposures are
recognized by adjustments to interest expenses.
(**) Accrued expenses that are not financial liabilities (CHF 116.9) are not included.
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by
comparing changes in the carrying amount of the financial asset that is attributable to change in market prices of the designated hedged
items.
Derivative financial instruments are classified as at fair value through income statement and initially recognized in the statement of
financial position at fair value including directly attributable transaction cost and subsequently remeasured at their fair value based on
quoted market prices at the reporting date.
Certain derivative transactions, while providing effective economic hedges under the Group’s risk management policies, do not qualify for
hedge accounting under the specific rules in IFRS 9. Changes in the fair value of derivative instruments that do not qualify for hedge
accounting under IFRS 9 are recognized immediately in the income statement.
The Group documents at the inception of the transaction, the relationship between hedging instruments and hedged item, as well as its risk
management objective and strategy for undertaking hedge transactions. The Group also documents its assessment, both at the hedge
inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in cash flows of hedged items.
(*) The movements of fair value of the redemption liabilities are recognized directly in equity.

96
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Impairment of financial assets
Market risk
a) Foreign exchange risk
.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. 
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof. The Group expects no significant recovery from the amount written off. However, financial assets that
are written off could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amounts due. 
Therefore, exchange rate fluctuations have a significant impact in the form of both translation risk and transaction risk on the Group’s
income statement and other comprehensive income statement. Transaction risk arises when future commercial transactions or recognized
assets or liabilities are denominated in a currency that is different from the functional currency. Translation risk arises from the conversion
of net assets of the Group’s foreign operations to the presentation currency.
Additional information about how the Group measures the allowance for impaiment is described below under "Credit risk".
The Group considers a debt security to have a low credit risk when its credit risk rating is equivalent to the globally understood definition of
'investment grade'. The Group considers this to be Baa3 or higher rate per Moody's or BBB- or higher per  Standard & Poor's.
The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full or the
financial asset is more than 90 days past due.
Loss allowances for trade receivable and other short-term financial assets are always measured at an amount equal to lifetime ECLs.
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect
to US Dollar, Euro and to a lesser extent to Asian and Latin American currencies.
It is the Group’s policy to enter into derivative transactions to hedge current and forecasted foreign currency transactions.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL,
the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and
including forward-looking information.
Lifetime ECLs result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion that
result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the
instrument is less than 12 months). ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows
that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.
Only residual foreign exchange risk being foreign exchange exposure not covered either by Group Treasury hedging activity or by bank
overdraft/credit lines representing natural hedges in terms of amount and currency is managed by local Group companies under
supervision of Group Treasury. 
At each reporting date, the Group assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is 'credit-
impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. 
The Group manages its currency exposures on current and forecasted transactions. Group Treasury centrally monitors the exposures on a
regular basis and takes appropriate actions. The Group has set up currency limits for the current exposures. 
The major foreign exchange transaction risk is managed centrally by Group Treasury by entering into forward contracts as well as currency
options. The use of these instruments is limited to the hedging of the underlying position.
Evidence that a financial asset is credit-impaired includes the following observable data:
- significant financial difficulty of the borrower or issuer;
- a breach of contract such as a default or being more than 90 days past due;
- the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
- it is probable that the borrower will enter bankruptcy or other financial reorganization; or
- the disappearance of an active market for a security because of financial difficulties.

97
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Main balance sheet currency exposures
June 30, 2022
In millions of CHF
 EUR / CHF 
 USD / CHF 
 SGD / CHF 
 CHF / MXN 
 USD / ARS 
 EUR / INR 
Currency exposure without hedge
+142.3
+81.9
-33.5
+18.5
-11.0
+7.2
Hedged amount (*)
-263.7
-137.7
+33.5
-18.5
+17.2
-4.4
Currency exposure including hedge
-121.4
-55.8
+0.0
-0.0
+6.2
+2.8
June 30, 2021
In millions of CHF
 EUR / CHF 
 USD / CHF 
 SGD / CHF 
 IDR / CHF 
 USD / ARS 
 EUR / INR 
Currency exposure without hedge
+263.1
+30.0
-42.2
+12.9
-14.3
+7.6
Hedged amount (*)
-294.4
-109.8
+41.5
-12.9
+14.8
-8.0
Currency exposure including hedge
-31.3
-79.8
-0.7
-0.0
+0.5
-0.4
Sensitivity analysis
June 30, 2022
In millions of CHF
 EUR / CHF 
 USD / CHF 
 SGD / CHF 
 CHF / MXN 
 USD / ARS 
 EUR / INR 
Reasonable shift in %
5%
5%
10%
10%
20%
15%
(3.6)
                   
(1.7)
                   
0.0
                     
(0.0)
                   
1.2
                     
0.4
                      
3.6
                     
1.7
                     
(0.0)
                   
0.0
                     
(1.2)
                   
(0.4)
                     
June 30, 2021
In millions of CHF
 EUR / CHF 
 USD / CHF 
 SGD / CHF 
 IDR / CHF 
 USD / ARS 
 EUR / INR 
Reasonable shift in %
5%
5%
10%
10%
20%
15%
(0.9)
                   
(2.4)
                   
(0.1)
                   
(0.0)
                   
0.1
                     
(0.1)
                     
0.9
                     
2.4
                     
0.1
                     
0.0
                     
(0.1)
                   
0.1
                      
(*) EUR/CHF hedged amount includes CHF -245.8 of foreign exchange forward contract and CHF -17.9 of currency options maturing within three to twelve 
months. USD/CHF hedged amount includes CHF -82.1 of foreign exchange forward contracts and CHF -55.6 of currency options maturing within three to 
twelve months. USD/ARS hedged amount includes CHF 5.7 of foreign exchange forward contracts and CHF 11.5 of currency options maturing within three to 
twelve months. 
Impact on net income if underlying currency 
weakens
The following table summarizes the Group’s sensitivity to transactional currency exposures of the main currencies. The sensitivity is based
on the net exposure after hedging at June 30 and based on assumptions, which have been deemed reasonable by the management,
showing the impact on income before taxes. To determine the reasonable change, the Group uses historical volatilities of the below
currency pairs.
Impact on net income if underlying currency 
strengthens
+ long position; - short position
+ long position; - short position
(*) EUR/CHF hedged amount includes CHF -275.3 of foreign exchange forward contract and CHF -19.1 of currency options maturing within three to twelve 
months. USD/CHF hedged amount includes CHF -59.3 of foreign exchange forward contracts and CHF -50.5 of currency options maturing within three to 
twelve months.  USD/ARS hedged amount includes CHF 4.6 of foreign exchange forward contracts and CHF 10.2 of currency options maturing within three to 
twelve months. 
Impact on net income if underlying currency 
weakens
In the exposure calculations the intra-Group positions are included.
Impact on net income if underlying currency 
strengthens

98
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
b) Price risk
Sensitivity analysis
c) Interest rate risk
Sensitivity analysis
In millions of CHF
 2022 
 2021 
Reasonable shift in basis point (bps)
150 bps
150 bps
Impact on net income if interest rate increase
(3.0)
(1.3)
Impact on net income if interest rate decrease
3.0
1.3
Credit risk
The carrying amounts of financial assets and contract assets represent the maximum credit exposure.
A fundamental reform of major interest rate benchmarks was undertaken globally, including the replacement of some interbank offered
rates (IBORs) with alternative nearly risk-free rates (referred to as ‘IBOR reform’). There is still some uncertainty over the timing and the
methods of transition in some jurisdictions that the Group operates in. 
The Group had anticipated that IBOR reform would impact its risk management. An IBOR transition project had been set up comprising the
streams risk management, tax, treasury, legal, accounting and systems, to identify the potential business impacts resulting from IBOR
exposures. During financial year 2022, Group Treasury monitored and managed the Group’s transition to alternative rates. Contracts
referencing IBOR cash flows have been amended accordingly. 
The Group mainly borrows funds at fixed interest rates but also uses credit lines and other financial facilities granted by third party financial
institutions at floating interest rates to finance part of its activity. 
The analysis below shows the sensitivity of the Group to interest rate changes. The sensitivity is based on the exposure at June 30 and
based on assumptions, which have been deemed reasonable by the management, showing the impact on income before taxes and equity.
Interest rate hedging is managed in full by Group Treasury which transacts in the name and for the account of the holding company, in
which the risk is located. The use of these instruments is limited to the hedging of the underlying position and no leverage is authorized.
If equity prices had been 5% higher/lower, the net income for the year would have increased/decreased by CHF 0.1 (2021: CHF 0.1) and the
OCI would have increased/decreased by CHF 21.2 (2021: CHF 27.8).
The Group is exposed to equity and bond securities price risk because of investments held by the Group (refer to note 11). To manage its
price risk arising from investments in equity and bond securities, the Group diversifies its portfolio. Diversification of the portfolio is done in
accordance with the limits set by the Group.
Group Treasury is also entitled to obtain long-term credit lines from first quality financial institutions. 
The Group is exposed to credit risk on cash and cash equivalents, fixed-term deposits and derivative financial instruments. The Group has
minimized financial counterpart risk by concentrating core financing needs with high quality banks having significant experience and
reputation in the field of the related deals. 
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from the Group's receivables from customers and investments in debt securities. Credit risk is managed
by affiliates and controlled on a Group basis.
Cash flow interest rate risk arises when the Group invests or borrows funds at floating rates whereas exposure to fair value interest rate
risk arises when the Group invests or borrows funds at fixed rates.
The sensitivity analysis below has been determined based on the exposure to equity and bond price risks at the reporting date. The equity
portfolio of the Group includes a residual part of alternative investments, in liquidation. As such the sensitivity analysis cannot be based on
the historical volatility as it should in normal circumstances.
Trade accounts receivable are subject to a policy of active risk management which focuses on the assessment of country risk, credit limits,
ongoing credit evaluation and account monitoring procedures.
There are no significant concentrations within trade accounts receivable of counter-party credit risk, due to the large number of customers
that the Group deals with and their wide geographical spread. Country risk limits and exposures are continuously monitored.

99
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
In millions of CHF
 2022 
 2021 
AA- to AAA
204.6
148.6
A- to A+
300.1
458.4
BBB- to BBB+
223.5
168.2
BB+ and below
0.7
-
Ratings shown are assigned by international credit-rating agencies.
Liquidity risk
June 30, 2022
In millions of CHF
 Up to 6 months 
 6 up to 12 
months 
 1 to 5 years 
 More than 5 
years 
 Total 
Short-term bank borrowings
66.2
-
66.2
Trade and other payables (*)
1 044.8
-
1 044.8
Gross derivative financial instruments - outflows
(1 174.1)
(43.4)
(13.6)
-
(1 231.1)
Gross derivative financial instruments - inflows
1 175.2
39.7
6.7
-
1 221.6
Long-term bank borrowings and bonds
1 358.9
743.9
2 102.8
Redemption liabilities
99.7
99.7
Options
16.9
16.9
Total financial liabilities
1 112.1
(3.7)
1 468.6
743.9
3 320.9
(*) Accrued expenses that are not financial liabilities (CHF 156.4) are not included.
The Group invests in short-term deposits with high quality banks and in bonds and other interest rate instruments issued by a high quality
issuer, where the amount issued allows high liquidity when dealing. Furthermore, the Group is also invested in low liquidity assets, which
are subject to delayed fund availability when sold. These low liquidity assets are limited to a proportion, which should not affect the global
liquidity of the Group.
Prudent liquidity risk management implies maintaining sufficient cash and short-term financial investments, the availability of funding
through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the
underlying businesses, Group Treasury maintains flexibility in funding by maintaining availability under committed and uncommitted credit
lines.
The following table analyzes the Group’s remaining contractual maturity for the carrying amount of financial liabilities. 
The following table presents the Group’s credit risk exposure of cash and cash equivalents and fixed-term deposits to individual financial
institutions:
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by delivering cash or another financial asset.
Group Treasury monitors and manages cash at Group level. Furthermore Group Treasury defines affiliates’ cash level. Affiliates’ short-term
cash needs and long-term excesses are managed through the cash-pooling structure. Structural financing needs for affiliates are arranged
either by using the in-house bank structure or, if not possible, by arranging local financing with banks selected by Group Treasury. There is
no significant amount of cash and cash equivalents held by the Group that is not available for use.
The undiscounted cash flows related to lease liabilities are CHF 23.0 within 6 months, CHF 22.0 within 6 to 12 months, CHF 117.4 within 1
to 5 years and CHF 52.1 thereafter.

100
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
June 30, 2021
In millions of CHF
 Up to 6 months 
 6 up to 12 
months 
 1 to 5 years 
 More than 5 
years 
 Total 
Short-term bank borrowings
59.8
-
59.8
Trade and other payables (*)
766.6
-
766.6
Gross derivative financial instruments - outflows
(1 209.6)
(41.7)
(11.1)
-
(1 262.4)
Gross derivative financial instruments - inflows
1 226.6
40.0
5.5
-
1 272.1
Long-term bank borrowings and bonds
1 324.0
821.0
2 145.0
Redemption liabilities
77.4
77.4
Total financial liabilities
843.4
(1.7)
1 395.8
821.0
3 058.5
Fair value measurements recognized in the consolidated statement of financial position
June 30, 2022
In millions of CHF
Notes
 Level 1 
 Level 2 
 Level 3 
 Total 
FINANCIAL ASSETS
Non-current assets
5
Financial investments
504.7
5.7
510.4
Current  assets - derivatives
10
Forward foreign exchange contract and options
13.8
13.8
Current financial investments
11
Equity securities
1.9
1.9
FINANCIAL LIABILITIES
Non-current  liabilities
Redemption liabilities
18
99.7
99.7
Options
16.9
16.9
Current  liabilities - derivatives
Forward foreign exchange contract and options
10
7.0
7.0
The following table presents the Group's assets and liabilities that are measured at fair value at June 30, 2022, grouped into levels 1 to 3 on
the degree to which the fair value is observable:
Level 2: fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
(*) Accrued expenses that are not financial liabilities (CHF 116.9) are not included.
Level 1: fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
The redemption liabilities disclosed under level 3 are based on a valuation model considering the present value of the net cash flows
expected. The cash flow projections include specific estimates for the remaining four years. The expected net cash flows are discounted
using a risk-adjusted discount rate.
Level 3: fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not
based on observable market data (unobservable inputs).
The undiscounted cash flows related to lease liabilities are CHF 22.1 within 6 months, CHF 19.2 within 6 to 12 months, CHF 107.2 within 1
to 5 years and CHF 55.8 thereafter.

101
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
June 30, 2021
In millions of CHF
Notes
 Level 1 
 Level 2 
 Level 3 
 Total 
FINANCIAL ASSETS
Non-current assets
5
Financial investments
624.5
5.2
629.7
Current  assets - derivatives
10
Forward foreign exchange contract and options
1.8
1.8
Current financial investments
11
Equity securities
2.4
2.4
FINANCIAL LIABILITIES
Non-current  liabilities
Redemption liabilities
18
77.4
77.4
Current  liabilities - derivatives
Forward foreign exchange contract and options
10
6.5
6.5
Reconciliation of movements in Level 3 valuations
Assets
Liabilities
In millions of CHF
 2022 
 2021 
 2022 
 2021 
Opening balance
5.2
7.5
77.4
50.0
Acquisition of businesses 
-
-
24.8
54.3
Gains and losses recognized in income statement
(0.1)
-
12.0
-
Reclassification
-
(2.5)
-
-
Purchases and new issues
0.7
0.3
4.7
-
Sales and settlements
-
(0.2)
-
-
Movement of redemption liabilities
-
-
(1.9)
(25.8)
Currency translation adjustment
(0.1)
0.1
(0.4)
(1.1)
Closing balance
5.7
5.2
116.6
77.4
Fair value estimation
The carrying value less allowance for doubtful debts of trade accounts receivable and payable are assumed to approximate fair values, due
to their short-term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual
cash flows at the current market interest rate that is available to the Group.
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the
fair values are consistent with those used in the year ended June 30, 2021.
The fair value of financial instruments that are not traded in active markets is determined by reference to observable market transactions
and on valuations provided by reputable financial institutions and hedge fund managers.
The fair value of financial instruments traded in active markets is determined by reference to share exchange quoted selling prices at the
close of business on the reporting date. 
There has been no significant movements in the fair value hierarchy.

102
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Capital risk management
In millions of CHF
Notes
2022
2021
Short-term bank borrowings and lease liabilities
17
(105.7)
(98.0)
Long-term bank borrowings, bonds and lease liabilities
17
(2 250.3)
(2 287.5)
Cash and cash equivalents and short-term financial investments
756.1
794.6
Net debt
(1 599.9)
(1 590.9)
26. Risk assessment
27. Operating segments
Business segment information
Perfumery & Ingredients
Taste & Beyond
According to Board of directors request, an annual risk assessment of corporate risks is led by Enterprise Risk Management ("ERM") and
involves the participation of senior management ("DG", "DG-1" and selected "DG-2" levels) for all divisions and all regions. The scope of risk
is a holistic view of all corporate risks that would prevent the company from reaching its strategic objectives or that would lead to losing
significant assets. 
Corporate management (the "Direction Générale", abbreviated "DG") is responsible for enterprise risk management, whereas the Group’s
Board of directors provides oversight and discusses with Corporate management the status of corporate risks on an annual basis.
Group financing (including financial income and expenses) and income taxes are managed on a Group basis and are not allocated to
operating segments.
The Taste & Beyond segment develops, manufactures and sells products used in the production of foods (savory and sweet) and beverages. 
Following that assessment, mitigation strategies are defined for significant risk exposures, corporate risks analysis is integrated into the
strategic plans, and the annual internal audit plan is derived from the findings of the latest risk assessment.
We define Net Debt as the sum of short term and long term financial debt less cash, cash equivalents and short-term financial investments.
The Perfumery & Ingredients segment develops, manufactures and sells fragrances into three global business lines: fine fragrance,
consumer fragrances and ingredients.
The objective of the Group when managing capital is to maintain the ability to continue as a going concern in order to maximize
shareholder value through an optimal balance of debt and equity and to optimize the cost of capital.
For management purposes, the Group identifies two divisions as operating segments: 'Perfumery & Ingredients' and 'Taste & Beyond'. Each
of these divisions is monitored based on a regular basis and allows the Executive Team to make decisions about the resources to be
allocated to the division and assess its performance.
Inter-segment sales are not significant.

103
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
Perfumery & Ingredients
Taste & Beyond
Total
In millions of CHF
 2022 
 2021 
 2022 
 2021 
 2022 
 2021 
Revenue
3 141.2
2 854.8
1 581.5
1 417.3
4 722.7
4 272.1
EBITDA (*)
513.7
571.7
284.4
301.9
798.1
873.6
Depreciation and amortization
(189.4)
(183.9)
(100.7)
(95.3)
(290.1)
(279.2)
Operating profit
324.3
387.8
183.7
206.6
508.0
594.4
Financing costs
(48.3)
(48.4)
Net other financial expenses
(13.7)
(18.9)
23.7
-
10.3
5.7
Income before tax
480.0
532.8
Income tax expense
(83.7)
(79.6)
Net income for the period
396.3
453.2
Capital expenditure
163.2
171.0
46.1
52.8
209.3
223.8
Geographical information
Revenue
Non-current assets
In millions of CHF
 2022 
 2021 
 2022 
 2021 
Switzerland
80.0
60.7
538.2
538.7
Europe
1 603.9
1 414.2
2 188.6
2 387.9
North America
1 160.3
1 085.8
1 208.4
1 080.1
Latin America
472.1
437.7
98.1
88.4
India, Middle East and Africa
533.8
481.9
222.3
216.9
South East Asia
468.5
439.4
68.9
69.8
North and East Asia
404.1
352.4
413.3
287.8
Total
4 722.7
4 272.1
4 737.8
4 669.7
28. Contingent assets and liabilities
Contingent assets
Contingent liabilities
No customer exceeds 10% of revenue.
From time to time and in varying degrees, the Group operations and earnings continue to be affected by political, legislative, fiscal and
regulatory developments, including those relating to environmental protection, in the countries in which it operates. The activities in which
the Group is engaged are also subject to risks of various kinds. The nature and frequency of these developments and events, not all which
are covered by insurance contracts, as well as their effects on future operations and earnings are not predictable.
Share of profit of jointly controlled entities and 
associates, net of taxes
Purchase of property, plant, equipment and 
intangibles 
Remeasurement to fair value of pre-existing 
interest in an acquiree
An entity of the Group continues to be named as a defendant in some butter flavor lawsuits brought against flavor houses in the United
States. There are 115 remaining cases, involving 145 plaintiffs. 
(*) EBITDA is defined as earnings before financial income (expense), tax, depreciation and amortization. It corresponds to operating profit before
depreciation, amortization and impairment losses.
The Group has no contingent asset.

104
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
29. Commitments
Commitments resulting from contractual obligations
In millions of CHF
 2022 
 2021 
Commitments resulting from contractual obligations
3.2
4.7
Capital commitments
In millions of CHF
 2022 
 2021 
Property, plant and equipment
15.2
10.6
0.2
2.7
Total
15.4
13.3
30. Restrictions on the titles to assets
31. Subsequent events
32. Exchange rates
- average rates for the consolidated income statement account and the statement of cash flows.
2022
2021
 ISO code 
 Units 
Closing rate
Average rate
Closing rate
Average rate
USD
1
0.958
0.927
0.924
0.911
EUR
1
0.996
1.052
1.098
1.085
CNY
1
0.143
0.144
0.143
0.137
SGD
1
0.688
0.683
0.688
0.676
GBP
1
1.162
1.241
1.279
1.223
JPY
100
0.704
0.799
0.835
0.857
- closing rates for the consolidated statement of financial position correspond to the exchange rates prevailing at June 30, 2022 and 2021.
As of June 30, 2022 the Group has several commitments resulting from contractual obligations as well as capital commitments.
There is no subsequent event after the reporting period that might have a material impact on the consolidated financial statements as of
June 30, 2022.
The following major exchange rates are used to establish the consolidated financial statements:
Intangible assets
At the closing date, there is no material restriction on the title to assets, except those disclosed in note 5 (deferred compensation scheme).
Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows:

105
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
33. List of main entities of the Group
 Country 
 Share in 
percentage 
Currency
 Share capital in 
thousands 
Switzerland
Firmenich International SA
100
CHF
40 500
Firmenich SA (*)
100
CHF
30 000
Firmenich Finance SA (*)
100
CHF
100
Fragar (America) SA (*)
100
CHF
20 000
Fragar Trading SA (*)
100
CHF
2 500
Fragar (Europe) SA (*)
100
CHF
2 500
Firmenich Trading Corporation (*)
100
CHF
12 500
Argentina
Firmenich S.A.I.C. y F.
100
ARS
5 452
Australia
Firmenich Limited
100
AUD
2 780
Austria
Firmenich Ges.m.b.H
100
EUR
37
Belgium
Firmenich Belgium SA
100
EUR
1 240
Brazil
Firmenich & Cia Ltda.
100
BRL
83 115
Bulgaria
Watt Burgas OOD KD
80
BGN
5
Canada
Firmenich of Canada Ltd.
100
CAD
1
China
Kunming Firmenich Aromatics Co. Ltd.
80
CNY
167 281
Firmenich Aromatics (Shanghai) Co. Ltd.
100
CNY
4 139
Firmenich Aromatics (China) Co. Ltd.
100
CNY
564 605
Artsci Biology Technologies Co. Ltd.
90
CNY
20 000
Hangzhou Ansai Bio.& Tech. Inc.
90
CNY
10 000
Firmenich Aromatics (ZhangjiaGang) Co., Ltd
100
CNY
220 697
Colombia
Firmenich S.A.
100
COP
8 163 346
Denmark
Firmenich Denmark APS
100
DKK
11 625
France
Firmenich & Cie SAS
100
EUR
5 000
Firmenich Productions SAS
100
EUR
13 600
Firmenich Grasse SAS
100
EUR
25 756
Alpha Beta International SAS
100
EUR
248 683
Les Dérivés Résiniques et Terpéniques
100
EUR
19 961
Société Béarnaise de Synthèse SASU
100
EUR
50
Resimmo SCI
100
EUR
10
DRT Approvisionnement Biomasse SAS
64
EUR
700
Action Pin SA
100
EUR
1 372
Germany
Firmenich GmbH
100
EUR
6 300
Firmenich Trostberg GmbH
100
EUR
25
India
Firmenich Aromatics Production (India) Private Ltd
100
INR
2 322 400
VKL Seasoning Private Ltd
69
INR
12 750
DRT-Anthea Aroma Chemicals Private Limited
50
INR
19 116
Indonesia
PT Firmenich Indonesia
85
IDR
5 305 000
Firmenich Aromatics Indonesia
100
IDR
45 097 500
Italy
Firmenich S.p.A.
100
EUR
103
Firmenich Holding (Italy) SPA
100
EUR
30 000
Campus S.r.l.
100
EUR
501
(*) Direct investments of Firmenich International SA.
Entity name
The consolidated financial statements include the following main entities.

106
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Notes to the consolidated financial statements
 Country 
 Share in 
percentage 
Currency
 Share capital in 
thousands 
Japan
Nihon Firmenich K.K.
100
JPY
90 000
Korea
Firmenich Co. Ltd.
100
KRW
500 000
Mexico
Firmenich de Mexico S.A. de C.V.
100
MXN
104 327
Campus Italia de Mexico S. de R.L. de C.V.
100
MXN
91 123
Nigeria
Firmenich Western Africa Limited
100
NGN
10 000
Norway
Firmenich Bjørge Biomarin AS
100
NOK
125 250
Campus Scandinavia AS
100
NOK
100
Philippines
Firmenich (Philippines) Inc.
100
PHP
13 075
Poland
Firmenich Sp. Z.o.o.
100
PLN
2 000
Russia
Firmenich LLC
100
RUB
44 481
Singapore
Firmenich Asia Pte Ltd.
100
SGD
6 000
South Africa
Firmenich (Pty) Ltd.
100
ZAR
220 000
Spain
Firmenich S.A.
100
EUR
300
Thailand
Firmenich Thailand Ltd.
100
THB
100 000
Turkey
Firmenich Dis Ticaret Limited Sirketi
100
TRY
166
Gulcicek Kimya ve Ucan Yaglar Sanayi ve Ticaret A.S.
87
TRY
30 000
UAE
Firmenich FZ-LLC
100
USD
400
UK
Firmenich UK Ltd.
100
GBP
7 000
Bergère Ltd. (*)
100
USD
391
USA
Firmenich Inc.
100
USD
31 350
Chem-Fleur Inc.
100
USD
27 641
Intercit Inc.
100
USD
567
MCP Food Inc. 
100
USD
5 000
Essex Laboratories LLC
75
USD
9 637
Agilex Holdings, Inc.
100
USD
163 603
DRT America Inc.
100
USD
97 474
DRT America LLC
100
USD
56 232
Pinova Inc.
100
USD
78 329
Vietnam
Firmenich Vietnam LLC
100
VND
6 308 700
(*) Direct investments of Firmenich International SA.
 Country 
 Share in 
percentage 
Currency
 Share capital in 
thousands 
France
Biomass Energy Solutions VSG SAS
37
EUR
5 718
India
Jasmine Concrete Exports Private Ltd
49
INR
17 382
USA
Essential Labs, LLC.
49
USD
170
The voting rights are the same as the share in percentage for all entities.
Entity name
The consolidated financial statements recognize the following main associates and joint ventures.
Entity name

107
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
 
 
 
1
Statutory Auditor’s Report 
To the General Meeting of Firmenich International SA, Satigny 
 
Report on the Audit of the Consolidated Financial Statements 
Opinion 
We have audited the consolidated financial statements of Firmenich International SA and its subsidiaries (the 
Group), which comprise the consolidated statement of financial position as at June 30, 2022 and the consolidated 
income statement, consolidated statement of comprehensive income, consolidated statement of changes in 
equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial 
statements, including a summary of significant accounting policies. 
In our opinion the consolidated financial statements (pages 57 to 106) give a true and fair view of the consolidated 
financial position of the Group as at June 30, 2022, and its consolidated financial performance and its 
consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards 
(IFRS) and comply with Swiss law. 
Basis for Opinion 
 
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISAs) and Swiss 
Auditing Standards. Our responsibilities under those provisions and standards are further described in the 
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are 
independent of the Group in accordance with the provisions of Swiss law and the requirements of the Swiss audit 
profession, as well as the International Ethics Standards Board for Accountants’ International Code of Ethics for 
Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled 
our other ethical responsibilities in accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 
 
Key Audit Matters 
    
Revenue recognition 
Carrying value of goodwill 
 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of 
the consolidated financial statements of the current period. These matters were addressed in the context of our 
audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters.

108
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
 
 
 
2
 Revenue recognition 
Key Audit Matter 
Our response 
The Group generates revenue from contracts with 
customers from the sale of fragrance and flavor 
products. The Group has an extensive product range 
and a large number of customers. Additionally, revenue 
is one of the key performance indicators for the Group. 
Revenue is recognized when control over the goods are 
transferred to the customer. Particular attention is 
required to ensure revenue is recognized in the correct 
accounting period. Thus, we identified timing of revenue 
recognition around the balance sheet dates as a key 
audit matter. 
We obtained an understanding of the overall process 
over revenue recognition and tested key internal 
controls over the timing of revenue recognition, 
including controls performed by management on the 
timing of goods’ shipment and delivery, and over the 
correct approval and timely recognition of credit notes. 
Due to the high reliance of revenue recognition on IT, 
we evaluated the integrity of the general IT control 
environment. 
We used audit technology to identify sales at risk of 
being recognized in the incorrect accounting period 
around year-end, and to corroborate management’s 
assessment. We traced a sample of sales to related 
underlying documents. 
We sampled credit notes and sales reversals recorded 
after the balance sheet date and traced the selected 
items to sales documents. 
Furthermore, we performed a monthly trend analysis of 
revenue by division, corroborating our understanding of 
each division’s performance compared to the reported 
results. 
We also considered whether disclosures over revenue 
recognition in the consolidated financial statements are 
appropriate. 
For further information on revenue refer to the following: 
— Note 1, Accounting information and policies – Group significant accounting policies – Revenue 
— Note 27, Operating segments

109
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
 
 
 
3
 
Carrying value of goodwill 
Key Audit Matter 
Our response 
As at June 30, 2022, the Group has goodwill of 
CHF 1,995.9 million, which is required to be tested for 
impairment at least on annual basis. The recoverability 
is dependent on achieving a sufficient level of future net 
cash flows. 
Management apply judgment in assessing the future 
performance and prospects of each CGU and 
determining the relevant valuation assumptions. 
Carrying value of goodwill is a key audit matter because 
the valuation process is complex. It involves a high 
degree of management judgment and assumptions, 
such as cash flow forecasts, long term growth rates and 
discount rates of the CGUs, being used in the Group’s 
impairment tests. 
We evaluated the accuracy of impairment tests, the 
reasonableness of the key assumptions used to 
determine the recoverable amount – including long term 
growth rates and discount rates based on our 
understanding of the related CGUs’ commercial outlook 
– and the methodology used by management to prepare 
its cash flow forecasts. 
We involved valuation professionals with specialized 
skills and knowledge who assisted in assessing the 
reasonableness of the discount rates and long term 
growth rates through testing the source information 
underlying their determination, and in developing a 
range of independent estimates and comparing those to 
the discount and long term growth rates applied by 
management. 
We assessed the Group’s ability to accurately prepare 
projections for their CGUs by comparing the projected 
financial performance from past period to actual figures 
for the same period.  
We also considered the adequacy of the disclosures on 
impairment testing in the consolidated financial 
statements. 
For further information on carrying value of goodwill refer to the following: 
— Note 1, Accounting information and policies  
– Group significant accounting policies – Principles of consolidation 
– Critical accounting estimates and judgments – Impairment of goodwill 
— Note 3, Goodwill and intangible assets

110
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
 
 
4
Other Information in the Annual Report 
The Board of Directors is responsible for the other information in the annual report. The other information 
comprises all information included in the annual report, but does not include the consolidated financial 
statements, the stand-alone financial statements of the company and our auditor’s reports thereon. 
Our opinion on the consolidated financial statements does not cover the other information in the annual report and 
we do not express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information in the annual report and, in doing so, consider whether the other information is materially inconsistent 
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be 
materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement 
of this other information, we are required to report that fact. We have nothing to report in this regard. 
Responsibility of the Board of Directors for the Consolidated Financial Statements 
The Board of Directors is responsible for the preparation of the consolidated financial statements that give a true 
and fair view in accordance with IFRS and the provisions of Swiss law, and for such internal control as the Board 
of Directors determines is necessary to enable the preparation of consolidated financial statements that are free 
from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s 
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the 
going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease 
operations, or has no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a 
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with Swiss law, ISAs and Swiss Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users 
taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with Swiss law, ISAs and Swiss Auditing Standards, we exercise professional 
judgment and maintain professional skepticism throughout the audit. We also:  
— Identify and assess the risks of material misstatement of the consolidated financial statements, whether due 
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material 
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the override of internal control. 
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 
Group’s internal control. 
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 
and related disclosures made.  
— Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions 
that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a 
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures 
in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our 
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future 
events or conditions may cause the Group to cease to continue as a going concern.

111
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
 
 
5
KPMG SA, Esplanade de Pont-Rouge 6, PO Box 1571, CH-1211 Geneva 26 
 
KPMG AG is a subsidiary of KPMG Holding AG, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative 
(“KPMG International”), a Swiss legal entity. All rights reserved. 
— Evaluate the overall presentation, structure and content of the consolidated financial statements, including 
the disclosures, and whether the consolidated financial statements represent the underlying transactions and 
events in a manner that achieves fair presentation. 
— Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business 
activities within the Group to express an opinion on the consolidated financial statements. We are 
responsible for the direction, supervision and performance of the Group audit. We remain solely responsible 
for our audit opinion. 
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the 
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit. 
We also provide the Board of Directors or its relevant committee with a statement that we have complied with 
relevant ethical requirements regarding independence, and communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to 
eliminate threats or safeguards applied. 
From the matters communicated with the Board of Directors or its relevant committee, we determine those 
matters that were of most significance in the audit of the consolidated financial statements of the current period 
and are therefore the key audit matters. We describe these matters in our auditor’s report, unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine 
that a matter should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication. 
 
Report on Other Legal and Regulatory Requirements  
In accordance with article 728a para. 1 item 3 CO and the Swiss Auditing Standard 890, we confirm that an 
internal control system exists, which has been designed for the preparation of consolidated financial statements 
according to the instructions of the Board of Directors. 
We recommend that the consolidated financial statements submitted to you be approved. 
KPMG SA 
{{Signatureleft}} 
{{Signatureright}} 
Martin Rohrbach 
Licensed Audit Expert 
Auditor in Charge 
Carlos Alvarez 
Licensed Audit Expert 
Geneva, August 4, 2022

112
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
In millions of CHF
Notes
2022
2021
Dividend income
1
242.2
257.1
Other operating income
0.6
0.0
Other financial income 
2
67.9
35.8
310.7
292.9
Financial expenses 
3
(77.4)
(78.9)
Other operating expenses 
4
(50.3)
(5.9)
Direct taxes
(1.0)
(2.0)
(128.7)
(86.8)
182.0
206.1
Firmenich International SA, Satigny
Income statement
For the year ended June 30
Total income
Total expenses
Profit for the year

113
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
In millions of CHF
Notes
2022
2021
Assets
Cash and cash equivalents
402.0
428.4
Bank deposits
127.5
186.0
Derivative financial instruments with an observable market price 
5
9.5
0.2
752.9
791.5
6
8.7
6.6
1 300.6
1 412.7
Securities listed on a stock exchange 
7
395.2
395.2
Financial assets
7
4.1
3.5
Loans granted to companies in which the entity holds an investment
1 330.2
1 346.0
Investments
8
362.7
362.7
Prepaid expenses and accrued income 
6
5.1
8.7
2 097.3
2 116.1
Total assets
3 397.9
3 528.8
Liabilities and Shareholders' equity
Trade accounts payable 
0.0
0.3
Short-term interest-bearing liabilities 
9
352.4
460.9
Derivative financial instruments with an observable market price 
5
0.0
1.9
Accrued expenses and deferred income 
10
153.0
37.7
Short-term provisions
6.9
0.0
512.3
500.8
Long-term interest-bearing liabilities 
11
1 273.5
1 347.6
1 273.5
1 347.6
Total liabilities
1 785.8
1 848.4
Share capital
  Registered shares
12
40.5
40.5
Legal retained earnings
  General legal retained earnings reserves
244.0
244.0
Voluntary retained earnings reserves
  Special reserve
330.0
330.0
  Ordinary reserve
40.5
40.5
Available earnings
     Profit brought forward
775.1
819.3
     Profit for the year
182.0
206.1
Total shareholders' equity
1 612.1
1 680.4
Total liabilities and shareholders' equity
3 397.9
3 528.8
Total current assets
Total non-current assets
Total short-term liabilities
Total long-term liabilities
Prepaid expenses and accrued income 
Firmenich International SA, Satigny
Balance sheet
As at June 30
Other short-term receivables from companies in which the entity holds 
an investment

114
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Principles
General aspects
Foreign currencies
Cash and cash equivalents
Bank deposits
Securities listed on a stock exchange
Derivative financial instruments with an observable market price
Financial assets
Investments
Bonds
Provisions
Investments in companies where the entity holds an investment are valued at acquisition cost less adjustments for impairment of value.
Bonds are valued at nominal value. Any bond premium, discount and transaction costs directly related to the issue of the bond are amortized over the
duration of the bond.
Provisions are recognised when there is a present legal or constructive obligation as a result of past events, when it is probable that an outflow of
resources will be required to settle the obligation, and when a reliable estimate of the amount can be made.
Financial assets include securities that have no quoted market price or no other observable market price. Financial assets with no observable market
price are valued at their acquisition cost adjusted for impairment losses.
Firmenich International SA, Satigny
Notes to the financial statements
Firmenich International SA, Satigny, Switzerland, is the holding company of the Firmenich Group. The Group is a global supplier of fragrances and
flavors. The company employs less than 250 full-time equivalents. These financial statements were prepared according to the provisions of the Swiss
Law on Accounting and Financial Reporting (32nd title of the Swiss Code of Obligations). Where not prescribed by law, the significant accounting and
valuation principles applied are described below.
Transactions in foreign currencies are recorded at the rates of exchange ruling at the date of the transaction. Assets and liabilities denominated in a
foreign currency are translated into CHF at year-end exchange rates. All transaction gains or losses, realised and unrealised, are taken directly to the
year's results, including the effects of forward contracts, with the exception of unrealised exchange gains that are carried on the balance sheet as a
liability. 
Exchange gains and losses are compensated by currency and the resulting net exchange gain or net exchange loss is disclosed in the disclosures to the
financial statements.
Cash and cash equivalents comprise bank balances and short-term deposits at 48 hours. Bank overdrafts are shown under current liabilities.
Bank deposits are composed of short-term deposits over 48 hours.
Securities listed on a stock exchange, which are traded in liquid markets, are initially recorded at cost and subsequently carried at fair value (quoted
market price). Securities listed on a stock exchange that represent strategic investments classified as long-term are valued at historical cost.
Realised and unrealised gains and losses arising from changes in the fair value are included in the income statement in the period in which they arise. A
valuation adjustment reserve has not been accounted for. 
All purchases and sales of marketable securities are recognised on the trade date, which is the date of the commitment to purchase, or sell the asset. 
Derivative financial instruments are initially recognised in the balance sheet at fair value plus directly attributable transaction cost and subsequently
remeasured at their fair value based on observable market prices at the balance sheet date. Gains and losses, realised or unrealised, from forward
exchange contracts and currency options used to hedge potential exchange rate exposures are included in the year’s results. Interest differentials
under swap arrangements used to manage interest rate exposures are recognised by adjustments to interest expenses. A valuation adjustment reserve
has not been accounted for. 
Derivative financial instruments with an observable market price that is positive are classified as assets whereas derivative financial instruments with
an observable market price that is negative are classified as liabilities.

115
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Firmenich International SA, Satigny
Notes to the financial statements
Foregoing a cash flow statement and additional disclosures in the notes
1. Dividend income
In millions of CHF
2022
2021
Firmenich SA
127.5
151.5
Fragar (America) SA
10.2
9.2
Fragar Trading SA
5.4
0.0
Firmenich Trading Corporation
99.1
96.4
Total dividend income
242.2
257.1
2. Other financial income
In millions of CHF
2022
2021
Interest and other financial income from companies in which the entity holds an investment
22.7
24.0
Net unrealised exchange gains on derivative financial instruments
11.3
0.0
Net realised exchange gains on derivative financial instruments
23.9
0.0
Net exchange gains
3.9
8.9
Net realised exchange gains on currency spot transactions
0.0
0.6
Interest and dividend income from third parties
6.1
2.3
Total other financial income
67.9
35.8
3. Financial expenses
In millions of CHF
2022
2021
Interest to companies in which the entity holds an investment
4.0
4.8
Interest expenses
34.4
36.7
Discounts and transaction costs on bonds
2.0
2.0
Net realised exchange losses on currency spot transactions
15.9
0.0
Unrealised exchange losses
11.2
23.5
Realised exchange losses
7.4
2.6
Net market losses on securities and other financial assets
0.1
0.0
Net unrealised exchange losses on derivative financial instruments
0.0
6.8
Net realised exchange losses on derivative financial instruments
0.0
0.2
Bank fees and charges
2.4
2.3
Total financial expenses
77.4
78.9
4. Other operating expenses
In millions of CHF
2022
2021
Employee benefits
6.9
0.0
Board of Directors fees and remuneration
3.7
3.6
Professional services
39.2
1.8
Service and management fees to companies in which the entity holds an investment
0.5
0.5
Total other operating expenses
50.3
5.9
As Firmenich International SA has prepared its consolidated financial statements in accordance with a recognised accounting standard (IFRS), it has
decided to forego presenting additional information on interest-bearing liabilities and audit fees in the notes as well as a cash flow statement in
accordance with the law.
In the following notes, all amounts are shown in millions of CHF unless otherwise stated.

116
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Firmenich International SA, Satigny
Notes to the financial statements
5. Derivative financial instruments with an observable market price
In millions of CHF
 Nominal 
value 
 Positive fair values 
(assets) 
 Negative fair 
values 
(liabilities) 
June 30, 2022
Forward exchange contracts
  Sell USD
(50.4)
0.1
(0.0)
  Sell EUR
(226.2)
9.2
0.0
  Sell Other
(5.2)
0.2
0.0
(281.7)
9.5
                           
(0.0)
Total derivative financial instruments with an observable market price
9.5
(0.0)
In millions of CHF
 Nominal 
value 
 Positive fair values 
(assets) 
 Negative fair 
values 
(liabilities) 
June 30, 2021
Forward exchange contracts
  Buy USD
6.2
0.2
0.0
  Sell EUR
(281.1)
0.0
(1.7)
  Sell Other
(20.0)
0.0
(0.2)
(294.9)
0.2
(1.9)
Total derivative financial instruments with an observable market price
0.2
(1.9)
Financial assets
In millions of CHF
2022
2021
Derivative financial instruments with third parties
9.4
0.0
Derivative financial instruments with companies in which the entity holds an investment
0.1
0.2
Total derivative financial instruments with an observable market price
9.5
0.2
Financial liabilities
In millions of CHF
2022
2021
Derivative financial instruments with third parties
0.0
1.9
Total derivative financial instruments with an observable market price
0.0
1.9
6. Prepaid expenses and accrued income
In millions of CHF
2022
2021
 Accrued interests from companies in which the entity holds an investment
0.5
3.4
 Accrued dividend income
3.4
0.0
Bonds discounts and transaction costs
2.0
2.0
Prepaid bank fees
1.5
0.8
Other accrued income and prepaid expenses
1.3
0.4
Total short-term prepaid expenses and accrued income
8.7
6.6
Bonds discounts and transaction costs
4.5
6.6
Prepaid long-term bank fees
0.6
2.1
Total long-term prepaid expenses and accrued income
5.1
8.7

117
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Firmenich International SA, Satigny
Notes to the financial statements
7. Securities listed on a stock exchange and Financial assets
In millions of CHF
2022
2021
Securities listed on a stock exchange
395.2
395.2
Investment funds
4.1
3.5
Total long-term financial assets
399.3
398.7
8. Investments 
Company
 June 30, 2022 
 June 30, 2021 
Firmenich SA
CHF
30.0
           
CHF
30.0
              
100
100
Fragar (America) SA
CHF
20.0
           
CHF
20.0
              
100
100
Fragar (Europe) SA
CHF
2.5
             
CHF
2.5
                 
100
100
Fragar Trading SA
CHF
2.5
             
CHF
2.5
                 
100
100
Firmenich Trading Corporation
CHF
12.5
           
CHF
12.5
              
100
100
Bergere Limited
CHF
0.5
             
CHF
0.5
                 
100
100
Firmenich Finance SA
CHF
0.1
             
CHF
0.1
                 
100
100
Company
Domicile
 June 30, 2021 
Firmenich SA
Satigny, Switzerland
325.0
325.0
Fragar (America) SA 
Satigny, Switzerland
20.0
20.0
Fragar (Europe) SA
Satigny, Switzerland
2.5
2.5
Fragar Trading SA
Satigny, Switzerland
2.5
2.5
Firmenich Trading Corporation
Satigny, Switzerland
12.0
12.0
Bergere Limited
Hamilton, Bermuda
0.6
0.6
Firmenich Finance SA
Satigny, Switzerland
0.1
0.1
Total investments
362.7
362.7
9. Short-term interest-bearing liabilities
In millions of CHF
2022
2021
Current accounts with companies in which the entity holds an investment
352.4
460.9
Total short-term interest-bearing liabilities
352.4
460.9
 June 30, 2022 
A list of main indirect Group companies held by Firmenich International SA is included in the consolidated financial statements of Firmenich
International SA.
Carrying value in millions of CHF
In FY20, Firmenich International SA acquired 21.8% of Robertet SA's share interests, representing circa 11.4% of voting rights. This equity instrument
represents a long-term strategic investment valued at historical cost.
 Share capital in millions  
 Share in capital/voting rights in % 
 June 30, 2022 
 June 30, 2021

118
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Firmenich International SA, Satigny
Notes to the financial statements
10. Accrued expenses and deferred income
In millions of CHF
2022
2021
Deferred unrealised exchange gains
83.6
4.7
Accrued interest 
26.1
28.2
Accrued expenses for professional services
38.0
0.0
Accrued expenses for Board of Directors fees and remuneration
1.2
1.1
Accrued taxes
2.5
2.4
Other accruals
1.6
1.3
Total accrued expenses and deferred income
153.0
37.7
11. Long-term interest-bearing liabilities
In millions of CHF
2022
2021
Bonds
1 222.2
1 298.5
Due to companies in which the entity holds an investment
51.3
49.1
Total long-term interest-bearing liabilities
1 273.5
1 347.6
 BONDS
In millions of CHF 
 Face value 
 Issue price 
 Coupon 
 Year of issue/
maturity 
2022
2021
Deeply Subordinated Fixed Rate Resettable Perpetual Notes*
EUR 750
99.429%
3.75%
2020
747.2
823.5
Public bonds
CHF 425
100.335%
1.00%
2020-2023
425.0
425.0
Public bonds
CHF    50
100.896%
1.00%
2020-2023
50.0
50.0
Total bonds
1 222.2
1 298.5
12. Share capital 
Other information
Guarantees
 In millions  
 Face value 
 Coupon 
 Year of issue/
maturity 
 Face value
2022 
 Face value
2021 
ISSUER
Firmenich Productions Participations SAS (France)
EUR     750
1.375%
2020-2026
CHF     747.2
CHF     823.5
Firmenich Productions Participations SAS (France)
EUR     750
1.750%
2020-2030
CHF     747.2
CHF     823.5
EUR  1 500
CHF  1 494.5
CHF  1 647.1
Significant events after the balance sheet date
Bonds issuance guaranteed by Firmenich International SA:
There are no significant events after the balance sheet date which could impact the book value of the assets or liabilities or which should be disclosed 
here.
*Firmenich International SA issued EUR 750 million deeply subordinated fixed rate resettable perpetual notes on June 3, 2020 with a coupon of 3.75%
payable annually at the sole discretion of the issuer until the first reset date i.e. September 3, 2025. Thereafter, the interest rate is reset every 5 years. 
Share capital in the amount of CHF 40.5 million consists of 729'000 registered A shares at a par value of CHF 50 each, 810'000 registered B shares at a
par value of CHF 5 each. 
Guarantees and comfort letters issued in favor of affiliated companies amount to CHF 438.8 (2021: CHF 410.0).

119
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Proposal of the Board of Directors to the General Meeting of Shareholders
In CHF 
2022
Available earnings
Profit brought forward
775 122 771
Profit for the year
181 951 066
Total available earnings
957 073 837
Distribution of an ordinary dividend
         on A shares      10 %
3 645 000
         on B shares      10 %
405 000
4 050 000
Distribution of an additional dividend
         on A shares 607.28395 % (2021: 608 %)
221 355 000
         on B shares 607.28395 % (2021: 608 %)
24 595 000
245 950 000
Total appropriation of available earnings
250 000 000
Balance to be carried forward
707 073 837
Firmenich International SA, Satigny
Appropriation of available earnings 
As at June 30, 2022
The general legal retained earnings reserves exceed 20% of the share capital. As such, the first attribution is not required.

120
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
1
Statutory Auditor’s Report 
To the General Meeting of Firmenich International SA, Satigny 
Report on the Audit of the Financial Statements 
Opinion 
We have audited the financial statements of Firmenich International SA, which comprise the balance sheet as at 
June 30, 2022, and the income statement for the year then ended, and notes to the financial statements, including 
a summary of significant accounting policies. 
In our opinion the financial statements (pages 112 to 119) for the year ended June 30, 2022 comply with Swiss 
law and the company’s articles of incorporation.  
Basis for Opinion 
We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Our responsibilities under 
those provisions and standards are further described in the Auditor’s Responsibilities for the Audit of the Financial 
Statements section of our report. We are independent of the entity in accordance with the provisions of Swiss law 
and the requirements of the Swiss audit profession and we have fulfilled our other ethical responsibilities in 
accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 
Report on Key Audit Matters based on the circular 1/2015 of the Federal Audit Oversight Authority 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of 
the financial statements of the current period. We have determined that there are no key audit matters to 
communicate in our report. 
Responsibility of the Board of Directors for the Financial Statements 
The Board of Directors is responsible for the preparation of the financial statements in accordance with the 
provisions of Swiss law and the company’s articles of incorporation, and for such internal control as the Board of 
Directors determines is necessary to enable the preparation of financial statements that are free from material 
misstatement, whether due to fraud or error. 
In preparing the financial statements, the Board of Directors is responsible for assessing the entity’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going 
concern basis of accounting unless the Board of Directors either intends to liquidate the entity or to cease 
operations, or has no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Financial Statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Swiss law and Swiss Auditing Standards will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of these 
financial statements.

121
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
 
 
2
KPMG SA, Esplanade de Pont-Rouge 6, PO Box 1571, CH-1211 Geneva 26 
 
KPMG AG is a subsidiary of KPMG Holding AG, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative 
(“KPMG International”), a Swiss legal entity. All rights reserved. 
As part of an audit in accordance with Swiss law and Swiss Auditing Standards, we exercise professional 
judgment and maintain professional skepticism throughout the audit. We also:  
— Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or 
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is 
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement 
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of internal control. 
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of 
internal control. 
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 
and related disclosures made.  
— Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions 
that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a 
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures 
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are 
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or 
conditions may cause the entity to cease to continue as a going concern.  
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the 
planned scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit. 
We also provide the Board of Directors or its relevant committee with a statement that we have complied with 
relevant ethical requirements regarding independence, and communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to 
eliminate threats or safeguards applied. 
From the matters communicated with the Board of Directors or its relevant committee, we determine those 
matters that were of most significance in the audit of the financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor’s report, unless law or regulation 
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a 
matter should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication. 
Report on Other Legal and Regulatory Requirements  
In accordance with article 728a para. 1 item 3 CO and the Swiss Auditing Standard 890, we confirm that an 
internal control system exists, which has been designed for the preparation of financial statements according to 
the instructions of the Board of Directors. 
We further confirm that the proposed appropriation of available earnings complies with Swiss law and the 
company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. 
KPMG SA 
 
 
 
 
{{Signatureleft}} 
{{Signatureright}} 
Martin Rohrbach 
Licensed Audit Expert 
Auditor in Charge 
Carlos Alvarez 
Licensed Audit Expert 
Geneva, August 4, 2022

122
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Growth at Constant Currency (CCY)
Growth on an Organic Basis (Organic)
Revenue Growth on an Organic Basis at Constant Currency (OCCY)
For the period  ended, in millions of CHF
 June 30, 2022 
 June 30, 2021 
 Year-over-
year 
 Year-over-
year in % 
Revenue
4 722.7
4 272.1
Revenue growth
450.6
10.5%
Effect of foreign exchange rates
-29.3
-0.7%
Growth at Constant Currency (CCY)
480.0
11.2%
Effect of business acquisitions and disposals
6.4
0.1%
Revenue Growth on an Organic Basis at Constant Currency (OCCY)
473.6
11.1%
The management and Board of Directors of Firmenich International SA use a number of Alternative Performance Measures (APM) to monitor
the performance of the business, in addition to the International Financial Reporting Standard (IFRS) measures. 
Appendix to the Annual Report: Alternative Performance 
Measures (June 2022)
For the period ended 30 June 2022
Introduction
An alternative performance measure is a financial measure of historical financial performance, financial position or cash flows other than a
financial measure defined or specified in the applicable recognised accounting standards (i.e. IFRS).
In order to provide users with a comprehensive understanding of our performance, our Alternative Performance Measures are listed and
defined below. They should be considered in addition to, not as a substitute for operating profit, net income, operating cash flow and other
measures of financial performance and liquidity reported in accordance with IFRS.
Growth at Constant Currency is used by our management and Board of Directors to evaluate operating performance. We believe that the
elimination of the effect of foreign currency variations can provide useful period-to-period comparisons of our operating performance and
enable a better understanding of the underlying factors contributing to such performance. 
Growth at Constant Currency is computed by comparing current period results converted at prior period foreign exchange rates to prior period
results at prior period foreign exchange rates.
Growth on an Organic Basis is used by our management and Board of Directors to evaluate operating performance. We believe that the
elimination of the impact of business acquisitions and disposals can provide useful period-to-period comparisons of our operating
performance and enable a better understanding of the underlying factors contributing to such performance.   
Growth on an Organic Basis is calculated by excluding the impact of business acquisitions and disposals for a period of 12 months following or
preceding the date of such business acquisition or disposal, respectively.  
Revenue Growth on an Organic Basis at Constant Currency is used by our management and Board of Directors to evaluate operating
performance. We believe that the elimination of the impact of business acquisitions, disposals and foreign currency variations from Revenue
can provide useful like-for-like period-to-period comparisons of our sales performance and enable a better understanding of the underlying
factors contributing to such performance. 
Revenue Growth on an Organic Basis at Constant Currency is calculated as described above in the respective sections “Growth at Constant
Currency” and “Growth on an Organic Basis”.  
The table below provides the reconciliation of OCCY to Revenue growth is as follows:

123
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
EBITDA
For the period  ended, in millions of CHF
 June 30, 2022 
 June 30, 2021 
Operating profit
508.0
594.4
Depreciation of property, plant and equipment
177.9
170.8
Amortization of intangible assets
106.9
102.6
Impairment losses
5.3
5.8
EBITDA
798.1
873.6
Adjusted EBITDA 
For the period ended, in millions of CHF
 June 30, 2022 
 June 30, 2021 
EBITDA
798.1
873.6
Restructuring and transformation costs
4.8
10.2
Acquisition and disposal related costs (*)
99.9
9.1
Loss / (gain) on disposal of intangible assets and property, plant and equipment
1.7
(46.9)
Other items of a one-time and/or non-operating nature (**)
-
(30.1)
Adjusted EBITDA 
904.5
815.9
Free Cash Flow (FCF)
For the period ended, in millions of CHF
 June 30, 2022 
 June 30, 2021 
Cash flows from operating activities
620.8
693.3
Purchase of property, plant and equipment
(171.5)
(185.7)
Purchase of intangible assets
(37.8)
(38.1)
Disposal of intangible assets, property, plant and equipment
2.1
41.8
Free Cash Flow
413.6
511.3
Adjusted EBITDA is a measure used by our management and Board of Directors to evaluate our core operating performance. 
We define Adjusted EBITDA as EBITDA adjusted to eliminate the impact of identified items of non-recurring nature and/or not directly
attributable to the operating performance that may materially distort period-to-period comparisons and/or the evaluation of our on-going
business performance. 
The defined list of adjusted items comprises restructuring and transformation costs, acquisition and disposal-related costs, gain and loss on
disposals of intangible assets and property, plant and equipment, and other items of a one-time and/or non-operating nature, which may
include elements such as legal claims and settlements, or curtailments of defined benefits pension plans.
EBITDA is defined as earnings before financial income (expense), tax, depreciation and amortization. It corresponds to operating profit before
depreciation, amortization and impairment losses.
The table below discloses the adjusted items included in the EBITDA:
* In current year, it mainly consists of expenses and provisions related to the DSM-Firmenich merger. See note 20 of the Consolidated Financial
Statements of Firmenich 
We define Free Cash Flow as Cash flows from operating activities less purchase of intangible assets and property plant and equipment net of
disposals. 
Reconciliation of Cash flows from operating activities to Free cash flow is as follows: 
Free Cash Flow is a measure used by our management and Board of Directors to evaluate our ability to generate cash to return capital to
shareholders, repay debt and fund potential acquisitions.
** In prior year, it consists of an income related to a legal case settlement. See note 20 of the Consolidated Financial Statements of Firmenich 
International SA.

124
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Net Debt
In millions of CHF
 June 30, 2022 
 June 30, 2021 
Short-term bank borrowings and lease liabilities
(105.7)
(98.0)
Long-term bank borrowings, bonds and lease liabilities
(2 250.3)
(2 287.5)
Cash, cash equivalents and financial investments
756.1
794.6
Net Debt
(1 599.9)
(1 590.9)
In addition, in 2020 we have issued deeply subordinated fixed rate perpetual resettable notes for CHF 795 million, which are accounted for in
equity in the Group’s consolidated financial statements, in accordance with IFRS as issued by the International Accounting Standards Board
IASB (refer to IAS 32 – Financial Instruments: Presentation), as described in note 12 to the consolidated financial statements.
Net Debt is a measure used by our management and Board of Directors to assess our financial position.
We define Net Debt as the sum of short term and long term financial debt less cash, cash equivalents and short-term financial investments. See
note 25 of the Consolidated Financial Statements of Firmenich International SA. Net Debt comprises:

125
FIRMENICH ANNUAL  
REPORT 2022
STRATEGIC  
REPORT
CORPORATE 
GOVERNANCE
FINANCIAL  
STATEMENTS
Family
owned
founded
in Geneva,
1895
Firmenich International SA
Rue de la Bergère 7
P.O. Box 148
Satigny CH-1242
Switzerland
www.firmenich.com
DISCLAIMER
This document and the related results contain forward-looking statements related to Fir-
menich International SA (the “Company”) and its future business and financial performance 
and future events or developments, including statements regarding: trends; exchange rates; 
plans, strategies and objectives of management; anticipated production; capital costs and 
scheduling; operating costs and supply chain issues; provisions and contingent liabilities; 
tax and regulatory developments.
Forward-looking statements can be identified by the use of terminology such as ‘intend’, 
‘aim’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘may’, ‘should’, ‘will’, ‘continue’, 
‘annualised’ or similar words. These statements discuss future expectations concerning the 
results of operations or financial condition, or provide other forward-looking statements. 
These forward-looking statements are not guarantees, or predictions of future performance, 
and involve known and unknown risks, uncertainties and other factors, many of which are 
beyond the Company’s control, and which may cause actual results to differ materially from 
those expressed in the statements contained in this presentation. Readers are cautioned 
not to put undue reliance on forward-looking statements. Other than in accordance with its 
legal or regulatory obligations, the Company does not undertake to update or revise any 
forward-looking statement to reflect any changes in events, conditions or circumstances 
on which any such statement is based.
Non-IFRS measures have not been subject to audit or review and should not be considered 
as an indication of, or alternative to, an IFRS measure of profitability, financial performance 
or liquidity.
Nothing in this presentation should be construed as either an offer to sell, or a solicitation 
of an offer, to buy or sell securities in any jurisdiction, or be treated or relied upon as a 
recommendation or advice by the Company.
This document has been prepared for, and only for, the shareholders of the Company, as a 
body, and no other persons. The Company, its directors, employees, agents or advisers do 
not accept or assume responsibility to any other person to whom this document is shown 
or into whose hands it may come, and any such responsibility or liability is expressly 
disclaimed.
Copyright©2022. 
All rights reserved. This Annual Report is published by  
Firmenich International SA on behalf of its businesses.