2015 Full Year Results
Strong financial performance

2 February 2016

Gilles Andrier
Chief Executive Officer

2015 Full Year Results Presentation

2 February 20162

2015 Full Year Results
Financial highlights• Sales CHF 4.4 billion, up 2.7% on a like-for-like* basis• EBITDA margin improved to 24.3% in 2015 from 23.9% in 2014
• Free cash flow was 16.4% of sales, compared to 13.7% in 2014
• Dividend of CHF 54.00 per share proposed, up 8.0% year on year

* Like-for-like (LFL) excludes the impact of currency, acquisitions and disposals“With these solid annual results, I am pleased to announce that we have delivered on all of theambitious mid-term targets that we set in 2010. I am particularly happy with the sales growth indeveloping markets in the second half of the year”
Gilles Andrier, CEO2015 Full Year Results Presentation

2 February 20163

2015 Full Year Results
Sales performance: CAGR in line with mid term 2015 guidance
In million CHF
4,396

2,096

2,300

Group

Fragrances

Flavours% 2008 – 2015 CAGR

4.9%

5.0%

4.8%

% 2015 growth on LFL* basis

2.7%

1.9%

3.5%

(0.2)%(0.6)%

0.2%% 2015 growth in CHF* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

2015 Full Year Results Presentation

2 February 2016

4

2015 Full Year Results
FY 2008 to FY 2015 sales CAGR: Consistent growth in both divisions
Fragrances

Flavours

Fine Fragrances

Latin America

2.9%

Asia Pacific

Consumer
Products

Total
Fragrances

6.3%

6.2%
North America

Fragrance andCosmetic
Ingredients

11.0%

2.7%

1.6%
EAME
Total
Flavours

5.0%

Group

3.2%

4.8%

4.9%

* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

2015 Full Year Results Presentation

2 February 201652015 Full Year Results
Sales evolution by market: On a CAGR basis, developing markets at
more than 5x the growth of mature markets
In million CHF
2,400

2,369

2,004

FY2014FY2015Mature% of total sales

54%

FY20142,027

FY2015Developing
54%

46%

46%

% 2008 – 2015 CAGR

1.7%

9.3%

% 2015 growth on LFL* basis

1.1%

4.8%

* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

2015 Full Year Results Presentation

2 February 201662015 Full Year Results
Sales evolution by region: Improved sales performance in the second
half of the year in all developing markets

1686

In million CHF

1567

1188

1238
1020

951

579

571

FY
2014

FY2015FY2014FY2015FY2014FY2015FY2014

FY
2015

LATAM

APAC

NAEAME% 2015 growth on LFL* basis

10.1%

4.3%

1.3%

-% 2008 – 2015 CAGR

12.3%

7.6%

1.8%

2.5%

% 2008 – 2015 CAGR Developing (Ø 9.3%)

12.3%

9.5%

-5.9%

-3.8%

1.8%

1.1%

% 2008 – 2015 CAGR Mature (Ø 1.7%)* LFL (like-for-like) excludes the impact of currency, acquisitions and disposals

2015 Full Year Results Presentation

2 February 201672015 Full Year Results
Fragrance Division: Operational Performance
Fine Fragrances grew 3.0%

Sales and EBITDA
CHF million

Growth driven by Latin America, Middle
East and North America
Consumer Products grew 2.7%
Solid growth in developing markets(0.6)%

Double-digit growth in Latin America
Good growth in all regions with local andregional customers
Growth in all major categories, notably
fabric, personal and oral careSales

2,1082,096

Fragrance and Cosmetic Ingredientsdeclined 4.0%
Double-digit growth in Cosmetic
Ingredients
Transfers to Mexico and JV in China ontrack

EBITDA505(1.5)%FY 201423.9%

2015 Full Year Results Presentation

498

FY 2015
EBITDA margin

23.7%

2 February 201682015 Full Year Results
Flavour Division: Operational Performance
Health and Wellness, Developing
Markets and Targeted Customers
contributed to the overall performance

Sales and EBITDA
CHF million

Asia Pacific increased 2.9% driven by Chinaand India
Europe, Africa and Middle East grew 0.4%
driven by the mature markets of Germany,
UK and Spain, offsetting difficult marketconditions in Eastern Europe
North America grew 5.6% with strong
growth in beverages, dairy and snacks

+0.2%

Sales

2,3002,296

Latin America increased 10.9% driven bystrong growth in Brazil, Argentina andMexico

EBITDA548+4.4%

FY 201423.9%

2015 Full Year Results Presentation

572

FY 2015
EBITDA margin

24.9%

2 February 20169

Matthias Währen
Chief Financial Officer

2015 Full Year Results Presentation

2 February 201610

2015 Full Year ResultsHighlights• Sales CHF 4.4 billion, up 2.7% on a like-for-like basis• EBITDA of CHF 1070 million, up 8.0% in local currencies• EBITDA margin improved to 24.3%, including a one-off net gain ofCHF 20 million• Net income of CHF 635 million, up 12.7% year on year
• Underlying investments at same level as 2014, at 3.6% of sales• Free cash flow of CHF 720 million, 16.4% of sales• Net debt of CHF 677 million, leverage at 15%• Dividend of CHF 54.00 per share proposed, up 8.0% year on year

2015 Full Year Results Presentation

2 February 201611

2015 Full Year Results
Exchange rate development: Results largely unaffected by currencies,
despite some significant individual currency movements versus Swiss francs

4%0%
-3%

-3%
-7%

-7%
-12%
-14%-26%JPY

USD

GBPEURSGD

BRL

CNYMXNIDR

FY 2015

0.80

0.96

1.47

1.07

0.70

0.29

0.15

0.06

0.72

FY 2014

0.86

0.92

1.51

1.21

0.72

0.39

0.15

0.07

0.77

2015 Full Year Results Presentation

2 February 201612

2015 Full Year Results
Operating performance: Consistent improvement
Sales of CHF 4,396 million(2014: CHF 4,404 million)
Gross margin of 46.2%, compared to 46.0%
in 2014, lower operational costs in Flavours
and supply chain efficiencies

Grossmargin

46.0%

1,070

EBITDA of CHF 1,070 million, up 1.6% in CHF
and 8.0% in l.c. driven by:• Improved Gross Profit

46.2%EBITDA(in million Swiss francs)• Operating expenses under control• One-off net gain in 2015 of CHF 20 million(2014: CHF 42 million)
EBITDA margin of 24.3%, up from 23.9%
in 2014

1,053

Operating income of CHF 794 million, up
4.5% from 2014 driven by higher EBITDA
and lower amortisation charge

As %of sales
2015 Full Year Results Presentation

FY 2014FY 2015

23.9%

24.3%

2 February 201613

2015 Full Year Results
Financing costs and other financial expenses
Other financial expenses (net)

Financing costs(in CHF million)(in CHF million)

63
61

27
20

FY 2014

FY 2015

Financing costs down in 2015, following re-financing overrecent years at attractive interest rates.

FY 2014

FY 2015

Other financial income and expenses impacted by unhedged
currency volatility in certain markets.

2015 Full Year Results Presentation

2 February 201614

2015 Full Year Results
Net income: increasing by 13% as a result of continued strong
operating performance

Income before tax of CHF 706 million, up fromCHF 677 driven by higher operating profit
Effective tax rate of 10%, underlying tax rateof 18%

Net income
In CHF million

635

Net income of CHF 635 million, or 14.4%
of sales, versus 12.8% in 2014
Basic EPS of CHF 68.98, versus
CHF 61.18 in 2014

563

BasicEPS(CHF)
2015 Full Year Results Presentation

FY 2014

FY 2015

61.18

68.98

2 February 201615

2015 Full Year Results
Free cash flow: Achieving mid term target
Operating cash flow of CHF 915 million, upfrom CHF 806 in 2014
Working capital as a % of sales down versus
2014Free cash flow
In CHF millions

720

Total investments of CHF 160 million, including
new facilities in China and Singapore
Net Investments as % of sales were 3.6%, thesame level as in 2014604

As %ofsales
2015 Full Year Results Presentation

FY 2014

FY 2015

13.7%

16.4%

2 February 201616

2015 Full Year Results
Conservative debt profile
March 2015:

Issued a CHF 200 million tranche of the multilateral facility, of which CHF 125 million wasreimbursed before June 2015

May 2015:

Reimbursement of USD 50 million private placement in the USA

478
In million CHF299
210

208

ST < 1 Y

1-2 Y

2-3 Y

3-4 Y

140

148

4-5 Y

5-6 Y

2015 Full Year Results Presentation

150

6-7 Y

7-8 Y

8-10 Y

2 February 2016

C & CE17

2015 Full Year Results
Leverage ratio: Continuing to de-leverage on a yearly basis
Leverage ratio of 15% as at December 2015 as a result of solid cash flow generation
Intention to maintain a medium term leverage ratio target below 25%

28%

29%
24%

18%

Dec '10

Dec '11

Dec '122015 Full Year Results Presentation

Dec '13

17%

Dec '14

15%

Dec '15

2 February 2016182015 Full Year Results
Dividend per share: Increasing 8.0% YoYFree cash flow of CHF 5.9 billion generated over the past 16 years
CHF 2,612 million of cash flow returned to shareholders as dividends*and CHF 504 million (net) through share buy-backs

15.4

16.3

17.6

18.8

36
20

19.5

20.6

21.5

47

6.5

8.1

549

273

295

203

720
604

512
437

390

340

54*

22662

750289

262
157

145

117

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Free Cash Flow

Dividend* Subject to approval of shareholders at the AGM in March 20162015 Full Year Results Presentation

2 February 201619

2015 Full Year Results
Amortisation of intangible assets• Pre Quest amortisationof intangible assets ofapprox. CHF 17 million
p.a.
• Quest+ other intangible
assets (exc. Goodwill)amounts to CHF 1,225
million, updated toinclude Soliance andInduchem intangible
amortisation• Intangible assets
mainly related tocustomers, formulae
and technologies• IT amortisation
updated to reflect sizeand scope of projects(e.g. regulatoryengine)Total annual amortisation charge(in CHF millions, estimated)

155

21160

180

157

115

99

58
4368

38

3434614734777166

3837351719171717172012

2013

2014

2015

E2016

Pre Quest

2015 Full Year Results Presentation

Quest+SAP

E2017

Other IT

2 February 201620

2015 Full Year Results
Financial summary• Sales of CHF 4.4 billion, an increase of 2.7% on a like-for-like basis, briefs
pipeline and win rate remain strong• Operating leverage and strong cost focus driving improved EBITDA margin• Net income of CHF 635 million, up 12.7% versus 2014• Cash flow exceeding 2015 guidance of 14-16% as % of sales• Net debt CHF 677 million, leverage ratio 15%• Partially tax free cash dividend of CHF 54.00 per share proposed2015 Full Year Results Presentation

2 February 201621

Gilles Andrier
Chief Executive Officer

2015 Full Year Results Presentation

2 February 201622

2011 – 2015 guidance
Our achievements

2011 – 2015 guidance
Delivering on all financial commitments
2011 – 2015 Guidance

Actual Performance

4.5 – 5.5%
organic sales
growth p.a.

2008 – 2015 CAGR of 4.9%

Best-in-class
EBITDA

Industry leading EBITDAmargin of 24.3%

14-16% FCF
as % of sales

FCF as % of sales in 2015 of16.4%

Above 60%
FCF return toshareholders

Average 69% of FCF
distributed since leverage ratio
target achieved

2015 Full Year Results Presentation

2 February 201624

2020 guidance
Our commitment

Responsible growth.
Shared success.

4–5%

12–17%

Average organic sales
growth*Average free cash
flow as% of sales*

Partnerof choice* Over a five-year period by 2020

Intention to maintain current dividend practice as part ofthis ambition
2015 Full Year Results Presentation

2 February 201626

Q&A2015 Full Year Results Presentation

2 February 201627

Disclaimer

No warranty and no liability: While Givaudan is making great efforts to include
accurate and up-to-date information, we make no representations orwarranties, expressed or implied, as to the accuracy or completeness of theinformation provided on this presentation/handout and disclaim any liability forthe use of it.
No offer and no solicitation: The information provided on this handout does notconstitute an offer of or solicitation for the purchase or disposal, trading or any
transaction in any Givaudan securities. Investors must not rely on thisinformation for investment decisions.
Forward-looking information: This handout may contain forward-looking
information. Such information is subject to a variety of significant uncertainties,
including scientific, business, economic and financial factors, and therefore
actual results may differ significantly from those presented.

Copyright © 2016 Givaudan SA. All rights reserved.

2015 Full Year Results Presentation

28