International Flavors & Fragrances (IFF) FY2012 results: revenue $2.8 billion, up 1.2% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $2.8 billion for fiscal 2012, the year ended 31 December 2012, up 1.2% on the year before. Net income was $254 million, down 4.8%, and diluted earnings per share $3.09. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$2.8 billion
+1.2% on the year
FY2008FY2012
Operating margin
17.2%
15.3% a year earlier
FY2008FY2012
Net income
$254 million
-4.8% on the year
FY2008FY2012
Diluted EPS
$3.09
-5.2% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,821
2,788
2,623
+1.2%
Cost of revenue
1,646
1,683
1,530
-2.2%
Gross profit
1,176
1,105
1,093
+6.4%
Gross margin
41.7%
39.6%
41.7%
Research and development
234
220
219
+6.3%
Selling, general and administrative
454
444
447
+2.2%
Operating income
487
428
416
+13.8%
Operating margin
17.2%
15.3%
15.9%
Interest expense
41.8
44.6
48.7
-6.5%
Pre-tax income
443
374
360
+18.7%
Income tax
189
107
96.0
+77.4%
Effective tax rate
42.7%
28.6%
26.7%
Net income
254
267
264
-4.8%
Net margin
9.0%
9.6%
10.0%
Diluted EPS
$3.09
$3.26
$3.26
-5.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
324
189
315
+71.1%
Capital expenditure
126
127
106
-1.0%
Free cash flow
198
61.7
209
+220.2%
Free cash flow margin
7.0%
2.2%
8.0%
Cash from investing
-114
-131
-107
Cash from financing
25.4
-101
-157
Depreciation and amortisation
76.7
75.3
79.2
+1.8%
Share-based compensation
19.7
20.5
18.4
-4.0%
Buybacks
0.0
0.0
n/a
Dividends paid
131
90.2
81.2
+45.1%
Dividend per share
$1.30
$1.16
$1.04
+12.1%
Diluted shares, weighted
82m
81m
80m
+0.4%
Shares outstanding at period end
82m
81m
80m
+0.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,249
1,104
999
+13.1%
Non-controlling interest
3.7
3.0
3.7
+25.1%
Debt
1,031
895
922
+15.2%
Other liabilities
966
963
948
+0.3%
Total liabilities and equity
3,250
2,966
2,872
+9.6%
Fixed assets
655
608
538
+7.7%
Goodwill
666
666
666
0.0%
Intangible assets
36.7
42.8
48.8
-14.2%
Cash and equivalents
324
88.3
88.3
+267.5%
Receivables
499
472
n/a
+5.7%
Inventory
541
544
532
-0.7%
Other assets
528
544
1,000
-2.9%
Total assets
3,250
2,966
2,872
+9.6%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.