International Flavors & Fragrances (IFF) FY2013 results: revenue $3.0 billion, up 4.7% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $3.0 billion for fiscal 2013, the year ended 31 December 2013, up 4.7% on the year before. Net income was $354 million, up 39.1%, and diluted earnings per share $4.29. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$3.0 billion
+4.7% on the year
FY2008FY2013
Operating margin
17.5%
17.2% a year earlier
FY2008FY2013
Net income
$354 million
+39.1% on the year
FY2008FY2013
Diluted EPS
$4.29
+38.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,953
2,821
2,788
+4.7%
Cost of revenue
1,669
1,646
1,683
+1.4%
Gross profit
1,284
1,176
1,105
+9.2%
Gross margin
43.5%
41.7%
39.6%
Research and development
260
234
220
+11.2%
Selling, general and administrative
506
454
444
+11.5%
Operating income
516
487
428
+6.1%
Operating margin
17.5%
17.2%
15.3%
Interest expense
46.8
41.8
44.6
+12.0%
Pre-tax income
485
443
374
+9.4%
Income tax
132
189
107
-30.4%
Effective tax rate
27.1%
42.7%
28.6%
Net income
354
254
267
+39.1%
Net margin
12.0%
9.0%
9.6%
Diluted EPS
$4.29
$3.09
$3.26
+38.8%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
408
324
189
+25.9%
Capital expenditure
134
126
127
+6.4%
Free cash flow
273
198
61.7
+38.3%
Free cash flow margin
9.3%
7.0%
2.2%
Cash from investing
-105
-114
-131
Cash from financing
-217
25.4
-101
Depreciation and amortisation
83.2
76.7
75.3
+8.6%
Share-based compensation
23.7
19.7
20.5
+20.4%
Buybacks
51.4
0.0
0.0
Dividends paid
87.3
131
90.2
-33.3%
Dividend per share
$1.46
$1.30
$1.16
+12.3%
Diluted shares, weighted
82m
82m
81m
+0.1%
Shares outstanding at period end
81m
82m
81m
-0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,463
1,249
1,104
+17.2%
Non-controlling interest
4.0
3.7
3.0
+6.2%
Debt
933
1,031
895
-9.5%
Other liabilities
932
966
963
-3.5%
Total liabilities and equity
3,332
3,250
2,966
+2.5%
Fixed assets
687
655
608
+5.0%
Goodwill
666
666
666
0.0%
Intangible assets
30.6
36.7
42.8
-16.6%
Cash and equivalents
406
324
88.3
+25.0%
Receivables
524
499
472
+5.0%
Inventory
534
541
544
-1.3%
Other assets
485
528
544
-8.3%
Total assets
3,332
3,250
2,966
+2.5%
10-K for the year ended 31 December 2013, filed 25 February 2014: the filing.