International Flavors & Fragrances (IFF) FY2014 results: revenue $3.1 billion, up 4.6% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $3.1 billion for fiscal 2014, the year ended 31 December 2014, up 4.6% on the year before. Net income was $415 million, up 17.3%, and diluted earnings per share $5.06. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$3.1 billion
+4.6% on the year
FY2008FY2014
Operating margin
19.2%
17.5% a year earlier
FY2008FY2014
Net income
$415 million
+17.3% on the year
FY2008FY2014
Diluted EPS
$5.06
+17.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,089
2,953
2,821
+4.6%
Cost of revenue
1,726
1,669
1,646
+3.5%
Gross profit
1,362
1,284
1,176
+6.1%
Gross margin
44.1%
43.5%
41.7%
Research and development
254
260
234
-2.4%
Selling, general and administrative
508
506
454
+0.3%
Operating income
592
516
487
+14.7%
Operating margin
19.2%
17.5%
17.2%
Interest expense
46.1
46.8
41.8
-1.5%
Pre-tax income
549
485
443
+13.2%
Income tax
135
132
189
+2.2%
Effective tax rate
24.5%
27.1%
42.7%
Net income
415
354
254
+17.3%
Net margin
13.4%
12.0%
9.0%
Diluted EPS
$5.06
$4.29
$3.09
+17.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
518
408
324
+27.2%
Capital expenditure
143
134
126
+6.7%
Free cash flow
375
273
198
+37.2%
Free cash flow margin
12.1%
9.3%
7.0%
Cash from investing
-221
-105
-114
Cash from financing
-202
-217
25.4
Depreciation and amortisation
89.4
83.2
76.7
+7.4%
Share-based compensation
22.6
23.7
19.7
-4.6%
Buybacks
88.2
51.4
0.0
+71.7%
Dividends paid
133
87.3
131
+52.5%
Dividend per share
$1.72
$1.46
$1.30
+17.8%
Diluted shares, weighted
81m
82m
82m
-0.5%
Shares outstanding at period end
81m
81m
82m
-0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,519
1,463
1,249
+3.8%
Non-controlling interest
4.1
4.0
3.7
+3.7%
Debt
942
933
1,031
+1.0%
Other liabilities
1,030
932
966
+10.5%
Total liabilities and equity
3,495
3,332
3,250
+4.9%
Fixed assets
720
687
655
+4.8%
Goodwill
675
666
666
+1.5%
Intangible assets
76.6
30.6
36.7
+150.1%
Cash and equivalents
479
406
324
+18.0%
Receivables
494
524
499
-5.9%
Inventory
569
534
541
+6.5%
Other assets
481
485
528
-0.7%
Total assets
3,495
3,332
3,250
+4.9%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.