International Flavors & Fragrances (IFF) FY2015 results: revenue $3.0 billion, down 2.1% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $3.0 billion for fiscal 2015, the year ended 31 December 2015, down 2.1% on the year before. Net income was $419 million, up 1.1%, and diluted earnings per share $5.16. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2016.
Revenue
$3.0 billion
-2.1% on the year
FY2008FY2015
Operating margin
19.5%
19.2% a year earlier
FY2008FY2015
Net income
$419 million
+1.1% on the year
FY2008FY2015
Diluted EPS
$5.16
+2.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
3,023
3,089
2,953
-2.1%
Cost of revenue
1,672
1,726
1,669
-3.2%
Gross profit
1,352
1,362
1,284
-0.8%
Gross margin
44.7%
44.1%
43.5%
Research and development
246
254
260
-3.0%
Selling, general and administrative
495
508
506
-2.6%
Operating income
588
592
516
-0.7%
Operating margin
19.5%
19.2%
17.5%
Interest expense
46.1
46.1
46.8
-0.0%
Pre-tax income
539
549
485
-1.8%
Income tax
120
135
132
-10.9%
Effective tax rate
22.2%
24.5%
27.1%
Net income
419
415
354
+1.1%
Net margin
13.9%
13.4%
12.0%
Diluted EPS
$5.16
$5.06
$4.29
+2.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
467
518
408
-9.9%
Capital expenditure
101
143
134
-29.4%
Free cash flow
366
375
273
-2.4%
Free cash flow margin
12.1%
12.1%
9.3%
Cash from investing
-577
-221
-105
Cash from financing
-165
-202
-217
Depreciation and amortisation
89.6
89.4
83.2
+0.3%
Share-based compensation
23.2
22.6
23.7
+2.3%
Buybacks
122
88.2
51.4
+38.5%
Dividends paid
159
133
87.3
+19.2%
Dividend per share
$2.06
$1.72
$1.46
+19.8%
Diluted shares, weighted
81m
81m
82m
-0.7%
Shares outstanding at period end
80m
81m
81m
-0.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,590
1,519
1,463
+4.7%
Non-controlling interest
4.7
4.1
4.0
+13.2%
Debt
1,068
942
933
+13.3%
Other liabilities
1,039
1,030
932
+0.9%
Total liabilities and equity
3,702
3,495
3,332
+5.9%
Fixed assets
733
720
687
+1.7%
Goodwill
941
675
666
+39.4%
Intangible assets
306
76.6
30.6
+299.7%
Cash and equivalents
182
479
406
-62.0%
Receivables
538
494
524
+8.9%
Inventory
572
569
534
+0.6%
Other assets
430
481
485
-10.7%
Total assets
3,702
3,495
3,332
+5.9%
10-K for the year ended 31 December 2015, filed 1 March 2016: the filing.