International Flavors & Fragrances (IFF) FY2016 results: revenue $3.1 billion, up 3.1% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $3.1 billion for fiscal 2016, the year ended 31 December 2016, up 3.1% on the year before. Net income was $405 million, down 3.4%, and diluted earnings per share $5.05. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$3.1 billion
+3.1% on the year
FY2009FY2016
Operating margin
17.7%
19.5% a year earlier
FY2009FY2016
Net income
$405 million
-3.4% on the year
FY2009FY2016
Diluted EPS
$5.05
-2.1% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
3,116
3,023
3,089
+3.1%
Cost of revenue
1,721
1,672
1,726
+2.9%
Gross profit
1,396
1,352
1,362
+3.3%
Gross margin
44.8%
44.7%
44.1%
Research and development
259
246
254
+5.2%
Selling, general and administrative
573
495
508
+15.8%
Operating income
553
588
592
-6.0%
Operating margin
17.7%
19.5%
19.2%
Interest expense
53.0
46.1
46.1
+15.0%
Pre-tax income
524
539
549
-2.9%
Income tax
119
120
135
-1.0%
Effective tax rate
22.7%
22.2%
24.5%
Net income
405
419
415
-3.4%
Net margin
13.0%
13.9%
13.4%
Diluted EPS
$5.05
$5.16
$5.06
-2.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
550
467
518
+17.7%
Capital expenditure
126
101
143
+25.1%
Free cash flow
424
366
375
+15.7%
Free cash flow margin
13.6%
12.1%
12.1%
Cash from investing
-355
-577
-221
Cash from financing
-34.4
-165
-202
Depreciation and amortisation
102
89.6
89.4
+14.4%
Share-based compensation
24.6
23.2
22.6
+6.2%
Buybacks
127
122
88.2
+4.3%
Dividends paid
185
159
133
+16.4%
Dividend per share
$2.40
$2.06
$1.72
+16.5%
Diluted shares, weighted
80m
81m
81m
-1.1%
Shares outstanding at period end
79m
80m
81m
-1.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,626
1,590
1,519
+2.3%
Non-controlling interest
4.9
4.7
4.1
+4.7%
Debt
1,325
1,068
942
+24.1%
Other liabilities
1,060
1,039
1,030
+2.0%
Total liabilities and equity
4,017
3,702
3,495
+8.5%
Fixed assets
776
733
720
+5.9%
Goodwill
1,000
941
675
+6.2%
Intangible assets
366
306
76.6
+19.5%
Cash and equivalents
324
182
479
+78.0%
Receivables
551
538
494
+2.4%
Inventory
592
572
569
+3.5%
Other assets
409
430
481
-4.9%
Total assets
4,017
3,702
3,495
+8.5%
10-K for the year ended 31 December 2016, filed 26 February 2019: the filing.