International Flavors & Fragrances (IFF) FY2017 results: revenue $3.4 billion, up 9.1% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $3.4 billion for fiscal 2017, the year ended 31 December 2017, up 9.1% on the year before. Net income was $296 million, down 27.0%, and diluted earnings per share $3.72. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$3.4 billion
+9.1% on the year
FY2010FY2017
Operating margin
16.3%
17.7% a year earlier
FY2010FY2017
Net income
$296 million
-27.0% on the year
FY2010FY2017
Diluted EPS
$3.72
-26.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,399
3,116
3,023
+9.1%
Cost of revenue
1,926
1,721
1,672
+11.9%
Gross profit
1,472
1,396
1,352
+5.5%
Gross margin
43.3%
44.8%
44.7%
Research and development
295
259
246
+14.1%
Selling, general and administrative
570
573
495
-0.4%
Operating income
553
553
588
-0.1%
Operating margin
16.3%
17.7%
19.5%
Interest expense
65.4
53.0
46.1
+23.4%
Pre-tax income
537
524
539
+2.5%
Income tax
241
119
120
+103.4%
Effective tax rate
44.9%
22.7%
22.2%
Net income
296
405
419
-27.0%
Net margin
8.7%
13.0%
13.9%
Diluted EPS
$3.72
$5.05
$5.16
-26.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
391
550
467
-29.0%
Capital expenditure
129
126
101
+2.0%
Free cash flow
262
424
366
-38.2%
Free cash flow margin
7.7%
13.6%
12.1%
Cash from investing
-300
-355
-577
Cash from financing
-42.6
-34.4
-165
Depreciation and amortisation
118
102
89.6
+15.1%
Share-based compensation
26.6
24.6
23.2
+8.1%
Buybacks
58.1
127
122
-54.4%
Dividends paid
206
185
159
+11.5%
Dividend per share
$2.66
$2.40
$2.06
+10.8%
Diluted shares, weighted
79m
80m
81m
-0.8%
Shares outstanding at period end
79m
79m
80m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,684
1,626
1,590
+3.6%
Non-controlling interest
5.1
4.9
4.7
+4.1%
Redeemable equity
0.0
n/a
n/a
Debt
1,644
1,325
1,068
+24.1%
Other liabilities
1,265
1,060
1,039
+19.3%
Total liabilities and equity
4,599
4,017
3,702
+14.5%
Fixed assets
881
776
733
+13.5%
Goodwill
1,156
1,000
941
+15.6%
Intangible assets
416
366
306
+13.7%
Cash and equivalents
368
324
182
+13.6%
Receivables
664
551
538
+20.5%
Inventory
649
592
572
+9.7%
Other assets
465
409
430
+13.8%
Total assets
4,599
4,017
3,702
+14.5%
10-K for the year ended 31 December 2017, filed 26 February 2019: the filing.