International Flavors & Fragrances (IFF) FY2019 results: revenue $5.1 billion, up 29.2% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $5.1 billion for fiscal 2019, the year ended 31 December 2019, up 29.2% on the year before. Net income was $456 million, up 34.2%, and diluted earnings per share $4.00. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2020.
Revenue
$5.1 billion
+29.2% on the year
FY2012FY2019
Operating margin
12.9%
14.7% a year earlier
FY2012FY2019
Net income
$456 million
+34.2% on the year
FY2012FY2019
Diluted EPS
$4.00
+5.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,140
3,978
3,399
+29.2%
Cost of revenue
3,027
2,295
1,926
+31.9%
Gross profit
2,113
1,683
1,472
+25.6%
Gross margin
41.1%
42.3%
43.3%
Research and development
346
312
295
+11.1%
Selling, general and administrative
876
707
570
+23.8%
Operating income
665
584
553
+13.9%
Operating margin
12.9%
14.7%
16.3%
Interest expense
138
133
65.4
+4.3%
Pre-tax income
557
448
537
+24.4%
Income tax
97.2
108
241
-10.0%
Effective tax rate
17.4%
24.1%
44.9%
Net income
456
340
296
+34.2%
Net margin
8.9%
8.5%
8.7%
Diluted EPS
$4.00
$3.79
$3.72
+5.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
699
438
391
+59.7%
Capital expenditure
236
170
129
+38.7%
Free cash flow
463
267
262
+73.1%
Free cash flow margin
9.0%
6.7%
7.7%
Cash from investing
-226
-5,013
-300
Cash from financing
-505
4,871
-42.6
Depreciation and amortisation
323
174
118
+86.0%
Share-based compensation
34.0
29.4
26.6
+15.6%
Buybacks
0.0
15.5
58.1
Dividends paid
314
230
206
+36.2%
Dividend per share
$2.96
$2.84
$2.66
+4.2%
Diluted shares, weighted
113m
88m
79m
+28.6%
Shares outstanding at period end
107m
107m
79m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,217
6,033
1,684
+3.1%
Non-controlling interest
12.2
10.4
5.1
+17.5%
Redeemable equity
99.0
81.8
0.0
+21.1%
Debt
4,417
4,595
1,644
-3.9%
Operating lease liabilities
253
n/a
n/a
Finance lease liabilities
2.5
n/a
n/a
Other liabilities
2,286
2,169
1,265
+5.4%
Total liabilities and equity
13,287
12,889
4,599
+3.1%
Fixed assets
1,387
1,241
881
+11.7%
Goodwill
5,498
5,378
1,156
+2.2%
Intangible assets
2,852
3,039
416
-6.2%
Cash and equivalents
607
635
368
-4.4%
Receivables
60.8
63.5
664
-4.3%
Inventory
1,123
1,079
649
+4.1%
Other assets
1,760
1,454
465
+21.1%
Total assets
13,287
12,889
4,599
+3.1%
10-K for the year ended 31 December 2019, filed 3 March 2020: the filing.