International Flavors & Fragrances (IFF) FY2020 results: revenue $5.1 billion, down 1.1% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $5.1 billion for fiscal 2020, the year ended 31 December 2020, down 1.1% on the year before. Net income was $363 million, down 20.3%, and diluted earnings per share $3.21. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$5.1 billion
-1.1% on the year
FY2013FY2020
Operating margin
11.1%
12.9% a year earlier
FY2013FY2020
Net income
$363 million
-20.3% on the year
FY2013FY2020
Diluted EPS
$3.21
-19.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,084
5,140
3,978
-1.1%
Cost of revenue
2,998
3,027
2,295
-1.0%
Gross profit
2,086
2,113
1,683
-1.3%
Gross margin
41.0%
41.1%
42.3%
Research and development
357
346
312
+3.1%
Selling, general and administrative
949
876
707
+8.3%
Operating income
566
665
584
-14.8%
Operating margin
11.1%
12.9%
14.7%
Interest expense
132
138
133
-4.6%
Pre-tax income
441
557
448
-20.8%
Income tax
74.0
97.2
108
-23.9%
Effective tax rate
16.8%
17.4%
24.1%
Net income
363
456
340
-20.3%
Net margin
7.1%
8.9%
8.5%
Diluted EPS
$3.21
$4.00
$3.79
-19.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
714
699
438
+2.2%
Capital expenditure
192
236
170
-18.7%
Free cash flow
522
463
267
+12.8%
Free cash flow margin
10.3%
9.0%
6.7%
Cash from investing
-187
-226
-5,013
Cash from financing
-512
-505
4,871
Depreciation and amortisation
325
323
174
+0.6%
Share-based compensation
36.0
34.0
29.4
+5.9%
Buybacks
0.0
0.0
15.5
Dividends paid
323
314
230
+2.9%
Dividend per share
$3.04
$2.96
$2.84
+2.7%
Diluted shares, weighted
114m
113m
88m
+0.3%
Shares outstanding at period end
107m
107m
107m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,311
6,217
6,033
+1.5%
Non-controlling interest
12.0
12.2
10.4
-2.0%
Redeemable equity
98.0
99.0
81.8
-1.1%
Debt
4,444
4,417
4,595
+0.6%
Operating lease liabilities
265
253
n/a
+4.5%
Finance lease liabilities
4.0
2.5
n/a
+58.4%
Other liabilities
2,422
2,286
2,169
+6.0%
Total liabilities and equity
13,556
13,287
12,889
+2.0%
Fixed assets
1,458
1,387
1,241
+5.1%
Goodwill
5,593
5,498
5,378
+1.7%
Intangible assets
2,727
2,852
3,039
-4.4%
Cash and equivalents
650
607
635
+7.0%
Receivables
929
60.8
63.5
+1,429.6%
Inventory
1,132
1,123
1,079
+0.8%
Other assets
1,066
1,760
1,454
-39.4%
Total assets
13,556
13,287
12,889
+2.0%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.