International Flavors & Fragrances (IFF) FY2023 results: revenue $11.5 billion, down 7.7% on the year
International Flavors & Fragrances Inc. (IFF) reported revenue of $11.5 billion for fiscal 2023, the year ended 31 December 2023, down 7.7% on the year before. Net income was -$2.6 billion, and diluted earnings per share $-10.14. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$11.5 billion
-7.7% on the year
FY2016FY2023
Operating margin
-18.4%
-10.7% a year earlier
FY2016FY2023
Net income
-$2.6 billion
FY2016FY2023
Diluted EPS
-$10.14
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,455
397
1,437
+266.5%
Capital expenditure
503
504
393
-0.2%
Free cash flow
952
-107
1,044
Free cash flow margin
8.3%
-0.9%
9.0%
Cash from investing
558
745
-18.0
-25.1%
Cash from financing
-1,851
-1,229
-1,304
Depreciation and amortisation
1,142
1,179
1,156
-3.1%
Share-based compensation
65.0
49.0
54.0
+32.7%
Buybacks
0.0
n/a
n/a
Dividends paid
826
810
667
+2.0%
Dividend per share
$3.24
$3.20
$3.12
+1.3%
Diluted shares, weighted
255m
255m
243m
0.0%
Shares outstanding at period end
255m
255m
255m
+0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
14,611
17,684
21,082
-17.4%
Non-controlling interest
31.0
30.0
35.0
+3.3%
Redeemable equity
0.0
59.0
105
Debt
10,071
10,970
11,400
-8.2%
Operating lease liabilities
642
672
670
-4.5%
Finance lease liabilities
18.0
12.0
15.0
+50.0%
Other liabilities
5,605
6,095
6,351
-8.0%
Total liabilities and equity
30,978
35,522
39,658
-12.8%
Fixed assets
4,240
4,203
4,368
+0.9%
Goodwill
10,635
13,355
16,414
-20.4%
Intangible assets
8,357
9,082
10,506
-8.0%
Cash and equivalents
703
483
711
+45.5%
Receivables
1,726
1,818
1,906
-5.1%
Inventory
2,477
3,151
2,516
-21.4%
Other assets
2,840
3,430
3,237
-17.2%
Total assets
30,978
35,522
39,658
-12.8%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.