IFF Reports Third Quarter 2012 Local Currency Sales Growth of 5% and Adjusted EPS Growth of 8% to $1.08 per Share

  IFF Reports Third Quarter 2012 Local Currency Sales Growth of 5% and
  Adjusted EPS Growth of 8% to $1.08 per Share

  Like-for-Like Local Currency Sales Increase 7%; Reported Sales Decline 1%

      Adjusted Operating Profit Margin Expands 100 basis points to 18.9%

    Reported EPS of $0.20 includes $0.88 charge for Spanish Tax Settlement

Business Wire

NEW YORK -- November 06, 2012

International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator
of flavors and fragrances for consumer products, today reported financial
results for the third quarter ended September 30, 2012.

Third Quarter 2012 Results

  *Reported revenue for the quarter totaled $709.0 million, a decrease of 1%
    from $713.8 million in the third quarter of 2011. Excluding the impact of
    foreign currency, local currency sales increased 5%.
  *On a like-for-like basis, which excludes the impact of proactively
    managing the exit of low-margin Flavors sales activities, local currency
    sales increased 7%.
  *Reported net income totaled $16.4 million, or $0.20 per diluted share, for
    the third quarter. Reported net income includes $72.4 million of tax
    expense related to the previously announced Spanish tax settlement.
  *Excluding the impact of the $72.4 million charge in the third quarter
    related to the Spanish tax settlement and a $0.6 million reversal of a
    restructuring charge in the prior year third quarter, adjusted net income
    increased 9% to $88.7 million versus adjusted net income of $81.8 million
    in the prior year period.
  *Adjusted EPS grew 8% to $1.08 per share from $1.00 in the third quarter of
    2011.

Management Commentary

“Continuing the trends we saw in the second quarter, both our Flavors and
Fragrance Compounds businesses delivered solid top-line growth and margin
recovery this quarter, reflecting the strength, stability and diversity of our
business, even with ongoing economic uncertainty in many parts of the world,”
said Doug Tough, Chairman and CEO of IFF. “By focusing on the execution of our
strategic priorities we achieved local currency growth of 7% on a
like-for-like basis, which was the highest growth we have achieved since the
first quarter of 2011.”

“We saw strong momentum in every region and end-use product category, with the
exception of Fragrance Ingredients. Fragrance Compounds achieved 9% local
currency growth, which was the result of 10% growth in Fine and Beauty Care
and 8% growth in Functional Fragrance. Flavors delivered 9% growth on a
like-for-like basis, supported by double-digit growth in Beverages and Dairy,
and solid growth in Savory and Sweet. These strong growth trends, as well as
an improved mix of business and ongoing manufacturing efficiencies, resulted
in adjusted earnings growth of 8%.”

Mr. Tough continued, “The diverse and stable nature of our business portfolio
– combined with our consumer insights and customer intimacy – has enabled us
to deliver strong results even in a challenged environment. Our momentum is
fueled by the strategic investments we have made in emerging markets over many
years, and our ability to provide customers with products that meet and
surpass consumer expectations and lead to market share growth. We are
committed to driving the business for the long-term and executing on our
growth plans.”

Mr. Tough added, “IFF’s operations were impacted by Hurricane Sandy, resulting
in short-term disruptions in power, manufacturing and information technology
systems. Most of these disruptions have been resolved, due to the rapid
response of our employees in implementing our disaster recovery plan. As a
result, orders are being processed and shipped from all of our sites, and all
our critical business systems are operational. We are currently assessing the
costs and other impacts resulting from the hurricane, and we do not expect
them to have a material financial impact on our fourth quarter results.
Excluding these costs and other potential financial impacts, we expect our
adjusted EPS to be in-line with consensus for the fourth quarter.”

Third Quarter 2012 Operating Highlights

  *Local currency sales increased 5%, supported by 10% growth in the emerging
    markets.
  *Gross profit, as a percentage of sales, was 42.5%, compared with 39.0% in
    the third quarter of 2011. The 350 basis point improvement is due to an
    improved mix of business, the benefits associated with exiting lower
    margin sales activities, pricing, moderating raw material cost increases,
    and ongoing manufacturing efficiencies.
  *Research, selling and administrative (RSA) expenses, as a percentage of
    sales, increased 250 basis points to 23.6% compared with 21.1% in the
    third quarter of 2011, primarily as a result of higher incentive
    compensation accruals and pension expenses.
  *Operating profit increased $5.6 million or 4% to $134.2 million, from
    $128.6 million in the third quarter of 2011. The prior year number
    includes a $0.6 million benefit associated with the reversal of
    restructuring liabilities. Excluding this item from the prior year period,
    adjusted operating profit increased $6.2 million, or 5%, to $134.2
    million, due to new wins, pricing realization, volume and mix
    improvements, and manufacturing efficiencies, which more than offset
    higher raw material costs and incentive compensation accruals.
  *Interest expense declined $0.4 million in the third quarter, reflecting
    lower levels of outstanding debt, mainly due to long-term debt repayments
    in the second half of 2011.
  *Other expense, net, decreased by $3.4 million in the third quarter of 2012
    compared with the third quarter of 2011, due to gains associated with the
    Company’s deferred compensation plan assets.
  *The effective tax rate for the quarter of 86.6% includes a $72.4 million
    tax charge arising from the Spanish tax settlement. Excluding the impact
    of the Spanish tax settlement in the current quarter and the prior year
    restructuring benefit, the effective tax rate increased 30 basis points to
    27.2% in the third quarter of 2012 from 26.9% in the prior year quarter.
    The marginal increase primarily reflects the absence of a U.S. R&D tax
    credit in the current quarter, largely offset by reduced costs of
    repatriation.
  *Cash flows from operations for the first nine months of 2012 were $142.9
    million, or 6.7% of sales, compared with $116.7 million for the first nine
    months of 2011, or 5.4% of sales. Cash flow from operations for 2012
    includes a $105.5 million cash outflow arising from the Spanish tax
    settlement, and a $248.4 million cash inflow from ongoing operations. The
    increased cash flow in 2012 reflects the impact of lower year-over-year
    incentive compensation and income tax payments in the first nine months of
    2012 compared with the first nine months of 2011, as well as improved
    earnings.

Investments in Emerging Markets

  *On September 12, 2012, the Company announced the opening of a new
    state-of-the art liquid flavors and fragrances manufacturing plant in
    Jurong, Singapore, as part of its previously announced $100 million
    investment in Greater Asia. The new 12,000 square meter facility replaces
    the Company’s existing plant in the same area. The investment reflects the
    Company’s confidence in the future growth opportunities for both its
    customers and for IFF in the developing markets of Asia.
  *On October 16, 2012, the Company announced that it plans to invest over
    $50 million in its existing flavors facility in Gebze, Turkey over the
    next three years. The Gebze location offers an unparalleled strategic hub
    into the fast-growing developing markets of Europe, the Middle East and
    Africa. The significant investment in creative and manufacturing
    capabilities in Turkey will provide additional support to current and
    future Flavors customers in the region. The Company anticipates opening
    the site in phases, with the first phase delivering significant capacity
    expansion and expected to be completed by Q2, 2013.

Flavors Business Unit

  *Reported revenue for the third quarter was on par with the prior year
    quarter at $340.7 million. Excluding the impact of foreign currency, local
    currency sales increased 6%, marking the 27^th quarter of consecutive
    local currency sales growth for Flavors.
  *On a like-for-like basis, which excludes the exit of lower-margin sales
    activities, local currency sales increased 9% in the quarter, with
    double-digit growth in EAME and mid to high single-digit growth in Greater
    Asia, North America and Latin America, supported by new wins, lower volume
    declines on existing business and pricing.
  *On an end-use category basis, local currency growth was led by
    double-digit growth in Beverages and Dairy, followed by solid growth in
    Savory and Sweet.
  *Flavors gross margins increased over the prior year quarter primarily due
    to favorable category mix and the impact of exiting lower-margin sales
    activities, which we are proactively managing to improve margins.
  *Segment profit increased 7% to $76.1 million in the third quarter of 2012,
    up from $71.2 in the prior year quarter, driven by strong volume growth,
    favorable category mix and pricing realization, that more than offset
    higher raw material costs and ongoing investments in R&D. Segment profit
    margin increased 150 basis points to 22.4% from 20.9%.

Fragrances Business Unit

  *Reported revenue decreased 1% to $368.3 million, compared with $373.2
    million in the third quarter of 2011. Excluding the impact of foreign
    currency, local currency sales increased 5% in the third quarter, due to
    10% growth in Fine and Beauty Care and 8% growth in Functional Fragrance.
  *Sales of Fragrance Ingredients declined 12% in local currency in the third
    quarter of 2012 due to continued volume declines in commodity products.
  *Sales of Fragrance Compounds, which includes Fine and Beauty Care and
    Functional Fragrance, increased 9% in local currency in the third quarter
    of 2012. This marked the second consecutive quarter of accelerated growth
    in Fragrance Compounds. The third quarter local currency sales growth
    reflects double-digit growth in Fine Fragrance, Toiletries and Personal
    Wash. The emerging markets grew in the high single-digits this quarter,
    led by 15% local currency sales growth in the Latin America region.
  *Fragrances gross margins increased over the prior year quarter primarily
    due to ongoing cost reduction initiatives, new wins, favorable category
    mix, and continued pricing to offset higher input costs.
  *Segment profit increased 11% to $65.3 million in the third quarter of
    2012, up from $58.7 million in the prior year quarter. The improved
    segment profit is due to improved category mix and pricing, combined with
    ongoing cost discipline and benefits from the strategic realignment plan
    announced in the first quarter of 2012. Segment profit margin increased
    200 basis points to 17.7% from 15.7%.

Audio Webcast

A live webcast to discuss the Company's third quarter 2012 financial results,
and fourth quarter and full year 2012 outlook will be held today, November 6,
2012, at 10:00 a.m. EST. Investors may access the webcast and accompanying
slide presentation on the Company's website at www.iff.com under the Investor
Relations section. For those unable to listen to the live broadcast, a
recorded version of the webcast will be made available on the Company's
website approximately one hour after the event and will remain available on
IFF’s website for one year.

About IFF

International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global
creator of flavors and fragrances used in a wide variety of consumer products.
Consumers experience these unique scents and tastes in fine fragrances and
beauty care, detergents and household goods, as well as beverages, sweet goods
and food products. The Company leverages its competitive advantages of
consumer insight, research and development, creative expertise, and customer
intimacy to provide customers with innovative and differentiated product
offerings. A member of the S&P 500 Index, IFF has more than 5,600 employees
working in 32 countries worldwide. For more information, please visit our
website at www.iff.com.

Cautionary Statement Under The Private Securities Litigation Reform Act of
1995

This press release includes “forward-looking statements” under the Federal
Private Securities Litigation Reform Act of 1995, including statements
regarding (i) the Company’s expectation regarding the timing and investment
required for its facility expansion plans, (ii) the Company’s ability to
capitalize on the strategic investments made in emerging markets, (iii) the
Company’s estimates of the direct and indirect costs resulting from Hurricane
Sandy that it may incur in the fourth quarter, (iv) the Company’s belief that
all critical business systems are operational and (v) the Company’s belief
that, excluding the costs and other potential financial impact of Hurricane
Sandy, it will be able to deliver adjusted EPS in the fourth quarter generally
in line with market consensus, These forward-looking statements are qualified
in their entirety by cautionary statements and risk factor disclosures
contained in the Company’s Securities and Exchange Commission filings,
including the Company’s Annual Report on Form 10-K filed with the Commission
on February 28, 2012. The Company wishes to caution readers that certain
important factors may have affected and could in the future affect the
Company’s actual results and could cause the Company’s actual results for
subsequent periods to differ materially from those expressed in any
forward-looking statements made by or on behalf of the Company. With respect
to the Company’s expectations regarding these statements, such factors
include, but are not limited to: (1) the economic climate for the Company’s
industry and demand for the Company’s products; (2) the ability of the Company
to successfully implement its recent restructuring initiative and achieve the
estimated savings; (3) fluctuations in the price, quality and availability of
raw materials; (4) decline in consumer confidence and spending; (5) changes in
consumer preferences; (6) the Company’s ability to predict the short and
long-term effects of global economic conditions; (7) movements in interest
rates; (8) the Company’s ability to implement its business strategy, including
the achievement of anticipated cost savings, profitability, realization of
price increases and growth targets; (9) the Company’s ability to successfully
develop new and competitive products and enter and expand its sales in new and
other emerging markets; (10) the impact of currency fluctuations or
devaluations in the Company’s principal foreign markets; (11) unanticipated
costs and construction delays in the expansion of the Company’s facilities;
(12) any adverse impact on the availability, effectiveness and cost of the
Company’s hedging and risk management strategies; (13) uncertainties regarding
the outcome of, or funding requirements, related to litigation or settlement
of pending litigation, uncertain tax positions or other contingencies; (14)
the impact of possible pension funding obligations and increased pension
expense, particularly as a result of changes in asset returns or discount
rates, on the Company’s cash flow and results of operations; (15) the effect
of legal and regulatory proceedings, as well as restrictions imposed on the
Company, its operations or its representatives by U.S. and foreign
governments; (16) adverse changes in federal, state, local and foreign tax
legislation or adverse results of tax audits, assessments, or disputes; (17)
the direct and indirect costs and other financial impact that may result from
any business disruptions due to political instability, armed hostilities,
incidents of terrorism, natural disasters, including Hurricane Sandy, or the
responses to or repercussion from any of these or similar events or
conditions; (18) the Company’s ability to quickly and effectively implement
its disaster recovery and crisis management plans, and (19) adverse changes
due to accounting rules or regulations. New risks emerge from time to time and
it is not possible for management to predict all such risk factors or to
assess the impact of such risks on the Company’s business. Accordingly, the
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.

                                                                                  
International Flavors & Fragrances Inc.
Consolidated Income Statement
(Amounts in thousands except per share data)
(Unaudited)
                                                                                                
                     Three Months Ended                         Nine Months Ended
                     September 30,                              September 30,
                                                                                                
                      2012         2011         %             2012           2011          %
                                                   Change                                       Change
                                                                                                
Net sales            $ 708,955     $ 713,775       (1     )     $ 2,140,888     $ 2,143,635     (0     )
Cost of goods         407,431      435,400      (6     )      1,252,422      1,283,377     (2     )
sold
Gross margin           301,524       278,375       8              888,466         860,258       3
Research and           57,658        53,637        7              171,467         167,322       2
development
Selling and            109,691       96,783        13             327,942         309,626       6
administrative
Restructuring
and other              -             (645    )     (100   )       1,668           3,368         (50    )
charges
Interest               9,907         10,280        (4     )       31,330          33,969        (8     )
expense
Other expense,        2,424        5,846        (59    )      1,333          12,957        (90    )
net
Pretax income          121,844       112,474       8              354,726         333,016       7
Income taxes          105,481      30,233       249           168,710        90,544        86
Net income           $ 16,363      $ 82,241       (80    )     $ 186,016       $ 242,472       (23    )
                                                                                                
                                                                                                
                                                                                                
Earnings per         $ 0.20        $ 1.01                       $ 2.28          $ 3.00
share - basic
Earnings per
share -              $ 0.20        $ 1.00                       $ 2.26          $ 2.96
diluted
                                                                                                
Average shares
outstanding
Basic                  81,246        80,644                       81,241          80,381
Diluted                81,898        81,628                       81,984          81,422

                                                          
International Flavors & Fragrances Inc.
Condensed Consolidated Balance Sheet
(Amounts in thousands)
(Unaudited)
                                                                  
                                                September 30,     December 31,
                                                  2012             2011
Cash & cash equivalents                         $  97,181         $  88,279
Receivables                                        534,758           472,346
Inventories                                        547,676           544,439
Other current assets                              209,349          212,156
Total current assets                               1,388,964         1,317,220
                                                                  
Property, plant and equipment, net                 619,917           608,065
Goodwill and other intangibles, net                703,788           708,345
Other assets                                      347,236          331,951
Total assets                                    $  3,059,905      $  2,965,581
                                                                  
Bank borrowings and overdrafts, and
current portion of long-term debt               $  226,722        $  116,688
Other current liabilities                         426,188          447,878
Total current liabilities                          652,910           564,566
                                                                  
Long-term debt                                     676,958           778,248
Non-current liabilities                            479,227           515,360
                                                                  
Shareholders' equity                              1,250,810        1,107,407
Total liabilities and shareholders'             $  3,059,905      $  2,965,581
equity
                                                                  

                                                               
International Flavors & Fragrances Inc.
Consolidated Statement of Cash Flows
(Amounts in thousands)
(Unaudited)
                                                                  
                                                   Nine Months Ended
                                                   September 30,
                                                    2012         2011     
Cash flows from operating activities:
                                                                  
Net income                                         $ 186,016      $ 242,472
Adjustments to reconcile to net cash provided by
operating activities:
Depreciation and amortization                        56,332         56,245
Deferred income taxes                                (13,830  )     25,672
Gain on disposal of assets                           (2,243   )     (2,365   )
Stock-based compensation                             15,363         16,667
Pension settlement/curtailment                       874            3,583
Spanish tax charge                                   72,362         -
Payments pursuant to Spanish tax settlement          (105,503 )     -
Changes in assets and liabilities
Trade receivables                                    (66,364  )     (71,928  )
Inventories                                          (3,751   )     (6,949   )
Accounts payable                                     (33,652  )     (18,987  )
Accruals for incentive compensation                  14,927         (48,519  )
Other current payables and accrued expenses          29,095         (57,524  )
Changes in other assets/liabilities                 (6,721   )    (21,641  )
Net cash provided by operating activities           142,905      116,726  
                                                                  
Cash flows from investing activities:
                                                                  
Additions to property, plant and equipment           (84,176  )     (74,743  )
Purchase of insurance contracts                      (1,127   )     (1,733   )
Maturities of net investment hedge                   1,960          (2,220   )
Proceeds from disposal of assets                    223          469      
Net cash used in investing activities               (83,120  )    (78,227  )
                                                                  
Cash flows from financing activities:
Cash dividends paid to shareholders                  (75,458  )     (65,174  )
Net change in revolving credit facility              8,376          83,292
borrowings and overdrafts
Repayments of long-term debt                         -              (100,000 )
Proceeds from issuance of stock under stock          7,664          14,319
plans
Excess tax benefits on stock-based payments         6,920        5,223    
Net cash used in financing activities               (52,498  )    (62,340  )
Effect of exchange rates changes on cash and         1,615          (208     )
cash equivalents
Net change in cash and cash equivalents              8,902          (24,049  )
Cash and cash equivalents at beginning of year      88,279       131,332  
Cash and cash equivalents at end of period         $ 97,181      $ 107,283  
                                                                  

                                                               
International Flavors & Fragrances Inc.
Business Unit Performance
(Amounts in thousands)
(Unaudited)
                                                                                          
                    Three Months Ended                  Nine Months Ended
                    September 30,                       September 30,
                     2012            2011            2012              2011      
Net Sales
Flavors             $ 340,674         $ 340,610         $ 1,051,932         $ 1,024,604
Fragrances           368,281         373,165         1,088,956         1,119,031 
Consolidated          708,955           713,775           2,140,888           2,143,635
                                                                                          
Segment
Profit
Flavors               76,145            71,162            236,458             221,119
Fragrances            65,331            58,673            185,049             189,635
Global                (7,301  )         (1,880  )         (32,450   )         (27,444   )
Expenses
Restructuring
and other            -               645             (1,668    )        (3,368    )
charges, net
Operating             134,175           128,600           387,389             379,942
profit
                                                                                          
Interest              (9,907  )         (10,280 )         (31,330   )         (33,969   )
Expense
Other                (2,424  )        (5,846  )        (1,333    )        (12,957   )
expense, net
Income before       $ 121,844        $ 112,474        $ 354,726          $ 333,016   
taxes
                                                                                          
Profit Margin
Flavors               22.4    %         20.9    %         22.5      %         21.6      %
Fragrances            17.7    %         15.7    %         17.0      %         16.9      %
Consolidated          18.9    %         18.0    %         18.1      %         17.7      %

                   
International Flavors & Fragrances Inc.
Sales Performance by Region and Category
(Unaudited)
                              
                       % Change in Sales- Third Quarter 2012 vs. Third Quarter 2011
                       Fine &
                       Beauty   Functional   Ingredients   Total   Flavors   Total
                       Care                                      Frag.
                                                                            
North       Reported   12%        4%             -14%            1%        -3%         -1%
America
                                                                                       
EAME        Reported   -6%        -6%            -22%            -10%      -1%         -6%
            Local      8%         6%             -15%            2%        12%         6%
            Currency
                                                                                       
Latin       Reported   10%        14%            -3%             10%       -4%         5%
America
            Local      18%        17%            -1%             15%       3%          11%
            Currency
                                                                                       
Greater     Reported   -3%        6%             -12%            1%        4%          3%
Asia
            Local      0%         8%             -11%            3%        8%          6%
            Currency
                                                                                       
Total       Reported   2%         3%             -16%            -1%       0%          -1%
            Local      10%      8%           -12%          5%      6%        5%
            Currency
                                                                                       
                                                                                       
                       % Change in Sales- Nine Months 2012 vs. Nine Months 2011
                       Fine &
                       Beauty   Functional   Ingredients   Total   Flavors   Total
                       Care                                      Frag.
                                                                                       
North       Reported   3%         2%             -9%             -1%       3%          1%
America
                                                                                       
EAME        Reported   -9%        -1%            -23%            -9%       -1%         -6%
            Local      -2%        6%             -19%            -3%       7%          1%
            Currency
                                                                                       
Latin       Reported   13%        10%            -9%             9%        0%          6%
America
            Local      17%        11%            -8%             11%       5%          9%
            Currency
                                                                                       
Greater     Reported   1%         0%             -19%            -3%       6%          3%
Asia
            Local      2%         1%             -19%            -2%       9%          4%
            Currency
                                                                                       
Total       Reported   0%         2%             -16%            -3%       3%          0%
            Local      4%       5%           -14%          1%      6%        3%
            Currency
                                                                                       

Note: Local currency sales growth is calculated by translating prior year
sales at the exchange rates used for the corresponding 2012 period

                                                         
International Flavors & Fragrances Inc.
Reconciliation of Like-for-Like Sales Growth
(Unaudited)
                                                                      
% Change in Sales for the Three Months Ended September 30, 2012
                                                                      
                                    Local           Exit of          Local
                                     Currency        Low-             Currency
                      Reported       Sales           Margin           Sales
                      Sales          Growth          Sales            Growth
                  Growth      ^(1)         Activities    ^(1)
Total Company      -1%         5%           2%            7%
                                                                      
Flavors:
North America         -3%            -3%             9%               6%
EAME                  -1%            12%             1%               13%
Latin America         -4%            3%              3%               6%
Greater Asia          4%             8%              1%               9%
Total Flavors         0%             6%              3%               9%
                                                      
                                                                      
                                                                      
% Change in Sales for the Nine Months Ended September 30, 2012
                                                                      
                                    Local           Exit of          Local
                                     Currency        Low-             Currency
                      Reported       Sales           Margin           Sales
                      Sales          Growth          Sales            Growth
                  Growth      ^(1)         Activities    ^(1)
Total Company      0%          3%           1%            4%
                                                                      
Flavors:
North America         3%             3%              5%               8%
EAME                  -1%            7%              1%               8%
Latin America         0%             5%              1%               6%
Greater Asia          6%             9%              1%               9%
^(3)
Total Flavors         3%             6%              2%               8%
                                                                      

(1)  Local currency sales growth is calculated by translating prior year
      sales at the exchange rates used for the corresponding 2012 period
(2)   Like-for-like is a non-GAAP metric that excludes the impact of exiting
      low-margin sales activities
(3)   These numbers may not tie due to rounding
      


International Flavors & Fragrances Inc.
Reconciliation of Income
(Amounts in thousands)
(Unaudited)


The following information and schedules provide reconciliation information
between reported GAAP amounts and certain adjusted amounts. This information
and schedules is not intended as, and should not be viewed as, a substitute
for reported GAAP amounts or financial statements of the Company prepared and
presented in accordance with GAAP.

                                                            
                                  Third Quarter 2012
                                  Items Impacting Comparability
                                  Reported   Restructuring          Adjusted
                                  (GAAP)     & Other Costs          (Non-GAAP)
                                                                    
Net Sales                         708,955    -
Cost of Goods Sold                407,431    -
Gross Profit                      301,524    -
Research and Development          57,658     -
Selling and                       109,691    -
Administrative
RSA Expense                       167,349    -
Restructuring and other           0          -
charges, net
Operating Profit                  134,175    -
Interest Income                   9,907      -
Other (income) expense,           2,424      -
net
Income before taxes               121,844    -
Taxes on Income                   105,481    72,362          ^(a)   33,119
Net Income                        16,363    (72,362   )         88,725
                                                                    
Earnings per share -              $0.20      ($0.88    )            $1.08
diluted
                                                                    

      Pursuant to the Spanish tax settlement announced on August 2; includes a
(a)  $0.71 per share charge to net income covering the fiscal years 2004 -
      2010, and a $0.17 per share accrual for uncertain tax positions for
      years not settled

                           
                             Third Quarter 2011
                             Items Impacting Comparability
                                                            
                             Reported     Restructuring        Adjusted
                             (GAAP)          & Other Costs          (Non-GAAP)
                                                                    
Net Sales                    713,775         -
Cost of Goods Sold           435,400         -
Gross Profit                 278,375         -
Research and Development     53,637          -
Selling and Administrative   96,783          -
RSA Expense                  150,420         -
Restructuring and other      (645    )       645             ^(a)   -
charges, net
Operating Profit             128,600         (645      )            127,955
Interest Income              10,280          -
Other (income) expense,      5,846           -
net
Income before taxes          112,474         (645      )            111,829
Taxes on Income              30,233          166                    30,067
Net Income                   82,241      (479      )         81,762
                                                                    
Earnings per share -         $1.00           ($0.01    )     ^(b)   $1.00
diluted

(a)  A reversal of restructuring liabilities associated with the Fragrance
      European facilities rationalization
      The sum of EPS Reported, plus the per share effects of items added back
(b)   to reconcile to EPS as Adjusted, may not equal the total EPS as
      Adjusted, due to rounding differences


International Flavors & Fragrances Inc.
Reconciliation of Income
(Amounts in thousands)
(Unaudited)


  The following information and schedules provide reconciliation information
 between reported GAAP amounts and certain adjusted amounts. This information
 and schedules is not intended as, and should not be viewed as, a substitute
for reported GAAP amounts or financial statements of the Company prepared and
                      presented in accordance with GAAP.

                                                             
                             Nine Months Ended September 30, 2012
                             Items Impacting Comparability
                             Reported      Restructuring &          Adjusted
                             (GAAP)        Other Costs              (Non-GAAP)
                                                                    
                                                                    
Net Sales                    2,140,888     -
Cost of Goods Sold           1,252,422     -
Gross Profit                 888,466       -
Research and                 171,467       -
Development
Selling and                  327,942       -
Administrative
RSA Expense                  499,409       -
Restructuring and            1,668         (1,668     )      ^(a)   -
other charges, net
Operating Profit             387,389       1,668                    389,057
Interest Income              (31,330   )   -
Other (income)               1,333         -
expense, net
Income before taxes          354,726       1,668                    356,394
Taxes on Income              168,710       71,741            ^(b)   96,969
Net Income                   186,016     73,409               259,425
                                                                    
Earnings per share -         $2.26         $0.88             ^(c)   $3.15
diluted

(a)    Related to restructuring program announced in Q1 2012
          Pursuant to the Spanish tax settlement announced on August 2;
(b)       includes a $0.71 per share charge to net income covering the fiscal
          years 2004 - 2010, and a $0.17 per share accrual for uncertain tax
          positions for years not settled
          The sum of EPS Reported, plus the per share effects of items added
(c)       back to reconcile to EPS as Adjusted, may not equal the total EPS as
          Adjusted, due to rounding differences

                       
                           Nine Months Ended September 30, 2011
                           Items Impacting Comparability
                           
                           Reported    Restructuring          Adjusted
                           (GAAP)        & Other Costs              (Non-GAAP)
                                                                    
Net Sales                  2,143,635     -
Cost of Goods Sold         1,283,377     -
Gross Profit               860,258       -
Research and               167,322       -
Development
Selling and                309,626       -
Administrative
RSA Expense                476,948       -
Restructuring and          3,368         (3,368)           ^(a)     -
other charges, net
Operating Profit           379,942       3,368                      383,310
Interest Income            33,969        -
Other (income)             12,957        -
expense, net
Income before taxes        333,016       3,368                      336,384
Taxes on Income            90,544        (827)                      91,371
Net Income                 242,472     2,541                 245,013
                                                                    
Earnings per share -       $2.96         $0.03                      $2.99
diluted

(a)    Related to the Fragrance European facilities rationalization
          completed in 2010

Contact:

International Flavors & Fragrances Inc.
Investor Relations:
Shelley Young, 212-708-7271
Director, Investor Relations
 
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