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IFF Reports Second Quarter 2013 Like-for-Like Sales Growth of 8% and Adjusted EPS of $1.14 per Diluted Share

  IFF Reports Second Quarter 2013 Like-for-Like Sales Growth of 8% and
  Adjusted EPS of $1.14 per Diluted Share

         Local Currency Sales Increase 6%; Reported Sales Increase 5%

      Adjusted Operating Profit Margins Expand 90 basis points to 19.2%

Business Wire

NEW YORK -- August 6, 2013

International Flavors & Fragrances Inc. (NYSE: IFF), a leading global creator
of flavors and fragrances for consumer products, today reported financial
results for the second quarter ended June 30, 2013.

Second Quarter 2013 Results

  *Reported net sales for the second quarter totaled $757.6 million, an
    increase of 5% from $721.3 million in the second quarter of 2012.
    Excluding the impact of foreign currency, local currency sales increased
    6%. Like-for-like sales, which excludes the impact of foreign currency and
    the exit of low-margin sales activities in Flavors, increased 8%.
  *Reported EPS for the second quarter totaled $1.24 per diluted share
    compared with $1.08 per diluted share in the prior year second quarter, an
    increase of 15%.
  *Adjusted EPS, which excludes a $16.1 million gain on the sale of a
    non-operating asset, as well as a $2.9 million restructuring charge
    related to the Fragrance Ingredients rationalization, increased 6% to
    $1.14 per diluted share in the second quarter, up from a reported and
    adjusted $1.08 per diluted share in the second quarter of 2012.

Please see the information and schedules at the end of this release for
reconciliations of GAAP to non-GAAP financial metrics.

Management Commentary

Doug Tough, Chairman and Chief Executive Officer of IFF said, “IFF achieved
strong operating results this quarter, with both business units achieving
double-digit growth in segment profit, due to the continued disciplined
execution of our strategy. By focusing on expanding our geographic reach,
strengthening our innovation platform and maximizing the value of our
portfolio, we achieved strong top-line growth and margin expansion. Our
profitability metrics, including gross profit margin, adjusted operating
profit margin and adjusted net income margin, were all ahead of the prior year
figures.”

Mr. Tough continued, “Our operating performance was partially offset by
foreign exchange losses on working capital, resulting in adjusted EPS growth
of 6%. When combined with our growth in the first quarter of 2013, our
adjusted EPS for the first half of the year increased 12% over the prior year
comparable figure.”

Mr. Tough continued, “Looking at our top line results, local currency sales
growth of 6% reflects double-digit growth in the emerging markets - which grew
at twice the rate of the developed markets, as well as a high level of new
wins in both businesses, resulting from our strong culture of innovation. On a
like-for-like basis, total consolidated sales growth of 8% was a result of 8%
growth in Fragrance and 8% growth in Flavors, and demonstrates our ability to
provide customers with value-added innovative products. This strong
broad-based volume growth, when combined with a stronger mix of business,
moderating input costs and ongoing implementation of our cost-containment
initiatives, resulted in continued margin progression.”

Mr. Tough concluded, “Looking forward, we expect to be able to deliver
continued momentum in the second half of the year, noting that we are entering
into a more challenging period on a comparable basis. We are optimistic about
our ability to deliver local currency sales, adjusted operating profit and EPS
growth for the full year in line with our long term financial targets.”

Second Quarter 2013 Operating Highlights

  *Local currency sales in the emerging markets accounted for 49% of total
    company sales in the second quarter and delivered growth of 10%.
  *Gross profit, as a percent of sales, was 44.1% compared with 41.8% in the
    prior year. The 230 basis point gross margin improvement was due to modest
    declines in raw material costs, a strong level of innovations leading to
    new wins, an improved mix of business reflecting both new wins and the
    exit of low-margin sales activities in Flavors, and ongoing cost reduction
    efforts in Fragrances.
  *Research, selling and administrative (RSA) expenses, as a percent of
    sales, increased 150 basis points to 25.0% compared with 23.5% in the
    second quarter of 2012. The RSA increase this quarter reflects higher
    incentive compensation costs as well as R&D costs associated with our
    biotechnology program for Fragrances.
  *Adjusted operating profit increased 10% or $13.2 million to $145.5 million
    from $132.3 million. The improvement in the adjusted operating profit was
    due to strong sales growth combined with gross margin expansion, offset in
    part by higher incentive compensation accruals. Adjusted operating profit
    margin increased 90 basis points to 19.2% from 18.3% in the prior year.
  *The effective tax rate for the quarter was 27.3% compared with 27.7% in
    the prior year quarter. Excluding the tax charge related to the $16.1
    million gain on the sale of a non-operating asset, net of a tax benefit
    related to restructuring costs, the adjusted effective tax rate was 26.5%,
    or 120 basis points below the prior year adjusted effective tax rate of
    27.7%. The prior year rate reflects increased provisions related to
    Spanish withholding taxes, and other provision adjustments for uncertain
    tax positions. The decrease in the adjusted effective tax rate was
    primarily driven by the absence of these items as well as the benefit
    associated with the U.S. tax legislation enacted in the first quarter of
    2013.

Subsequent Events

  *On July 30, the Board of Directors of IFF authorized a quarterly dividend
    of $0.39 per share of the Company’s common stock, an increase of $0.05 or
    15% from the current quarterly dividend of $0.34 per share. The quarterly
    dividend will be distributed October 10, 2013 to shareholders of record at
    the close of business on September 26, 2013. Including this authorization,
    in the last three years IFF’s quarterly dividend payment will have grown
    by a compound annual growth rate of 13%. IFF is committed to a disciplined
    return of capital to shareholders.

Fragrances Business Unit

  *Reported sales increased 7% to $383.6 million, compared with $359.9
    million in the second quarter of 2012. Excluding the impact of foreign
    currency, local currency sales increased 8%.
  *Fragrance Compounds achieved local currency sales growth of 10% in the
    second quarter, more than offsetting a 1% decline in Fragrance Ingredients
    this quarter.
  *Within Fragrance Compounds, our Fine and Beauty Care category had local
    currency sales growth of 13%, driven by double-digit growth in Latin
    America, North America and EAME. Functional Fragrances had local currency
    sales growth of 7%, led by double-digit growth in Latin America and
    Greater Asia and solid growth in EAME. This marks the 20th consecutive
    quarter of growth in Functional Fragrances, due to a strong level of new
    wins as a result of our three-pillar strategy.
  *The emerging markets represented 52% of Fragrances Compounds sales this
    quarter. Within Fragrance Compounds, the emerging markets grew double
    digits in the second quarter over the prior year quarter, reflecting
    broad-based geographic and category growth. The developed markets, which
    represented 48% of Fragrances Compounds sales, also had strong growth.
  *Gross margins in our Fragrances business unit increased over the prior
    year quarter, primarily due to the modest declines in raw material costs,
    a strong level of new wins, an improved mix of business and ongoing cost
    reduction efforts.
  *Fragrances segment profit increased 13% to $71.9 million in the second
    quarter of 2013, up from $63.6 million in the second quarter of 2012. The
    segment profit improvement is the result of volume growth from new wins as
    well as low erosion on the base business, combined with gross margin
    improvements and ongoing cost discipline. The segment profit margin
    increased 100 basis points to 18.7% from 17.7%.

Flavors Business Unit

  *Reported sales increased 4% to $374.0 million, compared with $361.4
    million in the second quarter of 2012. Excluding the impact of foreign
    currency, local currency sales increased 5%.
  *On a like-for-like (LFL) basis, which excludes the impact of foreign
    currency and the exit of low-margin sales activities, sales increased 8%
    in the quarter, driven by strong new wins.
  *Flavors experienced broad-based growth across both the emerging and
    developed markets. The emerging markets had double-digit LFL growth. On a
    regional basis, North America and Latin America delivered LFL double-digit
    growth of 11%, while Greater Asia and EAME delivered LFL sales growth of
    8% and 5%, respectively.
  *On an end-use category basis, LFL sales growth was led by double-digit
    growth in Beverage and high single-digit growth in Savory due to a strong
    level of new wins based on our technologies.
  *Gross margins in the Flavors business increased over the prior year
    quarter primarily due to modest declines in raw material costs, a strong
    level of new wins, and an improved mix of business reflecting both new
    wins and the exit of low-margin sales activities. Starting with the third
    quarter of 2013, the Company will have substantially completed the exit of
    low-margin sales activities.
  *Flavors segment profit increased 12% to $89.9 million in the second
    quarter of 2013, up from $80.6 million in the prior year quarter. Segment
    profit margin increased 170 basis points to 24.0% from 22.3%, as a result
    of volume growth from new wins combined with the gross margin improvement.

Audio Webcast

A live webcast to discuss the Company's second quarter financial results and
full year outlook will be held today, August 6, 2013, at 10:00 a.m. ET.
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 5,800 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 the Company’s expectations concerning (i) its results, performance
and the growth opportunities for the business in 2013; (ii) its ability to
drive innovation into its product portfolio; and (iii) its ability to execute
on its long-term strategic plan and reach its long-term goals. 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 26, 2013. The Company wishes to
caution readers that certain important factors may affect 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 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 effects of any unanticipated costs and
construction or start-up delays in the expansion of any of the Company’s
facilities; (9) the Company’s ability to implement its business strategy,
including the achievement of anticipated cost savings, profitability,
realization of price increases and growth targets; (10) the Company’s ability
to successfully develop new and competitive products and enter and expand its
sales in new and other emerging markets; (11) the impact of currency
fluctuations or devaluations in the Company’s principal foreign markets; (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,
including the final assessment for the Company’s Spanish subsidiaries’ 2011
tax return; (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 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                   Six Months Ended
                 June 30,                               June 30,

                 2013         2012         %          2013           2012           %
                                             Change                                     Change
                                                                                        
Net sales        $ 757,635     $ 721,317     5          $ 1,485,471     $ 1,431,933     4
Cost of goods     423,649     419,774    1           840,125       844,991      (1  )
sold
Gross margin       333,986       301,543     11           645,346         586,942       10
Research and       64,672        56,400      15           123,774         113,809       9
development
Selling and        124,813       112,835     11           239,468         218,249       10
administrative
Restructuring
and other          2,105         -                        2,105           1,668
charges
Interest           12,860        10,613                   24,013          21,423
expense
Other income,     (11,209 )    (845    )               (12,282   )    (1,088    )
net
Pretax income      140,745       122,540     15           268,268         232,881       15
Income taxes      38,423      33,944     13          75,248        63,230       19
Net income       $ 102,322    $ 88,596     15         $ 193,020      $ 169,651      14


Earnings per     $ 1.25        $ 1.09                   $ 2.36          $ 2.08
share - basic
Earnings per
share -          $ 1.24        $ 1.08                   $ 2.34          $ 2.06
diluted
                                                                                        
Average shares
outstanding
Basic              81,309        81,095                   81,300          80,938
Diluted            82,041        81,782                   82,018          81,727


International Flavors & Fragrances Inc.
Condensed Consolidated Balance Sheet
(Amounts in thousands)
(Unaudited)

                                                June 30,       December 31,
                                                 2013            2012
Cash & cash equivalents                          $ 365,897       $ 324,422
Receivables                                        541,607         499,443
Inventories                                        512,784         540,658
Other current assets                              213,605       208,164   
Total current assets                               1,633,893       1,572,687
                                                                             
Property, plant and equipment, net                 651,011         654,641
Goodwill and other intangibles, net                699,234         702,270
Other assets                                      324,783       316,594   
Total assets                                     $ 3,308,921    $ 3,246,192 
                                                                             
Bank borrowings and overdrafts, and current      $ 100,175       $ 150,071
portion of long-term debt
Other current liabilities                         466,649       479,807   
Total current liabilities                          566,824         629,878
                                                                             
Long-term debt                                     932,796         881,104
Non-current liabilities                            434,871         482,655
                                                                             
Shareholders' equity                              1,374,430     1,252,555 
Total liabilities and shareholders' equity       $ 3,308,921    $ 3,246,192 


International Flavors & Fragrances Inc.
Consolidated Statement of Cash Flows
(Amounts in thousands)
(Unaudited)

                                                   Six Months Ended
                                                    June 30,
                                                    2013          2012
Cash flows from operating activities:
                                                                   
Net income                                          $ 193,020      $ 169,651
Adjustments to reconcile to net cash provided by
operations:
Depreciation and amortization                         39,807         37,094
Deferred income taxes                                 4,971          (13,786 )
Gain on disposal of assets                            (18,021  )     (1,525  )
Stock-based compensation                              14,050         11,272
Pension settlement/curtailment                        -              874
Changes in assets and liabilities
Current receivables                                   (60,753  )     (58,035 )
Inventories                                           14,694         (5,643  )
Accounts payable                                      (10,198  )     (21,214 )
Accruals for incentive compensation                   (23,076  )     2,019
Other current payables and accrued expenses           13,919         26,523
Changes in other assets/liabilities                  (50,370  )    (11,864 )
Net cash provided by (used in) operating             118,043      135,366 
activities
                                                                   
Cash flows from investing activities:
                                                                   
Additions to property, plant and equipment            (60,689  )     (53,833 )
Purchase of insurance contracts                       -              (1,035  )
Maturities of net investment hedge                    626            1,960
Proceeds from termination of life insurance           793            -
contracts
Proceeds from disposal of assets                     16,467       124     
Net cash used in investing activities                (42,803  )    (52,784 )
                                                                   
Cash flows from financing activities:
Cash dividends paid to shareholders                   (27,733  )     (50,206 )
Net change in revolving credit facility               (284,061 )     (26,034 )
borrowings and overdrafts
Proceeds from long-term debt                          297,786        -
Deferred financing costs                              (2,786   )     -
Proceeds from issuance of stock under stock plans     3,566          5,400
Excess tax benefits on stock-based payments           5,172          6,513
Purchase of treasury stock                           (19,174  )    -       
Net cash (used in) provided by financing             (27,230  )    (64,327 )
activities
Effect of exchange rates changes on cash and cash     (6,535   )     (1,897  )
equivalents
Net change in cash and cash equivalents               41,475         16,358
Cash and cash equivalents at beginning of year       324,422      88,279  
Cash and cash equivalents at end of period          $ 365,897     $ 104,637 


International Flavors & Fragrances Inc.
Business Unit Performance
(Amounts in thousands)
(Unaudited)

                  Three Months Ended          Six Months Ended
                   June 30,                      June 30,
                   2013         2012            2013           2012
Net Sales
Flavors            $ 374,041     $ 361,371       $ 730,401       $ 711,258
Fragrances          383,594     359,946       755,070       720,675   
Consolidated         757,635       721,317         1,485,471       1,431,933
                                                                 
Segment Profit
Flavors              89,919        80,633          172,955         160,313
Fragrances           71,913        63,635          140,270         119,716
Global Expenses      (17,169 )     (11,960 )       (29,761   )     (25,145   )
Restructuring
and other            (2,105  )     -               (2,105    )     (1,668    )
charges, net
Operational
improvement         (162    )    -             (1,360    )    -         
initiative costs
Operating profit     142,396       132,308         279,999         253,216
                                                                 
Interest Expense     (12,860 )     (10,613 )       (24,013   )     (21,423   )
Other income        11,209      845           12,282        1,088     
(expense), net
Income before      $ 140,745    $ 122,540      $ 268,268      $ 232,881   
taxes
                                                                 
Operating Margin
Flavors              24.0    %     22.3    %       23.7      %     22.5      %
Fragrances           18.7    %     17.7    %       18.6      %     16.6      %
Consolidated         18.8    %     18.3    %       18.8      %     17.7      %


International Flavors & Fragrances Inc.
Sales Performance by Region and Category
(Unaudited)

                   Second Quarter 2013 vs.2012
                     Percentage Change in Sales by Region of Destination
                     Fine &                                          
                     Beauty  Functional  Ingredients  Total  Flavors  Total
                     Care                                Frag.
                                                                           
North     Reported   13  %    -5    %      2      %      3   %   2    %    2   %
America
                                                                           
EAME      Reported   12  %    3     %      -1     %      6   %   3    %    5   %
          Local      13  %    4     %      0      %      7   %   5    %    6   %
          Currency
                                                                           
Latin     Reported   10  %    13    %      0      %      11  %   1    %    7   %
America
          Local      14  %    16    %      1      %      14  %   3    %    10  %
          Currency
                                                                           
Greater   Reported   7   %    12    %      -16    %      7   %   6    %    7   %
Asia
          Local      7   %    13    %      -11    %      8   %   8    %    8   %
          Currency
                                                                           
Total     Reported   11  %    6     %      -2     %      7   %   4    %    5   %
          Local      13  %   7     %     -1     %     8   %  5    %   6   %
          Currency


                     First Six Months 2013 vs. First Six Months 2012
                     Percentage Change in Sales by Region of Destination
                     Fine &
                     Beauty  Functional  Ingredients  Total  Flavors  Total
                     Care                                Frag.
                                                                           
North     Reported   3   %    -2    %      -5     %      -1  %   -2   %    -1  %
America
                                                                           
EAME      Reported   4   %    6     %      -7     %      3   %   4    %    3   %
          Local      4   %    6     %      -7     %      3   %   5    %    4   %
          Currency
                                                                           
Latin     Reported   15  %    13    %      -7     %      12  %   0    %    8   %
America
          Local      19  %    14    %      -6     %      15  %   3    %    11  %
          Currency
                                                                           
Greater   Reported   9   %    12    %      -11    %      8   %   5    %    6   %
Asia
          Local      9   %    13    %      -7     %      9   %   7    %    8   %
          Currency
                                                                           
Total     Reported   7   %    8     %      -7     %      5   %   3    %    4   %
          Local      8   %   8     %     -6     %     5   %  4    %   5   %
          Currency

Note: Local currency sales growth is calculated by translating prior year
sales at the exchange rates used for the corresponding 2013 period.

International Flavors & Fragrances Inc.
Reconciliation of Like-for-Like Sales Growth
(Unaudited)

% Change in Sales for the Three Months Ended June 30, 2013


                                Local         Exit of Low-  Like-for-Like
                                   Currency
                  Reported Sales   Sales Growth   Margin Sales   Sales Growth
               Growth          ^(1)          Activities    ^(2)
 Total Company  5       %       6      %      2      %      8       %
                                                                 
  Flavors:
  North America   2       %        2      %       9      %       11      %
  EAME            3       %        5      %       0      %       5       %
  Latin America   1       %        3      %       8      %       11      %
  Greater Asia    6       %        8      %       0      %       8       %
  Total Flavors   4       %        5      %       3      %       8       %



% Change in Sales for the Six Months Ended June 30, 2013


                                   Local          Exit of Low-   Like-for-Like
                                   Currency
                  Reported Sales   Sales Growth   Margin Sales   Sales Growth
               Growth          ^(1)          Activities    ^(2)
 Total Company  4       %       5      %      1      %      6       %
                                                                 
  Flavors:
  North America   -2      %        -2     %       10     %       8       %
  EAME            4       %        5      %       1      %       6       %
  Latin America   0       %        3      %       5      %       8       %
  Greater Asia    5       %        7      %       0      %       7       %
  Total Flavors   3       %        4      %       3      %       7       %


(1)  Local currency sales growth is calculated by translating prior year
      sales at the exchange rates used for the corresponding 2013 period.
(2)   Like-for-like is a non-GAAP metric that excludes the impact of exiting
      low-margin sales activities and foreign exchange.


                   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.

                Second Quarter 2013
                 Items Impacting Comparability
                 
                              Restructuring       Operational                      
                 Reported      and Other            Improvement        Gain on          Adjusted
                                                                       Asset
                 (GAAP)        Charges              Initiative         Sale             (Non-GAAP)
                                                    Costs
                                                                                                    
Net Sales          757,635                             -
Cost of Goods      423,649        (833    )  ^(a)      (162  )  ^(b)
Sold
Gross Profit       333,986        833                  162
Research and       64,672         -                    -
Development
Selling and        124,813        -                    -
Administrative
RSA Expense        189,485        -                    -
Restructuring
and other          2,105          (2,105  )  ^(a)      -
charges, net
Operating          142,396        2,938                162                                145,496
Profit
Interest           12,860         -                    -
Expense
Other (Income)     (11,209 )      -                    -               16,093    ^(c)     4,884
expense, net
Income before      140,745        2,938                162             (16,093 )          127,752
taxes
Taxes on           38,423         1,028                36              (5,633  )          33,854
Income
Net Income        102,322     1,910            126          (10,460 )       93,898  
                                                                                                    
Earnings per
share -          $ 1.24        $  0.02              $  0.00            ($0.13  )        $ 1.14      ^(d)
diluted

(a)  Costs related to the Fragrance Ingredients Rationalization
(b)   Related to plant closing in Europe and partial closing in Asia
(c)   Represents a gain on sale of a non-operating asset
(d)   The sum of these items do not foot due to rounding


Second Quarter 2012:

In the second quarter of 2012 there were no items impacting comparability.

                   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.

                Second Quarter Year-to-Date 2013
                 Items Impacting Comparability
                 
                                Restructuring       Operational                                       
                 Reported        and Other            Improvement        Spanish           Gain on          Adjusted
                                                                         Tax               Asset
                 (GAAP)          Charges              Initiative         Charge            Sale             (Non-GAAP)
                                                      Costs
                                                                                                                      
                                                                                                                      
Net Sales          1,485,471        -                                      -
Cost of Goods      840,125          (833    )  ^(a)      (1,360 ) ^(b)     -
Sold
Gross Profit       645,346          833                  1,360             -
Research and       123,774          -                                      -
Development
Selling and        239,468          -                                      -
Administrative
RSA Expense        363,242          -                                      -
Restructuring
and other          2,105            (2,105  )  ^(a)                        -
charges, net
Operating          279,999          2,938                1,360             -                                  284,297
Profit
Interest           24,013           -                                      -
Expense
Other (Income)     (12,282   )      -                                      -               16,093    ^(d)     3,811
expense, net
Income before      268,268          2,938                1,360             -               (16,093 )          256,473
taxes
Taxes on           75,248           1,029                315               (6,230 ) ^(c)   (5,633  )          64,729
Income
Net Income        193,020       1,909            1,045         6,230        (10,460 )       191,744 
                                                                                                                      
Earnings per
share -          $ 2.34          $  0.02              $  0.01            $ 0.08            ($0.13  )        $ 2.32
diluted

(a)  Costs related to the Fragrance Ingredients Rationalization
(b)   Related to plant closing in Europe and partial closing in Asia
(c)   Spanish tax charge related to the 2002-2003 ruling
(d)   Represents a gain on sale of a non-operating asset
      

                        Second Quarter Year-to-Date 2012
                         Items Impacting Comparability
                         
                                             Restructuring      
                         Reported             and Other            Adjusted
                         (GAAP)               Charges              (Non-GAAP)
                                                                             
                                                                             
Net Sales                  1,431,933             -
Cost of Goods Sold         844,991               -
Gross Profit               586,942               -
Research and               113,809               -
Development
Selling and                218,249
Administrative
RSA Expense                332,058
Restructuring and          1,668                 (1,668  )  ^(a)
other charges, net
Operating Profit           253,216               1,668               254,884
Interest Expense           21,423                -
Other (income)             (1,088    )           -
expense, net
Income before taxes        232,881               1,668               234,549
Taxes on Income            63,230                621                 63,851
Net Income                169,651           1,047           170,698 
                                                                             
Earnings per share -     $ 2.06        ^(b)   $  0.01       ^(b)   $ 2.08
diluted

(a) Related to the restructuring program announced in Q1 2012
(b) The sum of these items do not foot due to rounding

Contact:

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