GVDBF - Givaudan SA (GVDBF) Q2 2024 Earnings Call Transcript
2024-07-23 17:23:06 ET
Givaudan SA (GVDBF)
Q2 2024 Results Conference Call
July 23, 2024 05:00 AM ET
Company Participants
Gilles Andrier - Chief Executive Officer
Tom Hallam - Chief Financial Officer
Conference Call Participants
Nicola Tang - BNP Paribas Exane
Alex Sloane - Barclays
Celine Pannuti - JPMorgan Chase & Co.
Daniel Buerki - Zürcher Kantonalbank
Arben Hasanaj - Vontobel
Georgina Fraser - GS
Matthew Yates - Bank of America
Presentation
Gilles Andrier
Dear ladies and gentlemen, welcome to our 2024 half-year results conference call. The company news on our half-year results have been published earlier this morning on our website where you will also find the slides for today's presentation and the half-year report. Tom Hallam and myself will take you through the presentation before we answer your questions at the end.
Now I'd like to start the presentation with the highlights and invite you to turn to Page 3, and so before moving to any numbers, first thing first, and let me start with the last bullet first. As you have seen the announcement this morning. Tom Hallam has decided to retire and will hand over the CFO position to Stewart Harris, effective August 1, 2024. Along with my EC colleagues, I have very much enjoyed the great partnership with Tom as CFO over the last 8 years, driving our industry-leading financial performance. Many of you on this call know Tom and can testify the great CFO, he has been for Givaudan. I'm very confident it will continue with Stewart, who has grown in Givaudan over the last 15 years in many functions of our finance organization, and over the more recent past, driving the numerous acquisitions we made to their successful completion.
Finally, it demonstrates the strong quantity we have at Givaudan in succession planning. Let's move now to the numbers. So, I'm very pleased to present to you a strong performance in first half of 2024 driven by a high level of sales growth in volumes across all markets, all segments and all customer groups, which translates into a broad of industry-leading financial results. These results once again highlight the unique position of Givaudan and the strategic choice that we have made to focus on an extensive range of highly value-added products and solutions which matter to consumers and hence, support the growth of our customers around the world.
In the first half year of 2024, we have reached sales of CHF3.7 billion, a growth of 12.5% on a like-for-like basis and 5.7% in Swiss francs. The strong like-for-like growth was mainly driven by volume growth hence, supporting a high level of profitability and cash generation. Our comparable EBITDA amounted to CHF929 million, lifting the EBITDA margin to 24.8% from 22.7% last year. Our net income increased by almost 31% to CHF588 million, and our free cash flow amounted to CHF197 million, corresponding to 5.3% of sales....
Givaudan SA (GVDBF) Q2 2024 Earnings Call Transcript