In the first nine months of 2013, Givaudan recorded sales of CHF 3,318 million, an increase of 5.0% on a like-for-like basis and 2.7% in Swiss francs compared to the previous year. Flavour sales were up by 5.4% for the first nine months, and by 4.8% for the quarter just ended.
Givaudan said that it continues to demonstrate strong business momentum with a full project pipeline and win rates sustained at a high level. Volume growth in all markets in the third quarter was said to be consistent with levels during the first six months of the year. In the third quarter, pricing effects were negligible.
Mid-term, Givaudan says that the overall objective is to grow organically between 4.5% and 5.5% per annum, assuming a market growth of 2-3%, and to continue on the path of market share gains.
Sales growth in the company’s flavours business for the first nine months was driven by increases in the developing markets, particularly across all Asia Pacific markets. The mature markets of Western Europe and North America contributed as well. All segments expanded globally with strong performances in beverage, dairy, savoury, snacks and sweet goods. Health and wellness continued to evolve globally with significant double-digit gains in the salt, sweetness and bitterness masking capabilities of the TasteSolutions portfolio.
Sales in Asia Pacific rose 7.0% on a like-for-like basis, driven by solid new wins and growth of existing business. The developing markets of China, Indonesia and India delivered strong growth with increases in beverage, sweet goods, savoury and snacks. The mature market of Japan was marginally above prior year with good growth in beverage and savoury offset by lower non-food segment sales. For the region, all business segments contributed to the incremental gains with beverage, dairy, savoury and snacks each delivering strong growth.
Sales grew 4.9% on a like-for-like basis in EAME, driven by growth in the developing markets of Africa and Russia. The mature markets of Western Europe strongly contributed to the increased sales led by the markets of Great Britain, Italy and Spain. Overall performance was driven by volume gains and growth of existing business in the developing markets. All segments provided good year over year growth with beverage, savoury, snacks and sweet goods delivering the growth.
Sales increased across South America by 7.9% on a like-for-like basis with strong growth coming from Argentina, Brazil and Mexico. New wins and growth of existing business contributed to the expansion. Growth was across all segments with beverage, dairy and snacks leading the way.
In North America, sales across the region grew 3.3% on a like-for-like basis.
