“I’d like to thank our employees, customers, partners and suppliers for their great collaboration and commitment in these testing times.”
Calvin Grieder

Looking back on the events of 2020, I am struck by the resilience of Givaudan, keeping our employees safe and well whilst seamlessly serving our customers. I'm proud of everything we have accomplished over the last five years, delivering on all of the ambitions of our 2020 strategy, particularly when faced with the most difficult of circumstances in the last year.

The global pandemic brought much disruption to our business and the wider market, but we navigated through and I’d like to thank our employees, customers, partners and suppliers for their great collaboration and commitment in these testing times. I’d also like to thank you all for your commitment and investment in Givaudan.

For our 2020 strategy, we set out to achieve ambitious financial targets, creating shared value for all. In 2020 we delivered solid topline growth of 1.9% in Swiss Francs and free cash flow generation of CHF 811 million. On the basis of Givaudan’s strong performance in 2020, and its continued solid financial position, the Board of Directors will propose an increase in the dividend to CHF 64.00 at the Annual General Meeting on 25 March 2021. This is the twentieth increase since our listing on the Swiss stock exchange.

2020 was also an important year as we announced our next five-year plan. ‘Committed to Growth, with Purpose’ is how we will deliver ambitious financial targets while also making progress in the areas of creations, nature, people and communities. Being a responsible business has always guided the way we act and behave, and the role we play in advancing on some of the key issues affecting society such as climate change and social inequality. This is reflected in our recently announced objective to become B Corp certified and be a business that acts as a force for a better world.

We noted with interest the recent referendum that took place in Switzerland called the ‘Responsible Business Initiative’, which called for Swiss companies to ensure that all their subsidiaries, as well as customers and supply chains worldwide, observe human rights and environmental standards. Givaudan’s ambitions deployed in our purpose and strong adherence to ethics, human rights and environmental standards guarantee that we operate well within the current legal frameworks and international standards.

As a Board, we also had to adapt our ways of working for the circumstances encountered in 2020. Making use of virtual digital tools ensured we still met regularly and were able to deliberate and approve the new 2025 strategy. We continued to focus our efforts on succession planning. We welcomed two new Board members this year, who were virtually onboarded and have brought great expertise and value. At the next AGM in 2021, longstanding Board member Thomas Rufer will retire. I would like to thank him for his valuable contributions over the last 12 years as a Board Member and as Chairman of the Audit Committee. No further Board members are being announced, and aside Thomas, all other Board members will stand for re-election.

Looking ahead, we anticipate ongoing disruption from the pandemic in 2021, but I have every confidence that Givaudan will successfully navigate through this. The Board has actively participated in designing the 2025 strategy and we all are confident it will ensure we continue to create sustainable value, while advancing towards a more sustainable business in the areas of creations, nature, people and communities. Many of the trends we identified for the 2025 strategy have grown in importance this year, particularly digitalisation, with the rise of e-commerce and the transformation of the ways we work. We will continue to advance our agenda in this space.

I’d like to express my heartfelt thanks and gratitude to my fellow members of the Board of Directors, the Executive Committee and all our employees worldwide for their hard work and dedication, especially after such a testing year. It is their contribution and passion that makes Givaudan a unique place to work.

Finally, I would like to share my thanks to our shareholders for your trust and continuing support. It is with much disappointment that we will again not host an in-person AGM in March 2021 due to the continuing uncertainty around COVID-19. Instead, we have decided to donate a sum to the Givaudan Foundation to support a number of worthwhile projects in our communities.

I send my best wishes and health for the year ahead.

Calvin Grieder
Chairman of the Board

1. Like-for-like excludes the impact of currency, acquisitions and disposals.
2. Subject to shareholder approval at the AGM on 25 March 2021.

Through a strong innovation culture built on our pioneering heritage we continued to deliver new sustainable solutions for our customers that also tackle the industry’s pressing challenges. Responsible growth has guided the management of our impact through our creations, people, communities and nature. Our actions are bolder in the areas of the environment, sourcing and innovation, ensuring we meet today’s needs while building for a better tomorrow.

“I’m proud of our performance over the last five years in successfully delivering responsible growth and shared success for all our stakeholders”. Gilles Andrier, CEO

Our 2020 strategy
Responsible growth. Shared success.
 

¹ over a five-year period by 2020

Our 2020 achievements

At Givaudan we pride ourselves in transparent governance, which ensures we manage and supervise our operations in a responsible way. Our structures and processes for the direction and control of our Company allow for a continued focus on value creation for all our stakeholders as well as nature, in line with our purpose. They include internal and external controls and monitoring systems.

Read more about our corporate governance

Meet our Board of Directors  Meet our Executive Committee