Michael DeVeau
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IFF Reports Fourth Quarter and Full Year 2020 Results

Ended 2020 with improved Q4 sales momentum; Solid start to 2021

Completed transformational combination on February 1st to create new industry leader

NEW YORK, N.Y., (February 10, 2021)
- International Flavors & Fragrances Inc. (NYSE: IFF) reported financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Consolidated Summary:
SalesOperating ProfitEPSSalesOperating ProfitEPSEPS ex Amortization
$1.3 B$101 M$0.57$1.3 B$156 M$0.99$1.32

Full Year 2020 Consolidated Summary:
SalesOperating ProfitEPSSalesOperating ProfitEPSEPS ex Amortization
$5.1 B$566 M$3.21$5.1 B$730 M$4.38$5.70

¹ Schedules at the end of this release contain reconciliations of reported GAAP to non-GAAP metrics.

Management Commentary
"I'm pleased to say that we ended 2020 and started 2021 with positive momentum amid the continued challenges of the pandemic," said IFF Chairman and CEO Andreas Fibig. "This performance is a direct testament to the diversity of our portfolio, the essential nature of our products, and the resiliency of our global teams. Our return to comparable currency neutral sales growth this quarter gives us confidence that we can generate strong value creation for our shareholders going forward."

IFF Executive Vice President and CFO, Rustom Jilla commented, “The resiliency of our business was apparent in our robust cash flow for the year, which allowed us to continue to reduce our net debt while also increasing our dividend. Our guidance for 2021 reflects the strength of our enhanced platform, our expectation that the pandemic will subside in the second half, and our rigorous focus on execution. As such, we expect to deliver 2021 results that are meaningfully better than 2020 - with broad-based top and bottom-line improvements.”

Mr. Fibig continued, "I'm proud that we have completed our transformational combination to become a new industry leader. Now the work to create shareholder value by executing IFF’s core business objectives and realizing our synergy plans truly begins. I'm excited for the potential of our company as our future is bright and we are well-positioned to seize the opportunities ahead to deliver profitable growth for years to come."

The following information was filed by International Flavors Fragrances Inc (IFF) on Wednesday, February 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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