Internationa Flavors & Fragrances, Inc. (IFF)

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International Flavors & Fragrances Inc. (IFF)

February 21, 2013 8:00 am ET


Kevin C. Berryman - Chief Financial Officer, Executive Vice President and Member Temporary Office of the Chief Executive Officer


Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

Lauren R. Lieberman - Barclays Capital, Research Division

Mark S. Astrachan - Stifel, Nicolaus & Co., Inc., Research Division


Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

Well, if everyone could find their seats. Good morning, and welcome to the third day of CAGNY and we are -- I'm Jonathan Feeney, our conference coach here. And we're very glad to have with us representatives from the management team of International Flavors & Fragrances this morning. We have with us Kevin Berryman, Executive Vice President and Chief Financial Officer; and Shelley Young, Director of Investor Relations up on the dais there.

Kevin took over in 2009 after a 25-year successful career at Nestle, where he ended as a group controller worldwide. International Flavors & Fragrances is really the innovation and intelligence behind many, many food products and fragrance products around the world. Their core strategy, it has 3 parts: Leveraging their geographic reach, which is significant, I mean right up there with just about any of the larger companies that we've heard from this week; strengthen their innovation; and maximize their existing portfolio. And here to tell us more about that is Kevin Berryman. Kevin?

Kevin C. Berryman

Thank you, Jonathan, for that introduction, and good morning, everyone. It's great to be here.

For those of you that are here to see Heinz, don't worry, you are not in the wrong room. You are actually in the right room. As you know, they had a little bit of news that has precluded them from being able to present here, and we at IFF are very excited to be able to present in their absence. This marks our first time at CAGNY, and we are very happy to be here and pleased to have the opportunity to tell you a little bit more about what we do and what we're all about.

As some of you actually already know, IFF partners with many of the leading companies who are presenting here at CAGNY. We help drive consumer preference for their brands by creating enhanced consumer experiences. We have the same goal as our customers, to support their market share growth and to help them attract more consumers to their brands.

With me today is Shelley Young, our Head of Investor Relations. And I encourage each of you to reach out either to her or to myself after the day if you would like to follow up and learn more about our company.

Our goal is to spend some time presenting our company, our story and hopefully provide you better insight into our strategy, our performance and our progress against the same. At the conclusion of my talk, certainly we'll open it up to any questions that you might have.

So turning to the most exciting portion of the presentation, I certainly would like you to take a moment and read our cautionary statement. I would like to remind everyone in the room and those listening in via webcast that we will make forward-looking statements and that we will be presenting both GAAP and non-GAAP financial measures. I would encourage you for a full reconciliation to GAAP and non-GAAP measures, please visit our Investor Relations website section of our website.

Well, they say a picture or picture is worth a thousand words, and here you see a few key natural materials that we use, the faces of our flavors and perfumers who create our products as well as a few of the millions of consumers who enjoy our scented and flavored products in their daily lives. Simply put, we create unique scent and taste experiences people love.

We partner with the world's leading consumer packaged goods companies, and based on our consumer insights and innovative technologies, we create winning solutions that attract consumers to our customers' brands. We are key partners to our customers' success, and, in fact, it is very likely today that you have already used a product or 2 that has either been flavored or fragranced by IFF.

It is our ability to customize scents and to cater to specific consumer preferences that often lead to the success of a product. While smell doesn't change from one country to another, the emotions of a certain scent does evoke change in feeling and consumer insights of our company are critically important in this endeavor. Scents associated with babies in the United States, for example, might be more powdery in nature, but in Latin America they could be more citric in nature.

Subtle variations to global brand platforms are absolutely necessary to adjust for local market consumer differences. On the flavor side, local spices and cuisines within a country often vary by region and culture and require food and beverage companies to adjust and vary their ingredients, recipes and cooking processes to satisfy local consumer tastes and preferences. Developing extenders and replacers for materials and flavors, effectively enhancing the flavor profile, is actually very big business.

Touching on one of our fundamental strengths as a company, I wanted to highlight our strong geographic reach, our diversified product portfolio and our outstanding customer base. It is this diversity that provides us with greater stability during challenging times. Since it is our first time presenting at CAGNY, I thought that I would provide some background to our industry and our company.

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