Investor Presentation January 2021
Free cash flow
Sustained underlying performance
Free cash flow of CHF 811 million, compared to CHF 787
million in 2019. Free cash flow is 12.8% of sales
compared to 12.7% in 2019.
Average Free cash flow over the 2016-2020 strategy
period of 12.6%
Operating cash flow of CHF 1,133 million, compared to
CHF 1,136 million in 2019
Total net investments of CHF 217 million, or 3.4% of
sales, as the Group continues to invest in growth and
information systems. The net investments in 2019 were
4% of sales, or 5.1% excluding the impact of the ZIC
transaction
Net Working capital of 24.4% of sales compared to
24.0% in 2019
787
FY 2019
Givaudan
Investor presentation January 2021
Free cash flow
in CHF million
811
12.7%
As % of sales
FY 2020
12.8%
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