EX-99.2 3 ex992.htm Exhibit 99.2

Exhibit 99.2

INTERNATIONAL FLAVORS & FRAGRANCES INC.
UNAUDITED PRO-FORMA CONSOLIDATED INCOME STATEMENT

(Dollars in thousands)


2002 Quarter-to-date Year-to-date






1st Quarter As reported Germany and
Switzerland
Fruit Business
Pro-Forma



Net sales   $445,844   11,314   $434,530          
Cost of goods sold   259,864   8,263   251,601          



Gross margin on sales   185,980   3,051   182,929          
Research & development   35,170   325   34,845          
Selling and administrative   75,386   943   74,443          
Amortization   3,158   --   3,158          



    72,266   1,783   70,483          
Restructuring and other charges   -- --   --    
Interest expense   (10,427 ) --   (10,427 )    
Other income (expense), net   1,965   --   1,965          



Pretax income   63,804   1,783   62,021          
Income taxes   21,857   611   21,246          



Net Income   $ 41,947   1,172   $ 40,775          




2nd Quarter As reported Germany and
Switzerland
Fruit Business
Pro Forma As reported Germany and
Switzerland
Fruit Business
Pro Forma






Net sales   $476,336   13,742   $462,594     $922,180   25,056   $897,124  
Cost of goods sold   272,612   10,191   262,421     532,476   18,454   514,022  






Gross margin on sales   203,724   3,551   200,173     389,704   6,602   383,102  
Research & development   35,022   325   34,697     70,192   650   69,542  
Selling and administrative   78,921   972   77,949     154,307   1,915   152,392  
Amortization   3,158   --   3,158     6,316   --   6,316  






    86,623   2,254   84,369     158,889   4,037   154,852  
Restructuring and other charges   (9,242 ) --   (9,242 )   (9,242 ) --   (9,242 )
Interest expense   (9,294 ) --   (9,294 )   (19,721 ) --   (19,721 )
Other income (expense), net   807   --   807     2,772   --   2,772  






Pretax income   68,894   2,254   66,640     132,698   4,037   128,661  
Income taxes   23,493   769   22,724      45,350   1,380    43,970  






Net Income   $  45,401   1,485   $  43,916     $  87,348   2,657   $  84,691  







3rd Quarter As reported Germany and
Switzerland
Fruit Business
Pro Forma As reported Germany and
Switzerland
Fruit Business
Pro Forma






Net sales   $462,777   13,277   $449,500     $1,384,957   38,333   $1,346,624  
Cost of goods sold   261,075   10,432   250,643     793,551   28,886   764,665  






Gross margin on sales   201,702   2,845   198,857     591,406   9,447   581,959  
Research & development   37,664   362   37,302     107,856   1,012   106,844  
Selling and administrative   75,142   1,939   73,203     229,449   3,854   225,595  
Amortization   3,158   --   3,158     9,474   --   9,474  






    85,738   544   85,194     244,627   4,581   240,046  
Restructuring and other charges   (2,495 ) --   (2,495 )   (11,737 ) --   (11,737 )
Interest expense   (8,947 ) --   (8,947 )   (28,668 ) --   (28,668 )
Other income (expense), net   561   --   561     3,333   --   3,333  






Pretax income   74,857   544   74,313     207,555   4,581   202,974  
Income taxes   25,258   184   25,074     70,607   1,564   69,043  






Net Income   $ 49,599   360   $ 49,239     $  136,948   3,017   $  133,931  







4th Quarter As reported Germany and
Switzerland
Fruit Business
Pro-Forma As reported Germany and
Switzerland
Fruit Business
Pro-Forma






Net sales   $424,292   12,338   $411,954     $1,809,249   50,671   $1,758,578  
Cost of goods sold   242,284   9,517   232,767     1,035,835   38,403   997,432  






Gross margin on sales   182,008   2,821   179,187     773,414   12,268   761,146  
Research & development   36,171   345   35,826     144,027   1,357   142,670  
Selling and administrative   75,707   1,329   74,378     305,156   5,183   299,973  
Amortization   3,158   --   3,158     12,632   --   12,632  






    66,972   1,147   65,825     311,599   5,728   305,871  
Restructuring and other charges   --   --   --     (11,737 ) --   (11,737 )
Interest expense   (8,368 ) --   (8,368 )   (37,036 ) --   (37,036 )
Other income (expense), net   258   --   258     3,591   --   3,591  






Pretax income   58,862   1,147   57,715     266,417   5,728   260,689  
Income taxes   19,866   387   19,479     90,473   1,951   88,522  






Net Income   $  38,996   760   $  38,236     $  175,944   3,777   $  172,167