EX-99.3 4 ex993.htm Exhibit 99.2

Exhibit 99.3

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

(Dollars in thousands)


2003 Quarter-to-date Year-to-date






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



Net sales   $466,224   16,720   $449,504          
Cost of goods sold   270,447   12,615   257,832  



Gross margin on sales   195,777   4,105   191,672  
Research & development   38,962   377   38,585  
Selling and administrative   76,115   1,102   75,013  
Amortization   3,158   --   3,158  



    77,542   2,626   74,916  
Restructuring and other charges   (20,389 ) --   (20,389 )
Interest expense   (8,113 ) --   (8,113 )
Other income (expense), net   (2,526 ) --   (2,526 )



Pretax income   46,514   2,626   43,888  
Income taxes   14,497   818   13,679  



Net Income   $ 32,017   1,808   $ 30,209  




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






Net sales   $482,611   18,051   $464,560     $948,835   34,771   $914,064  
Cost of goods sold   275,235   13,229   262,006     545,682   25,844   519,838  






Gross margin on sales   207,376   4,822   202,554     403,153   8,927   394,226  
Research &development   38,897   356   38,541     77,859   733   77,126  
Selling and administrative   72,888   1,114   71,774     149,003   2,216   146,787  
Amortization   3,158   --   3,158     6,316   --   6,316  






    92,433   3,352   89,081     169,975   5,978   163,997  
Restructuring and other charges   (6,715 ) --   (6,715 )   (27,104 ) --   (27,104 )
Interest expense   (7,957 ) --   (7,957 )   (16,070 ) --   (16,070 )
Other income (expense), net   (2,371 ) --   (2,371 )   (4,897 ) --   (4,897 )






Pretax income   75,390   3,352   72,038     121,904   5,978   115,926  
Income taxes   23,992   1,067   22,925     38,489   1,885   36,604  






Net Income   $ 51,398   2,285   $ 49,113     $ 83,415   4,093   $ 79,322  







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






Net sales   $480,886   16,425   $464,461     $1,429,721   51,196   $1,378,525  
Cost of goods sold   278,191   11,917   266,274     823,873   37,761   786,112  






Gross margin on sales   202,695   4,508   198,187     605,848   13,435   592,413  
Research & development   39,184   370   38,814     117,043   1,103   115,940  
Selling and administrative   75,638   1,095   74,543     224,641   3,311   221,330  
Amortization   3,158   --   3,158     9,474   --   9,474  






    84,715   3,043   81,672     254,690   9,021   245,669  
Restructuring and other charges   (3,916 ) --   (3,916 )   (31,020 ) --   (31,020 )
Interest expense   (6,532 ) --   (6,532 )   (22,602 ) --   (22,602 )
Other income (expense), net   446   --   446     (4,451 ) --   (4,451 )






Pretax income   74,713   3,043   71,670     196,617   9,021   187,596  
Income taxes   23,642   963   22,679     62,131   2,848   59,283  






Net Income   $  51,071   2,080   $ 48,991     $  134,486   6,173   $  128,313  







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






Net sales   $471,799   14,088   $457,711     $1,901,520   65,284   $1,836,236  
Cost of goods sold   268,583   11,026   257,557     1,092,456   48,787   1,043,669  






Gross margin on sales   203,216   3,062   200,154     809,064   16,497   792,567  
Research & development   42,243   412   41,831     159,286   1,515   157,771  
Selling and administrative   84,310   1,032   83,278     308,951   4,343   304,608  
Amortization   3,158   --   3,158     12,632   --   12,632  






    73,505   1,618   71,887     328,195   10,639   317,556  
Restructuring and other charges   (11,401 ) --   (11,401 )   (42,421 ) --   (42,421 )
Interest expense   (5,875 ) --   (5,875 )   (28,477 ) --   (28,477 )
Other income (expense), net   (986 ) --   (986 )   (5,437 ) --   (5,437 )






Pretax income   55,243   1,618   53,625     251,860   10,639   241,221  
Income taxes   17,132   502   16,630     79,263   3,350   75,913  






Net Income   $ 38,111   1,116   $ 36,995     $  172,597   7,289   $  165,308