EX-99.4 5 ex994.htm Exhibit 99.4

Exhibit 99.4

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   --   $466,224          
Cost of goods sold   270,447   --   270,447          



Gross margin on sales   195,777   --   195,777          
Research & development   38,962   --   38,962          
Selling and administrative   76,115   --   76,115          
Amortization   3,158   --   3,158          



    77,542   --   77,542          
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   --   46,514          
Income taxes   14,497   --   14,497          



Net Income   $ 32,017   --   $ 32,017          




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






Net sales   $482,611   --   $482,611     $948,835   --   $948,835  
Cost of goods sold   275,235   --   275,235     545,682   --   545,682  






Gross margin on sales   207,376   --   207,376     403,153   --   403,153  
Research & development   38,897   --   38,897     77,859   --   77,859  
Selling and administrative   72,888   --   72,888     149,003   --   149,003  
Amortization   3,158   --   3,158     6,316   --   6,316  






    92,433   --   92,433     169,975   --   169,975  
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   --   75,390     121,904   --   121,904  
Income taxes   23,992   --   23,992     38,489   --   38,489  






Net Income   $ 51,398   --   $ 51,398     $ 83,415   --   $ 83,415  







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






Net sales   $480,886    7,412   $473,474     $1,429,721    7,412   $1,422,309  
Cost of goods sold   278,191   5,272   272,919     823,873   5,272   818,601  






Gross margin on sales   202,695   2,140   200,555     605,848   2,140   603,708  
Research & development   39,184   152   39,032     117,043   152   116,891  
Selling and administrative   75,638   456   75,182     224,641   456   224,185  
Amortization   3,158   --   3,158     9,474   --   9,474  






    84,715   1,532   83,183     254,690   1,532   253,158  
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   1,532   73,181     196,617   1,532   195,085  
Income taxes   23,642   517   23,125     62,131   517   61,614  






Net Income   $ 51,071   1,015   $ 50,056     $134,486   1,015   $133,471  







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   21,500   $1,880,020  
Cost of goods sold   268,583   11,026   257,557     1,092,456   16,298   1,076,158  






Gross margin on sales   203,216   3,062   200,154     809,064   5,202   803,862  
Research & development   42,243   412   41,831     159,286   564   158,722  
Selling and administrative   84,310   1,032   83,278     308,951   1,488   307,463  
Amortization   3,158   --   3,158     12,632   --   12,632  






    73,505   1,618   71,887     328,195   3,150   325,045  
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   3,150   248,710  
Income taxes   17,132   502   16,630     79,263   1,019   78,244  






Net Income   $ 38,111    1,116   $ 36,995     $  172,597    2,131   $  170,466