SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 24, 2002 Date of report (Date of earliest event reported) INTERNATIONAL FLAVORS & FRAGRANCES INC. (Exact name of registrant as specified in its charter) New York (State or other jurisdiction of incorporation) 1-4858 13-1432060 (Commission File Number) (IRS Employer Identification No.) 521 West 57th Street, New York, New York 10019 ----------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (212) 765-5500 ---------------------------------------------------- (Registrant's telephone number, including area code)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits: Exhibit No. Description ----------- ----------- 99.1 Unaudited historical geographic information with respect to the years 2001 and 2000, reclassified to reflect the reconstituted Europe and Indian Subcontinent regions (as defined below). 99.2 Unaudited quarterly historical geographic information with respect to the year 2001, reclassified to reflect the reconstituted Europe and Indian Subcontinent regions. 99.3 Unaudited quarterly pro-forma historical information with respect to the year 2001, reclassified to reflect the businesses disposed of during 2001 and the pro-forma effects of adopting FAS 142, Goodwill and Other Intangible Assets. ITEM 9. Regulation FD Disclosure As previously announced, effective January 1, 2001 International Flavors & Fragrances Inc. (the "Company" or "IFF") was reorganized into five geographic regions with an individual manager responsible for each region. The five regions established were North America, Latin America, Asia-Pacific, Europe and Central Asia, Middle East ("CAME"). During the course of 2001, as the integration of Bush Boake Allen Inc. ("BBA") progressed, the Company refined the CAME region further to reflect the current organization and management structure. The CAME region was reconstituted as, and renamed the "Indian Subcontinent" (India, Pakistan and other countries in the Indian Subcontinent). The Central Asia and Middle East operations formerly included in CAME will from January 1, 2002 be included with Europe. North and Latin America and Asia-Pacific were unaffected by the geographic reorganization. During 2001, the Company sold its formulated fruit and vegetable preparation business in the United States and Brazil, and its Widnes, United Kingdom based aroma chemicals business acquired in the BBA transaction. Pro-forma financial information reflecting IFF's consolidated quarterly results excluding the effects of the sales and operating results of these non-core businesses will be presented. Effective January 1, 2002 the Company adopted FAS 142, Goodwill and Other Intangible Assets, which eliminates the amortization of goodwill and other indefinite life intangibles. In anticipation of earnings announcements for 2002, the following information is being furnished as a result of or otherwise in connection with the further refinement related to the reorganization of the regions, disposal of the non-core businesses and the effects of adopting FAS 142. 1. Unaudited historical geographic information with respect to the years 2001 and 2000, reclassified to reflect the reconstituted Europe and Indian Subcontinent regions. 2. Unaudited quarterly historical geographic information with respect to the year 2001, reclassified to reflect the reconstituted Europe and Indian Subcontinent regions. 3. Unaudited pro-forma historical information with respect to the year 2001, reclassified to reflect the businesses disposed of during 2001 and the pro-forma effects of adopting FAS 142.
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTERNATIONAL FLAVORS & FRAGRANCES INC. By: /s/ Douglas J. Wetmore ------------------------------------- Name: Douglas J. Wetmore Title: Senior Vice President and Chief Financial Officer Dated: April 24, 2002 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Unaudited historical geographic information with respect to the years 2001 and 2000, reclassified to reflect the reconstituted Europe and Indian Subcontinent regions (as defined below). 99.2 Unaudited quarterly historical geographic information with respect to the year 2001, reclassified to reflect the reconstituted Europe and Indian Subcontinent regions. 99.3 Unaudited quarterly pro-forma historical information with respect to the year 2001, reclassified to reflect the businesses disposed of during 2001 and the pro-forma effects of adopting FAS 142, Goodwill and Other Intangible Assets.
Exhitit 99.1 International Flavors & Fragrances Inc. Geographical Information As previously announced, effective January 1, 2001 the Company was reorganized into five major geographic regions with an individual manager responsible for each region. The five regions established were North America, Latin America, Asia-Pacific, Europe and Central Asia, Middle East ("CAME"). The CAME region was reconstitued as, and renamed the "Indian Subcontinent" (India, Pakistan and other countries in the Indian Subcontinent). The Central Asia and Middle East operations formerly included in CAME will from January 1, 2002 be included with Europe. North and Latin America and Asia-Pacific were unaffected by the geographic reorganization. The tables below report IFF's historical geographical information for the years 2001 and 2000 based on the new regional organization: North Indian Latin Asia- 2001 (Dollars in thousands) America Europe Subcontinent America Pacific Eliminations Consolidated - -------------------------------------- --------- --------- ------------ --------- --------- ------------ ------------ Sales to unaffiliated customers $ 616,806 $ 682,574 $ 32,684 $ 245,517 $ 266,185 $ - $ 1,843,766 Transfers between areas 83,115 134,862 2,698 1,678 16,620 (238,973) - --------- --------- ------------ --------- --------- ------------ ------------ Total sales $ 699,921 $ 817,436 $ 35,382 $ 247,195 $ 282,805 $ (238,973) $ 1,843,766 ========= ========= ============ ========= ========= ============ ============ Segment profit $ 91,208 $ 163,190 $ 8,434 $ 53,876 $ 60,975 $ 2,691 $ 380,374 ========= ========= ============ ========= ========= ============ Corporate and other unallocated expenses (48,624) Amortization of goodwill and other intangibles (46,089) Nonrecurring charges (30,069) Interest expense (70,424) Other income (expense), net 2,609 ------------ Income before taxes on income $ 187,777 ============ Segment assets $ 588,187 $ 508,205 $ 22,315 $ 139,359 $ 207,647 $ (41,916) $ 1,423,797 ========= ========= ============ ========= ========= =========== Unallocated assets 844,254 ------------ Total assets $ 2,268,051 ============ Unallocated ----------- Capital expenditures $ 18,531 $ 20,441 $ 491 $ 1,559 $ 4,571 $ 6,423 $ 52,016 Depreciation and amortization 33,784 27,616 533 4,628 7,749 49,183 123,493 - --------------------------------------------------------- --------- ------------ --------- --------- ----------- ------------ North Indian Latin Asia- 2000 (Dollars in thousands) America Europe Subcontinent America Pacific Eliminations Consolidated - --------------------------------------------------------- --------- ------------ --------- --------- ------------ ------------ Sales to unaffiliated customers $ 470,953 $ 560,803 $ 4,069 $ 220,287 $ 206,683 $ - $ 1,462,795 Transfers between areas 55,610 117,528 63 1,936 13,779 (188,916) - --------- --------- ------------ --------- --------- ----------- ------------ Total sales $ 526,563 $ 678,331 $ 4,132 $ 222,223 $ 220,462 $ (188,916) $ 1,462,795 ========= ========= ============ ========= ========= =========== ============ Segment profit $ 48,503 $ 161,896 $ 514 $ 39,063 $ 39,999 $ 1,762 $ 291,737 ========= ========= ============ ========= ========= =========== Corporate and other unallocated expenses (31,919) Amortization of goodwill and other intangibles (7,032) Nonrecurring charges (41,273) Interest expense (25,072) Other income (expense), net (2,314) ------------ Income before taxes on income $ 184,127 ============ Segment assets $ 600,007 $ 603,674 $ 18,325 $ 175,161 $ 228,901 $ (31,737) $ 1,594,331 ========= ========= ============ ========= ========= =========== Unallocated assets $ 894,702 ------------ Total assets $ 2,489,033 ============ Unallocated ----------- Capital expenditures $ 30,586 $ 14,628 $ 196 $ 4,806 $ 7,500 $ 2,980 $ 60,696 Depreciation and amortization 26,691 21,247 142 5,154 5,975 10,135 69,344 - --------------------------------------------------------- --------- ------------ --------- --------- ----------- ------------
Exhibit 99.2 International Flavors & Fragrances Inc. 2001 Quarterly Information (Dollars in thousands) The following tables report IFF's quarterly geographical information based on the new regional organzational structure: North Indian Latin Asia- 1st Quarter 2001 America Europe Subcontinent America Pacific Eliminations Consolidated - -------------------------------------------------------- -------- ------------ -------- -------- ------------ ------------ Sales to unaffiliated customers $ 157,582 $ 187,125 $ 8,056 $ 61,490 $ 69,408 $ - $ 483,661 Transfers between areas 23,365 33,066 261 385 3,909 (60,986) - --------- --------- -------- -------- -------- --------- --------- Total sales $ 180,947 $ 220,191 $ 8,317 $ 61,875 $ 73,317 $ (60,986) $ 483,661 ========= ========= ======== ======== ======== ========= ========= Segment profit $ 18,708 $ 43,259 $ 2,040 $ 13,422 $ 15,560 $ (738) $ 92,251 ========= ========= ======== ======== ======== ========= Corporate and other unallocated expenses (13,980) Amortization of goodwill and other intangibles (11,355) Nonrecurring charges (12,420) Interest expense (22,300) Other income (expense), net 240 --------- Income before taxes on income $ 32,436 ========= North Indian Latin Asia- 2nd Quarter 2001 America Europe Subcontinent America Pacific Eliminations Consolidated - -------------------------------------------------------- -------- ------------ -------- -------- ------------ ------------ Sales to unaffiliated customers $ 164,181 $ 174,684 $ 8,941 $ 61,758 $ 68,652 $ - $ 478,216 Transfers between areas 20,637 36,694 2,126 272 4,658 (64,387) - --------- --------- -------- -------- -------- --------- --------- Total sales $ 184,818 $ 211,378 $ 11,067 $ 62,030 $ 73,310 $ (64,387) $ 478,216 ========= ========= ======== ======== ======== ========= ========= Segment profit $ 25,302 $ 44,346 $ 3,214 $ 13,859 $ 17,356 $ 99 $ 104,176 ========= ========= ======== ======== ======== ========= Corporate and other unallocated expenses (11,969) Amortization of goodwill and other intangibles (11,400) Nonrecurring charges (8,780) Interest expense (17,634) Other income (expense), net (1,006) --------- Income before taxes on income $ 53,387 ========= North Indian Latin Asia- 3rd Quarter 2001 America Europe Subcontinent America Pacific Eliminations Consolidated - -------------------------------------------------------- -------- ------------ -------- -------- ------------ ------------ Sales to unaffiliated customers $ 160,050 $ 165,968 $ 8,042 $ 63,978 $ 64,681 $ - $ 462,719 Transfers between areas 21,421 33,619 186 590 4,210 (60,026) - --------- --------- -------- -------- -------- -------- --------- Total sales $ 181,471 $ 199,587 $ 8,228 $ 64,568 $ 68,891 $(60,026) $ 462,719 ========= ========= ======== ======== ======== ======== ========= Segment profit $ 26,847 $ 39,661 $ 1,702 $ 14,936 $ 15,746 $ (92) $ 98,800 ========= ========= ======== ======== ======== ======== Corporate and other unallocated expenses (8,853) Amortization of goodwill and other intangibles (11,491) Nonrecurring charges (8,869) Interest expense (16,545) Other income (expense), net 1,864 --------- Income before taxes on income $ 54,906 =========
North Indian Latin Asia- 4th Quarter 2001 America Europe Subcontinent America Pacific Eliminations Consolidated - ---------------------------------------------------- ---------- ------------ ---------- ----------- ------------ ------------ Sales to unaffiliated customers $ 134,993 $ 154,797 $ 7,645 $ 58,291 $ 63,444 $ - $ 419,170 Transfers between areas 17,692 31,483 125 431 3,843 (53,574) - ---------- ---------- ------------ ---------- ----------- ----------- ------------ Total sales $ 152,685 $ 186,280 $ 7,770 $ 58,722 $ 67,287 $ (53,574) $ 419,170 ========== ========== ============ ========== =========== =========== ============ Segment profit $ 20,351 $ 35,924 $ 1,478 $ 11,659 $ 12,313 $ 3,422 $ 85,147 ========== ========== ============ ========== =========== =========== Corporate and other unallocated expenses (13,822) Amortization of goodwill and other intangibles (11,843) Nonrecurring charges - Interest expense (13,945) Other income (expense), net 1,511 ------------ Income before taxes on income $ 47,048 ============
Exhibit 99.3 International Flavors & Fragrances Inc. 2001 Quarterly Pro-Forma Information (Dollars in thousands) The following quarterly pro-forma information reflects the businesses disposed of during 2001 and the pro-forma effects of adopting FAS 142, Goodwill and Other Intangible Assets. 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter Year Ended Ended Ended Ended Ended 3/31/01 6/30/01 9/30/01 12/31/01 12/31/01 ----------------------------------------------- ------------- Net Sales $ 463,973 $ 462,890 $ 447,771 $ 409,647 $ 1,784,281 --------------------------------------------- ------------ Cost of goods sold 265,535 256,737 255,450 233,438 1,011,160 Research and development expenses 35,049 35,284 31,344 32,533 134,210 Selling and administrative expenses 84,985 80,410 72,041 73,475 310,911 Amortization of goodwill and other intangibles 3,158 3,158 3,158 3,158 12,632 Nonrecurring charges 12,420 8,780 8,869 - 30,069 Interest expense 22,300 17,634 16,545 13,945 70,424 Other (income) expense, net (240) 1,006 (1,864) (1,511) (2,609) ---------------------------------------------- ------------- 423,207 403,009 385,543 355,038 1,566,797 ---------------------------------------------- ------------- Income before taxes on income 40,766 59,881 62,228 54,609 217,484 Taxes on income 13,248 19,461 20,224 17,748 70,681 ---------------------------------------------- ------------- Net Income $ 27,518 $ 40,420 $ 42,004 $ 36,861 $ 146,803 ================================================ =============