essenceANNUALREPORT2002>>WhatistheessenceofIFF?It’snotjustcapturinganemotion,amemory.Pinpointingtheindispensablenatureofasensoryexperience.It’snotjustapurelyvisceral,personalreaction.It’ssustainingthatidealmoment,justforamoment,timeandagain.It’salsobusinessandscience.Proprietarymoleculesandpracticalapplications.It’speople,relationships.Theperfectcombinationofcreativityandprecision.It’sfindingabetterway.It’sthepursuitofexcellence.>“IFFisuniquebecausewhatwecreatebecomespartofeveryone’slife.”>>“ThebiggestimprovementIhaveseenlatelyatIFFishowsuccessfullyithasreinventeditself.”>>“IlikeworkingatIFFbecauseIdoitwithfreedomandcreativity.”>>“IFFisuniquebecauselikeeverysnowflake,notwodaysatworkareeverthesame.”>>“IlikeworkingatIFFbecausethisiswherecreativityresides.”>>TableofcontentsCHAIRMAN’SMESSAGE>9FINANCIALREVIEW>24BOARDOFDIRECTORSANDOFFICERS>53LOCATIONS>BackFlap>“ThebiggestimprovementIhaveseenlatelyatIFFisthewayourprocessesarebeingharmonizedandstandardized,andcommunicatedtotheteamsinthedifferentareas.”>>“IFFisuniquebecauseitbringstogetheruniquepersonalities,whichtogethercreatethemagicofIFF.”>>“IlikeworkingatIFFbecauseeachdayisdifferentandchallenging,withnever-endinglearningduetothedynamicsofourindustry.”>>“WhenpeopleaskmewhatIFFdoes,Itellthemwecreatethetastesandsmellsofourlives.”>Theessenceofinnovation>>AUGUSTA,GEORGIAMymomsaysI’llneverbeabletofinishthis,butshedoesn’tknowmeaswellasshethinks.Shestilltreatsmelikealittlekid,whichgetsmereallymad.Mysecretsaucehasketchup,mustard,relishandmayonnaiseinit.Youhavetomixeverythingtogetherbeforeyouputitonthebun.2:12PARIS,FRANCEEst-elleplusbellequemoi?Est-cequec’estimportant?Est-cequ’onnepeutpasêtrebellestouteslesdeux?Pourquoiont-ilsprislaphotoalorsquej’avaislabouchepleine?Jepariequemamèren’ajamaismisdevernisàonglerouge.Etjesaisqu'ellen’ajamaisgardésesgantspourmanger.10:22RIODEJANEIRO,BRAZILASensaçãodosolnascenteemmeuscabelos…osabordeumnovodia…umsoho,ummomentoespecial…somenteparamim.Adorominhassardas.7:32CALCUTTA,INDIA11:19Wheredoestheessenceofflavorandfragrancecomefrom?Notcomplexcalculations,orscientificformulas.It’snotburieddeepincomputercode,orplantedinagreenhouse.Itcomesfromicecream,andmowingthelawn.Afirstdate,afirstdance.Summervacationsandawinter’snight.Itcomesfromtheimagination,triggeringyourmemory.Ittakesyouhereandmethere.It’syourpersonality.Howdoweknow?We’vededicatedourselvestounderstandingeveryfacetofsensoryexperience.Understandingourcustomers,andtheircustomers.Weunderstandyou.Ourperfumersandflavoristsliveandbreathescentsandtastes.Callitasixthsense,oragreenthumb.It’sourpassion.Theessenceofpeople>>9TOOURSHAREHOLDERSIwilllookbackon2002asayearinwhichIFFdeliveredonitspromisestocustomersandshareholdersalike,despiteunprecedentedandoftenunforeseenchallengesaroundtheglobe.ChiefamongouraccomplishmentsweresuccessfullycompletingtheintegrationofBushBoakeAllen(BBA),quicklyrealizingtheaggressivesavingstargetswehadsetforourselves,reorganizinggloballyintoOneIFFandimprovingallaspectsofcustomerservice.2002HIGHLIGHTS–THEFOUNDATIONISINPLACEBeforetheendof2002,wedisbandedourlastintegrationteam.Byeverykeymeasure,theintegra-tionandreorganizationweresuccessful.Manyinthefinancialcommunitydoubtedwecouldachievesomuchinsoshortatime,buteventheskepticsseemtohavecomearound.Ourstockpriceattheendof2002wasvirtuallydoub...
