Group – Operating income in millions of Swiss francs Group – Total gross investments in millions of Swiss francs Group – Sales in millions of Swiss francs Group – EBITDA in millions of Swiss francs 2021 2020 2019 2018 2017 , , , , , 2021 2020 2019 2018 2017 , , , , , 2021 2020 2019 2018 2017 ,     2021 2020 2019 2018 2017    ,  Cash flow Givaudan delivered an operating cash flow of CHF 1,288 million in 2021, compared to CHF 1,189 million in 2020. Net working capital as a percentage of sales was 24.0%, compared to 24.4% in 2020. Total net investments in property, plant and equipment were CHF 177 million, compared to CHF 180 million in 2020, as the Group continues to invest in expanding its capabilities in high growth markets. Intangible asset additions were CHF 70 million in 2021, compared to CHF 37 million in 2020 as the Company continued to invest in its IT platform capabilities, including those related to the integration of the acquisitions that the Group has made. I am very pleased with the s uccessful start that we have made into our 2025 strategic cycle, with all parts of our business and our strategic focus areas contributing to the strong financial results that we have achieved in 2021. Gilles Andrier, CEO Givaudan – 2021 Integrated Annual Report Financial value creation Bu siness performance – Group 41 Financial value cration