Business performance – Taste & Wellbeing Sales Taste & Wellbeing sales were CHF 3,593 million, an increase of 7.6% on a like-for-like basis and an increase of 5.7% in Swiss francs. The strong sales performance was driven by new wins and good business momentum across all regions and customer groups. Whilst the sales performance was still impacted by the COVID-19 pandemic across many countries, there was a continuing recovery from the second quarter of 2021, as increasing vaccination rates and progressive reopening resulted in a higher demand for foodservice products, which had been the most impacted business area in 2020. In the key strategic focus areas, sales increased double-digit in plant-based proteins and high single-digit in health and wellness and naturals. From a segment perspective, the strong sales performance was achieved across all segments and mainly by beverages, savoury and snacks. The EBITDA of Taste & Wellbeing increased to CHF 786 million from CHF 720 million in 2020, an increase of 9.2% compared to 2020, with good operating leverage and continuing cost discipline contributing to the increase. The EBITDA margin increased to 21.9% in 2021, from 21.2% in 2020. On a comparable basis the EBITDA margin of Taste & Wellbeing improved to 22.4% in 2021 compared to 22.1% in 2020. The operating income increased to CHF 542 million in 2021 from CHF 460 million in 2020, an increase of 17.8%. The operating margin increased to 15.1% in 2021 compared to 13.5% in 2020. Taste & Wellbeing – Sales in millions of Swiss francs 2021 2020 2019 2018 2017 , , , , , Asia Pacific Sales in Asia Pacific increased by 7.4% on a like-for-like basis. In the high growth markets, China and Malaysia delivered strong double- digit performance, followed by solid single-digit growth in Indonesia and Vietnam. In the mature markets, the growth was driven by Singapore, Australia and Korea. From a segment perspective the growth was achieved mainly in beverages, dairy, snacks and savoury. South Asia, Africa and Middle East (SAMEA) Sales in South Asia, Africa and the Middle East increased by 6.1% on a like-for-like basis. Double-digit growth was achieved in India, Cameroon and Nigeria. Egypt and South Africa, which were still heavily impacted by the COVID-19 pandemic, showed mid to high single-digit performance. 3 5 % Beverages 3 7 % Savoury 12 % Dairy 16 % Sweet goods TOTAL OF GROUP SALES 54 % 7.6 % Sales growth (like-for-like) Givaudan – 2021 Integrated Annual Report 44 Financial value creation Bu siness performance – Taste & Wellbeing