Financial Review For the year ended 31 December in millions of Swiss francs except earnings per share data 2021 2020 Sales 6,684 6,322 Gross profit 2,855 2,659 as % of sales 42.7% 42.1% EBITDA a 1,482 1,397 as % of sales 22.2% 22.1% Operating income 1,089 996 as % of sales 16.3% 15.8% Income attributable to non-controlling interests – – Income attributable to equity holders of the parent 821 743 as % of sales 12.3% 11.8% Earnings per share – basic (CHF) 89.03 80.59 Earnings per share – diluted (CHF) 88.37 79.96 Operating cash flow b 1,288 1,189 as % of sales 19.3% 18.8% Free cash flow c 843 811 as % of sales 12.6% 12.8% a) EBITDA defined as Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation, corresponds to operating income before dep reciation, amortisation and impairment of long-lived assets. b) Af ter careful consideration with the Group auditors, the Group has determined that purchase and sale of own equity instruments relates to financing activities and has been reclassified from cash flows from (for) operating activities into cash flows from (for) financing activities. c) Fr ee Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments. For the six months ended 31 December (unaudited) in millions of Swiss francs except earnings per share data 2021 2020 Sales 3,311 3,101 Gross profit 1,375 1,300 as % of sales 41.5% 41.9% EBITDA a 673 663 as % of sales 20.3% 21.4% Operating income 476 464 as % of sales 14.4% 15.0% Income attributable to non-controlling interests – – Income attributable to equity holders of the parent 340 330 as % of sales 10.3% 10.6% Earnings per share – basic (CHF) 36.84 35.78 Earnings per share – diluted (CHF) 36.58 35.48 Operating cash flow b 873 830 as % of sales 26.4% 26.8% Free cash flow c 657 633 as % of sales 19.8% 20.4% a) EBITDA: Earnings Before Interest (and other financial income (expense), net), Tax, Depreciation and Amortisation. This corresponds to operating income before dep reciation, amortisation and impairment of long-lived assets. b) Af ter careful consideration with the Group auditors, the Group has determined that purchase and sale of own equity instruments relates to financing activities and has been reclassified from cash flows from (for) operating activities into cash flows from (for) financing activities. c) Fr ee Cash Flow refers to operating cash flow after net investments, interest paid, lease payments and purchase and sale of own equity instruments. Key figures Givaudan – 2021 Integrated Annual Report 134 Consolidated statements Ke y figures