Givaudan's financial performance improved in 2003, with a net profit increase of 2% to CHF 256 million. The company's sales growth was also positive, increasing by 11% to CHF 2,674 million. However, the net profit margin decreased by 7% to 9.6%. The company's financial position remained strong, with a low debt-to-equity ratio and a solid liquidity position. The company's management believes that long-term oriented investors should primarily invest in equities, but due to uncertainty about the future, Givaudan has a risk distribution of roughly 1/3 bar, 1/3 obligations, and 1/3 equities.
