Feb 03, 2015 • 05:30 pm ET



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At this time, I would like to welcome everyone to the International Flavors & Fragrances, Fourth Quarter and Full Year 2014 Earnings Conference Call. [Operator Instructions] I would now like to introduce Michael DeVeau, Vice President, Corporate Communications and Investor Relations. You may begin.

Michael DeVeau

Thank you, and good morning and good afternoon, everyone. Welcome to IFF's Fourth Quarter and Full Year 2014 Conference Call. Earlier today, we distributed a press release announcing our financial results. A copy of the release can be found on our IR website at www.iff.com.

This call is being recorded and will be available for replay on our website. Please take a moment to review our forward-looking statements. During the call, we will be making forward-looking statements about the company's performance, particularly with regard to our outlook for the first quarter and full year of 2015.

These statements are based on how -- based on what we see today and contain elements of uncertainty. For additional information concerning factors that can cause actual results to differ materially from forward-looking statements, please refer to our cautionary statement and risk factors contained in our 2013 10-K filed on February 25, 2014, and our press release that we filed this morning, all of which are available on our website.

Today's presentation will include non-GAAP financial measures, which exclude those items that we believe affect comparability. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is set forth in our press release that we issued this morning.

With me on the call today is our Chairman and CEO, Andreas Fibig.; our Group President of Flavors, Matthias Haeni; our Group President of Fragrances, Nicolas Mirzayantz; and our Interim CFO, Rich O'Leary.

With that, I would like now to turn the call over to Andreas.

Andreas Fibig

Thank you, Michael, and good morning, good afternoon to everyone. I would like to start by providing some introductory remarks and then pass the call to Matthias and Nicolas, who will provide their perspectives on performance of the individual business units. Then Rich will review our consolidated financial performance in greater detail and finally turn the call back over to me for our 2015 outlook and some concluding comments before opening the call to your questions.

To begin, I want to share some of my on-boarding experience over the past five months. During that time, I focused my attention on getting to know many constituents inside and outside of IFF. As part of this process, I was fortunate to tour 19 IFF sites around the world. While at each location, I took the opportunity to meet with many of our global and strategic customers. It was an invaluable opportunity to learn about our relationship with our customers and, more importantly, understand where we are successful and where we have opportunities to improve.

The tour also provided an excellent opportunity to meet with approximately 80% of our employees via 24 local town hall meetings, which engaged with all of these people on a personal level, to