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This excerpt taken from the ICI 6-K filed Aug 10, 2006. Quest Quest sales were 3% above 2005 on a comparable basis, with growth for both the Flavour and Fragrance businesses. Sales in Latin America, Asia and North America were ahead of last year but in Europe they were lower. Gross margin percentages were above last year, with improved product mix offsetting the impact of increased raw material costs. Comparable trading profit was 13% ahead. On an as reported basis, sales were 6% ahead of last year and trading profit was 16% higher than 2005, with a favourable foreign exchange effect largely accounting for the difference with the comparable performance. The following commentaries on Quest’s two businesses refer to performance measured on a comparable basis. Fragrance sales were 1% ahead for the half year, with good growth in Asia and Latin America, however both Europe and North America were lower than last year. Sales to the consumer fragrance and fine fragrances categories increased during the first half but fragrance ingredient sales were markedly lower. Improved product mix partially offset the impact of higher raw material costs, and trading profit was below last year. Flavour sales were 6% higher than last year, with good growth in Europe, North America and Latin America partly offset by lower sales in Asia. In particular, the business has continued to make progress developing its technology platforms. Gross margin percentages were ahead of last year, and with costs below gross margin in line, trading profit for the half year was significantly ahead. These excerpts taken from the ICI 20-F filed Mar 31, 2006. Quest
Background Major manufacturing facilities are located in the Netherlands, UK, USA, Mexico, France, Australia and Indonesia, with smaller manufacturing facilities in eight other countries. Quest has its own sales distribution network in 31 countries and is represented elsewhere by sales agents. Science and creativity are the key pillars of Quest’s research effort, putting innovation at the heart of the business. It designs and develops new flavour and fragrance ingredients, compounds and delivery technologies that create a distinctive, sensory impact. This demands a complex artistic and technical process, combining the knowledge and skill of Quest’s perfumers and flavourists with the expertise of its application and research chemists. Quest has research centres at Ashford in the UK and Naarden, and product development teams at six other sites around the world. Quest also benefits from being part of the ICI Group and the science base that is available to support innovation.
Strategy
These strengths
enable Quest to assist customers in making their brands and products
successful.
Within the Group strategy, Quest’s strategy is to continue to build
on these strengths while:
Quest Sales of £560m for 2005 were £24m (4%) lower than 2004 on an as reported basis, mainly due to the impact of the divestment of the Food Ingredients business in 2004. Excluding foreign exchange translation effects, sales were 5% below 2004. Operating profit before special items of £52m was 11% ahead of 2004 on an as reported basis. On a constant currency basis, sales grew for the Fragrance business but were lower than 2004 for the Flavours business due to the divestment. Asia and Latin America sales were both well ahead of 2004 on a constant currency basis. Sales in Europe were in line with 2004 but in North America, sales were lower. Overall, gross margin percentages were broadly unchanged despite rising raw material costs, and constant currency operating profit before special items was 8% higher than in 2004. The following commentaries relate to Quest’s two major strategic businesses: Flavours (46% of Quest’s sales in 2005) and Fragrance (54%). The geographic split of sales by customer location in 2005 was Europe 38%, North America 22%, Asia 16% and Latin America and Rest of World 24%. Flavours Flavours reported sales for 2005 were 13% below 2004 due primarily to the impact of the Food Ingredients divestment. Sales growth for Flavours in both Asia and Latin America was partly offset by lower sales in North America and Europe. Fragrance Fragrance reported sales were 6% higher than 2004 and 5% higher on a constant currency basis. Sales to household, fabric, oral care and personal care sectors were all ahead, offsetting the impact of higher raw material, packaging and transport costs in the second half of 2005. 20 This excerpt taken from the ICI 6-K filed Mar 14, 2006. Quest
Background Major manufacturing facilities are located in the Netherlands, UK, USA, Mexico, France, Australia and Indonesia, with smaller manufacturing facilities in eight other countries. Quest has its own sales distribution network in 31 countries and is represented elsewhere by sales agents. Science and creativity are the key pillars of Quest’s research effort, putting innovation at the heart of the business. It designs and develops new flavour and fragrance ingredients, compounds and delivery technologies that create a distinctive, sensory impact. This demands a complex artistic and technical process, combining the knowledge and skill of Quest’s perfumers and flavourists with the expertise of its application and research chemists. Quest has research centres at Ashford in the UK and Naarden, and product development teams at six other sites around the world. Quest also benefits from being part of the ICI Group and the science base that is available to support innovation.
Strategy
 These strengths enable Quest to assist customers in making their brands and products successful. Within the Group strategy, Quest’s strategy is to continue to build on these strengths while:
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