Building on its dynamic performance from the first half of the year, Symrise AG reported a 9% increase in sales and earnings to €1.320 million during the first nine months of 2012. The company experienced above-average growth in the emerging markets, with Latin America performing particularly well.
The group also recorded considerable sales increases in Asia and North America. Symrise remained highly profitable despite high raw materials prices and start-up costs for its new menthol production plant.
Flavor & Nutrition increased sales by 9% in the first nine months to €649 million. The Asia/Pacific and North America regions were responsible for the strongest growth in the division’s sales (8 % each at local currency). Beverages and savory applications, in particular, generated pleasing growth in the Asia/Pacific region.
In North America, Flavor & Nutrition recorded growth in the upper single- to double-digit percentage range in all application areas. In Latin America, Flavor & Nutrition expanded its sales by 5% at local currency, with Brazil, Argentina and Chile showing the strongest growth. Sales climbed by 4% at local currency in EAME, driven primarily by substantial double-digit growth rates in Russia. By contrast, demand in Western European markets was noticeably weak due to the sovereign debt crisis. Flavor & Nutrition improved its EBITDA by 12% in the first nine months to €141 million.
Dr. Heinz-Jürgen Bertram, Chief Executive Officer of Symrise AG, said: “We achieved considerable increases in sales and earnings throughout the group in the first nine months of this year. The emerging markets provided particularly strong impetus for growth and accounted for 48% of sales for the very first time. In terms of earnings, we coped well with a number of anticipated one-off expenses.
For the remaining weeks of 2012, we continue to remain confident, although the sovereign debt crisis is having a growing impact on both, the European and also the global economy. However, with our balanced portfolio of customer groups and products, as well as our regional presence, we are, in an excellent position to make good progress even during economically weaker phases. We therefore confirm our targets for the fiscal year of 2012. We will continue to pursue our strategy which aims at sustainable, profitable growth."
