Symrise has announced an 8% (local currency) rise in sales from €433 million to €458 million in the first quarter of 2013 while EBITDA was up 6% to €93 million (20.3% margin).
“Symrise is celebrating its ten-year anniversary in 2013,” said Dr. Heinz-Jürgen Bertram, CEO of Symrise. “The start to our anniversary year was a complete success.
Once again, we enjoyed robust growth – growing faster than the market. Along with solid development in Emerging Markets, we also benefited from considerable growth impetuses in the established markets. Our profitability remained at a good level with an EBITDA margin of 20.3 %. With the acquisition of the US fragrance manufacturer Belmay, we took another strategic step towards further expanding our product portfolio and market presence in North America. We are therefore confident for the upcoming months of 2013.”
At a regional level, Symrise saw its strongest sales increase in Asia/Pacific with 9 % growth (12 % in local currency). The second largest gains were made in North America, with a sales increase of 8 % (9 % in local currency). The EAME region made a pleasing recovery, said the company, particularly in the emerging markets of Eastern Europe, and expanded at a rate of 4 % (5 % in local currency). Latin America, which grew at an above-average rate in the previous quarters, increased its sales by 3 % (10 % in local currency).
Flavor & Nutrition generated sales of €213 million in the first quarter of 2013 (Q1 2012: € 208 million - an increase of 2 % (4 % in local currency).
Every application area contributed to this growth, said the company, with beverages and sweets making particularly solid gains. Emerging markets also made significant contributions.
Asia/Pacific was the strongest growing region, with sales up 8 % in local currency. The region particularly benefited from high demand in the beverage segment as well as a snack food initiative started last year. The second strongest region was North America, which posted a sales increase of 4 % in local currency. In Latin America, performance was more moderate following above-average growth in the previous two years. Sales rose 3 % in local currency and were especially influenced by high demand from global and regional customers for savoury products and sweets. The EAME region posted good growth, particularly in the country markets of Eastern Europe. Sales in the region rose by 3 % at local currency.
For 2013, Symrise said that it is expecting an advantageous development in consumer confidence; even though some European countries continue to be impacted by the Euro crisis, Symrise expects to see an overall positive economic climate in its sales markets. Accordingly, the company is aiming to once again outperform the growth of the global fragrances and flavours market, which is expected to expand by between 2 and 3 %.
