Symrise has said that it further increased its pace in the second quarter and notably strengthened sales and earnings in the first half of 2013. The group grew in both divisions and across all regions and increased sales to € 934.7 million (H1 2012: € 871.6 million). This corresponds to an increase of 9.5 % in local currency.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose to € 191.2 million. With an EBITDA margin of 20.5 %, Symrise said that it once again achieved a high profitability level despite continuing investments in capacity and personnel expansions.
“Symrise also substantially grew in the second quarter – achieving strong figures in both the emerging and developed markets,” said Dr. Heinz-Jürgen Bertram, CEO of Symrise. “With an increase of 14 % at local currency, North America was the region posting the strongest sales growth. EAME, which was impacted last year, saw a good recovery and also achieved solid sales growth. In our operations, we continued at full speed: We introduced a number of new cosmetic ingredients and consolidated our powder mixing operations for flavour manufacturing under one roof at our headquarters in Holzminden; we also brought additional capacities into operations. After a robust start in the first half, we are entering into the second half of our anniversary year from a strong position. We will continue to implement our business expansion plans, adding new and inno-vative product solutions to our portfolio. In addition, we will enhance our position in both, industrialised nations and emerging markets.”
Symrise’s Flavor and Nutrition business increased sales by 4 % to € 444.4 million (H1 2012: € 427.2 million). In local currency, this corresponds to a growth of 7 %.
Applications for culinary products and snacks as well as consumer health particularly benefited from high demand. The strongest growth was recorded in Latin America with a sales increase of 13 % at local currency. The second-strongest region was Asia/Pacific, which posted 9 % growth at local currency. In North America, sales were up by respectable 8 % at local currency, despite high figures from the previous year. The EAME region continued its positive developments from the first quarter and increased sales by 4 % in local currency. Ample demand in emerging markets of Eastern Europe as well as in the established Western European markets contributed to the good growth. Demand was weaker in Southern European countries.
Flavor and Nutrition generated an EBITDA of € 92.8 million (H1 2012: € 93.0 mil-lion). Despite sustained high prices for natural raw materials and additional investments relating to new customer and research projects, EBITDA remained in line with the previous year. The EBITDA margin of 20.9 % (H1 2012: 21.8 %) was slightly higher than the group’s figure.
Overall, Symrise said that it expects robust demand to continue in the second half of 2013. Apart from some regional markets, the group also expects good dynamics across all regions. The company confirmed its goal for 2013 to once again notably exceed growth of the global market for fragrances and flavuors, which is estimated to be between 2 % and 3 %.
