Holzminden/Frankfurt, Aug. 9 - Symrise AG continued to grow in the 1st half of 2007: the company recorded a considerable increase in Group sales and even larger growth in earnings before interest, taxes, depreciation and amortization (EBITDA). Symrise AG is therefore making good progress towards achievement of its forecasts for 2007 financial year.
In local currencies, Group sales for the period from January to June 2007 increased by 6.8 per cent over the prior-year period. Symrise AG therefore grew twice as fast as the market, which showed growth of about 3 per cent. This is attributable primarily to the high growth in the emerging markets as well as in the EAME region. At current exchange rates, sales increased by 4.5 per cent to EUR 660.9 million.
Both divisions contributed similarly to this growth: the Scent & Care Division increased its sales in local currencies by 7.5 per cent, while the Flavor & Nutrition Division's sales were 6.1 per cent higher. Both divisions succeeded in increasing sales with key accounts.
EBITDA went up from EUR 123.5 million to EUR 143.5 million in the period under review. Thanks to this large increase in earnings, the EBITDA margin improved from 19.5 per cent to 21.8 per cent, which puts the company among the leaders in its industry.
Net income for the period more than tripled in the period under review, from EUR 15.5 million in the prior-year period to EUR 52.6 million. Earnings per share (diluted and undiluted) therefore increased as well, from EUR 0.19 to EUR 0.44.
"We consider this positive development as a confirmation of our Group strategy: we have succeeded in increasing the proportion of our business accounted for by what we call smart "AND"-products to more than 30 per cent. Two "AND"-products from our Scent & Care Division won industry awards in the period under review; many new smart products are in the pipeline. We are growing above average in the emerging markets, where we generate almost 40 per cent of our sales in the meantime, a percentage that is still increasing. We are also expanding our business with the key accounts", says Dr Gerold Linzbach, CEO of Symrise AG.
Symrise AG is continuing to assume that Group sales in 2007 will grow by between 5 and 6 per cent and thus twice as fast as the market. The EBITDA margin should increase to well above 20 per cent.
Key financials for the 1st half of 2007
|
|
1st half of 2006
in € million |
1st half of 2007
in € million |
Growth at current
exchange rates
1st half of 2007
in % |
Growth
in local currencies
1st half of 2007
in % |
|
Sales |
632.3 |
660.9 |
+ 4.5 |
+ 6.8 |
|
- Scent & Care |
333.3 |
349.7 |
+ 4.9 |
+ 7.5 |
|
- Flavor & Nutrition |
299.0 |
311.2 |
+ 4.1 |
+ 6.1 |
|
EBITDA
EBITDA margin in % |
123.5
19.5 |
143.5
21.8 |
+ 16.4
+ 2.3 pp |
|
|
EBIT
EBIT margin in % |
83.8
13.3 |
105.4
15.9 |
+ 25.8
+ 2.6 pp |
|
|
Net income for the period |
15.5 |
52.6 |
+ 239.4 |
|
|
Earnings per share |
0.19 |
0.44 |
+ 131.6 |
|
|
Employees (year-end) |
4 901 |
4 936 |
+ 0.7 |
|