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Symrise AG

EANS-News: Symrise AG
Symrise significantly increases sales and earnings

Holzminden May 4, 2010 (euro adhoc) -

•	Group sales grow 13.2 % at local currency
•	Growth across all divisions and regions
•	EBITDA rises 42 % – EBITDA margin reaches 21.3 %
•	Net income nearly doubles to € 40.4 million
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
quarterly report
Subtitle: •	Group sales grow 13.2 % at local currency
•	Growth across all divisions and regions
•	EBITDA rises 42 % – EBITDA margin reaches 21.3 %
•	Net income nearly doubles to € 40.4 million
Symrise AG has significantly
increased sales and earnings in the first quarter of 2010. In an 
improving market environment the company saw sales at local currency 
grow 13.2 %, or 12.8 % at actual rates. Symrise grew across all 
divisions and regions, profiting from a robust rise in demand as well
as the increasing normalization of order patterns and stock-keeping 
on the part of many customers. Group EBITDA rose by 42 % to EUR 83.3 
million. At 21.3 % the EBITDA margin significantly exceeded the level
of previous quarters. The positive sales development as well as the 
effects of the restructuring measures implemented in 2009 contributed
considerably to the improvement in earnings.
Dr. Heinz-Jürgen Bertram, Chief Executive Officer of Symrise AG, 
said: "The clearly visible recovery of the market during the second 
half of 2009 continued into the first quarter. Symrise took advantage
of the noticeable increase in customer demand to get off to a 
successful start in the 2010 financial year. The strong position we 
enjoy with respect to major customers and robustly growing emerging 
markets is again reflected in our above-average rate of growth. We 
are also pleased about the very positive development of markets in 
both Western and Eastern Europe. The sharp jump in earnings confirms 
that our company is in excellent shape."
With respect to the coming quarters Bertram added: "The development 
of busi-ness during the first quarter makes us confident that we will
be able to meet our objectives for the current financial year. We 
want to continue to grow faster than the market as a whole and 
achieve an EBITDA margin of more than 20 %. Our strategic focus will 
be on the further enhancement of our unique profile in the business 
units Care and Nutrition."
Strong sales growth in all regions
In the first quarter Symrise saw Group sales at local currency grow 
by 13.2 % to EUR 392.5 million (previous year: EUR 346.7 million) and
by 12.8 % at actual rates. The growth rate of 15.4 % at local 
currency in emerging markets again ex-ceeded the figure for the Group
as a whole. The share of total sales generated in emerging markets 
thus rose one percentage point to 44 %. Symrise also be-nefited from 
a recovery of the mature markets, namely Western Europe and the USA.
The strongest growth in sales of 18 % (17 % at local currency) was 
posted in the Asia/Pacific region. The EAME region, which was the 
hardest hit by the economic crisis in 2009, showed noticeable signs 
of recovery in the first quarter. Sales rose 15 % (14 % at local 
currency). The North American market also experienced positive 
effects from the improved market conditions and in-creased sales by 6
% and by a strong 13 % at local currency. Latin America was less 
affected by the economic crisis in 2009. Here sales rose 7 % (4 % at 
local currency) in the first quarter over the already high figures 
for the previous year.
Sales with major customers grew 13 %
Sales with the ten largest customers rose 13 % at local currency. 
Symrise thus generated 30 % of Group sales with this strategically 
important customer group. Business with major customers in the Flavor
& Nutrition division developed es-pecially dynamic and sales for this
customer group rose 18 % at local currency. In the Scent & Care 
division the 10 % increase of sales with the ten largest customers 
was mainly due to the recovery in the application areas Fine 
Fragrance and the luxury segment of Personal Care. Both divisions 
continue to enjoy a strong position on core lists and were able to 
win additional projects in the first quarter.
Net earnings for the period nearly doubled to EUR 40.4 million
The robust sales increases in all regions and business units, 
combined with the effects of the restructuring measures implemented 
in 2009, contributed signifi-cantly to the earnings development of 
Symrise in the first quarter. A decline in the prices for raw 
materials in certain areas, as well as strict cost management 
throughout the Group also had a noticeably positive effect.
Earnings before interest, taxes and depreciation (EBITDA) rose in the
first quar-ter by 42 % to EUR 83.3 million. The EBITDA margin of 21.3
% was clearly higher than the figure for the first quarter of the 
previous year (16.9 %). Net income for the period nearly doubled from
EUR 20.9 million to EUR 40.4 million. This corresponds to earnings 
per share of EUR 0.34 following EUR 0.18 for the previous year.
Solid financial situation
Operating cash flow in the first quarter was EUR 17.6 million 
(previous year: EUR 45.0 million) and reflects the increase in 
working capital resulting from the sharp growth in sales. Symrise 
continues to have a solid financial basis. Net debt (incl. pension 
provisions) amounted to EUR 786 million (31 Dec. 2009: EUR 773 
million) at the end of the first quarter. Symrise reduced the ratio 
of net debt incl. pension provisions to EBITDA from 3.1 at the end of
2009 to 2.9 as of March 31, 2010.
Scent & Care - Double-digit growth and higher profitability
The Scent & Care division, and especially the application area Fine 
Fragrance and the luxury segment of Personal Care, benefited 
noticeably from the im-provement of the economy. These business areas
suffered from a decline in consumer spending last year. The 
application areas Household, Aroma Molecules and Cosmetic Ingredients
also performed very well. The Scent & Care division also profited 
from the launch of new products including those in the cosmetics 
area.
Scent & Care enjoyed double-digit growth rates in the regions EAME, 
North America and Asia/Pacific. With 20 % sales growth at local 
currency, EAME posted the largest increase in sales in the division. 
Sales in Latin America grew only 1 % over the very strong first 
quarter of 2009.
In the first quarter Scent & Care posted sales of EUR 204.8 million 
(previous year: EUR 179.8 million) for a growth rate of 13.9 % (14.1 
% at local currency).The EBITDA rose by an impressive 53 % to EUR 
41.1 million (previous year: EUR 26.9 million). The EBITDA margin of 
20.1 % (previous year: 15.0 %) achieved a high level.
Flavor & Nutrition - EBITDA margin increased to 22.7 %
Flavor & Nutrition also got off to a successful start in the 2010 
financial year. The division benefited from the recovery of global 
markets and posted above-average growth in the application areas 
Beverages and Sweet. Sales rose 22 % at local currency in the 
Asia/Pacific region. In North America major customers were primarily 
responsible for the growth in sales of 16 %. The regions EAME and 
Latin America posted strong single-digit growth rates.
The application area Consumer Health, which was launched in the 
fourth quar-ter and specializes in functional ingredients for food 
substitutes as well as flavor solutions for pharmaceutical products, 
developed well and increased sales by 26 % at local currency.
During the reporting period Flavor & Nutrition saw sales rise 12 % 
(12 % at local currency) to EUR 186.2 million (previous year: EUR 
166.9 million) with an increase in EBITDA from EUR 31.8 million to 
EUR 42.2 million. The EBITDA margin rose to 22.7 % (previous year: 
19.0 %).
EUR million                      Q1 2009  Q1 2010 Change in% Change in  %
at local currency
Sales                            346.7       391.0   12.8    13.2
EBITDA                            58.7        83.3    42      49
EBITDA margin in  %               16.9        21.3    -       -
EBIT                              38.1        62.5    64      76
EBIT margin in  %                 11.0        16.0    -       -
Net income for the period         20.9        40.4    93
Earnings per share in EUR         0.18        0.34    93
Operating cash flow               45.0        17.6
DIVISONS
Scent & Care
Sales                            179.8       204.8   13.9    14.1
EBITDA                            26.9        41.1     53      60
EBITDA margin in %                15.0        20.1     -       -
Flavor & Nutrition
Sales                            166.9       186.2   11.6    12.3
EBITDA                            31.8        42.2    33       39
EBITDA margin in %                19.0        22.7     -        -
31.12.09        31.03.10
Balance sheet total           1,895.2         1,981.0
Capital ratio                    36.4            38.4
Net debt(incl. pension
provisions)/EBITDA ratio          3.1             2.9
Employees / FTE¹                4,954           5,190
¹ Not including apprentices and trainees, FTE = full time equivalent
About Symrise
Symrise is a global supplier of fragrances and flavorings while also 
manufacturing raw materials and active ingredients for the perfume, 
cosmetics and food industries.
Its sales of EUR 1.36 billion in 2009 place the company among the top
four in the international flavors and fragrances market. 
Headquartered in Holzminden, Germany, Symrise is represented in over 
35 countries in Europe, Asia, the United States and South America.
Used by manufacturers of perfumes, cosmetics and foods, our products 
are an inseparable part of daily life. At Symrise we combine an 
awareness of consumer trends with cutting-edge technologies, focusing
on innovative fashion and lifestyle products that have additional 
practical value for the consumer. Symrise - always inspiring more… 
www.symrise.com
Press Contact:                      Investor Contact:
Bernhard Kott                       Dr. Andrea Rolvering
Tel. +49 (0)5531 90-1721            Tel. +49 (0)69 75 93 75 94 
bernhard.kott@symrise.com            andrea.rolvering@symrise.com
end of announcement                               euro adhoc

Further inquiry note:

Carolin Amann
FD
069-92037132

Branche: Chemicals
ISIN: DE000SYM9999
WKN: SYM999
Index: MDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade

Plus de actualités: Symrise AG
Plus de actualités: Symrise AG
  • 03.03.2010 – 07:30

    EANS-News: Symrise AG again outperforms the market in 2009

    - Sales grow by 3.2% - Normalized EBITDA slightly higher year-on-year - Significant increase in operating cash flow - Stable dividend of €0.50 Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. Financial Figures/Balance Sheet Subtitle: - Sales grow by 3.2% - Normalized EBITDA slightly higher year-on-year - Significant increase in operating ...