06.05.2014 Symrise AG  DE000SYM9999

DGAP-News: Symrise AG: Symrise Records Strong First Quarter


 
DGAP-News: Symrise AG / Key word(s): Interim Report Symrise AG: Symrise Records Strong First Quarter 06.05.2014 / 07:02 --------------------------------------------------------------------- - Group sales up by 8 % at local currency - Increase in sales by 12 % in Emerging Markets - EBITDA up 9 % to EUR 101 million - EBITDA margin of 21.5 % - Earnings per share rise over proportionally by 13 % to EUR 0.44 - Further expansion of market position through planned acquisition of Diana Symrise AG had a successful start into the fiscal year 2014. The Group benefited from persistent high demand in both divisions and increased sales to EUR 470 million in the first quarter (Q1 2013: EUR 458 million). Adjusted for currency translation effects, sales recorded an increase by 8 %. At the same time, Symrise boosted its earnings before interest, taxes, depreciation and amortization (EBITDA) by 9 % to EUR 101 million (Q1 2013: EUR 93 million) and achieved an EBITDA margin of 21.5 % compared to 20.3 % in the same quarter of the previous year. Net income for the period increased significantly by 13 % to about EUR 52 million. In April, Symrise moreover announced the planned acquisition of the French Diana Group. With this transaction, which is scheduled to be completed in the third quarter, the Company is reaching an important milestone in the implementation of its growth strategy. Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "In the first quarter, Symrise seamlessly continued its strong performance from the preceding fiscal year. Demand from our customers remained at a high level. With the solid utilization of our capacities and an advantageous product mix, we achieved an excellent EBITDA margin. We also pursued our growth strategy at full speed and are taking a large step forward with the recently announced acquisition of the Diana Group. Within this context, we are expanding our market position, supplementing our portfolio of natural ingredients and are entering the highly profitable Pet Food market. We will also substantially expand our backward integration and secure our long-term access to important agricultural raw materials." Sales Increase by 8 % at Local Currency In the first quarter, Symrise increased sales in the reporting currency by 2.6 % to EUR 469.6 million. At local currency, sales rose by 7.9 %. In addition to good capacity utilization in both divisions, the Group benefited from considerable growth in the Emerging Markets. The highest growth was achieved in the Latin America region where Symrise noted a sales increase of 15 % at local currency. EAME and North America both recorded sales growth of 7 % while the Asia/Pacific region grew sales by 6 % at local currency. EBITDA Margin Increase to 21.5 % The positive sales performance made a notable contribution to improving the result of operations. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 9 % during the reporting period to EUR 101 million (Q1 2013: EUR 93 million). The EBITDA margin rose to 21.5 % (Q1 2013: 20.3 %). Net income for the period amounted to EUR 52 million compared to EUR 46 million in Q1 2013. Earnings per share grew over proportionately by 13 % from EUR 0.39 to EUR 0.44. Cash Flow from Operating Activities Climbs to EUR 49.4 Million Cash flow from operating activities significantly grew and increased to EUR 49.4 million (Q1 2013: EUR 26.4 million); it particularly reflects the strong earnings performance and low inventories from the first quarter. The ratio of net debt incl. provisions for pensions to EBITDA amounted to 2.0 (Q1 2013: 2.0). Sales in Emerging Markets Up By 12 % Symrise again benefited from its strong presence in the Emerging Markets during the first quarter. Sales in these regions were up by 12 % at local currency. The share of Group sales attributed to the Emerging Markets amounted to 48 % and was on the same level as the prior year. Scent & Care Division Symrise grew sales in the Scent & Care division to EUR 255 million after EUR 245 million in the previous year. In local currency, this corresponds to an increase of 9 %. Particularly strong impulses came from the business units Fragrances and Life Essentials, which both realized double-digit growth rates. Due to the strong demand in menthol, the business unit Aroma Molecules continued to build on its strong currency adjusted sales level from the first quarter of 2013. Considerable sales growth for Scent & Care was recorded in the regions of Latin America (+13 % at local currency) and Asia/Pacific (+8 % at local currency). In both, North America and EAME, the division increased sales by 9 % at local currency. Scent & Care notably drove its EBITDA to EUR 58 million (Q1 2013: EUR 49 million). The EBITDA margin rose from 20.0 % in the previous year's first quarter to 22.7 % in the reporting period. Flavor & Nutrition Division Flavor & Nutrition generated sales of EUR 215 million in the first quarter of 2014 (Q1 2013: EUR 213 million). This corresponds to an increase of 6 % at local currency. Similar to Scent & Care, the Emerging Markets, Latin America in particular, made a significant contribution to this result. Latin America posted the division's strongest growth with a sales increase of 18 % at local currency, benefiting especially from global and regional customers in the application areas Savory and Sweet. The second strongest region was EAME, which recorded a sales increase of 6 % at local currency. Sales were developed particularly strong in the markets of Egypt, Russia, Nigeria and South Africa. North America achieved sales growth of 5 % at local currency in the first quarter. The Asia/Pacific region, particularly the markets of Indonesia, India, Malaysia and Thailand, delivered good growth; sales in the region grew by 4 % at local currency. EBITDA in the Flavor & Nutrition division was at EUR 43 million (Q1 2013: EUR 44 million), this is slightly lower than in the same period of the previous year. The EBITDA margin amounted to 20.0 % (Q1 2013: 20.6 %). Expanding Market Position with Planned Acquisition of Diana Group On April 12, 2014, Symrise announced the planned acquisition of the French Diana Group, the number one in the worldwide market for pet food and a leading provider of natural flavors. With the planned acquisition, Symrise will substantially expand its market position in the Flavor & Nutrition division, intensify the backward integration for agricultural raw materials and expand into the highly attractive pet food segment. The acquisition, valued at EUR 1.3 billion (enterprise value), will have a full positive effect on earnings starting in 2015. In the fiscal year 2013, Diana generated sales of about EUR 424 million and an EBITDA margin of roughly 21 %. According to French law, the transaction requires consultation with Diana's employee representatives as well as approval from antitrust authorities. The acquisition is scheduled to be finalized in the third quarter of 2014. Positive Outlook for 2014 After an excellent first quarter, Symrise is confirming its outlook for the fiscal year 2014. The Group expects to see further on solid demand and positive market developments in all regions and both divisions. Accordingly, Symrise is confirming its target to also outperform the global market for Fragrances and Flavors in 2014. Symrise furthermore aims at an EBITDA margin of more than 20 %. The targets defined for the 2020 fiscal year continue to apply to the expanded Symrise AG, including the addition of the Diana Group: Symrise aims at an annual sales growth (CAGR) of between 5 and 7 % and an EBITDA margin between 19 and 22 %. Key Figures of the Group Change in % Q1 Q1 Change at local EUR million 2013 2014 in % currency Sales 457.6 469.6 2.6 7.9 EBITDA 92.8 101.0 9 12 EBITDA margin in % 20.3 21.5 EBIT 71.6 79.6 11 15 EBIT margin in % 15.6 16.9 Net income 46.0 51.9 13 Earnings per share in EUR 0.39 0.44 13 Investments/ Acquisitions 83.1 12.3 -85 Operating cash flow 26.4 49.4 87 Scent & Care Sales 245.0 254.6 3.9 9.3 EBITDA 48.9 57.9 EBITDA margin in % 20.0 22.7 Flavor & Nutrition Sales 212.6 215.0 1.2 6.2 EBITDA 43.9 43.0 EBITDA margin in % 20.6 20.0 December March 31, 2013 31, 2014 Balance sheet total EUR million 2,210.4 2,251.3 Equity ratio in % 43.0 43.7 Net debt (incl. pension provisions and similar obligations)/EBITDA ratio 2.0 2.0 Employees FTE[1] 5,959 5,993 [1] not including apprentices and trainees; FTE = Full Time Equivalent About Symrise: Symrise is a global supplier of fragrances, flavorings, cosmetic active ingredients and raw materials as well as functional ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional supplements. Its sales of more than EUR 1.8 billion in 2013 place Symrise among the top four companies in the global flavors and fragrances market. Headquartered in Holzminden, Germany, the Group is represented in over 35 countries in Europe, Africa, the Middle East, Asia, the United States and Latin America. Symrise works with its clients to develop new ideas and market-ready concepts for products that form an indispensable part of everyday life. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise thus takes sustainability into account in every part of its corporate strategy. The company was awarded the German Sustainability Award in 2012. In 2013, Symrise was certified as a "Green Company" by DQS. Symrise - always inspiring more. Media contact: Bernhard Kott Tel. +49 (0)5531 90-1721 [email protected] Investor contact: Tobias Erfurth Tel. +49 (0)5531 90-1879 [email protected] End of Corporate News --------------------------------------------------------------------- 06.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Symrise AG Mühlenfeldstraße 1 37603 Holzminden Germany Phone: +49 (0)5531 90 0 E-mail: [email protected] Internet: www.symrise.com ISIN: DE000SYM9999 WKN: SYM999 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 266480 06.05.2014


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 2.996,29 3.154,03 3.407,85 3.520,45 3.825,69 4.618,48 4.730,19
EBITDA1,2 630,31 630,52 685,07 742,08 813,62 795,42 851,65
EBITDA-Marge3 21,04 19,99 20,10 21,08 21,27 17,22
EBIT1,4 431,59 433,97 455,35 487,51 558,96 503,98 559,36
EBIT-Marge5 14,40 13,76 13,36 13,85 14,61 10,91 11,83
Jahresüberschuss1 275,65 297,69 297,88 314,95 385,03 290,70 344,94
Netto-Marge6 9,20 9,44 8,74 8,95 10,06 6,29 7,29
Cashflow1,7 396,18 441,79 546,76 635,68 521,56 360,11 719,51
Ergebnis je Aktie8 2,06 2,08 2,12 2,22 2,70 2,00 2,44
Dividende8 0,88 0,90 0,95 0,97 1,02 1,10 0,85
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

INVESTOR-INFORMATIONEN
©boersengefluester.de
Symrise
WKN Kurs in € Einschätzung Börsenwert in Mio. €
SYM999 110,950 Halten 15.507,71
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
32,63 38,66 0,84 49,55
KBV KCV KUV EV/EBITDA
4,46 21,55 3,28 21,34
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,10 1,10 0,99 15.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
25.04.2024 01.08.2024 24.10.2024 06.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
11,11% 14,81% 11,35% 11,64%
    
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Chemie , SYM999 , SY1 , XETR:SY1