05.05.2015
Symrise AG DE000SYM9999
DGAP-News: Symrise Posts Strong Growth in the First Quarter
DGAP-News: Symrise AG / Key word(s): Quarter Results/Development of
Sales
Symrise Posts Strong Growth in the First Quarter
05.05.2015 / 07:00
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- Group sales increase by 42 % to EUR 668 million
- Double-digit growth in all regions
- EBITDA up by 47 % to EUR 149 million - EBITDA margin of 22.3 %
- Net income for the period increases by 31 % to EUR 68 million
Symrise AG got off to a good start for the fiscal year 2015. The Group
seamlessly continued its positive performance from the previous year and
significantly increased sales and net income in the first three months. Key
driver for this favorable development was, apart from the Diana acquisition
in mid-2014, the sustained high demand in both segments. Symrise increased
sales by 42 % to EUR 668.0 million in the first quarter (Q1 2014: EUR 469.6
million). Earnings before interest, taxes, depreciation and amortization
(EBITDA) were up by 47 % to EUR 148.8 million (Q1 2014: EUR 101.0 million).
With an EBITDA margin of 22.3 %, Symrise managed to improve its
profitability compared to the same quarter last year (21.5 %) at a high
level. Net income for the period also developed positively and increased by
31 % to EUR 68.0 million (Q1 2014: EUR 51.9 million).
Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "We had an excellent
start into the year. The strong growth across all segments and regions
shows that we are ideally positioned with our clear strategy and unique
set-up. Diana has more than fulfilled our expectations following its
integration. But Symrise also achieved new records in terms of growth and
profitability with its existing customer base. Despite uncertainties in
individual markets, we remain confident for the coming quarters."
Symrise also Posts Strong Organic Growth
Symrise increased sales by 42 % to EUR 668.0 million in the first quarter
(Q1 2014: EUR 469.6 million). At local currency, sales were up by 33 %. The
Group increased sales in all regions and in both segments. This positive
development was carried by both the sales contributions of Diana as well as
strong organic growth of 14 % (6 % at local currency). The company
benefited in this respect from overall solid capacity utilization and high
demand in its core markets.
Profitability Further Improved
The positive sales performance in the first quarter made a notable
contribution to a further improvement in the result of operations. EBITDA
rose by 47 % to EUR 148.8 million in the reporting period (Q1 2014: EUR
101.0 million). The EBITDA margin increased to 22.3 % (Q1 2014: 21.5 %),
while net income for the period rose by 31 % to EUR 68.0 million (Q1 2014:
EUR 51.9 million). Earnings per share increased by 19 %, from EUR 0.44 to
EUR 0.52, even with the 10 % plus in the total number of shares compared to
the previous year.
Cash Flow from Operating Activities up Significantly
Cash flow from operating activities rose to EUR 68.4 million during the
reporting period as a result of the positive business development (Q1 2014:
EUR 49.4 million). The ratio of net debt including provisions for pensions
to EBITDA amounted to 3.1 as compared to 3.2 as of December 31, 2014. With
an equity ratio of 36 %, Symrise remains financially stable.
Sustainable Growth in Emerging Markets
In the Emerging Markets, Symrise increased sales by 31 % at local currency.
The share of the Emerging Markets within Group sales decreased slightly
from 48 % to 45 %. The main reason for this development was the purchase of
the Diana Group, which currently still generates the majority of its sales
in the Developed Markets.
Scent & Care Maintains High Profitability
Symrise increased sales by 11 % to EUR 282.8 million in the Scent & Care
segment during the reporting period (Q1 2014: EUR 254.6 million). At local
currency, segment sales increased by 3 %.
The segment achieved considerable sales growth in the regions Latin America
(+21 % at local currency) and North America (+6 % at local currency).
Asia/Pacific and EAME recorded moderate growth rates of 2 % and 1 %
respectively at local currency. Among others, significant growth impulses
came from the Aroma Molecules and Fragrances units, particularly Menthol
and Personal Care.
Scent & Care increased EBITDA from EUR 57.9 million in the previous year's
period to EUR 63.8 million. At 22.5 %, the EBITDA margin remained at a high
level compared to the previous year (Q1 2014: 22.7 %).
Flavor & Nutrition Increases EBITDA Margin to 22.1 %
Flavor & Nutrition posted a sales growth of 79 % (70 % at local currency)
in the first quarter, with sales totaling EUR 385.3 million (Q1 2014: EUR
215.0 million).
Adjusted for consolidation effects from the Diana acquisition, sales in the
segment increased by 11 % at local currency.
Sales, including those from the Diana Group, and high demand in the
majority of markets contributed to the strong growth achieved in every
region.
Latin America was the region showing the strongest growth, generating an
increase in sales of 132 % at local currency. Colombia, Argentina and
Brazil recorded the strongest growth within the region. The
second-strongest region was North America with a sales increase of 93 % at
local currency. The region benefited in particular from higher demand in
the Sweet, Beverages and Pet Food business units. The EAME region achieved
a sales growth of 68 % at local currency in the first quarter. Sales could
be expanded here, notably in Western and Eastern Europe as well as Africa.
The Asia/Pacific region posted an increase in sales of 40 % at local
currency during the period under review, mainly driven by the Beverages and
Savory business units.
The Flavor & Nutrition segment managed to nearly double EBITDA compared to
the same quarter of the previous year, rising to EUR 85.1 million (Q1 2014:
EUR 43.0 million). The EBITDA margin improved to 22.1 % (Q1 2014: 20.0 %).
Targets for 2015 Confirmed
After a strong start into the year, Symrise is confirming its goals for the
fiscal year 2015. The Group is again aiming to grow faster than the global
market for fragrances and flavors in 2015 and to achieve an EBITDA margin
greater than 20 %. Symrise expects the current fiscal year to maintain its
currently solid demand dynamics across every region and in both segments.
Against this backdrop, Symrise is also confirming the Group's medium-term
targets.
Key Figures of the Group
Change in %
Q1 Q1 Change in at local
EUR million 2014 2015 % currency
Sales 469.6 668.0 42 33
EBITDA 101.0 148.8 47 40
EBITDA margin in % 21.5 22.3
EBIT 79.6 106.4 34 26
EBIT margin in % 16.9 15.9
Net income for the
period 51.9 68.0 31
in
Earnings per share EUR 0.44 0.52 19
CAPEX 12.3 21.2 73
Operating cash flow 49.4 68.4 38
Scent & Care
Sales 254.6 282.8 11 3
EBITDA 57.9 63.8
EBITDA margin in % 22.7 22.5
Flavor & Nutrition
Sales 215.0 385.3 79 70
EBITDA 43.0 85.1
EBITDA margin in % 20.0 22.1
December 31, March 31,
2014 2015
EUR
Balance sheet total million 3,999.8 4,159.7
Equity ratio in % 35.8 36.2
Net debt (incl. pension
provisions and
similar obligations)/EBITDAN1 ratio 3.2 3.1
Employees FTE 2 8,160 8,270
1 annualized EBITDAN incl. DIANA pro forma figures
2 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 and
pet food.
Its sales of more than EUR 2.1 billion in the 2014 fiscal year place
Symrise among the top three companies in the global flavors and fragrances
market. Headquartered in Holzminden, Germany, the Group is represented in
over 40 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: Investor Contact:
Bernhard Kott Tobias Erfurth
Phone +49 (0)5531 90-1721 Phone +49 (0)5531 90-1879
[email protected] [email protected]
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05.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News-Service
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