08.03.2016
Symrise AG DE000SYM9999
DGAP-News: Symrise generates substantial gains in sales and earnings in 2015
DGAP-News: Symrise AG / Key word(s): Final Results/Forecast
Symrise generates substantial gains in sales and earnings in 2015
08.03.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Financial Report 2015
- Group sales up 23 % to EUR 2.6 billion
- Double-digit growth in all regions
- EBITDA rises 23 % to EUR 572.2 million; EBITDA margin at an
outstanding level of 22 %
- Annual net income up 17 % to EUR 246.8 million
- Proposed dividend increase from EUR 0.75 to EUR 0.80 per share
Symrise AG was once again among the fastest-growing and most
profitable companies in its sector in 2015. The Group experienced strong
demand in both segments and all regions and increased sales by 23 % (18 %
at local currency) to EUR 2,601.7 million (2014: EUR 2,120.1 million).
EBITDA also showed strong growth and rose by 23 % to EUR 572.2 million
(normalized EBITDA in 2014: EUR 464.5 million). The EBITDA margin increased
to an outstanding 22.0 % (2014 normalized: 21.9 %).
Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "In 2015 it was our
decisive goal to substantially grow our business. We made targeted
investments in growth and in expanding our competencies and know-how. Our
portfolio clearly shows the benefits: It has expanded beyond our
traditional product range and allows us to serve new, strategic business
areas such as functional ingredients for everyday products. In 2015 we were
once again one of the fastest-growing companies in our industry." He added,
"A priority for us in 2016 is the cross-linking of our extensive expertise.
In this way we will not only continue on track for success but also extend
our competitive edge with a widely diversified portfolio."
Double-digit sales growth in all regions
Symrise benefited in the year under review from high capacity utilization
and strong demand in all regions. Sales increased to EUR 2,601.7 million
(2014: EUR 2,120.1 million). This represents growth of 23 % in reporting
currency and 18 % at local currency. The Diana Group, which was acquired in
mid-2014 and is now fully integrated, contributed sales of EUR 524.8
million (2014: EUR 233.9 million). Excluding the contribution of Diana,
Symrise also generated strong sales growth with 10 % in reporting currency
and 6 % at local currency.
Above-average growth in Emerging Markets
Symrise substantially expanded its position in Emerging Markets. In these
fast-growing markets the Group increased its sales by 21 % (local currency)
and generated 46 % of its total sales (2014: 47 %). The decrease as
compared to the previous year reflects the regional sales mix of the Diana
Group, which generates a higher sales proportion in Developed Markets.
Excellent profitability with EBITDA margin of 22.0 %
Symrise grew its EBITDA by 23 % to EUR 572.2 million (2014 normalized:
EUR 464.5 million). The EBITDA margin rose to 22.0 % (2014 normalized:
21.9 %).
Symrise increased its net income in the year under review by 17 % to EUR
246.8 million (2014 normalized: EUR 211.6 million). Earnings per share
increased from EUR 1.69 (normalized) to EUR 1.90, or 13 % as compared to
the previous year.
In view of the strong performance, the Management Board and Supervisory
Board propose a dividend of EUR 0.80 for the 2015 fiscal year (2014:
EUR 0.75).
Increase in operating cash flow
The operating cash flow rose to EUR 375.2 million in 2015 (2014: EUR 343.2
million), reflecting the strong operating result. At 31 December 2015, the
ratio of net debt, including pension reserves, to EBITDA amounted to 2.8
(normalized as at 31 December 2014: 3.2). The equity ratio increased from
35.8 % at the end of 2014 to 38.0 % at 31 December 2015. Symrise is thus
very well positioned
financially.
Scent & Care segment
The Scent & Care segment achieved sales of EUR 1,073.7 million in 2015
(2014: EUR 980.4 million). This represents an increase of 10 % (4 % at
local currency). All business divisions contributed to growth, in
particular Aroma Molecules and Cosmetic Ingredients. Symrise benefited
above all from strong demand for menthol and cosmetic active ingredients.
Scent & Care grew its EBITDA by 4 % to EUR 231.2 million (2014: EUR 222.9
million). The EBITDA margin remained high, at 21.5 %, despite additional
expenses for research and development and marketing initiatives in the
fourth quarter (2014: 22.7 %).
In January 2016 Symrise expanded its fragrance activities with the
acquisition of US-based Pinova Holdings, Inc. This has given the company
access to additional natural ingredients which are used in perfume
compositions. Moreover, Symrise has expanded its forward integration in
menthol to include cooling substances for oral care.
Flavor & Nutrition segment
Flavor & Nutrition experienced a substantial 34 % increase in sales (31 %
at local currency) and benefited in particular from strong demand for
beverages and savory applications. Diana Group also achieved strong growth,
especially with pet food and aquaculture applications. Excluding Diana,
sales increased by 11 % (8 % at local currency).
EBITDA in this segment staged by 41 % to EUR 340.9 million (2014
normalized: EUR 241.6 million). The EBITDA margin rose to 22.3 % (2014
normalized: 21.2 %).
Good starting point for 2016 - mid-term targets confirmed
Symrise expects the economic environment for the current fiscal year to be
challenging. Ongoing political conflicts in certain regions, heavy debt
burdens of some countries and the low oil price are weighing down the
global economy. With its worldwide presence and its diversified portfolio,
the Group believes that it is very well positioned to continue its
profitable growth course.
Symrise aims at outperforming the global F&F market in 2016, both at the
Group level and in both segments. The Company has made a good start in the
current fiscal year and will capitalize growth opportunities in Developed
and Emerging Markets. Consequently, Symrise remains fully committed to the
mid-term objectives extending to the end of 2020, namely a compound annual
growth rate (CAGR) of 5-7 % and an EBITDA margin of 19-22 %.
KEY FIGURES OF THE GROUP
Change in %
2014 Change at local
EUR million 2014 normal. 2015 in % currency
Sales 2,120.1 2,120.1 2,601.7 23 18
EBITDA 436.3 464.5 572.2 23 21
EBITDA
margin in % 20.6 21.9 22.0
EBIT 308.1 337.9 395.2 17 14
EBIT margin in % 14.5 15.9 15.2
Net income 185.0 211.6 246.8 17
Earnings in
per share EUR 1.48 1.69 1.90 13
CAPEX 101.3 101.3 147.2
Operating
cash flow 343.2 343.2 375.2
Scent & Care
Sales 980.4 980.4 1,073.7 10 4
EBITDA 222.9 222.9 231.2
EBITDA
margin in % 22.7 22.7 21.5
Flavor & Nutrition
Sales 1,139.7 1,139.7 1,528.0 34 31
EBITDA 213.4 241.6 340.9
EBITDA
margin in % 18.7 21.2 22.3
December December
31, 2014 31, 2015
EUR
Balance sheet total million 3,999.8 4,183.8
Equity ratio in % 35.8 38.0
Net debt (incl. provisions for
pensions and similar obligations) /
EBITDAN 2 ratio 3.2 2.8
Employees FTE 3 8,160 8,301
1 adjusted for transaction and integration costs as well as one-off
valuation effects related to business combinations
2 annualized EBITDAN
3 not including apprentices and trainees; FTE = Full Time Equivalent
About Symrise:
Symrise is a global supplier of fragrances, flavors, 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 2.6 billion in 2015 place Symrise as one of the
global leading companies in the flavors and fragrances market.
Headquartered in Holzminden, Germany, the Group is represented in over
40 countries in Europe, Africa and 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
Tel. +49 (0)5531 90-1721 Tel. +49 (0)5531 90-1879
[email protected] [email protected]
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08.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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; Terminbörse EUREX
End of News DGAP News Service
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443207 08.03.2016
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