10.05.2016 Symrise AG  DE000SYM9999

DGAP-News: Symrise off to a strong start in 2016


 
DGAP-News: Symrise AG / Key word(s): Quarterly / Interim Statement/Quarter Results Symrise off to a strong start in 2016 10.05.2016 / 07:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Report on the First Quarter of 2016 - Sales up by 14 % at local currency - Satisfactory growth in both segments - EBITDAN increase by 6 % to EUR 158 million - Profitability remains strong, with EBITDAN margin of 21.7 % The fiscal year 2016 has started off well for Symrise AG. The Group recorded dynamic demand from customers in both segments and across all regions, realizing gains in sales as well as earnings. Moreover, US-based Pinova Holdings, Inc., which was acquired at the beginning of the year, was consolidated for the first time. In the first quarter, Symrise increased Group sales by 10 % to EUR 731.8 million (Q1 2015: EUR 668.0 million). Earnings before interest, taxes, depreciation and amortization without special items from the Pinova acquisition (EBITDAN) increased by 6 % to EUR 158.5 million (Q1 2015: EUR 148.8 million). With an EBITDAN margin of 21.7 % (Q1 2015: 22.3 %), profitability remained on a high level. Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "Despite high volatility in some markets, Symrise achieved solid first-quarter growth and is right on track. We posted gains in all regions and both segments. After the successful start to the year, we are generally confident as we look ahead to the coming months. We will continue pushing ahead with our planned growth projects, above all the integration of Pinova Holdings, the ongoing crosslinking of our expertise, and the targeted expansion of capacity." Symrise reports significant growth in all regions In the first quarter, Symrise increased its sales in reporting currency by 10 % to EUR 731.8 million (Q1 2015: EUR 668.0 million). In local currency, sales increased by 14 %. The Group benefited especially from double-digit growth rates in fragrances and strong demand for beverage and savory applications. At the regional level, Symrise again experienced the strongest growth in Latin America, where sales were up by 31 % in local currency. The second-strongest region was North America, with a 30 % increase, followed by Asia/Pacific(11 %) and EAME (4 %). Symrise also increased sales in Emerging Markets, with a plus of 15 %. Profitability remains at high level Normalized for special items from the acquisition of Pinova, EBITDAN was up 6 % in the first quarter to EUR 158.5 million (Q1 2015: EUR 148.8 million). The EBITDAN margin remained at 21.7 % high (Q1 2015: 22.3 %). Net income for the period under review, normalized for one-time expenses, showed a 4 % year-on-year increase to EUR 70.8 million (Q1 2015: EUR 68.0 million). Normalized earnings per share rose to EUR 0.55 (Q1 2015: EUR 0.52). Operating cash flow reflects build-up of inventories driven by customer demand Cash flow from operating activities for the reporting period decreased to EUR 47.9 million (Q1 2015: EUR 68.4 million). This was due to the planned build-up of inventories. The ratio of net debt to EBITDA stood at 2.5 (31 December 2015: 2.0). With an equity ratio of 34.2 % (31 December 2015: 38.0 %), Symrise continues to maintain a solid financial position. Scent & Care benefits from strong performance in fragrances and cosmetics Sales in the Scent & Care segment rose by 22 % to EUR 344.3 million (Q1 2015: EUR 282.8 million). This represents a rise of 26 % at local currency. The growth was driven in particular by strong demand for cosmetic ingredients and menthol. Pinova, with sales of EUR 53.6 million, was consolidated in this segment for the first time. Without Pinova, sales growth in local currency was 7 %. The integration of Pinova was initiated immediately in January. The related optimization of the production processes is scheduled for completion by 2020. Symrise expects to realize synergies totaling EUR 20 million. Scent & Care grew its EBITDAN to EUR 72.5 million (Q1 2015: EUR 63.8 million). The EBITDA margin was with 21.0 % (Q1 2015: 22.5 %) at a good level. Flavor & Nutrition with strong dynamics in beverage and savory applications as well as pet food Flavor & Nutrition increased sales by 1 % to EUR 387.5 million (Q1 2015: EUR 385.3 million). This represents a rise of 6 % at local currency. In the year-on-year comparison it is important to note that the previous year's figure still included sales from the Diana CAP business, which meanwhile has been sold. Growth drivers in the first quarter were beverage and savory applications as well as pet food. EBITDA in the segment increased to EUR 86.0 million (Q1 2015: EUR 85.1 million). The EBITDA margin remained high, at 22.2 % (Q1 2015: 22.1 %). Optimistic outlook for the remainder of 2016 Despite ongoing political conflicts and the economic volatility in some regions, Symrise is overall confident for the fiscal year 2016. The Group expects demand to remain solid in all regions and both segments. Against this backdrop, Symrise has reaffirmed its objective of outperforming the global flavor and fragrances market, which is estimated to be growing at an annual rate of 2-3 %. Moreover, the Group aims to achieve an EBITDA margin of about 20 %. The Group also remains fully committed to its medium-term targets. Key figures of the Group in EURm Q1 Q1 Q1 Change Change in % 2015 2016 2016 in % at local norm.1 currency Symrise Group Sales 668.0 731.8 731.8 10 14 Sales without Pinova 668.0 678.3 678.3 2 6 Sales Pinova 0.0 53.6 53.6 Gross profit 288.0 301.7 302.0 5 10 EBITDA 148.8 153.7 158.5 6 13 EBITDA margin in % 22.3 21.0 21.7 EBIT 106.4 108.0 112.7 6 14 EBIT margin in % 15.9 14.8 15.4 Depreciation 17.7 20.7 20.7 Amortization 24.7 25.0 25.0 Financial result -7.1 -12.9 -10.7 Profit before tax 99.3 95.0 102.0 3 Net income for the 68.0 66.2 70.8 4 period Earnings per share in 0.52 0.51 0.55 4 EUR R&D expenses 40.4 43.3 43.3 7 10 CAPEX 21.2 26.9 26.9 Operating cash flow 68.4 47.9 47.9 Scent & Care Sales 282.8 344.3 344.3 22 26 Sales without Pinova 282.8 290.7 290.7 3 7 Sales Pinova 0.0 53.6 53.6 EBITDA 63.8 67.7 72.5 EBITDA margin in % 22.5 19.7 21.0 Flavor & Nutrition Sales 385.3 387.5 1 6 EBITDA 85.1 86.0 EBITDA margin in % 22.1 22.2 Regional Sales Split of Symrise Group EAME 302.1 308.2 2 4 Asia / Pacific 143.9 156.6 9 11 Northern America 139.2 184.8 33 30 Latin America 82.8 82.2 -1 31 Other Key Figures Dec 31, 2015 Mar 31, 2016 Total assets 4,183.8 4,551.3 Equity 1,588.2 1,555.0 Equity ratio in % of 38.0 34.2 total equity and liabilities Net debt (incl. 1,575.7 2,016.4 pension provisions and similiar obligations) Net debt (incl. 2.8 3.4 pension provisions and similiar obligations) / EBITDAN2 (ratio) Net debt 1,131.1 1,503.0 Net debt / EBITDAN2 (ratio) 2.0 2.5 Employees (FTE3, 8,301 8,783 balance sheet day) 1 normalized 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] --------------------------------------------------------------------------- 10.05.2016 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. The DGAP 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: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 461757 10.05.2016


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

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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 109,650 Halten 15.326,01
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
32,25 38,61 0,84 48,97
KBV KCV KUV EV/EBITDA
4,41 21,30 3,24 21,13
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,10 1,10 1,00 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
10,06% 13,57% 10,05% 11,18%
    
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Chemie , SYM999 , SY1 , XETR:SY1