DGAP-News: Symrise AG Shows Strong Business Development in Q1/2013
(firmenpresse) - DGAP-News: Symrise AG / Key word(s): Quarter Results
Symrise AG Shows Strong Business Development in Q1/2013
07.05.2013 / 07:00
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Holzminden, May 7, 2013
Report on the First Quarter of 2013
- Sales increase of 8 % at local currency
- Sales up 11 % in Emerging Markets
- EBITDA rises to EUR 93 million
- EBITDA margin of 20.3 %
Symrise AG has begun Fiscal Year 2013 with impressive growth. The Group saw
dynamic demand in both divisions and increased sales to EUR 458 million in
the first quarter of 2013 (Q1 2012: EUR 433 million). This corresponds to a
growth of 6 % (8 % at local currency) compared to the prior-year-quarter.
Symrise improved its earnings before interest, taxes, depreciation and
amortization (EBITDA) to EUR 93 million and was highly profitable with an
EBITDA margin of 20.3 %.
Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: 'Symrise is celebrating
its ten-year anniversary in 2013. The start to our anniversary year was a
complete success: Once again, we enjoyed robust growth - growing faster
than the market. Along with solid development in Emerging Markets, we also
benefited from considerable growth impetuses in the established markets.
Our profitability remained at a good level with an EBITDA margin of 20.3 %.
With the acquisition of the US fragrance manufacturer Belmay, we took
another strategic step towards further expanding our product portfolio and
market presence in North America. We are therefore confident for the
upcoming months of 2013.'
Sales Increase of 8 % at Local Currency
Symrise increased Group sales by 6 % in the first three months to EUR 458
million (Q1 2012: EUR 433 million). At local currency, this amounts to 8 %
growth. In addition to good utilization rates in both divisions, the Group
benefited from the expansion of its menthol capacities which was realized
in 2012; the new capacities will make full contributions to growth this
year.
At regional level, Symrise realized its strongest sales increase in
Asia/Pacific with 9 % growth (12 % at local currency). The second largest
gains were made in North America, with a sales increase of 8 % (9 % at
local currency). The EAME region made a pleasing recovery, particularly in
the Emerging Markets of Eastern Europe, and expanded at a rate of 4 % (5 %
at local currency). Latin America, which grew at an above-average rate in
the previous quarters, increased its sales by 3 % (10 % at local currency).
EBITDA Increases by 6 % to EUR 93 Million
The positive sales developments are also reflected in the earnings
performance. Earnings before interest, taxes, depreciation and amortization
(EBITDA) increased by 6 % to EUR 93 million during the reporting period (Q1
2012: EUR 88 million). The EBITDA margin amounted to 20.3 % (Q1 2012: 20.3
%) and Symrise was therefore once again among the most profitable companies
in the industry.
Net income for the period rose by 7 % to EUR 46 million (Q1 2012: EUR 43
million). Earnings per share correspondingly rose to EUR 0.39 after EUR
0.36 in the first quarter of 2012.
Cash Flow from Operating Activities Climbs to EUR 26.0 Million
Cash flow from operating activities amounted to EUR 26.0 million (Q1 2012:
EUR 19.7 million) and particularly reflected the high utilization rates
seen in the first quarter. The ratio of net debt including pension
provisions to EBITDA remained nearly unchanged from the endof 2012 at 2.5.
It therefore is within the targeted corridor of 2.0 to 2.5.
Emerging Markets Grow By 11 %
Symrise also benefited from the steady expansion of its presence in
Emerging Markets during the first quarter. Sales in these markets increased
by 11 % at local currency. The Group generated 48 % of its total sales (Q1
2012: 46 %) in Emerging Markets.
Scent&Care Division
The Scent&Care division increased sales across every region, with sales
up by 9 % at EUR 245 million. At local currency, this corresponds to a
growth of 11 %.
Especially strong impulses were seen in the Aroma Molecules business unit,
which realized substantial double-digit growth. In the Fragrances business
the division also posted double-digit sales growth.
The greatest sales increase in the Scent&Care division was achieved in
Asia/Pacific and Latin America, each region posting a 15 % sales growth at
local currency. In both regions, Symrise especially benefited from
increased demand in the Fragrances, Oral Care and Aroma Molecules
application areas. In North America, sales increased by 12 % at local
currency and were positively influenced by the Aroma Molecules and
Fragrances business units. The EAME region experienced a pleasing recovery
compared to the prior-year-quarter and posted sales growth of 7 % at local
currency.
Scent&Care increased its EBITDA by 8 % to EUR 48.9 million (Q1 2012: EUR
45.2 million). The EBITDA margin amounted to 20.0 % (Q1 2012: 20.1 %).
Flavor&Nutrition Division
Flavor&Nutrition generated sales of EUR 213 million in the first quarter
of 2013 (Q1 2012: EUR 208 million). This corresponds to an increase of 2 %
(4 % at local currency).
Every application area contributed to this growth, with beverages and
sweets making particularly solid gains. The Emerging Markets also made
significant contributions.
Asia/Pacific was the strongest growing region, with sales up 8 % at local
currency. The region particularly benefited from high demand in the
beverage segment as well as a snack food initiative started last year. The
second strongest region was North America, which posted a sales increase of
4 % at local currency. In Latin America, performance was more moderate
following above-average growth in the previous two years. Sales rose 3 % at
local currency and were especially influenced by high demand from global
and regional customers for savory products and sweets. The EAME region
posted good growth, particularly in the country markets of Eastern Europe.
Sales in the region rose by 3 % at local currency.
Flavor&Nutrition increased its EBITDA by 3 % to EUR 43.9 million (Q1
2012: EUR 42.6 million). The EBITDA margin increased from 20.5 % in the
previous quarter to 20.6 %.
Outlook
For Fiscal Year 2013, Symrise is expecting an advantageous development in
consumer confidence. Even though, some European countries continue to be
impacted by the Euro crisis, Symrise expects to see an overall positive
economic climate in its sales markets. Accordingly, the Group is aiming to
once again outperform the growth of the global fragrances and flavors
market, which is expected to expand by between 2 and 3 %.
Along with the publication of its results for Fiscal Year 2012, Symrise
published a long-term outlook for the first time. Compared to the 2012
figures, the Group aims to increase sales by EUR 1 billion until 2020. This
corresponds to an average annual sales growth (CAGR) of 5 to 7 %. Symrise
also remains committed to profitable growth. The Group aims to increase its
EBITDA to more than EUR 500 million by the end of 2020. The EBITDA margin
should be within the range of 19 to 22 %.
Key Figures Of The Group
EUR Million Q1 2012(1) Q1 2013 change change in %(1) previous year's figures have been adjusted as a result of changes to
in % at local
currency
Sales 432.6 457.6 5.8 7.9
EBITDA 87.8 92.8 6 7
EBITDA margin in %20.3 20.3
EBIT 67.0 71.6 7 8
EBIT margin in % 15.5 15.6
Net income for the period 43.0 46.0 7
Earnings per share in EUR 0.36 0.39 8
Balance sheet total (DEC. 31, 2,150.2 2,301.6 7
2012)
Equity ratio in % (DEC. 31, 40.9 41.5
2012)
CAPEX 18.4 83.1
Net debt (incl. pension
provisions)/EBITDA (ratio) 2.4 2.5
Operating cash flow 19.7 26.0 32
Employees FTE(2) 5,669 5,805 2
Scent&Care
Sales 224.9 245.0 9.0 11.1
EBITDA 45.2 48.9
EBITDA margin in % 20.1 20.0
Flavor&?Nutrition
Sales 207.8 212.6 2.3 4.3
EBITDA 42.6 43.9
EBITDA margin in % 20.5 20.6
accounting policies
(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.
Its sales of EUR 1.735 billion in 2012 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.
Symrise - always inspiring more.
www.symrise.com
Contact Media:
Bernhard Kott
Phone +49 (0)5531 90-1721
bernhard.kott(at)symrise.com
Contact IR:
Tobias Erfurth
Phone +49 (0)5531 90-1879
tobias.erfurth(at)symrise.com
End of Corporate News
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Language: English
Company: Symrise AG
Mühlenfeldstraße 1
37603 Holzminden
Germany
Phone: +49 (0)5531 90 0
E-mail: ir(at)symrise.com
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
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