Report on the First Nine Months of 2009: Symrise increases sales and
earnings in the third quarter
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Sales increase by 5.6 % in the third quarter* Growth in all regions and areas of business* Third-quarter EBITDA margin, adjusted for restructuring expenses, up to 21.2 %* Adjusted earnings per share for the quarter improve by 36 %* Operating free cash flow per end of September climbs to ? 103.1 million* Two new Executive Committee members chosenIn the third quarter of 2009, Symrise AG improved its sales andearnings despite continued economic challenges. In a weak overallmarket, the Group increased third-quarter sales over the same periodof 2008 by 5.6 % at local currency, and by 4 % on a pro forma basis.Both business divisions and all regions contributed to the growth.The EBITDA rose by 12 % at local currency in the third quarter,benefiting decisively from the improved sales performance as well asfrom the first savings effects from the restructuring measuresimplemented in the first half of the year. In the first nine monthsof the year, the Group achieved an EBITDA margin, adjusted forrestructuring expenses, of 19.7 %.Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "The clearlydiscernible upswing in the third quarter confirmed our expectationsfor the second half of 2009. In our view, the sales growth in bothbusiness divisions and in all regions is a signal that destocking onthe part of our customers has virtually come to an end. Thiscontributed to the improvement of our earnings situation, as did therestructuring measures, whose effects became apparent in the thirdquarter."Symrise's Executive Committee expects the Group to grow faster thanthe market in the 2009 fiscal year. "Symrise remains fast-growing andprofitable," declared Bertram. "For the year as a whole, we expect asales growth of 2 % at local currency. Symrise is benefiting from itsstrong innovative ability and from its strong market position indynamically growing emerging markets. Moreover, we anticipate that wewill achieve an EBITDA, adjusted for restructuring expenses, at theprevious year's level, will improve the adjusted earnings per share,and will continue to generate a strong cash flow. On the whole,Symrise fared very well in the difficult market situation of recentmonths and has good prospects of emerging from the crisis strongerthan before."Positive performance in all regionsIn the first nine months of the year, Symrise increased Grouprevenues by 2.8 %, from ? 1,009.5 million to 1,037.5 million. Atlocal currency, sales rose by 1.3 % compared to the same period ofthe previous year.South America proved to be one of the main growth drivers in thefirst three quarters. Symrise boosted its sales in this region by 19% (25 % at local currency). Acquisitions in the previous year made adecisive contribution to the sales growth of 23 % in North America(15 % at local currency). In the Asia/Pacific region, Group saleswere up by 6 % (0.5 % at local currency). The EAME region, which inthe past months had been most strongly affected by the weak economyand by destocking, showed signs of recovery with sales climbing by 2% at local currency in both Eastern and Western Europe in the thirdquarter. Due to the weak first half of the year, however, sales inthis region were -7 % (-6 % at local currency) down on the salesachieved in the first nine months of 2008.Adjusted net income at previous year's levelThe attractive sales growth and the onset of the first effects fromthe restructuring measures implemented this year had a decisiveimpact on the improvement of the earnings situation. In spite ofcontinued difficult market conditions, moreover, Symrise succeeded inmaintaining the price increases it had pushed through in past months.At the same time, operating income was burdened by ongoing high rawmaterial costs as well as restructuring and integration expenses.In the first nine months Symrise achieved earnings before interest,taxes, depreciation and amortization (EBITDA) of ? 190.8 million,after ? 211.5 million in the previous year. The EBITDA margin was18.4 % (previous year: 21.0 %). In the third quarter the EBITDAmargin was 20.5 %, roughly equivalent to its level for the sameperiod of 2008 (20.7 %). Adjusted for restructuring expenses of ?13.3 million, Symrise achieved an EBITDA of ? 204.1 million in thefirst nine months (previous year: ? 211.5 million) and an EBITDAmargin of 19.7 % (previous year 21.0 %). The adjusted EBITDA rose by9 % to ? 74.8 million in the third quarter (previous year: ? 68.9million), while the adjusted EBITDA margin improved from 20.7 % to21.2 %.Underlying net income adjusted for special effects increased, with aslightly lower tax rate, in the third quarter of 2009 by 24 % (36 %at local currency) to ? 39 million (previous year: ? 31. 4 million).This corresponds to adjusted earnings per share for the quarter of ?0.33 (previous year: ? 0.27). In the first nine months, theunderlying net income adjusted for special effects was ? 100.9million, roughly equivalent to the figure for the same period of 2008(? 101.2 million). The adjusted earnings per share reached ? 0.85after ? 0.86 in the previous year.Significant increase in operating free cash flowBenefitting in the first three quarters from an effective reductionof working capital, Symrise increased its operating free cash flow by62.1 %, from ? 63.6 million to ? 103.1 million. The Group continuedto reduce its net debt. Net debt was ? 35 million lower than at theend of 2008 (? 641.6 million), amounting to ? 606.3 million. Theequity ratio remained at a high level of 34.2 % (December 31, 2008:34.3 %).Strategic focus on large customers continues to pay offBusiness with major customers again showed above average growth. Inthe third quarter, the Flavor & Nutrition division boosted sales withthis customer group by 6.9 % (8.0 % at local currency). The Scent &Care division grew its sales with the ten biggest customers by 0.3 %(1.3 % at local currency). Overall, Symrise achieved 28 % of Groupsales with the ten largest customers in the first nine months,compared to 27 % in the same period of the previous year. In additionto several promising projects, Flavor & Nutrition gained a furthercore list position.Scent & Care - upswing in the third quarterThe Scent & Care division grew in all regions despite an overall weakeconomy. For the first time this year, the EAME region, which hadbeen especially hard hit by the economic crisis, reported salesgrowth. Destocking by customers seemed to have neared its end in thethird quarter. In a nine-month comparison, Scent & Care's sales inthis region decreased due to the massive destocking in the first halfof the year. The division's sales showed very dynamic growth in theSouth America and North America regions. Scent & Care also boostedits sales in the Asia/Pacific region. The Life Essentials andHousehold application areas remained important sales drivers, whileFine Fragrances and the high-priced areas of the Personal Caresegment were strained by the weak economy.In the first nine months, sales in the division increased slightlyfrom ? 509.7 million to ? 518.6 million. Scent & Care grew by around5 % in the quarter. Taking into account the effects of acquisitionsmade in 2008, divisional sales increased by 3 % at local currency.Scent & Care achieved an EBITDA of ? 85.0 million in the first ninemonths, compared to ? 102.7 million in the first three quarters of2008. Adjusted for restructuring costs, the division's EBITDAamounted to ? 93.7 million. In the third quarter, both the improvedsales performance in EAME and effects from restructuring measures hada positive impact on the earnings situation.Flavor & Nutrition - adjusted EBITDA up on previous yearThe Flavor & Nutrition division also reported sales growth in allregions in the third quarter. Its sales in the South America regiongrew by 31 % at local currency. In North America, sales also rosestrongly despite continued difficult conditions. The successfulintegration of Chr. Hansen Flavors figured prominently in the growth.In EAME, Flavor & Nutrition achieved an increase in sales for thefirst time this year in the third quarter, favored by a diminisheddestocking on the part of customers. Sales were also up in theAsia/Pacific region.Overall, Flavor & Nutrition generated sales growth of 3.8 % to ?518.9 million in the first nine months. The sales growth in the thirdquarter was considerably higher, at 6.5. %. Despite ongoing high rawmaterial costs, the negative effects of destocking in the first halfof the year, and expenses for restructuring measures, the EBITDA of ?105.8 million was only slightly lower than in the same period of theprevious year ? 108.9 million. Adjusted for restructuring costs, theEBITDA even increased slightly to ? 110.4 million. Flavor & Nutritionachieved an EBITDA margin of 21.3 %.Two new members of the Executive Committee chosenIn a separate release, Symrise also announced today two changes inthe Executive Committee. The Supervisory Board appointed Hans HolgerGliewe to the Executive Committee with immediate effect. He will beresponsible for the Flavor and Nutrition division. He succeeds Dr.Heinz-Jürgen Bertram in this role who has been serving as ChiefExecutive Officer of Symrise since July 1, 2009 while simultaneouslymanaging the division for an interim period. In addition, ChiefFinancial Officer Dominique Yates will leave the company at his ownrequest at the end of the year. He leaves the company on best termsto assume a new position outside of Germany. His designated successoras Chief Financial Officer currently holds a comparable position at alisted German company, and he will be introduced shortly andsimultaneously with the announcement of his departure by his currentfirm.Key figures Q3 change Q3 change % % Q3 Q3 at actual at local? million 9M 2008 9M 2009 2008 2009 currency currencySales 1.009.5 1.037.5 333.5 352.4 5.7 5.6 - Scent & Care 509.7 518.6 166.9 175.0 4.8 5.0 - Flavor & 499.8 518.9 166.4 177.4 6.5 6.3NutritionEBIT 158.5 130.9 50.6 53.8 6 16- Scent & Care 77.2 56.1 26.5 25.7- Flavor & 81.3 74.8 24.1 28.1NutritionEBIT margin in % 15.7 12.6 15.2 15.3EBITA 182.1 157.5 58.5 61.0 4 12- Scent & Care 87.9 69.1 30.1 28.7 -5 3- Flavor & 94.2 88.4 28.5 32.3 14 23NutritionEBITA margin in % 18.0 15.2 17.5 17.3EBITDA 211.5 190.8 68.9 72.2 5 12- Scent & Care 102.7 85.0 35.3 34.4 -3 4- Flavor & 108.9 105.8 33.6 37.8 13 20NutritionEBITDA margin in % 21.0 18.4 20.7 20.5Normalized EBITDA 21.0 19.7 20.7 21.2margin in %Net income for the 84.9 70.4 24.1 29.3 22periodEarnings per share 0.72 0.60 0.20 0.25 22in ?Adjusted earnings 0.86 0.85 0.27 0.33 24 36per share in ?Investments 35.0 35.2 16.7 12.1(excludingacquisitions)Operating free 63.6 103.1 41.0 40.3cashflow September 30, December 31, 2008 2009Balance sheet total in ? million 1,890.7 1,928.6Shareholders' equity in ? million 648.4 660.3Equity ratio in % 34.3 34.2Employees (balance sheet date) * 5,097 4,990* full time equivalent not includingapprentices and traineesAbout SymriseSymrise is a global supplier of fragrances, flavorings and rawmaterials as well as active ingredients for the perfume, cosmeticsand food industry.Its sales of ? 1.32 billion in 2008 place the Company among the topfour in the international flavor and fragrance market. Headquarteredin Holzminden, Germany, Symrise is represented in more than 35countries in Europe, Asia, the United States and South America.Used by manufacturers of perfumes, cosmetics and foods, ourinnovative products are an inseparable part of daily life. At Symrisewe combine an awareness of consumer trends with cutting-edgetechnologies, focusing on developing innovative fashion and lifestyleproducts that have additional practical value for the consumer.Symrise - always inspiring more.www.symrise.comFor press queries, contact: Forinvestor queries, contact:Bernhard Kott Dr.Andrea RolveringTel. +49 (0)5531 90-1721 Tel. +49(0)69 75 93 75 94bernhard.kott(at)symrise.com andrea.rolvering(at)symrise.comhttp://hugin.info/137217/R/1352772/327458.pdf --- End of Message ---Symrise AGMühlenfeldstraÿe 1 Holzminden GermanyWKN: SYM999; ISIN: DE000SYM9999; Index: MDAX, TecDAX;Listed: Regulierter Markt in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart, Prime Standard in Frankfurter Wertpapierbörse;
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Datum: 05.11.2009 - 07:30 Uhr
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