Symrise continues "dynamic growth"

9 Nov 2016

Symrise has announced that it continued to benefit from strong demand and high capacity utilization in the third quarter, enabling the Group to continue the dynamic growth trend from the first half of the year.

Symrise continues dynamic growth

Symrise has announced that it continued to benefit from strong demand and high capacity utilization in the third quarter, enabling the Group to continue the dynamic growth trend from the first half of the year. In the nine-month period, Symrise achieved strong gains in sales and earnings. The Group increased sales by 16% (in local currency) to €2,192.3 million (9M 2015: €1,977.0 million). Earnings before interest, taxes, depreciation and amortization, normalized for one-time effects from the acquisition and integration of Pinova Holdings. (EBITDAN) were up 7% to €480.3 million (9M 2015: €448.5 million). Despite the first-time inclusion of the Pinova Group since the first quarter of 2016, Symrise says it has maintained profitability at a very good level and achieved an EBITDAN margin of 21.9% (9M 2015: 22.7%). The Group says it is optimistic as it looks ahead to the remaining weeks of 2016.

"After the dynamic expansion of our business and the strong, profitable growth in the first nine months, we are anticipating the final spurt in 2016 with optimism,” said Dr. Heinz-Jürgen Bertram, CEO of Symrise. “We will use the remaining weeks to push ahead with our innovations, maintain our market presence and align our products with our customers' needs. We confirm our aspiration for 2016 to grow faster than the market, to operate our business in a highly profitable way and thus to remain among the industry leaders."

In the first nine months of the year, Symrise increased its sales by 11% to €2,192.3 million (9M 2015: €1,977.0 million). In local currency, the increase amounted to 16%. Organic sales growth was 8 % in local currency.

At regional level, Symrise experienced the strongest growth in Latin America, where sales were up 34% in local currency. The second-strongest region was North America, at 27%. Asia-Pacific saw a 12% increase in sales, followed by EAME with an increase of 7%. Symrise also recorded strong growth in the Emerging Markets, where sales were 17% higher in local currency, accounting for 43% of the Group’s total sales.

Flavor & Nutrition achieved a sales growth of 3%, and was up 9% in local currency.

Symrise said it is anticipating the fourth quarter of 2016 with optimism and