News

Symrise outperforms market

11 Nov 2015

Symrise has announced it outperformed the overall market in the first nine months of 2015 and significantly boosted its earnings, saying that the group benefited from strong demand in both segments and all regions.

Symrise has announced it outperformed the overall market in the first nine months of 2015 and significantly boosted its earnings, saying that the group benefited from strong demand in both segments and all regions. Symrise increased its sales by 29% to €1,977.0 million (9M 2014: €1,530.0 million) and its earnings before interest, taxes, depreciation and amortization (EBITDA) by 30% to €448.5 million (9M 2014 normalised: €343.8 million). With an EBITDA margin of 22.7% (9M 2014 normalised: 22.5 %), Symrise claims it is among the most profitable companies in the industry.

"Our results speak for themselves,” said Dr Heinz-Jürgen Bertram, CEO of Symrise AG. “There are very few companies in our industry that can match the growth and profitability of Symrise. We have benefited from strong demand in both segments and all regions, and have further reinforced our market position. We continue to anticipate our full-year results for 2015 with confidence. Our fourth quarter started out at a strong pace, and I believe that we are very well positioned to make the best use of the remaining weeks."

The Flavor & Nutrition segment increased sales by 47% to €1,164.7 million (9M 2014: €793.2 million) in the first nine months of the year. At local currency, this amounts to a 41% gain. Even without the Diana Group, the segment achieved strong organic growth and increased sales by 13% (9% in local currency). Major factors behind the strong performance in this segment, said the company, were new business in North America and strong demand for culinary and beverage applications.

Flavor & Nutrition increased its EBITDA by 50% in the period under review to € 63.6 million (9M 2014 normalised: €176.1 million). The EBITDA margin rose to 22.6% (9M 2014 normalised: 22.2%).

After its strong performance in the first nine months of the year and a good start in the fourth quarter, Symrise said it is optimistic with regard to the final figures for the fiscal year 2015. Despite political tensions in some regions and a recent economic slowdown in some emerging countries such as China, the company said it expects demand to remain strong in both segments and all regions in the final quarter. For 2015, Symrise said it again expects to exceed the growth rate for the industry as a whole and deliver an EBITDA margin of more than 20%.