BERLIN — Fragrance and flavors maker Symrise AG posted record growth in fiscal year 2012, despite higher raw material prices.
The Holzminden, Germany-based company’s net income rose 7 percent in the period to 157.5 million euros, or $202.5 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) also increased 7 percent, to 338.9 million euros, or $435.7 million. In local currencies, EBITDA gained 4 percent. Symrise’s EBITDA margin was 19.5 percent.
Group sales grew 9.6 percent to 1.73 billion euros, or $2.23 billion. In local-currency terms, revenues increased 6.4 percent, which outpaced the company’s guidance that had been in the 3 percent to 5 percent range.
Dollar figures are calculated at average exchange for the period to which they refer.
Emerging markets represented 48 percent of Symrise’s revenues, up 2 percent on-year, powered by Latin America, which registered a 20 percent revenue uptick to 228.2 million euros, or $293.4 million.
In established markets, Symrise’s most dynamic growth came from North America, where revenues grew 17 percent to 316.8 million euros, or $407.3 million. In local-currency terms, they rose 8 percent. Symrise recently completed the purchase of U.S. fragrance firm Belmay Group, which is expected to further boost the company’s presence in the region.
The firm’s scent and care division’s sales climbed 10.2 percent to 882.8 million euros, or $1.13 billion. In local currencies, the gain was 7.1 percent. North and Latin America also generated the most revenues for that division.
For 2013, Symrise aims to outperform the average market growth predicted for its sector, with is 2 percent to 3 percent, despite high prices for raw materials.
“We consider ourselves well equipped for 2013,” Symrise chief executive officer Heinz-Jürgen Bertram said in a statement.
By 2020, the firm aims to reach sales of 1 billion euros, or $1.3 billion at current exchange, with an EBITDA of more than 500 million euros, or $650 million, he added.