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Symrise Sales and Earnings Up in Q2

Both emerging and developed markets contributed to sales growth.

BERLIN — Net profits for Symrise AG rose 8.5 percent in the second quarter to 47.4 million euros, or $61.9 million. Quarterly sales for the Holzminden, Germany-based maker of fragrances and flavors rose to 477.1 million euros, or $622.9 million, with both emerging and developed markets contributing, the company said.

 

In the first half of 2013, Symrise registered net profits of 93.4 million euros, or $122.6 million, up 7.7 percent versus the same period a year earlier. Group sales for the six-month period rose 7.2 percent to 934.7 million euros, or $1.23 billion.

 

Emerging markets posted a sales increase of 12 percent in local currency terms, accounting for 48 percent of total sales.

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Earnings before interest, taxes, depreciation and amortization (EBITDA) grew to 191.2 million euros, or $251.1 million, an uptick of 6.7 percent. The company’s EBITDA margin was 20.5 percent. All dollar figures are calculated at average exchange rates for the period to which they refer.

 

Symrise, which celebrates its 10th anniversary this year, said it plans to continue to expand its business and anticipates annual sales growth of 5 to 7 percent.

 

“After a robust start in the first half, we are entering into the second half of our anniversary year from a strong position,” Symrise chief executive officer Heinz-Jürgen Bertram said in a statement.   

 

“We will continue to implement our business expansion plans, adding new and innovative product solutions to our portfolio. In addition, we will enhance our position in both industrialized nations and emerging markets,” he added.

 

From January to June, Symrise’s scent and care division, responsible for more than half of group sales, posted revenues of 490.3 million euros, or $643.8 million, increasing by 10.3 percent, or 12.5 percent in local currency terms.

 

Scent and care increased its EBITDA by 21 percent to 98.4 million euros, or $129.2 million. High demand for oral care and fine fragrance ingredients drove growth, the company said. North America turned in the division’s top performance, with sales up 18 percent in local currency terms.

 

In April, the company opened a new research center at its headquarters in Holzminden.