PARIS — Symrise AG’s 2011 net profits gained 9.7 percent to 146.5 million euros, or $204 million, thanks in part to the positive effects of refinancing completed in 2010 and the corresponding reduction in financing expenses.
The Holzminden, Germany-based fragrance and flavors maker registered earnings before taxes, depreciation and amortization of 315.9 million euros, or $439.9 million, a 4.6 percent on-year decline. Symrise’s EBITDA margin came in at 20 percent.
For the year, company sales inched up 0.7 percent to 1.58 billion euros, or $2.21 billion.
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Dollar figures are converted at average exchange rates for the 12-month period.
“Given the widespread turbulence in many regions of the world and high volatility on commodities and capital markets, maintaining profitability was the top priority for Symrise,” stated Heinz-Jürgen Bertram, chief executive officer of Symrise. “We therefore consequently discontinued businesses which were not making a sustainable earnings contribution, and we continued our backward integration for strategic raw materials. Our industry-leading EBITDA margin of 20 percent is thus the result of selective portfolio streamlining, intelligent raw material sourcing and restrictive cost management throughout the group.”
Sales for Symrise’s scent and care division dipped 0.4 percent to 801.4 million euros, or $1.12 billion.
For 2012, the company expects to increase sales by 2 percent to 4 percent and to register an EBITDA margin of approximately 20 percent.