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Â• Group sales grow by 16.4 % Â• Emerging markets account for 46 % of sales Â• Profitability rises disproportionate to sales, EBITDA margin at 22.2 % Â• Objectives for 2010 will be achieved
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
Subtitle: Â• Group sales grow by 16.4 % Â• Emerging markets account for 46 % of sales Â• Profitability rises disproportionate to sales, EBITDA margin at 22.2 % Â• Objectives for 2010 will be achieved
Holzminden, November 9, 2010 (euro adhoc) - Following the dynamic development of business in the first half of the year, Symrise AG continued to benefit from the economic recovery in important markets in the third quarter. The positive development was driven by solid consumer confidence in established markets and an ongoing high demand in emerging markets. During the nine-month period Symrise saw sales grow by 16.4 % (12.4 % at local currency), thereby again growing faster than the market for flavors and fragrances. The Group EBITDA rose 40 % to EUR 267.7 million and the EBITDA margin improved from 18.4 % to 22.2 %. The strong sales growth, a high utilization of production capacities and ongoing cost awareness contributed significantly to the positive earnings development.
Dr. Heinz-JĂĽrgen Bertram, Chief Executive Officer of Symrise AG, said: "During the first nine months, Symrise achieved a double-digit growth rate in both divisions and in all regions. Our broad international presence and firm foothold in emerging markets have paid off once again. Business with global customers in both divisions is growing at an above-average rate. The Scent & Care division in particular benefits from an increased demand in the luxury segment. In view of the excellent development of business during the first nine months, we are confident that Symrise will achieve its goals set for the full year."
Bertram added: "We are keeping our strategic objectives firmly in focus. We plan to further sharpen the profile of Symrise and place special emphasis on the development of new products in the rapidly growing segments of Life Essentials and Consumer Health. We will also continue to expand our presence in emerging markets."
Symrise expects to achieve an organic growth rate of more than 8 % at local currency for the full year 2010 even though growth has slowed down slightly in the third quarter, as expected. Assuming that raw material prices will rise moderately and will only have a minor impact on manufacturing costs, the company continues to aim at an EBITDA margin of more than 20 %. The management also confirms the objective of further reducing the ratio of net debt (incl. pension provisions) to EBITDA to a level of around 2.5.
Double-digit sales growth in all regions In the first three quarters of 2010 Symrise increased Group sales by 16.4 % (12.4 % at local currency) from EUR 1,037.5 million to EUR 1,207.7 million. The Group enjoyed strong demand in established as well as in emerging markets.
The Asia/Pacific region was the most important growth engine with an increase in sales of 23 % (13 % at local currency). All application areas performed strongly here. Latin America accounted for the second-highest growth rate of 19 % (13 % at local currency) despite the strong performance in the corresponding period of the previous year. Group sales in North America rose by 17 % (13 % at local currency) and benefited primarily from the strong demand in Fine Fragrances and Household. In the EAME region, which had suffered the most from the economic crisis in the previous year, sales grew significantly by 13 % (12 % at local currency) due to, among others, the strong demand in Life Essentials as well as in Middle East and Africa.
Scent & Care catching up in business with key customers Both divisions enjoyed above-average growth in business with key customers. During the first nine months sales generated with this customer group rose by 14.6 % at local currency. Major customers overall accounted for approx. 30 % of Group sales.
Scent & Care reported an increase of 14.6 % in sales with key customers compared to last year, thereby equaling the 14.5 % rise in sales posted by Flavor & Nutrition. Both divisions solidified their positions as core suppliers to major multinational consumer goods manufacturers by winning new projects. EBITDA grows by 40 % - EBITDA margin rises to 22.2 %
A recovery in demand and high production capacity utilization had a significant impact on the earnings development of Symrise in the first three quarters of 2010. Furthermore, Symrise benefited from ongoing cost awareness. The costs of raw materials and manufacturing remained stable in comparison to the same period of last year.
Symrise achieved a 40 % increase in earnings before interest, taxes and depreciation (EBITDA) from EUR 190.8 million to EUR 267.7 million. The EBITDA margin reached a high level of 22.2 % (previous year: 18.4 %). Despite negative currency effects, net profit for the period grew by 81 % to EUR 127.3 million (previous year: EUR 70.4 million). This corresponds to an increase in earnings per share from EUR 0.60 to EUR 1.08.
Cash flow from operating activities higher than last year despite increase in working capital Symrise saw cash flow from operating activities rise from EUR 145.0 million to EUR 155.6 million during the reporting period. The Group was able to more than compensate for the increase in working capital caused by the strong operating business. The ratio of net debt incl. pension provisions to EBITDA declined from 3.1 at the end of 2009 to 2.3 as of September 30, 2010.
At the beginning of the fourth quarter, Symrise initiated the refinancing of its existing bullet loan financing in the amount of EUR 550 million that would fall due at the end of 2011. The refinancing aims at an early redemption of existing debt and the establishment of a longer-term financing for the company. In addition to obtaining a senior term note of US$ 175 million from US investor Prudential (Pricoa), Symrise generated proceeds in the amount of EUR 300 million through its first bond issue. Negotiations with banks about a revolving credit facility are expected to be completed by the end of 2010. This will conclude the GroupÂ´s refinancing efforts.
Scent & Care - sales grow by approximately 20 % Scent & Care reported strong demand in all application areas. Fine Fragrances and Personal Care, which were hit hard by the economic downturn during the previous year, performed particularly well. Scent & Care completed an important investment project with the expansion of production capacity for perfume oils by 25 % in the third quarter. The division also launched new products in the application areas Oral Care and Fragrance Ingredients.
Scent & Care achieved double-digit growth in all regions even though the growth dynamics slowed down slightly in the third quarter. The division enjoyed its sharpest rise in sales of 17 % (at local currency) in the EAME region, followed by the North America with 15 % (at local currency) and Asia/Pacific with 13 % (at local currency). Sales in Latin America remained on a high level with a growth rate of 11 % (at local currency), although growth was more moderate due to strong prior-year comparables.
Sales of Scent & Care grew by approximately 20 % (14.7 % at local currency) to EUR 621.8 million (previous year: EUR 518.6 million). The EBITDA rose 54 % to EUR 131.2 million (previous year: EUR 85.0 million), whereby the EBITDA margin increased to 21.1 % over 16.4 % for the same period of last year.
Flavor & Nutrition - highly profitable with an EBITDA margin of 23.3 % The Flavor & Nutrition division also enjoyed high demand in all application areas with a particularly strong development in Sweets and Beverages. Business developed most dynamically in Latin America. Flavor & Nutrition achieved a 15 % increase in sales (at local currency), which was particularly driven by strong business with international and local key customers. The Asia/Pacific region posted the second-highest increase in sales of 13 % (at local currency) primarily due to the high demand in Beverages. Both, North America and the EAME region posted a 9 % growth in sales (at local currency). Products from the application areas Sweet and Savory were the primary growth engines in North America. Symrise also concluded new supplier contracts for vanilla flavors and seasonings in North America. In the EAME region, Flavor & Nutrition benefited mainly from the above-average growth rate for soft drinks and alcoholic beverages, among others from an increasing demand for mixed beer beverages.
Segment sales during the reporting period rose 12.9 % (10.2 % at local currency) to EUR 586.0 million (previous year: EUR 518.9 million). The EBITDA improved by 29 % to EUR 136.5 million (previous year: EUR 105.8 million). The EBITDA margin attained the excellent level of 23.3 %.
In EUR millions
9 M 2009 9 M 2010 Change in % Change in % at LC Sales 1,037.5 1,207.7 16.4 12.4 EBITDA 190.8 267.7 40 37 EBITDA margin in % 18.4 22.2 - - EBIT 130.9 202.1 54 51 EBIT margin in % 12.6 16.7 - - Net income for the period 70.4 127.3 81 - EPS in EUR 0.60 1.08 81 - Cash flow from operating activities 145.0 155.6 - - Divisions Scent & Care Sales 518.6 621.8 19.9 14.7 EBITDA 85.0 131.2 54 50 EBITDA margin in % 16.4 21.1 - - Flavor & Nutrition Sales 518.9 586.0 12.9 10.2 EBITDA 105.8 136.5 29 27 EBITDA margin in % 20.4 23.3 - - 31 Dec. 09 30 Sep. 10 Balance sheet total 1,895.2 2,033.8 Equity ratio in % 36.4 39.4 Net debt (incl. pension provisions)/EBITDA 3.1 2.3 Employees/FTEÂą 4,954 5,225
ÂąExcluding apprentices and trainees, FTE = Full Time Equivalent (full-time employees)
Symrise is a global supplier of fragrances and flavorings while also manufacturing raw materials and active ingredients for the perfume, cosmetics and food industries.
Its sales of EUR 1.36 billion in 2009 place the company among the top four in the international flavors and fragrances market. Headquartered in Holzminden, Germany, Symrise is represented in over 35 countries in Europe, Asia, the United States and South America.
Used by manufacturers of perfumes, cosmetics and foods, our products are an inseparable part of daily life. At Symrise, we combine an awareness of consumer trends with cutting-edge technologies, focusing on innovative fashion and lifestyle products that have additional practical value for the consumer. Symrise - always inspiring moreÂ… www.symrise.com
end of announcement euro adhoc --------------------------------------------------------------------------------
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