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Symrise Remains Strong in Difficult Market

Posted: July 29, 2008

Symrise (Holzminden, Germany) has reported half year 2008 sales of €676 million, an increase of 6.7% in local currencies compared with the same period 2007. The results can be attributed to high growth rates in the emerging markets of Europe, Africa, the Middle East and Asia. EBITA was up 6% in local currencies, increasing from €123.1 million to 123.6 million. Net profit increased by 16% at actual rates from €56.6 million to €60.8 million.

Flavor & Nutrition: The flavor and nutrition division registered sales of €333.3 million in the first half of 2008, an increase of 11% in local currencies. South America, showing a growth of 17% in local currencies, and Asia/Pacific, showing a growth rate of 15% in local currencies, contributed to this growth. Chr. Hansen, which was acquired in the second quarter of 2008, contributed sales of €8.3 million. After integration costs, Chr. Hansen made an immaterial contribution to profit.

Scent & Care: The scent and care division reported sales growth of 2.5% in local currencies with sales of €342.7 million. While segments like mint and Life Essentials continued to show strong growth, “luxury segments” like fine fragrances and parts of personal care had to contend with lower demand. In order to compensate for the increased raw material and energy costs and in order for the company to protect its margins going forward, the scent and care division announced selective price increases of 10% and more in early July.

Outlook: The management board expects for the full-year 2008 sales to increase 6–7% and an EBITA growth of 6% (both in local currencies).