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Symrise Update: Annual Report 2008
Posted: March 4, 2009
Symrise (Holzminden/Frankfurt) reported fiscal 2008 sales of €1.32 billion, a 6.5% gain. Symrise’s sales in emerging markets grew by 8%, in local currencies, accounting for 39% of total sales in 2008. The company’s U.S. sales increased 25%, and its EBITDA margin of 19.9% was on par with other leading companies in the global fragrance and flavor industry.
Scent & Care
Symrise’s scent and care sales for 2008 to its 10 largest customers rose by 7%. According to the company, the acquisition of the U.S. businesses of Manheimer Fragrances and Intercontinental Fragrances has transformed Symrise into one of the leading fragrance manufacturers in the U.S. air freshener and scented candle (air care) market, and Symrise plans to open a global air care center in the U.S. in 2009.
Flavor & Nutrition
The company’s flavor and nutrition sales to its 10 largest customers increased 11% in 2008. Its other business expansion moves for the year included acquisition of flavor business unit of Chr. Hansen, expansion of a subsidiary in Vienna and the establishment of: a creative center in Shanghai, a global citrus center in Sorocaba (Brazil), and a sensory/consumer research center and development laboratories in Moscow.
Outlook for 2009
Although Symrise expects the first half of 2009 to be weaker than 2008, it anticipates strong operating free cash flow for 2009 as a whole. “Despite the challenging business environment, we consider our core business to be as stable and robust as ever,” said Gerold Linzbach, CEO, Symrise. “As a result of the strategic decisions taken in recent years, we are well positioned to grow faster than the market in 2009 as well.”