Symrise Q1 2008 Results

Symrise (Holzminden, Germany) has reported first quarter 2008 sales of €338 million, an increase of 2.0% at actual exchange rates, and 6.4% in local currency. At actual exchange rates, EBITA decreased from €63 million to €62 million, a 1.6% loss.

The flavor and nutrition division had a strong first quarter in all regions and business units with reported sales of €158.2 million, an increase of 5.6% (9.7% in local currencies). Sales in the scent and care division decreased by 0.9% at actual exchange rates to €179.8 million (+3.7% in local currencies). The life essentials business unit achieved growth of 8.8% in local currencies, whereas the fragrance business unit recorded figures that were in line with the previous year. Overall, Symrise recorded good growth primarily in Eastern Europe, Africa, the Middle East and the emerging Asian markets.

Of the outlook, Symrise CEO Gerold Linzbach said, “In view of our presence in the fast-growing regions of the world and our concentration on selected market segments that are growing rapidly, we continue to be confident that our business will grow disproportionately fast: we are therefore confirming the forecasts we made in our 2007 Annual Report, i.e., sales growth of 5–6% and EBITA growth of 10% on a local currency basis. It is difficult to predict how exchange rates will develop in future and what impact this will have on the results we report. The relative stability of the euro in recent weeks is certainly a positive sign in this context.”

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