dsm-firmenich has released its first-half 2023 financial results, which showed net sales were €6,152 million on a pro forma basis, as compared to €6,497 million in the previous year.
Net sales were €4,470 million on an IFRS basis, as compared to €4,115 million in the previous year.
Perfumery & Beauty
The perfumery and beauty category earned €1,875 million on a pro forma basis in the first half, as compared to €1,885 million in the previous year.
Perfumery delivered a good performance, with strong growth in fine fragrances and solid growth in consumer fragrances.
The perfumery and beauty category earned €903 million on a pro forma basis in the second quarter, as compared to €953 million in the previous year.
Second Quarter 2023
Net sales were €3,030 million on a pro forma basis, as compared to €3,335 million it the previous year.
dsm-firmenich estimates net sales on a pro forma basis to be €1,800-1,900 million, as compared to €2,275 million in 2022.
Geraldine Matchett and Dimitri de Vreeze, co-CEOs, said:
We are well advanced in the integration phase of the merger and excited by the positive response of customers to our enhanced business proposition, giving us even greater confidence in the delivery of our synergy targets. The performance of our perfumery and beauty and taste, texture and health units in the first six months demonstrates the quality of these businesses and the synergy potential of the merger. As communicated in our trading update of June 28, 2023, market conditions in our vitamin activities weakened throughout the first half, impacting in particular animal nutrition and health, leading to an acceleration of our plans aimed primarily at structurally improving the earnings quality and reducing the volatility of our vitamins business. We expect these measures to deliver savings of around €200 million annually. These are on top of our integration synergy cost savings. Through principally the quality of our core activities, our targeted synergies and the decisive and impactful actions recently announced, we are confident that we will realize our mid-term financial targets. All of this is underpinned by the attractive opportunities presented by our highly complementary portfolio of ingredients, science and technologies enabling us to deliver superior innovation-led growth as the world leader in nutrition, health and beauty.