Symrise AG closed the 2022 fiscal year reporting an increase of 20.7 % to €4,618 million (2021: €3,826 million), which was significantly stronger than expected. Before deducting an impairment loss on the associated company Swedencare of €126 million recorded in the fourth quarter, Symrise generated EBITDA of €922 million in the 2022 fiscal year (2021: €814 million) and achieved an EBITDA margin of 20.0 % (previous year: 21.3 %).
Report highlights include:
- Group sales increased by 20.7 % to € 4,618 million (2021: € 3,826 million), organic growth accelerated to 11.4 % EBITDA up 13 % to € 922 million before the deduction of one-time impairment (2021: € 814 million)
- Continued good profitability with an EBITDA margin of 20.0 %
- Symrise plans the thirteenth dividend increase in a row. The Executive Board and Supervisory Board will propose increasing the dividend for the 2022 fiscal year to € 1.05 per share (2021: € 1.02) at the Annual General Meeting on May 10, 2023.
Heinz-Jürgen Bertram, Ph.D., CEO of Symrise AG, stated, “2022 was a very successful fiscal year for Symrise once again. We continued to grow profitably despite inflation and volatility in our core markets. We continued to develop our portfolio excellently through targeted acquisitions and strategic partnerships, including the acquisition of the French companies Néroli and Romani in France, Schaffelaarbos in the Netherlands, Wing Pet Food in China and the investment in Swedencare, a supplier of premium products to the pet care market. Our outlook for 2023 is correspondingly optimistic. We believe that we will continue to grow and create sustainable value in the current year.”
Taste, Nutrition & Health segment
Taking into account portfolio and exchange rate effects, sales increased by 24.8 % to € 2,913 million. The positive net effect of the acquisitions of Giraffe Foods, Schaffelaarbos and Wing Pet Food as well as the disposal of the Velcorin and colors businesses totaled around €99 million. Excluding currency and portfolio effects, the segment achieved organic growth of 15.3%. The segment increased EBITDA by 18.7% to €631 million (2021: €531 million).
Scent & Care segment
In the 2022 fiscal year, the Scent & Care segment generated sales of €1,706 million, an increase of 14.4% compared to last year. Growth was driven in particular by strong demand for fine fragrances and cosmetic ingredients. Excluding portfolio and currency translation effects, sales increased by 5.1%. The takeover of the Fragrance and Aroma Chemicals business of Sensient Technologies and the acquisitions of Néroli and Romani contributed a total of around €55 million to the segment’s sales. Scent & Care generated an EBITDA that was 3.0 % higher than in the previous year with €291 million in 2022 (2021: €283 million).
Symrise Long-term Objectives
The company continues to expect to grow faster than the relevant market and to increase sales by 5–7 % annually (CAGR) until 2025, with an EBITDA margin in the range of 20–23 %. For the 2023 fiscal year, profitability should remain at the current level with an EBITDA margin of around 20%.