- WKN: SYM999
- ISIN: DE000SYM9999
- Land: Deutschland
Nachricht vom 13.03.2019 | 07:30
Symrise successfully continues profitable growth course in 2018 (news with additional features)
DGAP-News: Symrise AG / Key word(s): Annual Results
"In 2018 we seamlessly continued our success story. Symrise again grew profitably and outperformed the market. We identified and successfully capitalized on growth opportunities in every business segment. We also invested in future growth and added to our capacity. Although we were not able to counteract all of the headwinds caused by high raw material prices and negative currency effects, we still operated with a healthy profitability. We want our shareholders to participate in this success. At the Annual General Meeting, the Executive Board and Supervisory Board will propose a dividend increase to EUR 0.90 per share for the fiscal year 2018," said Dr. Heinz-Jürgen Bertram, CEO of Symrise AG. "Despite the anticipated economic slowdown, we have made a confident start to the new fiscal year. We have substantiated our long-term ambition with the updated forecast. It extends into the year 2025 and provides for a strong increase in sales with further improved profitability."
Sales growth in 2018 exceeds target
Healthy profitability despite investments and external factors
Net income for the Group increased by 1.9 % to EUR 275 million (2017: EUR 270 million). Earnings per share increased from EUR 2.08 to EUR 2.12. The Executive Board and Supervisory Board will propose an increase in the dividend to EUR 0.90 per share for the fiscal year 2018 (2017: EUR 0.88) at the annual general meeting on 22 May 2019.
Increase in operating cash flow
Net debt including pension provisions and similar obligations decreased by EUR 29 million to EUR 1,893 million (2017: EUR1,922 million). The ratio of net debt including provisions for pensions and similar obligations to EBITDA remained unchanged at 3.0 (31 December 2017: 3.0). Due to the realized acquisitions, this value is temporarily above Symrise's target corridor of 2.0 to 2.5.
With an equity ratio of 39.5 % at 31 December 2018 (31 December 2017: 37.8 %), Symrise sees itself financially very well positioned to sustainably advance the future development of its business.
Scent & Care increased its sales to EUR 1,324 million and achieved very strong organic growth of 8.9 % (2017: EUR 1,263 million). In reporting currency, taking currency effects and the Citratus acquisition into account, the segment posted 4.8 % growth. The Cosmetic Ingredients division developed particularly dynamically with double-digit organic percentage growth. Strong impulses came in particular from the national markets of China, Brazil and Japan. The Aroma Molecules and Fragrances division also performed well. Demand was particularly strong for applications with menthol, for fine fragrances and personal care products.
Scent & Care increased its EBITDA to EUR 254 million after EUR 248 million in the prior year period. The EBITDA margin was 19.2 % (2017: 19.6 %). The slight decline in the margin is mainly due to higher raw material costs, especially for perfumery raw materials.
EBITDA in the Flavor segment, at EUR 244 million, was slightly higher than the prior-year figure (2017: EUR 243 million). The EBITDA margin stood at 20.5 % (2017: 22.0 %) and was influenced by the currently still lower profitability of the Cobell business and higher raw material costs.
In the year under review, Nutrition achieved an EBITDA of EUR 132 million (2017: EUR 139 million). The decline in earnings compared with the previous year is attributable to two factors: Investments in the new Diana Food location in the USA and a lower contribution to earnings from Probi due to a temporary inventory decrease by a major customer in the first half of the year. Starting in the third quarter, order intake largely returned to normal. Despite these special effects, the EBITDA margin was a good 20.7 % (2017: 22.1 %).
Confident outlook for 2019 and ambitious long-term targets until the end of 2025
At the Capital Markets Day in January 2019, Symrise presented its long-term targets. They underscore the Group's ambition and now extend to the end of fiscal year 2025. By then, Symrise aims to increase sales to around EUR 5.5 to 6.0 billion. This increase is to be achieved through annual organic growth of 5 to 7 % (CAGR) and additional targeted acquisitions. Profitability is expected to improve further. Long-term, Symrise aims to achieve an EBITDA margin within the target corridor of 20 to 23 %. To this end, the Group will continue to systematically implement its proven strategy and closely align innovations to customer and market requirements. Furthermore, Symrise will continue to take advantage of megatrends. In addition to the traditional business with flavors and fragrances, the expansion of the portfolio will increasingly focus on adjacent, high-margin applications. For example, Symrise intends to open up growth areas, with focus on natural, sustainable product solutions. Digital business processes should also contribute to growth and profitability.
Symrise is a global supplier of fragrances, flavorings, cosmetic active ingredients and raw materials, as well as functional ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional supplements and pet food.
Its sales of approximately EUR 3.2 billion in the 2018 fiscal year make Symrise a leading global provider. Headquartered in Holzminden, Germany, the Group is represented with over 100 sites in Europe, Africa, the Middle East, Asia, the United States and Latin America.
Symrise works with its clients to develop new ideas and market-ready concepts for products that form an indispensable part of everyday life. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise - always inspiring more .
Document title: Symrise FY 2018 Factsheet english
|Phone:||+49 (0)5531 90 0|
|ISIN:||DE000SYM9999, DE000SYM7787, DE000SYM7704|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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