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Symrise enters second half 2010 backed by strong earnings and profitability growth

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Symrise enters second half 2010 backed by strong earnings and profitability growth

Symrise enters second half 2010 backed by strong earnings and profitability growth
August 19
14:38 2010

Symrise AG looks back on a successful first half with significantly higher sales and profitability. In the first six months of the Fiscal Year 2010, Group sales rose 16.4 %, or 13.9 % at local currency. Symrise benefited in particular from the global economic recovery, an increase in new orders, the innovative products in the portfolio as well as the dynamic growth of the business in the emerging markets. Group EBITDA rose 50 % to € 177.7 million. This was matched by a robust EBITDA margin of 22.3 %, up sharply on the 17.3 % reported in the previous year. The increased net sales, ongoing cost discipline and the high capacity utilization of its production facilities significantly supported the rise in profitability. Based on its development in the first six months, Symrise specifies its forecast for the full year by expecting 2010 sales growth of at least 8 % at local currency. In addition, Symrise continues to aim for an EBITDA margin of more than 20 %.

Heinz-Jürgen Bertram

Dr. Heinz-Jürgen Bertram, Chief Executive of Symrise AG, said “We successfully capitalized on the economic recovery and enjoyed above-average growth in the first half of 2010. Our customers’ order patterns have normalized again compared to 2009 and we were in particular able to expand our business with our key customers. Our regional diversification and our special focus on emerging markets are also paying off: we’ve seen considerable growth in all regions and are meanwhile generating 46 % of sales in emerging markets alone.”

“The encouraging developments of the first six months have given us cause for optimism for the second half of 2010. At the same time, we continue to keep an eye on market developments. We aim to grow faster than the market as a whole and are currently forecasting at least 8 % sales growth at local currency. “We will also continue to vigorously implement our core strategic goals: We will further sharpen our profile, while particularly focusing on the two application areas Life Essentials and Consumer Health.”

Based on the strong growth in the first six months Symrise enters the second half of the year with optimism: the Group is expecting further growth, albeit somewhat less dynamic than in the first half due to the higher reference values and the generally more moderate economic development. For 2010, Symrise aims to grow faster than the market again and expects sales growth at local currency of at least 8 %. Under the assumption that raw material prices for 2010 will remain at last year’s levels, the Management Board also emphasizes its goal of attaining an EBITDA margin of over 20.0 %.

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