Flavour and fragrance firm Symrise has reported a 7% rise in its net annual profit despite increased raw material prices and start-up costs for the doubling of its menthol capacities.
Emerging markets now account for nearly half of the company’s sales in the past year, up from 46% in 2011 to 48% in fiscal 2012, with Latin America posting the strongest growth.
“We increased sales by 10% and thus exceeded both market growth as well as our own targets,” said Symrise CEO Dr. Heinz-Jürgen Bertram.
The company had raised its forecast in May 2012, aiming for sales growth of 3% to 5%. Sales increased to €1.73bn in 2012 from €1.58bn in the previous year, while net income was up from €146.5m in 2011 to €157.5m. EBITDA (earnings before interest, taxes, depreciation and amortization) was also up 7% year on year.
“Symrise saw significant gains – both in Emerging Markets as well as in established markets such as North America,” Bertram said. “With a strong increase in EBITDA, we kept our profitability at a high level, despite increased raw material costs and one-off expenses.”
The company’s Flavour & Nutrition segment generated €852.1m, up nearly 9% from last year.