Symrise reports 7% rise in net profit despite higher raw material prices

By Caroline Scott-Thomas

- Last updated on GMT

Latin America was the strongest of emerging markets for the company
Latin America was the strongest of emerging markets for the company

Related tags Raw material prices Generally accepted accounting principles

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.

Related topics Business Flavours and colours

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