Symrise Posts Higher Profit In 2013; Confirms Outlook - Update

(RTTNews) - Symrise AG (SYIEF.PK, SYIEY.PK) Monday reported a higher profit for full-year 2013, as sales grew about 6 percent benefited by both of its divisions. The board has proposed a higher dividend.

The supplier of fragrances, flavorings, and cosmetic active ingredients also confirmed its objectives to deliver profitable growth and to achieve an EBITDA margin of around 20 percent in 2014.

Symrise also confirmed its long-term outlook of increasing sales by an average of 5 to 7 percent annually, and said by the end of 2020, earnings before interest, taxes, depreciation and amortization, or EBITDA should amount to more than 500 million euros and EBITDA margin should be within the range of 19 to 22 percent.

According to the firm, Scent & Care benefited from a positive consumer sentiment worldwide, strong demand for menthol and fragrance activities acquired from Belmay Group. The division's sales increased 8.8 percent 960.4 million euros. Flavor & Nutrition division sales improved 2.1 percent to 869.9 million euros.

The company said it experienced the strongest growth at local currency in North and Latin America, and continued to grow in the Emerging Markets. Sales increased 11 percent at local currency in emerging markets.

Heinz-Jürgen Bertram, CEO of the company said, "In the 2013 fiscal year, Symrise again clearly outperformed the global market for flavors and fragrances. We achieved new records in sales and earnings despite a very volatile economic climate."

For the full year, the company's net income increased 9 percent to 172.3 million euros from 157.5 million euros in the previous year.

EBITDA was 373.1 million euros, compared to 338.9 million euros reported last year. The firm said it has adjusted its prior-year results.

Annual sales grew 5.5 percent 1.83 billion euros from 1.73 billion euros in the preceding year. In local currency, the increased was 10 percent.

The company also said its Executive and Supervisory Boards will propose at the Annual General Meeting on May 14,2014, a dividend of 0.70 euros per share for full-year 2013, up from 0.65 euros paid last year.

On Frankfurt's Xetra, Symrise shares closed Friday's trading at 35.57 euros, down 2.12 percent.