Symrise AG continues its growth course in the first half of 2022. The company saw a strong increase in sales and profit. Organic sales growth came to 10.2 %. Taking portfolio and exchange rate effects into account, sales in the reporting currency increased by 18.5 % to € 2,260 million (H1 2021: € 1,908 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 15.7 % to € 486 million compared to the same period in the previous year. The Group’s profitability reached a good level of 21.5 %, slightly below the previous year’s figure of 22.0 % mainly due to higher raw material and operating costs. At € 229 million, net income for the first six months exceeded the previous year’s figure of € 196 million by 16.6 %. In light of its solid performance in the first half of the year, Symrise is raising its forecast for the year as a whole and is now targeting organic sales growth of significantly above 7 % (previously 5 to 7 %) and an EBITDA margin of around 21 %.
Taste, Nutrition & Health segment
Taste, Nutrition & Health achieved organic sales growth of 12.7 % in the first half of 2022. Taking into account portfolio and exchange rate effects, the segment’s sales amounted to € 1,398 million in the reporting currency and thus exceeded previous year’s figure (H1 2021: € 1,159 million) by 20.6 %. The positive net effect of the acquisitions of Giraffe and Schaffelaarbos and the divestments of the Velcorin and color businesses totaled around € 34 million.
In the Food & Beverage division, increased leisure activities and growing out-of-home consumption led to good demand for beverage and savory products. It recorded the strongest growth rates in the Latin America, Asia/Pacific and EAME (Europe, Africa, Middle East) regions. The Sweet business in the Latin America region reported high double-digit percentage growth. The Naturals business unit strongly expanded its sales, particularly in North America.
The Pet Food division continued its high double-digit percentage growth unabated. All regions contributed to the positive sales performance with double-digit growth rates. Sales developed particularly dynamic in the USA, France, Mexico, China and Southeast Asia. With the expansion of capacities in China, North America, Brazil and France, Symrise has already laid the foundation for further accelerated expansion of the pet food applications business.
Symrise AG acquired Schaffelaarbos B.V. in January 2022. Schaffelaarbos is based in the Netherlands (Barneveld) and is a leading supplier of sustainably sourced proteins from eggs for the feed industry in the EU. With this transaction, Symrise has taken an important strategic step to further accelerate its international expansion in the pet nutrition segment. Symrise will combine and complement its current ADF/IsoNova operations in the USA with the modern Schaffelaarbos facilities in Barneveld.
EBITDA for the Taste, Nutrition & Health segment amounted to € 315 million in the reporting period (H1 2021: € 258 million) and thus increased by 22.2 % compared to the same period of the previous year. The increase related to profitable sales growth, the acquisitions made and a positive one-time effect from the sale of the Velcorin business. At 22.5 %, the EBITDA margin was slightly higher than the previous year’s value of 22.2 %. The above-mentioned one-time effect offset the rising raw material and operating costs. Without the one-time effect, the EBITDA margin would have been 21.2 %.
