In the first half year of 2021, Symrise AG has performed outstandingly well. In spite of the ongoing coronavirus pandemic across the world, the company’s sales and earnings increased substantially. Organic sales growth amounted to 9.7 %. In the reporting currency – without portfolio and currency translation effects – sales increased by 4.8 % to € 1,908 million (H1 2020: € 1,821 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 6.8 % to € 420 million compared to the same period of the previous year. The EBITDA margin developed particularly well with a value of 22.0 % (H1 2020: 21.6 %). Net income for the period increased by 15.9 % to € 196 million. Against the background of the good performances during the first half of the year, Symrise raised the forecast for the full year and is targeting organic sales growth of more than 7 % (previously 5 to 7 %) and an EBITDA margin of more than 21 % (previously around 21 %).

 

“The progress made in combatting the worldwide coronavirus pandemic had a positive impact on our business during the second quarter. Demand increased significantly in many areas. In particular there was strong demand for cosmetics and fine fragrance applications again. Product solutions for beverages and food also developed very dynamically because falling case numbers for the coronavirus fueled out-of-home consumption,” commented Dr. Heinz-Jürgen Bertram, CEO of Symrise AG. “Although the pandemic will persist, we are very confident for the coming months following the good first half of the year, and we are more confident about our performance in the future. We are therefore raising our forecast for the organic sales target, as well as for the profitability target.”

 

On the basis of its global presence, the continually growing, diversified portfolio and its broad customer base, Symrise continues to see itself as being robustly and reliably positioned despite the currently challenging market environment that continues to be defined by the coronavirus pandemic. The Group is fully operational worldwide and is able to supply customers sustainably.

 

The change in consumer behavior resulting from the pandemic, which partly led to a shift in demand, is currently normalizing. In particular, demand for the applications for luxury products and product solutions for out-of-home consumption is rising again and supporting the growth trajectory of the Group. Based on the very good development in the first half year, Symrise is looking ahead with confidence to the second half of the year 2021 even though it is likely that the framework conditions imposed by the pandemic will continue to prevail almost unchanged. Symrise is raising the targets defined for the fiscal year 2021: Organic sales growth is projected to increase to above 7 % instead of the previous forecast of 5 to 7 %. The targeted EBITDA margin is now forecasted at above 21 % instead of around 21 %.

 

The medium-term targets continue to be unchanged. The company is targeting its sales increase to a corridor between € 5.5 and € 6.0 billion by 2025. Symrise intends to achieve this increase by average annual organic growth of 5 to 7 % (CAGR) and complementary strategic acquisitions. Profitability is projected in a target corridor of 20 to 23 % over the long term.