Although its earnings position was burdened with high raw material prices as well as restructuring and integration expenses, Symrise generated an Ebitda margin of 17.3%.
Dr Heinz-Jürgen Bertram, Symrise’s CEO, explained: “Symrise has performed well in a still-difficult market environment. We implemented a number of restructuring measures in the first half of 2009 and are already beginning to see the first results. However, the full effect of these measures will not be felt until the beginning of next year. The adjusted Ebitda margin of over 20% in the second quarter demonstrates that Symrise is operationally in good shape.”
Sales rose from €676m to €685.1m in the first six months. This represents an increase of 1% (at local currency: -1%) compared to the strong prior-year period.
Especially in the South America region, sales grew dynamically by 15% (at local currency: 22%). In North America, the acquisitions made in the previous year contributed significantly to sales, which grew 31% (at local currency: 19%). In the Asia-Pacific region, sales increased by 5% (at local currency: -1%).
The EAME region, which proportionately has the highest sales, continued to be adversely affected by the recession in major sales markets as well as continued customer de-stocking during the first half. Here, sales fell by 10% (at local currency: -9%). However, a slight rebound could be seen in the course of the second quarter.
Source: Red Roses Communications
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