Symrise maintains growth target despite crisis

28 October 2008 16:04  [Source: ICIS news]

TORONTO (ICIS news)--Germany-based flavours and fragrances producer Symrise is sticking to its 6-7% sales growth forecast for 2008 despite the financial crisis and uncertainties in global markets, it said on Tuesday.

 

Earnings before interest, tax, depreciation and amortisation (EBITDA) margin was expected to come in at around 20% for the year, with operating profit on the same high level as last year, it said.

 

Symrise had a five-year financial arrangement with a strong banking syndicate and therefore did not expect the current financial crisis to impact its corporate growth strategy, it added.

 

“We are confident that we can continue to grow stronger than the market next year,” said CEO Gerold Linzbach.

 

“Our market position is excellent, especially in emerging markets.”

 

For the first nine months of 2008 ended 30 September Symrise reported net profit of €85m ($106m), compared with €84m for the same period last year while sales rose 6.1% in local currency terms to just over €1bn.

 

EBITDA for the first nine months was down 3.4% to €211.5m and EBITDA margin was 21.0%, compared with 22.1% in the year-earlier period.

 

($1 = €0.80)

 

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By: Stefan Baumgarten
+1 713 525 2653

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