HOLZMINDEN (dpa-AFX) - Symrise AG (SYIEY.PK, SYIEF.PK), a supplier of fragrances, flavorings and cosmetic active ingredients, reported Tuesday that its fiscal 2020 net income grew 3.6 percent to 307 million euros from last year's 291 million euros. Earnings per share increased to 2.27 euros from 2.16 euros last year.
The prior year's normalized net income was 296.2 million euros or 2.20 euros per share.
Operating result or EBITDA grew 5.8 percent from last year to 742 million euros. EBITDA margin increased to 21.1 percent from 20.1 percent last year.
Group sales grew 3.3 percent to 3.52 billion euros from 3.41 billion euros last year. Organic sales growth amounted to 2.7 percent.
The company said it significantly outperformed market growth, which is estimated at 1 percent for 2020. At the same time, Symrise stayed behind its defined sales target, as the business development in the month of December was impacted by a criminal cyber-attack.
Further, the Executive Board and the Supervisory Board propose a dividend increase to 0.97 euro, from last year's 0.95 euro, for the fiscal year 2020 to the annual general meeting.
Looking ahead for fiscal 2021, Symrise expects sales growth of 5 percent to 7 percent and EBITDA margin of around 21 percent.
Heinz Jürgen Bertram, CEO of Symrise, said, 'Battling the pandemic will continue to define people's everyday lives and economic conditions in 2021. However we look with confidence into the current financial year and expect reliable demand.'
Symrise is expected to grow significantly faster than the relevant market, which is expected to grow by around 3 to 4 percent.
Further, the company confirmed its target of achieving average annual growth of between 5 and 7 percent (CAGR) by the end of 2025.
Copyright RTT News/dpa-AFX
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