Half Year 2024 Symrise AG Earnings Call Transcript
Key Points
- Symrise AG (SYIEF) achieved a strong business growth in a challenging environment, with sales increasing by 6.3% to EUR2.6 billion.
- The company reported an organic growth rate of 11.5%, driven by excellent performance in both segments.
- EBITDA increased by 11.5% to EUR530 million, with the EBITDA margin reaching 20.7%, a 1% point increase from the previous year.
- Symrise AG (SYIEF) realized 50% of its targeted efficiency savings of EUR50 million, contributing to improved profitability.
- Net income increased by EUR52 million to EUR239 million, with earnings per share rising to EUR1.71 from EUR1.34 in the first half of 2023.
- High inflation persisted, leading to increased costs, although Symrise managed to offset most of them through strict cost control.
- The company experienced a negative impact of EUR16 million from the divestiture of its beverage trade business in the UK and a EUR110 million headwind from FX.
- The EBITDA was impacted by extraordinary expenses, including EUR9 million in severances and an EUR8 million write-off related to a legal dispute.
- An impairment of EUR17.9 million on plant and machinery in the taste, nutrition & health segment affected EBIT growth.
- The net debt-to-EBITDA ratio is slightly above the midterm guidance, at 2.3 times adjusted EBITDA without pensions and leasing obligations.
A good and sunny day from Holzminden, and welcome to our today's Symrise call. All materials have been published on our website this morning, and a replay of the call will be available later today.
Today's call will be held by our new CEO, Jean-Yves Parisot; and our CFO, Olaf Klinger. After their presentations, we are open for your questions.
I now hand over to Jean-Yves Parisot, please start.
Danke. Thank you, Tobias. Good morning. Good morning to all of you, ladies and gentlemen. Welcome from my side to our investor analyst conference call presenting our results for the first half of 2024. And thank you for taking the time to join us today.
Let us start with our agenda for today, slide 2. Together with you, I would like to look at the half year results. And Olaf Klinger will provide a deep dive into the financials, and I will conclude by
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