24/01/2023 | Ingredients

Symrise closes 2022 with string of investments amid a turbulent market

Symrise has reported double-digit organic growth of 11.4 % in a year marked by multiple investments, a business restructuring and sales growth, as the company has reaped the benefits of increased out-of-home consumption. However, it anticipates lower consolidated key figures than expected for the past 2022 fiscal year. The primary reason for this is an impairment loss of EUR 126 m relating to the interest in Swedencare AB, a leading manufacturer of premium products for pets, which Symrise recognized in the fourth quarter. Despite this market-related impairment loss, the company “maintains its faith in the value and great potential of the Swedish company.”

Symrise’s preliminary Ebitda for 2022 increased to EUR 921.6 m, up from EUR 813.6 m last year. The company has managed to accelerate its growth through a strategy of investments, purchasing EvodiaBio, Schaffelaarbos, Wing Pet Food, Néroli and Romani. Furthermore, the business acquired Canadian-based Giraffe Foods in a bid to expand its customer base in North America.

Heinz-Jürgen Bertram, CEO of Symrise, says: “2022 was a very successful year for Symrise. We put our strengths to use to continue our growth course despite a volatile market environment. We also carried out acquisitions and interests that will pave the path for the future by expanding our know-how and diversifying our portfolio.”

The company remains confident that it will continue to grow at a faster pace than the relevant market and increase its average annual sales by 5 % to 7 % (CAGR). In the medium term, Symrise aims to achieve an Ebitda margin of 20 % to 23 % by the end of the 2025 fiscal year.