Strong growth in a difficult market environment

In the first half of 2008 Symrise increased its sales by 6.7 percent on a local currency basis and therefore grew much faster than the market, which grew around 2.5 percent. This positive development can be attributed to high growth rates in the Emerging markets of Europe, Africa, the Middle East and Asia. Compared to the previous year, sales grew by 2.3 percent at actual rates from EUR 660.9 million to EUR 676 million.

The earnings (EBITA) for the first half of 2008 were up 6 percent in local currencies (up slightly in actual rates), increasing from EUR 123.1 million to 123.6 million. This increase was achieved despite significant increases in raw materials, energy and transportation costs. These cost increases were partially compensated for by strong cost management and an ongoing programme of production efficiency improvements. The EBITA-margin stood at 18.3 percent. Net profit increased by 16 percent at actual rates from EUR 52.6 million to EUR 60.8 million. Accordingly, earnings per share reached 51 cents compared to 44 cents in the respective period last year.

Chr. Hansen, which was acquired in the second quarter of 2008, contributed sales of EUR 8.3 million. After integration costs, Chr. Hansen made an immaterial contribution to profit.