With the acquisition of ADF/IDF, the company says it furthermore reinforced its position in North America and expanded its product portfolio in the pet food market and in natural product solutions for the food industry.

Taking portfolio and exchange rate effects into account, sales increased by 8.0% to €3,408 million (2018: €3,154 million). As a result, Symrise claims it was again one of the fastest growing companies in the industry. This strong performance was carried by good demand across all segments and regions. Earnings before interest, taxes, depreciation and amortization as well as normalized for one-time effects resulting from the acquisition of ADF/IDF (EBITDA(N)) increased by €76.7 million to €707.2 million.

"Symrise AG again posted strong growth in 2019. With the acquisition of ADF/IDF, we have continued to expand in fast growing, high-margin business areas. We have also further diversified our product portfolio in the attractive pet food market and expanded our position in North America. In addition, we made investments to expand our capacities over the course of the year and rolled out new technologies around the world. These targeted growth initiatives, combined with our disciplined cost management, are clearly reflected in our operational development in recent quarters," said Dr Heinz-Jürgen Bertram, CEO of Symrise AG. "Along with our customers, the capital market has also responded favorably to our performance. The share price has increased by 42% in 2019. We want our shareholders to participate in our success again this year. At the Annual General Meeting of Symrise AG, the Executive Board and Supervisory Board will propose a dividend increase to € 0.95 per share."

Segment Flavor achieved a 5.6% increase in sales to €1,257.3 million in reporting currency (2018: €1,191.1 million). After adjusting for exchange rate effects, the organic growth amounted to 3.8%. This positive trend was carried by all regions and application areas. Flavor benefited in particular from dynamic demand in Asia/Pacific, wher the segment achieved organic growth in the high single-digit percentage range. This was driven by flavorings for applications for sweet and beverage products, above all in Indonesia, Malaysia and China.

EBITDA in this segment increased significantly by 10.1% in the reporting period to € 268.5 million (2018: €243.9 million). As a result, the EBITDA margin was 21.4% (2018: 20.5%).

The Nutrition segment achieved in 2019 a 14.5% increase in sales to € 731.5 million after sales of €638.8 million in 2018. This included a total of €32 million in sales from the ADF/IDF Group. Through the initial consolidation of the Group in November 2019, the fourth quarter showed a remarkably strong sales increase of 28.7%. The segment also achieved significant organic growth. once again, this growth was driven by product solutions in Pet Food. The strongest impetus came from North America and Latin America, wher growth was in the double-digit percentage range.

In 2020, the company says it aims to yet again achieve significantly stronger growth than the relevant market for fragrances and flavors as well as cosmetic ingredients, which is projected to grow at a rate of around 4%. The company expects all of its segments to grow notably faster than the global market. Assuming raw material costs at their current levels and a stable EUR/USD exchange rate, Symrise currently anticipates an EBITDA margin of over 20% in all segments for the current fiscal year.

Overall, with its global presence, diversified portfolio and proven strategy, Symrise believes it is well positioned to achieve these growth ambitions. The company plans to continue expanding in fast growing, high-margin business areas in the future, combining organic investments with targeted acquisitions. 

Symrise believes that it is very well positioned to achieve the targets updated at the beginning of 2019. By 2025, the company plans to increase its sales from €5.5 billion to € 6.0 billion by means of organic growth at an annual rate of 5 to 7% (CAGR), combined with targeted complementary acquisitions. Long-term, Symrise aims to achieve an EBITDA margin within the target corridor of 20 to 23%.