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FIRMENICH DELIVERED STRONG RESULTS IN THE THIRD QUARTER OF FINANCIAL YEAR 2023
Geneva, Switzerland, May 2nd, 2023 -
Firmenich International SA ("Firmenich") is announcing its third quarter results for the three months ended 31 March 2023. This announcement is being issued in connection with the planned merger with DSM.
Third Quarter Financial Year 2023 Performance
In the three months ended 31 March 2023, Firmenich generated Revenue of CHF 1,234 million, an increase of 5.4% at constant currency1, driven by a strong contribution of pricing, partially offset by foreign exchange headwinds. This reflects an increase of +2.1% versus the same quarter of the prior year on a reported basis.
Firmenich generated an Adjusted EBITDA2 of CHF 242 million in the three months ended 31 March 2023, an increase of 14.4% at constant currency1. This reflects an increase of +2.2% versus the same quarter of the prior year on a reported basis.
Adjusted EBITDA margin for the three months ended 31 March 2023 was 19.6% of Revenue, despite a negative impact of approximately 170 basis points from foreign exchange headwinds in comparison to the same quarter of the prior year, showing a 160 basis points margin expansion over the 18.0% margin generated in the first half of financial year 2023.
Firmenich has continued to experience solid end-market demand over the third quarter of FY 2023 and has continued to implement price actions across its segments to recoup the impact of raw material costs and other inflationary pressures.
Year To Date Financial Year 2023 Performance
In the nine months ended 31 March 2023, Firmenich generated Revenue of CHF 3,674 million, an increase of 9.3% at constant currency1. This reflects an increase of +6.5% versus the same period of the prior year on a reported basis.
Firmenich generated an Adjusted EBITDA2 of CHF 682 million in the nine months ended 31 March 2023, an increase of 9.7% at constant currency1. This reflects a decrease of 2.2% versus the same period of the prior year on a reported basis.
Adjusted EBITDA margin for the nine months ended 31 March 2023 was 18.6% of Revenue, despite a negative impact of approximately 170 basis points from foreign exchange headwinds in comparison to the same period of the prior year.