SYMRISE AG DISCLAIMER: "Die folgenden Informationen enthalten geschützte und vertrauliche Informationen von Symrise und sind vertraulich zu behandeln. Sie dürfen von der Person, die Kenntnis hierüber erlangt, nicht verwendet werden, sofern Symrise dies nicht schriftlich genehmigt hat."
Symrise Fact Book 2020
Investor Relations - April 1st, 2021.
Symrise Fact Book Overview
-
Who is Symrise?-From Past to Present ...............................................................3
Divisions and Business Units .................................................................................11
3Investment Case ....................................................................................................19
Corporate Governance ..........................................................................................29
Employees ............................................................................................................40
Strategy .................................................................................................................45
7 -
Financials ..............................................................................................................70
Symrise Fact Book
1. Who is Symrise - From Past to Present
Our history since 1874
With roots into 1795
Symrise - Portfolio today
Application areas
We are a global supplier of fragrances, flavors, food and cosmetic ingredients.
Our clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food.
Symrise's Position
In the value chain
*HPC: Household and Personal Care.
**FMCG: Fast Moving Consumer Goods.
Our Industry
An attractive niche
Handling complexity for our clients: Managing ~10,000 raw materials for ~30,000 products. - Megatrends support organic growth: …health & wellness … middle class boom & urbanization … naturalness & sustainability … traceability … vegetarian/vegan/halal/kosher food … - High barriers to entry e.g. core list system and increasing regulatory pressure. | Industry tied to population growth and disposable income; little dependence on cyclical, economic trends. - High market concentration top 4 (Givaudan, IFF, Firmenich and Symrise) with ~49%. - Global footprint key to meet local tastes & preferences. - Sustainability & supply chain management increasingly important. - Tailor-made products with generally small volumes and decreasing product life cycles. - Short-term visibility requires flexibility, mobility and agility. |
'Sweet spot' in value chain: only a small fractio | n of product costs (1-5%), but a key buying criteria. |
Our Market
Structure and competition
*AFF: Aroma Molecules, Flavors and Fragrances.
Symrise worldwide
Manufacturing & development sites per division
What defines us?
Our Values, Goals, Responsibility
What is our mission? Developing customized fragrance and taste solutions, ingredients for natural nutrition as well as cosmetic active ingredients for perfume and body care, food and pet food.
Vision - What drives us forward? To make even the most everyday items a special experience for consumers. In this way we fulfill our promise of "always inspiring more…".
Strategy - What makes us successful? The clear focus on our strategic pillars, which translate the mission, vision and values into concrete goals - growth, efficiency and portfolio.
Sustainability - How do we implement it? Focusing our sustainable and profitable growth on four objectives within our levels of value creation.
Values - What do we stand for? Our values describe the attitude and team spirit we are committed to at Symrise. They explain the manner in which we want to achieve our goals.
*Goal until 2020: 19 - 22%.
**Increase in eco-efficiency of emissions by more than 60% by 2025. We want to be climate-positive starting in 2030.
Symrise Fact Book
2. Divisions and Business Units
Business overview Sales split by segment
*In % of Group sales (2020).
**Majority stake in the Swedish company Probi AB.
Flavor
Segment Overview
Key Characteristics
Over 3,400 employees supply the food and beverages industry with more than 13,000 products in 141 countries -
Sites in more than 40 countries all over the world -
The Flavor segment´s flavorings and ingredients are used in three business units and different categories
Products and Sourcing
Supplying taste directions and complete solutions, which, apart from the actual flavor, can contain additional functional ingredients or encapsulated components for taste protection -
Global presence and proximity to customers ensures up-to-date products -
Backward integrated value chain for vanilla, fruit and vegetable extracts and continuous cooperation with over 7,000 small scale farmers
Sales in €m
20201,225
20191,257
20181,191
20171,102
20161,016
EBITDA in €m
2020267
2019268
2016234
2018244
2017243
Flavor Business Unit
Soft drinks -
Juice-based drinks -
Tea & coffee products -
Spirits & fermented beverages including brewery products -
Technologies for resource-conserving flavor extraction and responsible sourcing of citrus flavors
Sweets & chocolates -
Chewing gum -
Baked goods & cereals -
Ice cream & milk products -
Products for the health care sector
"Culinary" category including:
Soups, sauces, readymade meals, instant noodles, meat products -
"Snack Food" category including:
Authentic and natural seasonings for snacks -
Solutions for products with plant-based proteins
Nutrition Segment Overview
Key Characteristics
Around 3,000 employees serve customers in 94 countries -
More than 40 sites in 25 countries -
Nutrition is a world leader in natural ingredient-based solutions for the agro-food sector and has activities in probiotics via Probi AB
Products and Sourcing
The product range includes natural, sensory product solutions such as taste, texture, color and functionality -
The fully integrated supply chain and the responsible partnerships with suppliers provides sustainable solutions. The customers benefit from clean label solutions and full transparency
Sales in €mEBITDA in €m
2020926 2020204
2019732 2019*155
2016576 2016134
2018639 2018132
2017631 2017139
*EBITDA adjusted for restructuring and integration expenses and restated for finalized ADF/IDF Purchase Price Allocation.
Nutrition Business Units
Products for improving taste and pets'
acceptance of foods, achieving food safety of pet food, and for animal health -
Innovative fragrance and care substances for pet care
Solutions for food and beverage manufacturers -
Baby food products -
Made from carefully selected, sustainable raw materials such as vegetables, fruit, meat and seafoodDevelopment and pro- duction of progressive natural and sustainable marine ingredients for aquacultures for improving nutrition and animal health in fish and shrimp farmsMeat-based ingredients for food and pet food like proteins, broth, bone broth, fat -
Leading provider of egg-based protein specialtiesDevelopment, production and marketing of probiotics for foods, beverages and nutritional supplements with health-promoting benefits -
Handled by our Swedish holding Probi AB
*Majority stake in the Swedish company Probi AB.
Scent & Care Segment Overview
Key Characteristics
2,974 employees market over 15,000 products in 130 countries -
Sites in more than 30 countries -
Divided into three global divisions: Fragrance, Cosmetic Ingredients and Aroma Molecules which consist of various Business Units
Long-term success and innovational leadership
More than 70 highly talented and respected perfumers of 15 different nationalities work in 11 creative centers around the world -
The Cosmetic Ingredients division is a recognized innovation leader that has received 35 innovation awards for new substances over the past ten years. During the same period, 113 patent applications were filed, 24 of them in 2020 alone
Sales in €mEBITDA in €m
2020 | 1,369 | 2020 | 272 |
2019 | 1,419 | 2019 | 278 |
2018 | 1,324 | 2018 | 254 |
2017 | 1,263 | 2017 | 248 |
2016 | 1,311 | 2016 | 258 |
Scent & Care Business Units
Fine Fragrance
Symrise is creating new, exciting fragrance experiences with a rich pipeline of its own fragrances.
-
Our creative centers are in Paris, New York,
Mexico City, Shanghai, Dubai, São Paulo, Barcelona, Singapore and Mumbai
Consumer Fragrance
The business unit Consumer Fragrances includes products for personal care and the household.
-
Symrise uses state-of-the-art technology to com-bine functionality and fragrance experience.
The business unit Oral Care covers a wide range of products from tooth-paste and mouthwashes to chewing gum.
-
Symrise offers the entire range of mint flavors and their intermediate pro-ducts.
Cosmetic Ingredients
The portfolio of the Cosmetic Ingredients division includes active ingredients, modern solutions for product preservation, pioneering protection against solar radiation and negative environmental influences, innovative ingredients for hair care, plant extracts, high-performance functionals and tailor-made cosmetic colors.
Aroma Molecules
Symrise manufactures nature-identical menthol, which is primarily used in manufacturing oral care products, chewing
gum and shower gels.
-
Fragrance Ingredients manufactures aroma chemicals which are used for our own production of perfume oils as well as marketed to companies.
Symrise Fact Book 3. Investment Case
Symrise in 2020
Key figures at a glance
€742m
EBITDA
€3.520bn
€212m
spent on R&D
sales
>6,000
global, regional and local clients
€14.7bn
market capitalization*
*As of December 31, 2020. **Excluding trainees and apprentices.
Investment Highlights
A high quality investment opportunity
1.
Attractive industry geared towards defensive end-consumer markets
3.
A strategy with focus on industry- leading growth
6. Backward integration serving trend towards naturals & traceability
Symrise Share At a glance
Share Price Development 2020 | Coverage | |||||
Broker | Analyst | Broker | Analyst | Broker | Analyst | |
AB Bernstein | Gunther Zechmann | Deutsche Bank | Virginie Boucher-Ferte | Liberum | Adam Collins | |
Baader Helvea | Andreas von Arx | DZ Bank | Thomas Maul | MainFirst | Isha Sharma | |
Barclays | Sebastian Satz | Exane BNP Paribas | Heidi Vesterinen | Morgan Stanley | Lisa de Neve | |
Berenberg Bank | James Targett | Goldman Sachs | Georgina Iwamoto | Nord LB | Thorsten Strauss | |
Bank of America | Matthew Yates | Independent Research | Sven Diermeier | Pareto | Knud Hinkel | |
Citigroup | Thomas Wrigglesworth | Jefferies | Ryan Tomkins | Redburn | Ranulf Orr | |
Commerzbank | Michael Schäfer | J.P. Morgan | Celine Pannuti | Société Générale | Thomas Swoboda | |
Credit Suisse | Charles Bentley | Kepler Cheuvreux | Patrick Roquas | UBS | Charles Eden | |
Davy | Katy Hutchinson | LBBW | Ulle Woerner | Warburg Research | Oliver Schwarz | |
Consensus | Share information | |||||
Our full consensus is available here:https://vara-services.com/symrise/ | ISIN / Symbol: DE000SYM9999 / SY1 Shares: 135,426,610 Trading platforms: Xetra, Frankfurt Free float: 89.76% as per Deutsche Börse* (bearer shares; one share = one vote) |
*As of January 2021; Deutsche Boerse considers Mr. Gerberding and Canada Pension Plan Investment Board as strategic investors.
Shareholder Structure
Dominated by long-term investors
Investors above 3% (February 2021- updated list on Corporate website; Source: Company / Deutsche Boerse) | ||
Rank Name % Rank Name % 1 Massachusetts Financial Services Company (MFS) 9.96% 5 Allianz Global Investors GmbH. 3.03% 2 3 4 BlackRock Inc. 5.95% Horst-Otto Gerberding* 5.24% 6 7 APG Asset Management N.V. 3.01% Harding Loevner LP 3.0003% Canada Pension Plan Investment Board* 5.003% | ||
Total Shareholder Composition (December 2020) | Institutional Shares by Geography (December 2020) | Institutional Shares by Investment Style (December 2020) |
7% 8% 5% 4% 76% Institutional Strategic Investors** Brokerages & Custody Retail Unidentified Source: Nasdaq | 7% 35% United States 15% 6%11% United Kingdom France Germany Canada Rest of Europe 11% 15% Rest of World Source: Nasdaq | 1% 16% 8% 17% 41% Growth Value Index GARP Hedge Fund 17% Other Source: Nasdaq |
*Deutsche Boerse considers Gerberding and Canada Pension Plan Investment Board as strategic investors. **Nasdaq considers Mr. Gerberding and Jahr as strategic investors.
Number of Shares Outstanding Since IPO in 2006
Comments on the number of shares in the years: 2006
2014
2019
• IPO at Frankfurt Stock Exchange on 11 December
• Initial Price: € 17.25
• Two capital increases to finance the Diana acquisition: 11.15 million shares at listing price of € 36.00 per share (cash capital increase)
0.489 million shares at listing price of € 40.08 per share (capital increase in kind)
• Capital increase for the acquisition of ADF/IDF: 5.61 million shares at listing price of € 71.25 per share
Share Price Development More than quintupled since IPO
Market Cap Development Following our strong track record
Financial track record and targets Past and future
Growth and margin track record since IPO Sales and EBITDA in €m 22.0% EBITDA 23% Margin corridor 21.3% 21.1% 21.0% 21.1% 20% 19.8% 20.0% 20.6% Sales EBITDA 19.5% 18.0% 1,572 1,584 1,735 2,903 2,602 2,120 1,830 2,966 3,408 3,154 3,520 1,229 1,275 1,320 1,362 243 2006* 272 2007 263 2008 246 2009 331 2010 316 2011 340 373 465 572 625 630 631 701 742 2012
2017
2020 EPS in € DPS 0.82 0.50 0.76 0.50 0.71 0.50 1.13 0.60 1.24 0.62 1.33 0.65 1.46 0.70 1.691 0.75 1.90 0.80 2.052 0.85 2.08 0.88 2.12 0.90
| Targets 2021 | Targets until 2025 |
Organic growth of 5 - 7% ---- EBITDA margin ~ 21% | Group growth CAGR 5 - 7% ---- EBITDA margin 20 - 23% |
*EBITDA adjusted for restructuring and integration expenses and additionally in 2019 restated for finalized ADF/IDF PPA.
** Proposal for the AGM 2021.
1Reported: EPS 1.48€.
2Reported: EPS 1.95€.
3Reported: EPS 1.16€.
Long-term growth objective 2025
Doubling sales
-
Efficient set up, global presence and strong portfolio support business performance in mid-term until 2022 as well as in long-term 2025
Organic growth
Incremental growth
Bolt-on-M&A
Symrise Fact Book
4. Corporate Governance
This chapter can also be found separately as our Corporate Governance presentation underhttps://www.symrise.com/investors/corporate-governance/#corporate-governance-presentation.
Corporate governance Dual management system
Two-tier system
CompetenciesExecutive Board
Appoints and monitors
Supervis | ory Board |
Employee Representatives*
Elects
Workforce
Form
Shareholder Representatives
Executive Board responsible for managing the company's business operations in the interest of the company with a view to create sustainable value for all stakeholders.
Supervisory Board advises and oversees the Executive Board. It is involved in strategy and planning as well as all other decisions of fundamental significance to the company.
Dual Management System
Elects
AGM
Dual board in accordance with German Corporate Law (Co-determination) and Corporate Governance Codex 2020. Both bodies cooperate closely and in a spirit of trust in managing and overseeing the company.
*In accordance with the German Co-determination Act, a supervisory board with six employee representatives must include four employee representatives of the company and two union representatives.
Executive Board Representatives
Dr. Heinz-Jürgen Bertram CEO & Interim President Scent & Care
(appointed until October 2022)
• Born 18/09/1958 in Landwehr
• Degree and PhD in Chemistry in 1987
• Joined Haarmann & Reimer in 1985
• Various management positions within the company
• Board member since 2006
Olaf Klinger
CFO
(appointed until January 2024)
• Born 09/05/1965 in Heide
• Awarded degree in business administration in 1992
• Various finance positions for other companies (e.g. Merck, AMEOS group)
• Joined Symrise in 2016 as CFO
Dr. Jean-Yves Parisot
President Flavor & Nutrition (appointed until September 2024)
• Born in 07/02/1964 in Lunéville, France
• Degree in veterinary medicine & MBA HEC Paris
• Various management positions (e.g. at Air Liquide, Danisco)
• Joined the Diana group in 2009 before becoming president of Nutrition at Symrise in 2016
Age limit for the executive board: No appointment after 65th birthday.
Read the Rules of Procedure for the Executive Boardhxexrxex.xxxx
Supervisory Board Representatives
Michael König * 03/09/1963 in Iserlohn CEO Elkem ASA Since 2020 (Chairman since 2020) | Ursula Buck * 24/10/1961 in Ulm Managing Director Top Management Consulting Since 2016 | Harald Feist * 05/11/1962 in Stadtoldendorf Chairman Works Council Since 2013 (Vice Chairman since 2018) | Andre Kirchhoff * 20/08/1965 in Stadtoldendorf Independent Member Works Council Since 2016 |
Horst-Otto Gerberding * 08/07/1952 in Goettingen Managing Partner Gottfried Friedrichs GmbH & Co. KG Since 2006 | Bernd Hirsch * 24/07/1970 in Ellwangen CFO COFRA Holding AG Since 2018 | Jeannette Härtling * 15/03/1982 in Schoenebeck IG BCE Trade Union Secretary for the North Region Since 2016 | Gerd Lösing * 09/08/1961 in Wesel VP Quality Control Global Since 2020 |
Prof. Dr. Andrea Pfeifer * 26/09/1957 in Munich CEO AC Immune S.A. Since 2011 | Peter Vanacker * 11/03/1966 in Wervik (Belgium) President & CEO Neste Corp. Since 2020 | Andrea Püttcher * 04/10/1977 in Holzminden Vice Chairperson Works Council Since 2018 | Peter Winkelmann * 17/10/1958 in Wuppertal Regional Head of the IG BCE district Alfeld Since 2006 |
The maximum term of office for a Supervisory Board member is five years and must end at the conclusion of the AGM following the member´s 70th birthday. The maximum limit for membership in the Supervisory Board is four terms of office. Read the Rules of Procedure for the Supervisory Boardhere.xx |
Employee representatives (next election 2021).
Shareholder representatives.
Supervisory Board Committees and its members
Personnel Committee | Auditing Committee | Arbitration Committee | Nominations Committee |
Responsible for matters pertaining to the Executive Board including the appointment of new members, success-ion planning and the development of the remuneration system. | Focuses on matters relating to the annual financial statements including monitoring of the accounting process, effectiveness of the internal control-ling and risk management system and independence of the auditor. | Makes a proposal in case no two-third majority is reached for the appointment or the cancellation of an appointment of Executive Board members. | Recommends suitable candidates to represent shareholders when new Supervisory Board elections are coming up. |
Members | Members | Members | Members |
|
|
|
|
Employee representatives.
Shareholder representatives.
Supervisory Board
Competence matrix shareholder representatives
Role | Competences | Diversity criteria | |||||||||||||
Ursula Buck | Yes | 2016 | | | | | | | | | | | 1961 | German | F |
Horst-Otto Gerberding | Yes | 2006 | | | | | | | | | | | 1952 | German | M |
Bernd Hirsch | Yes | 2018 | | | | | | | | | | | 1970 | German | M |
Michael König (Chairman) | Yes | 2020 | | | | | | | | | | | 1963 | German | M |
Prof. Dr. Andrea Pfeifer | Yes | 2011 | | | | | | | | | | | 1957 | Swiss + German | F |
Peter Vanacker | Yes | 2020 | | | | | | | | | | | 1966 | Belgian + German | M |
Independency
Initialelection
General management/ corp. governance
Food&flavor industryexpertise
Fragrance industry expertise
Financialexpert
Riskmanagement
International experience
Innovation / R&Dmanagement
Executive position
IT&ITsecurity expertise
ESGexpertise
Yearofbirth
Nationality
Gender
In accordance with C.I.C.1 of the German Corporate Governance Code 2020. F= Female, M= Male.
= Expert, = Competent, = Familiar.
AGM 2021: Supervisory Board elections Six experienced candidates for re-election
Michael König (*1963)
Graduate Engineer in Chemical
Process Engineering, Univ. Dortmund
CEO Elkem ASA
Expert in Chemistry, ESG and broad international expertise in Asia, especially China
Bernd Hirsch (*1970)
Degree in Business Economics, University of Würzburg
CFO COFRA Holding AG
Expert in Finance (profound knowledge of internal company processes) and IT
Ursula Buck (*1961)
Degree in Business Economics, University of Augsburg
Managing Director of BuckConsult
Expert in Fragrances, fast-moving consumer goods industry, brands and brand communication
Prof. Dr. Andrea Pfeifer (*1957)
PhD in Toxicology, Univ. Würzburg; habilitation University of Lausanne
CEO AC Immune S.A.
Expert in Life Science and Bio-Technology, especially Nutrition and consumer health
Horst-Otto Gerberding (*1952)
Degree in Business Administration,
Western Washington University, USA
Owner and Chairman of Gottfried Friedrichs GmbH & Co. KG
Expert in the F&F industry with profound inside knowledge of Symrise
Peter Vanacker (*1966)
MSc. Chemical Engineering,
University of Gent
President & CEO Neste Corp.
Expert in green chemistry, ESG, lean processing, cyber security, and broad international expertise esp. Americas
Read the candidates' full CVshehreer.e.
For more information on governance topics, read our Corporate Governance Presentationhehrere..
AGM 2021: No Overboarding of the Chairman Michael König will focus exclusively on Elkem and Symrise
"[...] Zurich, December 9, 2020 - The Board of Directors of Conzzeta AG has
taken note that Michael König will not be available for re-election at the forthcoming annual general meeting on April 21, 2021. In summer 2020, Michael
König was elected as Chairman to the Supervisory Board of a company listed at the
Deutsche Börse. The resulting obligations require Michael König to focus and to reduce the number of his current mandates. [...]"
The original media release by Conzzeta AG can be found
or on the
Conzzeta website under
https://conzzeta.com/en/media-center/news-releases/137/2020/wechsel-im-verwaltungsrat-der-conzzeta-ag-mkoenig.
here
Remuneration system until AGM 2021 at a glance
• Revolving variable cash remuneration based on total shareholder return performance over a three-year period
• Performance is measured against an index of selected listed F&F firms and suppliers in the food and cosmetics industry
•
Threshold: 25% than peer group for the incentive plans 2019-2021, 2020-2022 and 2021-2023 Cap: 200%
• Annual cash bonus based on the achievement of financial absolute goals (i.e. sales, EBITDA, EPS), financial margin goals (i.e. EBITDA margin, BFCF) and qualitative goals Thresholds: 85% of total STI (85% of absolute goals; 96% of margin goals; 50% of qualitative goals) Cap: 150% of agreed annual bonus (150% for absolute goals; 105% for margin goals; 100% for qualitative goals)
• Base salary paid out in equal monthly payments
• Supplementary payments include non-monetary benefits e.g. use of company car, payments for insurance
New remuneration system will be voted on during AGM 2021.
Remuneration system proposed at AGM 2021 at a glance
• Revolving variable cash remuneration based on total shareholder return performance over a three-year period
• Performance is measured against an index of selected listed F&F firms and suppliers in the food and cosmetics industry
•
Threshold: 25% than peer group for the incentive plans 2019-2021, 2020-2022 and 2021-2023 Cap: 200%
• Annual cash bonus based on the achievement of financial absolute goals (i.e. sales, EBITDA, EPS), financial margin goals (i.e. EBITDA margin, BFCF) and qualitative goals Thresholds: 85% of total STI (85% of absolute goals; 96% of margin goals; 50% of qualitative goals) Cap: 150% of agreed annual bonus (150% for absolute goals; 105% for margin goals; 100% for qualitative goals)
• Base salary paid out in equal monthly payments
• Supplementary payments include non-monetary benefits e.g. use of company car, payments for insurance
As a result of the Act Implementing the Second
Shareholders'
Rights Directive (ARUG II), the AGM will resolve on the approval of the remuneration system for the Executive Board members whenever there is a significant change to the compensation system, but at least every four years.
Last 'Say on Pay'
approval at AGM 2015.
New Executive Board employment contracts are subject to a malus and clawback provision, as established by resolution of the Supervisory Board in the 2020 fiscal year.
Authorized and Conditional Capital Authorization to issue up to 40.56m shares
Authorized Capital | with subscription rights | contribution in cash and/or in kind | up to EUR 25.000.000 i.e. 25m shares up to 10% of share capital | Thereof available as of Dec 31, 2020 EUR 25,000,000, i.e. 25m shares until May 21, 2024 |
without subscription rights | contribution in cash and/or in kind | |||
Conditional Capital | up to EUR 4,354,476, i.e. ~4.35m shares (convertible bond issued 2017, conversion period ends on June, 12 2024 ) and up to EUR 15,560,000, i.e. 15.56m shares (conditional capital 2019) | EUR 15,560,000, i.e. 15.56m shares until May 21, 2024 |
Symrise Fact Book 5. Employees
Employees
Structure and turnover rate
Employees Structure
Employees by segment 2020 | Age structure 2020 | Employees by function 2020 |
134 Trainees & Apprentices 1,056 Corporate 3,044 Nutrition 3,457 Flavor 2,974 Scent & Care | 5% 60 or older 16% under 30 22% 50-59 30% 30-39 27% 40-49 | 882 451 Corporate Service Companies 1,816 R & D 2,414 Sales & Marketing 4,968 Production & Technology |
Employees
Diversity, safety and remuneration
Diversity
Key figures
Wage agreements (in T€):
2019
2020
Proportion of women in the total workforce
Proportion of women in management positions
Nationalities
39 % 42 % >60
39 % 44 % >60
Applied to about 60% of our workforce worldwide. For the remainder we use a globally standardized job grade concept.
2020
2019
Change
Safe working conditions
Wages & salaries
Continuously improving the safety of our employees:
Social security expenses
597,885 126,815
562,607 +35,278
119,473 +7,342
2019
2020
Goal 2025
Pension expenses (without interest expenses)
Other personnel expensesMAQ*
4.3
3.0
<1.5
Total personnel expenses
20,314 10,467 755,481
16,117 +4,197
7,928 +2,539
706,125 +49,356
*MAQ = work accidents (>1 lost day) x 1 million / working hours.
Employees
HR Strategy - based on four pillars
Remuneration Base pay, variable remuneration, Long-term incentives Commu and decis Mana | Work environment nication on-making ement Working conditions, quality of work, team orientation, flexibility |
empow Company benefits Internal cred Occupational health and safety, vacation, company pension plan | erment external bility Career development opportunities Skills acquisition, talent management, career feedback, mentoring programs, training programs, periods working abroad |
Symrise Fact Book 6. Strategy
Strategy Overview
Proven Three Pillar Approach since 2009
Vision
Growth
| Efficiency · Specific efficiency programs · Optimizing raw material portfolio | Portfolio · Expand competencies outside the traditional flavor and fragrance industry · Acquisitions |
Sustainability
Values
Our Ambition Strategic goals
Strategy Overview Growth
Vision
Growth
| Efficiency · Specific efficiency programs · Optimizing raw material portfolio | Portfolio · Expand competencies outside the traditional flavor and fragrance industry · Acquisitions |
Sustainability
Values
Pillar Growth
Exploiting full potential of customers and markets*
Symrise's 12 largest customers Distribution by division / BU | Sales distribution by Segment | Sales distribution by Region |
Cust. FlavorDiana FoodDiana Pet FoodFragranceOral CareCosmetic IngredientsAroma Molecules 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.
| 26% Nutrition 35% Flavor 39% Scent & Care | 11% LATAM 21% APAC 28% NA 40% EAME |
Sales distribution by Customer Type | Innovation - enabler for growth R&D expenses by segments / total spend €212m | |
33% 34% Regional Customers Global Key Accounts 33% LocalCustomers | 15% Nutrition 36% Flavor 49% Scent & Care |
*All data for fiscal year 2020.
Growth in emerging markets Historically strong presence
Selected emerging markets Symrise presence since
North America
€973m*
Asia/PacificEAME
€1,392m*
€750m*
Latin America
€406m*
Mexico | Brazil | Indonesia | China | Argentina | Thailand | India | Colombia | Madagascar | Vietnam | Nigeria | Iran |
1943 | 1956 | 1977 | 1982 | 1985 | 1986 | 1994 | 1999 | 2006 | 2007 | 2014 | 2016 |
*Figures for FY 2020.
Investments and growth initiatives Capacity expansion and climate protection
Targeted innovations
Our R&D organization and efforts
R&D by Segment 2020
• Holzminden (Germany)
• Teterboro (USA)
• Singapore
61
15%
49%
11
• Shanghai (China)
Nutrition
Scent & Care
• Tokyo (Japan)
new patents in 2020
R&D centers
• Chennai (India)
• Paris (France)
36%
• Antananarivo (Madagascar)
Flavor
• 2 in São Paulo (Brazil)
15.4%
• Cuautitlan (Mexico)R&D expenditure in € m (and % of sales)Guidance ~6% of group sales
of sales from new product developments, relative to market launch in the past three years
2020
212 (6.0%)
2019
213 (6.3%)
2018
200 (6.4%)
1,816
2017
196 (6.6%)
R&D employees
2016
186 (6.4%)
Innovations
Innovative Products, Processes & Technologies
Protein Center of Excellence - road to meat-free alternatives
Read more
Using special technological equipment, Symrise develops individual solutions and perfectly configures the texture, appearance, juiciness, mouthfeel and taste for a variety of alternative protein-based products, thus creating winning taste profiles while keeping the indulgence factor for consumers.
Philyra - artificial intelligence system developed in collaboration with IBM
Read more
Philyra creates scents based on complex algorithms, which Symrise perfumers finally perfect. It promotes creativity by developing new raw material combinations for individual user preferences. Philyra currently works on alcoholic fragrances, yet can be extended to other scented product categories, e.g. skincare or detergents.
SymTrap® Technology - green method for capturing aromas & tastes
Read more
The patented SymTrap® technology extracts and concentrates flavoring substances from side stream. It only requires minimal processing and low amounts of energy, whilst the end products are given a more natural and authentic taste. Recently, SymTrap® has been used to develop fragrances from upcycling food byproducts.
Neo Heliopan® Flat - new ingredient simplifying sunscreen products
Combining UVA and UVB filters, Neo Heliopan® Flat offers broad spectrum protection from ultraviolet radiation and makes the use additional UV filters unnecessary for cosmetic manufacturers. As it is suitable for cold production processes, manufacturers can save the energy for heating and thus contribute to climate protection.
Read more
HOGO - simplifying formulation work for cosmetic manufacturers
Read more
HOGO is a cosmetic product protection online platform, where users can easily search for ingredients, efficacy data, a wide range of potential combinations and dosages. The platform finds solutions that fulfill global regulatory requirements, aiding formulators to develop the best product protection system for modern cosmetics.
Cutech - acquisition in the field of Biotech
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Symrise acquired the biotech company Cutech in 2019, which offers considerable know-how in the prediction of the effectiveness and pre-clinical screening services for cosmetic ingredients and finished formulations. Thus, Cutech expands the expertise of Symrise in efficacy testing and increases the go-to-market speed for novel active ingredients.
Strategy Overview Efficiency
Vision
Growth
| Efficiency · Specific efficiency programs · Optimizing raw material portfolio | Portfolio · Expand competencies outside the traditional flavor and fragrance industry · Acquisitions |
Sustainability
Values
Pillar Efficiency
Focus on processes and raw material access
Cost of Raw Materials Cross-divisional purchasing projects Formula Efficiency Simplify formulas, reduce the number of raw materials Sampling Reduce number of samples without success control Pricing External services, such as small quantities with surcharges Working Capital Improve inventories and payment targets |
Green Chemistry Plant extracts Proteins Microbiome modulation SySmymrirsiseapapplpicliacattiion araeraeass At present, four raw material platforms are essential for Symrise PF |
2leversareimportant
Backward integration
Serving the trend towards naturals & traceability
1. Strategic acquisitions to movecloser to the origin of the raw materials we process. 4. Social engagement to improve the living conditions in regions like Brazil and Madagascar by investing in local infrastructure, education and social benefits such as health insurance. 2. Partnerships e.g. onion field studies in cooperation with the Holzminden Onion Ring 3. Long-termcontracts and sustainability partnerships with commitment to purchase e.g.for d/l-menthol or bergamot. | Industry-leading backward integration - Naturals and synthetics, e.g. Vanilla, Onion, Citrus and Menthol - No. 1 supplier of fragrance raw materials* - Sustainable partnership with farmers worldwide - Serving the trend towards naturals & traceability - Securing access to key raw materials |
Achieved 100% traceability of strategic raw materials | |
*E.g. > 80% of oral care compounds are homemade (Menthol, Anethol, Carvone and Cooling compounds).
Strategy Overview Portfolio
Vision
Growth
| Efficiency · Specific efficiency programs · Optimizing raw material portfolio | Portfolio · Expand competencies outside the traditional flavor and fragrance industry · Acquisitions |
Sustainability
Values
Pillar Portfolio
Innovation through networking of competencies
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We have successfully expanded our competencies over the past five years
We generate one third of our sales outside the traditional F&F businessWe have leading positions in various fields of application
Our focus is on leveraging growth opportunities
Focus on sustainable technologies as an enabler for innovation
M&A
Portfolio changes at a glance
Strategy Overview Sustainability
Vision
Growth
| Efficiency · Specific efficiency programs · Optimizing raw material portfolio | Portfolio · Expand competencies outside the traditional flavor and fragrance industry · Acquisitions |
Sustainability
Values
Our Sustainability Organization
Business and sustainability are inextricably linked
Direct responsibility for strategy lies with the Chief Executive Officer, who receives regular reports on the progress of all sustainability activities.
The Chief Sustainability Officer reports directly to him.
The position of Chief Sustainability Officer (CSO) was created in 2016. The
CSO's role includes the internal coordination, the innovation-related orientation of sustainability objectives, the implementation of the strategy across all divisions and business units, as well as the external communication.
The Sustainability Board is a global, cross-business team, which defines common goals and ensures the development and implementation of sustainability issues across the entire value chain.
Sustainability officers are appointed for the Flavor, Nutrition and Scent & Care business segments, as well as one representative each for the departments of HR, Finance/Investor Relations, Corporate Communications and Corporate Sustainability.
The sustainability organization is further strengthened by our more than 120 Sustainability Ambassadors worldwide, as well as our more than 10,000 employees globally.
Improve environmental footprint
Climate-positive by 2030
Our path
Increase in eco-efficiency of greenhouse gas emissions by 2025 by 63 % compared to 2016 -
Increase the efficiency of chemical oxygen demand in waste-water by 4 % annually by 2025
Greenhouse gas emissions (Scope 1+2) in tons/€ million of added value
"We will increase the eco-efficiency of greenhouse gas emissions by 2025 by 63% compared to 2016."
Increase the efficiency of sensitive waste by 4 % annually by 2025 -
Increase the efficiency of water consumption at all production sites in arid regions by 15 % (2018 - 2025)
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2030
Climate-positive
Make sourcing of all strategic biological raw materials sustainable by 2025 - 100 % sustainable packaging materials by 2025 -
Recycle 95 % of suitable plastics by 2025 to the extent allowed by local capacities -
Expand the production of biodegradable products based on green chemistry and raw materials from sustainable sources -
Support high-quality, certified climate protection projects over the world
Sustainability at Symrise Memberships and signatories
Membership / Signatory | Goal |
UN Global Compact | Holistic approach for sustainable business along the value chain |
Un Global Compact - Women Empowerment Principles | Promoting gender equality on all management levels in the company |
Business and Biodiversity Pledge | Sustainable use of raw materials and biodiversity |
Sustainable Spice Initiative | Sustainable production and trade of spices |
Union for Ethical Biotrade | Securing ethical and sustainable trade and biodiversity |
WBCSD | Food & Nature Program, Projects FReSH and Nature Action |
Sustainable Vanilla Initiative | Sustainable vanilla production and supporting local farmers |
RE 100 | Commitment to obtain 100 % of the energy from renewables |
Biodiversity in Good Company | Secure Biodiversity in the Amazonas and Madagascar region |
Sedex & SMETA Audits | Supply chain transparency to secure natural sourcing |
Roundtable on Sustainable Palm Oil | Sustainable sourcing of palm-oil and palm-oil derivatives |
Rainforest Alliance | Certification for sustainable agriculture |
EcoVadis | Assessing sustainability performance within the supply chain |
Partnerships | Goal |
GIZ | Aiding farmers in the Amazon region to avoid harming the forest |
OP2B | Securing biological diversity and farming |
Safe the Children | Helping local communities with health care and working conditions |
Sustainability at Symrise Our ratings
ESG Ratings | ||||||
Symrise is rated A by MSCI. MSCI is an internatio-nally leading sustain-ability rating agency and provider of highly respected sustain-ability share indices. | Symrise is considered an outperformer in the industry - in terms of our sustainability performance, these analysts rank us 20th among 133 companies. | Symrise continues to hold the coveted prime status. ISS is the world´s leading provider of corporate governance and responsible in-vestment solutions for asset managers, hedge funds, and asset ser-vice providers. | Symrise is rated A in all three categories water, climate protection & forest protection, ranking among the top ten companies in the world, and is also included in the Supplier Engage-ment Leaderboard. CDP asks large cor-porations to measure and report the impact climate change has on their business and their carbon emissions. | Symrise is in the top 2% of companies rated by EcoVadis. For the seventh time in a row, the rating agency awarded Symrise its coveted Gold status for proven sustainability. | Symrise has been part of the Ethibel Su-stainability Index (ESI) Excellence Europe for over eight years now. It serves as a compass for institu-tional investors who place value on sustain-able investments. | Symrise received the highest possible rating of "A" in most categories. The index includes the securities of companies that achieve outstan-ding results in the ESG areas. |
Materiality Analysis
Adding value for Symrise & for society
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To fully understand what matters most for our stake-holders we conducted a materiality study in 2019.
The matrix was derived from the results of over 1,500 completed online questionnaires and almost 30 qualitative expert interviews.
Based on our materiality survey, the upper right corner displays the topics where Symrise can create high value for the business itself and society as well.
Impact for Symrise
*Sustainable partnerships, good corporate governance and compliance form the basis of all our key issues, Symrise's business and all our activities.
Materiality Analysis - put into action
Responsible Sourcing
Supply Chain Governance Responsible sourcing and supplier risk assessment Responsible Sourcing was identified in our materiality matrix as a high priority topic for our stakeholders.
| Backward integration in natural raw materials with strong focus on biodiversity and social support for local communities* Cranberries Organic Banana Nantucket Island Lavender& Ecuador Oils & Butters Amazon Hemp & Onion Germany BeetrootSustainable FranceCitrus Calabria & Sicily Clove & PatchouliSulawesi Vanilla Madagascar Citrus South Africa |
*Symrise collaborates in the UN Global Compact's 'Bridging the Gap' program, enabling learning partnerships between suppliers and customers and thus creating a direct connection throughout the entire value network.
Materiality Analysis - put into action Animal Welfare
Symrise reduces the use of animals for testing to the absolute minimum of legally required tests for which no alternative methods are available. Symrise is committed to deploying (non-animal) alternative testing methods whenever possible, with the ultimate goal of eliminating the use of animal testing completely*.
Symrise implemented a detailed Global Animal Testing Policy already in 2009, aiming to deploy (non-animal) alternative testing methods whenever possible. Our ultimate goal is to eliminate the use of animal testing altogether. The policy can be found amongst our sustainability policies on our website.
Click here
In 2012 Symrise joined the private-public European Partnership for Alternative Approaches to Animal Testing (EPAA) in order to better support and aid the development and uptake of validated alter-natives to animal testing.
Symrise is a collaborative member of the Animal Free Safety Assessment (AFSA), an initiative with Humane Society International and several multinational customers such as Unilever, P&G,
L'Oréal and Avon. AFSA brings together corporate and non-profit leaders who share the goal of accelerating a modern, species-relevant approach to safety assessment globally to better protect people and the planet, and hasten the replacement of animal testing. It pursues two goals. First, it aims to expand a new generation of risk. Assessment to ensure the safety of ingredients and products without animal testing. The second goal is to reform regulation to avoid the increase in animal testing caused by regulatory agencies.
Animal testing in probiotics: Since the bacterial flora is different in animals compared to humans, Probi does only perform pre-clinical in vivo studies when required by regulatory authorities. Probi's approach is to conduct clinical studies in order to investi-gate their strains' positive effects. Probi's studies are per-formed in accordance with ethical principles, which stem from the Declaration of Helsinki and are consistent with International Conference on Harmonization (ICH)/Good Clinical Practice (GCP), EU Clinical Trials Directive and applicable local regulatory requirements.
*For some of its activities, Symrise may conduct sensory evaluations in order to assess the appreciation of a product and the preferences of final consumers, which may be animals. The purpose is to prove fragrance acceptance and solutions' attractiveness for pet food, pet care, aiming at developing sustainable safe products for animals.
ESG Goals
Track record and targets for 2025
Goals for 2025
• We achieved our goal for 2020 of reducing greenhouse gas emissions by 33% compared with 2010 ahead of schedule. Now we want to increase the eco-efficacy of emissions by more than 60% compared to 2010 by 2025.
• Increase the efficiency of the chemical oxygen demand in wastewater by 4% annually by 2025 or by a total of 60% compared to the base year 2010.
Notes
• We aim to be climate-positive by 2019 (see also page 28 et seq.), primarily by increasing energy and process efficiency at our production sites and by supporting high-quality and certified climate protection projects.
• We are increasing the yield of our products by changing our processes to sustainable methods.
• We will use exclusively sustainable packaging materials by 2025 and recycle over 95% of the plastic we use wherever possible.
• 100% of electricity from renewable sources
• Global external electricity demand demonstrably obtained from renewable sources.
• We continually reduce our water consumption by using water-saving technology and raising awareness in our company of the importance of using less.
• Not applicable as 2025 goal since it was met in 2020
1All figures relative to the value added.
ESG Goals
Track record and targets for 2025
Dimensions Our 2020 track record Notes | Goals for 2025 Notes |
INNOVATION
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CARE
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2Relative to market launch in the past three years
3MAQ = work accidents (> 1 lost day) x 1 million/working hours.
Symrise Fact Book 7. Financials
Group 2020
Organic growth of 2.7 % despite pandemic and cyber attack
Sales development In €m | Comments |
5.1% - 151.9 2.7% 90.9 3.3% 173.6 .-4.5% (10 months) 3,407.9 3,520.5 FY 2019 Organic growthPortfolio 1 FX FY 2020 | Organic growth of 2.7 % as a result of positive and negative deviations caused by corona related changes in customer demand (while the market grew only 1 % according to IAL) and despite cyber attack in Q4 - Total sales contribution from ADF/IDF with sales of € 209 m - Negative currency effect of € 152 m driven by almost all currencies, mainly from high inflation of BRL and ARS as well as USD and MXN |
1Acquisitions.
Group 2020
High Profitability - EBITDA increase of 5.8 %
In €m | 20191 | 2019 normalized1,2 | 2020 | Var. % | Comments |
Sales | 3,408 | 3,408 | 3,520 | 3.3 | Gross profit increase of 2.2 % below sales growth of 3.3 % due mainly to higher manufacturing cost quota at ADF/IDF. But RMC - 1.3%ppt below 2019 - EBITDA increase of 5.8 % supported by ADF/IDF and due to corona related lower travel and R&D costs reaching a margin of 21.1% - Higher depreciation and amortization driven by last years' investments and acquisitions - EBIT increase of +3.4 % |
Gross profit | 1,361 | 1,361 | 1,390 | 2.2 | |
Gross margin % | 39.9 | 39.9 | 39.5 | ||
EBITDA | 685 | 701 | 742 | 5.8 | |
EBITDA margin % | 20.1 | 20.6 | 21.1 | ||
Depreciation | 124 | 124 | 137 | 10.3 | |
Amortization | 106 | 106 | 118 | 11.4 | |
EBIT | 455 | 472 | 488 | 3.4 | |
EBIT margin % | 13.4 | 13.8 | 13.8 |
investments and acquisitions
1FY 2019 restated for finalized ADF/IDF Purchase Price Allocation.
2Adjusted for transaction and integration costs related to business combinations.
Scent & Care 2020
Slight sales growth on stable margin level
Sales development
In €m
Short P&L
In €m
Comments
Corona related changes in consumer behavior. Fragrance with single digit growth due to strong Consumer Fragrances and Oral Care, Cosmetic Ingredients and Aroma Molecules slightly below previous year, suffering from lower demand for UV-filters and fragrance ingredients.
Additional burden from the cyber attack in Q4 -
Margin reached 19.8 % (19.6 % in 2019)
Flavor 2020
High profitability despite lower growth
Sales development
In €m
Short P&L
In €m
209 16.7 %
EBIT
EBIT margin
21.8 %
207 -1.0
16.9 %
Comments
Organic growth of 0.7 % as a result of the cyber attack and of the change in consumer behavior in the Corona crisis. Decrease in out of home consumption mainly in beverages and sweets. Higher demand for savory applications -
Margin increase to 21.8 % (21.4 % in 2019) related to stable raw material costs
Nutrition 2020
Growth driver Pet Food
Sales development
In €m
Short P&L
In €m
EBITDA
EBITDA margin
EBIT
EBIT margin
20191
2019 normalized1,2
2020
Var. %
139 18.9 %
155 21.2 %
204 31.4
22.0 %
43 5.8 %
59 8.1 %
87 48.4
9.4 %
Comments
Pet Food with strongest growth in all regions while Food suffered from lower out of home consumption in the pandemic -
ADF/IDF above expectations with 209 m€ sales -
Profitability on a very healthy level of 22.0 % (21.2 % in 2019)
1FY 2019 restated for finalized ADF/IDF Purchase Price Allocation.
2Adjusted for transaction and integration costs related to business combinations.
Business overview Sales split by regions
The activity of the Group is organized into four regions. Our 2020 sales of €3,520 million are distributed across the regions as follows: | Sales by region 2020 |
North America €973m +2.1%* Latin America €406m +21.9%* EAME €1,392m-1.5%* Asia/Pacific€750m+0.7%* | 21% APAC 28% NA 40% EAME 11% LATAM |
*Organic sales growth in 2020.
EPS
New record level of € 2.27
In €m | 20191 | 20191,2 normalized | 2020 | Var. % | Comments |
EBIT | 455 | 472 | 488 | 3.4 | While the Financial result 2019 normalized included a positive USD hedge effect of € 10 m for ADF/IDF, the financial result 2020 included interest payments to tax authorities and the early refinancing of expiring USPP and promissory note tranches - Income tax rate decreased to 25.6 % (27.1 %) primarily due to lower tax rates and a regional perspective changed earnings contribution, mainly from ADF/IDF - EPS on new record level of € 2.27 - Dividend of € 0.97 per share to be proposed at AGM on 5 May 2021 |
Financial result | -46 | -56 | -64 | 14.8 | |
EBT | 410 | 416 | 424 | 1.8 | |
Income tax | -112 | -113 (27.1 %) | -109 (25.6 %) | -3.8 | |
Net income3 | 291 | 296 | 307 | 3.6 | |
EPS3 in € | 2.16 | 2.20 | 2.27 | 3.0 |
0.97 per share to be proposed at AGM on
1FY 2019 restated for finalized ADF/IDF Purchase Price Allocation. 3Attributable to shareholders of Symrise AG.
2Adjusted for transaction and integration costs related to business combinations.
Business Free Cash Flow (BFCF)
Stronger than expected and supported by cyber attack
BFCF as % of Sales
16.0%
2016
2017
2018
2019
2020
Definition of BFCF:
EBITDA
minus CAPEX for fixed assets & intangibles minus Payments for lease obligations plus/minus Change in Working Capital (inventory, payables, receivables)
= Business Free Cash Flow
BFCF increased by 18 % to € 564 m = 16.0 % of sales
Strong EBITDA growth
CAPEX 4.5 % of sales (€ 159 m) after 5.3 % (€ 182 m) in 2019
Reduction of Working Capital due to negative FX impact on inventory and receivables
Ambition 2021
BFCF >14 % of sales
Balance sheet
Solid financial position with equity ratio of 39.8 %
Assets In €m | Equity and Liabilities In €m | Comments |
5,953 5,940 Cash & equiv. Trade receivables Inventories 446 648 892 725 601 863 Intangibles 3,633 3,399 & PPE Other 334 352 FY 2019 FY 2020 | 5,953332 5,940334 Trade payables 1,966 1,973 Borrowings 605 425 168 681436154 Pensions Other Deferred tax liabilities 2,457 2,362 Equity FY 2019 FY 2020 | Increase in cash and cash equivalents (+ 279 m) mainly due to strong cash flow as well as additional liquidity reserves - Decrease in Intangibles & PPE mostly driven by higher depreciation and amortization on ADF/IDF and strong FX-translation effects - Pension provisions increased by €76m reflecting a further reduction in German interest rates from 1.2 % to 0.7 % - Slight decrease in Equity by €95m partly due to negative FX-translation effects |
Net debt development
Returning to long-term target range after acquisitions
Status Quo
· Net debt of € 1,348 m (€ 1.617 m in 2019) reflects 1.8 x EBITDA
· Net debt including pension provisions and leasing obligation of € 2,029 m reflects 2.7 x EBITDA
Ambition
· Long-term target of 2.0 to 2.5 x EBITDA (incl. pensions provisions)
· Unchanged since IPO
· Top priority: Remain an investment grade profile
Dividend
Sustainable dividend growth since IPO
Dividend policy: k Our dividend policy is based on Symrise AG´s unappropriated net profit under commercial laws and aims to give our shareholders an appropriate share in the company´s success. Ambition: 30% - 50% of net income. | Dividend per share In €-cents 50 50 50 60 62 65 70 75 80 85 88 90 95 971 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 |
2007 2008 2009 2010 2011 2012 2013 20142 2015 20163 2017 2018 20194 2020 | |
EPS | 0.82 0.76 0.71 1.13 1.24 1.33 1.46 1.69* 1.90 2.05* 2.08 2.12 2.20* 2.27 |
DPS | 0.50 0.50 0.50 0.60 0.62 0.65 0.70 0.75 0.80 0.85 0.88 0.90 0.95 0.971 |
Share price at year-end | 19.28 9.98 14.98 20.53 20.62 27.12 33.5 50.13 61.33 57.83 71.62 65.06 93.80 108.40 |
Dividend yield | 2.6% 5.0% 3.3% 2.9% 3.0% 2.4% 2.1% 1.5% 1.3% 1.5% 1.2% 1.4% 1.0% 0.9% |
Payout ratio | 61.0% 65.8% 70.4% 53.1% 50.0% 48.9% 48.0% 44.4%* 42.1% 41.5%* 42.3% 42.5% 43.2%* 42.7% |
1Proposed at AGM 2021.
4Reported: EPS 2.16€ // Payout ratio 44.0%.
2Reported: EPS 1.48€ // Payout ratio 50.7%. *Normalized for M&A costs.
3Reported: EPS 1.95€ // Payout ratio 43.6%.
CapEx Symrise Group 2006 - 2020
One of the highest CapEx ratios in the industry
*Largest investment projects for new F&F site in China and capacity expansion in Charleston, USA.
Balanced maturity profile
With diversified financing instruments
Maturity Profile In €m 300
500 500 400 154 16 77.5 80 2021 2022 2023 2024 2025 2026 2027 2028 2029 | Bilateral back-up lines, undrawn € 250m | Revolving line of credit 2015 € 300m - 6y |
Eurobond 2019 € 500m - 6.5y - Coupon 1.25% | Promissory note loan 2015 € 500m - 5, 7, 10y | |
Eurobond 2020 € 500m - 7y - Coupon 1.375% | Promissory note loan 2019 € 250m - 5, 7, 10y | |
Convertible bond 2017 € 400m - 7y - Conversion rate € 91.8595 at emission Coupon 0.2375% |
Amortization from business combinations* Major effects are fading out
Diana in €mOther M&A
2003 MergerADF/IDF
100
80
60
40
20
0 2020
16 1 16 1 13 1 56 5 | 6 1 6 2 1 1 6 5 | 6 5 1 1 1 4 | 6 1 6 4 | 6 1 5 4 | 6 1 5 2 | 6 1 6 | 6 1 | 6 1 0 1 | 5 1 | 5 1 | 5 1 | 5 1 | 5 1 | 4 1 | 2 1 | 2 1 | 2 1 | 2 1 | 0 1 3 |
2025
Main drivers
Merger of Haarmann & Reimer and Dragoco in 2003: Recipes
Acquisition of Diana in 2014: Brands, customer base and recipes
Acquisition of ADF/IDF in 2019: Customer base, supplier relationships, trademarks
2021
2022
2023
2024
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Status
Further EPS support expected over time
*Only M&A-related amortization (without software or internally generated intangible assets).
Symrise Reporting Universe
More information on the topics you are most interested in
Corporate Report
About our company - facts, reports and insights
Separate Financial Statements
Management Report and Annual Financial State-ments of Symrise AG according to HGB (German Commercial Code) standards
Condensed Financial Report
Economic situation of and outlook for our company - the most important information
Financial Report
Group management report, consolidated financial statements (IFRS) and corporate governance
Sustainability Record
Sustainability reporting including separate non-financial report in accordance with Section 289b of the German Commercial Code (HGB)
Symrise AG
Financial calendar & contact
Financial Calendar 2021 March 9, 2021 FY 2020 results -- April 28, 2021 Q1 2021 trading statement -- May 5, 2021 Annual General Meeting -- August 5, 2021 H1 2021 results -- October 26, 2021 Q3 2021 trading statement | Contact Symrise AG Mühlenfeldstraße 1 37603 Holzminden, Germany -- Tobias Erfurthtobias.erfurth@symrise.com -- Nora Puhalanora.puhala@symrise.com -- Claas Brenneckeclaas.brennecke@symrise.com |
This document contains forward-looking statements, which are based on the current estimates and assumptions by the corporate management of Symrise AG. Future performance and the results actually achieved by Symrise AG and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside Symrise's control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. Symrise neither plans nor undertakes to update any forward-looking statements. |
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Symrise AG published this content on 30 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2021 12:52:03 UTC.
