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Strong Roots, New Paths FINANCIAL REPORT 2019 Five-Year Financial Overview

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Strong Roots, New Paths FINANCIAL REPORT 2019 Five-Year Financial Overview SHARING VALUES Strong roots, new paths FINANCIAL REPORT 2019 Five-year Financial Overview € million 2015 2016 2017 2018 2019 Group – Results of operations Sales 2,602 2,903 2,996 3,154 3,408 Share of sales in emerging markets in % 46 43 44 43 44 EBITDA1 572 625 630 631 707 EBITDA margin1 in % 22.0 21.5 21.0 20.0 20.8 Net income1,2 247 266 270 275 304 Earnings per share1,2 in € 1.90 2.05 2.08 2.12 2.25 Dividends paid 104 110 114 122 129 3 Dividend per share in € 0.80 0.85 0.88 0.90 0.95 3 Group – Financial position/net assets Operating cash flow 375 339 396 442 547 Investments (without M & A) 147 168 205 226 182 Balance sheet total 2 (as of December 31) 4,184 4,753 4,675 4,920 5,957 Capital ratio 2 (as of December 31) in % 38.0 36.4 37.8 39.5 41.4 Net debt (incl. pension provisions and similar obligations) (as of December 31) 1,576 1,971 1,922 1,893 2,222 Employees (as of December 31) FTE 4 8,301 8,944 9,247 9,647 10,264 Flavor Sales 980 1,016 1,102 1,191 1,257 EBITDA 219 234 243 244 268 EBITDA margin in % 22.3 23.0 22.0 20.5 21.4 Nutrition Sales 548 576 631 639 732 EBITDA5 122 134 139 132 161 EBITDA margin 5 in % 22.3 23.2 22.1 20.7 22.0 Scent & Care Sales 1,074 1,311 1,263 1,324 1,419 EBITDA6 231 258 248 254 278 EBITDA margin6 in % 21.5 19.7 19.6 19.2 19.6 1 Figures for 2016 and 2019 normalized for transaction and integration costs as well as one-off valuation effects related to business combinations 2 Figures for 2016 restated due to finalisation of Purchase Price Allocation for Nutraceutix 3 proposal 4 not including apprentices and trainees; FTE = Full Time Equivalent 5 Figures for 2019 normalized for transaction and integration costs as well as one-off valuation effects related to business combinations 6 Figures for 2016 incl. six months Diana and normalized for transaction and integration costs as well as one-off valuation effects related to business combinations Table of Contents 2 SYMRISE AT A GLANCE 3 HIGHLIGHTS 2019 4 – 67 GROUP MANAGEMENT REPORT 68 – 145 CONSOLIDATED ABOUT THIS REPORT FINANCIAL This 2019 financial report contains the complete consolidated STATEMENTS financial statements, the Group management report and all other legally required elements. Supplementary to it, a separate corporate report provides a comprehensive depiction of Symrise’s performance in 2019 – both from a business 146 – 166 perspective as well as from a sustainability standpoint. The corporate report can be viewed electronically and ordered CORPORATE in print form at www.symrise.com /investors. GOVERNANCE The Symrise 2019 financial report was published simultane- ously with the 2019 corporate report on March 10, 2020, and is available in German and English. The publication date 167 of the financial report for the 2020 fiscal year is March 2021. Additional information on our company’s activities can be GLOSSARY found at www.symrise.com. Symrise at a glance always inspiring more … APPLICATION AREAS Symrise provides exciting flavor and fragrance experiences, and offers sustainable solutions for food production based on natural starting materials. That is our mission. With commitment and innovative strength, we develop the best possible concepts for our customers’ products. We do this so consumers around the world can take pleasure in the most common experiences of everyday life and additionally benefit from healthy or nurturing properties. With its creativity and entrepreneurial energy, Consumer Fragrances Symrise opens up further potential with a third of its business being generated via cosmetic active ingredients & and raw materials, functional ingredients, pet food, aquacultures and probiotics. Our wide range of activities offers new chances for growth, stabilizes performance and Fragrance Ingredients provides Symrise with an unmistakable profile. Sun Protection Dynamic Highly profitable Over 10,000 Over 6,000 sales growth EBITDA margin 2006 – 2019 employees customers 2006 – 2019 CAGR 8.2 % between 20 % and 22 % in over 40 countries in around 160 countries SYMRISE’S VALUE CHAIN Product Manufacturing Raw materials Customers KonsumentenConsumers development process • Natural ingredients • Natural extracts • Extraction Manufacturers of: • Petro-based • Functional • Distillation • Foods raw materials ingredients • Chemical • Beverages • Compositions processes • Perfumes • Encapsulation • Cosmetics technologies • Oral care products • Mixes • Household products • Pet food • Technical applications Market volume € 35 billion — Group Management Report — 3 2019 Highlights Strong organic growth and increased profitability SALES BY SEGMENT Sales as % of Group sales and organic growth in % € 3,408 million Flavor 37 % (+ 3.8 %) € 1,257 million Organic growth Nutrition 5.7 % 21 % (+ 9.3 %) € 732 million Scent & Care 42 % (+ 5.6 %) € 1,419 million EBITDA(N) € 707 million SALES BY REGION EBITDA(N) margin 20.8 % as % of Group sales and organic growth in % EAME € 1,430 million 42 % (+ 3.6 %) North America € 809 million 24 % (+ 4.2 %) EBIT(N) Asia / Pacific € 758 million 22 % (+ 7.4 %) € 481 million EBIT(N) margin 14.1 % Latin America € 411 million 12 % (+ 12.8 %) Normalized EBITDA(N) (MARGIN) SEGMENTS net income in € million and as % of Group sales Flavor € 304 million 21.4 % € 268 million Nutrition 22.0 % € 161 million Normalized Scent & Care 19.6 % € 278 million earnings per share € 2.25 SHARE PRICE DEVELOPMENT of the Symrise stock in 2019 Proposed dividend 150 % 140 % € 0.95 per share 130 % 120 % 110 % Symrise MDAX Market capitalization 100 % DAX € 12.7 billion 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter at December 31, 2019 Group Management Report SYMRISE AG, HOLZMINDEN JANUARY 1 TO DECEMBER 31, 2019 BASIC INFORMATION ON THE GENERAL STATEMENT ON THE SYMRISE GROUP 6 COMPANY’S ECONOMIC SITUATION 51 Structure and business activities 7 Market and competition 12 OUTLOOK 52 Goals and strategy 14 Future general conditions 53 Value-oriented management 15 Future corporate development 54 Research and development 15 General statement on the Employees 19 company’s expected development 54 Sustainability 22 REMUNERATION REPORT 55 ECONOMIC REPORT 24 Remuneration of the Executive Board 55 Global economic and industry- Remuneration of the Supervisory Board 62 related conditions 25 Corporate development 28 DISCLOSURES PURSUANT TO SECTION 315A OF THE GERMAN OPPORTUNITIES AND RISK REPORT 42 COMMERCIAL CODE (HGB) 64 Management of opportunities and risks 43 Approach to evaluating risks 43 CORPORATE GOVERNANCE STATEMENT 67 Opportunities and risks in detail 44 Overall assessment of opportunity and risk situation 49 ESSENTIAL FEATURES OF THE ACCOUNTING-RELATED INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM 49 Main features and objectives 49 Organization and process 50 6 — Group Management Report — BASIC INFORMATION ON THE SYMRISE GROUP Basic information on the Symrise Group Sharing values: Strong roots, new paths SEGMENTS Flavor Nutrition Scent & Care Cosmetic Aroma Flavor Diana ADF/IDF Probi Fragrance Ingredients Molecules DIVISIONS GOALS Financial goals Sales growth EBITDA margin at local currency 19 – 22 % (until 2020) 5 – 7 % p.a. (CAGR) 20 – 23 % (until 2025) > 50 % 1/3 Cross-divisional Share of sales Customer portfolio mix: connection of products from emerging markets global, regional, local and technologies Complementary operative goals Sustainability STRATEGY Vision Growth Efficiency Portfolio • Growth in emerging markets • Specific efficiency programs • Expand competencies outside • Maximization of customer spectrum • Optimization of raw materials the traditional flavor and fragrance • Targeted innovation portfolio industry • Acquisitions Sustainability Values BASIC INFORMATION ON THE SYMRISE GROUP — Group Management Report — 7 STRUCTURE AND BUSINESS ACTIVITIES The Flavor segment is made up of the business units Beverages, COMPANY PROFILE Savory and Sweet. The Nutrition segment consists of the Diana Symrise is a global supplier of fragrances and flavorings, division with the business units Food, Pet Food, Aqua and cosmetic active ingredients and raw materials, functional in­ Probi as well as the US company ADF/IDF, which was acquired gredients and product solutions for food production based in November 2019. The Scent & Care segment breaks down on natural starting materials. Its clients include manufacturers into the Fragrance, Cosmetic Ingredients and Aroma Molecules of perfumes, cosmetics, food and beverages, the pharmaceu­ divisions. tical industry and producers of nutritional supplements and pet food. The activity of the Group is also organized into four regions: Europe, Africa and Middle East (EAME), North America, Asia/ With sales of € 3.4 billion in the 2019 fiscal year and a market Pacific and Latin America. share of around 10 %, Symrise is one of the leading global sup­ pliers in the flavors and fragrances market. Headquartered Additionally, the Group has a Corporate Center where the fol­ in Holzminden, Germany, the Group is represented by more lowing central functions are carried out: Accounting, Control­ than 100 locations in Europe, Africa, the Middle East, Asia, ling, Taxes, Treasury, Corporate Communications, Investor the United States and Latin America. The Symrise Group origi­ Relations, Legal Affairs, Human Resources, Group Compliance, nally resulted from a merger between the German companies Corporate Internal Audit and Information Technology (IT). Haarmann & Reimer and Dragoco in 2003. The roots of Symrise Other supporting functions such as technology, energy, safety, date back to 1874 and 1919, when the two companies were environment and logistics are bundled in independent Group founded. In 2006, Symrise AG entered the stock market with companies. They also maintain business relationships with its initial public offering (IPO). Since then, the Symrise share customers outside the Group. has been listed in the Prime Standard segment of the German stock exchange, and it had a market capitalization of about Symrise AG’s headquarters are located in Holzminden, Ger­ € 12.7 billion at the end of 2019.
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