THE NATURE OF OUR BUSINESS â€“ STABLE GROWTH - Symrise

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SECONDARY SEGMENT – GEOGRAPHICAL REGIONS T€ 2007 Sales Sales according to region Other segment information Segment assets Investments (incl. acquisitions) Property, plant and equipment Intangible assets (excl. goodwill) Goodwill Research and development expenses 2008 Sales Sales according to region Other segment information Segment assets Investments (incl. acquisitions) Property, plant and equipment Intangible assets (excl. goodwill) Research and development expenses *Europe, Africa, Middle East EAME* 712,214 1,233,345 19,068 13,799 10,114 52,325 705,419 1,176,909 21,092 13,312 0 53,582 North America 224,165 248,504 5,868 0 0 15,048 257,229 319,070 8,206 77,902 44,739 15,535 Asia/ Pacific 248,545 205,611 2,896 110 0 9,362 262,223 215,175 4,549 20 430 11,014 South America 89,534 103,463 3,450 591 0 5,517 94,991 179,525 8,636 294 0 6,054 Total 1,274,458 1,790,923 31,282 14,500 10,114 82,252 1,319,862 1,890,679 42,483 91,528 45,169 86,185 116 Annual Report 2008 Symrise AG
6. CONSOLIDATED INCOME STATEMENT 6.1.Sales Revenue Sales revenue results mainly from the sale of products. For presentation of sales by business division and geographical region, we refer to the segment reporting information presented under note 5 above. 6.2.Other Operating Income T€ Income from service units Income from insurance compensation Income from reversal of provisions and other liabilities Rental income Reversal of valuation allowances for receivables Other income Total The presentation of prior year figures for other operating income has been adjusted to improve comparability. The total for remaining operating income is made up of many individually immaterial items. 6.3.Personnel Expenses The following personnel expenses are included in the income statement: T€ Wages and salaries Social security charges Pension expense (excluding interest expense) Performance-related remuneration Total The unwinding of discount on pension liabilities is included as a component of the financial result under note 6.8 below. Annual Report 2008 Symrise AG 117 2007 1,236 193 8,094 715 0 3,990 14,228 2007 -224,886 -46,782 -10,424 -1,978 -284,070 2008 2,433 1,880 1,816 894 424 2,834 10,281 2008 -229,866 -46,640 -6,504 -549 -283,559 As at December 31, 2008, the Group employed 5,219 (2007: 5,046) employees, distributed over the following functions: Number Manufacturing and technology Sales and marketing Research and development Administration Service entities Trainees Total 2007 1,900 1,390 901 409 326 120 5,046 2008 1,982 1,420 964 409 322 122 5,219 The average number employed by the Group was 5,152 (prior year: 4,957). Success-based Remuneration (Long Term Incentive Program and Strategic Share Bonus): In 2008, expenses deriving from success-based remuneration were allocated to the respective functions for which the related managers had responsibility. In the year 2008, T€ 338 were incurred as administration expenses and T€ 211 as selling and marketing expenses. Of these, T€ 466 are included as other current liabilities and T€ 83 as other noncurrent liabilities. Long Term Incentive Program In a meeting dated May 14, 2007, the Supervisory Board, represented by the Presidential Committee, resolved to introduce a long-term incentive program which came into effect on January 1, 2008. The program is based on the “performance cash bonus” concept; i.e. after expiration of the performance period of three years, the managers that are entitled under the program receive a variable monetary bonus depending upon achievement of defined performance objectives and if the relevant conditions are complied with. For the four members of the Executive Board, 70% of this performance cash bonus is based on the development of the share price and 30% is based on the so-called “Symrise Value Added.” A further eight second level senior managers (so-called “regional presidents”) have been included in the long-term incentive program. Their bonus entitlement is based on the same performance criteria but with an equal weighting (50% respectively) for the share price component and the “Symrise Value Added” component. A comparison will be made of the share price at the end of 2010 with the initial share price of € 17.93 as at January 1, 2008. The terms include a minimum performance expectation of 20% and a maximum share price limitation (cap). Measurement of the prob- Notes
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THE NATURE OF OUR BUSINESS - STABLE
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Key Figures € million Sales Scent
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4 - 51 52 - 92 93-98 99-147 148-152
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April 25 Symrise organizes the “t
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2008: A financial crisis became an
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We can hope that 2009 will bring th
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Dominique Yates CFO since October 2
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Growth Means Stability - in Nature
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OUR THREE BRAND PILLARS The flavors
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Flavors and Fragrances Are More Tha
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Our requirement is to meet new requ
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Innovation Is Never Just About Prod
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MORE INNOVATION THROUGH MORE INTEGR
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Responsibility Knows No Boundaries
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emissions. We require of ourselves
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Dr. Gerold Linzbach, speaking with
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divisions. At the same time, the na
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are increasingly strict and expensi
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ically examine the costs from the v
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Our People Success has many faces.
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A complete Junior Perfumer program
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cludes the Symrise share, declined
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Attractive Dividend Proposed for 20
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The Executive Board and Supervisory
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A breakdown of the total remunerati
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Report of the Supervisory Board In
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Annual and Consolidated 2008 Financ
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Detail Index Group Management Repor
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As a rule, our flavor, fragrance an
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The organizational structure is cus
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Flavor & Nutrition Beverages Sweet
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Flavor & Nutrition: Innovations and
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MARKET SHARE F&F INDUSTRY (total
Page 67 and 68: Financial Objectives and Value-base
Page 69 and 70: half of 2009. After integration cos
Page 71 and 72: SALES BY REGION € million EAME As
Page 73 and 74: RECONCILIATION € million EBIT EBI
Page 75 and 76: “AND” Products Grow Faster Sale
Page 77 and 78: ucts was significantly lower than o
Page 79 and 80: 6. FINANCIAL POSITION Main Financia
Page 81 and 82: 8. OTHER FACTORS RELEVANT TO RESULT
Page 83 and 84: High Performance Sales Training, co
Page 85 and 86: active health promotion programs an
Page 87 and 88: Customer complaints about product q
Page 89 and 90: The following table shows when our
Page 91 and 92: › our position on the core lists
Page 93 and 94: Dr. Gerold Linzbach therefore reque
Page 95 and 96: Consolidated Income Statement T€
Page 97 and 98: EQUITY AND LIABILITIES T€ LIABILI
Page 99 and 100: T€ Balance brought forward Invest
Page 101 and 102: Notes to the Consolidated Financial
Page 103 and 104: company is lost. The changed provis
Page 105 and 106: Further information on share intere
Page 107 and 108: If the requirements of IAS 39 with
Page 109 and 110: The sales tax amount that is recove
Page 111 and 112: opment costs recognized are amortiz
Page 113 and 114: tion results in a gain, any recogni
Page 115 and 116: 5. SEGMENT REPORTING For the purpos
Page 117: 2008 T€ Sales External sales Resu
Page 121 and 122: 6.8.Financial Result T€ Interest
Page 123 and 124: The interest risk that is hedged is
Page 125 and 126: The deferred tax assets and liabili
Page 127 and 128: 2008 T€ Cost As at January 1, 200
Page 129 and 130: 8.12. Property, Plant and Equipment
Page 131 and 132: 8.13. Acquisitions Cambridge Theran
Page 133 and 134: Current bank borrowings are not sec
Page 135 and 136: A new pension plan was established
Page 137 and 138: The entity in the US provides healt
Page 139 and 140: Repayment of Bank Borrowings The Se
Page 141 and 142: The following table shows amounts r
Page 143 and 144: Sensitivity Analysis for Derivative
Page 145 and 146: 11. LONG TERM FINANCIAL RISK MANAGE
Page 147 and 148: continuance Company M&G Investment
Page 149 and 150: Annual Report 2008 Symrise AG 147
Page 151 and 152: Responsibility Statement (“Bilanz
Page 153 and 154: Dr. Peter Grafoner* Horst-Otto Gerb
Page 156: Symrise AG Mühlenfeldstraße 1 376
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