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

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2008 T€ Cost As at January 1, 2008 Acquisition Additions Currency translation differences Disposals Transfers Transfers/IFRS 5 As at December 31, 2008 Accumulated Depreciation/Impairment As at January 1, 2008 Charges for the financial year Unscheduled depreciation Effects of exchange rate changes Reversal of impairments Disposals Transfers Transfers/IFRS 5 As at December 31, 2008 Carrying amounts As at January 1, 2008 As at December 31, 2008 1) See Note 8.13 A impairment loss of € 5.0 million that had been recognized in profit or loss in previous years with respect to equipment at our American plant in Bushy Park (Scent & Care segment) was reversed in the period reported. The reversal of the impairment loss is included as part of cost of sales and resulted in a positive impact after depreciation of € 4.7 million. The gross amount disclosed in the column “Advance Payments” includes € 27.9 million of assets under construction at their original cost of acquisition or construction. Additions deriving from business combinations amounting to € 4.3 million derive from the acquisitions of the flavor business of Chr. Hansen on April 25, 2008, and Intercontinental Fragrances on September 3, 2008. Land and buildings 281,718 0 1,722 -370 -759 6,720 212 289,243 -60,612 -9,961 -18 -314 1,358 269 0 -98 -69,376 221,106 219,867 Plant and machinery 215,172 4,070 4,250 -1,617 -2,469 13,555 0 232,961 -117,306 -16,217 0 212 3,499 1,906 -50 0 -127,956 97,866 105,005 Equipment 100,381 274 5,755 -1,710 -4,400 5,538 0 105,838 -65,926 -9,876 0 948 0 4,057 50 0 -70,747 34,455 35,091 Advance payments 28,011 0 26,411 -193 -232 -25,813 0 28,184 0 0 0 11 256 0 0 0 267 28,011 28,451 Total 625,282 4,344 38,138 -3,890 -7,860 0 212 656,226 -243,844 -36,054 -18 857 5,113 6,232 0 -98 -267,812 381,438 388,414 128 Annual Report 2008 Symrise AG
8.13. Acquisitions Cambridge Theranostics Ltd. In December 2007, we agreed on a co-operation with Cambridge Theranostics Ltd. A payment of € 2.0 million made in January 2008 is reported in the cash flow statement as a payment for financial assets. Acquisition of Chr. Hansen’s Flavor Business We acquired the flavor business of the Danish producer Chr. Hansen on April 25, 2008 for an amount of $ 110.0 million (€ 71.9 million). The acquisition comprised the flavor business areas: Seasonings, Sweet, Savory, Dairy and Confectionary. The fair values attributed to identifiable assets at the date of the acquisition were: T€ Recipes Trademark Co-Existence agreement Competition ban Equipment Inventories Net identifiable assets and liabilities Goodwill arising on acquisition Cost of acquisition/Cash outflow From the acquisition date on April 25, 2008, onwards, the flavor business contributed sales revenue of € 30.6 million ($ 45.0 million) and an EBIT of € -2.8 million ($ -4.1 million, including amortization of recipes) to the Group. The EBIT includes restructuring costs of € 5.1 million ($ 7.6 million). If an assumption is made that the acquisition had taken place on January 1, 2008, then the probable contribution would have been € 45.8 million ($ 67.5 million) to the Group’s sales revenue and € -1.5 million ($ -2.3 million) to the Group’s EBIT. A sales revenue forecast for 2009 is no longer possible as the flavor business of Chr. Hansen was fully integrated at the year end. As well as adding further production sites, the acquisition increased our sales and marketing capabilities through the addition of qualified employees. Particularly in the Seasoning, Dairy and Confectionary areas, we were able to acquire customer-specific recipes and, as a consequence, to expand our technological capability as well as increase our range of customers. The acquisition opens up long-term growth possibilities. Annual Report 2008 Symrise AG 129 2008 Fair value 32,703 769 1,796 3,901 6,603 45,772 26,115 71,887 Therapeutic Peptides Inc. (TPI) In July 2008, Symrise acquired a 20% interest in Therapeutic Peptides Inc., Baton Rouge, US, for an amount of $ 2.3 million (€ 1.6 million). A provisional purchase price allocation was made in accordance with IFRS 3 as at December 31, 2008. The provisional unaudited financial statements as at December 31, 2008 disclose total assets of T€ 709 ($ 1.0 million) and liabilities of T€ 310 (T$ 439). Sales revenue for fiscal year 2008 was T€ 667 (T$ 983), producing a result for the period of T€ -159 (T$ -234). Acquisition of Intercontinental Fragrances (ICF) Symrise acquired the fragrance business of the American fragrance producer Intercontinental Fragrances on September 3, 2008, for € 15.1 million ($ 21.4 million). A provisional purchase price allocation was made in accordance with IFRS 3 as at December 31, 2008. The purchase price was allocated to inventories (€ 1.1 million / $ 1.6 million), property, plant and equipment (€ 0.2 million / $ 0.3 million), recipes (€ 8.2 million / $ 11.5 million) and goodwill (€ 5.6 million / $ 8.0 million). From the acquisition date on September 3, 2008, onwards, Intercontinental Fragrances contributed sales revenue of € 3.2 million ($ 4.7 million) to the Group and generated an EBIT of T€ -389 (T$ -573, including amortization of recipes). The EBIT includes restructuring costs of T€ 287 (T$ 423). Due to the short period of membership in the Group, it has not been possible to disclose estimates of the sales revenue and EBIT contribution that would have been made if the acquisition had been made on January 1, 2008. Sales revenue of € 10.9 million is expected for 2009. Acquisition of Manheimer Fragrances Symrise acquired the fragrance business of the American fragrance producer Manheimer Fragrance on November 6, 2008, for € 50.3 million ($ 70.7 million). A provisional purchase price allocation was made in accordance with IFRS 3 as at December 31, 2008. The purchase price was allocated to inventories (€ 3.5 million / $ 5.0 million), recipes (€ 33.8 million / $ 47.8 million) and goodwill (€ 13.0 million / $ 17.8 million). From the acquisition date on November 6, 2008, onwards, Manheimer Fragrances contributed sales revenue of € 1.8 million ($ 2.6 million) and an EBIT of € -1.1 million ($ -1.6 million, including amortization of recipes) to the Group. The EBIT includes restructuring costs of T€ 811. Due to the short period of membership in the Group, it has not been possible to disclose estimates of the sales revenue and EBIT contribution that would have been made if the acquisition had been made on January 1, 2008. Sales revenue of €21.8 million is expected for 2009. 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
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Financial Objectives and Value-base
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half of 2009. After integration cos
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SALES BY REGION € million EAME As
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RECONCILIATION € million EBIT EBI
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“AND” Products Grow Faster Sale
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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 and 118: 2008 T€ Sales External sales Resu
Page 119 and 120: 6. CONSOLIDATED INCOME STATEMENT 6.
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: 8.12. Property, Plant and Equipment
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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THE NATURE OF OUR BUSINESS â€“ STABLE GROWTH - Symrise

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