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

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The current bank borrowings deriving from the Senior Facility - Term B, amounting to € 273.5 million (2007: € 127.1 million) relate to borrowings available to the Group under the terms of a revolving credit arrangement of € 300.0 million that is available until December 31, 2011. For further information on the short term loan of € 72.4 million deriving from the Senior Facility - Term A, we refer to note 8.20. As at December 31, 2008, Symrise had an unutilized line of credit available amounting to € 44.1 million (2007: € 172.0 million). Bank borrowings with a nominal value of € 132.4 million (2007: €10.4 million) are designated in $ 187.5 million (2007: $ 15.0 million). Duetothevariableinterestratesandtherelatedpaymentobligations,itcan be assumed that the carrying amounts for all borrowings correspond to their fair value at the balance sheet reporting date. 8.17. Other Current Liabilities T€ Taxes on wages and social security Outstanding invoices Purchase price adjustment Liabilities to personnel Performance-related remuneration Other taxes Miscellaneous other liabilities Total Dec. 31, 2007 19,607 19,728 0 35,881 2,015 0 25,332 102,563 Dec. 31, 2008 6,005 13,056 709 23,520 466 4,575 19,255 67,586 The purchase price adjustment amounting to T€ 709 relates to the acquisition of Intercontinental Fragrances and was set up within the context of the provisional purchase price allocation for obligations that are linked to particular conditions. The reduction in payroll taxes is related to payments made from the Management Participation Program in the previous year. Liabilities to personnel primarily relate to bonus liabilities already earned but not yet paid out to employees as well as liabilities arising from vacation yet to be taken and from accrued flextime credits. Miscellaneous other liabilities mainly relate to wages and salaries, social security contributions, value added tax and other taxes as well as to short-term derivative financial instruments (note 8.3) and remaining purchase price obligations deriving from the acquisitions of Kaden Biochemicals GmbH (€ 1.2 million), Aromatics SAS (T€ 300) and Steng Ingredients Ltd (T€ 193) that were made in previous years. 8.18. Other Noncurrent Liabilities T€ Liabilities to personnel Derivative financial instruments - Miscellaneous other liabilities Total Dec. 31, 2007 7,967 0 8,704 16,671 Dec. 31, 2008 9,105 14,859 3,704 27,668 Liabilities to Personnel Liabilities to personnel mainly relate to provisions for long-service awards, phased early retirement and other personnel costs. Miscellaneous Other Liabilities Noncurrent liabilities amounting to T€ 284 resulted from the acquisition of Aromatics SAS (for disclosures relating to the current portion, we refer to note 8.17). 8.19. Defined Benefit Obligations Individual Group companies have established pension plans that are either financed by themselves directly by the recognition of provisions or by making contributions to external investment fund companies. The manner in which these benefits are provided to employees varies depending on the legal regulations and the fiscal and economic environments of the respective countries involved. In addition, in some countries, the Group has agreed to provide certain additional post-employment healthcare benefits to its employees. Retirement benefits and healthcare benefits are generally measured based on the wages or salary of the employees and their respective years of service. The obligations relate to both existing retirees and also to entitlements of future retirees. With the exception of pension-related interest costs, current expenses for the fiscal year are included in the Group’s operating result. The active participation of employees of the former Haarmann & Reimer GmbH, Germany in the Bayer AG pension fund was terminated with effect from March 31, 2003. The employees of Haarmann & Reimer GmbH who had already acquired vested pension rights as of this date automatically became passive members of the pension fund. 132 Annual Report 2008 Symrise AG
A new pension plan was established in Germany covering all Symrise employees on equal terms. In addition, the former Haarmann & Reimer employees have been guaranteed that their benefits will continue at the same level that existed before the business combination took place. Liabilities deriving from defined benefit obligations: T€ Defined benefit obligation, unfunded Defined benefit obligation, funded Total value of obligations Fair value of plan assets Unrecognized plan amendment gain Unrecognized actuarial gains/losses Unrecognized past service costs Recognized liability for defined benefit obligations Payment liability management participation program Total employee benefit The liabilities for defined benefit obligations relate particularly to Germany in the amount of € 153.9 million, to the US in the amount of € 27.4 million and to Austria in the amount of € 9.2 million. The pension expense is made up as follows: 2007 T€ Current service cost Past service cost Interest expense Expected return on plan assets Scheduled US plan Actuarial losses Expenses for retirement benefits Actual return on plan assets Annual Report 2008 Symrise AG 133 Defined Group benefied plans 11,685 94 9,396 -1,189 0 283 20,269 298 Post-employment healthcare benefits, USA 199 0 466 0 -648 0 17 0 Total pension plans of the Group 11,884 94 9,862 -1,189 -648 283 20,286 298 T€ Current service cost Past service cost Interest expense Expected return on plan assets Scheduled US plan Actuarial losses Employee contributions Expenses for retirement benefits Actual expenses from plan assets 2007 176,302 24,266 200,568 -20,613 6,311 29 0 186,295 2,015 188,310 2008 177,264 26,719 203,983 -19,593 5,923 2,433 -824 191,922 0 191,922 2008 Defined Notes Group benefied plans 8,032 104 10,267 -1,215 0 98 -98 17,188 3,556 Post-employment healthcare benefits, USA 189 0 446 0 -606 0 0 29 0 Total pension plans of the Group 8,221 104 10,713 -1,215 -606 98 -98 17,217 3,556
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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
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6. FINANCIAL POSITION Main Financia
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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 and 130: 8.12. Property, Plant and Equipment
Page 131 and 132: 8.13. Acquisitions Cambridge Theran
Page 133: Current bank borrowings are not sec
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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