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

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Innovation is not an art, unless… In a business enterprise, innovation is not an art, unless the art comes from ability – and the ability comes not only from the research lab but also from the market. A philosopher may contemplate things in general, but an entrepreneur knows that there is no such thing as a product per se. Every successful product is a product for someone. Therefore, in our research activities we have turned things on their head, so to speak, with the feet standing in the respective market in which the product is sold. We have integrated our research and development, consumer research and marketing activities worldwide. A new star rising in the East – the Creative Center in Shanghai China is a huge market that is becoming more and more important for Symrise. The Chinese market – like the emerging markets in general – is growing faster than the established markets. In China, our sales are growing with the market. Our new Creative Center in Shanghai aims to ensure that things stay that way. The new Creative Center is in the Puxi district, in the heart of modern Shanghai. Here, all of the departments and creative resources of our Scent & Care division are bundled. At the same time, the center in Shanghai will serve as a hub for northeast Asia. Navigator – a center within a center Our strategy of integrating market needs and research and development is finding its most consistent expression thus far in Shanghai. At the heart of the new Creative Center is a center for consumer research – the global “Navigator Center.” Navigator is a unique system developed by Symrise for consumer research. Navigator combines different approaches and methods far exceeding the possibilities of classical analysis methods. With the aid of Navigator, we can utilize an international database which is continuously updated by our worldwide “Consumer Insight” network. The new system is used to understand consumer trends and to analyze the language of consumers. Information on consumer acceptance of different categories of flavors and fragrances is evaluated. As a result, we gain better insight into the sensory categories that are decisive for research and development and for the successful positioning of our products in the different markets. Navigator provides us with useful information about the preferences and consumer trends of important Asian growth markets including the Chinese, Indian, Indonesian, Thai and Philippine markets. At the same time, it enables us to compare consumer needs internationally and thus identify global trends. By creating a 22 Annual Report 2008 Symrise AG
MORE INNOVATION THROUGH MORE INTEGRATION Yesterday Today common “fragrance language” on the basis of the Symrise genealogy, the Navigator optimizes communication between consumer researchers, fragrance developers, marketing managers and customers. Focus group rooms and sensory facilities ensure that qualitative research can be done continuously at the location. Testing for the skin without testing the skin Strategic alliances play a key role in our research activities. By forming alliances, we supplement our own strengths purposefully and efficiently – and successfully. For instance, together with the Italian biotechnology company Cutech we developed a whole-skin model which can be used to test the effectiveness of, for example, skin pigmentation modulators and substances that fight cellulites or skin aging. The new model, called PSOCM (Pig Skin Organ Culture Model), is an ethical, versatile, timesaving and cost-effective alternative to animal experiments and artificial skin models. The pigskin used for the test models comes exclusively from animals from meat manufacture; therefore, usage fully complies with the new EU cosmetics guideline. In September 2008, this innovation recieved the HBA (Health & Beauty America) Best Technology Award in New York. An innovative trap for fruit At our new Global Citrus Center in Brazil, SympTrap ® will play a key role. SympTrap ® is an innovative method used to recover highquality aromatic substances that are normally lost when fruits and vegetables are processed. Using the method, we can exploit raw materials more completely than before – without expending significantly more energy. The interplay between quality, technology and sustainability is setting trends for the future. Annual Report 2008 Symrise AG 23 R & D Consumer Research & Marketing R & D Applied Research Applied Research Consumer Research & Marketing Creation Creation Consumer Research & Marketing “AND” products and production “The Power of AND” is more than a product philosophy. We also intend to offer our customers added benefits in the supply chain. Our innovative approach is called Symchronize. This integrated approach is realized in close contact with selected customers and encompasses the entire value chain, from raw material procurement to the end product. Customer service, integration and transborder cooperation also play a key role in the production context. Our goals are integrated with the goals of our partners in the supply chain – they are “Symchronized.” The Symchronization of joint processes optimizes resource usage, inventories and cycle times. All of our research activities are customer and market oriented. In both divisions, they are integrated directly into the organization and closely entwined with our market research. Hence we have R & D centers at different sites worldwide: in Brazil, China, Germany, France, India, Japan, Mexico, Austria, the Russian Federation, Singapore and the US. We supplement our own research activities through strategic alliances with leading researchers and research facilities across the globe. About a fifth of our total workforce is involved in research. In 2008, we spent 6.5% of our sales (around € 86 million) on research and development. For more information on our latest product innovations, visit our website at www.symrise.com. Company
Page 1 and 2: THE NATURE OF OUR BUSINESS - STABLE
Page 3 and 4: Key Figures € million Sales Scent
Page 5 and 6: 4 - 51 52 - 92 93-98 99-147 148-152
Page 7 and 8: April 25 Symrise organizes the “t
Page 9 and 10: 2008: A financial crisis became an
Page 11 and 12: We can hope that 2009 will bring th
Page 13 and 14: Dominique Yates CFO since October 2
Page 15 and 16: Growth Means Stability - in Nature
Page 17 and 18: OUR THREE BRAND PILLARS The flavors
Page 19 and 20: Flavors and Fragrances Are More Tha
Page 21 and 22: Our requirement is to meet new requ
Page 23: Innovation Is Never Just About Prod
Page 27 and 28: Responsibility Knows No Boundaries
Page 29 and 30: emissions. We require of ourselves
Page 31 and 32: Dr. Gerold Linzbach, speaking with
Page 33 and 34: divisions. At the same time, the na
Page 35 and 36: are increasingly strict and expensi
Page 37 and 38: ically examine the costs from the v
Page 39 and 40: Our People Success has many faces.
Page 41 and 42: A complete Junior Perfumer program
Page 43 and 44: cludes the Symrise share, declined
Page 45 and 46: Attractive Dividend Proposed for 20
Page 47 and 48: The Executive Board and Supervisory
Page 49 and 50: A breakdown of the total remunerati
Page 51 and 52: Report of the Supervisory Board In
Page 53 and 54: Annual and Consolidated 2008 Financ
Page 55 and 56: Detail Index Group Management Repor
Page 57 and 58: As a rule, our flavor, fragrance an
Page 59 and 60: The organizational structure is cus
Page 61 and 62: Flavor & Nutrition Beverages Sweet
Page 63 and 64: Flavor & Nutrition: Innovations and
Page 65 and 66: 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 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 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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