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

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Furthermore, 2008 witnessed the first successes from last year’s cooperative ventures: › Through our cooperation with the biotech companies BRAIN and AnalytiCon Discovery, we were able to license two new cosmetic substance classes and secure the worldwide marketing rights to them. Symrise’s cooperation with Cutech Srl. spawned the SCoutech project. With this project we are offering customers in the cosmetics, pharmaceutical and food supplement sectors highly specialized substance testing methods and end products for skin and hair care. Together we developed a whole skin model that offers an ethical, versatile, time-saving and cost-effective alternative to artificial skin models and animal experiments. Our model received the Best New Technology Award at the 2008 HBA Industry Awards in the United States. Flavor & Nutrition Flavor & Nutrition markets more than 15,000 products in 140 countries and has its own branches in more than 20 countries. The division has production sites in Europe and Asia, North and South America and Africa. The flavors we develop and manufacture form important components of many foods and beverages. They are produced in liquid, powder, or granulated form or as a paste. Symrise supplies individual flavorings used in end products as well as complete solutions which, apart from the actual aroma, can contain additional functional raw materials, colorants or microencapsulated product components. The Flavor & Nutrition division encompasses four main application areas: Beverages, Sweet, Savory and Tobacco. Flavor & Nutrition | Beverages The Beverages application area develops, produces and markets flavorings for alcohol-free beverages such as refreshment drinks, fruit juice drinks, energy and sports drinks, tea and coffee drinks, and mixed milk beverages. Our flavorings are also used in functional beverages, which can be mixed with milk, yogurt, vitamins, minerals, fibers or plant and herbal extracts. Another application area is Instant Drinks, such as tea and coffee specialties. Here Symrise has developed special technologies for manufacturing aroma granulates. In addition, we develop, produce, and market flavorings, distillates and extracts for nearly all common types of alcoholic beverages – for example for liqueurs, spirits, mixed beer drinks, and beverages containing wine. At present, mixed beer drinks are among the most important product segments in this application area. We offer aroma substances as well as colorants and preservatives as a complete solution, introducing the optimum stability fit into a beer matrix. Flavor & Nutrition | Sweet In the Sweet application area, flavors are developed and manufactured for sweet products, baked goods, ice cream and dairy products, among others. A focal point is products with improved aroma release and aroma systems with masking qualities that permit the use of functional ingredients and simultaneously conceal these ingredients’ often unpleasant taste. A further focus of this application area is vanilla, citrus, and mint aromas. Symrise’s expertise in the vanilla segment dates back to 1874, when the Company’s founder, Dr. Wilhelm Haarmann, manufactured vanillin as the first synthetic aroma compound. Today we concentrate on developing and marketing natural vanilla aromas and extracts. With the acquisition of the raw materials supplier Aromatics S.A.S. in 2007, we gained access to first-rate raw materials and an optimum and secure supply of vanilla. This year, we managed successfully to market vanilla aromas and extracts in the US, for example. Before acquiring Aromatics S.A.S., the US FDA Standards of Identity prevented us from accessing this important vanilla market. Flavor & Nutrition | Savory In the Savory application area, Symrise develops and produces flavors for soups and sauces, as well as instant dishes and snacks. As a result, we provide the food industry with building blocks that give individual tastes to all kinds of products. For example, the wine aromas, meat aromas, and herbal and vegetable extracts that we produce are used to refine instant foods. In the Savory application area flavors are developed as “AND” products, enabling our customers to reduce the salt and fat content in foods with no flavor loss. Among the most important products in the Savory application area are seasonings for snacks. They contain flavors, some in microencapsulated form, and spices. The technological challenge is to ensure that the seasoning retains its flavor for as long as possible, e.g. on potato chips. Flavor & Nutrition | Tobacco In the Tobacco application area, we develop and market tobacco aromas used by the tobacco industry in the manufacture of cigarettes and pipe tobacco. Also in this area, special aromatization methods are developed for the tobacco industry. 60 Annual Report 2008 Symrise AG
Flavor & Nutrition: Innovations and Focuses In 2008, we strengthened our presence in the US through acquisitions and expanded and further developed existing sites: › Purchase of the flavor division of Chr. Hansen marks Symrise’s largest acquisition to date. The business sector generates over 80% of its flavor sales in North America. This acquisition has significantly bolstered our presence in the world’s largest domestic flavor market. › Our strategic partnership with the US company First Choice Ingredients will ensure the growth of our portfolio in the milk and cheese product segments and extend our leading position in enzyme-modified flavors. › At the Sorocaba, Brazil site we opened the Global Citrus Center. There, we develop and produce novel citrus aromas and products such as citrus terpene, citrus oil washings and extracts, Flavor & Nutrition Beverages Sweet Savory Tobacco Flavor & Fragrances Market Annual Report 2008 Symrise AG 61 Mint Fine Fragrances Fragrances Personal Care Business Divisions Business Sectors Application Areas highly concentrated citrus oils, fractional specialties, spray-dried emulsions, fruit powders, and extracts. The Global Citrus Center gives us direct, resource-conserving access to first-rate raw materials; through the use of innovative technologies we can further expand our market position in the citrus aroma segment. › The expansion of our branch in Vienna strengthens our presence in Austria and in the southeast European market. The goal of the expansion is to serve regional customers better and to gear product development more to local markets with a focus on fat products. › We opened a new development center at our Moscow site. It contains development labs for all our application areas as well as a new center for sensory and consumer research. With this site expansion, too, the most important aspects are proximity to customers and continuous service, as well as further development in the region. Cosmetic Ingredients Life Essentials Active Household Functionals Ingredients UV- Protection Botanicals Sensates (Menthol) Scent & Care Aroma Molecules Fine Aroma Chemicals Special Fragrance & Flavor Ingredients Cosmetic Ingredients Market Aroma Chemicals Market Group Management Report
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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 and 24: Innovation Is Never Just About Prod
Page 25 and 26: MORE INNOVATION THROUGH MORE INTEGR
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: Flavor & Nutrition Beverages Sweet
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
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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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