EANS-News: Symrise AG Beats 2010 Sales and Earnings Goals

- Group sales up 15.4 % at € 1.57 billion
- EBITDA margin rises to
21.1 %
- Refinancing successfully concluded. Basis set for further
profitable growth
- EPS € 1.13 (+58 %), significantly increased
dividend to € 0.60 per share

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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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annual result

Subtitle: - Group sales up 15.4 % at € 1.57 billion - EBITDA margin
rises to 21.1 % - Refinancing successfully concluded. Basis set for
further profitable growth - EPS € 1.13 (+58 %), significantly
increased dividend to € 0.60 per share

Holzminden March 9, 2011 (euro adhoc) - Symrise AG has exceeded its
sales and earnings goals for Fiscal Year 2010. The Group benefited
from the global economic recovery and strong boost in demand, as well
as the excellent positioning in emerging markets and in the business
with large customers. Symrise increased sales by 15.4 % to EUR 1.57
billion and exceeded its target to achieve sales growth of at least 8
%. The EBITDA margin rose to 21.1 % and bet the aspired mark of more
than 20 %. On another positive note, Symrise succeeded in further
reducing its net debt thanks to operating cash flow being at a high
level again.

"We capitalized on the strong tailwind of the economic recovery and
ran our utilization at very high levels the whole year round," said
Symrise AG Chief Executive Officer, Dr. Heinz-Jürgen Bertram.
"Besides continued strong growth in emerging markets, we benefited
from a strong revival in demand in Western Europe and other
established markets. This resulted in record growth of over 15 %,
with double-digit sales increases in all regions and in both
divisions. With an EBITDA margin of 21.1 % we have operated on a very
profitable basis. We would like our shareholders to participate in
this success and are proposing a 20 % dividend increase to EUR 0.60
per share."

"In Fiscal Year 2010 we systematically continued to implement our
proven strategy: Our innovative business units such as Life
Essentials and Consumer Health launched new products which pick up on
consumers´ needs for a balanced diet and healthy lifestyle. Our
traditional flavor & fragrance business has been extended by
significant investments, including a two-fold increase in our menthol
production capacity. In 2011 we will continue to focus on sharpening
our specific profile."

With a view to 2011, Heinz-Jürgen Bertram continued: "We´re
optimistic about the current financial year and have set ourselves
the goals of again outperforming market growth and winning market
shares. At the same time, we do remain realistic: Following the
outstanding year 2010 which was also driven by economic backlogs we
are expecting more moderate growth for 2011. In this context the
course of the crisis in the Middle East plays a role; another
determining factor will be the oil price development which is
difficult to predict and its influence on consumer behavior. At the
same time we expect raw material prices to be one of the main
challenges which we will keep a close eye on. Since this already
became apparent in the middle of 2010, we implemented initiatives at
an early stage: we expanded our backward integration of our supply
chain, entered price negotiations with our customers and continued
our consequent cost discipline. We are therefore sticking to our
aspiration of permanently being one of the most profitable companies
of our sector, and working on the basis of a sustained EBITDA margin
of above 20 %."

15 % rise in sales - double digit growth in all regions

Fiscal Year 2010 Group sales rose 15.4 % (11 % at local currency) to
EUR 1,571.9 million (2009: EUR 1,362.0 million). The Group benefited
from both, a rebound in customer confidence in its established
markets, as well as continued strong consumption in emerging markets.

Asia/Pacific was again the fastest growing region with 21 % sales
growth (11 % at local currency). All application areas developed
positively there, with demand for cosmetic ingredients, fine
fragrances and aroma molecules rising particularly strong. Latin
America was able to build on the previous year´s dynamic trend and -
despite high comparables - generated 18 % sales growth (12 % at local
currency). North America successfully returned to the growth path and
reported a 16 % sales growth (10 % at local currency). EAME, which
includes Europe, Africa and the Middle East, also benefited
considerably from the economic recovery. Demand in the application
areas Fine Fragrances and Personal Care rose particularly strongly
here, contributing to an overall sales growth of 12 % (11 % at local
currency) in the region.

Emerging markets account for 46 % of Group sales

The growth seen in 2009 in emerging markets continued unbowed in
2010, with sales rising 13 % in these markets. Overall, Symrise
generated 46 % of Group sales in emerging markets. Symrise expanded
its footprint in these regions with the inauguration of a production
site in Moscow, the integration of Futura Labs - acquired at the
start of the year - in the Middle East and North Africa, and the
opening of the first academy for perfumers in India.

14 % increase in business with large customers

Business with multinational food and consumer goods manufacturers
remained a key strategic focus: Symrise won further core list
positions with large customers and augmented existing listings with
additional projects in 2010. Group sales realized through business
with Top 10 customers rose 14 % at local currency. Overall,
activities with this customer group which is strategically
particularly important, accounted for around 30 % of Group sales.

Flavor & Nutrition boosted sales with Top 10 customers by 15 % at
local cur-rency and achieved strong growth in all application areas
and regions. Scent & Care increased sales with Top 10 customers by 13
% at local currency, benefit-ing particularly from the expansion of
the business in the USA.

35 % rise in EBITDA - EBITDA margin at 21.1 % at a high level

After EUR 245.6 million in 2009, Symrise reported 2010 earnings
before interest, tax, depreciation and amortization (EBITDA) of EUR
331.2 million. This 35 % increase was attributable to strong sales
growth, high utilization and consequent cost management. Despite
sharp rises in individual raw material prices in the third and fourth
quarters, the overall raw material costs were kept stable over the
full year. Symrise benefited from a number of factors including
backward integration in the purchasing of key raw materials such as
vanilla, as well as from relatively favorable conditions which had
been secured early on.

The Group´s EBITDA margin improved to 21.1 % (2009: 18.0 %) thereby
exceeding the company´s target of achieving an EBITDA margin of more
than 20 %. Net income went up 58.4 % to EUR 133.5 million (2009: EUR
84.3 million). Earnings per share rose accordingly to EUR 1.13 from
EUR 0.71 in 2009.

Year on year operating cash flow rises despite higher working capital
Although working capital went up as a consequence of the high
utilization levels, Symrise succeeded in increasing its operating
cash flow to EUR 235.1 million (2009: EUR 225.7 million). The ratio
of net debt including pension provisions to EBITDA fell from 3.1 at
year end 2009 to 2.2 at December 31, 2010, thereby fulfilling the
aspired target.

In the fourth quarter of 2010, Symrise arranged a comprehensive
refinancing and aimed at an early redemption of existing debt in the
amount of EUR 621 million; this net debt was originally due at the
end of 2011. Besides a long term loan of US$ 175 million from US
investor Prudential (Pricoa), Symrise was able to raise EUR 300
million on the capital markets through an inaugural bond issue. The
Group finalized the refinancing in December with the conclusion of a
EUR 300 million revolving credit line and now operates on the basis
of a longer-term oriented financial structure which is more
diversified in terms of its maturity profiles and financing sources.

Scent & Care - 48 % rise in EBITDA

Scent & Care reported double digit growth rates for all application
areas and regions and increased sales by 18 % (12 % at local
currency) to EUR 805 million (2009: EUR 682 million). The strong
performance was driven particularly by the Personal Care and Fine
Fragrances units. Fine Fragrances clearly benefited most from the
economic rebound and the improved consumer sentiment; the unit
achieved the highest growth within the division.

During 2010, Scent & Care launched new products in all application
areas, including new ingredients for anti-aging creams in the Life
Essentials application area. The division also realized two major
strategic investment projects with the inauguration of two new mixing
and dosing facilities for perfume oils and the start of the expansion
of its menthol production facilities.

Scent & Care enjoyed particularly strong growth in both, North
America and EAME: both markets benefited from the returned demand for
Fine Fragrances and Oral Care Products, with each reporting 13 %
growth in sales at local currency. Asia/Pacific also grew very
dynamically with 12 % growth in sales at local currency and was able
to exploit strong consumer demand for cosmetic ingredients, UV
filters and Fine and Special Fragrances. In Latin America sales also
developed positively, however, the growth rate of 10 % was more
moderate because of the exceptionally strong figures in 2009.

Scent & Care increased EBITDA by 48 % to EUR 161 million (2009: EUR
109 million); EBIDTA margin of the division went up to 20.0 % (2009:
16.0 %).

Flavor & Nutrition - 22.2 % EBITDA margin

The Flavor & Nutrition division also grew positively in all
application areas. Sales rose 13 % (10 % at local currency) to EUR
767 million (2009: EUR 680 million). Growth was particularly driven
by high demand in the beverage area, as well as by business with Top
10 customers.

Business was most dynamic in Latin America, where Flavor & Nutrition
sales rose 15 % at local currency. Growth was also strong in
Asia/Pacific and EAME, both of which reported 10 % sales growth at
local currency. In Asia/Pacific, Symrise´s global initiative
"Naturally Citrus" provided for strong growth, espe-cially in its
beverages applications. Growth in the EAME region was driven by the
established Western European markets as well as by Eastern Europe and
the Gulf region. High demand in Russia confirmed Symrise´s decision
to expand its footprint in this market. Symrise had acquired an
existing facility from the Russian Aromaros-M group at the beginning
of 2010, which it subsequently expanded and took into operation in
December. In North America, Flavor & Nutrition sales grew 7 % at
local currency. In doing so, the business benefited particularly from
activities with major customers which were further expanded by a new
core listing in June.

Flavor & Nutrition EBITDA rose 25 % to EUR 170 million (2009: EUR 137
million). With the EBITDA margin increasing to 22.2 % (2009: 20.1 %)
the division was able to improve its already high profitability
further.

Outlook

We are convinced of our strategy: The focus on our strong position in
Emerging Markets, our innovative business units Life Essentials and
Consumer Care, as well as the expansion of our business with major
customers have been the basis of our success in 2010 and will support
our successful development in 2011.

For the current financial year, Symrise is confident that both
divisions, Scent & Care and Flavor & Nutrition, will both outperform
the overall market for flavors and fragrances and expand their market
share. The Group aims at increasing sales by 3 to 5 % at local
currency and is projecting an EBITDA margin of more than 20 % for
2011.

In EUR million

2009 2010 Change in % Change in % LC

Sales 1,362.0 1,571.9 15 11
EBITDA 245.6 331.2 35 32
EBITDA margin in % 18.0 21.1
EBIT 163.0 244.4 50 47
EBIT margin in % 12.0 15.5
Net income 84.3 133.5 58
EPS in EUR 0.71 1.13 58
Proposed dividend in EUR 0.50 0.60 20
Share price as of 31.12.
in EUR 14.98 20.53 37
Operating cashflow 225.7 235.1

Divisions
Scent & Care
Sales 682.3 804.5 18 12
EBITDA 109.0 160.8 48
EBITDA margin in % 16.0 20.0

Flavor & Nutrition
Sales 679.7 767.4 13 10
EBITDA 136.6 170.4 25
EBITDA margin in % 20.1 22.2

31.12.09 31.12.10
Balance sheet total 1,895 2,059
Capital ratio in % 36 41
Net debt (incl.
pension provisions) 773.4 733.7
Employees / FTE¹ 4,954 5,288

¹ Not including apprentices and trainees, FTE = Full Time Equivalent

About Symrise

Symrise is a global supplier of fragrances, flavorings and raw
materials as well as active ingredients for the perfume, cosmetics
and food industry.

Its sales of EUR 1.57 billion in 2010 place the Company among the top
four in the international flavor and fragrance market. Headquartered
in Holzminden, Germany, Symrise is represented in more than 35
countries in Europe, Asia, the United States and South America.

Used by manufacturers of perfumes, cosmetics and foods, our
innovative products are an inseparable part of daily life. At Symrise
we combine an awareness of consumer trends with cutting-edge
technologies, focusing on developing innovative fashion and lifestyle
products that have additional practical value for the consumer.
Symrise - always inspiring more… www.symrise.com

end of announcement euro adhoc
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ots Originaltext: Symrise AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Media Contact:
Bernhard Kott
phone +49 (0)5531 90-1721
bernhard.kott@symrise.com

Investor's Contact
Tobias Erfurth
phone +49 (0)5531 90-1879
tobias.erfurth@symrise.com

Branche: Chemicals
ISIN: DE000SYM9999
WKN: SYM999
Index: MDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade