Symrise Ag · XETR:SY1
Symrise — Symrise Ag Ord — H1 2024 Earnings Presentation
24 slides from Symrise's earnings presentation, Aug 1, 2024
Slide 1: Results for the H1 2024
Results for the H1 2024 — Jean-Yves Parisot (CEO), Olaf Klinger (CFO) 1 August 2024
Slide 2: Agenda
Agenda Overview — 01 H1 2024 02 Financials 03 Strategic Initiatives / at a Glance H1 2024 Outlook 2
Slide 3: H1 2024 at a Glance
01 H1 2024 at a Glance 3
Slide 4: Financial highlights H1 2024
Financial highlights H1 2024 Top and bottom-line figures show double digit growth — Sales Business Free Cash Flow1 Earnings per share (EPS) €2.6bn €226m €1.71 +11.5 % organic growth +€120m vs. H1 2023 +27.7% vs. H1 2023 +6.3 % in reporting currency EBITDA margin Net Income 3 R&D Expenses 20.7% €239m
Slide 5: Sales H1 2024: Strong organic growth
Sales H1 2024 Strong organic growth — Symrise Group In €m (sales growth in %) +11.5% organic sales growth through diversified portfolio +11.5% organic growth +6.3% -€16m in reporting negative impact from divestiture of currency beverage trading business in UK 2,565 2,414 -€110m negative FX-effect H1
Slide 6: Sales by Segment H1 2024
Sales by Segment H1 2024 Both Segments with high double-digit growth — Taste, Nutrition & Health Scent & Care in €m / organic growth in % in €m / organic growth in % 1,572 993 1,527 H1 2024 886 H1 2024 H1 2023 H1 2023 +10.0% +14.1% +2.9 %* +12.1 %* Food & Beverages and Pet Food Fine Fragrances and C
Slide 7: Sales by region H1 2024
Sales by region H1 2024 Positive sales development in all regions — Organic growth by region Sales by region % of global sales in % €648m 25 % €525m NA 21 % North America Asia/Pacific APAC +2.2% +11.7% EAME +11.3% €1,036m Latin America 40 % +30.3% EAME €357m 14 % LATAM 7
Slide 8: H1 2024 Financials
02 H1 2024 Financials 8
Slide 9: Group H1 2024: Organic growth of 11.5% (reported 6.3%)
Group H1 2024 Organic growth of 11.5 % (reported 6.3 %) — Sales development Organic growth of 11.5 % or €278m driven by strong In €m business in both segments. +11.5% -0.7% -4.6% Negative sales contribution from portfolio effect of €16m: -16 +6.3% - Divestment of 51 % of Trading Business in UK, as o
Slide 10: Group H1 2024: Profitability positively impacted by product mix
Group H1 2024 Profitability positively impacted by product mix — and efficiency improvements Change Gross profit: increased by 13.5 % due mainly to COGS growing by in € million H1 2023 H1 2024 in % 2.1 % slower than sales. Slight improvement of material usage. Sales 2,414 2,565 6.3 EBITDA: increased
Slide 11: Taste, Nutrition & Health H1 2024
Taste, Nutrition & Health H1 2024 Healthy growth and solid profitability Short P&L — In €m in € million H1 2023 H1 2024 Change in % Sales development EBITDA 334.9 347.6 3.8 In €m EBITDA margin in % 21.9 22.1 EBIT 235.6 228.6 -2.9 +10.0% -1.0% -6.0% EBIT margin in % 15.4 14.5 -16 +2.9% -92 Organic gr
Slide 12: Scent & Care H1 2024
Scent & Care H1 2024 Strong double-digit growth in Fragrance and Cosmetic — Ingredients Short P&L In €m in € million H1 20231 H1 2024 Change in % Sales development EBITDA 140.1 182.1 30.0 In €m EBITDA margin in % 15.8 18.3 EBIT 95.8 137.1 43.1 EBIT margin in % 10.8 13.8 +14.1% +0.0% -2.1% +12.1% 0 -
Slide 13: EPS H1 2024: Strong increase by 27.7%
EPS H1 2024 Strong increase by 27.7 % — Change Financial result: €3m above 2023, mainly due to a slightly improved in € million H1 2023 H1 2024 in % interest result and lower expenses associated with hyperinflation 1 effects, mainly in Argentina. EBIT 302 366 21.0 Financial Result -45 -42 -6.7 Incom
Slide 14: Business Free Cash Flow (BFCF) development
Business Free Cash Flow (BFCF) development Reflects improvements in EBITDA and working capital — BFCF as % of sales BFCF of €226 million (H1 2023: €106m) = 8.8 % (H1 2023: 4.4%) of sales Improved EBITDA contribution 16.0% 14.1% Slight decrease in CAPEX from €97m in H1 12.7% 11.7% 11.7% 2023 to €92m.
Slide 15: Net debt development
Net debt development Improved Net debt / EBITDA ratio — Acquisitions of Schaffelaarbos, Status Quo Net debt / EBITDA(N) Néroli & Romani, Wing Biotechnology ADF/IDF + and increased stake in Net debt of €2,245m (2023: €2,166m) reflects Pinova capital increase Swedencare 2.3 x EBITDA1. Diana + acquisit
Slide 16: Balance sheet H1 2024
Balance sheet H1 2024 Equity ratio1 of 48.2 % — Assets Equity and Liabilities Comments In €m In €m Increase in assets primarily from higher trade receivables, offset by a decrease in 7,846 7,911 7,846 7,911 cash and lower inventories. Cash & cash equiv. 393 308 489 439 Trade payables Trade receivabl
Slide 17: Strategic Initiatives / Outlook
03 Strategic Initiatives / Outlook 17
Slide 18: Taste, Nutrition & Health: Innovation, capabilities and divestment
Taste, Nutrition & Health Innovation, capabilities and divestment — Launch of Digital Immersion Co- Nutritional and New Offices and Creation Center in Health products at Labs in Beijing, Singapore VitaFoods China To drive end-to-end co-creation with Creation and Application customers and industry pa
Slide 19: Scent & Care: Innovation and capabilities
Scent & Care Innovation and capabilities — Vizag Care LAUTIER 1795 New Fragrance HOLZMINDEN LAB® Accelerating Lautier’s Facility in Grasse Unique fragrance ingredients Ingredients India Expansion of geographical singularity. Integrated R&D, Production and Co- footprint in cosmetic floral expertise c
Slide 20: Symrise's integrated corporate strategy
Symrise’s integrated corporate strategy Sustainability along the value chain — Raw materials Product development Production Customers Consumers · Conservation of · Efficient use of natural · Use of green · Creating transparency · Increasing awareness biodiversity raw materials chemistry · Environmen
Slide 21: Targets 2024
Targets 2024 Confident to achieve objectives — Targets 2024 Corporate view Growth faster Organic growth Business environment fully intact with than the relevant market high industry dynamics + 5-7% 3-4% Taste, Nutrition & Health Building competencies towards complementary business areas 2023 2024 Sc
Slide 22: Long-term financial objectives 2028
Long-term financial objectives 2028 Symrise continues with ambitious financial targets — Financial targets until 2025 until 2028 Sales (€ bn) 5.5 – 6.0 7.5 – 8.0 Organic sales growth (CAGR) 5 – 7% 5 – 7% Sales growth incl. M&A (CAGR) 6 – 9% 8 – 10% EBITDA margin 20 – 23% 20 – 23% Business Free Cash
Slide 23: Symrise: always inspiring more
ry symrise always inspiring more
Slide 24: Financial calendar and Contact
Symrise AG — Financial calendar Contact Symrise AG 24 October 2024 Muehlenfeldstraße 1 9M 2024 Trading statement 37603 Holzminden, Germany 19-20 November 2024 Tobias Erfurth Symrise Capital Market Days Investor Relations Holzminden/Germany tobias.erfurth@symrise.com IR@symrise.com Bernhard Kott Corp