Symrise Ag · XETR:SY1
Symrise — Investor Day (October 2023)
88 slides from Symrise's investor day presentation, Oct 16, 2023
Slide 1: Symrise Capital Market Days 2023
Symrise Capital Market Days 2023 Rennes/Elven - October 2023 —
Slide 2: Capital Market Days 2023 agenda
Symrise Capital Market Days 2023 — 01 02 03 04 05 Symrise Capital Financials in People Strategy Scent Taste, Nutrition Market Days 2023 detail @Symrise & Care & Health External • Copyright® 2023 2
Slide 3: Dr. Heinz-Jürgen Bertram, CEO
Symrise Capital Market Days 2023 Rennes/Elven - October 2023 Dr. Heinz-Jürgen Bertram CEO —
Slide 4: Content
Content — 01 02 Achieved The Market So Far Today 03 04 Next Priorities, Steps Opportunities and Long-Term Goals External • Copyright® 2023 4
Slide 5: Achieved So Far
01 Achieved So Far External • Copyright® 2023 55
Slide 6: The development of Symrise at various stages
The development of Symrise at various stages Systematic restructuring of the company — 2019 to date: Developing new growth areas, introducing and implementing step change projects 2019: Last Capital Markets Day, new mid-term plan 2010 to 2018: Extending new competencies beyond F+F, expanding backwar
Slide 7: Symrise: The growth story of our industry
Symrise: The growth story of our industry Our dynamic growth sets us apart from our competitors — and is the biggest value driver for our share price In order to remain successful, Organic growth we need: − Strong organic growth External growth/M&A Step change 1-3% 1-2% − Successful implementation O
Slide 8: Review of 2022: Strategy implemented systematically
Review of 2022 Strategy implemented systematically — Vision Growth Focus on organic growth Implementation of step change projects Growth Efficiency Portfolio Growth in emerging Specific efficiency Expansion of markets programs Nutrition Efficiency portfolio Efficiency programs initiated Exploitation
Slide 9: Sustainability targets integrated into growth targets
Sustainability targets Integrated into our growth targets — Sustainability Environment Procurement Innovation Employees A key element of our growth trajectory Sustainable d CO2 growth 2n l Actual 2022 n o eve Social reputation l CS Forecast 2023 mg men (lighthouse projects) t. B m Target 2025 Wo 100
Slide 10: Growth and sustainability with UN Sustainable Development Goals
Growth and sustainability by implementing the UN Sustainable Development Goals — 17 Goals Ratings proof of sustainable management of the United Nations Symrise has good ratings across the board for sustainable development We are measuring our progress External • Copyright® 2023 10
Slide 11: Share price under pressure in a difficult environment
Share price under pressure in a difficult environment due to currently lower margins in the market segment — Dividend 2007–2022 per share in ct/€ Unique record of success thanks to proven strategy implementation 50 50 50 60 62 65 70 75 80 85 88 90 95 97 1.02 1.05 Share price 2006–2022 800 Share pric
Slide 12: The Market Today
02 The Market Today External • Copyright® 2023 12
Slide 13: Constant challenges became part of our business
Constant challenges became part of our business — Destocking Pressure on sales and Covid-19 profitability. Focus Core processes towards portfolio improved and Inflation diversification synergies High volatility in leveraged. major markets. Strict Impact pricing management. Cyber-crisis Despite diffi
Slide 14: High volatility is the new normal
High volatility is the new normal The market today is very dynamic — Higher volatility Growing regulatory requirements New trends and technologies Volatile Volatile exchange rates markets VUCA Volatility – uncertainty – complexity – ambiguity VUCA External • Copyright® 2023 14
Slide 15: Digitalization: A driver of change in our industry
Digitalization: A driver of change in our industry as well — Networked processes / new business models / modified sales channels 4. Compliance, 6. Authorities such Marketing & 1. Product 2. Requirements 3. Inbound 5. Autonomous 7. Outbound 8. Invoicing, 9. production, as sales design planning logist
Slide 16: Digitalization is changing the levers used to add value
Digitalization is changing the levers used to add value in our value chain — Past Procurement Isolation, Creation, Application, Delivery, purification compounding encapsulation service Future Access to raw materials. New business models. Increasing use of AI Changes Backward integration becoming Eff
Slide 17: Our market is changing significantly
Our market is changing significantly The F&F market has become Consumer Ingredients; pure F&F — will be replaced increasingly with integrated solutions Three players especially 2015: Flavors & Fragrances 2022: Consumer Products, Ingredients (Givaudan, IFF and DSM/Firmenich) in € billion in € billion
Slide 18: The pillars for success remain valid
However, the pillars for success remain valid Backward integration and the expansion of the application platform beyond F&F — Value chain Procurement Processing Application Flavor A broad portfolio of Downstream Nutrition applications Upstream Separation technology Fragrance and specific Raw materia
Slide 19: Next Steps
03 Next Steps External • Copyright® 2023 19
Slide 20: Finding the right responses to new challenges
In a more challenging environment find the right responses to the new challenges — Challenges Responses Increasing commoditization of F&F − Faster leverage of synergies in all areas − Improvement of our processes Destocking − Better implementation of innovations and step change projects Massive cost
Slide 21: Mid-term plans remain valid
Despite increasing challenges in our environment, our mid-term plans remain valid — Mid-term target 2025 in € billion The mid-term target of €4.0-4.5 billion in 2022 was exceeded 4.0–4.5 (4.6) 5.5–6.0 Ambitious growth targets by 2025 3.0 1.4 2009 2017 2022 2025 Organic growth Targeted growth initiat
Slide 22: The first steps have been taken
The first steps have been taken We have laid the foundation for continued successful development — Leveraging synergies Targeted work to in the business units improve… Reorganization of the Fragrance: Expansion of the Flavor and Scent & Care Household and Homecare Further segments largely business u
Slide 23: Organic growth: market outlook remains good
Organic growth Despite new challenges, market outlook remains good — Mid-term target 2025 in € billion 5.5–6.0 4.6 2022 2025 Organic Growth Targeted growth initiatives (step change projects) Value-creating acquisitions External • Copyright® 2023 23
Slide 24: From ambition to reality: organic growth
From ambition to reality: organic growth Strategy remains valid, but individual levers have been adjusted — Improved Sharpened Accelerated growth efficiency profile Growth Efficiency Portfolio Further selective expansion Identify white spots Optimize customer Special efficiency Portfolio portfolio p
Slide 25: Growth pillar: right customers and markets
Growth pillar In our core business, exploiting the full potential of the right — customers and markets Win with winning customers. Expand the share of Expand the share of business Maintain a balanced portfolio private label and e- in the emerging markets commerce Radical changes in marketing with th
Slide 26: Growth pillar: new areas of dynamic growth
Growth pillar Investing in new areas of dynamic growth — Pet Food Health Solutions -Aggressive expansion of -Technologies and products additional capacities to enhance the microbiome, Cosmetic Ingredients -Expand raw materials base, e.g. prebiotics, probiotics and -Consistent implementation of e.g.
Slide 27: Efficiency pillar: processes and raw material access
Efficiency pillar Focus on processes and raw material access — Costs of raw materials Cross-divisional purchasing projects Symrise below average Formula efficiency Simplify formulas, reduce the number of raw materials Improved processes Sampling Reduce number of samples without success control Prici
Slide 28: Portfolio pillar: networking competencies
Portfolio pillar Achieve innovation by networking competencies — Other portfolio adjustments initiated: We have successfully expanded Strategic investment our competencies in in KOBO the past five years Veterinary/Pet Care Building investment in More than one-third of Symrise application Swedencare
Slide 29: Step change projects
Step change projects The target is ambitious but achievable — Mid-term target 2025 in € billion 5.5–6.0 4.6 2022 2025 Organic Growth Targeted growth initiatives (step change projects) Value-creating acquisitions External • Copyright® 2023 29
Slide 30: External growth: focus on integration
External growth Following the many acquisitions last year, the focus now lies on successful integration — Mid-term target 2025 in € billion 5.5–6.0 4.6 2022 2025 Organic growth Targeted growth initiatives (step change projects) Value-creating acquisitions External • Copyright® 2023 30
Slide 31: Acquisitions are essential to portfolio expansion
Acquisitions are an essential element of our strategy and crucial to the further expansion of our portfolio — Flavor Fragrance / Aroma Molecules No candidates at present Symrise needs to expand its Symrise’s acquisitions have made chemical footprint in Asia a significant contribution to value creati
Slide 32: Expanding portfolio into decorative cosmetics: KOBO
Expanding portfolio into decorative cosmetics: KOBO — Corresponding steps have been taken to grow the Symrise share Expanding our investment; increase partnership External • Copyright® 2023 32
Slide 33: Conclusion
Conclusion — Mid-term target 2025 in € billion The target is ambitious but achievable. 5.5–6.0 4.6 2022 2025 Organic growth Targeted growth initiatives (step change projects) Value-creating acquisitions External • Copyright® 2023 33
Slide 34: Priorities, Opportunities, and Long-Term Targets
04 Priorities, Opportunities, and Long-Term Targets External • Copyright® 2023 34
Slide 35: Growth after 2022: new trends and technologies
Growth after 2022 New trends and technologies will change our industry rapidly — The biotech revolution will impact many of our business areas in the future Digitalization will impact our business significantly and result in new business models External • Copyright® 2023 35
Slide 36: Fields of innovation for the next decade
Fields of innovation in our industry for the next decade There will also be great scope for innovation in our core business in the future — Consumer Health FLA Pet Food -Personalized nutrition -100/100: Sustainable, natural, declaration- -Vegetarian or vegan protein sources -Probiotics, prebiotics,
Slide 37: Expansion of portfolio to include health and wellness
Expansion of portfolio to include health and wellness — Aqua Aqua Symrise universe Our particularly broad portfolio allows systematic expansion of the business. This could also result in further Pet opportunities in the long term. ADF Pets Food New Peers universe Human Traditional FF NU Flavor/ CI P
Slide 38: Expansion of portfolio to include health and wellness
Expansion of portfolio to include health and wellness — Aqua Aqua Symrise universe Various projects are being pursued and A have progressed to differing degrees. In this way, new growth areas can be developed in the long term. Pet ADF Pets Food B Currently in development: New Peers universe A: Beaut
Slide 39: Symrise has already changed its profile considerably
Symrise has already changed its profile considerably and will continue to change its portfolio Significant growth contributions in new business areas are resulting in a substantial — portfolio shift 2008 Today 2025 2028 10% 30% 40% 50% outside Flavor outside Flavor outside Flavor outside Flavor and
Slide 40: Mid-term targets for 2025
Mid-term targets for 2025 Despite the challenging environment, we can remain optimistic if we continue the — consistent implementation of our strategy Financial targets Sustainability 2023 2025 Sales growth p.a. (CAGR) 5–7% 5–7% Sales in emerging markets >50% >50% 33% improvement in environmental im
Slide 41: Long-term target 2028
Despite increasing challenges in our environment, our growth plans remain valid — Long-term target 2028 in € billion Ambitious growth target long-term to 2028 7.5–8.0 5.5–6.0 *5-7% organic/growth initiatives / 2-3% M&A 4.6 1.4 2009 2022 2025 2028 Organic growth Targeted growth initiatives (step chan
Slide 42: Financials in detail
Symrise Capital Market Days 2023 Financials in detail Rennes/Elven - October 2023 Olaf Klinger CFO —
Slide 43: Mid-term growth objective 2025: fully on track
Mid-term growth objective 2025 Fully on track to achieve our targets — Mid-term target 2025 in € billion The mid-term sales target of €4.0-4.5 billion in 2022 was exceeded Mid-term EBITDA margin target of 20-23% achieved Target Act Target Financial goals until 2020 2022 until 2025 4.0–4.5 (4.6) Sale
Slide 44: Financial track record and targets
Financial track record and targets Past and future — Growth and margin track record since IPO Financial targets Sales and EBITDA in €m EBITDA 23% 21,1% 21,9% 21,5% 20,6% 2023 until 2025 Margin 21,3% 21,3% 20,0% 22,0% 21,0% corridor 19,8% 19,9% 20,4% 21,1% Organic growth Organic growth 20% 20,0% 20,0
Slide 45: Working Capital
Working Capital Clearly defined actions and measures to reach the mid-term target of 30-32% — WoC absolute & as % of Sales Drivers Measures: 2019 • Reinforced focused Working Capital • Slight improvement due to ADF/IDF Acquisition Inventories Trade Receivables Trade Payables Net WoC management in bo
Slide 46: Business Free Cash Flow – based on H1 2023 results
Business Free Cash Flow – based on H1 2023 results Bridge from consolidated Cash Flow statement — Consolidated Statement of Cash Flows Business Free Cash Flow calculation €m H1 2023 €m H1 2023 Net Sales 2,413.7 Consolidated net income 190.5 EBITDA reported 446.0 ... Increase (–)/decrease (+) in trad
Slide 47: Amortization from business combinations
Amortization from business combinations… …currently burdens EPS with more than 60 cents/share — Huge bandwidth in EPS projection from analysts: Main drivers Merger of Haarmann & Reimer € 2023 2024 2025 and Dragoco in 2003: Recipes Highest 3.05 3.90 4.36 Acquisition of Diana in 2014: Consensus 2.83 3
Slide 48: Exceptional impact
Exceptional impact Comparison H1 & H2 2022 and H1 2023 — H1 2022 H2 2022 H1 2023 + positive €m - negative €m + positive €m - negative €m + positive €m - negative €m Downtime costs and related Sale of Velcorin M&A related one- Partial Sale of M&A related one- revaluation of business 18.0 time costs 4
Slide 49: Corporate Functions
Corporate Functions Different initiatives – same ambition: To serve the global Symrise Group best — HR IT Finance “Thrive” “Enable” “Finance Evolution” Thrive means thriving for Historically, strong outsourcing Historically, two distinct Finance delivering on the HR vision of approach. Importance of
Slide 50: Well positioned to achieve our targets
We are well positioned to achieve our short, mid- and long-term targets — Unique position with a well-balanced portfolio Further acquisitions will offer new perspectives Continued investments into capacity expansion and new technologies Focus on Working Capital management Corporate Functions initiat
Slide 51: Updated targets 2028
Updated targets 2028 Symrise continues with ambitious financial targets — Financial targets 2023 until 2025 until 2028 Sales (€ bn) 5.5 – 6.0 7.5 – 8.0 Organic sales growth (CAGR) 5 – 7% 5 – 7% 5 – 7% Sales growth incl. M&A (CAGR) 6 – 9% 8 – 10% EBITDA margin ~ 20% 20 – 23% 20 – 23% adjusted Busines
Slide 52: People Strategy
Symrise Capital Market Days 2023 People Strategy @Symrise Rennes/Elven - October 2023 Dr. Stephanie Cossmann Member of the Board for Human Resources, Legal & Compliance and Labour Director —
Slide 53: Everything everywhere all at once
‘Everything everywhere all at once’ Massive changes have shaken organizations in recent years and will — continue to do so The True Hybrid Talent Tightrope From VUCA to BANI • >4 of 5 employees who worked in hybrid • 39% of employees planning to • Overwhelming challenges, e.g., Covid, supply models
Slide 54: HR Ambition
HR Ambition expected as a key partner to unlock true potential of people Performance and purpose to sustain Symrise’s strategy — Vision Growth Efficiency Portfolio Growth in emerging Specific efficiency Expand competencies markets programs outside the traditional flavor and fragrance Maximization of
Slide 55: Focus on people
Focus on people They are our biggest asset at the heart of our business success — Machines S still need ss uc human ine ce steering ss Bus Personnel Innovation at the heart driven by App. 1 billion personnel cost requires People costs >1/5 of R&D, perfumers, flavorists, and thorough management drive
Slide 56: HR a trusted proactive business partner
HR a trusted proactive business partner providing highly-valued services to its segments, divisions and people — Enhance user experience, accelerate Provide business-oriented HR business performance whilst portfolio of services improving compliance and control HR Analytics enabling insight- Simplify
Slide 57: Workplace of the Future
Workplace of the Future AI will over time complement our current systems — Predictive Analysis Robotic Process Generative AI − Big data analytics to contribute to data processing efficiency Automation − to create personalized training content − to create efficiencies and − Instant translations in mu
Slide 58: Fighting the war for talents
Fighting the war for talents by building the recruiter toolbox of the future — Active Sourcing Employer Branding Increased hiring needs due to − Position Symrise with a clear and relevant − Building dedicated in-house capabilities Employee Value Proposition Symrise's growth story, with to address th
Slide 59: Strong talent management
Strong talent management to develop the workforce for the future. Building and leveraging the capabilities across all divisions and regions — Current status Next steps − New generation of talents around that has different mindset and − Strengthen performance and talent review with robust review moti
Slide 60: Sustainability in 'S' and 'G'
Sustainability in ‘S’ and ‘G’ A decisive and critical success factor — − Well positioned across a range of diversity dimensions: − Increases profitability through better decision-making − Gender: 37,6% women in our workforce and 39.5% in processes by considering different perspectives management pos
Slide 61: ONE Symrise as a shared culture
ONE Symrise as a shared culture that facilitates the integration of future teams and individuals and mutualizes resources – our second largest asset — Our company has a common foundation that can help build ONE Symrise: Our Purpose Employee satisfaction and loyalty employees are entrepreneurial, com
Slide 62: Scent & Care
Symrise Capital Market Days 2023 Scent & Care Rennes/Elven - October 2023 Dr. Joern Andreas President Scent & Care Segment —
Slide 63: The future for beauty will always be bright
The future for beauty will always be bright — Beauty and hygiene are essential human needs Today, it is an expression of cultural affiliation and self-affirmation
Slide 64: Resilient growth market
02 Resilient growth market — Annual growth personal & home care market +8% in % 5% Cosmetic 3-4% Ingredients Fragrance & Fragrance Ingredients 3% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Fragrance & Fragrance Ingredients MARKET SIZE: USD 15 billi
Slide 65: Scent & Care – fully focused on personal and home care
Scent & Care – fully focused on personal and home care — Organizational Structure Fragrances Aroma Molecules Cosmetic Ingredients EUR 1,706 million 19% annual net sales (FY22) Average EBITDA margin (FY18 – FY22) External • Copyright® 2023 65
Slide 66: Market-leading positions across all divisions
02 Market-leading positions across all divisions — Fragrances Aroma Molecules Cosmetic Ingredients Joint manufacturing platform through backward integration REVENUE SHARE #4 Overall market position #2 Overall market position #4 Overall market position #1 Position in Oral Care #1 Position in Musk #1
Slide 67: Strong foundation for profitable growth
Strong foundation for profitable growth — 2017 – 2022 2023 – 2028 BUILD THE BASE NEW S&C STRATEGY Capacity Core Lists Critical size in Fragrances UV filter portfolio modernization Industrials chemicals divestment External • Copyright® 2023 67
Slide 68: Innovation-driven growth
CHALLENGER MINDSET CAGR >5.5% —————— ————— SUSTAINABILITY PROFITABILITY IN-LINE ROADMAP WITH INDUSTRY PEERS Innovation- Active portfolio Unique operating High-performance driven growth management model organization External • Copyright® 2023 68
Slide 69: Cosmetic Ingredients is our growth engine
Cosmetic Ingredients is our growth engine — Organic Cosmetic Green transformation growth Ingredients Growth market investments Mergers & acquisitions Profit Maintain leading growth and profitability through continuous investments External • Copyright® 2023 69
Slide 70: Beauty and hygiene remain attractive markets
— Beauty and hygiene remain attractive markets 02 Initiated new Elevate strategy Four success factors: Innovation, Portfolio Management, Efficiency, People External • Copyright® 2023 70
Slide 71: Taste, Nutrition & Health
Symrise Capital Market Days 2023 Taste, Nutrition & Health Rennes/Elven - October 2023 Dr. Jean-Yves Parisot President Taste, Nutrition & Health —
Slide 72: Taste, Nutrition & Health
Taste, Nutrition & Health
Slide 73: The story we will go through together today
Taste, Nutrition & Health The story we will go through together today… — 1 2 3 4 5 6 Where Who What How Success And we come from we are today we will deliver we will succeed stories tomorrow… External • Copyright® 2023 73
Slide 74: Where we come from
1 Where we come from Our DNA is coming from flavorings AND natural ingredients — Our teams started the We are delivering Mr Haarmann Mr Guyomar’ch sustainable valorised chicken side streams journey for becoming synthesized vanillin Taste, performance as a from local natural ingredients conifer trees
Slide 75: Who we are today
2 Who we are today A unique player in the consumer ingredients — HEALTH A powerful AUGMENTED NUTRITION FLAVOR HOUSE combining 3 TASTE synergistic expertise Taste NATURAL Nutrition INGREDIENTS Health FLAVORINGS to be a UNIQUE AND SUSTAINABLE GLOBAL LEADER WE R MA THI E in Food & Beverage SUSTAINABILI
Slide 76: What we will deliver
3 What we will deliver A performance based on unique expertise and synergies, — creating Extra Value for our customers Performance with P N&H urp os T A long-term e e ag Sustainability r P ve PURPOSE - DRIVEN et Be Fo PERFORMANCE d& od als Foo Sustainability Go Busin TASTE NUTRITION activating 3 mai
Slide 77: How we will succeed
Insert link to video 4 How we will succeed Creating Extra value, expanding our horizon beyond the traditional view — Yesterday: a Traditional Flavor House in the F&F Industry Until now: a Differentiated Flavor House in the Consumer Ingredients Today: an Augmented Flavor House creating Extra Value &
Slide 78: Some success stories
5 Some success stories Our unique way to propose Extra Value to our customers — Extra Value Extra Value in Dry Beverages in Culinary The alliance The uniqueness of flavorings of our AND sustainable natural ingredients. solutions. Extra Value Extra Value in Beverages in Pet Food The power of 3 The co
Slide 79: And tomorrow… Health focus
6 And tomorrow… 2 areas of focus to increase our Extra Value and market potential — From HEALTH as an incubating business… PE TF A domain of active ingredients in which OO we already deliver some specific solutions, D in which we will CONTINUE TO INVEST HEALTH IN SCIENCE AND CAPABILITIES, in order t
Slide 80: Focus on Health: market outlook and projection
5 Focus on Health Market outlook & projection: fast-growing targeted market segments — Market 5Y FCST Market 5Y FCST size CAGR size CAGR FOOD €9,000 b +4.0% €52 b +7.4% FUNCTIONAL €244 b +9.5% €40 b +6.9% FOOD DIETARY THE MARKETS SEGMENTS +5.8% SUPPLEMENTS €58 b +8.7% €2.3 b WE WILL FOCUS ON MEDICAL
Slide 81: Focus on Health: science signature in our solutions
5 Focus on Health Put science signature in our solutions for consumers and pets — NATURAL SOLUTIONS WITH DEMONSTRATED DIRECT HEALTH BENEFITS BACKED BY SCIENCE. RESPONSIBLY SOURCED, FOR PEOPLE & PETS, Healthy Aging Gut Health Mood, Cognition, & Stress External • Copyright® 2023 81
Slide 82: And tomorrow… Pet food focus
6 And tomorrow… 2 areas of focus to increase our Extra Value and market potential — From PET FOOD …. P A market in which we already have key positions ET for Tasty and Nutritional solutions, FO in which we will OD CONTINUE TO EXPAND OUR KNOW-HOW AND CAPABILITIES, in order to improve the way we serve
Slide 83: Focus on Pet World: market outlook
5 Focus on Pet World Market outlook and projection: 3 factors influencing dynamics — DOG & CAT population PENETRATION rate PET OWNERSHIP evolution By 2050 - 9.6 Billion People 2023 industrial pet food penetration rate Value by price segment Dog & Cat food │ WORLD vs. 7.7billion in 2020 @ 1% CAGR And
Slide 84: Pet ownership evolution over the years
5 Pet ownership evolution over the years… Their place in our homes evolved, changing the Pet Business — to the bed… to full part of families? to kitchen, to table, to frontyard, From backyard, ? 60’s 80’s 00’s 10’s 20’s 30’s PET FEEDING PET FOODING PET CARING PET PARENTING PET ? ANTHROPOMORPHISM Own
Slide 85: How Symrise will make the difference
5 How Symrise will make the difference? Applying our unique capabilities to create a unique Pet Ecosystem! — We CREATE, beyond Pet Food, OUR OUR AUGMENTED A UNIQUE PET ECOSYSTEM SPECIFIC FLAVOR PET WORLD HOUSE, CAPABILITIES PET ELLBEING PET HEALTH ARE PET FOOD PET EXPERTS PET DATA With the Power of
Slide 86: Expanding our leadership beyond Pet Food
5 Expanding our leadership beyond Pet Food Enlarging offers, reinforcing uniqueness in Pet care — CREATE scents enjoyed by both PET WELLBEING SUPPORT PET HEALTHCARE pets' health needs detected by their pet parents PET FOOD DELIVER Taste, Nutrition, PET EXPERTS & Food protection DESIGN Research & Dev
Slide 87: Our successful story in a nutshell
Taste, Nutrition & Health Our successful story in a nutshell… — THE UNIQUE AND POWERFUL … ILL DELIVER A AUGMENTED PURPOSE-DRIVEN FLAVOR BY CREATING EXTRA VALUE, PERFORMANCE! HOUSE EXPANDING OUR HORIZON BEYOND E ARE … THE TRADITIONAL VIEW Agricultural Raw Transformational Product Design ustomers hann
Slide 88: symrise – always inspiring more
ry symrise always inspiring more