Symrise AG · XETR:SY1
Symrise — FY2021 Earnings Presentation
29 slides from Symrise's earnings presentation, Mar 1, 2022
Slide 1: Results for the Financial Year 2021
Results for the Financial Year 2021 — Dr. Heinz-Jürgen Bertram (CEO), Olaf Klinger (CFO) 1 March 2022
Slide 2: Agenda
Agenda Overview — 01 02 03 2021 Financials Strategic Initiatives / at a Glance 4 2021 11 Outlook 21 2
Slide 3: 2021 at a Glance
01 2021 at a Glance 1 2021 at a Glance 3
Slide 4: Financial highlights FY 2021
Financial highlights FY 2021 Symrise delivers strong sales and earnings growth — Sales Business Free Cash Flow1 Dividend proposal €3.826bn €486m €1.02 +8.7 % in reporting currency 12.7 % of sales per share +9.6 % organic growth EBITDA margin Net income CapEx 21.3% €375m €174m EBITDA +9.6 % to €814 m
Slide 5: Sales 2021
Sales 2021 Strong growth supported by economic recovery and strategic business expansion — Symrise Group In €m (sales growth in %) 9.6 % organic sales growth driven by both segments +9.6% organic growth +8.7 % +8.7% sales growth in reporting currency negative FX-effect of €73 million 3,520 3,826 €40
Slide 6: Sales by segment 2021
Sales by segment 2021 Both segments contributed to strong growth driven by normalized consumer behavior — and diversified product portfolio Taste, Nutrition & Health in €m / organic growth in % Scent & Care in €m / organic growth in % (former Flavor and Nutrition segments, combined as of 1 April 202
Slide 7: Sales by region in 2021
Sales by region in 2021 Dynamic growth across all regions — Organic growth by region Sales by region in % 2021 €1,017m North 27 % America €818m NA +8.5 % Asia/Pacific 21 % +10.3 % APAC EAME +8.8 % Latin America €1,537m +13.5 % 40 % EAME €453m 12 % LATAM 7
Slide 8: Sales and EBITDA
Sales and EBITDA Strong track record continued: increase in CAGR for top and bottom lines — Development of sales / EBITDA Sales and EBITDA in €m, margin in % 23 % EBITDA Margin 20 % 19.8 21.3 19.9 18.0 21.1 20.0 19.5 20.4 21.9 22.0 21.5 21.0 20.0 20.6 21.1 21.3 CAGR 06-21 7.9 % 3,520 3,826 3,408 3,1
Slide 9: Share price performance +20.2 % in 2021
Share price performance +20.2 % in 2021 Twelfth consecutive dividend increase and long-term value — creation Dividend 2007 – 2021 Comments Per share in € cents 50 50 50 60 62 65 70 75 80 85 88 90 95 97 102 After 14 successful years in the MDAX, Symrise joined the DAX in September 2021 Share price 20
Slide 10: Financials 2021
02 Financials 2021 2 Financials 2021 10
Slide 11: Group 2021: Strong organic growth of 9.6 %
Group 2021 Strong organic growth of 9.6 % driven by — both segments and all regions Sales development Comments In €m Organic growth of 9.6 % driven by strong and 9.6 % 1.2 % - 72.8 8.7 % healthy business in both segments and across all regions 40.9 - 2.1 % 337.1 Total sales contribution from Sensien
Slide 12: Group 2021: High profitability – EBITDA increase of 9.6 %
Group 2021 High profitability – EBITDA — increase of 9.6 % Comments In €m 2020 2021 Var. % Sales 3,520 3,826 8.7 Gross profit increase of 6.4 % below sales growth of 8.7 % due to higher raw material and manufacturing cost. Raw material quota Gross profit 1,390 1,479 6.4 increased slightly from 42.9
Slide 13: Taste, Nutrition & Health 2021
Taste, Nutrition & Health 2021 Significant organic growth and high profitability — Sales development Short P&L In €m In €m 2020 2021 Var. % 10.6 % 0.0 % -44.5 8.5 % EBITDA 471 531 12.9 -2.1 % EBITDA margin 21.9 % 22.7 % 228.3 EBIT 295 358 21.4 EBIT margin 13.7 % 15.3 % Comments 2,151.0 2,334.7 Organ
Slide 14: Scent & Care 2021
Scent & Care 2021 Recovery in demand drives robust — sales growth Sales development Short P&L In €m In €m 2020 2021 Var. % 7.9 % 3.0 % -28.3 8.9 % EBITDA 272 283 4.1 40.9 EBITDA margin 19.8 % 19.0 % -2.1 % 108.8 EBIT 193 201 4.3 EBIT margin 14.1 % 13.5 % 1,490.9 Comments 1,369.5 Segment leveraged th
Slide 15: EPS: New all-time high at €2.74 / New tax guidance
EPS New all-time high at €2.74 / New — tax guidance Comments In €m 2020 2021 Var. % Financial result 2021 improved by €21 million in consequence EBIT 488 559 14.7 of prior year one-off interest payments to tax authorities (-€10.5 million) as well as lower financing costs (-€8.1 million). Financial r
Slide 16: Business Free Cash Flow (BFCF)
Business Free Cash Flow (BFCF) Reflects strong EBITDA growth which could not fully compensate increase — in working capital related to global supply disruptions BFCF as % of sales BFCF declined by 13.9 % to €486 million = 12.7 % of sales 16,0% 14.1% Strong EBITDA growth 12.7% CAPEX stable with 4.5 %
Slide 17: Net debt development
Net debt development Supported by capital increase out of conversion — of convertible bond Net debt / EBITDA(N) Status Quo ADF/IDF + Pinova capital increase acquisition & sale Net debt of €1,347 million (€1,348 million in Conversion of Diana + convertible in 2020) reflects 1.7 x EBITDA capital incre
Slide 18: Balance sheet
Balance sheet Equity ratio significantly increased to 49.0 % (from 39.8 %) — Assets Equity and Liabilities Comments In €m In €m Increase in other assets due to 6,643 6,643 participation in Swedencare. 5,940 454 5,940 730 413 Trade payables Cash & equiv. 725 Shift between financial liabilities and 33
Slide 19: Strategic Initiatives / Outlook
03 Strategic Initiatives / Outlook 3 Strategic initiatives 19
Slide 20: Symrise Corporate Structure
Symrise Corporate Structure Flavor & Nutrition has become Taste, Nutrition & Health — TN&H with expanded portfolio Building a sustainable global powerhouse of application areas focusing on three strongly linked main assets Taste, Nutrition & Health Scent & Care Taste Health Food & Pet Aqua Cosmetic
Slide 21: Taste, Nutrition & Health: Further differentiation of portfolio
Taste, Nutrition & Health Further differentiation of portfolio, also through acquisitions — Acquisitions support further growth through expanded portfolio and technologies Taste, Nutrition & Health Non-core activities divested to focus on Food & Beverages Pet Food Portfolio expansion Taste, Nutritio
Slide 22: Scent & Care: Acquisitions and strategic initiatives
Scent & Care Acquisitions and strategic initiatives for continued accelerated — growth Reorganization of regional presence and diversification of portfolio Scent & Care Fragrance Cosmetic Ingredients Aroma Molecules Capacity expansion Implementation of production Capacity expansion for to rebuild fo
Slide 23: Sustainability along the value chain
Sustainability along the value chain Integrated strategy fully aligned with the UN Sustainability Goals — Raw materials Product development Production Customer Consumers − Biodiversity protection − Efficient use of − Green chemistry − Transparency − Continued health and − Climate natural raw materia
Slide 24: Organic growth initiatives
Organic growth initiatives Investments and innovation to fully leverage future business opportunities — Capital Expenditure Opening innovation Pet Food opens Scent & Care In €m center in Dubai factory in China Granada site State-of-the-art center for development, Leverage growth with Capacity expans
Slide 25: Outlook 2022
Outlook 2022 Symrise excellent positioned with diversified portfolio, broad — regional presence and customer base Targets 2022 Growth dynamics Growth faster than Organic growth Leverage growth opportunities of the relevant market Taste, Nutrition & Health Innovation programs based on + 5-7 % additio
Slide 26: Appendix
Appendix 26
Slide 27: Corporate strategy: Mid-term targets 2025
Corporate strategy Mid-term targets 2025 remain in place — Strategic business model Mid-term targets 2025 Financial targets Sustainability Vision Sales growth 5–7% p.a. (CAGR) Growth Efficiency Portfolio Green house EBITDA margin 20 – 23 % gas emissions due to an expanded portfolio 63 %* reduction C
Slide 28: Symrise AG: Financial calendar and Contact
Symrise AG — Financial calendar Contact 27 April 02 August Symrise AG Q1 2022 trading statement H1 2022 results Mühlenfeldstraße 1 37603 Holzminden, Germany 03 May 26 October Annual General Meeting 9M 2022 trading statement Tobias Erfurth Investors Relations tobias.erfurth@symrise.com Bernhard Kott
Slide 29: symrise
ry symrise