Symrise Ag · XETR:SY1
Symrise — FY2022 Earnings Presentation
28 slides from Symrise's earnings presentation, Mar 8, 2023
Slide 1: Results for the Financial Year 2022
Results for the Financial Year 2022 — Dr. Heinz-Jürgen Bertram (CEO), Olaf Klinger (CFO) 8 March 2023
Slide 2: Agenda
Agenda Overview — 01 02 03 2022 Financials Strategic Initiatives / at a Glance 3 2022 10 Outlook 19 2
Slide 3: 2022 at a Glance
01 2022 at a Glance a * ¢ - c . 3 ‘ > ¥. > A
Slide 4: Financial highlights FY 2022
Financial highlights FY 2022 Strong sales growth in challenging geopolitical environment — Sales Business Free Cash Flow1 2 Dividend proposal €4.6bn €301m €1.05 +20.7 % in reporting currency 6.5 % of sales per share +11.4 % organic growth EBITDA margin2 Net income2 3 CapEx 20.0% €406m €270m EBITDA2
Slide 5: Sales 2022
Sales 2022 Growth driven by unique portfolio and strategic business expansion — Symrise Group In €m (sales growth in %) +11.4 % €434 m organic sales growth driven by both segments +11.4% organic growth +20.7 % +20.7% sales growth in reporting currency positive FX-effect of €204 m 3,826 4,618 €154 m
Slide 6: Sales by segment 2022
Sales by segment 2022 Both segments contributed to strong growth driven by diversified product — portfolio Taste, Nutrition & Health in €m / organic growth in % Scent & Care in €m / organic growth in % 2,913 2,335 2022 1,706 1,491 2022 2021 2021 +15.3% +5.1% +24.8 %* +14.4 %* Growth particularly dri
Slide 7: Sales by region in 2022
Sales by region in 2022 Growth across all regions — Organic growth by region Sales by region in % 2022 €1,326m North 29 % America €981m NA Asia/Pacific 21 % +8.0% +10.4 % APAC EAME +9.4 % Latin America €1,716m +24.7% 37 % EAME €595m 13 % LATAM 7
Slide 8: Sales and EBITDA since IPO
Sales and EBITDA since IPO Impressive 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 20.02 CAGR 06-22 4618 8.6 % 3826 3408 3521 2903
Slide 9: Share price performance since 2006
Share price performance since 2006 Thirteens consecutive dividend increase and long-term value — creation Dividend 2007 – 2022 Comments Per share in ct/€ 85 88 90 95 97 1.02 1.05 Unique track record 50 50 50 60 62 65 70 75 80 through proven strategy execution Share price 2006 – 2022 800 700 Share pr
Slide 10: Financials 2022
02 — Financials 2022 10 10
Slide 11: Group sales bridge 2022
Group sales bridge 2022 Organic growth of 11.4 % driven by — both segments and all regions Sales development Comments In €m Organic growth of 11.4% (€434m) driven by strong and 5.3% healthy business in both segments and across all regions. 4.0% 11.4% 204.3 154.2 M&A related contribution of 4.0% (€15
Slide 12: P&L 2022
P&L 2022 Very strong sales growth supports absolute — EBITDA increase Comments In €m 2021 2022 Var. % EBITDA1 increase of 13.3 % reaching €922m with a margin of Sales 3,826 4,618 20.7 20.0% (2021: 21.3%). Gross profit 1,479 1,702 15.1 Margins were burdened by higher raw material costs with an increa
Slide 13: Taste, Nutrition & Health 2022
Taste, Nutrition & Health 2022 Significant organic growth and good profitability — Sales development Short P&L1 In €m In €m 2021 2022 Var. % 5.2% 4.2% EBITDA 531 631 18.7 15.3% 121.7 98.9 EBITDA margin 22.7% 21.6% 357.7 EBIT 358 430 20.2 EBIT margin 15.3% 14.8% Comments 2,913.0 Organic growth of 15.
Slide 14: Scent & Care 2022
Scent & Care 2022 Lower margin despite solid sales growth — Sales development Short P&L In €m In €m 2021 2022 Var. % EBITDA 283 291 3.0 5.5% 3.7% EBITDA margin 19.0% 17.1% 5.1% 82.6 55.3 EBIT 201 200 -0.6 76.6 EBIT margin 13.5% 11.7% Comments 1,705.5 Fragrance benefited from Fine Fragrances while Co
Slide 15: EPS: New all-time high at €2.91
EPS New all-time high at €2.911 — Comments In €m 2021 2022 Var. % Financial result decreased by €30m mainly due to higher interest expenses (+€20m). EBIT1 559 630 12.7 Income tax rate slightly decreased to 25.2% (2021: 25.4%) and is at the lower end of our tax guidance of 25%-27%. Financial result -
Slide 16: Business Free Cash Flow (BFCF)
Business Free Cash Flow (BFCF) Decline due to higher CAPEX and increase — in Working Capital BFCF as % of sales BFCF1 of €301m (2021: €486m) 16.0% = 6.5% of sales 14.1% 12.7% 9.9% 9.9% Additional EBITDA contribution offset by: 6.5% +€96m CAPEX (2022: 270m/5.8% of sales; 2021: 174m/4.8% of sales) 201
Slide 17: Net debt development
Net debt development Increase mainly due to financing of acquisitions and higher — working capital Net debt / EBITDA Status Quo Pinova ADF/IDF + acquisition & sale capital increase Net debt of €2,233m (2021: €1,347m) Conversion of Diana + convertible in reflects 2.4 x EBITDA1 capital increase new sh
Slide 18: Balance sheet
Balance sheet Keeping a healthy equity ratio of 46.4% — Assets Equity and Liabilities Comments In €m In €m Increase in inventories of €338m mainly due 7,783 7,783 to higher raw material prices and higher storage volume. 6,673 315 6,673 530 Trade payables 856 Cash & equiv. 454 413 Increase in intangi
Slide 19: Strategic Initiatives / Outlook
03 Strategic — Initiatives / Outlook 19
Slide 20: Strategic Initiatives: Taste, Nutrition & Health
Strategic Initiatives: Taste, Nutrition & Health Portfolio expansion into Pet Care — Taste, Nutrition & Health application areas Pet Food Business Incubation Food & Beverage Forward Integration: Ambition to be health solutions provider for Pet Care Pet Health Pet Food Diet. Supplements — Ideal partn
Slide 21: Strategic Initiatives: Scent & Care
Strategic Initiatives: Scent & Care A clear differentiator through unique business models — Innovation and partnerships to accelerate growth Organic growth supported by Innovations Growth supported by M&A Symrise launches natural brand Maison Lautier Acquisition of minority interest in Synergio 1795
Slide 22: Capital expenses to leverage growth opportunities
Capital expenses to leverage growth opportunities Continued expansion of production footprint — Capital Expenses Pet Food Food & Beverage Cosmetic Ingredients / In €m Capacity expansion Capacity expansion Aroma Molecules Netherland Germany Capacity expansion New production site Canada Spain 77 USA M
Slide 23: Business execution along sustainability principles
Business execution along sustainability principles Based on a holistic approach — Sustainable Goals of Symrise takes a systematic Roadmap 2023 the United Nations approach Priorities based on materiality survey (1,300 stakeholder interviews) Highly rated and awarded Footprint Sourcing Minimizing our
Slide 24: Outlook 2023
Outlook 2023 Symrise excellently positioned to maneuver through challenging — times Targets 2023 Growthenvironment Business dynamics Growth faster than Organic growth Favorable mega trends and the relevant market industry dynamics + 5-7 % 3-4 % Taste, Nutrition & Health competencies towards compleme
Slide 25: Appendix
Appendix 25
Slide 26: Corporate strategy
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 27: Symrise AG Financial calendar Contact
Symrise AG — Financial calendar Contact 26 April Symrise AG Q1 2023 trading statement Muehlenfeldstraße 1 37603 Holzminden, Germany 10 May Annual General Meeting Tobias Erfurth 02 August Investor Relations H1 2023 results tobias.erfurth@symrise.com 11/12 October Bernhard Kott Capital Markets Day Cor
Slide 28: symrise
ry symrise