EANS-News: Symrise AG enters new financial year with increase in sales and earnings

• Group sales rise 6.6 % to € 416.8 million
• EBITDA increases to €
85.2 million
• EBITDA margin remains at a high level of 20.5 %
despite increase in raw
material costs

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3-month report

Subtitle: • Group sales rise 6.6 % to € 416.8 million • EBITDA
increases to € 85.2 million • EBITDA margin remains at a high level
of 20.5 % despite increase in raw material costs

Holzminden, May 11, 2011 (euro adhoc) - Symrise AG has had a
successful start to the Financial Year 2011 and was able to exceed
its high prior year sales and earnings figures. In the first quarter
2011 Symrise benefited from the continued positive development of
demand even though it was more moderate than in the previous year,
which was characterized by catch-up effects. During the reporting
period Symrise increased sales by 6.6 % to EUR 416.8 million, thereby
again growing faster than the market for flavors and fragrances. The
growth was driven by business with major customers as well as
activities in Emerging Markets, especially Latin America. The Group´s
EBITDA rose 2 % to EUR 85.2 million. Despite a sharp increase in raw
material prices Symrise achieved an EBITDA margin of 20.5 %. A high
level of capacity utilization and continuous cost management
significantly contributed to this development.

Dr. Heinz-Jürgen Bertram, Chief Executive Officer of Symrise AG,
said: "As expected, markets have returned to more moderate growth
following the extraordinarily strong year 2010. Thanks to our good
strategic positioning we continue to benefit from the dynamic demand
in important markets, especially the Emerging Markets in Asia and
Latin America. With a 6.6 % increase in sales we again outperformed
the market. We maintained our EBITDA margin at over 20 %; this
demonstrates that we are able to successfully meet the challenges
posed by raw material markets at present. We have set a good basis
during the first quarter and are confident as we look to the coming
months. However, uncertainties remain with regards to the political
developments in North Africa and the Middle East, the effects of the
natural disaster in Japan, and the price development on raw material
markets."

Emerging Markets drive sales growth In the first quarter Symrise
boosted Group sales by 6.6 % to EUR 416.8 million (previous year: EUR
391.0 million); this translates into a 4.3 % increase at local
currency. The EAME and Asia/Pacific regions as well as Emerging
Markets contributed significantly to the sales growth. Emerging
Markets accounted for 46 % of Group sales. Latin America was by far
the most dynamically growing region with a 21 % increase in sales (15
% at local currency). Symrise was able to build upon the strong
growth of the previous year and benefited from a high level of demand
in both divisions. EAME sales rose 5 % (5 % at local currency) and
the established markets in Western Europe developed especially well.
Asia/Pacific increased sales by 11 % (4 % at local currency) and
particularly benefited from the demand for sweets and fine
fragrances. Compared to the high prior year figures, sales in North
America slightly declined by 1% (-2 % at local currency).

Core list positions drive growth in top 10 customer business In the
first quarter Symrise expanded strategically important business
activities with globally active food and consumer goods companies.
Sales generated by the ten largest customers of each division rose by
11 % (9 % at local currency), thereby exceeding the growth of Group
sales as a whole. Both divisions contributed to these results.
Business with major customers accounted for around 30 % of total
Group sales; it was supported by good core list positions and good
access to customers.

EBITDA margin of 20.5 % achieved Symrise also remained highly
profitable in the first quarter of 2011 and was able to maintain the
EBITDA margin above the 20 % mark. Negative effects of increased raw
material prices and currency developments were compensated through a
high rate of capacity utilization and continued cost discipline.

Earnings before interest, taxes and depreciation (EBITDA) rose 2 % to
EUR 85.2 million (previous year: EUR 83.3 million). The EBITDA margin
was thus 20.5 % (previous year: 21.3 %). Net income for the period
grew 2 % to EUR 41.1 million (2010: EUR 40.4 million). This
corresponds to earnings per share of EUR 0.35 (previous year: EUR
0.34).

Temporary build-up of raw material inventories as a means of securing
conditions ahead of time. The cash flow from operating activities
declined from EUR 21.1 million in 2010 to EUR 6.4 million in the
reporting period. Notable here were the seasonal increase in working
capital as well as a targeted build-up of inventories in order to
compensate for anticipated price increases and scarcity of certain
raw materials ahead of time.

Net debt (incl. pension provisions) amounted to EUR 525.0 million at
the end of the first quarter (31 Dec. 2010: EUR 521.0 million). The
ratio of net debt (incl. pension provisions) to EBITDA remained at
2.2 which is the same level as at the end of 2010.

Scent & Care In the first quarter Scent & Care boosted sales by 6.6 %
(4.2 % at local currency) to EUR 218.4 million (previous year: EUR
204.8 million).

The Scent & Care division was thus able to build upon the extremely
dynamic development of the previous year and achieved growth in all
regions. The segments Fine Fragrances and Aroma Molecules even
enjoyed double-digit growth. Positive economic developments and the
strong demand in the luxury segment were especially noticeable in the
Fine Fragrances segment. Scent & Care also benefited from business
with major customers, as well as the launch of a number of skin care
and cosmetic products in the Life Essentials segment.

In Latin America the division achieved strongest growth with a sales
increase of 17 % at local currency. In Asia sales rose 4 % at local
currency and in North America by 3 % at local currency. With a 2 %
sales increase (local currency) the EAME region developed slower than
the other regions.

The EBITDA rose 5 % to EUR 43.0 million (previous year: EUR 41.1
million). The EBITDA margin remained at a high level of 19.7 %
(previous year: 20.1 %).

Flavor & Nutrition Flavor & Nutrition reported a 6.5 % increase in
sales to EUR 198.4 million (previous year: EUR 186.2 million). This
corresponds to an increase of 4.5 % at local currency.

The division also continued its way on the growth path in the first
quarter. Symrise benefited from the high demand by established and
Emerging Markets. The division also significantly benefited from
business with major customers and the expansion of product
initiatives such as citrus and vanilla. Also Flavor & Nutrition grew
strongest in Latin America with an increase in sales of 11 % at local
currency. EAME was the second-strongest region with an increase in
sales of 7 % at local currency. Asia/Pacific reported 5 % growth in
sales at local currency. North America was unable to maintain
last-year´s high level and sales went down by 9 %.

EBITDA remained stable at EUR 42.2 million (previous year: EUR 42.2
million). The division remained profitable with an EBITDA margin of
21.3 % (previous year: 22.7 %).

Outlook: Confidence based on first quarter developments Based on the
positive development of demand in the first quarter Symrise is
confident about the outlook for the course of the financial year. The
Group maintains its objective of again outperforming the market and
aims at increasing sales between 3 % and 5 % at local currency. The
Group aims at realizing an EBITDA margin of above 20 %, although the
impact from the political situation in North Africa and the Middle
East, as well as the consequences of the natural disaster in Japan on
the Asian region remain difficult to predict and raw material markets
are characterized by further volatility and inflation. Symrise will
also carry out cost and portfolio management initiatives in the
following quarters; in addition the Group will utilize its high
degree of expertise in conjunction with innovative products and
technologies.

In EUR millions Q1 2010 Q1 2011 Change in% Change in% LC

Sales 391.0 416.8 6.6 4.3
EBITDA 83.3 85.2 2 1
EBITDA margin in% 21.3 20.5 - -
EBIT 62.5 64.4 3 1
EBIT margin in% 16.0 15.4 - -
Net income for period 40.4 41.1 2
Earnings per share in EUR 0.34 0.35 2

Cash flow from

operating activities 21.1 6.4

DIVISIONS
Scent & Care
Sales 204.8 218.4 6.6 4.2
EBITDA 41.1 43.0
EBITDA margin in% 20.1 19.7 - -

Flavor & Nutrition
Sales 186.2 198.4 6.5 4.5
EBITDA 42.2 42.2 33 39
EBITDA margin in% 22.7 21.3 - -

31.12.10 31.03.11
Balance sheet total 2,095.0 2,028.1
Equity ratio in% 40.9 42.6
Net debt (incl.
pension provisions)/EBITDA 2.2 2.2
Employees / FTE¹ 5,288 5,423

1Excluding apprentices and trainees, FTE = Full Time Equivalent (full-time
employees)
LC=Local currency

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 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