EANS-News: Symrise AG Continues to Focus on Earnings Power and Achieves EBITDA Margin of 20.1 %

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quarterly report/Nine-months report 2011

Subtitle: Group sales rose by about 2 % at local currency
• Business with global customers increases sales by 5 %
• Portfolio pruning and cost discipline secure profitability
• Targeted EBITDA margin of 20 % confirmed for the full year

Holzminden, November 9, 2011 (euro adhoc) - Symrise remains on course
with an EBITDA margin of 20.1 % for the first nine months of 2011.
The Group achieved its targeted margin despite a further economic
slowdown in the third quarter and sustained high raw material prices.
In certain regions Symrise discontinued selective activities with low
margins and continued strict cost discipline throughout the Group.
Group sales increased about 2 % compared to the strong prior-year
figures which were characterized by catch-up effects. The flavor
business as well as activities with global customers significantly
contri-buted to this growth. The Emerging Markets also continued to
provide positive impetus for growth.

Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "The market
dynamics have continued to slow in the third quarter due to weaker
economic prospects and continuing tension on the raw material and
foreign exchange markets. We made notable gains in our business with
global customers. At the same time, however, we saw customers
returning to more careful order patterns in certain regions and
sectors. To secure our profitability on a long-term basis we
continued to focus our business on profitable activities during the
third quarter. We aim to growing, however, not at the cost of our
earnings power."

Dr. Bertram continued: "We do not expect volatility to decline in our
markets until the end of the year. Accordingly, securing our strong
profitability takes first priority. From today´s point of view and
despite the current macroeconomic challenges we continue to be
confident that we will achieve an EBITDA margin of 20 % for the full
year of 2011. After using this year to consequently focus on
optimizing our earnings, we are well prepared for various economic
scenarios that may occur in the coming year."

Emerging Markets Account for 46 % of Total Sales In the first three
quarters of 2011, Symrise generated Group sales of EUR 1,206.3
million (previous year: EUR 1,207.7 million). This corresponds to an
increase of about 2 % at local currency. The Group continued to grow
in the Emerging Markets, though not at the exceptional pace of the
previous year. Symrise rose sales in Emerging Markets by about 2 %
and generated 46 % of its total sales in those markets.

In the EAME region, Symrise posted sales gains of 2 % (2 % at local
currency). At the same time, sales growth in the Asia/Pacific region
was moderate at 2 % (2 % at local currency) mainly due to portfolio
optimizations. In Latin America, sales development remained behind
the above-average growth rates seen last year with a gain of 1 % (3 %
at local currency). Sales in this region also reflect the conscious
decision to discontinue less profitable activities. In North America,
sales decreased 8% compared to the strong prior-year-figures, which
is mainly due to negative exchange rate effects, as well as reserved
consumer sentiment in the region. At local currency, the decline in
sales amounted to a moderate 1 %.

Successful Expansion of Business with Global Customers in Both
Divi-sions Both divisions took advantage of their strong position as
core suppliers to inter-national food and consumer goods
manufacturers and further expanded their business with those key
customers. Scent & Care increased sales in this cus-tomer segment by
4 % while Flavor & Nutrition posted sales gains of 7 %. In total
Symrise increased sales with global customers by 5 %. The segment
accounted for 31 % of Group sales.

Excellent Profitability despite Burdens from High Raw Material Costs
Symrise´s earnings situation was negatively affected by sustained
high raw ma-terial costs and volatile exchange rates in the first
nine months of 2011. To counteract these burdens, Symrise focused on
strict cost management throughout the entire Group and on a conscious
discontinuation from activities with weak margins. These steps
significantly contributed towards securing prof-itability and
achieving an EBITDA margin of 20.1 % (previous year: 22.2 %).
Earnings before interest, taxes, depreciation, and amortization
(EBITDA) amounted to EUR 242.6 million during the reporting period
compared to EUR 267.7 million during the same period last year. Net
income for the first nine month to-taled EUR 117.4 million (previous
year: EUR 127.3 million). This corresponds to earn-ings per share of
EUR 0.99 (previous year: EUR 1.08).

Inventory Reduction Allows Decrease in Working Capital After a
temporary build-up of important raw material inventories in the first
half of the year, Symrise has reduced its working capital by EUR 35.3
million in the third quarter. Cash flow from operating activities
amounted to EUR 130.1 million in the first nine months of 2011
(previous year: EUR 155.6 million). Net debt (incl. pension
provisions) amounted to EUR 743.2 million as of September 30, 2011
(December 31, 2010: EUR 733.7 million). The ratio of net debt (incl.
pension provisions) to EBITDA amounted to 2.4 at the end of the
reporting pe-riod (December 31, 2010: 2.2) and therefore remained
within the targeted range of 2 to 2.5.

Scent & Care Compared to the prior year period, which was
characterized by catch-up effects, sales in the Scent & Care division
declined to EUR 609.7 million in the reporting period (previous year:
EUR 621.8 million). At local currency, the figure is nearly
unchanged. The sales development reflects the discontinuation of less
profitable orders.

Additionally, lower demand in consumer-related areas, such as luxury
perfumes, were noticeable in the results. However, Scent & Care
continued its positive growth trends in the Life Essentials, Aroma
Molecules, and Oral Care application areas. In the menthol business,
Symrise achieved double-digit growth. The application area Cosmetic
Ingredients posted considerable growth, particularly in the Emerging
Markets.

In Latin America, sales developed at a more moderate pace after
experiencing very dynamic growth in the previous years. Scent & Care
increased sales in the region by 3 % at local currency. In
Asia/Pacific, the division managed a slight gain of 1 % (at local
currency). The comparably lower growth rate is mainly due to
portfolio pruning and exiting low-margin business activities. After
the strong growth realized last year sales in the EAME region
decreased by 2 % during the reporting period. Sales in North America
remained stable. EBITDA for the division totaled EUR 117.3 million
(2010: EUR 131.2 million). The EBITDA margin was 19.2 % (previous
year: 21.1 %).

Flavor & Nutrition Flavor & Nutrition grew sales by about 2 % to EUR
596.6 million (previous year: EUR 586.0 million) during the first
nine months of 2011. At local currency, this corresponds to an
increase of 3 %.

The strongest region in terms of growth was EAME, with solid demand
in all of the important country markets and a jump in sales of 6 %
(at local currency). Beverage applications and Consumer Health
developed particularly well in this region. In comparison to the
strong performances seen in the previous year Asia/Pacific and Latin
America generated more moderate growth with each region posting a
growth of 2 % at local currency. Selective Portfolio optimizations
had an effect on both regions. In Latin America Symrise benefitted
particularly from solid demand for savory applications and citrus
products. The ongoing reserved consumer sentiment in North America
led to a sales decline of 4 % at local currency.

EBITDA amounted to EUR 125.3 million (previous year: 136.5 million)
while the EBITDA margin came in at 21.0 % (previous year: 23.3 %).

Outlook: Targeted EBITDA Margin of 20 % Confirmed for the Full Year
Symrise remains confident to largely achieve its targets for fiscal
year 2011. Based on the results of the first nine months, the
Management Board reaffirms the goal of achieving an EBITDA margin of
20 % for the full year. Considering the overall high raw materials
prices and the softening economic development, Symrise´s
industry-leading EBITDA margin represents a considerable
achieve-ment.

For the current fiscal year Symrise aims at increasing Group sales by
around 2-3% at local currency. In view of the short-term volatility
seen in important sales markets, the Management Board has placed the
focus on profitable growth. Thus, Symrise consciously declined
business in certain cases to avoid diluting its earnings power.

Thanks to its global footprint, innovative power, and focus on global
customers Symrise is well-positioned to benefit from the medium-term
intact growth trends in its core markets. Should the global economy
improve in the coming year, Symrise will use its strengths to
accelerate its profitable sales growth. Should the economic
environment continue to deteriorate, Symrise will be well-positioned
to assert its profitability.

Key Figures for the First Nine Months of 2011

EUR million 9M 2010 9M 2011 Change in% Change in% LC

Sales 1,207.7 1,206.3 0 2
EBITDA 267.7 242.6 -9 -8
EBITDA margin in % 22.2 20.1 - -
EBIT 202.1 182.1 -10 -9
EBIT margin in % 16.7 15.1 - -
Net income f.t. period 127.3 117.4 -8
Earnings per share (EUR) 1.08 0.99 -8

Cash flow from

operating activities 155.6 130.1

DIVISIONS
Scent & Care
Sales 621.8 609.7 -2 -0.2
EBITDA 131.2 117.3 -11
EBITDA margin in % 21.1 19.2 - -

Flavor & Nutrition
Sales 586.0 596.6 2 3
EBITDA 136.5 125.3 -8
EBITDA margin in % 23.3 21.0 - -

31.12.10 30.09.11
Balance sheet total 2,059.0 2,068.2
Equity ratio 40.9 41.8

Net debt (incl. pension
provisions)/EBITDA
ratio 2.2 2.4
Employees / FTE¹ 5,288 5,466
¹ Not including trainees and apprentices, FTE = Full Time Equivalent
LC= At local currency

About Symrise Symrise is a global supplier of fragrances and
flavorings as well as cosmetic base materials and substances for the
perfume, cosmetic, and food industries. Its sales of EUR 1.57 billion
in 2010 place Symrise among the top four companies in the global
flavors and fragrances market. Headquartered in Holzminden, Germany,
the Company is represented in over 35 countries in Europe, Asia, the
United States, and South America. Our innovative products are used by
perfume, cosmetic, and food manufacturers and are an indispensable
part of daily life. We combine our insights on consumer trends with
cutting-edge technologies, focusing on innovative trend and lifestyle
products that have additional practical value for the consumer.
Symrise - always inspiring more… www.symrise.com

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

end of announcement euro adhoc
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company: Symrise AG
Mühlenfeldstraße 1
D-37603 Holzminden
phone: +49 (0) 5531/90-0
FAX: +49 (0) 5531/90-1649
mail: ir@symrise.com
WWW: http://www.symrise.com
sector: Chemicals
ISIN: DE000SYM9999
indexes: MDAX
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English