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Report on the First Nine Months of 2009: Symrise increases sales and earnings in the third quarter

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this

* Sales increase by 5.6 % in the third quarter
* Growth in all regions and areas of business
* Third-quarter EBITDA margin, adjusted for restructuring expenses,
up to 21.2 %
* Adjusted earnings per share for the quarter improve by 36 %
* Operating free cash flow per end of September climbs to ¤ 103.1
* Two new Executive Committee members chosen

In the third quarter of 2009, Symrise AG improved its sales and
earnings despite continued economic challenges. In a weak overall
market, the Group increased third-quarter sales over the same period
of 2008 by 5.6 % at local currency, and by 4 % on a pro forma basis.
Both business divisions and all regions contributed to the growth.
The EBITDA rose by 12 % at local currency in the third quarter,
benefiting decisively from the improved sales performance as well as
from the first savings effects from the restructuring measures
implemented in the first half of the year. In the first nine months
of the year, the Group achieved an EBITDA margin, adjusted for
restructuring expenses, of 19.7 %.

Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, said: "The clearly
discernible upswing in the third quarter confirmed our expectations
for the second half of 2009. In our view, the sales growth in both
business divisions and in all regions is a signal that destocking on
the part of our customers has virtually come to an end. This
contributed to the improvement of our earnings situation, as did the
restructuring measures, whose effects became apparent in the third

Symrise's Executive Committee expects the Group to grow faster than
the market in the 2009 fiscal year. "Symrise remains fast-growing and
profitable," declared Bertram. "For the year as a whole, we expect a
sales growth of 2 % at local currency. Symrise is benefiting from its
strong innovative ability and from its strong market position in
dynamically growing emerging markets. Moreover, we anticipate that we
will achieve an EBITDA, adjusted for restructuring expenses, at the
previous year's level, will improve the adjusted earnings per share,
and will continue to generate a strong cash flow. On the whole,
Symrise fared very well in the difficult market situation of recent
months and has good prospects of emerging from the crisis stronger
than before."

Positive performance in all regions

In the first nine months of the year, Symrise increased Group
revenues by 2.8 %, from ¤ 1,009.5 million to 1,037.5 million. At
local currency, sales rose by 1.3 % compared to the same period of
the previous year.

South America proved to be one of the main growth drivers in the
first three quarters. Symrise boosted its sales in this region by 19
% (25 % at local currency). Acquisitions in the previous year made a
decisive contribution to the sales growth of 23 % in North America
(15 % at local currency). In the Asia/Pacific region, Group sales
were up by 6 % (0.5 % at local currency). The EAME region, which in
the past months had been most strongly affected by the weak economy
and by destocking, showed signs of recovery with sales climbing by 2
% at local currency in both Eastern and Western Europe in the third
quarter. Due to the weak first half of the year, however, sales in
this region were -7 % (-6 % at local currency) down on the sales
achieved in the first nine months of 2008.

Adjusted net income at previous year's level

The attractive sales growth and the onset of the first effects from
the restructuring measures implemented this year had a decisive
impact on the improvement of the earnings situation. In spite of
continued difficult market conditions, moreover, Symrise succeeded in
maintaining the price increases it had pushed through in past months.
At the same time, operating income was burdened by ongoing high raw
material costs as well as restructuring and integration expenses.

In the first nine months Symrise achieved earnings before interest,
taxes, depreciation and amortization (EBITDA) of ¤ 190.8 million,
after ¤ 211.5 million in the previous year. The EBITDA margin was
18.4 % (previous year: 21.0 %). In the third quarter the EBITDA
margin was 20.5 %, roughly equivalent to its level for the same
period of 2008 (20.7 %). Adjusted for restructuring expenses of ¤
13.3 million, Symrise achieved an EBITDA of ¤ 204.1 million in the
first nine months (previous year: ¤ 211.5 million) and an EBITDA
margin of 19.7 % (previous year 21.0 %). The adjusted EBITDA rose by
9 % to ¤ 74.8 million in the third quarter (previous year: ¤ 68.9
million), while the adjusted EBITDA margin improved from 20.7 % to
21.2 %.

Underlying net income adjusted for special effects increased, with a
slightly lower tax rate, in the third quarter of 2009 by 24 % (36 %
at local currency) to ¤ 39 million (previous year: ¤ 31. 4 million).
This corresponds to adjusted earnings per share for the quarter of ¤
0.33 (previous year: ¤ 0.27). In the first nine months, the
underlying net income adjusted for special effects was ¤ 100.9
million, roughly equivalent to the figure for the same period of 2008
(¤ 101.2 million). The adjusted earnings per share reached ¤ 0.85
after ¤ 0.86 in the previous year.

Significant increase in operating free cash flow

Benefitting in the first three quarters from an effective reduction
of working capital, Symrise increased its operating free cash flow by
62.1 %, from ¤ 63.6 million to ¤ 103.1 million. The Group continued
to reduce its net debt. Net debt was ¤ 35 million lower than at the
end of 2008 (¤ 641.6 million), amounting to ¤ 606.3 million. The
equity ratio remained at a high level of 34.2 % (December 31, 2008:
34.3 %).

Strategic focus on large customers continues to pay off

Business with major customers again showed above average growth. In
the third quarter, the Flavor & Nutrition division boosted sales with
this customer group by 6.9 % (8.0 % at local currency). The Scent &
Care division grew its sales with the ten biggest customers by 0.3 %
(1.3 % at local currency). Overall, Symrise achieved 28 % of Group
sales with the ten largest customers in the first nine months,
compared to 27 % in the same period of the previous year. In addition
to several promising projects, Flavor & Nutrition gained a further
core list position.

Scent & Care - upswing in the third quarter

The Scent & Care division grew in all regions despite an overall weak
economy. For the first time this year, the EAME region, which had
been especially hard hit by the economic crisis, reported sales
growth. Destocking by customers seemed to have neared its end in the
third quarter. In a nine-month comparison, Scent & Care's sales in
this region decreased due to the massive destocking in the first half
of the year. The division's sales showed very dynamic growth in the
South America and North America regions. Scent & Care also boosted
its sales in the Asia/Pacific region. The Life Essentials and
Household application areas remained important sales drivers, while
Fine Fragrances and the high-priced areas of the Personal Care
segment were strained by the weak economy.

In the first nine months, sales in the division increased slightly
from ¤ 509.7 million to ¤ 518.6 million. Scent & Care grew by around
5 % in the quarter. Taking into account the effects of acquisitions
made in 2008, divisional sales increased by 3 % at local currency.

Scent & Care achieved an EBITDA of ¤ 85.0 million in the first nine
months, compared to ¤ 102.7 million in the first three quarters of
2008. Adjusted for restructuring costs, the division's EBITDA
amounted to ¤ 93.7 million. In the third quarter, both the improved
sales performance in EAME and effects from restructuring measures had
a positive impact on the earnings situation.

Flavor & Nutrition - adjusted EBITDA up on previous year

The Flavor & Nutrition division also reported sales growth in all
regions in the third quarter. Its sales in the South America region
grew by 31 % at local currency. In North America, sales also rose
strongly despite continued difficult conditions. The successful
integration of Chr. Hansen Flavors figured prominently in the growth.
In EAME, Flavor & Nutrition achieved an increase in sales for the
first time this year in the third quarter, favored by a diminished
destocking on the part of customers. Sales were also up in the
Asia/Pacific region.

Overall, Flavor & Nutrition generated sales growth of 3.8 % to ¤
518.9 million in the first nine months. The sales growth in the third
quarter was considerably higher, at 6.5. %. Despite ongoing high raw
material costs, the negative effects of destocking in the first half
of the year, and expenses for restructuring measures, the EBITDA of ¤
105.8 million was only slightly lower than in the same period of the
previous year ¤ 108.9 million. Adjusted for restructuring costs, the
EBITDA even increased slightly to ¤ 110.4 million. Flavor & Nutrition
achieved an EBITDA margin of 21.3 %.

Two new members of the Executive Committee chosen

In a separate release, Symrise also announced today two changes in
the Executive Committee. The Supervisory Board appointed Hans Holger
Gliewe to the Executive Committee with immediate effect. He will be
responsible for the Flavor and Nutrition division. He succeeds Dr.
Heinz-Jürgen Bertram in this role who has been serving as Chief
Executive Officer of Symrise since July 1, 2009 while simultaneously
managing the division for an interim period. In addition, Chief
Financial Officer Dominique Yates will leave the company at his own
request at the end of the year. He leaves the company on best terms
to assume a new position outside of Germany. His designated successor
as Chief Financial Officer currently holds a comparable position at a
listed German company, and he will be introduced shortly and
simultaneously with the announcement of his departure by his current

Key figures

Q3 change Q3 change
% %
Q3 Q3 at actual at local
¤ million 9M 2008 9M 2009 2008 2009 currency currency
Sales 1.009.5 1.037.5 333.5 352.4 5.7 5.6
- Scent & Care 509.7 518.6 166.9 175.0 4.8 5.0
- Flavor & 499.8 518.9 166.4 177.4 6.5 6.3
EBIT 158.5 130.9 50.6 53.8 6 16
- Scent & Care 77.2 56.1 26.5 25.7
- Flavor & 81.3 74.8 24.1 28.1
EBIT margin in % 15.7 12.6 15.2 15.3
EBITA 182.1 157.5 58.5 61.0 4 12
- Scent & Care 87.9 69.1 30.1 28.7 -5 3
- Flavor & 94.2 88.4 28.5 32.3 14 23
EBITA margin in % 18.0 15.2 17.5 17.3
EBITDA 211.5 190.8 68.9 72.2 5 12
- Scent & Care 102.7 85.0 35.3 34.4 -3 4
- Flavor & 108.9 105.8 33.6 37.8 13 20
EBITDA margin in % 21.0 18.4 20.7 20.5
Normalized EBITDA 21.0 19.7 20.7 21.2
margin in %
Net income for the 84.9 70.4 24.1 29.3 22
Earnings per share 0.72 0.60 0.20 0.25 22
in ¤
Adjusted earnings 0.86 0.85 0.27 0.33 24 36
per share in ¤
Investments 35.0 35.2 16.7 12.1
Operating free 63.6 103.1 41.0 40.3

September 30,
December 31, 2008 2009
Balance sheet total in ¤ million 1,890.7 1,928.6
Shareholders' equity in ¤ million 648.4 660.3
Equity ratio in % 34.3 34.2
Employees (balance sheet date) * 5,097 4,990
* full time equivalent not including
apprentices and trainees

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 ¤ 1.32 billion in 2008 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.

For press queries, contact: For
investor queries, contact:
Bernhard Kott Dr.
Andrea Rolvering
Tel. +49 (0)5531 90-1721 Tel. +49
(0)69 75 93 75 94
bernhard.kott@symrise.com andrea.rolvering@symrise.com

--- End of Message ---

Symrise AG
Mühlenfeldstraße 1 Holzminden Germany

DE000SYM9999; Index: MDAX, TecDAX;
Listed: Regulierter Markt in Frankfurter Wertpapierbörse, Freiverkehr
in Bayerische Börse München,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Börse Berlin,
Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart,
Prime Standard in Frankfurter Wertpapierbörse;
Copyright © Hugin AS 2009. All rights reserved.

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