Symrise AG · XETR:SY1
Symrise — H1 2021 Earnings Presentation
21 slides from Symrise's earnings presentation, Aug 5, 2021
Slide 1: Financial Results H1 2021
Financial Results Financial Results H1 2020 H1 2021 Dr. Heinz-Jürgen Bertram (CEO), Olaf Klinger (CFO) – 5 August 2021
Slide 2: Agenda
Agenda Results H1 2021 — 1 Business development H1 2021 2 Financials in detail 3 Operational highlights and Outlook — 2
Slide 3: 1 Business development H1 2021
1 Business development H1 2021 3
Slide 4: Financial highlights H1 2021
Financial highlights H1 2021 Strong performance in first half of the year despite ongoing pandemic Sales Business Free Cash Flow1 Earnings per share € 1.908bn € 181m € 1.45 +4.8 % in reporting currency -5,2 % vs. H1 2020 (€191m) +€ 20 cents vs. H1 2020 +9.7 % organic growth EBITDA margin Net income2
Slide 5: Sales H1 2021
Sales H1 2021 Organic growth driven by progress in pandemic response and increased demand Symrise Group + 9.7 % organic sales growth In €m (sales growth in %) driven by both segments in several applications — + 4.8 % + 4.8 % sales growth in reporting currency Negative FX-effect of € 103 million 1,90
Slide 6: Sales by segment in H1 2021
Sales by segment in H1 2021 Both segments with strong growth reflecting normalizing consumer behavior in €m / organic growth in % Scent & Care Fine Fragrance and Cosmetic Ingredients exceeding pre-Corona 2021 749 + 9.0 % levels significantly; Consumer 2020 711 + 5.3 % reported Fragrance with ongoing
Slide 7: Sales by region in H1 2021
Sales by region in H1 2021 All regions with significant growth driven mostly by incremental sales volumes By region Sales by region organic growth in % H1 2021 €415m €505m North Am erica 22% 26% + 13.0% Asia / Pacific EAME + 9.9% 11% + 5.6% 41% €772m €217m Latin Am erica + 15.6% NA LatAm EAME APAC 7
Slide 8: 2 Financials in detail
2 Financials in detail 8
Slide 9: Group H1 2021
Group H1 2021 Strong organic sales growth driven by volume increase Sales development Comments In €m +9.7% +0.8% -5.7% +4.8% Organic growth of 9.7 % clearly shows resilience of business model 14 — -103 Total sales contribution from Sensient Fragrance & Aroma 1.908 Chemicals business which was acquir
Slide 10: Group H1 2021
Group H1 2021 EBITDA increase driven by incremental sales, strict cost management and acquisition one-off effect In €m H1 2020 H1 2021 Var. % Comments Sales 1,821 1,908 4.8 Gross profit increase of 3.6 % below sales growth of 4.8 % mainly due to higher manufacturing cost quota, also driven by Gross
Slide 11: Scent & Care H1 2021
Scent & Care H1 2021 9 % organic growth with 21.7 % EBITDA margin Sales development Short P&L In €m In €m 2020 2021 Var. % +9.0% +2.0% -5.6% +5.3% EBITDA 146 162 11.0 14 EBITDA margin 20.6 % 21.7 % -40 EBIT 107 125 16.6 749 64 EBIT margin 15.0 % 16.6 % 711 Comments Organic growth fully driven by inc
Slide 12: Flavor & Nutrition H1 2021
Flavor & Nutrition H1 2021 10 % organic growth with 22.2 % EBITDA margin Sales development Short P&L In €m In €m 2020 2021 Var. % +10.1% -5.7% +4.4% EBITDA 247 258 4.3 EBITDA margin 22.2 % 22.2 % -63 EBIT 159 172 8.2 112 1.159 EBIT margin 14.3 % 14.8 % 1.110 Comments Strong organic growth fully driv
Slide 13: EPS H1 2021
EPS H1 2021 EPS up by strong 16 % In €m 2020 2021 Var. % Comments EBIT 266 297 11.7 Income tax rate decreased to 26.2 % (27.0 %) Financial result -29 -23 -20.7 — Financial result improved by € 6 million to -€ 23 million due to one-off effects in prior year period (i.e. interest on tax liabilities) E
Slide 14: Business Free Cash Flow (BFCF) H1 2021
Business Free Cash Flow (BFCF) H1 2021 Continued strong delivery of BFCF; after exceptional performance in 2020 BFCF as % of Sales BFCF H1 2021 decreased by 5.2 % to 16,0% €181 million (vs. €191 million in 2020 H1) 14.1% Equals 9.5 % of sales; last 12 months ratio of sales for June 2021 at 15.4% 11.
Slide 15: Balance sheet H1 2021
Balance sheet H1 2021 Healthy equity ratio of 42 % Assets Equity and Liabilities Comments In €m In €m 5,940 6,100 5,940 6,100 Decrease in cash and cash equivalents Cash & equiv. 552 334 350 Trade payables (-€174 million) mainly due to acquisitions and 725 higher working capital positions Trade recei
Slide 16: Net debt development H1 2021
Net debt development H1 2021 Stable net debt position; including acquisitions of €90m Net debt / EBITDA(N) Status Quo Net debt of € 1,531 million (€ 1,348 million in ADF/IDF + 2020) reflects 2.0 x EBITDA Pinova capital increase acquisition & sale Net debt including pension provisions and 3,5 Diana +
Slide 17: 3 Operational highlights / Outlook
3 Operational highlights / Outlook 17
Slide 18: Symrise invests in Swedencare
Symrise invests in Swedencare International premium provider of pet health care Overview Highlights • Swedencare offers premium products for pet healthcare • Products and regional expansion since IPO 2016 Attractive and fast-grow ing • Swedencares product PlaqueOff® is patented in more than 30 count
Slide 19: Operational highlights H1 2021
Operational highlights H1 2021 Expanding capacity, driving innovation, sustainability linked financing Sym rise Diana Pet Food opens factory in China Sym rise launches Sym Reboot™ its first processed — Extended capacities in a dynamic market probiotic dedicated to oral care — First palatability meas
Slide 20: Guidance for 2021 raised
Guidance for 2021 raised Sales growth and profitability targets increased Targets 2021 Underlying growth drivers Growth faster than the Increased organic sales Flavor & Nutrition: ongoing strong growth relevant market growth prospects. Pet Food, ADF/IDF and Flavor applications >7% with increasing de
Slide 21: Symrise AG
Symrise AG Financial Calendar Contacts Symrise AG 26 October 2021 Mühlenfeldstraße1 9M 2021 trading statement 37603 Holzminden, Germany 1 March 2022 Tobias Erfurth Full year result presentation Investor Relations [email protected] Bernhard Kott Corporate Communications and Sustainability be