Editorial of the
Global Management Committee

Dear readers
and friends
of Symrise,

We first published our regularly updated sustainability strategy 13 years ago and have since demonstrated that we can operate both sustainably and profitably. In fact, we managed to increase sales in 2022 for the 17th year in a row. But just as important as our current situation is the need to keep our sights set on the future. It’s essential to protect and preserve the foundation of our business, which is dependent on nature and its biodiversity. Our goals are clear: We plan to be climate-positive in 2030 and thus do our part to ensure sustainable business.

The basic element for that is the circular economy, which is also the focus of our stories in this year’s Corporate Report. We have always made an effort to utilize 100 % of our raw materials in various ways. We also use by-products, which are value-adding materials sourced from many processes that would otherwise be disposed of, including the oils from the peels left over from orange juice production as well as by-products of the paper industry, from which we produce fragrance ingredients. We also process eggs that are unsuitable for human consumption into important components for pet food.

This sustainable approach is applied to all of the processes and in recent years has also entailed diversification of our business model, ensuring we’re better able to withstand crises. By 2028, we plan to achieve half of our sales in business units that don’t belong to our traditional flavor and fragrance portfolio. In addition, we continue to rely on our extensive regional presence and customer base, which allows us to successfully respond to the major challenges of these years. Despite the war in Ukraine, raw material scarcity, delayed supply chains, a drastic increase in energy costs and high inflation, we’ve again achieved an EBITDA margin¹ of 20 %.

Our individual business units have performed very well in the highly volatile market environment. The demand for pet food has increased significantly once again, resulting in healthy, double-digit growth in our Pet Food division. As a result, we’re expanding our capacities in China, North America, Brazil and France and, with the acquisition of Schaffelaarbos and Wing Pet Food, have ensured even more diversity and depth in the portfolio. The Taste, Nutrition & Health segment, to which pet food belongs, has also expe­rienced healthy growth, due in part to the fact that sales have increased, for example, in the Food & Beverage division. People are doing more in their free time and eating out more often.

We’ve also significantly consolidated our range in the Scent & Care segment with the acquisition of companies Groupe Néroli and SFA Romani in southern France. The approximately 200 employees will be working closely with our Maison Lautier brand and our other fragrance experts, allowing us to leverage many synergies here. In recent years, sales have increased drastically here and in the Cosmetic Ingredients division.

There’s also important news regarding our Executive Board, which now has two new members. That’s because we, as a fast-growing group, need to optimize distribution of our resources across the board in ­order to fulfill our many future responsibilities to the best of our ability. Dr. Jörn Andreas, who until recently was in charge of the Cosmetic Ingredients division at Symrise, will take over the Scent & Care ­segment, which was temporarily managed by Chief Executive Officer Dr. Heinz-Jürgen Bertram. Jörn Andreas has held various management positions at Symrise and overseen numerous mergers and acquisitions as well as strategic initiatives. Experienced manager Dr. Stephanie Coßmann, who previously was a member of the Board of Management and Head of HR at Lanxess AG, will assume responsibility for the newly created Human Resources and Legal department. Working with them and all of our employees who develop our sustainable, safe and customized products, we will continue to ensure quality of life, beauty and well-being – as well as consolidate our already close partnerships with all of our company’s other stakeholders. You can read about how we plan to do that in many areas of our Corporate Report 2022.

The Executive Board of Symrise AG