强大的根，新路径

它在我们的DNA中是创新的，探索其他世界并征服新领域 - 因为这就是我们的前辈们在近150年前做的事情。我们继续将火炬携带到这一天，通过了解和建立在我们的技能套装中，所有的速度分为新的业务领域和利用创新技术。换句话说，我们总是在寻找我们可以根据我们的基础和传统优势的基础上采取的步骤，并将为我们带来前进。我们被认为是我们行业的创始人之一是有充分的理由 - 我们希望继续动态地塑造这一悠久的历史。

Once again, we have reached our goals by setting a new sales record of € 3,408 million. But much more importantly, with EBITDA(N) of € 707 million and a profit margin of 20.8 %, we’ve demonstrated that we’re a very healthy company. At the same time, the average annual growth rate of our sales since the IPO in 2006, which is at over 8 %, reveals that we’re growing faster than the competition and have made the right decisions. The market average is just 3 to 4 % – and these percentage points represent a significant difference.

We began diversifying our portfolio years ago – alongside growth and efficiency, one of the three pillars of our long-term strategy. We have expanded our classic flavor and fragrance business, which is in our DNA, to include related fields that provide us with access to whole new markets and expand our portfolio of offers. This ranges from the identification and sourcing of new raw materials and the increasingly interconnected research and development of our divisions to the full utilization of the production facilities, marketing and sales. We now generate a third of our sales outside of our traditional business units. One thing is certain: You can no longer be successful in our industry over the long term with flavors and fragrances alone.

Over the past eleven years, we’ve increased our sales from € 1.3 billion (2008) to € 3.4 billion (2019) using three levers. First of all, we have grown on average between 5 and 6 % organically, 1 to 2 % as a result of the aforementioned changes to our business model or expanded capacities, and 1 to 3 % through select acquisitions.

Yes, there is. But we do everything in our power to ensure it doesn’t happen. We have a vision with which we’ve created a new role model for our industry. With many projects dedicated to backward integration of raw materials – this Corporate Report describes our activities in South Africa and Indonesia as an example – we go to where it all begins: the farmers with whom we work closely together in more and more areas to find sustainable solutions for the supply of raw materials. This benefits the people just as it does the environment and our company, as we have access to traceable, high-quality natural materials. This was especially important last year in particular due to shortfalls in many areas. Our operations in the US provide one example of this: There, the Pinova company, which we acquired in 2017, uses renewable raw materials sourced from nature for the production of fragrances.

No, it isn’t. For example, we also create huge advantages for our customers in our research and development – often working together on projects that are developed with extraordinary accuracy. Our goal is to supply key ingredients for products for the whole family that people use day and night, which is why we’ve significantly expanded our portfolio and thus exploited new growth channels. Now we’d like to reap the fruit of our labor and, to use the same metaphor, cultivate the land for the future.

All of our divisions should create added value, which combined allows us to achieve our desired profit margin corridor. There are some areas that tend to remain below and thus form a good foundation, while others exceed the threshold at the top, but may have lower sales for the time being. If you take a look at the most recent large-scale acquisition, it’s easy to see what appealed to us: The American company ADF/IDF, which we acquired in 2019, manufactures egg and chicken products. We see enormous synergy effects in a variety of areas, including market access and technology transfer. ADF/IDF will also have a positive effect on sales and profit from the start, which is why we’ll continue to actively scan the market for further sensible additions. In particular, this includes acquisitions that complement our portfolio – for instance, in the Nutrition segment or with fragrances.

It has been an integral part of our strategy for years because we wouldn’t be able to maintain success over the long term without it and because, of course, we want to be involved in the positive developments in the world. The backward integration mentioned above and the associated social and environmental effects in the countries rich in raw materials are just one key component. We also address all of the sustainability objectives defined by the United Nations. We want to assume a pioneering role regarding climate protection, too, and are aiming for climate-positive operations as of the year 2030. Our success is also reflected, for example, in the fact that we were the first large company to win two German Sustainability Awards – in 2012 and 2018.

不言而喻，我们审查和回应城市化，数字化和对天然，健康食品和可持续的身体护理产品的渴望等兆特。一些例子，我们还在本公司报告中更接近地审查：我们是第一个使用人工智能开发香水，以与客户合作开发符合市场准备的香水。我们竭诚拥抱循环经济，以避免浪费原材料，并使用绿色化学来发展创新，特别是在事物的过程方面。我们在没有任何残留物的情况下生产化学制造的薄荷醇，有效地使用原料直到没有任何东西。与此同时，我们逐渐过渡到使用本质上的可再生原材料。我们坚定地建立了我们在风味部门的自然准则中的自然趋势：通过这个平台，我们为客户提供了将真正的自然风味纳入产品的最佳解决方案。我们还应对重大的健康挑战，包括如何制造含盐，糖和脂肪少的品尝产品。

我们没有。成熟的市场slightly ahead, which is also due to the fact that most of our acquisitions occur there – and it follows that sales in these countries are increasing at a higher rate. However, we’re working at full speed in the emerging markets, where our procedures are always similar: We open sales offices, generate business, provide these offices with products from neighboring countries, build our own production facilities and expand capacities as required. And just to give you an idea of the scope: In Asia we developed an organization in Vietnam. We’re also investing further in India and Indonesia, where we’ve opened our new research center in Jakarta, and will be opening a new plant in China in the second quarter for € 50 million. We have another exciting example in South America: For Diana Pet Food, we’re developing a green factory in Colombia with all the required forms of energy such as electricity, steam and water supplied in accordance with sustainability guidelines.

应该：我们在本地，区域和全球经营客户的健康组合。我们在关于所有对我们重要的品牌空间中被列为一个供应商，并正在努力尽可能多地向这些客户提供尽可能多的细分市场。当然，我们广泛的投资组合和各种各样的源材料应用程序走了很大程度上。

Symrise will remain dynamic with a continued high growth rate, which we want to increase organically to 5 to 7 %. Our profitability is also expected to grow. By improving the portfolio mix, we hope to increase the operating margin to 20 to 23 % over the long term. We want to reduce our investments, which are higher than the industry average, to 4 to 5 %. But our goals are still ambitious: We’re looking to double our 2018 sales figures to € 5.5 to 6 billion by 2025.