Symrise AG — Interim / Quarterly Report 2013

May 7, 2013

Q1/2013 Interim Group report

Key Figures Of The Group

€ Million		Q1 20121	Q1 2013	change in %	CHAN GE IN % at local currency
Sales		432.6	457.6	5.8	7.9
EBITDA		87.8	92.8	6	7
EBITDA margin	in %	20.3	20.3
EBIT		67.0	71.6	7	8
EBIT margin	in %	15.5	15.6
Net income		43.0	46.0	7
Earnings per share	in €	0.36	0.39	8
Operating cash flow		19.7	26.0	32
Scent& Care
Sales		224.9	245.0	9.0	11.1
EBITDA		45.2	48.9
EBITDA margin	in %	20.1	20.0
Flavor& Nutrition
Sales		207.8	212.6	2.3	4.3
EBITDA		42.6	43.9
EBITDA margin	in %	20.5	20.6
1 previous year's figures have been adjusted as a result of changes to accounting policies

		DEC. 31, 20121	Mar. 31, 2013
Balance sheet total	€ million	2,150.2	2,301.6
Equity ratio	in %	40.9	41.5
Net debt (incl. pension provisions)/EBITDA	ratio	2.4	2.5
Employees	FTE 2	5,669	5,805

1 previous year's figures have been adjusted as a result of changes to accounting policies

2 not including apprentices and trainees; FTE = Full Time Equivalent

LONG TERM OBJECTIVES 2020 (2012 – 2020)

Sales	Increase sales by more than € 1.0 billion based on sales CAGR of 5% to 7%
EBITDA	Increase EBITDA to more than € 500 million based on an annual EBITDA margin between 19% and 22%

Table of contents

Letter to the Shareholders	3
Interim Group Management
Report for the Period from January 1
to March 31, 2013	4
Condensed Consolidated Interim Financial
Statements as of March 31, 2013	9

Highlights of the first quarter 2013

Sales increase 8% at local currency

Sales up 11% in the emerging markets

EBITDA rises to € 93 million

EBITDA margin of 20.3%

With the celebration of our company's ten-year anniversary, 2013 is a special year for Symrise. The idea of merging two renowned and neighboring companies – Haarmann & Reimer and Dragoco – to create one of the world's largest flavor and fragrance manufacturers was a convincing one from the start. Ten years later, we can say with confidence that the concept was and is a complete success. Since 2003, Symrise has increased sales by 50 % and EBITDA by 90 %. We have also established a reputation on the capital markets as a crisis-resistant company with high profitability.

This means we have all the more reason to be pleased with our good start in this anniversary year. The company has successfully continued its course in the first quarter of 2013. Symrise increased its sales in both divisions and across all regions. Strong growth impulses arose in particular in the emerging markets, where we generated nearly half of our sales. Our EBITDA margin of 20.3 % shows that we have continued to experience profitable growth in the first quarter.

Symrise increased sales in the first three months of 2013 by 8 % at local currency to € 458 million. The EAME region, and particularly the emerging markets of Eastern Europe, performed well despite the ongoing debt crisis in the eurozone. The positive trend continued with pleasing business development in North America – resulting in sales growth of 9 % at local currency. The strongest growth was generated in the Asia/Pacific region, which managed to increase its sales by 12 %. We posted double-digit sales gains in Latin America as well.

Earnings matched up with our expectations for the start of the year. Sales growth and our consistent cost management efforts were major factors in Symrise's ability to increase its EBITDA by 6 % to € 93 million in the first three months. The Group was thus able to achieve an EBITDA margin of 20.3 %.

We took an important strategic step during the first quarter of 2013 by acquiring the Belmay Group's global business. The internationally operating developer and manufacturer of perfume oils has especially established itself in the application areas of fine fragrances, cosmetics and air care. Belmay's product and customer portfolio optimally supplement our activities and will help us advance our growth in these application areas and further strengthen our presence in the North American market. At the moment, integration efforts are running at full steam. We are confident that these will soon be wrapped up and will be reporting on this development over the course of the year.

In years past, we have repeatedly emphasized that we do not think in terms of quarters and instead adopt a long-term perspective with regard to business development. That's why we formulated economic goals that align with our sustainability-focused strategy at the start of this year, which we aim to achieve by the end of the 2020 fiscal year. We want to increase our sales by more than € 1 billion during this period, with an average annual growth of 5 % to 7 %. We are therefore aiming to grow faster than the market. We continue to hold to our objective of profitable growth and are aiming for an EBITDA margin within the range of 19 % to 22 %. These business objectives supplement the long-term sustainability goals that we set for ourselves with a view towards a sustainable sourcing of raw materials, an efficient use of resources and reduced pollutant emissions, among other aims.

The prospects for the current fiscal year are promising. We consider ourselves to be well positioned for 2013 with our two equally strong divisions and balanced global presence.

Symrise's employees and my colleagues on the Executive Board are looking forward to the remainder of this strenuous anniversary year, in which we are confident that we will once again achieve our goals. And once again, you will be able to examine our efforts at the end of the year.

Dr. Heinz-Jürgen Bertram Chief Executive Officer

Interim Group Management Report for the Period from January 1 to March 31, 2013

OVERVIEW OF BUSINESS ACTIVITIES

Symrise develops, produces and sells fragrances and flavors as well as active ingredients for the cosmetics industry. Its customers include companies in the perfume, cosmetics and food industries, as well as manufacturers of household products. In addition, Symrise provides biofunctional and bioactive ingredients and substances to the health and personal care sector. In 2012, Symrise achieved sales of over € 1.7 billion, making it the fourthlargest company in the global flavor and fragrances market. The company sells its products in 160 countries. In 2012, Symrise generated 52% of sales in industrial countries in Western Europe, North America and parts of Asia. The number of customers served by Symrise totaled over 6,000 in 2012. A total of 48% of our sales were achieved in the so-called emerging markets in Asia, Latin America, Africa, the Near and Middle East and Eastern Europe. There are about 5,700 employees working in the Symrise Group. With sites in 36 countries, we have a local presence in our most important sales markets. We supplement our internal growth through strategic acquisitions that offer us a stronger market position or access to important technologies.

The Symrise Group was created by a merger between the German companies Haarmann & Reimer and Dragoco in 2003. The company will thus be celebrating its 10th anniversary in 2013. Symrise's roots date back to 1874 and 1919, when the two companies were founded. In 2006, Symrise AG entered the stock market with its initial public offering (IPO). Since then, Symrise stock has been listed in the Prime Standard segment of the German stock exchange. With a market capitalization of about € 3.2 billion at the end of 2012, Symrise stock is listed on the MDAX® index. Currently, 94% of the shares are in free float.

The two divisions, Scent & Care and Flavor & Nutrition, are responsible for our operating business. They each have their own research and development, purchasing, production, quality control, marketing and sales departments. This system allows internal processes to be accelerated. Our goal is to simplify procedures while making them customer-oriented and pragmatic. We place great value on fast and flexible decision-making.

Both business divisions have divided their organization into four regions with separate regional heads:

• Europe, Africa and the Near and Middle East (EAME)
• North America
• Asia/Pacific
• Latin America

Scent & Care is comprised of the Fragrances, Life Essentials, Aroma Molecules and Oral Care business units, with each of these units being globally active. The business units themselves are structured according to different application areas. Fragrances, for example, is composed of Fine Fragrances, Personal Care and Household.

Flavor & Nutrition concentrates on products in the Beverages, Savory, Sweet and Consumer Health application areas.

In addition, the Group has a Corporate Center which encompasses the central areas of finance and controlling, corporate communications, investor relations, legal affairs, human resources, corporate compliance, internal auditing and global process design in order to exploit cross-business synergies. Other supporting functions such as information technology are either outsourced to external service providers or bundled in separate Group companies. The latter have, in the divisions of technology, energy, safety, the environment and logistics, for example, business ties to customers outside the Group.

Symrise's headquarters are located in Holzminden, Germany. At this site, the Group's largest, Symrise employs 2,200 people in the areas of research, development, production, marketing and sales. A large number of Corporate Center employees are also based in Holzminden. The company has regional headquarters in the USA (Teterboro, New Jersey), Brazil (São Paulo) and Singapore. Important production facilities are located in Germany, Brazil, Mexico, Singapore, China and the USA. Symrise has development centers notably in Germany, Brazil, China, France, Singapore and the USA. We have sales branches in more than 30 countries.

BUSINESS ENVIRONMENT

The global economy is expected to experience stronger growth in 2013 than in 2012. This expansion, however, will still be at a much lower level than the growth seen in previous years. The International Monetary Fund (IMF) is forecasting an increase in global economic output of 3.5% – following growth of 3.2% in the previous year and 3.9% in 2011. This development, though, could change depending on outcomes stemming from considerable uncertainties surrounding the debt crisis in the eurozone, the continuing discussion on the upper limit for sovereign debt in the USA and the unstable condition of the financial markets. The global economy is also growing at two speeds. Industrialized nations are experiencing only limited growth, posting an increase of 1.3% in 2012 and growth is expected to be only slightly better for 2013 at 1.4%. At the same time, the developing and emerging markets grew by 5.1% in 2012 and an increase of 5.5% has been forecast for 2013.

The gross domestic product (GDP) in the eurozone decreased by 0.6% in 2012 according to estimates from the European Commission. According to forecasts from the IMF, economic output for the eurozone is expected to shrink again in 2013 – this time by 0.2%. The situation is especially dramatic in Southern Europe, where a high level of unemployment and cuts to federal benefits are negatively impacting private consumption. Economic development in Germany hit its low point in the fourth quarter of 2012 as GDP came in 0.6% lower than in the previous quarter. During the first three months of 2013, the German economy regained its footing and posted growth of 0.5% compared to the previous quarter. For the full year, the German government expects GDP growth of 0.4% compared to 0.7% in the previous year. By comparison, the US economy is expecting much stronger expansion in 2013, with forecasts calling for a 2.0% increase – driven primarily by private consumption. The most recent relaxation of Japanese monetary policy may drive growth there beyond the predicted figure of 1.2% for 2013.

A number of developing and emerging markets are confronting the weak demand from industrialized nations with expansive monetary and financial policies that aim to strengthen their respective domestic economies. Private consumption is also being particularly supported in China, for instance. However, these policies and measures do increase the risk of inflation. The IMF expects an acceleration of China's economic growth from 7.8% in 2012 to 8.2% in 2013. India's GDP is expected to grow by 6.4% after 5.9% in 2012. For the Brazilian the IMF is forecasting a substantial economic recovery with expected growth of 3.5%, compared to a growth rate of 1.0% in the previous year. Against the backdrop of these two different global economic developments, the developing and emerging markets continue to gain importance for Symrise's sales.

RESULT OF OPERATIONS

1. Group Sales Performance

The Symrise Group generated sales of € 458 million in the first quarter of 2013, which corresponds to growth of 6% (8% at local currency) compared to the previous year. In the Scent & Care division, sales amounted to € 245 million in the first three months of 2013, representing an increase of 9% (11% at local currency) compared to the same period in the previous year. Flavor & Nutrition increased sales by 2% (4% at local currency) to € 213 million.

Sales in the EAME region developed well, particularly in the emerging markets of Eastern Europe, with sales up by 5% at local currency compared to the first quarter of the previous year. Business in North America also showed strong sales growth with an increase of 9% at local currency. The Asia/Pacific region posted the best figures with a sales increase of 12% at local currency. Latin America continued its positive development with sales growth of 10% at local currency.

Sales in the emerging markets exceeded the previous year's figures by 11% at local currency, thereby growing more quickly than the Group's overall sales. The emerging markets' share of total Group sales amounted to 48% (Q1 2012: 46%).

2. Scent & Care DIVISION Sales

The Scent & Care division posted sales of € 245 million in the first quarter of 2013, growing by 9% compared to the first quarter of 2012. At local currency, this corresponds to an increase of 11%. We were able to increase our sales considerably in every region compared to the first quarter of the previous year.

The Aroma Molecules business unit achieved a double-digit percentage growth rate, which is mainly attributable to the additional production capacities for menthol established in 2012. Sales also were up by double-digit percentages in the Fragrances business unit.

Sales by Region

€ million	Q1 2012	Q1 2013	Change in %	Change in % at local currency
EAME	202.4	210.4	4	5
North America	79.5	86.2	8	9
Asia/Pacific	96.8	105.3	9	12
Latin America	54.0	55.6	3	10
Total	432.6	457.6	6	8

Takeover of American Fragrance Manufacturer Belmay

In March 2013, Symrise acquired the global business of the Belmay Group, an internationally operating developer and manufacturer of perfume oils. The Belmay Group, headquartered in Yonkers, New York, is an established and renowned manufacturer of fragrance creations, particularly for the fine fragrances, cosmetics and air care application areas. Belmay has been on a stable and profitable course of growth for years and generated sales of around US\$ 60 million in the 2012 fiscal year. Both Belmay's product and customer portfolio will optimally supplement the existing activities of the Scent & Care division. At the same time, Symrise is strengthening its presence in North America. With this acquisition, Symrise has taken another strategically important step towards promoting sustainable growth in the fine fragrances, personal care and air care segments.

SymCap ® K LD Brings Fresh Fragrances to Liquid Detergents

With SymCap® K LD, Symrise has developed an effective, patented technology that allows microencapsulated perfume oils to be used in liquid detergents for the first time. The new generation of microencapsulated perfume oils allows laundry to keep its fresh scent for several months. SymCap® K LD securely encloses the fragrance and releases it onto the fabric after just a light touch – even months later.

Clearer Complexion with SymWhite® 377 – Now Available in China

SymWhite® 377, a patented skin-lightening product, was declared an approved substance for cosmetic applications by the Chinese State Food and Drug Administration (SFDA). A light, evenly radiant complexion has been considered an ideal of beauty in Asia for many centuries – especially in China. Skin-lightening methods and materials have an extensive tradition in the region. Many of these substances, however, are considered unsafe, cyto-toxic, unstable or ineffective in small doses. The patented substance developed by Symrise is highly purified, toxicologically harmless and has a comprehensive safety profile.

The Regions

Sales in the EAME region developed positively in the first quarter of 2013 and increased by 7% at local currency. The Aroma Molecules and Oral Care business units performed especially well, managing to substantially expand their sales figures.

Sales at local currency rose by 12% in North America in the first quarter of 2013. The positive development here is mainly attributable to the Aroma Molecules and Fragrances business units. The acquisition of the American company Belmay strengthens our market penetration in the fine fragrances, personal

care and air care application areas, while providing us with access to new customer groups.

In the first quarter of 2013, sales in the Asia/Pacific region exceeded those of the previous year by 15% at local currency. The largest gains were seen in the Fragrances, Oral Care and Aroma Molecules business units. Here we were able to increase sales by double-digit percentages. The country markets of India, China and Australia had particularly well first quarters with high growth rates across all business units.

As in the previous quarters, the Scent & Care division in Latin America posted growth in the double-digit percentages in the first quarter. Sales increased by 15% at local currency compared to the strong first quarter from 2012. Every business unit in this region saw sales increase substantially during this period.

3. Fl avor & Nutrition DIVISION Sales

In the first quarter of 2013, Flavor &Nutrition generated sales of € 213 million. This corresponds to an increase of 2% (4% at local currency) compared to sales achieved in the same period in the previous year. The most notable growth was achieved in the Asia/ Pacific region, with an increase of 8% at local currency.

Symrise Establishes Umbrella Brand think mint® for Fresh Taste and Cooling Care

Mint is regarded as a symbol of purity and fresh breath, while also generating cooling effects – in short, mint affects all senses. Mint gives sweets, chewing gum and oral care products their characteristically fresh notes. Consumers especially appreciate the interplay of cooling and freshening effects. In order to focus the team's knowledge in this area across multiple departments, Symrise has pooled its expertise under the think mint® umbrella brand. The strategic platform bundles knowledge and application know-how gained from around the world over the course of four decades. Our own source of raw materials also ensures reliable quality at any time of the year. With think mint®, we combine our knowledge of oral care and sweets, creating real added value with new mint compositions and combinations. This allows our customers to position themselves with unique products on the market.

The Regions

Sales rose by 3% at local currency in the EAME region. The highest growth rates were achieved in the emerging markets of Eastern Europe. Sales in Russia, Poland and Turkey saw particularly substantial gains during the period. The established markets of Western Europe also posted solid growth – with Germany, the UK and the Netherlands leading the way. Important growth impulses came once again from vanilla and mint flavorings as well as the Consumer Health application area.

The first quarter saw encouraging sales developments in the North America region. Sales increased by 4% at local currency compared to the already good figures from the previous year. The main drivers of growth were the Savory and Beverages application areas.

The Asia/Pacific region generated the highest growth in the first quarter. Sales increased by 8% at local currency compared to the previous year's level. China, the Philippines, Thailand and India showed especially positive sales developments. The Savory application area experienced strong growth with poultry flavors thanks to our poultry initiative started last year. The Beverages application area also developed very positively, gaining new business with our EVODRY® technology.

In the Latin America region, Flavor & Nutrition achieved growth of 3% at local currency. While we were able to make considerable sales gains in Brazil and Argentina, Venezuela and Mexico posted weak sales developments. In the Savory and Sweet application areas, we realized positive gains with our important global and regional customers.

4. Earnings Situation

Operating Result

Earnings development was positive in the first quarter of 2013. The cost of sales rose by 4% to € 264 million and therefore increased at a lower rate than sales. Compared to the first quarter of 2012, gross profit improved by € 15 million to € 194 million – representing an increase of 8%. At 42.3%, the gross margin was up 1.0percentage points from the 41.3% recorded in the first three months of the previous year. Selling and marketing expenses increased by 11% from the previous year to € 72 million. R & D expenses also increased by 11% to € 31 million. The R & D ratio therefore amounted to 6.8% (Q1 2012: 6.4%). Administration expenses totaled € 24 million and were therefore 3% lower than in the previous year.

Earnings before interest, taxes, depreciation and amortization on property, plant and equipment and intangible assets (EBITDA) increased in the first three months of 2013 by 6% to € 93 million (Q1 2012: € 88 million). The EBITDA margin was 20.3%.

Scent & Care generated an EBITDA of € 49 million in the first quarter of 2013. EBITDA rose by 8% compared to the previous year. The EBITDA margin amounted to 20.0%, compared to 20.1% in the same period of the previous year.

In the first three months of 2013, EBITDA for the Flavor &Nutrition division increased by 3% to € 44 million. The EBITDA margin therefore amounted to 20.6% compared to 20.5% in the first quarter of the previous year.

Financial Result

The financial result for the first three months of 2013 improved by about 6% and amounted to € – 8.9 million. Net interest charge amounted to € 8 million as in the previous year.

Taxes

Tax expenses recorded in the consolidated income statement for the first three months of 2013 amount to approximately € 17 million. This represents a tax ratio of 26.5%, compared to 25% in the same period of the previous year.

Net Income and Earnings Per Share

Net income for the first three months of 2013 amounted to € 46 million. This represents an increase of € 3 million compared to the same period in the previous year (Q1 2012: € 43 million). Earnings per share also improved by 8% to € 0.39 in the first quarter (previous year: € 0.36).

FINANCIAL POSITION

Over the course of the first three months of 2013, Symrise drew additional short-term bank debt amounting to € 44 million. This is a result of the acquisition of Belmay, which was financed with existing credit lines. The company continues to have the necessary liquidity and credit lines available to fully implement the Group's strategy. Net debt increased by € 60 million to € 501.3 million compared to the reporting date December 31, 2012, mainly due to the acquisition. The ratio of net debt (incl. provisions for pensions and similar obligations) to EBITDA remained nearly unchanged from the end of 2012 at 2.5.

Overview of Earnings

	Q1 2012 (adjusted)	Q1 2013	Change in %	Change in % at local currency
	87.8	92.8	6	7
in %	20.3	20.3
	67.0	71.6	7	8
in %	15.5	15.6

Number of Employees by Function

	December 31, 2012	March 31, 2013	Change in %
Production and technology	2,276	2,366	4
Sales and marketing	1,476	1,519	3
Research and development	1,131	1,135	0
Administration	435	433	0
Service companies	351	352	0
Total	5,669	5,805	2
(not including trainees and apprentices)

EMPLOYEES

As of March 31, 2013, the Group employed 5,805 people (not including trainees and apprentices). In comparison to December 31, 2012 (5,669), this represents an additional 136 employees. Approximately 50 employees come from the Belmay acquisition. The areas of production and technology as well as sales and marketing had the largest personnel increases.

RISK REPORT

No risks in accordance with Sec. 91 (2) of the German Stock Corporation Act (AktG) that could endanger the continued existence of the Symrise Group can be identified at present.

A detailed discussion of the risks as well as a description of the risk management system can be found in the 2012 financial report on pages 30 et seq. The statements made there remain essentially unchanged.

OUTLOOK

For 2013, Symrise is expecting the economy to continue its recovery. While European nations will continue working on overcoming the financial and debt crisis, economic development in the emerging markets will continue to regain momentum. Increased private consumption will be the primary driver of economic development in many countries.

The AFF market relevant for Symrise reached a volume of approximately € 17 billion in 2012. We expect an annual, average growth rate of about 2% to 3% for the flavorings and fragrances market over the long term. The markets in Latin America and Asia, in particular, are expected to continue their strong performance.

We remain optimistic that we will continue to grow at a faster pace than the relevant market in 2013. We will continue to consistently implement our strict cost management in an effort to increase our earnings. Beyond this, we will focus on expanding our portfolio through the development of innovative products and technologies according to strict sustainability standards.

Assuming that raw materials prices remain at the level of 2012 and exchange rates do not change significantly from 2012, we once again anticipate an EBITDA margin of about 20% for 2013. Symrise's debt, as measured in terms of the key figure net debt (including pension provisions and similar obligations) to EBITDA, should remain between 2.0 and 2.5. It is possible that we will deviate from this range for a short period in order to finance acquisitions that promote our long-term strategy.

The Executive Board of Symrise AG is confident that business will continue to be able to grow in both divisions and all regions. The pillars of the corporate strategy remain unchanged.

• Growth: We strengthen our cooperation with our customers around the world and expand our business – particularly in the emerging markets.
• Efficiency: We constantly work to improve our processes and concentrate on products with a high level of value creation. We also work cost-consciously. This ensures our high profitability.
• Portfolio: We tap into new markets and product segments. To achieve this, we continue to expand our expertise in the areas of nutrition and personal care. This ensures our unique market position.

For the further improvement of our competitive position, we constantly evaluate strategic partnerships and acquisitions.

SUBSEQUENT REPORT

No events subject to reporting occurred after the end of the reporting period.

Condensed Consolidated Interim Financial Statements as of March 31, 2013

Consolidated Income Statement

		Q1 2012
T€	Notes	(adjusted)	Q1 2013
Sales	5	432,644	457,581
Cost of sales		– 254,145	– 263,936
Gross profit		178,499	193,645
Other operating income	6	5,797	4,781
Selling and marketing expenses		– 64,747	– 71,865
Research and development expenses		– 27,880	– 31,050
Administration expenses		– 24,341	– 23,588
Other operating expenses		– 360	– 373
Income from operations/EBIT		66,968	71,550
Financial income		427	441
Financial expenses		– 10,009	– 9,370
Financial result	7	– 9,582	– 8,929
Income before income taxes		57,386	62,621
Income taxes	8	– 14,364	– 16,624
Net income for the period		43,022	45,997
Earnings per share (€) – diluted and basic	9	0.36	0.39

The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

Consolidated Statement of Comprehensive Income

T€	Q1 2012 (adjusted)	Q1 2013
Net income for the period	43,022	45,997
Items that may be reclassified subsequently to the income statement
Exchange rate differences resulting from the translation of foreign business operations	-5,164	14,822
Unrealized gains/losses from "financial assets available for sale"	36	14
Gains and losses from cash flow hedges (currency hedges)	786	-391
Income taxes payable on these components	-642	-850
Items that will not be reclassified to the income statement
Remeasurements from defined benefit pension provisions and similar obligations	7,566	21,636
Income taxes payable on these components	-3,587	-6,655
Other comprehensive income	-1,005	28,576
Total comprehensive income	42,017	74,573
The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

Consolidated Statement of Financial Position

		December 31, 2012
T€	Notes	(adjusted)	March 31, 2013
ASSETS
Current assets
Cash and cash equivalents		117,445	113,403
Trade receivables		302,206	354,432
Inventories		347,841	372,521
Other assets and receivables	10	35,694	40,582
Financial assets	11	4,098	3,365
Tax assets		15,576	9,451
		822,860	893,754
Non-current assets
Deferred tax assets		59,099	52,034
Other assets and receivables	10	8,276	8,713
Financial assets	11	16,887	14,922
Investments in associates	12	0	11,608
Investment property	13	0	2,905
Intangible assets	14	805,000	878,187
Property, plant and equipment	15	438,117	439,479
		1,327,379	1,407,848
TOTAL ASSETS		2,150,239	2,301,602
The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

Consolidated Statement of Financial Position

T€ Notes	December 31, 2012 (adjusted)	March 31, 2013
LIA BILITIES
Current liabilities
Trade payables	133,113	152,193
Borrowings	16 108,864	162,236
Other liabilities	17 78,213	85,194
Other provisions	18 4,184	3,217
Financial liabilities	2,765	1,996
Tax liabilities	37,612	44,451
	364,751	449,287
Non-current liabilities
Borrowings	16 450,066	452,491
Other liabilities	2,564	2,646
Other provisions	18 16,155	16,143
Provisions for pensions and similar obligations	19 366,505	349,810
Financial liabilities	20 0	10,970
Deferred tax liabilities	70,891	65,398
	906,181	897,458
TOTAL LIA BILITIES	1,270,932	1,346,745
EQUIT Y
Share capital	118,173	118,173
Capital reserve	970,911	970,911
Revaluation reserve	2,808	2,808
Fair value reserve	– 900	26
Cash flow hedge reserve	112	– 176
Reserve for remeasurements (pensions)	– 111,300	– 96,319
Cumulative translation differences	– 15,193	– 1,310
Accumulated deficit	– 85,304	– 39,256
TOTAL EQUIT Y	879,307	954,857
TOTAL LIA BILITIES AND EQUIT Y	2,150,239	2,301,602

The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

Consolidated Statement of Cash Flows

T€	Notes	Q1 2012 (adjusted)	Q1 2013
Net income for the period		43,022	45,997
Result from investments in associates	7	0	– 32
Income tax expense	8	14,364	16,624
Interest result	7	8,475	8,357
Sub-total		65,861	70,946
Amortization, depreciation and impairment losses on non-current assets		20,820	21,228
Change in non-current provisions and liabilities		– 2,625	8,606
Increase in non-current assets		– 1,594	– 7,802
Change in fair value of investment property	6	0	– 1,673
Transfer of exchange differences from the currency reserve to the income statement		– 3,232	0
Unrealized foreign currency effects		300	– 3,529
Other non-cash items		– 357	– 862
Sub-total		13,312	15,968
Cash flow before working capital changes		79,173	86,914
Increase in trade receivables or other assets that are not attributable
to investing or financing activities		– 20,701	– 51,775
Increase in inventories		– 18,585	– 19,226
Change in trade payables or other liabilities that are not attributable to investing or financing activities		– 4,959	21,038
Income taxes paid		– 15,266	– 10,506
Net cash flow from operating activities		19,662	26,445
Payments for acquisitions and conditional subsequent purchase price installments for the purchase of subsidiaries	4	– 9,539	– 67,141
Payments for investments in intangible assets and property, plant and equipment as well as for non-current assets and investments in associates		– 15,300	– 11,635
Cash flow from investing activities		– 24,839	– 78,776
Proceeds from bank borrowings		936	70,425
Redemption of bank borrowings		– 15,000	– 26,146
Interest paid		– 486	– 246
Cash flow from financing activities		– 14,550	44,033
Net change in cash and cash equivalents		– 19,727	– 8,298
Effects of changes in exchange rates		731	4,256
Cash and cash equivalents as of January 1		118,608	117,445
Cash and cash equivalents as of March 31		99,612	113,403
The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

Consolidated Statement of Changes in Equity

T€	Share capital	Capital reserve	Revalua tion reserve	Fair value reserve	Cash flow hedge reserve (currency hedges)	Reserve for remea surements (pensions)	Cumulative transla tion differ ences	Accumu lated deficit	Total equity
Balance as of January 1, 2012 (Financial Report 2012)	118,173	970,911	2,808	– 15	– 534	0	– 5,408	– 219,200	866,735
Change of disclosure due to IAS 19 revised	0	0	0	0	0	– 46,934	0	46,934	0
Retrospective application of IAS 19 revised	0	0	0	0	0	0	0	2,604	2,604
Balance as of January 1, 2012 (adjusted)	118,173	970,911	2,808	– 15	– 534	– 46,934	– 5,408	– 169,662	869,339
Net income for the period	0	0	0	0	0	0	0	43,022	43,022
Other comprehensive income	0	0	0	27	571	3,979	– 5,582	0	– 1,005
Total comprehensive income	0	0	0	27	571	3,979	– 5,582	43,022	42,017
Dividends paid	0	0	0	0	0	0	0	0	0
Balance as of March 31, 2012 (adjusted)	118,173	970,911	2,808	12	37	– 42,955	– 10,990	– 126,640	911,356
The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

T€	Share capital	Capital reserve	Revalua tion reserve	Fair value reserve	Cash flow hedge reserve (currency hedges)	Reserve for remea surements (pensions)	Cumulative transla tion differ ences	Accumu lated deficit	Total equity
Balance as of January 1, 2013 (Financial Report 2012)	118,173	970,911	2,808	– 900	112	0	– 15,139	– 199,342	876,623
Change of disclosure due to IAS 19 revised	0	0	0	0	0	– 111,300	0	111,300	0
Retrospective application of IAS 19 revised	0	0	0	0	0	0	– 54	2,738	2,684
Balance as of January 1, 2013 (adjusted)	118,173	970,911	2,808	– 900	112	– 111,300	– 15,193	– 85,304	879,307
Net income for the period	0	0	0	0	0	0	0	45,997	45,997
Other comprehensive income	0	0	0	0	– 288	14,981	13,883	0	28,576
Total comprehensive income	0	0	0	0	– 288	14,981	13,883	45,997	74,573
Reclassification from financial instruments (available for sale) to investments in associates	0	0	0	926	0	0	0	51	977
Dividends paid	0	0	0	0	0	0	0	0	0
Balance as of March 31, 2013	118,173	970,911	2,808	26	– 176	– 96,319	– 1,310	– 39,256	954,857

The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

Notes to the Condensed Consolidated Interim Financial Statements

1. General Information

The condensed interim consolidated financial statements as of March 31, 2013, for Symrise Aktiengesellschaft (AG), hereafter referred to as "we" or "Symrise," were approved for submission to the Supervisory Board's Auditing Committee and subsequent publication by a resolution of the Executive Board on April 29, 2013.

These condensed interim consolidated financial statements as of March 31, 2013, have neither been audited in accordance with Section 317 of the German Commercial Code (HGB) nor have they been the subject of audit review procedures by an auditor.

Business activities in both the Scent & Care and Flavor & Nutrition segments are hardly subject to seasonal influences. Some limited seasonal effects may occur in individual business units or application areas.

The most relevant exchange rates for Symrise developed as follows during the past three months:

				Closing rate = € 1	Average rate = € 1
Country	Currency		December 31, 2012	March 31, 2013	Q1 2012	Q1 2013
UK	British Pound	GBP	0.816	0.847	0.834	0.852
USA	US Dollar	US\$	1.319	1.281	1.311	1.321
Mexico	Mexican Peso	MXN	17.206	15.826	17.020	16.710
Brazil	Brazilian Real	BRL	2.700	2.580	2.316	2.638
Singapore	Singapore Dollar	SGD	1.611	1.591	1.658	1.635
China	Chinese Renminbi	CNY	8.215	7.961	8.276	8.224

2. Accounting Policies

Symrise has prepared its condensed consolidated interim financial statements as of March 31, 2013, in accordance with the International Financial Reporting Standards (IFRS) and their related interpretations (IFRIC) published by the International Accounting Standards Board (IASB) as mandatory applicable within the European Union. The existing deviations from the applicable IFRS that were approved by the IASB and those adopted by the European Union (EU) have no effect on this report. The interim consolidated financial statements have been prepared in compliance with International Accounting Standard (IAS) 34 – Interim Financial Reporting.

The same accounting policies that were used in preparing the consolidated financial statements as of December 31, 2012, which are described in the Notes section of that report under note 2, were also used for this report. The classification of investment property was also used for the first time in the first quarter of 2013.

Investment property is property, which is held to earn rentals or for capital appreciation and not used for business or held for sale as part of normal business activities. These items are initially recognized at its costs including transaction costs. After initial recognition, investment property is measured using the fair value model. Value differences resulting from remeasurements are recognized in profit or loss.

Furthermore, the mandatory IFRS revisions and additions have been applied to the interim report from January 1, 2013. A detailed description of the mandatory IFRS revisions and additions was provided in the Financial Report 2012 under note 2.2 changes to accounting policies.

The application of IFRS 13 ("Fair Value Measurement") resulted in adjustments to fair value measurements as well as expanded disclosure requirements in the first quarter of 2013. The effects were of limited significance for the Symrise Group.

IAS 19 revised 2011 ("Employee Benefits") results, in addition to comprehensive disclosure requirements for employee benefits, in the following changes for fiscal years that begin on or after January 1, 2013:

The reporting of remeasurements (previously actuarial gains and losses) from pension obligations is now only permitted directly in other comprehensive income as of 2013 according to the revised version of IAS 19. In anticipation of the revised reporting standard for pensions, Symrise switched from the corridor method to the immediate recognition of changes to actuarial gains and losses in other comprehensive income at the end of 2012, so no changes result from the application of the revised IAS 19 standard. The actuarial gains and losses previously posted in the accumulated deficit are now reported in a separate item within equity as of the 2013 fiscal year – the reserve for remeasurements (pensions).

Additionally, the expected income from plan assets was previously determined based on the subjective expectations of management regarding the value development of the investment portfolio. In applying the revised version of IAS 19, only a standard interest rate on plan assets, amounting to the current discount rate of the pension obligations, is permitted. This results in only minor changes to the financial expenses for the years 2012 and 2013. The values from the previous year were therefore not adjusted to reflect these changes.

Changes to the benefit levels with a retroactive effect on pension entitlements already earned resulting from plan amendments are no longer to be allocated beyond the period until entitlements become vested, but rather allocated directly in earnings during the year of the plan adjustment. The effects on the consolidated income statement as of March 31, 2013, are of limited significance.

The adjustment of the previous year's balance sheet pursuant to IAS 8 in response to the switch to the revised version of IAS 19 is implemented as follows:

In the opening balance from January 1, 2012, the provision for pensions and similar obligations decreased by € 4.4 million as a result of revised regulations regarding the treatment of plan amendments not yet recognized, while equity increased by this amount minus deferred taxes of € 1.8 million. The actuarial gains and losses previously reported in the accumulated deficit have been reclassified under equity in a separate item – the reserve for remeasurements (pensions) (€ 46.9 million).

The consolidated statement of financial position from December 31, 2012, was adjusted as follows:

			Gains from
	Published		plan amend		Foreign
December 31, 2012	(Financial	Reclassifi	ments not yet	Deferred	currency
T€	Report 2012)	cation	recognized	taxes	effects	Adjusted
ASSETS
Deferred tax assets	60,744	0	0	–1,645	0	59,099
Total ASSETS	2,151,884	0	0	–1,645	0	2,150,239
LIA BILITIES
Provisions for pensions and similar
obligations	370,834	0	-4,329	0	0	366,505
EQUIT Y
Reserve for remeasurements (pensions)	0	–111,300	0	0	0	–111,300
Cumulative translation differences	–15,139	0	0	0	–54	–15,193
Accumulated deficit	–199,342	111,300	4,329	–1,645	54	–85,304
Total LIA BILITIES AND EQUIT Y	2,151,884	0	0	–1,645	0	2,150,239

The change from the corridor method to the immediate recognition of actuarial gains and losses was carried out as of December 31, 2012. Interim financial reporting from the previous year therefore requires adjustment for the sake of comparison. For the first quarter of 2012, the correction of amortization of previously unrealized actuarial gains and losses results in a small impact to the income statement of € 0.8 million minus deferred taxes of € 0.3 million. Actuarial gains of € 7.6 million minus deferred taxes (€ 3.6 million) are recognized in other comprehensive income. The exchange rate differences from the translation of foreign business operations decreased by € 0.1 million as a result. Earnings per share were unaffected by this minor adjustment. Due to the previously described changes, the statement of cash flows experienced an increase to the net income for the period (€ 0.5 million) and income tax expense (€ 0.3 million). This was fully compensated for by a larger decline in non-current provisions and liabilities and therefore had no impact on the cash flow from operating activities.

The improvements to IFRS 2009 - 2011 (amendments and clarifications of various IFRS standards applicable in the first three months of 2013) were adopted by the EU on March 27, 2013, and had no significant influence on our consolidated interim report.

In compliance with IAS 34, the condensed interim financial statements do not provide the full information and disclosures that are required in the consolidated financial statements for the full fiscal year and the condensed interim financial statements should therefore be read in conjunction with the consolidated financial statements as of December 31, 2012.

Due to rounding, small differences may arise in this report when total amounts are disclosed or percentages are calculated.

3. Scope of Consolidation

The changes to the scope of consolidation during the reporting period are presented in the following table:

	Dec. 31, 2012	Add itions	Mar. 31, 2013
Fully consolidated subsidaries
Domestic	11	0	11
Foreign	44	0	44
Companies accounted for using the equity method
Foreign	1	1	2
Total	56	1	57

With the purchase of additional shares in Probi AB, Sweden, Symrise exceeded the 20% threshold, meaning that the company is to be reported as an associated company since the first quarter of 2013.

4. Acquisitions

On March 4, 2013, Symrise acquired the global fragrance business of the Belmay Group, based in Yonkers, New York, as part of an asset deal. The Belmay Group is an established and renowned manufacturer of fragrance creations, particularly for the fine fragrances, cosmetics and air care application areas. Symrise had already acquired the Brazilian fragrance business from Belmay at the start of 2012.

This acquisition is a strategically important step for further promoting sustainable growth in the fine fragrances, personal care and air care segments. Both Belmay's product and customer portfolio will supplement the existing activities of the Scent & Care division. Our range of offers in the areas of fine fragrances and our expertise in the air care segment will be substantially expanded thanks to the acquisition and will enable us to better serve our customers. At the same time, this move will strengthen our presence in North America – Belmay's core market. We expect to be able to further expand our strong market position through this purchase and gain access to new and attractive customer groups.

As part of the transaction, Symrise acquired the entire existing customer and product portfolio, the expertise of its research and development department, qualified specialists and inventory as well as individual items of property, plant and equipment. The portion of the purchase price exceeding the carrying amount of the acquired assets is to be reported as goodwill.

The preliminary acquisition costs amount to US\$ 101.3 million (€ 78.0 million). They consist of a fixed component that was paid on the date of purchase and a conditional purchase price component that is due in phased payments by March 2016 at the latest. Due to the close proximity in time between the purchase date and the reporting date, the initial reporting of this acquisition should be viewed as preliminary as it is based on estimates, which in turn are based on post-processing, in order to take facts and conditions that already existed as of the purchase date into consideration. The purchase price was therefore temporarily allocated to derivative goodwill with the exception of US\$ 7.5 million (€ 5.7 million) for inventories and property, plant and equipment (based on adopted carrying amounts).

Since the purchase date, the acquired business contributed € 3.8 million to sales and € 1.3 million to the operating result (EBIT) of the Symrise Group.

Symrise also completed an exclusive agreement regarding the delivery of fragrances with a business unit belonging to the Belmay Group, Scent 2 Market – an independent company that develops design and product solutions for the air care segment. The agreement has a fixed term of five years.

Furthermore, Symrise entered into a rental agreement regarding the production site previously used by Belmay. This agreement has a non-terminable term until December 2019 and contains extension options. It is classified as an operating lease.

5. Segment Reporting

	q1 2012
T€	(adjusted)	q1 2013
Sales
Scent & Care	224,875	245,002
Flavor & Nutrition	207,769	212,579
Total sales to external customers	432,644	457,581
Result
Scent & Care	35,413	38,289
Flavor & Nutrition	31,555	33,261
Income from operations/EBIT	66,968	71,550
Financial result	– 9,582	– 8,929
Income before income taxes	57,386	62,621

The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

The operational results of the business divisions are monitored separately by management in order to be able to make decisions concerning the allocation of resources and to determine the profitability of the units. The profitability of the segments is assessed based on their income from operations (EBIT). The financing of the Group (including financial expenses and financial income) and taxation of income are areas that are managed at Group level and are not allocated to the individual business segments.

For information on the development of our segments Scent & Care and Flavor & Nutrition, please refer to the accompanying management report.

6. Other Operating Income

This item contains income from the revaluation of investment property. It also contains income from the disposal of assets, the reversal of liabilities and provisions as well as from service units and government grants. The income from service units derives from logistical, technical and security-related services performed by Group companies for third parties.

7. Financial Result

The financial result breaks down as follows:

T€	Q1 2012	Q1 2013
Interest income
from bank deposits	110	242
other	227	54
Interest income	337	296
Other financial income	90	113
Result from investments in associates	0	32
Financial income	427	441
Interest expenses
from bank loans	– 918	– 843
from other loans	– 4,394	– 4,483
other*	– 3,500	– 3,327
Interest expenses	– 8,812	– 8,653
Foreign currency losses primarily from internal Group lending	– 847	– 530
Other financial expenses	– 350	– 187
Financial expenses	– 10,009	– 9,370
Financial result	– 9,582	– 8,929
thereof interest result	– 8,475	– 8,357
thereof other financial result	– 1,107	– 572
*mainly interest in allocations to pension provisions

8. Income Taxes

The main components of the income tax expense in the consolidated income statement for the period are as follows:

T€	Q1 2012 (adjusted)	Q1 2013
Current tax expense	15,157	23,036
Deferred tax expense	– 793	– 6,412
Income tax expense	14,364	16,624
Effective tax ratio in %	25.0	26.5

The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

9. Earnings Per Share

Basic earnings per share are calculated by dividing the profit attributable to the holders of the parent company's ordinary shares by the weighted average number of ordinary shares outstanding during the reporting period.

No option or conversion rights were issued in the first three months of 2013 or in the year 2012. As a consequence, there is no dilutive effect on the earnings per share. The diluted and basic results are therefore identical.

	Q1 2012	Q1 2013
Earnings per share (€)	0.36	0.39
Weighted average number of ordinary shares (in shares)	118,173,300	118,173,300

10. Current and Non-current Other Asse ts and Receivables

The items mainly include current value-added tax and other nonincome tax receivables (€ 19.4 million; December 31, 2012: € 20.8 million) as well as advance payments made and deferred listing fees (current: € 17.6 million, non-current: € 8.5 million; December 31, 2012: current: € 13.5 million, non-current: € 8.1 million).

11. Current and Non-current Financial Assets

Current financial assets consist mainly of loans to customers and employees (€ 1.7 million; December 31, 2012: € 2.2 million) and collateral pledged (€ 1.0 million; December 31, 2012: € 1.0 million).

Non-current financial assets mainly contain balances on an fiduciary account in connection with the processing of an acquisition performed in the first quarter of 2013 amounting to € 7.8 million (see note 4).

This item also includes securities amounting to € 5.2 million (December 31, 2012: € 14.8 million). The decline results from the reclassification of shares in Probi AB, Sweden, as investments in associates (see note 12).

12. Investments in associates

The successive purchase of additional shares in Probi AB, Sweden, led Symrise's holdings in the company to exceed the 20% threshold, meaning that financial assets previously categorized as "available for sale" were reclassified as "investments in associates" in the first quarter of 2013.

Since the equity method is to be applied to all shares and not only to the newly acquired shares, a retrospective adjustment of the old shares was performed. The valuation of the old shares as well as the reversal of previous valuation effects was performed with no effect on profit or loss under consideration of deferred taxes through the reserve from the valuation of fair value (T€ 926) as well as through the revenue reserves (T€ 51). The initial valuation according to the equity method was based only on preliminary values.

The result from companies accounted for under to the equity method amounted to T€ 32 in the first quarter of 2013 and is a component of the financial result.

13. Investment propert y

Investment property refers to property and buildings in Switzerland that were reclassified, since they are being held for the purpose of value appreciation since the first quarter of 2013. Fair value totaled € 2.9 million as of March 31, 2013.

14. Intangible Assets

Investments in intangible assets for the first three months of 2013 amounted to € 73.5 million (March 31, 2012: € 10.4 million) and are mainly attributable to the company acquisition made in the period (€ 71.0 million; see note 4).

15. Propert y, Plant and Equipment

In the first three months of 2013, € 9.6 million (March 31, 2012: € 8.0 million) was invested in property, plant and equipment.

16. Current and Non-current Borrowings

Current and non-current borrowings break down as follows:

	Current borrowings			Non-current borrowings
T€	December 31, 2012	March 31, 2013	December 31, 2012	March 31, 2013
Bank borrowings	104,068	152,477	20,457	18,796
Accrued interest	4,746	9,708	1	24
Other borrowings	50	51	429,608	433,671
Total	108,864	162,236	450,066	452,491

Net debt is determined as follows:

T€	December 31, 2012 (adjusted)	March 31, 2013
Borrowings	558,930	614,727
Cash and cash equivalents	– 117,445	– 113,403
Net debt	441,485	501,324
Provisions for pensions and similar obligations	366,505	349,810
Net debt incl. provisions for pensions and similar obligations	807,990	851,134
EBITDA*	338,853	343,843
Net debt/EBITDA*	1.3	1.5
Net debt incl. provisions for pensions and similar obligations/EBITDA*	2.4	2.5
The previous year's figures have been adjusted. For further information, please see note 2 Accounting Policies.

*EBITDA of the last 12 months

17. Current Other Liabilities

Current other liabilities mainly comprise employee-related liabilities (€ 44.2 million; December 31, 2012: € 38.5 million), liabilities for taxes on wages/salaries and social security contributions (€ 12.0 million; December 31, 2012: € 12.5 million), liabilities for taxes other than income taxes (€ 9.7 million; December 31, 2012: € 8.1 million) and liabilities to customers (€ 9.5 million; December 31, 2012: € 10.6 million).

18. Current and Non-current Other Provisions

Current other provisions mainly include provisions for performance-based remuneration (€ 1.5 million; December 31, 2012: € 2.4 million).

Non-current other provisions chiefly include provisions for jubilee obligations (€ 8.2 million; December 31, 2012: € 7.8 million), reinstatement obligations (€ 3.1 million; December 31, 2012: € 3.0 million), litigation (€ 2.7 million; December 31, 2012: € 2.5 million) and performance-based remuneration (€ 1.0 million; December 31, 2012: € 1.6 million).

19. Provisions for Pensions and Simil ar Obligations

Provisions for pensions and similar obligations decreased by € 16.7 million to € 349.8 million during the reporting period. The reason for this decline is mainly attributable to revaluations (previously actuarial gains and losses) to defined benefit plans amounting to € 21.6 million.

20. Non-current Financial Liabilities

This item contains the portion of the purchase price obligation that was not immediately paid to the seller as part of the acquisition (see note 4).

21. Additional Information on Financial Instruments and the Measurement of Fair Value

Information on Financial Instruments According to Category

				Value recognized under IAS	39
December 31, 2012 T€	Measurement category under IAS 39	Carrying amount as of	Dec. 31, 2012 Amortized cost	Fair value in equity	Fair value in profit or loss	Fair value as of Dec. 31, 2012
Assets
Cash and cash equivalents	LaR	117,445	117,445	–	–	117,445
Trade receivables	LaR	302,206	302,206	–	–	302,206
Financial assets (current and non-current)	Reporting items	20,985
of which:
Other financial assets	LaR	5,918	5,918	–	–	5,918
Financial assets available for sale	AfS	14,797	–	14,797	–	14,797
Derivative financial instruments
without hedge relationship	FAHfT	134	–	–	134	134
with hedge relationship	n.a.	136	–	136	–	136
Liabilities and equity
Trade payables	FLAC	133,113	133,113	–	–	133,113
Borrowings (current and non-current)	FLAC	558,930	558,930	–	–	596,745
Financial liabilities (current)	Reporting items	2,765
of which:
Other financial liabilities	FLAC	2,574	2,574	–	–	2,574
Derivative financial instruments
without hedge relationship	FLHfT	189	–	–	189	189
with hedge relationship	n.a.	2	–	2	–	2
Of which aggregated into measurement categories in accordance with IAS 39:
Loans and receivables	LaR	425,569	425,569	–	–	425,569
Financial assets available for sale	AfS	14,797	–	14,797	–	14,797
Financial assets held for trading	FAHfT	134	–	–	134	134
Financial liabilities measured at amortized cost	FLAC	694,617	694,617	–	–	732,432
Financial liabilities held for trading	FLHfT	189	–	–	189	189

Value recognized under IAS 39

March 31, 2013 T€	Measurement category under IAS 39	Carrying amount as of Mar. 31, 2013	Amortized cost	Fair value in equity	Fair value in profit or loss	Fair value as of Mar. 31, 2013
Assets
Cash and cash equivalents	LaR	113,403	113,403	–	–	113,403
Trade receivables	LaR	354,432	354,432	–	–	354,432
Financial assets (current and non-current)	Reporting items	18,287
of which:
Other financial assets	LaR	13,112	13,112	–	–	13,112
Financial assets available for sale	AfS	5,175	–	5,175	–	5,175
Liabilities and equity
Trade payables	FLAC	152,193	152,193	–	–	152,193
Borrowings (current and non-current)	FLAC	614,727	614,727	–	–	655,876
Financial liabilities (current and non-current)	Reporting items	12,966
of which:
Other financial liabilities	FLAC	12,077	12,077	–	–	12,166
Derivative financial instruments
without hedge relationship	FLHfT	654	–	–	654	654
with hedge relationship	n.a.	235	–	235	–	235
Of which aggregated into measurement categories in accordance with IAS 39:
Loans and receivables	LaR	480,947	480,947	–	–	480,947
Financial assets available for sale	AfS	5,175	–	5,175	–	5,175
Financial liabilities measured at amortized cost	FLAC	778,997	778,997	–	–	820,235
Financial liabilities held for trading	FLHfT	654	–	–	654	654

With the goal of increasing uniformity and comparability in the measurement of fair value, the following fair value hierarchy was established in the new IFRS 13 "Fair Value Measurement":

• Level 1: Quoted prices on active markets for identical assets and liabilities
• Level 2: Directly or indirectly observable input factors that differ from those in Level 1
• Level 3: Input factors that are not observable for assets or liabilities

The following table shows the recurring basis for the assets and liabilities measured at fair value on the balance sheet:

		December 31, 2012				March 31, 2013
T€		Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Securities	AfS	12,962	–	–	12,962	3,313	–	–	3,313
Other financial assets	AfS	–	–	1,835	1,835	–	–	1,862	1,862
Derivative financial instruments without hedge relationship	FAHfT	–	134	–	134	–	–	–	–
Derivative financial instruments with hedge relationship	n.a.	–	136	–	136	–	–	–	–
Investment property	n.a.	–	–	–	–	–	–	2,905	2,905
Liabilities and equity
Derivative financial instruments without hedge relationship	FLHfT	–	189	–	189	–	654	–	654
Derivative financial instruments with hedge relationship	n.a.	–	2	–	2	–	235	–	235

The following shows the non-observable input factors for the recurring measurement of fair value in Levels 2 and 3 of the fair value hierarchy. The measurement is performed regularly by corporate headquarter.

T€	Fair value	March 31, 2013 Valuation Method	Non-observable input factors
			Weighted average cost of capital	15.5 %
			Terminal growth rate	3 %
Other financial assets		1,862 Discounted cash flow	EBITDA margin	– 6.9 to 20.7 %
Investment property		2,905 Market value simulation	Price per square meter	130 to 255 CHF

The valid forward exchange rates of partner banks are used as the valuation rates for the mark-to-market valuation of forward contracts in Level 2 for currency forwards. The forward exchange rates are established by the interest difference of the currencies involved.

Reconciliation of the fair value measurement of assets within Level 3 of the fair value hierarchy:

t€	otHer financial assets	inVestment propertY	total
carrying amount as of january 1, 2013	1,835	0	1,835
Reclassification to Level 3	0	1,211	1,211
Fair value changes
Recognized in the income statement	0	1,673	1,673
Recognized in other comprehensive income	27	0	27
Currency translation effects	0	21	21
carrying amount as of march 31, 2013	1,862	2,905	4,767

The reclassification of property and buildings from property, plant and equipment to investment property (Level 3) refers to property and buildings in Switzerland that have been held for the purpose of capital appreciation since the first quarter of 2013. The changes in fair value are reported in other operating income.

Holzminden, April 29, 2013

Symrise AG

The Executive Board

Dr. Heinz-Jürgen Bertram Achim Daub

Hans Holger Gliewe Bernd Hirsch

Imprint

Publisher

Symrise AG Mühlenfeldstrasse 1 37603 Holzminden T +495531.90–0 F +495531.90–1649

Concept, DEsign and Realization

3st kommunikation, Mainz

PRinting

caPRI Print+Medien GmbH, Wiesbaden

The German version of this Interim Report is legally binding. German and English online versions are available on the Web at www.symrise.com

The latest version of the Interim Report is available on our website.

Disclaimer

This document contains forward-looking statements, which are based on the current estimates and assumptions by the corporate management of Symrise AG. Forward-looking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate, and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by Symrise AG and its affiliated companies depend on a number of risks and uncertainties, and may, therefore, differ materially from the forward-looking statements. Many of these factors are outside Symrise's control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. Symrise neither plans nor undertakes to update any forwardlooking statements.

Finanzkalender Financial Calendar

maY 7, 2013 Interim Report 1st Quarter 2013

maY 14, 2013 Annual General Meeting, Holzminden

August 7, 2013 Interim Report 2nd Quarter 2013

november 5, 2013 Interim Report 3rd Quarter 2013

Symrise AG

Mühlenfeldstrasse 1 37603 Holzminden Germany

www.symrise.com/en/investor-relations