Business Portfolio and Acquisition Strategy
Appendix: Solid Financing Structure
Clear focus on investment grade
Maturity Profile as of May 31, 2019
800
600
400
Already
financed
symrise
Net debt / EBITDA as of December 31, 2018
Net debt + provisions & pension/EBITDA ratio
3,5
3,0
2,5
2,0
Net debt/EBITDA ratio
200
0 m
ווי
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
US private placement 2010
EIB 2013
Promissory loan notes 2019
Bond 2019
Promissory loan notes 2015
Revolver 2015
● Convertible 2017
Well-balanced maturity profile
•
Well-diversified financing instruments
1,5
1,0
Pinova
Diana
Step changes
2008 2009 2010 2011 2012 2013 2014* 2015 2016* 2017 2018
* EBITDA adjusted for restructuring and integration expenses
Status Quo
Net debt of €1,380m reflects
2.2 x EBITDA
Net debt including pensions of
€1,893m reflects 3.0 x EBITDA
Ambition
.
· Long-term leverage target of 2.0
to 2.5x EBITDA (incl. pensions)
Unchanged since IPO
· Top priority: Remain an
investment grade profile
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