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                                        Latest Results & Outlook

                                        Highlights1,2,3

                                        • DSM reports a good start to the year
                                        • Results compared to Underlying business in Q1 2018:
                                          • Group sales up 3%, Adjusted EBITDA up 10% to €412m (up 14% to €424m including IFRS 16 impact of €12m)
                                          • Nutrition: organic sales +3%, Adjusted EBITDA up 11% to €309m (up 14% to €316m including IFRS 16 impact of €7m)
                                          • Materials: organic sales -5%, Adjusted EBITDA flat on €126m (up 1% to €127m including IFRS 16 impact of €1m)
                                        • Adjusted Net Operating Free Cash Flow €60m 
                                        • Total Net profit €196m, up versus Q1 2018 of €331m when correcting for the temporary vitamin effect of €165m EBITDA following an exceptional supply disruption in the industry 
                                        • Full year outlook increased

                                        Key figures and indicators

                                          Q1 2019 Q1 2018 % change   % change
                                        in € million   Underlying business1 Temp. vitamin effect Total
                                        Group
                                        Underlying
                                        Organic
                                        growth1
                                        FX &
                                        ‘other’1
                                        Underlying
                                        total
                                        growth1
                                        Temp.
                                        vitamin
                                        effect
                                        Total
                                        Group
                                        Sales 2,292 2,215 220            
                                        Nutrition 1,517 1,430 220            
                                        Materials 717 738              
                                        Adjusted EBITDA 424 373 165            
                                        Nutrition 316 277 165            
                                        Materials 127 126              
                                        Innovation 6 -1              
                                        Corporate -25 -29              
                                        EBITDA 416 361 165            
                                        Adjusted EBITDA margin 18.5% 16.8%              

                                        1) Underlying (business) in 2018 is defined as the performance measures sales and Adjusted EBITDA, corrected for DSM’s best estimate of the temporary vitamin effect.
                                        2) Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
                                        3) IFRS 16 is only effective as per 1 January 2019, the 2018 figures have not been adjusted.

                                        CEO statement

                                        Feike Sijbesma, CEO/Chairman DSM Managing Board, commented: “I am pleased to report a good start to the year, with continued positive momentum, led by our Nutrition business, while Materials continues to demonstrate its resilience. Last year we benefitted from an exceptional growth and profit contribution in Nutrition following a supply disruption in the vitamin industry. When comparing our results excluding this special event, we realized strong, double digit Adjusted EBITDA growth in the first quarter against a very strong comparable period in the Underlying business.

                                        With our business performance progressing in-line with our plans, we remain confident in our positive outlook for 2019. We are well positioned to deliver on our ambitious Strategy 2021 targets, which aim to deliver above market growth and strong financial performance, driven by our commitment to be a purpose led, performance driven science-based company in Nutrition, Health and Sustainable Living.”

                                        Outlook 2019

                                        DSM increases its full year outlook 2019 and now expects to deliver a full year 2019 high single digit increase in Adjusted EBITDA compared to prior year Underlying Adjusted EBITDA (pre-temporary vitamin effect), together with an improvement in Adjusted Net Operating Free Cash Flow in line with its Strategy 2021 targets. This outlook excludes the impact of IFRS16 (see page 18 of PDF).

                                        Share Buy-Back program started

                                        As per 1 April, DSM commenced its ordinary share repurchase program of an aggregate market value of €1 billion as announced on 14 February 2019, with the intention to reduce its issued capital. This program is in addition to the usual repurchase programs which DSM executes from time to time to cover commitments under share-based compensation plans and the stock dividend.

                                        Key figures and indicators (comparison with Q1 2018 excluding temporary vitamin effect)

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        %
                                        change
                                        Volume Price
                                        /mix
                                        FX Other
                                        Sales 2,292 2,215 3% 1% 0% 2% 0%
                                        Nutrition 1,517 1,430 6% 3% 0% 2% 1%
                                        Materials 717 738 -3% -6% 1% 2% 0%
                                        Innovation Center 47 36          
                                        Corporate Activities 11 11          

                                        Q1 2019 excluding IFRS 16 impact

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        %
                                        change
                                        Q1
                                        2019
                                        Q1
                                        2018
                                        %
                                        change
                                        Sales 2,292 2,215 3% 2,292 2,215 3%
                                        Adjusted EBITDA 412 373 10% 412 373 10%
                                        Nutrition 309 277 11% 309 277 11%
                                        Materials 126 126 0% 126 126 0%
                                        Innovation Center 5 -1   5 -1  
                                        Corporate Activities -28 -29   -28 -29  
                                        Adjusted EBITDA margin 18.0% 16.8%   18.0% 16.8%  
                                        ROCE % 13.2% 13.3%        

                                        Q1 2019 including IFRS 16 impact

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        %
                                        change
                                        Q1
                                        2019
                                        Q1
                                        2018
                                        %
                                        change
                                        Adjusted EBITDA 424 373 14% 424 373 14%
                                        Nutrition 316 277 14% 316 277 14%
                                        Materials 127 126 1% 127 126 1%
                                        Innovation Center 6 -1   6 -1  
                                        Corporate Activities -25 -29   -25 -29  
                                        Adjusted EBITDA margin 18.5% 16.8%   18.5% 16.8%  
                                        ROCE % 12.9% 13.3%        

                                        In this report:
                                        ‘Organic sales growth’ is the total impact of volume and price/mix;
                                        ‘Total Working Capital’ refers to the total of ‘Operating Working Capital’ and ‘non-Operating Working Capital’;
                                        ‘Adjusted Net Operating Free Cash Flow’ is the cash flow from operating activities, corrected for the cash flow of the APM adjustments, minus the cash flow of capital expenditures and drawing rights.

                                        Key figures and indicators (comparison with Q1 2018 including temporary vitamin effect)

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        %
                                        change
                                        Volume Price
                                        /mix
                                        FX Other
                                        Sales 2,292 2,435 -6% 0% -8% 2% 0%
                                        Nutrition 1,517 1,650 -8% 2% -13% 2% 1%
                                        Materials 717 738 -3% -6% 1% 2% 0%
                                        Innovation Center 47 36          
                                        Corporate Activities 11 11          
                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1
                                        2018
                                        %
                                        change
                                        Q1
                                        2019
                                        Q1
                                        2018
                                        %
                                        change
                                        Sales 2,292 2,435 -6% 2,292 2,435 -6%
                                        Adjusted EBITDA 424 538 -21% 424 538 -21%
                                        Nutrition 316 442 -29% 316 442 -29%
                                        Materials 127 126 1% 127 126 1%
                                        Innovation Center 6 -1   6 -1  
                                        Corporate Activities -25 -29   -25 -29  
                                        Adjusted EBITDA margin 18.5% 22.1%   18.5% 22.1%  
                                        EBITDA 416 526   416 526  
                                        Adjusted EBIT 279 423 -34% 279 423 -34%
                                        EBIT 271 411   271 411  
                                        Capital Employed 8,907 7,741        
                                        Average Capital Employed 8,652 7,753        
                                        ROCE (%) 12.9% 21.8%        
                                        Effective tax rate1 18.0% 18.0%        
                                        Adjusted net profit2 200 337 -41% 200 337 -41%
                                        Net profit - Total DSM2 196 331 -41% 196 331 -41%
                                        Adjusted net EPS 1.12 1.91 -41% 1.12 1.91 -0.41
                                        Net EPS - Total DSM 1.1 1.88   1.1 1.88  
                                        Operating Cash Flow 201 310 -35% 201 310 -35%
                                        Adjusted Net Operating Free Cash Flow 60 154 -61% 60 154 -61%
                                        Capital Expenditures3 148 170   148 170  
                                        Net debt4 414 579        
                                        Average number of ordinary shares 176.1 174.8   176 174.8  
                                        Workforce (headcount end of period) 21,438 20,977        

                                        1) Over Adjusted taxable result
                                        2) Including result attributed to non-controlling interest
                                        3) Cash, net of customer funding, investment grants and excluding leases
                                        4) Net debt end of Q1 2019 includes €206 million following the adoption of IFRS 16 on ‘Leases’
                                        5) Year-end 2018

                                        Review by cluster

                                        Nutrition

                                        Underlying business
                                        Underlying business in 2018 is defined as the sales and Adjusted EBITDA, corrected for the temporary vitamin effect due to exceptional supply disruptions in the industry in the first nine months of 2018, with additional sales of €220 million and a corresponding Adjusted EBITDA of €165 million in Q1 2018, as estimated and reported last year.

                                        in €
                                        million (est.)
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                          Q1
                                        2019
                                        Q1
                                        2018
                                         
                                        Sales 1,517 1,430 6% 1,517 1,430 6%
                                        Adjusted EBITDA1 316 277 14% 316 277 14%
                                        Adjusted EBITDA margin1 20.8% 19.4%   20.8% 19.4%  
                                        ROCE % 15.1% 15.3%   15.1% 15.3%  

                                        Temporary vitamin effect

                                        in € million (est.) YTD temp. vit. effect Q1 2018 temp. vit. effect Q1 2018
                                        Sales 220 220
                                        Adjusted EBITDA 165 165

                                        Total cluster

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        %
                                        change
                                        Q1
                                        2019
                                        Q1
                                        2018
                                        %
                                        change
                                        Sales 1,517 1,650 -8% 1,517 1,650 -8%
                                        Adjusted EBITDA1 316 442 -29% 316 442 -29%
                                        Adjusted EBITDA margin (%)1 20.8% 26.8%   20.8% 26.8%  
                                        Adjusted EBIT 228 370 -38% 228 370 -38%
                                        Capital Employed 6,286 5,406        
                                        Average Capital Employed 6,035 5,413        
                                        ROCE (%) 15.1% 27.4%        
                                        Total Working Capital 1,650 1,434        
                                        Average Total Working Capital as % of Sales 26.3% 22.8%        

                                        1) Including IFRS 16 impact of €7 million in Q1 2019

                                        Sales development

                                        All comparisons in this section are versus the Underlying business in Q1 2018.

                                        Q1 2019 sales
                                        Nutrition reported 3% organic growth, against a tough comparison of 12% organic growth in Q1 2018 (excluding the one-time vitamin effect). Total sales were 6% higher compared to Q1 2018. Currencies, especially the US dollar had a 2% positive effect on sales. The consolidation of Andre Pectin contributed 1% sales growth (€12 million).

                                        Q1 2019 Adjusted EBITDA
                                        Nutrition reported 14% growth in Adjusted EBITDA. This increase includes €4 million contribution from the consolidation of Andre Pectin and €7 million from IFRS 16. Excluding these two items, Adjusted EBITDA growth was 10%.

                                        Q1 2019 Adjusted EBITDA margin was 20.8% (excluding IFRS 16: 20.4%) compared to 19.4% in Q1 2018. The margin growth in Q1 2019 was driven by a positive business mix and some support from one-off lower costs and foreign exchange effects.

                                        Animal Nutrition & Health

                                        Q1 2019 organic sales
                                        The first quarter saw continued good business conditions across all regions except for China where the African swine fever intensified. The effect was partly compensated by higher poultry production in the region and increased pork production in other regions, demonstrating DSM’s integrated and diversified business model.

                                        Animal Nutrition reported -2% organic sales with stable volumes and price/mix slightly down 2%. This is a solid performance when compared with the 18% organic growth in Q1 2018. Overall, sales were 1% lower as currencies had a 1% positive impact resulting from a stronger US-dollar, partly offset by a weaker Brazilian real.

                                        Human Nutrition & Health

                                        Q1 2019 organic sales
                                        Overall business conditions were good across regions and segments. i-Health, pharma and early life nutrition performed strongly. Food and beverage showed strong premix sales to regional and smaller customers. Dietary supplements delivered a solid performance.

                                        Q1 saw organic growth of 5%, a good result especially when compared with a strong comparable period last year with 8% organic growth. Total sales were up 11% as sales growth was supported by a 6% foreign exchange effect largely US-dollar related.

                                        Other Nutrition activities

                                        DSM’s other Nutrition activities which include Food Specialties, Personal Care, Aroma Ingredients and Hydrocolloids, delivered a strong performance with 12% organic sales growth.

                                        Andre Pectin was re-consolidated in Q1 2019 after DSM acquired an additional 46% of the shares in the company, bringing DSM’s total shareholding in Andre Pectin to 75%. Andre Pectin realized in Q1 €12 million sales with an EBITDA of €4 million.

                                        Materials

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        %
                                        change
                                        Q1
                                        2019
                                        Q1
                                        2018
                                        %
                                        change
                                        Sales 717 738 -3% 717 738 -3%
                                        Adjusted EBITDA1 127 126 1% 127 126 1%
                                        Adjusted EBITDA margin (%)1 17.7% 17.1%   17.7% 17.1%  
                                        Adjusted EBIT 93 95 -2% 93 95 -2%
                                        Capital Employed 1,959 1,824        
                                        Average Capital Employed 1,930 1,805        
                                        ROCE (%) 19.2% 21.0%        
                                        Total Working Capital 443 367        
                                        Average Total Working Capital as % of Sales 15.3% 11.9%        

                                        1) Including IFRS 16 impact of €1 million in Q1 2019

                                        Sales development

                                        Q1 2019 organic sales
                                        Market conditions for some of DSM’s businesses remained challenging, especially in Asia. Automotive, building & construction and electrical & electronics markets experienced continued softness, while the market conditions in the other business segments stayed robust. DSM remains well positioned with its specialty portfolio and continues to drive innovation in the future growth areas such as new mobility.

                                        Organic sales development of -5%, driven by 6% lower volumes against a tough comparable period with 7% volume growth. Overall sales were 3% lower as currencies had a 2% positive impact resulting from a stronger US dollar.

                                        • DSM Engineering Plastics saw continued softness in automotive (China and Europe) and electrical & electronics (Asia). Business conditions in other segments remained robust.
                                        • DSM Resins & Functional Materials continued to face subdued building & construction markets, especially in Europe and Asia. The high-margin functional materials business continued to perform well.
                                        • DSM Dyneema had a good first quarter, driven by continued high demand in personal protection. New production lines in the US and the Netherlands are scheduled to be completed in the second half of 2019, to fulfil the growing demand, especially for law enforcement.

                                        Q1 2019 Adjusted EBITDA of €127 million (excluding IFRS 16: €126 million) is in line with the same period in Q1 2018. Lower volumes were compensated by good margin management, cost savings, a small benefit from currencies and a positive mix effect.

                                        Q1 2019 Adjusted EBITDA margin was 17.7% (excluding IFRS 16: 17.6%) compared to 17.1% in Q1 2018 demonstrating the resilience of the business.

                                        Innovation Center

                                        in €
                                        million
                                        YTD
                                        Q1
                                        2019
                                        YTD
                                        Q1
                                        2018
                                        %
                                        change
                                        Q1
                                        2019
                                        Q1
                                        2018
                                        %
                                        change
                                        Sales 47 36 31% 47 36 31%
                                        Adjusted EBITDA1 6 -1   6 -1  
                                        Adjusted EBIT -1 -6   -1 -6  
                                        Capital Employed 614 553        

                                        1) Including IFRS 16 impact of €1 million in Q1 2019

                                        Innovation Center had a good start to the year. Biomedical showed a solid top and bottom line growth. Bio-based Products & Services also contributed strongly to the results partly based on new and recurring license income for yeast technologies used for bio-based fuels. Solar showed continued softness due to the subdued Chinese market. In total, the Adjusted EBITDA increased from -€1 million in Q1 2018 to €6 million in Q1 2019.

                                        Corporate Activities

                                        in €
                                        million
                                        YTD
                                        Q1 2019
                                        YTD
                                        Q1 2018
                                        Q1 2019 Q1 2018
                                        Sales 11 11 11 11
                                        Adjusted EBITDA1 -25 -29 -25 -29
                                        Adjusted EBIT -41 -36 -41 -36

                                        1) Including IFRS 16 impact of €3 million in Q1 2019.

                                        Q1 2019 adjusted EBITDA improvement compared to Q1 2018 mainly due to the adoption of IFRS 16.

                                        Condensed Cash Flow and (Operating) Working Capital

                                        in € million YTD Q1 2019 YTD Q1 2018 Q1 2019 Q1 2018
                                        Cash provided by Operating Activities 201 310 201 310
                                        Cash from APM adjustments 11 19 11 19
                                        Cash from capital expenditures -150 -172 -150 -172
                                        Cash from drawing rights -2 -3 -2 -3
                                        Adjusted Net Operating Free Cash Flow 60 154 60 154
                                                 
                                        Operating Working Capital 2,430 2,117    
                                        Average Operating Working Capital as % of Sales 25.7% 22.0%    
                                        Total Working Capital 1,941  1,616    
                                        Average Total Working Capital as % of Sales 20.5% 17.3%    

                                        Q1 2019 sustainability highlights

                                        Planet

                                        DSM further improved the environmental impact of its own operations:

                                        • In March, DSM set new science-based reduction targets for greenhouse gas emissions that have been reviewed and approved by the Science Based Targets initiative and aligned with the Paris climate agreement. DSM was the first European company in its sector to join the group of almost 180 leading companies with validated science-based targets.
                                        • DSM is progressing well to its target to reduce 30% of its greenhouse gas emissions from direct production and to have 75% of its purchased electricity in absolute terms by 2030 compared to 2016:
                                        • DSM, together with energy company ENGIE and Swiss energy provider ewz opened a new green energy plant at its vitamin facility in Sisseln (Switzerland), reducing CO2 emissions by 50,000 tons/year (about ~4% of total group emission reduction)
                                        • DSM opened a newly expanded 66-acre solar field in Belvedere (NJ, USA). This is now the largest net-metered solar installation in New Jersey and is estimated to produce 25,000,000 kWh of renewable electricity annually.  
                                        • DSM introduced a system for a 30 to 40% reduction of waste to landfill at its Zhangbin site (Taiwan), supporting DSM’s ambition level of 80-90% waste recycled in 2020.
                                        • DSM made progress with innovations such as project Clean Cow, Veramaris, fermentative stevia and NIAGA?,enabling its customers to deliver more sustainable solutions to their (end) consumers.
                                        • DSM advocated for environmental topics such as putting a responsible price on carbon and convergence of financial and sustainability disclosures.

                                        People

                                        DSM put additional attention in improving further its safety performance which was below target in 2018. In Q1 we launched an update of our 12 Life Saving Rules, incorporating lessons learned over recent years. The?se ru?les should prevent any accidents from happening and cover those activities with the highest risk. ?They are part of a broader ran?ge of safety rules.

                                        DSM continued its Inclusion & Diversity journey:

                                        • With the appointment of the new Chief Innovation Officer, 43% of DSM’s Executive Committee is female. Also, the newly appointed President DSM Netherlands is female.
                                        • With the proposed (re)appointment of members of the Supervisory Board, DSM will have an even more diverse board in terms of gender, nationality, background, knowledge and experience; including 5 different nationalities and 50% female members.
                                        • With these percentages DSM is clearly achieving its aim to have at least 30% male and at least 30% female members in the Executive Committee, Managing Board and Supervisory Board.

                                        DSM’s Annual General Meeting will take place on 8 May. An update on DSM’s progress on governance can be found in the notes to agenda.

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