Bonds & Credit rating

As a basis for and contribution to effective risk management and to ensure that the company will be able to pursue its strategies even during periods of economic downturn, Royal DSM N.V. retains a solid financial policy.

One of the key targets of Vision 2010 and updated thereto is to achieve a cash flow return on investment, which is at least 100 base points higher than the weighted average cost of capital (WACC).

DSM aims further for a net debt which is between 30 and 40% of equity plus net debt and an operating profit before amortization and depreciation (EBITDA), which is at least 8.5 times the balance of financial income and expenses. This underlines the company’s aim of maintaining its single A long-term credit rating.

Our current public debt programs include:

• The 4.00% EUR bond loan 2005 – 2015 of Royal DSM N.V. (PDF: 2.39 Mb), which was issued in 2005 in the amount of 300 mln EUR.

• The 5.25% EUR bond loan 2007 – 2017 of Royal DSM N.V. (PDF: 1.67 Mb), which was issued in 2007 in the amount of 750 mln EUR.

Other Bonds consist primarily of a US loan rule 144a issued the US in 1999 for 400 mln USD, of which 250 mln USD matures in 2009 and a US Private Placement issued in the US in 2003 for 300 mln. USD, of which 150 mln USD matures in 2013 and 150 mln USD matures in 2015.

The weighted average interest rate of the bonds (including derivatives) was 4.5% in 2007.

• Bonds & Credit
• Bonds in detail
• Liability structure
• Debt Issuance Program
• Commercial Paper Program

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