H1 Results 2018

DSM published its H1 Results 2018 on 1 August. The H1 highlights are:

• DSM reports a very good H1 with strong performance across all businesses
• Continued strong organic sales growth in underlying business estimated at 10%
• Adjusted EBITDA growth of underlying business estimated at 7%, despite significant FX headwind
• ROCE of underlying business estimated at 13.8%, up 160 bps
  Additional temporary vitamin price benefit estimated at €275m on Adjusted EBITDA
• Total Adjusted EBITDA up 45% and Net profit up 103% to €633m
• Cash from Operating Activities €503m up 53%
• Interim dividend of €0.77, reflecting the proposed dividend increase of about 25% for 2018
• Full year outlook reconfirmed