Financial figures

Overview of DSM's latest financial key figures

Key financials

Presented below are DSM's net sales, balance sheet, income statement and cash flow statement as at H1 2021*.

* From Q1 2021 onwards, in line with the established practice of many of DSM's consumer ingredients peers, we provide trading updates for Q1 and Q3 reporting sales, organic growth, Adjusted EBITDA and Adjusted EBITDA margins.

We report full financial details for half year and full year results and host calls for the media and analysts for both.

Net sales H1 2021

in € million

Year Q1 Q2 Q3 Q4 Total
2021 2,194 2,294      
2020 2,045* 2,020* 1,961* 2,080* 8,106*
2019 2,021* 2,008* 2,035* 1,934* 7,998*
2018 2,435 2,359 2,265 2,208 9,267
2017 2,159 2,161 2,136 2,176 8,632
2016 1,913 1,994 1,998 2,015 7,920
2015 1,886 1,754 2,102 1,926 7,722
2014 2,298 2,288 2,323 2,175 9,181
2013 2,376 2,468 2,397 2,377 9,618
2012 2,290 2,268 2,304 2,269 9,131
2011 2,234 2,265 2,322 2,227 9,048
2010 1,933 2,120 2,041 2,082 8,176
2009 1,578 1,664 1,725 1,758 6,725
2008 2,303 2,406 2,336 2,034 9,079

*  Figures reflect the reclassification of the DSM’s Resins & Functional Materials businesses to discontinued operations. The sale with an equity value of €1.6 billion was subsequently finalized on 01 April 2021.

Balance sheet H1 2021

Assets in € million 30 Jun 2021 Year-end 2020
Intangible Assets 4,690 4,455
Property, Plant & Equipment 3,754 3,774
Deferred Tax Assets 224 239
Share in Associates & Joint Ventures 69 93
Financial derivatives 44 61
Employee benefits 91 2
Other Financial Assets 412 317
Non-Current Assets 9,284 8,939
Inventories 2,095 1,879
Trade Receivables 1,638 1,391
Income tax receivables 49 35
Other Current Receivables 54 62
Financial Derivatives 29 48
Current Investments 215 43
Cash & Cash Equivalents 1,640 871
Sub-total 5,720 4,329
Assets Held for Sale 91 1,096
Current Assets 5,811 5,425
Total Assets 15,095 14,364
Shareholders' Equity 8,516 7,399
Non-controlling interest 79 88
Equity 8,595 7,487
Deferred Tax Liabilities 499 433
Employee Benefits Liabilities 297 414
Provisions 125 123
Borrowings 2,989 3,479
Financial derivatives 6 1
Other Non-current Liabilities 255 163
Non-current liabilities 4,171 4,613
Employee Benefits 24 42
Provisions 53 61
Borrowings 135 107
Financial Derivatives 17 13
Trade Payables 1,448 1,218
Income tax payable 93 53
Other Current Liabilities 551 516
Sub-total 2,321 2,010
Liabilities associated with the assets held for sale 8 254
Current Liabilities 2,329 2,264
Total Equity and Liabilities 15,095 14,364
Net debt 1,219 2,577
Equity/Total Assets  57% 52%

Income statement H1 2021

Continuing operations in € million H1 2021 H1 2020
Sales 4,488 4,065
EBITDA 879 683
Depreciation and amortization  319 289
Operating profit (EBIT) 560 394
Financial income and expense -68 -31
Profit before income tax expense 492 363
Income tax expense -90 -56
Share of the profit of associates/ joint control entities 20 -67
Net profit from continuing operations 422 240
Of which:    
Attributable to non-controlling interests -2 0
Attributable to equity holders of DSM  420 240
Dividend on cumulative preference shares -4 -4
Available to holders of ordinary shares 416 236
Discontinued operations in € million H1 2021 H1 2020
Net profit from discontinued operations 588 30
Of which:    
Attributable to non-controlling interests 0 -2
Attributable to equity holders of DSM  588 28
Total in € million H1 2021 H1 2020
Net profit 1,010 270
Of which:    
Attributable to non-controlling interests -2 -2
Attributable to equity holders of DSM  1,008 268
Dividend on cumulative preference shares -4 -4
Net profit available to holders of ordinary shares 1,004 264

Reconciliation to Alternative Performance Measures (APM) H1 2021

Continuing operations in € million H1 2021 H1 2020
EBITDA 879 683
Acquisitions/divestments  12 17
Restructuring  38 61
Other -4 0
Sub-total APM adjustments to EBITDA 46 78
Adjusted EBITDA 925 761
Operating profit (EBIT) 560 394
APM adjustments to EBITDA 46 78
Impairments of PPE and Intangible assets 0 0
Sub-total APM adjustments to operating profit (EBIT) 46 78
Adjusted operating profit (EBIT) 606 472
Net profit from continuing operations 422 240
APM adjustments to operating profit (EBIT) 46 78
APM adjustments to financial income and expense 0 0
Income tax related to APM adjustments -14 -19
APM adjustments to share of the profit of associates/ joint control entities -10 69
Sub-total APM adjustments 22 128
Adjusted Net profit continuing operations 444 368
Net profit continuing operations available to holders of ordinary shares 416 236
APM adjustments 22 128
Adjusted Net profit continuing operations available to holders of ordinary shares 438 364

Cash flow statement H1 2021

in € million H1 2021 H1 2020
Cash, Cash Equivalents and Current Investments (at beginning of period) 914 1,488
Current Investments (at beginning of period) 43 688
Cash & Cash Equivalents (at beginning of period) 871 800
Operating Activities    
EBITDA 1,548 746
Change in Working Capital -260 -186
Income Tax -51 -51
Other -658 75
Cash provided by Operating Activities (Operating cash flow) 579 584
of which provided by continuing operations 580 545
Investing Activities    
Capital Expenditures -236 -274
Payments regarding drawing rights -5 -10
Acquisitions -212 -729
Disposal of Subsidiaries, Businesses & Associates 1,462 1
Disposal of Other Non-current Assets 131 1
Change in Fixed-term Deposits -172 34
Interest Received 3 4
Dividend and capital (re)payments  -19 -9
Other 18 -6
Cash used in Investing Activities 970 -988
Financing Activities    
Dividend -170 -163
Interest Paid  -46 -26
Repurchase of shares -120 -283
Proceeds from re-issued treasury shares 18 33
Change in Commercial Paper 0 459
Proceeds from/ repayments of corporate bonds -500 991
Payment of lease liabilities -27 -27
Other Cash from/ used in Financing Activities 74 -64
Cash from/ used in Financing Activities -771 920
Exchange Differences -9 -16
Cash and Cash Equivalents (end of period) 1,640 1,300
Current Investment (end of period)  215 655
Cash and Cash Equivalents & Current Investments (end of period) 1,855 1,955

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