Heerlen, NL, 24 Feb 2010 08:15 CET
Commenting on the results, Feike Sijbesma, Chairman of the DSM Managing Board, said: “In what was undoubtedly one of the most challenging years in DSM’s history, we stayed the course and remained fully committed to our customers, innovation and sustainability. After a difficult first half year, we delivered improved results in the second half of the year as our Materials Sciences businesses started to recover.
“Although our full-year operating profit from continuing operations halved compared to our record performance of 2008, the decline in DSM’s core activities was limited to 26%. A continued robust performance from the Nutrition business and the benefits of our early actions to improve our competitive position contributed to this performance. Our initiatives to reduce costs delivered over €150 million in savings during the year, whilst our focus on cash resulted in an unprecedented operating cash flow of almost €1.3 billion in 2009. Our strong financial position leaves us well placed to capitalize on any opportunity that might arise.
“As we have entered an uncertain 2010, DSM will continue its strategic transformation into a Life Sciences and Materials Sciences company. We completed the disposal of two businesses during the year and remain committed to exiting the remaining non-core operations. Whilst recognizing the uneven nature of the current economic recovery, we are cautiously optimistic.”
|Q4 2009||Q4 2008||+/-||in € million||FY 2009||FY 2008||+/-|
|274||198||38%||Operating profit before depreciation & amortization (EBITDA)||836||1,209||-31%|
|141||84||68%||Operating profit (EBIT)||370||769||-52%|
|-8||16||Base Chemicals and Materials||-68||174|
|1||43||Operating profit before depreciation & amortization (EBITDA)||81||148|
|1||39||Operating profit (EBIT)||73||134|
|142||123||15%||Operating profit (EBIT)||443||903||-51%|
|89||73||22%||Net profit before exceptional items||244||608||-60%|
|-149||-31||Net result from exceptional items||93||-31|
|Net earnings per ordinary share in €:|
|0.53||0.25||112%||before exceptional items, continuing operations||1.15||3.04||-62%|
|-0.39||0.24||including exceptional items, total DSM||2.01||3.45||-42%|
You can find the press release in full, including financial statements, below.