Press release

DSM reports another strong year and increases dividend

Heerlen, NL, 29 Feb 2012 07:15 CET

  • Q4 EBITDA from continuing operations up 6% to €293 million
  • Full year EBITDA from continuing operations increased 12% to €1,296 million
  • Life Sciences delivered further EBITDA growth through Nutrition
  • Materials Sciences posted a strong year with record Polymer Intermediates results
  • Good strategic progress with Martek acquisition and joint venture with Sinochem
  • EPS (before exceptional items, continuing operations) up 22% to €3.53
  • Dividend increase by €0.10 to €1.45 per ordinary share proposed for 2011
  • Cautiously optimistic outlook, on the way to achieve 2013 targets

Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing Board, said: “2011 was another strong year for DSM despite the challenges of the global economy, adverse currency movements and high raw material costs. As a consequence we propose to increase our dividend for the second consecutive year. In Nutrition we made good progress once again and Polymer Intermediates delivered its highest profitability in history.

Furthermore, we made significant steps in the first year of implementing our growth strategy. This included the acquisition of Martek, the formation of the joint venture with Sinochem, the completion of non-core divestments, progress in sustainability-related innovations and expansion into high growth economies, which now account for 39% of sales. At the start of 2012 we announced an exciting joint venture with POET, to make advanced biofuels a reality on a commercial scale.

We are conscious that risks to the macro-economic global outlook remain, and that weakness in Europe and some of our end markets, especially building and construction, persists. However, we believe that our balanced, relatively resilient portfolio in health, nutrition and materials, our broad geographic spread with a significant presence in high growth economies, together with our strong balance sheet, leave us well placed to achieve our ambitious 2013 targets.”

Key figures

Q4 2011 Q4 2010 +/- in € million FY 2011 FY 2010 +/-
      Continuing operations:      
2,227 2,082 7% Net sales 9,048 8,176 11%
293 276* 6%** Operating profit before depreciation & amortization (EBITDA) 1,296 1,161* 12%**
193 163   Nutrition 735 684  
11 26   Pharma 36 61  
43 56   Performance Materials 293 283  
79 67   Polymer Intermediates 380 223  
-17 -13   Innovation Center -57 -49  
-16 -23   Corporate activities -91 -41  
166 170* -2% Operating profit (EBIT) 866 752* 15%
      Discontinued operations:      
  120   Net sales 145 874  
  14   Operating profit before depreciation & amortization (EBITDA) 29 117  
  10   Operating profit (EBIT) 29 86  
      Total DSM:      
2,227 2,202 1% Net sales 9,193 9,050 2%
293 290 1% Operating profit before depreciation & amortization (EBITDA) 1,325 1,278 4%
118 117 1% Net profit before exceptional items 615 547 12%
-33 32   Net result from exceptional items 199 -40  
85 149 -43% Net profit 814 507 61%
      Net earnings per ordinary share in €:      
0.71 0.63 13% before exceptional items, continuing operations 3.53 2.89 22%
0.53 0.89 -40% including exceptional items, total DSM 4.86 3.03 60%

* of which €9 million (full year €33 million) IFRS pension adjustment
** 10% (full year 15%) if IFRS pension adjustment is excluded

You can find the press release in full, including financial statements, below.

For more information

Lieke de Jong-Tops

Senior Communications Manager
+31 45 578 2420
media.contacts@dsm.com

Dave Huizing

Vice President Investor Relations
+31 45 578 2864
investor.relations@dsm.com

Media Relations

+31 45 578 2420

Investor Relations

+31 45 578 2864

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