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 2011Q4 2010+/-in € millionFY 2011FY 2010+/-
   Continuing operations:   
2,2272,0827%Net sales9,0488,17611%
293276*6%**Operating profit before depreciation & amortization (EBITDA)1,2961,161*12%**
193163 Nutrition735684 
1126 Pharma3661 
4356 Performance Materials293283 
7967 Polymer Intermediates380223 
-17-13 Innovation Center-57-49 
-16-23 Corporate activities-91-41 
166170*-2%Operating profit (EBIT)866752*15%
   Discontinued operations:   
 120 Net sales145874 
 14 Operating profit before depreciation & amortization (EBITDA)29117 
 10 Operating profit (EBIT)2986 
   Total DSM:   
2,2272,2021%Net sales9,1939,0502%
2932901%Operating profit before depreciation & amortization (EBITDA)1,3251,2784%
1181171%Net profit before exceptional items61554712%
-3332 Net result from exceptional items199-40 
85149-43%Net profit81450761%
   Net earnings per ordinary share in €:   
0.710.6313%before exceptional items, continuing operations3.532.8922%
0.530.89-40%including exceptional items, total DSM4.863.0360%

* 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

Dave Huizing

Vice President Investor Relations
+31 45 578 2864

Media Relations

+31 45 578 2420

Investor Relations

+31 45 578 2864