Press release

DSM reports Q1 2014 results

Heerlen, NL, 06 May 2014 07:15 CEST

  • In Q1 2014 DSM delivered €272 million EBITDA from continuing operations, in line with expectations
  • Q1 2014 EBITDA from continuing operations was €29 million below Q1 2013, of which about €23 million was due to adverse exchange rate developments
  • The impact of the headwinds in Nutrition appear to have peaked in Q1
  • In Performance Materials all business groups delivered good volume growth
  • DSM maintains 2014 outlook, anticipating EBITDA improvements over the coming quarters

Royal DSM, the Life Sciences and Materials Sciences company, today reported first quarter EBITDA from continuing operations of €272 million compared to €301 million in Q1 2013. This performance was delivered against significant adverse foreign exchange rates. As expected, Nutrition experienced in Q1 the continued impact of the market headwinds, which also affected Q4 2013. Materials Sciences was impacted by lower results in caprolactam.

Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing Board, said: “DSM delivered results in line with expectations, despite further currency deterioration during the quarter. We are pleased to report that market conditions in Nutrition began to show some signs of improvement by the end of the quarter. Our performance in Q1 demonstrates DSM’s strength in Nutrition, owing to our highly integrated and global business model, benefiting from the structural megatrends of health and wellness. We also see a more positive momentum in a number of Performance Materials end-markets.

Through maintaining our focus on the operational performance of the business, benefiting from the Profit Improvement Program, we continue to execute our near term initiatives of protecting profitability and improving cash flow. Therefore, we confirm our outlook given in January 2014, and anticipate to deliver improving financial results in the coming quarters.”

Key figures

in € million Q1 2014 Q1 2013 +/- volume price/mix exch. rates other
Net sales 2,298 2,320 -1% 3% -3% -2% 1%
Nutrition 1,047 990 6% 4% -2% -3% 7%
Performance Materials 670 669 0% 4% -2% -2% 0%
Polymer Intermediates 405 437 -7% 2% -8% -1%  
Innovation Center 34 37 -8% -5% 0% -3%  
Corporate Activities 40 55          
Total continuing operations 2,196 2,188 0% 3% -3% -3% 3%
Discontinued operations 102 132 -23% -2%     -21%
in € million Q1 2014 Q1 2013 +/-
EBITDA 270 308 -12%
Nutrition 203 215 -6%
Performance Materials 77 79 -3%
Polymer Intermediates 20 28 -29%
Innovation Center -6 -2  
Corporate Activities -22 -19  
Total continuing operations 272 301 -10%
Discontinued operations -2 7  
Core net profit 114 132 -14%
Net profit before exceptional items, continuing operations 99 125 -21%
Net profit after exceptional items, total DSM 81 119 -32%
Core EPS (€/share) 0.66 0.78 -15%
Net EPS before exceptional items, continuing operations (€/share) 0.57 0.71 -20%
Net EPS after exceptional items, total DSM (€/share) 0.45 0.69 -34%
Cash flow from operations -37 -49  
Capital expenditures (cash) 151 152  
Net debt -2,161 -1,841 *  

* Year-end 2013

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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