Press release

DSM reports Q3 2014 results

Heerlen, NL, 04 Nov 2014 07:15 CET

  • Q3 2014 EBITDA from continuing operations €315 million
  • Q3 2014 organic sales growth 5% compared to Q3 2013
  • Nutrition delivered sequential improvement with Q3 EBITDA €225 million
  • Performance Materials Q3 EBITDA €91 million, up compared to Q2 2014 and Q3 2013
  • Q3 cash flow from operating activities €301 million
  • Full year 2014 outlook in line with current market expectations

Royal DSM, the Life Sciences and Materials Sciences company, today reported third quarter 2014 EBITDA from continuing operations of €315 million compared to €293 million in Q2 2014 and €331 million in Q3 2013.

Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing Board, said: “In the third quarter DSM delivered improved financial results compared to the previous quarters with good cash flow generation.

In Nutrition our resilient business model and strong position in the value chain have enabled us to deliver an increase in result compared to the previous three quarters, although challenges in some human nutrition end-markets remain and pricing pressure, particularly in vitamin E, intensified in the latter part of the third quarter.

In Performance Materials, our continued focus on efficiencies and ongoing cost control served us well, and we are pleased by the overall performance with all businesses contributing to increased EBITDA.

Increasing macro-economic uncertainty and continued low consumer confidence are impacting market dynamics. Some currency rates have developed favorably towards the end of the third quarter but currencies remain volatile.

We remain committed to our strategy for growth across our Nutrition and Performance Materials businesses and will continue to pursue strategic actions for Polymer Intermediates and Composite Resins. We are strongly focused on operational excellence and delivering efficiencies to protect and enhance our profitability and cash flow. For the remainder of the year, we anticipate performance in line with current market expectations.”

Key figures

Q3 2014 Q3 2013 +/- in € million volume price/mix exch. rates other
2,323 2,354 -1% Net sales 5% 0% 0% -6%*
1,091 1,065 2% Nutrition 2% 0% 0% 0%
721 696 4% Performance Materials 4% 0% -1% 1%
428 374 14% Polymer Intermediates 13% 1% 0%  
40 35 14% Innovation Center 14% 0% 0%  
43 43   Corporate Activities        
2,323 2,213 5% Total continuing operations 5% 0% 0% 0%
0 141   Discontinued operations        
Q3 2014 Q3 2013 +/- in € million Jan - Sep 2014 Jan - Sep 2013 +/-
315 343 -8% EBITDA 878 996 -12%
225 241 -7% Nutrition 650 706 -8%
91 83 10% Performance Materials 256 242 6%
23 28 -18% Polymer Intermediates 60 83 -28%
-4 -2   Innovation Center -15 -6  
-20 -19   Corporate Activities -71 -61  
315 331 -5% Total continuing operations 880 964 -9%
0 12   Discontinued operations -2 32  
141 146 -3% Core net profit (continuing operations) 380 431 -12%
121 134 -10% Net profit before exceptional items, continuing operations 330 396 -17%
93 117 -21% Net profit after exceptional items, total DSM 252 348 -28%
0.81 0.84 -4% Core EPS (€/share) 2.20 2.51 -12%
0.69 0.76 -9% Net EPS before exceptional items, continuing operations (€/share) 1.90 2.27 -16%
0.51 0.65 -22% Net EPS after exceptional items, total DSM (€/share) 1.41 1.98 -29%
301 320   Cash flow from operations 390 522  
138 138   Capital expenditures (cash) 406 438  
      Net debt
-2,479 -1,841**  

* due to the contribution of DPP to the associate DPx.
** 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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