Press release

DSM reports 2014 results

Heerlen, NL, 11 Feb 2015 07:15 CET

  • 2014 sales of €9,181 million
  • Organic sales growth 5% in Q4 2014 and 3% for 2014
  • Q4 2014 EBITDA €288 million and 2014 EBITDA €1,168 million
  • Strong cash from operating activities of €418 million in Q4 2014 (€808 million in 2014)
  • Non-cash impairment of €186 million of the caprolactam business (after tax and non-controlling interests) included in exceptional items, leading to a net loss in Q4 2014
  • Proposed dividend stable at €1.65 per ordinary share
  • DSM will take further actions to improve efficiencies and to reduce costs
  • DSM aims to deliver 2015 EBITDA slightly ahead of 2014

Royal DSM, the Life Sciences and Materials Sciences company, today reported its unaudited results for 2014. DSM reported sales of €9,181 million, a 4% increase versus 2013. In line with market expectations, DSM reported EBITDA of €1,168 million compared to €1,261 million in 2013. The fourth quarter 2014 EBITDA was €288 million compared to €297 million in Q4 2013.

Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing Board, said: "DSM generated 3% organic growth and delivered a relatively solid EBITDA with good cash flow from operating activities, amongst others due to improved operating working capital management. This was achieved despite the fact that 2014 was not an easy year for DSM with substantial negative exchange rate effects and tough market conditions in Nutrition and caprolactam.

DSM is already taking steps to address the challenging external environment. We will continue to focus on operational performance and this will be complemented by accelerated actions to improve efficiencies and reduce costs, specifically in Nutrition and across all functions in the company. For 2015, DSM aims to deliver an EBITDA slightly ahead of the result of 2014.”

Key figures

Q4 2014 Q4 2013 +/- in € million volume price/mix exch. rates other
      Net sales        
1,124 1,039 8% Nutrition 3% 1% 3% 1%
699 655 7% Performance Materials 4% -1% 3% 1%
465 393 18% Polymer Intermediates 25% -11% 4% 0%
42 39 8% Innovation Center 3% -3% 8% 0%
44 49   Corporate Activities        
2,374 2,175 9% Total continuing operations 7% -2% 4% 0%
0 159   Discontinued operations        
FY 2014 FY 2013 +/- in € million volume price/mix exch. rates other
      Net sales        
4,335 4,205 3% Nutrition 3% -1% -1% 2%
2,792 2,729 2% Performance Materials 4% -2% -1% 1%
1,727 1,579 9% Polymer Intermediates 16% -7% 0% 0%
154 150 3% Innovation Center 4% -1% 0% 0%
173 195   Corporate Activities        
9,181 8,858 4% Total continuing operations 5% -2% 0% 1%
102 571   Discontinued operations        
Q4 2014 Q4 2013 +/- in € million FY 2014 FY 2013 +/-
      EBITDA      
200 208 -4% Nutrition 850 914 -7%
87 77 13% Performance Materials 343 319 8%
23 30 -23% Polymer Intermediates 83 113 -27%
-3 -3   Innovation Center -18 -9  
-19 -15   Corporate Activities -90 -76  
288 297 -3% Total continuing operations 1,168 1,261 -7%
0 19   Discontinued operations -2 51  
112 118 -5% Core net profit, continuing operations 492 549 -10%
89 101 -12% Net profit before exceptional items, continuing operations 419 497 -16%
-107 -77   Net profit after exceptional items, total DSM 145 271 -46%
0.65 0.68 -4% Core EPS (€/share) 2.85 3.19 -11%
0.52 0.57 -9% Net EPS before exceptional items, continuing operations (€/share) 2.42 2.84 -15%
-0.63 -0.46   Net EPS after exceptional items, total DSM (€/share) 0.78 1.52 -49%
418 476   Cash flow from operations 808 998  
241 204   Capital expenditures (cash, net of customer funding) 628 629  
      Net debt 2,420 1,841  

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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