Heerlen, NL, 26 Apr 2016 07:00 CEST
|in € million||Q1 2016||Q1 2015||% change||Volume||Price/Mix||FX||Other|
Feike Sijbesma, CEO/Chairman of the DSM Managing Board, commented: “We are pleased to report that we delivered a strong first quarter in terms of growth, profitability and returns, with all businesses seeing the effects of our improvement programs.
Both Animal and Human Nutrition delivered above-market volume growth, with Human Nutrition showing a marked improvement, albeit against a relatively weak comparable quarter in 2015. Our efforts resulted in EBITDA growth and an improved margin in Nutrition. Materials remained robust, helped in part by the shift towards higher added-value products in the portfolio. In addition, low input prices continued to support margins during Q1 2016 despite softer volumes in some segments, although we expect this support to diminish somewhat going forward.
While the macro-economic environment remains uncertain, we are confident that we will deliver in line with our medium-term goals. This will be supported by innovation, our growth initiatives and underpinned by our group-wide cost and productivity improvement programs.”
DSM aims to deliver increased full-year EBITDA and ROCE in line with the targets set out in its Strategy 2018: Driving Profitable Growth.
|in € million||Q1 2016||Q1 2015||% change||Volume||Price/mix||FX||Other|
|Sales - Continuing Operations||1,913||1,886||1%||5%||-3%||-2%||1%|
|in € million||Q1 2016||Q1 2015||% change||YTD Q1 2016||YTD Q1 2015||% change|
|Sales - Continuing Operations||1,913||1,886||1%||1,913||1,886||1%|
|EBITDA - Continuing Operations||296||248||19%||296||248||19%|
|EBITDA margin - Continuing Operations||15.5%||13.1%||15.5%||13.1%|
|EBIT - Continuing Operations||185||131||41%||185||131||41%|
|Capital Employed - Continuing Operations2||7,456||8,143||7,456||8,143|
|Average Capital Employed2||7,505||7,750||7,505||7,750|
|ROCE - Continuing Operations (%)1||9.8%||6.8%||9.8%||6.8%|
|Profit for the period, before exceptional items - Continuing Operations||109||69||58%||109||69||58%|
|Profit for the period, after exceptional items - Total DSM||85||-71||85||-71|
|Net EPS before exceptional items - Continuing Operations||0.60||0.39||54%||0.60||0.39||54%|
|Net EPS after exceptional items - Total DSM||0.46||-0.42||0.46||-0.42|
|Cash Flow - Continuing Operations||137||84||137||84|
|Capital Expenditures - Continuing Operations1||99||101||99||101|
1 Cash, net of customer funding
2 Before reclassification to held for sale
3 Year-end 2015
In this report:
The ‘Performance Materials’ cluster is henceforth referred to as ‘Materials’;
'Organic sales growth’ is the total impact of volume and price/mix;
‘Discontinued operations’ comprises net sales and operating profit (before depreciation and amortization) of DSM Fibre Intermediates and DSM Composite Resins up to and including 31 July 2015;
‘Total Working Capital’ refers to the total of ‘Operating Working Capital’ and ‘non-Operating Working Capital’Strategy 2018: Driving Profitable Growth
The complete version of this press release with accompanying financial statements and the Presentation to Investors are below in PDF format.