Press release

DSM reports Q1 2016 results

Heerlen, NL, 26 Apr 2016 07:00 CEST


  • DSM reports a strong first quarter
  • Group net sales up at €1,913 million, with 2% organic growth
  • Group EBITDA up 19% to €296 million
  • Nutrition: 6% organic sales growth, EBITDA up 15%
  • Materials: EBITDA up 10%, supported by low input costs
  • Group ROCE: improved to 9.8% (Q1 2015: 6.8%) driven by EBIT growth
  • Outlook maintained

Key figures and indicators (continuing operations)

in € millionQ1 2016Q1 2015% changeVolumePrice/MixFXOther
ROCE (%)9.8%6.8%     

CEO statement

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.

Outlook 2016

DSM aims to deliver increased full-year EBITDA and ROCE in line with the targets set out in its Strategy 2018: Driving Profitable Growth.

Key figures and indicators (cont’d)

in € millionQ1 2016Q1 2015% changeVolumePrice/mixFXOther
Sales - Continuing Operations1,9131,8861%5%-3%-2%1%
Innovation Center433619%19%0%0% 
Corporate Activities2019     
Discontinued Operations0506     
in € millionQ1 2016Q1 2015% changeYTD Q1 2016YTD Q1 2015% change
Sales - Continuing Operations1,9131,8861%1,9131,8861%
Innovation Center4336 4336 
Corporate Activities2019 2019 
Discontinued Operations0506 0506 
EBITDA - Continuing Operations29624819%29624819%
Innovation Center1-5 1-5 
Corporate Activities-25-28 -25-28 
Discontinued Operations038 038 
EBITDA margin - Continuing Operations15.5%13.1% 15.5%13.1% 
EBIT - Continuing Operations18513141%18513141%
Capital Employed - Continuing Operations27,4568,143 7,4568,143 
Average Capital Employed27,5057,750 7,5057,750 
ROCE - Continuing Operations (%)19.8%6.8% 9.8%6.8% 
Profit for the period, before exceptional items - Continuing Operations1096958%1096958%
Profit for the period, after exceptional items - Total DSM85-71 85-71 
Net EPS before exceptional items - Continuing Operations0.600.3954%0.600.3954%
Net EPS after exceptional items - Total DSM0.46-0.42 0.46-0.42 
Cash Flow - Continuing Operations13784 13784 
Capital Expenditures - Continuing Operations199101 99101 
Net debt22,2692,3213 2,2692,3213 

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.

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