Press release

DSM reports Q1 2017 results

Heerlen, NL, 02 May 2017 07:00 CEST

Highlights

  • DSM reports a very strong first quarter
  • Sales up 13% to €2,159m, with 9% organic growth
  • Adjusted EBITDA up 17% to €345m
  • ROCE up 150 bps to 11.3%
  • Cash from operating activities up 43% to €196m
  • Net profit up 75% to €149m
  • Outlook maintained

Key figures and indicators

in € million Q1 2017 Q1 2016 % change Volume Price/mix FX Other
Sales 2,159 1,913 13% 6% 3% 3% 1%
Nutrition 1,398 1,250 12% 5% 3% 4% 0%
Materials 701 600 17% 11% 3% 1% 2%
Adjusted EBITDA 345 296 17%        
Nutrition 257 225 14%        
Materials 113 95 19%        
EBITDA 334 271          
ROCE (%) 11.3% 9.8%          

CEO statement

Feike Sijbesma, CEO/Chairman of the DSM Managing Board, commented: "We are pleased to report a very good start to the year, with continued positive momentum in all businesses as we execute on our mid-term strategic and financial ambitions. Nutrition continued to deliver on its objectives with good growth from Animal and Human Nutrition. Materials demonstrated once again the benefit of its focus on specialties. Both businesses achieved strong volume growth, well above the market.

Notwithstanding the current global socio-economic volatility, we are confident that we will be able to deliver against our full-year objectives given our focus on improving our financial performance through our growth initiatives and our extensive and ambitious profit improvement programs. At the same time we continue to manage our business for the longer term by pursuing our innovation-driven growth strategy.”

Outlook 2017

DSM aims to deliver high-single digit percentage Adjusted EBITDA growth and high double-digit basis point ROCE growth in line with the targets set out in its Strategy 2018.

Key figures & indicators

in € million Q1 2017 Q1 2016 % change YTD Q1 2017 YTD Q1 2016 % change
Sales - Continuing Operations 2,159 1,913 13% 2,159 1,913 13%
Adjusted EDITDA 345 296 17% 345 296 17%
Nutrition 257 225 14% 257 225 14%
Materials 113 95 19% 113 95 19%
Innovation Center 1 1   1 1  
Corporate Activities -26 -25   -26 -25  
Adjusted EBITDA margin 16.0% 15.5%   16.0% 15.5%  
EBITDA 334 271   334 271  
Adjusted EBIT 222 185   222 185 20%
EBIT 206 160   206 160  
Capital Employed       7,914 7,456  
Average Capital Employed       7,901 7,505  
ROCE (%)       11.3% 9.8%  
Effective tax rate       18.0% 18.5%  
Adjusted net profit 163 109 50% 163 109 50%
Net profit - Total DSM
149 85 75% 149 85 75%
Adjusted net EPS
0.92 0.60 53% 0.92 0.60 53%
Net EPS - Total DSM 0.84 0.46   0.84 0.46  
Cash Flow 196 137 43% 196 137 43%
Capital Expenditures1 130 99   130 99  
Net debt       2,081 2,0702  

1) Cash, net of customer funding
2 ) Year-end 2016

In this report:
a) ‘Organic sales growth’ is the total impact of volume and price/mix;
b) ‘Total Working Capital’ refers to the total of ‘Operating Working Capital’ and ‘non-Operating Working Capital'

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
media.contacts@dsm.com

Dave Huizing

Vice President Investor Relations
+31 45 578 2864
investor.relations@dsm.com

Lieke de Jong-Tops

Senior Communications Manager
+31 45 578 2420

Dave Huizing

Vice-President Investor Relations
+31 45 578 2864

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