Press release

DSM reports results first nine months 2019

Heerlen, NL, 05 Nov 2019 07:00 CET

Highlights1,2,3

  • DSM reports good first nine months, with a solid performance in Q3
  • Results compared to Underlying business in first nine months 2018:
    • Group sales +3%, Adjusted EBITDA up 11% (including 3% from IFRS 16)
    • Nutrition: organic sales +4%, Adjusted EBITDA up 13% (including 3% from IFRS 16)
    • Materials: organic sales –7% (-5% volume), Adjusted EBITDA flat (including 2% from IFRS 16)
  • Total Net profit €640m, up versus first nine months 2018 of €821m when correcting for the temporary vitamin effect of €290m EBITDA
  • Adjusted Net Operating Free Cash Flow €550m, up 4% versus first nine months 2018 which included the temporary vitamin effect of €290m EBITDA
  • Full year outlook maintained

Key figures and indicators

in € million Jan - Sep 2019 Jan - Sep 2018 % change
    Underlying
business1		 Temporary
vitamin effect		 Total
Group		 Underlying
Organic growth1		 FX &
‘other’1		 Underlying
total growth1		 Temporary
vitamin effect		 Total
Group
Sales 6,858 6,644 415 7,059 0% 3% 3% -6% -3%
Nutrition 4,573 4,278 415 4,693 4% 3% 7% -10% -3%
Materials 2,114 2,215   2,215 -7% 2% -5%   -5%
Adjusted EBITDA 1,288 1,162 290 1,452     11% -22% -11%
Nutrition 956 847 290 1,137     13% -29% -16%
Materials 391 393   393     0%   0%
Innovation 16 1   1          
Corporate -75 -79   -79          
EBITDA 1,239 1,124 290 1,414          
Adjusted EBITDA margin 18.8% 17.5%   20.6%          

1) In 2018 DSM benefitted from a temporary vitamin effect (see page 5 of PDF). Underlying (business) is defined as the performance measure sales and Adjusted EBITDA, corrected for DSM’s best estimate of this temporary vitamin effect.
2) Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
3) DSM adopted IFRS 16 as per its effective date of 1 January 2019 and has not restated 2018 (see page 19 of PDF).

CEO statement

Feike Sijbesma, CEO/Chairman DSM Managing Board, commented: “I am pleased to report again a good nine-month performance, together with a solid third quarter.

"In the quarter, Nutrition delivered a good performance with 4% organic growth and Adjusted EBITDA up 12%, despite some softness in Human Nutrition. Materials experienced ongoing challenging conditions in some of its end-markets, especially in China. Dyneema continued to perform strongly. The earnings performance highlights the relative resilience of our specialty Materials portfolio with a slight Adjusted EBITDA decline of 2%. We made good progress, with our large innovation projects, like Veramaris, Clean Cow and Avansya."

"We are on track to deliver 2019 in line with our targets, and therefore maintain our full year outlook. DSM continues to be well positioned to deliver its ambitious Strategy 2021, with its growth platforms together with increased customer centricity and its large innovation projects, while at the same time remaining focused on cost control and operational excellence.”

Q3 Highlights1,2,3

  • DSM reports a solid Q3
  • Results compared to Underlying business in Q3 2018:
    • Group sales +3%, Adjusted EBITDA up 9% (including 3% impact from IFRS 16)
    • Nutrition: organic sales +4%, Adjusted EBITDA up 12% (including 3% impact from IFRS 16)
    • Materials: organic sales –7% (-3% volume), Adjusted EBITDA down 2% (including 2% impact from IFRS 16)

Key figures and indicators

in € million Q3 2019 Q3 2018 % change
    Underlying
business1		 Temporary
 vitamin effect		 Total
Group		 Underlying
Organic growth1		 FX &
‘other’1		 Underlying
total growth1		 Temporary
 vitamin effect		 Total
 Group
Sales 2,290 2,215 50 2,265 0% 3% 3% -2% 1%
Nutrition 1,544 1,438 50 1,488 4% 3% 7% -3% 4%
Materials 687 723   723 -7% 2% -5%   -5%
Adjusted EBITDA 426 391 15 406     9% -4% 5%
Nutrition 317 283 15 298     12% -6% 6%
Materials 129 132   132     -2%   -2%
Innovation 5 1   1          
Corporate -25 -25   -25          
EBITDA 416 370 15 385          
Adjusted EBITDA margin 18.6% 17.7%   17.9%          

1) In 2018 DSM benefitted from a temporary vitamin effect (see page 5 of PDF). Underlying (business) is defined as the performance measure sales and Adjusted EBITDA, corrected for DSM’s best estimate of this temporary vitamin effect.
2) Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
3) DSM adopted IFRS 16 as per its effective date of 1 January 2019 and has not restated 2018 (see page 19 of PDF).

Outlook 2019

DSM maintains its full year outlook: DSM expects to deliver a full year 2019 high single digit increase in Adjusted EBITDA compared to prior year Underlying Adjusted EBITDA (pre-temporary vitamin effect), together with an improvement in Underlying Adjusted Net Operating Free Cash Flow in line with its Strategy 2021 targets. This outlook excludes the impact of IFRS 16.

Share Buy-Back program

On 1 April 2019, DSM commenced its ordinary share repurchase program of an aggregate market value of €1 billion, with the intention to reduce its issued capital, as first announced on 14 February 2019. This program is in addition to the regular repurchase programs to cover commitments under share-based compensation plans and the stock dividend. Up to and including 31 October 2019 DSM has repurchased 5.3 million shares for a total consideration of €563 million; 2.6 million shares relate to the regular repurchase programs and 2.7 million shares relate to the €1 billion share buy-back program.

Key figures and indicators (comparison with January – September 2018 excluding temporary vitamin effect)

in € million Jan - Sep 2019 Jan - Sep 2018 % change Volume Price/mix FX Other
Sales 6,858 6,644 3% 0% 0% 2% 1%
Nutrition 4,573 4,278 7% 3% 1% 2% 1%
Materials 2,114 2,215 -5% -5% -2% 2% 0%
Innovation Center 140 118          
Corporate Activities 31 33          
in € million Q3 2019 Q3 2018 % change Volume Price/mix FX Other
Sales 2,290 2,215 3% 1% -1% 2% 1%
Nutrition 1,544 1,438 7% 3% 1% 2% 1%
Materials 687 723 -5% -3% -4% 2% 0%
Innovation Center 50 43          
Corporate Activities 9 11          
in € million including IFRS 16 impact Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Sales 6,858 6,644 3% 2,290 2,215 3%
Adjusted EBITDA 1,288 1,162 11% 426 391 9%
Nutrition 956 847 13% 317 283 12%
Materials 391 393 0% 129 132 -2%
Innovation Center 16 1   5 1  
Corporate Activities -75 -79   -25 -25  
Adjusted EBITDA margin 18.8% 17.5%   18.6% 17.7%  
ROCE % 12.7% 13.6%        
in € million excluding IFRS 16 impact Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Adjusted EBITDA 1,250 1,162 8% 413 391 6%
Nutrition 934 847 10% 309 283 9%
Materials 386 393 -2% 127 132 -4%
Innovation Center 15 1   5 1  
Corporate Activities -85 -79   -28 -25  
Adjusted EBITDA margin 18.2% 17.5%   18.0% 17.7%  
ROCE % 13.0% 13.6%        

In this report:
'Organic sales growth' is the total impact of volume and price/mix;
'Total Working Capital' refers to the total of 'Operating Working Capital' and 'non-Operating Working Capital';
'Adjusted Net Operating Free Cash Flow' is the cash flow from operating activities, corrected for the cash flow of the APM adjustments, minus the cash flow of capital expenditures and drawing rights.

Key figures and indicators (comparison with January - September 2018 including temporary vitamin effect)

in € million Jan - Sep 2019 Jan - Sep 2018 % change Volume Price/mix FX Other
Sales 6,858 7,059 -3% 1% -7% 2% 1%
Nutrition 4,573 4,693 -3% 4% -10% 2% 1%
Materials 2,114 2,215 -5% -5% -2% 2% 0%
Innovation Center 140 118          
Corporate Activities 31 33          
in € million Q3 2019 Q3 2018 % change Volume Price/mix FX Other
Sales 2,290 2,265 1% 2% -4% 2% 1%
Nutrition 1,544 1,488 4% 4% -4% 3% 1%
Materials 687 723 -5% -3% -4% 2% 0%
Innovation Center 50 43          
Corporate Activities 9 11          
in € million, incl. IFRS impact where applicable Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Sales 6,858 7,059 -3% 2,290 2,265 1%
Adjusted EBITDA 1,288 1,452 -11% 426 406 5%
Nutrition 956 1,137 -16% 317 298 6%
Materials 391 393 0% 129 132 -2%
Innovation Center 16 1   5 1  
Corporate Activities -75 -79   -25 -25  
Adjusted EBITDA margin 18.8% 20.6%   18.6% 17.9%  
EBITDA 1,239 1,414   416 385  
Adjusted EBIT 844 1,100 -23% 276 283 -2%
EBIT 784 1,049   266 249  
Capital Employed 9,330 8,221        
Average Capital Employed 8,843 7,960        
ROCE (%) 12.7% 18.4%        
Effective tax rate1 18.0% 18.0%        
Adjusted net profit2 659 852 -23% 244 209 17%
Net profit - Total DSM2 640 821 -22% 239 188 27%
Adjusted net EPS 3.68 4.82 -24% 1.36 1.18 15%
Net EPS - Total DSM 3.57 4.64   1.33 1.06  
Operating Cash Flow 941 933 1% 434 430 1%
Adjusted Net Operating Free Cash Flow 550 529 4% 293 303 -3%
Capital Expenditures3 410 445   146 150  
Net debt4 852 680        
Average number of ordinary shares 176.3 175.2   176.2 175.7  
Workforce (headcount end of period) 22,204 20,977        

1) Over Adjusted taxable result
2) Including result attributed to non-controlling interest
3) Cash, net of customer funding, investment grants and excluding leases
4) Net debt end of September 2019 includes €217 million following the adoption of IFRS 16 on ‘Leases’
5) Year-end 2018

Nutrition

Underlying business

‘Underlying’ business is defined as the sales and Adjusted EBITDA, corrected for the temporary vitamin effect due to exceptional supply disruptions in the industry which occurred in the first nine months of 2018. This event provided additional sales for €415 million and a corresponding Adjusted EBITDA of €290 million in the first nine months of 2018, as estimated and reported last year.

in € million (estimated) Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Sales 4,573 4,278 7% 1,544 1,438 7%
Adjusted EBITDA1 956 847 13% 317 283 12%
Adjusted EBITDA margin1 20.9% 19.8%   20.5% 19.7%  
ROCE % 14.6% 15.1%        

Temporary vitamin effect

in € million (estimated) Temporary vitamin effect 2018 Temporary vitamin effect Q3 2018
Sales 415 50
Adjusted EBITDA 290 15

Total cluster

in € million Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Sales 4,573 4,693 -3% 1,544 1,488 4%
Adjusted EBITDA1 956 1,137 -16% 317 298 6%
Adjusted EBITDA margin (%)1 20.9% 24.2%   20.5% 20.0%  
Adjusted EBIT 687 918 -25% 225 220 2%
Capital Employed 6,626 5,671        
Average Capital Employed 6,251 5,546        
ROCE (%) 14.6% 22.1%        
Total Working Capital 1,746 1,567        
Average Total Working Capital as % of Sales 27.8% 24.9%        

1) Including IFRS 16 impact of €8 million in Q3 2019 and €22 million in the first nine months of 2019

Sales development

All comparisons are versus the Underlying business in the first nine months of 2018.

Nine months 2019 sales

Nutrition realized 4% organic growth against a strong +9% in same period last year. Total sales were 7% higher compared to first nine months 2018 including 1% from the consolidation of Andre Pectin and 2% from exchange rates driven by the US dollar.

Q3 2019 sales

Nutrition reported 4% organic growth, with volumes up 3% and prices +1%. Animal Nutrition sales were solid, Human Nutrition showed some softness and the other nutrition activities were strong, especially Food Specialties.

Nine months 2019 Adjusted EBITDA

The Adjusted EBITDA growth was 13%, including a 3% contribution from IFRS 16 and 2% from Andre Pectin (€19 million), driven by higher volumes, lower costs and a small positive foreign exchange effect. The adjusted EBITDA margin was 20.9% (including 0.5% impact from IFRS 16) versus 19.8% in same period last year.

Q3 2019 Adjusted EBITDA

Nutrition reported 12% growth in Adjusted EBITDA (including 3% from IFRS 16), in line with H1 2019, with same earnings drivers. The Q3 2019 Adjusted EBITDA margin was 20.5% (including 0.5% impact from IFRS 16) versus 19.7% in Q3 2018.

Partnership with Nenter

DSM completed the transaction with Nenter as first announced on 29 January 2019. The new subsidiary will produce vitamin E exclusively for DSM. The production facilities and related assets are currently being upgraded to ensure compliance with DSM’s safety, health and environmental standards, to secure high-quality and sustainable supply of Vitamin E. The plant is not expected to resume production activities before Q3 2020.

Animal Nutrition & Health

Sales development

All comparisons are versus the Underlying business in the first nine months of 2018.

Nine month 2019 organic sales

Animal Nutrition reported 4% organic growth, against a strong 12% in the same period last year. Volumes were up 2% and prices +2%. Total sales were 6% higher compared to first nine months 2018 including 2% positive exchange rate effect.

Q3 2019 organic sales

Animal Nutrition delivered an organic growth of 5%, with sales volumes up 1% and prices up 4%.

Volumes were impacted by the continued spread of African swine fever in China and South East Asia, with the region representing more than 50% of global pork production. The rapid spread of this condition has disrupted the global equilibrium of animal protein in the short term, and as a result DSM is currently unable to fully offset the decline in pork production in the region from increases in production from other regions and species. Business conditions in all other species and regions remained strong.

Prices were up due to positive sales mix effects, as well as price increases initiated for some ingredients earlier in the year to compensate for higher costs.

Good progress was made on large innovation programs

  • Veramaris – In July, the JV started commercial production of its algae-based omega-3 fatty acids for aquaculture, supplying three of the largest salmon feed producers and used by the two largest salmon farmers. Sales volumes are expected to develop in line with ramp-up of the plant with targeted production capacity to be reached in about eighteen months.
  • ‘Clean Cow’ –In July, DSM reached a key milestone, filing for European registration to commercialize the product, targeted by late 2020/early 2021. This feed additive reduces methane emissions from ruminants by about 30%. The agricultural sector and legislators alike are increasingly discussing the necessity of introducing a pricing of methane emissions.

Human Nutrition & Health

Sales development

All comparisons are versus the Underlying business in the first nine months of 2018.

Nine months 2019 sales

Organic growth was 1% against a tough comparison of +7% organic growth in the first nine months of 2018. Volumes were up 3% and prices were down 2%. Total sales were up 5% as sales growth was supported by a 4% foreign exchange effect which was largely US dollar related.

Q3 2019 sales

Human Nutrition reported minus 1% organic growth, with volumes up 2% and prices down 3%. Sales were somewhat soft in food & beverage while early life nutrition, medical nutrition and dietary supplements (especially i-Health, DSM’s business-to-consumer business), all performed well. Geographically, sales in China, North America and Europe were soft, Asia was good and Latam was strong.

The minus 3% price effect resulted from lower prices for vitamin C and negative mix effects.

Other nutrition activities

DSM’s other nutrition activities which include Food Specialties, Personal Care, Aroma Ingredients and Hydrocolloids, delivered a good performance with 7% organic sales growth in the first nine months 2019, with 5% organic growth in Q3. Food Specialties enjoyed good growth in enzymes and cultures in the dairy and baking segments in the quarter.

Good progress was made with Avansya, the large innovation program in Food Specialties. Avansya is ready to start commercial production of its fermentative stevia at its plant in Blair, Nebraska by mid-November. The response from customers on stevia samples supplied in recent quarters has been very positive. Avansya expects first customer products containing its stevia solutions to arrive in designated test markets soon.

Materials

in € million Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Sales 2,114 2,215 -5% 687 723 -5%
Adjusted EBITDA1 391 393 0% 129 132 -2%
Adjusted EBITDA margin (%)1 18.5% 17.7%   18.8% 18.3%  
Adjusted EBIT 285 298 -4% 92 99 -7%
Capital Employed 2,028 1,890        
Average Capital Employed 1,956 1,850        
ROCE (%) 19.5% 21.5%        
Total Working Capital 450 415        
Average Total Working Capital as % of Sales 15.4% 13.2%        

1) Including IFRS 16 impact of €2 million in Q3 2019 and €5 million in the first nine months of 2019

Sales development

Nine months 2019 sales

Organic growth was down 7%, with volumes down 5% and prices minus 2%, while margins were slightly up. Total sales were down 5% as a result of a 2% positive exchange rate effect, which was largely US dollar related.

Q3 2019 sales

The reported organic growth was minus 7% with volumes down 3% and prices down 4%. This price decline reflected developments in input cost.

Materials experienced ongoing challenging conditions in some of the end-markets. Dyneema continued to perform strongly.

  • DSM Engineering Plastics saw continued softness in automotive (China and Europe). Electrical & electronics (Asia) seem to have bottomed out. Business conditions in other end-segments were solid.
  • DSM Resins & Functional Materials saw some improved business conditions for coating resins, while building & construction markets in Europe and North America continued to be soft, and some signs of stabilization in China.
  • DSM Dyneema showed a strong performance once again, driven by continued high demand in personal protection. A new production line in the Netherlands was started up in the quarter, which will allow the business to continue its growth.

Nine months 2019 Adjusted EBITDA was flat compared to previous year (including 2% from IFRS 16). The slight Adjusted EBITDA decline and increase in margins demonstrated the strong resilience of DSM’s portfolio in the current market circumstances. The impact from lower volumes was partly compensated by the strong performance of Dyneema. Earnings were further supported by good margin management on lower input costs, cost control and a small benefit from currencies. The Adjusted EBITDA margin was 18.5% (including 0.2% from IFRS 16) compared to 17.7% achieved in the previous year.

Q3 2019 Adjusted EBITDA was minus 2% compared to previous year (including 2% from IFRS 16). Q3 2019 Adjusted EBITDA margin was 18.8% (including 0.3% from IFRS 16) compared to 18.3% in Q3 2018.

Innovation Center

in € million Jan - Sep 2019 Jan - Sep 2018 % change Q3 2019 Q3 2018 % change
Sales 140 118 19% 50 43 16%
Adjusted EBITDA1 16 1   5 1  
Adjusted EBIT -11 -16   -5 -4  
Capital Employed 621 587        

1) Including IFRS 16 impact of €0 million in Q3 2019 and €1 million in the first nine months of 2019

Q3 2019 was again a strong quarter in line with H1. Biomedical delivered good top and bottom-line growth. Bio-based Products & Services continued to benefit from the license income for yeast technologies used for bio-based fuels. Solar showed continued softness due to the subdued Chinese market. The Adjusted EBITDA increased to €16 million in the first nine months of 2019.

Corporate Activities

in € million Jan - Sep 2019 Jan - Sep 2018 Q3 2019 Q3 2018
Sales 31 33 9 11
Adjusted EBITDA1 -75 -79 -25 -25
Adjusted EBIT -117 -100 -36 -32

1) Including IFRS 16 impact of €3 million in Q3 2019 and €10 million in the first nine months of 2019

Nine months 2019 Adjusted EBITDA slightly increased compared to previous year, predominantly driven by the adoption of IFRS 16 partly offset by somewhat higher cost. EBIT was negatively impacted by some asset impairments.

Condensed Cash Flow Statement and (Operating) Working Capital

in € million Jan - Sep 2019 Jan - Sep 2018 Q3 2019 Q3 2018
Cash provided by Operating Activities 941 933 434 430
Cash from APM adjustments 37 66 14 25
Cash from capital expenditures* -420 -452 -151 -151
Cash from drawing rights -8 -18 -4 -1
Adjusted Net Operating Free Cash Flow 550 529 293 303
         
Operating Working Capital 2,472 2,341    
Average Operating Working Capital as % of Sales 26.3% 23.8%    
Operating Working Capital as % of Sales - end of period 27.0% 25.8%    
Total Working Capital 2,060 1,853    
Average Total Working Capital as % of Sales 21.1% 18.5%    
Total Working Capital as % of Sales - end of period 22.5% 20.4%    

* January – September 2018: excluding €18 million payment of lease liability

Adjusted Net Operating Free Cash Flow amounted to €550 million for the three quarters in 2019 up 4% versus €529m in 2018, which included the impact from the temporary vitamin effect of €290 million EBITDA.

Operating Working Capital and Total Working Capital end of September 2019 increased versus 2018 following the consolidation of acquisitions in the period and exchange rate effects. The cash outflow from working capital movements was €207 million versus €448 million in the comparable period last year. As a result, combined with some timing effects in tax payments, Working Capital as a percentage of sales increased versus last year.

Overview of Alternative Performance Measures (APM) adjustments to EBIT(DA)

The following overview gives a summary of the APM adjustments for the first nine months of 2019 (for reconciliation see page 14 of PDF).

Nutrition: EBITDA adjustments amounted to -€10 million of which -€5 million related to restructuring costs and -€5 million to acquisition related costs. EBIT adjustments amounted to €-21 million including -€11 million asset impairment.

Materials: EBITDA adjustments amounted to -€5 million (EBIT -€5 million) of which -€4 million related to restructuring costs and -€1 million to acquisition related costs.

Innovation Center: EBITDA adjustments amounted to -€2 million (EBIT -€2 million) related to restructuring cost.

Corporate Activities: EBITDA adjustments amounted to -€32 million (EBIT -€32 million) of which -€30 million related to restructuring costs and -€2 million to divestment related costs.

Share of the profit of associates: Net result includes a positive book result of €23 million on its existing share of 29% following the acquisition of an additional 46% of the shares of Andre Pectin in Q1 2019.

Sustainability performance

Q3 2019 sustainability highlights

Planet further improved the environmental impact of its own operations:

  • DSM is well on track this year with espect to its greenhouse gas, energy efficiency and purchased renewable electricity targets.

DSM enabled its customers to deliver more sustainable solutions to their (end) consumers:

  • DSM made good progress in its large innovation projects such as Veramaris, Avansya, Project Clean Cow and NIAGA®
  • DSM’s Engineering Plastics business announced it will offer a full alternative range of its existing portfolio that will contain at least 25% recycled and/or bio-based content by weight in the final product by 2030.

DSM advocated for topics such as the role of business in society, putting a responsible price on carbon, and climate adaptation:

  • In September DSM gathered leaders from the private and public sector as well as civil society in New York on the topic of the role of business in society, to identify initiatives that have the potential to be a game-changer toward more purposeful capitalism.
  • DSM CEO Feike Sijbesma co-chaired the report published in September by the High-Level Commission on Carbon Pricing and Competitiveness convened by the Carbon Pricing Leadership Coalition (CPLC). This report calls for long-term and ambitious carbon pricing policies, and provides the evidence that a well-designed carbon price policy will not negatively influence economic competitiveness.
  • DSM CEO Feike Sijbesma is one of the commissioners of the Global Commission on Adaptation which published its flagship report in September, calling for urgent action on climate adaptation and finding that adaptation can deliver USD 7.1 trillion in benefits at USD 1.8 trillion costs.
  • DSM India together with Confederation of Indian Industry launched the Climate Action Program 2.0® awards, an initiative to make Indian companies climate resilient.

People

  • DSM CEO Feike Sijbesma was listed number 42 on the Harvard Business Review Top 100 best performing global CEOs.
  • DSM continued its Inclusion & Diversity journey:
    • DSM advocated for the acceleration of female participation in science and technology in its Women in science & technology campaign.
    • Helen Mets, President DSM Resins & Functional Materials, has earned the prestigious 2019 World Business Council for Sustainable Development (WBCSD) Leading Women Award in the Excellence category for her sustained and outstanding contribution to advancing sustainability in DSM.
    • DSM further increased the diversity in its leadership with the appointment of Shruti Singhal as President of DSM Engineering Plastics to be based in Singapore and Martha Buffington as Chief Procurement Officer DSM.
  • DSM and Singapore Management University (SMU) affirmed their commitment to educate the next generation of leaders in sustainability. The collaboration will offer experiential learning courses on sustainability and nutrition improvement.

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

Email

Dave Huizing

Vice-President Investor Relations
+31 45 578 2864

Email

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