Press release

DSM reports 2021 results

Heerlen, NL, 15 Feb 2022 07:00 CET

Full year highlights1,2

Continuing operations results: 

  • DSM delivered strong full year results, including a very good Q4
  • Group sales +14% and Adjusted EBITDA +18%  
    • Nutrition: sales +10%, organic sales +8%, Adjusted EBITDA +8%
    • Materials: sales +27%, organic sales +28%, Adjusted EBITDA +60%
  • Adjusted net profit up 21% to €858m
  • Adjusted Net Operating Free Cash Flow of €949m, up 9%
  • Positive outlook for 2022 in line with mid-term strategic targets 

Total Group:

  • Strong performance on non-financial targets and further step-up in ESG ambitions
  • Net profit of €1,680m, including profits from the sale of AOC and Resins & Functional Materials  
  • Proposed dividend increase by €0.10 to €2.50 per ordinary share

Key figures and indicators – continuing operations2

in € millionFull year 2021Full year 2020% ChangeVolumePrice/mixFXOther
Adjusted EBITDA1,8141,53418%    
Adjusted EBITDA margin19.7%18.9%     

1) Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
Organic sales growth is the total impact of volume and price/mix.
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.
2) Results excluding business held for sale

Co-CEOs statement

Geraldine Matchett and Dimitri de Vreeze, Co-CEOs, commented: "2021 was a pivotal year for DSM and our people in which we accelerated our journey towards becoming a fully focused Health, Nutrition & Bioscience company. In line with our purpose-led strategy, we took further significant climate action and set a more aggressive path toward net-zero. We also launched ambitious new food system commitments to target and measure where we can best make a meaningful impact on the health of people and the planet through our core activities.

Both Nutrition and Materials realized strong results, as we continued to successfully navigate dynamic market conditions including global supply chain and logistics disruptions. We started to counter inflationary pressures in the second half of the year with appropriate pricing actions to offset cost increases, of which the first positive effects can be seen in the fourth quarter, with the remainder being effective as of 2022.

We are well positioned going forward, with an exciting innovation portfolio of sustainability-focused solutions with considerable growth potential such as our methane-inhibiting livestock feed additive Bovaer. We have a positive outlook for 2022 in line with our mid-term strategic targets for our Health, Nutrition & Bioscience activities.”

Outlook full year 2022

DSM expects its Health, Nutrition & Bioscience activities to deliver a high-single digit Adjusted EBITDA increase. For the Group, it expects a mid-single digit Adjusted EBITDA increase, with a high-single digit Adjusted Net Operating Free Cash Flow increase. This outlook is based on DSM’s expectation of a stable Adjusted EBITDA in Materials following the strong performance in 2021.

New financial reporting structure

As of 1 January 2022, DSM’s new Health, Nutrition & Bioscience (“HNB”) structure became effective. HNB consists of the previous reportable operating segments of Nutrition (which included Animal Nutrition, Human Nutrition and Other Nutrition) and Innovation. HNB is organized in three newly created Business Groups: Food & Beverage; Health, Nutrition & Care; and Animal Nutrition & Health. Financial re-statements for the new reportable operating segments will be provided prior to the publication of the Q1 2022 results for comparison purposes. The reportable operating segments of Materials and Corporate Activities have not changed.


DSM’s purpose-led, performance-driven strategy sees sustainability and innovation as key growth drivers of a long-term focused plan, underpinned by ambitious targets across People, Planet and Profit.

In September 2021, DSM announced the acceleration of its strategic journey to become a fully focused Health, Nutrition & Bioscience company organized, as from 1 January 2022, in three market-focused Business Groups. These will be more closely aligned with their respective customers and, through the integration of activities previously performed by the DSM Innovation Center, will be fully equipped to rapidly develop impactful science-based and market-ready solutions. This structure will also allow DSM to leverage its strong combination of scientific competences and growing portfolio of nutrition and health solutions, as well as harness the latest advancements in digital technology and bioscience.

As a Health, Nutrition & Bioscience company, DSM sees significant headroom for further growth and innovation by building on its unique business model combining ‘global products’ and ‘local solutions’ and by adding a third dimension of ‘precision and personalization’ that captures emerging big data, digital and bioscience capabilities. In the new structure, DSM is also ideally positioned to address the huge environmental and societal challenges which face the global food system.

DSM maintains ambitious mid-term profit targets as a Health, Nutrition & Bioscience company of mid-single digit % organic sales growth, an above 20% Adjusted EBITDA margin, and high-single digit % Adjusted EBITDA growth, supported by its strong innovation pipeline.

DSM also announced a review of strategic options for its Materials businesses in September 2021, including a possible change of ownership. As from 1 January 2022 these high-quality businesses are managed largely on a stand-alone basis and will continue their existing growth strategies focusing their innovations and business development on the increasing demand for materials that protect the health of both people and planet by adding further bio-based and circular solutions.

2021 acquisitions and disposals

On 31 March 2021, DSM acquired the flavor and fragrance bio-based intermediates business of Amyris, Inc., extending its offerings in Personal Care & Aroma Ingredients with annual sales of about €20 million.

On 1 April 2021, DSM closed the sale of DSM’s Resins & Functional Materials and associated businesses to Covestro AG. DSM received about €1.4 billion net in cash. DSM’s remaining solar back sheet business was sold to Worthen Industries, Inc. on 1 June 2021.

On 26 July 2021, DSM acquired full ownership of Midori USA, Inc. (“Midori”), a biotechnology start-up developing targeted eubiotics for animals.

On 15 October 2021, DSM received about €300 million net in cash from the sale of its minority share in AOC.

On 18 October 2021, DSM acquired First Choice Ingredients, a leading US supplier of dairy-based savory flavorings for a wide range of food and beverage applications including plant-based alternatives with annual sales of about €70 million.

On 16 December 2021, DSM acquired Vestkorn Milling, a leading producer of pea- and bean-derived ingredients for plant-based protein products with annual sales of about €20 million.


DSM’s long-term purpose-led, performance-driven strategy is founded on a commitment to creating value for all stakeholders. Through the focused development and application of scientific innovation, DSM aims to positively impact the health of people today and the health of the planet for future generations. This is supported by improvements in DSM’s own operations, including actions to reduce emissions and increase the use of renewable energy, continually raising safety standards, and promoting health and well-being among its workforce.

Throughout 2021 DSM made considerable further progress on improving its environmental footprint and in August announced an acceleration of its greenhouse gas (GHG) scope 1 and 2 emissions reduction ambitions. Within this context, DSM will also highlight progress on its scope 3 target, originally set in 2019, going forward. Chiefly attributed to purchased goods and services, a company-wide supplier engagement program CO2REDUCE was expanded during 2021 to target those that contribute the highest GHG emissions in DSM’s value chain. DSM remains considerably ahead of its purchased renewable electricity target, with all North American sites becoming the latest to switch to 100% renewable electricity as part of a company-wide energy transition program. DSM’s climate targets are reviewed and validated by the Science Based Targets initiative, providing a strong roadmap to achieve net zero by 2050 in line with the Paris climate agreement.

Key figures and indicators – continuing operations

in € millionQ4 2021Q4 2020% ChangeVolumePrice/mixFXOther
Adjusted EBITDA44039013%    
Adjusted EBITDA

Nutrition delivered a strong performance with continued good business conditions in an inflationary environment.

Animal Nutrition saw another quarter of exceptionally strong demand driven by stocking effects due to uncertainties about global supply chains and accelerating cost inflation. Animal Nutrition realized 7% higher prices in the quarter and further price increases will be effective as of 2022.

Human Nutrition, Food Specialties and Personal Care all showed a strong performance. Pricing actions in these businesses to offset costs inflation were taken in the quarter. These increases will be effective as of 2022, due to the typical contract structures with customers.

Nutrition Adjusted EBITDA margin was down 140 bps from 20.3% to 18.9% of which approximately 70 bps relates to the mathematical effect of price increases compensating higher costs. The remainder predominantly results from the time lag between cost increases and mitigating price actions that will be effective as of 2022.

Materials delivered a strong performance. DSM Engineering Materials saw a normalization of business conditions in the quarter after high volume growth over the previous four quarters, during which DSM took on additional volumes as competitors were faced with supply chain disruptions. Margins in Materials were stable at 20.7% due to pricing strength in DSM Engineering Materials and an overall good performance at DSM Protective Materials. 

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

Gareth Mead

Senior Communications Manager
+31 45 578 2420

Dave Huizing

Vice-President Investor Relations
+31 45 578 2864