amsterdam : DSM

February 29, 2012 01:28 ET

DSM reports another strong year and increases dividend

HEERLEN, NETHERLANDS--(Marketwire - Feb 29, 2012) -

  * Q4 EBITDA from continuing operations up 6% to EUR293 million
  * Full year EBITDA from continuing operations increased 12% to
    EUR1,296 million
  * Life Sciences delivered further EBITDA growth through Nutrition
  * Materials Sciences posted a strong year with record Polymer
    Intermediates results
  * Good strategic progress with Martek acquisition and joint venture with
  * EPS (before exceptional items, continuing operations) up 22% to
  * Dividend increase by EUR0.10 to EUR1.45 per ordinary share proposed for
  * Cautiously optimistic outlook, on the way to achieve 2013 targets

Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing Board, said: "2011 was another strong year for DSM despite the challenges of the global economy, adverse currency movements and high raw material costs. As a consequence we propose to increase our dividend for the second consecutive year. In Nutrition we made good progress once again and Polymer Intermediates delivered its highest profitability in history.

"Furthermore, we made significant steps in the first year of implementing our growth strategy. This included the acquisition of Martek, the formation of the joint venture with Sinochem, the completion of non-core divestments, progress in sustainability-related innovations and expansion into high growth economies, which now account for 39% of sales. At the start of 2012 we announced an exciting joint venture with POET, to make advanced biofuels a reality on a commercial scale.

"We are conscious that risks to the macro-economic global outlook remain, and that weakness in Europe and some of our end markets, especially building and construction, persists. However, we believe that our balanced, relatively resilient portfolio in health, nutrition and materials, our broad geographic spread with a significant presence in high growth economies, together with our strong balance sheet, leave us well placed to achieve our ambitious 2013 targets."

 fourth quarter  in EUR million                              full year
 2011  2010  +/-                                          2011   2010   +/-
                 Continuing operations:

2,227 2,082   7% Net sales                               9,048  8,176   11%

                 Operating profit before depreciation
  293  276* 6%** and amortization (EBITDA)               1,296 1,161* 12%**

  193   163      - Nutrition                               735    684

   11    26      - Pharma                                   36     61

   43    56      - Performance Materials                   293    283

   79    67      - Polymer Intermediates                   380    223

  -17   -13      - Innovation Center                       -57    -49

  -16   -23      - Corporate activities                    -91    -41

                 * of which EUR9 million (full year EUR33 million)
                   IFRS pension adjustment

                 ** 10% (full year 15%) if IFRS pension adjustment
                    is excluded

  166  170*  -2% Operating profit (EBIT)                   866   752*   15%

                 Discontinued operations:

    -   120      Net sales                                 145    874

                 Operating profit before depreciation and
    -    14      amortization (EBITDA)                      29    117

    -    10      Operating profit (EBIT)                    29     86

                 Total DSM:

2,227 2,202   1% Net sales                               9,193  9,050    2%

                 Operating profit before depreciation
  293   290   1% and amortization (EBITDA)               1,325  1,278    4%

  118   117   1% Net profit before exceptional items       615    547   12%

  -33    32      Net result from exceptional items         199    -40

   85   149 -43% Net profit                                814    507   61%

                 Net earnings per ordinary share in EUR:

 0.71  0.63  13%                                          3.53   2.89   22%

 0.53 0.89  -40%                                          4.86   3.03   60%
                 total DSM

In this report:

· 'operating profit' (before depreciation and amortization) is understood to be operating profit (before depreciation and amortization) before exceptional items;

· 'net profit' is the net profit attributable to equity holders of Koninklijke DSM NV;

· 'continuing operations' refers to the DSM operations excluding DSM Agro, DSM Melamine, DSM Special Products B.V., S.A. Citrique Belge N.V and DSM Elastomers;

· 'discontinued operations' comprise net sales and operating profit (before depreciation and amortization) of DSM Agro and DSM Melamine up to and including Q2 2010, S.A. Citrique Belge N.V. up to and including Q3 2010, DSM Special Products B.V. up to and including Q4 2010 and DSM Elastomers up to and including Q2 2011.


In the fourth quarter of 2011 economic growth in Western Europe began to stall. The challenging economic environment impacted most Materials Sciences businesses, which in addition were affected by some inventory adjustments in the value chain.

Economic growth in high growth economies continued to be strong, but measures taken to manage emerging inflation, especially in China, had a negative impact on the availability of credit for some customers. This also impacted demand in Materials Sciences.

As expected, Nutrition was not affected by this economic headwind. Continued growth was supported by improved pricing.

On balance, Q4 EBITDA (EUR293 million) was 6% higher than in Q4 2010. The main contributor was Nutrition, which, even excluding Martek, delivered a higher result, despite the effect of the strong Swiss franc on its cost base.

The Pharma result was clearly below last year.

Performance Materials posted a drop in EBITDA, which reflects the economic headwind.

The Polymer Intermediates result was clearly above last year despite the economic conditions, although lower than in the previous quarters.

DSM's cash performance in Q4 2011 was excellent. Cash provided by operating activities was EUR403 million in the quarter, which can largely be attributed to a reduction in working capital.

Net sales            full year
in EUR million      2011  2010 differ-ence organic growth exch. rates other

Nutrition          3,370 3,005         12%             4%          0%    8%

Pharma               677   739         -8%             3%         -2%   -9%

 Materials         2,752 2,507         10%             9%         -1%    2%

 Intermediates     1,820 1,398         30%            32%         -2%

Innovation Center     60    50

 activities          369   477

Total (continuing  9,048 8,176         11%            11%         -1%   1%*

 operations          145   874

Total              9,193 9,050

* Including the effect of the deconsolidation of DSM's interest in Sitech Manufacturing Services, Utility Support Group B.V. and EdeA v.o.f, which were reported in Corporate activities in 2010.

Full year organic sales growth was 11%, well above DSM's strategic target of 5-7%. All clusters, especially Polymer Intermediates, contributed to this growth.

Full year EBITDA was EUR1,296 million. EBITDA growth (excluding the IFRS pension adjustment) was 15%, which is clearly above sales growth.

The Nutrition result (EUR735 million) including Martek was higher despite the negative impact of currencies of EUR70 - 80 million net of hedging results, mainly Swiss franc related.

The Pharma result (EUR36 million) was lower, but stabilizing. As a result of the formation of the joint venture with Sinochem in anti-infectives, DSM Sinochem Pharmaceuticals was consolidated at 50% in the last 4 months of the year.

Performance Materials posted a higher result for the year (EUR293 million), despite tough economic conditions in Q4 and weakness in the tender driven vehicle protection business at DSM Dyneema.

Polymer Intermediates had its four best quarters ever in 2011, resulting in a very substantial increase in EBITDA (to EUR380 million), compared to a strong 2010 performance.

Net sales in China (continuing operations) increased by 30% from USD 1,535 million in 2010 to USD 2,002 million in 2011. Total sales in high growth economies increased to 39% of overall sales in 2011.

Innovation sales - measured as sales from innovative products and applications introduced in the last five years - reached 18% of total net sales in 2011, close to the company's 2015 target of approximately 20%.

Business review by cluster


  fourth quarter   in EUR million     full year
   2011     2010                    2011    2010
    865      758   Net sales       3,370   3,005

    193      163   EBITDA            735     684

    149      132   EBIT              577     551

  22.3%    21.5%   EBITDA margin   21.8%   22.8%

Fourth quarter sales increased strongly (+14% compared to Q4 2010) driven by the acquisition of Martek (8%) and organic sales growth of 5%, reflecting higher volumes and prices across most of the businesses. EBITDA grew by 18% mainly due to Martek, higher volumes and prices and continued cost management, which compensated for the negative impact of currencies and increased raw material costs. Martek generated sales of EUR79 million with an EBITDA of EUR21 million.

Full year sales increased by 12% with organic sales growth of 4% due to higher volumes across all businesses and stable pricing. Martek (contributing since the end of February 2011) delivered an excellent performance with sales reaching EUR284 million and EBITDA of EUR88 million.

Despite a strong currency headwind, which had an impact on EBITDA of EUR70 - 80 million net of hedging results (mainly Swiss franc related), EBITDA increased to EUR735 million due to the Martek acquisition, higher volumes and further cost improvements.


  fourth quarter   in EUR million   Full year
  2011      2010                   2011   2010
   165       190   Net sales        677    739

    11        26   EBITDA            36     61

    -1        11   EBIT              -8      3

  6.7%     13.7%   EBITDA margin   5.3%   8.3%

Fourth quarter organic sales growth was 12% as sales increased for DSM Pharmaceutical Products due to higher customer demand. DSM has proportionally consolidated its anti-infectives joint venture, DSM Sinochem Pharmaceuticals (DSP) at 50%. This impacted the reported net sales and EBITDA. The lower EBITDA was also due to an unfavorable product mix at DSM Pharmaceutical Products.

Full year organic sales growth was 3% due to higher volumes at DSM Pharmaceutical Products and slightly lower volumes at DSP. Overall sales decreased by 8% mainly as a consequence of the proportional consolidation of DSP.

The cluster's profitability was reduced by tougher market conditions in 2011 in the anti-infectives markets and the proportional consolidation of DSP.

Performance Materials

  fourth quarter   in EUR million    full year
  2011      2010                    2011    2010
   627       640   Net sales       2,752   2,507

    43        56   EBITDA            293     283

     0        27   EBIT              162     163

  6.9%      8.8%   EBITDA margin   10.6%   11.3%

Fourth quarter organic sales development was -6% due to lower volumes (- 15%) in all businesses, which were partly compensated for by higher pricing (9%) at DSM Engineering Plastics and DSM Resins. Both DSM Engineering Plastics and DSM Resins faced lower demand due to weaker market conditions and some inventory adjustments in building & construction, E&E and European automotive. DSM Dyneema continued its growth in fiber solutions and personal protection but this was more than offset by lower volumes in the tender driven vehicle protection business. EBITDA was lower, mainly due to the performance of DSM Dyneema.

In Q4 2011 some impairment charges were recognized. The most important one was related to the closing of the Swiss production facility of DSM Dyneema.

Full year organic sales growth was 9%. Higher prices at DSM Engineering Plastics and DSM Resins were partly offset by lower volumes at DSM Dyneema and DSM Resins. Despite the lower results in Q4, EBITDA was higher than in 2010.

Polymer Intermediates

  fourth quarter   in EUR million    full year
   2011     2010                    2011    2010
    467      382   Net sales       1,820   1,398

     79       67   EBITDA            380     223

     67       54   EBIT              339     186

  16.9%    17.5%   EBITDA margin   20.9%   16.0%

In the fourth quarter of 2011 Polymer Intermediates achieved organic sales growth of 20% compared to Q4 2010. The cluster continued to benefit from the high global utilization rate, with prices 8% above the same quarter last year. Volumes were 12% higher due to improved manufacturing performance compared to Q4 last year.

Continued pricing strength and strong manufacturing performance resulted in a higher EBITDA for the fourth quarter compared to the excellent previous year. Due to weaker demand in acrylonitrile and declining unit margins in caprolactam at the end of the quarter, Q4 EBITDA was lower than the exceptional previous quarters of 2011.

Full year organic sales growth was 32%, compared to an already very strong performance in 2010. The cluster benefited from the favorable market conditions and demonstrated an excellent manufacturing performance, resulting in an all time high EBITDA.

Innovation Center

  fourth quarter   in EUR million  full year
  2011      2010                  2011   2010
    17        15   Net sales        60     50

   -17       -13   EBITDA          -57    -49

   -21       -20   EBIT            -69    -64

Fourth quarter sales developed well. Higher gross margins were offset by increased costs for innovation projects, which include the Actamax joint venture with DuPont in DSM Biomedical and new projects in DSM Bio-based Products & Services.

Similar to the quarter, full year sales were above last year, but EBITDA was lower due to the increased innovation costs.

Strategic progress was made in 2011 with the start-up of the Actamax joint venture in surgical biomedical materials. In addition, several development agreements were signed in the main segments of the Biomedical business. DSM and Roquette started the construction of the commercial-scale bio-based succinic acid plant in Italy. The acquisition of C5 Yeast Company B.V. from Royal Cosun was completed, further extending DSM's leadership position in the field of cellulosic bio-ethanol.

Corporate activities

  fourth quarter   in EUR million                        full year
  2011      2010                                        2011   2010
    86        97   Net sales                             369    477

   -16       -23   EBITDA*                               -91    -41

   -28       -34   EBIT*                                -135    -87

                   * of which IFRS pension adjustment
               9                                                 33

Fourth quarter EBITDA improved compared to Q4 2010, mainly as a result of lower project related expenses and lower costs in service organizations.

Excluding the changes in the Dutch pension plan, full year EBITDA decreased by EUR17 million due to a lower contribution of the captive insurance company and higher share based payment costs.

Exceptional items

Total exceptional items in the fourth quarter of 2011 amounted to a pre-tax loss of EUR39 million (EUR33 million after tax), comprising a loss of EUR18 million in relation to the previously announced restructuring initiatives at DSM Resins, costs for litigation settlements and claims amounting to EUR20 million and the remainder of the non-recurring value adjustments of inventories in relation to the Martek acquisition.

Full year exceptional items amounted to EUR173 million (EUR199 million after tax), comprising the book profits on the sale of Danisco shares, the divestment of DSM Elastomers and the establishment of the DSM Sinochem Pharmaceuticals joint venture, and losses regarding the non-recurring value adjustments of inventories in relation to the Martek acquisition, restructuring actions at DSM Resins and costs for litigation settlements and claims.

Net profit

Net finance costs in the fourth quarter amounted to EUR28 million, compared to EUR27 million in Q4 2010.

Full year net finance costs decreased by EUR11 million compared to the previous year to a level of EUR82 million, mainly as a result of favorable hedging results and lower interest costs.

The effective tax rate for the full year amounted to 19% (2010: 24%). The lower tax rate was a result of a different geographical spread of results and the application of preferential tax regimes in countries where DSM is operating.

Net profit before exceptional items in the fourth quarter of EUR118 million was at the same level as Q4 2010. As a result of exceptional items, total net profit decreased by EUR64 million to EUR85 million (Q4 2010: EUR149 million).

Net profit before exceptional items for the full year amounted to EUR615 million, which was EUR68 million higher than in 2010. Total net profit increased by EUR307 million compared to the previous year and reached a level of EUR814 million, partly due to exceptional items and a lower tax rate.

Full year net earnings per ordinary share (continuing operations, excluding exceptional items) increased by 22% to a level of EUR3.53 compared to EUR2.89 in 2010.


DSM's dividend policy is to provide a stable and preferably rising dividend. DSM therefore proposes to increase the dividend by EUR0.10 to EUR1.45 per ordinary share. This will be proposed to the Annual General Meeting of Shareholders to be held on 11 May 2012. An interim dividend of EUR0.45 per ordinary share having been paid in August 2011, the final dividend would then amount to EUR1.00 per ordinary share. The dividend will be payable in cash or in the form of ordinary shares at the option of the shareholder. Dividend in cash will be paid after deduction of 15% Dutch dividend withholding tax. The ex-dividend date is 15 May 2012.

Cash flow, capital expenditure and financing

Cash provided by operating activities amounted to EUR403 million in the fourth quarter of 2011 (Q4 2010: EUR413 million), resulting in a full year total of EUR882 million (2010: EUR1,103 million).

Operating working capital as a percentage of sales amounted to 20.2% at the end of 2011 (of which 0.5% as a result of the Martek acquisition), which is above the target of 19%.

Total cash used for capital expenditure in the fourth quarter amounted to EUR173 million (Q4 2010: EUR165 million). Cash flow related to capital expenditure in 2011 was EUR477 million for the full year, compared to EUR416 million in 2010.

At year-end 2011 net debt amounted to EUR318 million and gearing was 5%.

Progress of strategy DSM in motion: driving focused growth DSM in motion: driving focused growth marks the shift from an era of intensive portfolio transformation to a strategy for the coming years of maximizing sustainable and profitable growth of 'the new DSM'. The current businesses compose the new core of DSM in Life Sciences and Materials Sciences. Below is an update on DSM's achievements and progress in the full year 2011:

The sale of DSM Elastomers to LANXESS in 2011 completed the final stage of the transformation of DSM that began with the divestment program DSM announced in September 2007 as part of its Accelerated Vision 2010 program.

Early 2011 DSM successfully completed the acquisition of Martek Biosciences Corporation, the first major acquisition by DSM after its successful transformation into a Life Sciences and Materials Sciences company. The acquisition added a new growth platform for healthy and natural food ingredients for infant formula and other food and beverage applications for DSM's Nutrition cluster.

DSM established the 50/50 global joint venture for its business group DSM Anti- Infectives with Sinochem Group. The joint venture, DSM Sinochem Pharmaceuticals, includes all activities of the former DSM Anti-Infectives business group across the world. It aims to increase its sales to more than EUR600 million with an EBITDA margin above 15% by 2015.

DSM successfully completed the acquisition of a majority share of 91.75% in Shandong ICD High Performance Fibre Co., Ltd. (ICD) in China. ICD is a manufacturer of UHMWPE (ultra high molecular weight polyethylene) fiber and a strong player in the high-performance fiber market in China.

In China the DSM joint venture Jinling DSM Resins Co., Ltd. (JDR) announced that it will invest approximately EUR50 million in a new production facility for composite resins in Nanjing. DSM's share in the joint venture is 75%.

With its joint venture partners Sinopec Nanjing Chemical Industry Company and Jiangsu Guoxin Group, DSM has started the expansion project to double its caprolactam capacity in Nanjing (China) to 400 kt, making it the largest caprolactam plant in the world. The investment will be approximately USD 300 million. The new facility is expected to come on stream in Q3 of 2013 and be operating at full capacity in 2014.

DSM acquired a 51% stake in AGI Corporation of Taiwan (AGI), a producer of a broad range of environmentally friendly UV (ultraviolet) curable resins and other products.

In Russia, DSM and KuibyshevAzot OJSC commenced their strategic cooperation in which DSM Engineering Plastics entered into two joint ventures with the Russian company. In addition, KuibyshevAzot was granted a license under DSM Fibre Intermediates' technology for the production of cyclohexanone. Furthermore, DSM opened the first feed-premix plant in Russia in a joint venture with Tatenergo JSC (Republic of Tatarstan).

In India DSM announced a partnership with Kemrock Industries for the production of specialty composite resins. DSM and Kemrock together will invest USD 25 million in a joint venture. In India DSM also opened its first Animal Nutrition & Health premix plant, located in Ambernath, Mumbai.

In Romania DSM completed the acquisition of the premix unit of Fatrom Furajeri Additivi, the country's leading premix manufacturer. It allows DSM to expand its global network of premix facilities and offers improved access to the growing Romanian livestock feed market.

DSM acquired C5 Yeast Company, which allows DSM to combine C5 Yeast Company's business with its own advanced yeast and enzyme technologies for advanced biofuels (cellulosic ethanol derived from agricultural residues and non- edible crops), further increasing its leadership position in this field. DSM and POET, LLC, one of the world's largest ethanol producers, have announced a joint venture to commercially demonstrate and license cellulosic bio- ethanol, the next step in the development of biofuels, based on their proprietary and complementary technologies. The joint venture, POET-DSM Advanced Biofuels, LLC, is scheduled to start production in the second half of 2013 at one of the first commercial-scale cellulosic ethanol plants in the US.


DSM's mission is about creating brighter lives for people today and generations to come. This mission is supported by DSM's core value, which is that its activities should contribute to a more sustainable world. As part of its strategy, DSM in motion: driving focused growth, DSM has formulated the ambition to go to the next level in sustainability: from an internal value and a tool for making a responsible contribution to society, to a strategic business driver.

Today DSM is publishing its second integrated annual report, after having published already for more than a decade separate annual- and triple P- reports.

In sustainability DSM set a number of ambitious aspirations in 2010 and in 2011 the company made good progress toward meeting them, as evidenced by the following highlights:

DSM once again retained its number one position in the chemical industry sector in the Dow Jones Sustainability World Index. This is the third consecutive year that DSM has held this top position in worldwide sustainability and the sixth time in total since 2004. In 2007 and 2008, the two years when DSM was not ranked number one, it was also among the leaders in the sector.

In 2011 the percentage of ECO+ solutions in the innovation pipeline was 94%, well above the target set. ECO+ solutions as a percentage of running business increased further to 41%. DSM is on its way toward the 50% aspiration.

DSM is on track with its drive to improve energy efficiency by 20% by 2020 compared to 2008. Including 2011 energy efficiency improved 13% compared to 2008.

In 2011 DSM executed its fourth worldwide Employee Engagement Survey. The main element in the survey is the measurement of DSM's Employee Engagement Index, the percentage of employees scoring favorable on a combination of four attributes: commitment, pride, advocacy and satisfaction. The Employee Engagement Index measured in 2011 again was close to high performance norm with an all time high response rate of 91%.

DSM's People+ strategy will deliver measurably better solutions to improve the lives of people. The company has defined a new People+ framework based on broad stakeholder analyses. The dimensions of health, comfort and well-being, working conditions and community development have been identified as distinct and instrumental categories to measure People+ impact at product level.

In 2011 diversity ambitions for the business groups were defined for the period 2011-2015, to ensure that DSM's organizational readiness is in line with its stretched growth ambitions for 2015. In addition, DSM has addressed the geographical distribution of management and other key functions.


DSM's outlook for the year is influenced by the uncertain and volatile economic conditions. At this moment DSM is experiencing a weak economic environment, especially in Europe, which is expected to improve in the second half of the year.

The high growth economies continue to grow fast, albeit at a slower pace than in previous years. Despite these uncertainties, DSM is confident that it will continue to benefit from its balanced, relatively resilient portfolio in health, nutrition and materials, its broad geographic spread with a significant presence in high growth economies and its strong balance sheet. Nevertheless, in addition to the already announced restructuring initiatives at DSM Resins, DSM is putting in place further cost reduction programs and profit protection plans.

In Nutrition, the impact of the substantial strengthening of the Swiss franc in 2011 was mitigated by a EUR50 million currency hedge gain, which effect will not occur in 2012. Despite this, DSM anticipates that its Nutrition business will continue to make further progress in 2012. EBITDA is expected to be above 2011.

Trading conditions in the Pharma cluster are expected to remain challenging, although DSM anticipates that it will make further strategic progress. EBITDA is expected to improve slightly compared to last year, despite the impact of the 50% deconsolidation of the anti-infectives business.

Trading conditions in Materials Sciences continue to be volatile and the end market outlook is uncertain owing to weak consumer sentiment in some of DSM's key geographies. However, based on current insights EBITDA of the Performance Materials cluster is expected to be somewhat higher than in 2011.

For Polymer Intermediates another strong year is expected, at a level above the historical average, but EBITDA will be clearly lower than the exceptional result in 2011. In 2012 three planned turnarounds in caprolactam, one in Q1 2012 and two more in Q3 2012, will also impact the results.

Despite macro-economic uncertainties, DSM is cautiously optimistic for the year 2012. DSM expects the second half of the year to be stronger than the first half, on its way to achieve the 2013 targets.

Additional information

Today DSM will hold a conference call for the media from 07.30 AM to 08.00 AM CET and a conference call for investors and analysts from 09.00 AM to 10.00 AM CET. Details on how to access these calls can be found on the DSM website, www.dsm.com. Also, information regarding DSM's full year 2011 results can be found in the Presentation to Investors, which can be downloaded from the Investors section of the DSM website.

Important dates

Report for the first quarter 2012                Tuesday, 8 May 2012
Annual General Meeting of Shareholders           Friday, 11 May
Report for the second quarter 2012               Tuesday, 7 August 2012
Report for the third quarter 2012                Tuesday, 6 November 2012

DSM - Bright Science. Brighter Living.™

Royal DSM is a global science-based company active in health, nutrition and materials. By connecting its unique competences in Life Sciences and Materials Sciences DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, pharmaceuticals, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials. DSM's 22,000 employees deliver annual net sales of around EUR9 billion. The company is listed on NYSE Euronext. More information can be found atwww.dsm.com.

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