DSM figures: five-year summary

Balance sheet1

x € million
2017
2016
2015
2014
20132
      
Assets
     
      
Intangible assets
3,058
3,188
3,228
2,867
2,690
Property, plant and equipment
3,313
3,325
3,171
3,673
3,611
Deferred tax assets
281
355
366
427
364
Share in associates and joint ventures
227
586
644
617
247
Financial derivatives
16
-
32
23
69
Other financial assets
475
463
419
275
200
Non-current assets
7,370
7,917
7,860
7,882
7,181
      
Inventories
1,848
1,800
1,627
1,739
1,638
Current receivables
1,690
1,653
1,556
1,769
1,597
Financial derivatives
41
40
15
24
57
Current investments
954
944
9
6
19
Cash and cash equivalents
899
604
665
669
770
 
5,432
5,041
3,872
4,207
4,081
Assets held for sale
-
-
11
37
637
Current assets
5,432
5,041
3,883
4,244
4,718
      
Total assets
12,802
12,958
11,743
12,126
11,899
      
Equity and liabilities
     
      
Shareholders' equity
6,962
6,072
5,541
5,723
5,908
Non-controlling interests
103
108
90
213
188
Equity
7,065
6,180
5,631
5,936
6,096
      
Deferred tax liabilities
259
278
319
365
375
Employee benefits liabilities
356
490
496
479
326
Provisions
151
128
98
105
97
Borrowings
2,551
2,552
2,557
1,637
1,725
Financial derivatives
4
14
182
178
181
Other non-current liabilities
188
158
228
81
75
Non-current liabilities
3,509
3,620
3,880
2,845
2,779
      
Employee benefits liabilities
39
40
44
45
34
Provisions
53
54
41
42
65
Borrowings
77
853
253
1,143
841
Financial derivatives
20
239
50
184
9
Current liabilities
2,039
1,972
1,842
1,915
1,845
 
2,228
3,158
2,230
3,329
2,794
Liabilities held for sale
-
-
2
16
230
Current liabilities
2,228
3,158
2,232
3,345
3,024
      
Total equity and liabilities
12,802
12,958
11,743
12,126
11,899

1 Financial derivatives were previously assigned to Current assets and liabilities. The figures have now been distributed over Non-current and Current assets and liabilities.

2 Application of IFRS 11 'Joint Arrangements' that came into effect from 1 January 2014. The year 2013 has been restated.

Income statement

x € million
2017
2016
2015
2014
2013
      
Net sales
8,632
7,920
8,935
9,283
9,429
      
Adjusted EBITDA1
1,445
1,262
1,170
1,166
1,312
EBITDA
1,348
1,146
1,046
1,134
1,187
      
Adjusted operating profit (EBIT)1
957
791
650
617
773
Operating profit (EBIT)
846
657
304
290
476
Financial income and expense
(104)
(133)
(174)
(125)
(144)
Income tax expense
(115)
(89)
(68)
(7)
(76)
Share of the profit of associates and joint ventures
1,154
194
30
(59)
13
      
Profit for the year
1,781
629
92
99
269
Profit attributable to non-controlling interests
12
8
4
(46)
(2)
      
Net profit attributable to equity holders of Koninklijke DSM N.V.
1,769
621
88
145
271
Dividend on cumulative preference shares
(8)
(4)
(10)
(10)
(10)
      
Net profit available to holders of ordinary shares
1,761
617
78
135
261
      
      
Key figures and financial ratios
     
Capital employed2
7,766
7,889
7,553
8,105
8,060
Capital expenditure:
     
- Intangible assets and Property, plant and equipment
586
485
570
616
694
- Acquisitions
204
16
106
-
424
Disposals
1,546
87
307
93
78
Depreciation, amortization and impairments
502
489
742
798
730
Net debt
(742)
(2,070)
(2,321)
(2,420)
(1,841)
Dividend
331
310
297
296
297
      
Workforce at 31 December, headcount
21,054
20,786
20,796
21,351
23,485
Employee benefits costs (x € million)
1,768
1,752
1,778
1,713
1,822
      
Financial ratios1
     
- ROCE in %
12.3
10.4
8.2
7.8
9.6
- Net sales / average capital employed
1.11
1.04
1.13
1.17
1.18
- Current assets / current liabilities
2.44
1.58
1.62
1.21
1.49
- Equity / total assets
0.55
0.48
0.48
0.49
0.51
- Gearing (net debt / equity plus net debt)
0.10
0.25
0.29
0.29
0.23
- Adjusted EBIT / net sales in %
11.1
10.0
7.3
6.6
8.2
- Net profit / average Shareholders' equity available to holders of ordinary shares in %
28.0
11.1
1.4
2.4
4.5
- Adjusted EBITDA / Financial income and expense
13.9
9.5
7.4
9.9
9.6

1 In presenting and discussing DSM's financial position, operating results and cashflows, DSM uses certain Alternative performance measures (APMs) not defined by IFRS. These APMs are used because they are an important measure of DSM's business development and DSM's management performance. A full reconciliation of IFRS performance measures to the APMs is given in the Alternative performance measures (APMs).

2 Before reclassification to held for sale.

Information about ordinary DSM shares

per ordinary share in €
2017
2016
2015
2014
2013
      
Adjusted Net profit
3.92
2.90
2.14
2.34
2.84
Net profit
10.07
3.52
0.45
0.78
1.52
Operating cash flow
5.65
5.79
3.93
4.62
5.74
      
Dividend:
1.851
1.75
1.65
1.65
1.65
- Interim dividend
0.58
0.55
0.55
0.55
0.50
- Final dividend
1.27
1.20
1.10
1.10
1.15
      
Pay-out including dividend on cumulative preference shares as % of Adjusted net profit
48
61
71
69
59
Dividend yield (dividend as % of average price of an ordinary DSM share)
2.8
3.3
3.5
3.3
3.2
      
Share prices on Euronext Amsterdam (closing price):
     
- Highest price
81.66
64.18
55.11
57.97
59.75
- Lowest price
57.20
41.40
39.62
44.44
43.93
- At 31 December
79.67
56.96
46.28
50.64
57.16
      
      
(x 1,000)
     
Number of ordinary shares outstanding:
     
- At 31 December
174,643
175,002
174,923
173,537
173,963
- Average
174,795
175,100
174,357
172,605
172,183
      
Daily trading volumes on Euronext Amsterdam:
     
- Average
676
787
912
801
728
- Lowest
238
152
130
104
95
- Highest
2,110
2,554
4,506
7,981
3,049

1 Subject to approval by the Annual General Meeting of Shareholders.