DSM figures: five-year summary
Balance sheet
|
x € million
|
2018
|
2017
|
2016
|
2015
|
2014
|
|
Assets
|
|||||
|
Intangible assets
|
3,090
|
3,058
|
3,188
|
3,228
|
2,867
|
|
Property, plant and equipment
|
3,511
|
3,313
|
3,325
|
3,171
|
3,673
|
|
Deferred tax assets
|
248
|
281
|
355
|
366
|
427
|
|
Share in associates and joint ventures
|
205
|
227
|
586
|
644
|
617
|
|
Financial derivatives
|
14
|
16
|
-
|
32
|
23
|
|
Other financial assets
|
263
|
475
|
463
|
419
|
275
|
|
Non-current assets
|
7,331
|
7,370
|
7,917
|
7,860
|
7,882
|
|
Inventories
|
1,993
|
1,848
|
1,800
|
1,627
|
1,739
|
|
Current receivables
|
1,738
|
1,690
|
1,653
|
1,556
|
1,769
|
|
Financial derivatives
|
21
|
41
|
40
|
15
|
24
|
|
Current investments
|
1,277
|
954
|
944
|
9
|
6
|
|
Cash and cash equivalents
|
1,281
|
899
|
604
|
665
|
669
|
|
6,310
|
5,432
|
5,041
|
3,872
|
4,207
|
|
|
Assets held for sale
|
-
|
-
|
-
|
11
|
37
|
|
Current assets
|
6,310
|
5,432
|
5,041
|
3,883
|
4,244
|
|
Total assets
|
13,641
|
12,802
|
12,958
|
11,743
|
12,126
|
|
Equity and liabilities
|
|||||
|
Shareholders' equity
|
7,782
|
6,962
|
6,072
|
5,541
|
5,723
|
|
Non-controlling interests
|
33
|
103
|
108
|
90
|
213
|
|
Equity
|
7,815
|
7,065
|
6,180
|
5,631
|
5,936
|
|
Deferred tax liabilities
|
254
|
259
|
278
|
319
|
365
|
|
Employee benefit liabilities
|
413
|
356
|
490
|
496
|
479
|
|
Provisions
|
116
|
151
|
128
|
98
|
105
|
|
Borrowings
|
2,272
|
2,551
|
2,552
|
2,557
|
1,637
|
|
Financial derivatives
|
3
|
4
|
14
|
182
|
178
|
|
Other non-current liabilities
|
197
|
188
|
158
|
228
|
81
|
|
Non-current liabilities
|
3,255
|
3,509
|
3,620
|
3,880
|
2,845
|
|
Employee benefit liabilities
|
46
|
39
|
40
|
44
|
45
|
|
Provisions
|
37
|
53
|
54
|
41
|
42
|
|
Borrowings
|
380
|
77
|
853
|
253
|
1,143
|
|
Financial derivatives
|
51
|
20
|
239
|
50
|
184
|
|
Current liabilities
|
2,057
|
2,039
|
1,972
|
1,842
|
1,915
|
|
2,571
|
2,228
|
3,158
|
2,230
|
3,329
|
|
|
Liabilities held for sale
|
-
|
-
|
-
|
2
|
16
|
|
Current liabilities
|
2,571
|
2,228
|
3,158
|
2,232
|
3,345
|
|
Total equity and liabilities
|
13,641
|
12,802
|
12,958
|
11,743
|
12,126
|
Income statement
|
x € million
|
2018
|
2017
|
2016
|
2015
|
2014
|
|
Net sales underlying business1
|
8,852
|
8,632
|
7,920
|
7,722
|
7,051
|
|
Net sales
|
9,267
|
8,632
|
7,920
|
8,935
|
9,283
|
|
Adjusted EBITDA underlying business1
|
1,532
|
1,445
|
1,262
|
1,075
|
1,038
|
|
Adjusted EBITDA2
|
1,822
|
1,445
|
1,262
|
1,170
|
1,166
|
|
EBITDA
|
1,754
|
1,348
|
1,146
|
1,046
|
1,134
|
|
Adjusted operating profit (EBIT) underlying business1
|
1,055
|
957
|
791
|
573
|
587
|
|
Adjusted operating profit (EBIT)2
|
1,345
|
957
|
791
|
650
|
617
|
|
Operating profit (EBIT)
|
1,245
|
846
|
657
|
304
|
290
|
|
Financial income and expense
|
(101)
|
(104)
|
(133)
|
(174)
|
(125)
|
|
Income tax expense
|
(194)
|
(115)
|
(89)
|
(68)
|
(7)
|
|
Share of the profit of associates and joint ventures
|
129
|
1,154
|
194
|
30
|
(59)
|
|
Profit for the year
|
1,079
|
1,781
|
629
|
92
|
99
|
|
Profit attributable to non-controlling interests
|
2
|
12
|
8
|
4
|
(46)
|
|
Net profit attributable to equity holders of Koninklijke DSM N.V.
|
1,077
|
1,769
|
621
|
88
|
145
|
|
Dividend on cumulative preference shares
|
(8)
|
(8)
|
(4)
|
(10)
|
(10)
|
|
Net profit available to holders of ordinary shares
|
1,069
|
1,761
|
617
|
78
|
135
|
|
Key figures and financial ratios
|
|||||
|---|---|---|---|---|---|
|
Capital employed3
|
8,181
|
7,766
|
7,889
|
7,553
|
8,105
|
|
Capital expenditure:
|
|||||
|
- Intangible assets and Property, plant and equipment
|
653
|
586
|
485
|
570
|
616
|
|
- Acquisitions
|
51
|
204
|
16
|
106
|
-
|
|
Disposals
|
257
|
1,546
|
87
|
307
|
93
|
|
Depreciation, amortization and impairments
|
509
|
502
|
489
|
742
|
798
|
|
Net debt
|
(113)
|
(742)
|
(2,070)
|
(2,321)
|
(2,420)
|
|
Dividend
|
412
|
331
|
310
|
297
|
296
|
|
Workforce at 31 December, headcount
|
20,977
|
21,054
|
20,786
|
20,796
|
21,351
|
|
Employee benefit costs (x € million)
|
1,753
|
1,768
|
1,752
|
1,778
|
1,713
|
|
Financial ratios2
|
|||||
|
- ROCE in % underlying business1
|
13.3
|
12.3
|
10.4
|
7.6
|
8.2
|
|
- ROCE in %
|
16.8
|
12.3
|
10.4
|
8.2
|
7.8
|
|
- Net sales underlying business / average capital employed1
|
1.11
|
1.11
|
1.04
|
1.03
|
0.99
|
|
- Current assets / current liabilities
|
2.45
|
2.44
|
1.58
|
1.62
|
1.21
|
|
- Equity / total assets
|
0.57
|
0.55
|
0.48
|
0.48
|
0.49
|
|
- Gearing (net debt / equity plus net debt)
|
0.01
|
0.10
|
0.25
|
0.29
|
0.29
|
|
- Adjusted EBIT underlying business / net sales in % underlying business1
|
11.9
|
11.1
|
10.0
|
7.4
|
8.3
|
|
- Net profit / average Shareholders' equity available to holders of ordinary shares in %
|
24.7
|
28.0
|
11.1
|
1.4
|
2.4
|
|
- Adjusted EBITDA underlying business / Financial income and expense1
|
15.2
|
13.9
|
9.5
|
7.2
|
10.2
|
1 Continuing operations, excluding temporary vitamin effect 2018, see Key business figures at a glance.
2 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.
3 Before reclassification to held for sale.
Information about ordinary DSM shares
|
per ordinary share in €
|
2018
|
2017
|
2016
|
2015
|
2014
|
|
Adjusted Net profit
|
5.84
|
3.92
|
2.90
|
2.14
|
2.34
|
|
Net profit
|
6.10
|
10.07
|
3.52
|
0.45
|
0.78
|
|
Operating cash flow
|
7.89
|
5.65
|
5.79
|
3.93
|
4.62
|
|
Dividend:
|
2.301
|
1.85
|
1.75
|
1.65
|
1.65
|
|
- Interim dividend
|
0.77
|
0.58
|
0.55
|
0.55
|
0.55
|
|
- Final dividend
|
1.53
|
1.27
|
1.20
|
1.10
|
1.10
|
|
Pay-out including dividend on cumulative preference shares as % of Adjusted net profit
|
40
|
48
|
61
|
71
|
69
|
|
Dividend yield (dividend as % of average price of an ordinary DSM share)
|
2.7
|
2.8
|
3.3
|
3.5
|
3.3
|
|
Share prices on Euronext Amsterdam (closing price):
|
|||||
|
- Highest price
|
92.98
|
81.66
|
64.18
|
55.11
|
57.97
|
|
- Lowest price
|
68.98
|
57.20
|
41.40
|
39.62
|
44.44
|
|
- At 31 December
|
71.44
|
79.67
|
56.96
|
46.28
|
50.64
|
|
(x 1,000)
|
|||||
|
Number of ordinary shares outstanding:
|
|||||
|
- At 31 December
|
175,651
|
174,643
|
175,002
|
174,923
|
173,537
|
|
- Average
|
175,323
|
174,795
|
175,100
|
174,357
|
172,605
|
|
Daily trading volumes on Euronext Amsterdam:
|
|||||
|
- Average
|
732
|
676
|
787
|
912
|
801
|
|
- Lowest
|
130
|
238
|
152
|
130
|
104
|
|
- Highest
|
2,617
|
2,110
|
2,554
|
4,506
|
7,981
|
1 Subject to approval by the Annual General Meeting of Shareholders