DSM figures: five-year summary

Remuneration of Managing Board and Supervisory Board

DSM figures: five-year summary

Balance sheet

x € million	2019	2018	2017	2016	2015

Assets

Intangible assets	3,515	3,090	3,058	3,188	3,228
Property, plant and equipment	4,040	3,511	3,313	3,325	3,171
Deferred tax assets	217	248	281	355	366
Share in associates and joint ventures	155	205	227	586	644
Financial derivatives	27	14	16	-	32
Other financial assets	265	263	475	463	419
Non-current assets	8,219	7,331	7,370	7,917	7,860

Inventories	2,019	1,993	1,848	1,800	1,627
Current receivables	1,698	1,738	1,690	1,653	1,556
Financial derivatives	19	21	41	40	15
Current investments	688	1,277	954	944	9
Cash and cash equivalents	800	1,281	899	604	665
	5,224	6,310	5,432	5,041	3,872
Assets held for sale	-	-	-	-	11
Current assets	5,224	6,310	5,432	5,041	3,883

Total assets	13,443	13,641	12,802	12,958	11,743

Equity and liabilities

Shareholders' equity	7,731	7,782	6,962	6,072	5,541
Non-controlling interests	104	33	103	108	90
Equity	7,835	7,815	7,065	6,180	5,631

Deferred tax liabilities	296	254	259	278	319
Employee benefit liabilities	413	413	356	490	496
Provisions	120	116	151	128	98
Borrowings	2,464	2,272	2,551	2,552	2,557
Financial derivatives	7	3	4	14	182
Other non-current liabilities	145	197	188	158	228
Non-current liabilities	3,445	3,255	3,509	3,620	3,880

Employee benefit liabilities	43	46	39	40	44
Provisions	48	37	53	54	41
Borrowings	189	380	77	853	253
Financial derivatives	18	51	20	239	50
Current liabilities	1,865	2,057	2,039	1,972	1,842
	2,163	2,571	2,228	3,158	2,230
Liabilities held for sale	-	-	-	-	2
Current liabilities	2,163	2,571	2,228	3,158	2,232

Total equity and liabilities	13,443	13,641	12,802	12,958	11,743

Income statement

x € million	2019	2018	2017	2016	2015

Net sales underlying business¹	9,010	8,852	8,632	7,920	7,722
Net sales	9,010	9,267	8,632	7,920	8,935

Adjusted EBITDA underlying business¹	1,684	1,532	1,445	1,262	1,075
Adjusted EBITDA²	1,684	1,822	1,445	1,262	1,170
EBITDA	1,586	1,754	1,348	1,146	1,046

Adjusted operating profit (EBIT) underlying business¹	1,075	1,055	957	791	573
Adjusted operating profit (EBIT)²	1,075	1,345	957	791	650
Operating profit (EBIT)	954	1,245	846	657	304
Financial income and expense	(92)	(101)	(104)	(133)	(174)
Income tax expense	(152)	(194)	(115)	(89)	(68)
Share of the profit of associates and joint ventures	54	129	1,154	194	30

Profit for the year	764	1,079	1,781	629	92
Profit attributable to non-controlling interests	6	2	12	8	4

Net profit attributable to equity holders of Koninklijke DSM N.V.	758	1,077	1,769	621	88
Dividend on cumulative preference shares	(8)	(8)	(8)	(4)	(10)

Net profit available to holders of ordinary shares	750	1,069	1,761	617	78


Key figures and financial ratios
Capital employed	9,311	8,181	7,766	7,889	7,553
Capital expenditure:
Intangible assets and Property, plant and equipment	623	653	586	485	570
Acquisitions	585	50	264	16	106
Disposals	44	335	1,546	87	307
Depreciation, amortization and impairments	632	509	502	489	742
Net debt	(1,144)	(113)	(742)	(2,070)	(2,321)
Dividend	425	412	331	310	297

Workforce at 31 December, headcount	22,174	20,977	21,054	20,786	20,796
Employee benefit costs (x € million)	1,811	1,753	1,768	1,752	1,778

Financial ratios²
ROCE in % underlying business¹	12.0	13.3	12.3	10.4	7.6
ROCE in %	12.0	16.8	12.3	10.4	8.2
Net sales underlying business / average capital employed¹	1.01	1.11	1.11	1.04	1.03
Current assets / current liabilities	2.42	2.45	2.44	1.58	1.62
Equity / total assets	0.58	0.57	0.55	0.48	0.48
Gearing (net debt / equity plus net debt)	0.13	0.01	0.10	0.25	0.29
Adjusted EBIT underlying business / net sales in % underlying business¹	11.9	11.9	11.1	10.0	7.4
Net profit / average Shareholders' equity available to holders of ordinary shares in %	10.0	24.7	28.0	11.1	1.4
Adjusted EBITDA underlying business / Financial income and expense¹	18.3	15.2	13.9	9.5	7.2

Continuing operations, excluding temporary vitamin effect 2018, see table in 'Key business figures at a glance'.
In presenting and discussing DSM's financial position, operating results and cash flows, 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'.

Information about ordinary DSM shares

per ordinary share in €	2019	2018	2017	2016	2015

Adjusted Net profit	4.64	5.84	3.92	2.90	2.14
Net profit	4.27	6.10	10.07	3.52	0.45
Operating cash flow	7.84	7.89	5.65	5.79	3.93

Dividend:	2.40	2.30	1.85	1.75	1.65
Interim dividend	0.77	0.77	0.58	0.55	0.55
Final dividend	1.63	1.53	1.27	1.20	1.10

Pay-out including dividend on cumulative preference shares as % of Adjusted net profit	52	40	48	61	71
Dividend yield (dividend as % of average price of an ordinary DSM share)	2.3	2.7	2.8	3.3	3.5

Share prices on Euronext Amsterdam (closing price):
Highest price	117.90	92.98	81.66	64.18	55.11
Lowest price	69.54	68.98	57.20	41.40	39.62
At 31 December	116.10	71.44	79.67	56.96	46.28


(x 1,000)
Number of ordinary shares outstanding:
At 31 December	172,449	175,651	174,643	175,002	174,923
Average	175,731	175,323	174,795	175,100	174,357

Daily trading volumes on Euronext Amsterdam:
Average	635	732	676	787	912
Lowest	75	130	238	152	130
Highest	2,242	2,617	2,110	2,554	4,506

2019Statements

DSM figures: five-year summary

Balance sheet

Income statement

Information about ordinary DSM shares