Key business figures at a glance
Our activities are grouped in three clusters: Nutrition, Materials and Innovation Center. We report separately on Corporate Activities. Results presented in this section (and elsewhere in this Report) relate to consolidated activities only (therefore non-consolidated partnerships are excluded).
Net sales
x € million | 2019 | 20182 |
Nutrition | 6,028 | 5,722 |
Materials | 2,746 | 2,913 |
Innovation Center | 194 | 172 |
Corporate Activities | 42 | 45 |
Total | 9,010 | 8,852 |
Adjusted EBITDA
x € million | 20191 | 20182 |
Nutrition | 1,250 | 1,117 |
Materials | 509 | 512 |
Innovation Center | 22 | 8 |
Corporate Activities | (97) | (105) |
Total | 1,684 | 1,532 |
Adjusted EBITDA margin
in % | 20191 | 20182 |
Nutrition | 20.7 | 19.5 |
Materials | 18.5 | 17.6 |
Total | 18.7 | 17.3 |
Adjusted operating profit (EBIT)
x € million | 20191 | 20182 |
Nutrition | 881 | 821 |
Materials | 363 | 383 |
Innovation Center | (19) | (14) |
Corporate Activities | (150) | (135) |
Total | 1,075 | 1,055 |
Capital employed at 31 December
x € million | 20191 | 2018 |
Nutrition | 6,731 | 5,683 |
Materials | 1,927 | 1,878 |
Innovation Center | 616 | 597 |
Corporate Activities | 37 | 23 |
Total | 9,311 | 8,181 |
ROCE
in % | 20191 | 20182 |
Nutrition | 13.9 | 14.7 |
Materials | 18.6 | 20.6 |
Total | 12.0 | 13.3 |
1 Including the impact of IFRS 16, see table Impact of IFRS 16.
2 Excluding temporary vitamin effect in 2018 of €415 million sales and €290 million (Adjusted) EBITDA, for further information see table below.
Capital expenditure
x € million | 2019 | 2018 |
Nutrition | 420 | 463 |
Materials | 139 | 132 |
Innovation Center | 34 | 32 |
Corporate Activities | 30 | 26 |
Total, accounting based | 623 | 653 |
Non-cash items | 4 | 2 |
Customer funding | (18) | (9) |
Total, cash based | 609 | 646 |
In % of net sales | 6.8 | 7.31 |
- Excluding temporary vitamin effect in 2018.
R&D expenditure (including associated IP expenditure)
x € million | as % of net sales | |||
2019 | 2018 | 2019 | 20181 | |
Nutrition | 218 | 206 | 3.6 | 3.6 |
Materials | 124 | 122 | 4.5 | 4.2 |
Innovation Center | 70 | 67 | 36.0 | 38.9 |
Corporate Activities | 4 | 3 | 10.8 | 7.1 |
Total | 416 | 398 | 4.6 | 4.5 |
- Excluding temporary vitamin effect in 2018.
Workforce at 31 December
headcount | 2019 | 2018 |
Nutrition | 14,599 | 13,628 |
Materials | 4,762 | 4,643 |
Innovation Center | 726 | 701 |
Corporate Activities | 2,087 | 2,005 |
Total | 22,174 | 20,977 |
Temporary vitamin effect 2018
x € million | Animal Nutrition & Health | Human Nutrition & Health | Total Nutrition1 | Total |
Net sales | 3,134 | 2,019 | 6,137 | 9,267 |
One-time | 385 | 30 | 415 | 415 |
Sales from underlying business | 2,749 | 1,989 | 5,722 | 8,852 |
Adjusted EBITDA | 1,407 | 1,822 | ||
One-time | 290 | 290 | ||
Adjusted EBITDA underlying business | 1,117 | 1,532 | ||
Adjusted operating profit (EBIT) | 1,111 | 1,345 | ||
One-time vitamin effect | 290 | 290 | ||
Adjusted operating profit (EBIT) underlying business | 821 | 1,055 | ||
Adjusted net operating free cash flow | 810 | |||
One-time vitamin effect | 265 | |||
Adjusted net operating free cash flow underlying business | 545 |
- Including other Nutrition businesses not impacted by the vitamin effect.
- Including other DSM businesses not impacted by the vitamin effect.