DSM figures: five-year summary

All figures are including discontinued operations unless stated otherwise, see also Note 3 Change in the scope of the consolidation.

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Balance sheet
x € million	2020	2019	2018	2017	2016

Assets
Intangible assets	4,455	3,515	3,090	3,058	3,188
Property, plant and equipment	3,774	4,040	3,511	3,313	3,325
Deferred tax assets	239	217	248	281	355
Share in associates and joint ventures	93	155	205	227	586
Derivatives	61	27	14	16	-
Other financial assets	317	265	263	475	463
Non-current assets	8,939	8,219	7,331	7,370	7,917

Inventories	1,879	2,019	1,993	1,848	1,800
Current receivables	1,488	1,698	1,738	1,690	1,653
Derivatives	48	19	21	41	40
Current investments	43	688	1,277	954	944
Cash and cash equivalents	871	800	1,281	899	604
Assets held for sale	1,096	-	-	-	-
Current assets	5,425	5,224	6,310	5,432	5,041
Total assets	14,364	13,443	13,641	12,802	12,958

Equity and liabilities
Shareholders’ equity	7,399	7,731	7,782	6,962	6,072
Non-controlling interests	88	104	33	103	108
Equity	7,487	7,835	7,815	7,065	6,180

Deferred tax liabilities	433	296	254	259	278
Employee benefit liabilities	414	413	413	356	490
Provisions	123	120	116	151	128
Borrowings	3,479	2,464	2,272	2,551	2,552
Derivatives	1	7	3	4	14
Other non-current liabilities	163	145	197	188	158
Non-current liabilities	4,613	3,445	3,255	3,509	3,620

Employee benefits liabilities	42	43	46	39	40
Provisions	61	48	37	53	54
Borrowings	107	189	380	77	853
Derivatives	13	18	51	20	239
Current liabilities	1,787	1,865	2,057	2,039	1,972
Liabilities held for sale	254	-	-	-	-
Current liabilities	2,264	2,163	2,571	2,228	3,158
Total equity and liabilities	14,364	13,443	13,641	12,802	12,958

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Income statement

x € million

2020

2019

2018

2017

2016

Net sales

9,038

9,010

8,852¹

8,632

7,920

Adjusted EBITDA²

1,650

1,684

1,532¹

1,445

1,262

EBITDA

1,476

1,586

1,754

1,348

1,146

Adjusted operating profit (EBIT)²

1,011

1,075

1,055¹

957

791

Operating profit (EBIT)

736

954

1,245

846

657

Financial income and expense

(67)

(92)

(101)

(104)

(133)

Income tax expense

(129)

(152)

(194)

(115)

(89)

Share of the profit of associates and joint ventures

(32)

129

1,154

194

Net profit for the year

508

764

1,079

1,781

629

Net profit attributable to non-controlling interests

Net profit available to equity holders of Koninklijke DSM N.V.

506

758

1,077

1,769

621

Dividend on cumulative preference shares

(7)

(8)

(4)

Net profit available to holders of ordinary shares

499

750

1,069

1,761

617

Key figures and financial ratios

Capital employed

10,560

9,311

8,181

7,766

7,889

Capital expenditure:

- Intangible assets and Property, plant and equipment

622

623

653

586

485

- Acquisitions

1,579

585

264

Disposals

335

1,546

Depreciation, amortization and impairments

740

632

509

502

489

Net debt

(2,577)

(1,144)

(113)

(742)

(2,070)

Dividend

420

425

412

331

310

Workforce at 31 December, headcount

23,127

22,174

20,977

21,054

20,786

Employee benefit costs (x € million)

1,848

1,811

1,753

1,768

1,752

Financial ratios²

ROCE in %

10.3

12.0

13.3¹

12.3

10.4

Net sales / average capital employed

0.92

1.01

1.11¹

1.11

1.04

Current assets / current liabilities

2.40

2.42

2.45

2.44

1.58

Equity / total assets

0.52

0.58

0.57

0.55

0.48

Gearing (net debt / equity plus net debt)

0.26

0.13

0.01

0.10

0.25

Adjusted EBIT / net sales in %

11.2

11.9

11.9¹

11.1

10.0

Net profit / average Shareholders’ equity available to holders of ordinary shares in %

6.8

10.0

24.7

28.0

11.1

Adjusted EBITDA / financial income and expense

24.6

18.3

15.2¹

13.9

9.5

2018 adjusted for the temporary vitamin effect for comparison reasons of €415 million in sales, €290 million in adjusted EBITDA and €290 million in adjusted operating profit, including associated ratios.

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 Note 2 Alternative performance measures.

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Information about ordinary DSM shares
per ordinary share in €	2020	2019	2018	2017	2016

Adjusted net profit	4.43	4.64	5.84	3.92	2.90
Net profit	2.91	4.27	6.10	10.07	3.52
Operating cash flow	8.67	7.84	7.89	5.65	5.79

Dividend:	2.40	2.40	2.30	1.85	1.75
- Interim dividend	0.80	0.77	0.77	0.58	0.55
- Final dividend	1.60	1.63	1.53	1.27	1.20

Pay-out including dividend on cumulative preference shares as % of Adjusted net profit	55	52	40	48	61
Dividend yield (dividend as % of average price of an ordinary DSM share)	1.9	2.3	2.7	2.8	3.3

Share prices on Euronext Amsterdam (closing price):
- Highest price	148.55	117.90	92.98	81.66	64.18
- Lowest price	87.52	69.54	68.98	57.20	41.40
- At 31 December	140.80	116.10	71.44	79.67	56.96

Number of ordinary shares outstanding (x 1,000):
- At 31 December	172,219	172,449	175,651	174,643	175,002
- Average	171,536	175,731	175,323	174,795	175,100

Daily trading volumes on Euronext Amsterdam:
- Average	518	635	732	676	787
- Lowest	64	75	130	238	152
- Highest	1,900	2,242	2,617	2,110	2,554

DSM Integrated Annual Report 2020

DSM figures: five-year summary

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