Nutrition performance 2020
DSM Nutrition delivered a good performance in 2020, with 6% organic sales growth mainly volume driven. Together with the +3% contribution of the recent acquisitions (CSK, Glycom and Erber Group) and the -3% foreign exchange effect, total sales were up 6%.
Nutrition reported 7% growth in Adjusted EBITDA, supported by higher volumes, with the contribution from the acquisitions (+4%) being offset by a negative foreign exchange effect (-4%). The Adjusted EBITDA margin was up at 21.0% versus 20.7% last year owing to strong sales in Human Nutrition.
x € million |
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2020 |
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2019 |
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Net sales from continuing operations: |
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DSM Nutritional Products |
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- Animal Nutrition & Health |
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3,025 |
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2,892 |
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- Human Nutrition & Health |
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2,143 |
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2,046 |
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- Personal Care & Aroma Ingredients |
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404 |
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425 |
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- Other1 |
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145 |
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93 |
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Total DSM Nutritional Products |
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5,717 |
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5,456 |
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DSM Food Specialties |
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648 |
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572 |
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Total Nutrition |
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6,365 |
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6,028 |
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Organic sales growth (in %) |
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6 |
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2 |
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Adjusted EBITDA |
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1,338 |
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1,250 |
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Adjusted operating profit |
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919 |
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881 |
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Capital expenditure |
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441 |
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420 |
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Capital employed at 31 December |
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8,308 |
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6,731 |
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ROCE (in %) |
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12.6 |
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13.9 |
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Adjusted EBITDA margin (in %) |
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21.0 |
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20.7 |
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R&D expenditure |
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234 |
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218 |
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Workforce at 31 December (headcount) |
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15,838 |
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14,599 |
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DSM Nutritional Products
DSM Nutritional Products consists of Animal Nutrition & Health, Human Nutrition & Health, and Personal Care & Aroma Ingredients.
DSM Nutritional Products saw a slightly positive impact from COVID-19 overall. Human Nutrition saw a strong increase in demand for immunity-optimizing products. In Animal Nutrition, overall demand growth was good but COVID-19 impacted sales over the quarters due to stocking effects at customers. Personal Care was weak due to lower demand for sun care and cosmetics, while Aroma Ingredients saw good demand for detergents and disinfectants.
Fit for Growth
Early in the year we launched the Fit for Growth program in DSM Nutritional Products. By simplifying the operating model and further improving business steering, the program was designed to better serve customers and respond to the differentiated needs of their respective end-markets. At the same time, it created a more efficient organization, which helped us to adjust to a more challenging environment. The new organizational structure is in place and we are working on further building out our specialty business.
Health & Nutrition Campus
In November, we announced the construction of the state-of-the-art DSM Nutritional Products Health & Nutrition Campus, which includes a new innovation building in Kaiseraugst (Switzerland). Accelerating innovation in the field of nutrition, health and bioscience, this innovation hub will provide modern research laboratories and collaborative workplaces to maximize interaction and the agility between our scientific competences and business units to further boost our customer-centricity for joint solution development. The Campus represents our long-term commitment to enforce DSM’s position as an end-to-end partner in the nutrition and health markets.
“2020 marked the fifth year in a row that we grew Sales and Adjusted EBITDA in line with our long-term objectives. On top of that, we made good strategic progress towards commercialization of our key innovation projects in both Animal and Human Nutrition & Health.”Chris Goppelsroeder