DSM Integrated Annual Report 2021

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.

Balance sheet

x € million

 

2021

 

2020

 

2019

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

5,310

 

4,440

 

3,515

 

3,090

 

3,058

Property, plant and equipment

 

3,957

 

3,775

 

4,040

 

3,511

 

3,313

Deferred tax assets

 

203

 

240

 

217

 

248

 

281

Share in associates and joint ventures

 

64

 

93

 

155

 

205

 

227

Derivatives

 

48

 

61

 

27

 

14

 

16

Other financial assets

 

302

 

317

 

265

 

263

 

475

Non-current assets

 

9,884

 

8,926

 

8,219

 

7,331

 

7,370

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

2,297

 

1,879

 

2,019

 

1,993

 

1,848

Current receivables

 

1,696

 

1,483

 

1,698

 

1,738

 

1,690

Derivatives

 

30

 

48

 

19

 

21

 

41

Current investments

 

489

 

43

 

688

 

1,277

 

954

Cash and cash equivalents

 

1,561

 

871

 

800

 

1,281

 

899

Assets held for sale

 

56

 

1,096

 

-

 

-

 

-

Current assets

 

6,129

 

5,420

 

5,224

 

6,310

 

5,432

Total assets

 

16,013

 

14,346

 

13,443

 

13,641

 

12,802

 

 

 

 

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

9,318

 

7,399

 

7,731

 

7,782

 

6,962

Non-controlling interests

 

79

 

88

 

104

 

33

 

103

Equity

 

9,397

 

7,487

 

7,835

 

7,815

 

7,065

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

485

 

431

 

296

 

254

 

259

Employee benefit liabilities

 

323

 

414

 

413

 

413

 

356

Provisions

 

96

 

123

 

120

 

116

 

151

Borrowings

 

2,989

 

3,484

 

2,464

 

2,272

 

2,551

Derivatives

 

9

 

1

 

7

 

3

 

4

Other non-current liabilities

 

283

 

163

 

145

 

197

 

188

Non-current liabilities

 

4,185

 

4,616

 

3,445

 

3,255

 

3,509

 

 

 

 

 

 

 

 

 

 

 

Employee benefits liabilities

 

21

 

42

 

43

 

46

 

39

Provisions

 

68

 

61

 

48

 

37

 

53

Borrowings

 

104

 

102

 

189

 

380

 

77

Derivatives

 

40

 

13

 

18

 

51

 

20

Current liabilities

 

2,188

 

1,771

 

1,865

 

2,057

 

2,039

Liabilities held for sale

 

10

 

254

 

-

 

-

 

-

Current liabilities

 

2,431

 

2,243

 

2,163

 

2,571

 

2,228

Total equity and liabilities

 

16,013

 

14,346

 

13,443

 

13,641

 

12,802
Income statement

x € million

 

2021

 

2020

 

2019

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

9,468

 

9,038

 

9,010

 

8,8521

 

8,632

Net sales from continuing operations

 

9,204

 

8,106

 

7,998

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA2

 

1,842

 

1,650

 

1,684

 

1,5321

 

1,445

EBITDA

 

2,370

 

1,476

 

1,586

 

1,754

 

1,348

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating profit (EBIT)2

 

1,167

 

1,011

 

1,075

 

1,0551

 

957

Operating profit (EBIT)

 

1,689

 

736

 

954

 

1,245

 

846

Operating profit (EBIT) from continuing operations

 

1,021

 

662

 

872

 

-

 

-

Financial income and expense

 

(106)

 

(67)

 

(92)

 

(101)

 

(104)

Income tax expense

 

(245)

 

(129)

 

(152)

 

(194)

 

(115)

Share of the profit of associates and joint ventures

 

342

 

(32)

 

54

 

129

 

1,154

Net profit for the year

 

1,680

 

508

 

764

 

1,079

 

1,781

 

 

 

 

 

 

 

 

 

 

 

Net profit attributable to non-controlling interests

 

4

 

2

 

6

 

2

 

12

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

 

1,676

 

506

 

758

 

1,077

 

1,769

 

 

 

 

 

 

 

 

 

 

 

Dividend on Cumulative Preference Shares

 

(6)

 

(7)

 

(8)

 

(8)

 

(8)

Net profit available to holders of ordinary shares

 

1,670

 

499

 

750

 

1,069

 

1,761

 

 

 

 

 

 

 

 

 

 

 

Key figures and financial ratios

 

 

 

 

 

 

 

 

 

 

Capital employed

 

11,012

 

10,557

 

9,311

 

8,181

 

7,766

 

 

 

 

 

 

 

 

 

 

 

Capital expenditure:

 

 

 

 

 

 

 

 

 

 

- Intangible assets and Property, plant and equipment

 

614

 

622

 

623

 

653

 

586

- Acquisitions

 

757

 

1,579

 

585

 

50

 

264

Disposals

 

1,941

 

46

 

44

 

335

 

1,546

Depreciation, amortization and impairments

 

681

 

740

 

632

 

509

 

502

Net debt

 

(1,014)

 

(2,577)

 

(1,144)

 

(113)

 

(742)

Dividend

 

438

 

420

 

425

 

412

 

331

 

 

 

 

 

 

 

 

 

 

 

Workforce at 31 December, headcount

 

21,358

 

23,127

 

22,174

 

20,977

 

21,054

Employee benefit costs (x € million)

 

1,810

 

1,848

 

1,811

 

1,753

 

1,768

 

 

 

 

 

 

 

 

 

 

 

Financial ratios2

 

 

 

 

 

 

 

 

 

 

ROCE in %

 

11.0

 

10.3

 

12.0

 

13.31

 

12.3

Net sales/average capital employed

 

0.89

 

0.92

 

1.01

 

1.111

 

1.11

Current assets/current liabilities

 

2.52

 

2.42

 

2.42

 

2.45

 

2.44

Equity/total assets

 

0.59

 

0.52

 

0.58

 

0.57

 

0.55

Gearing (net debt/equity plus net debt)

 

0.10

 

0.26

 

0.13

 

0.01

 

0.10

Adjusted EBIT/net sales in %

 

12.4

 

11.2

 

11.9

 

11.91

 

11.1

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

 

20.5

 

6.8

 

10.0

 

24.7

 

28.0

Adjusted EBITDA/financial income and expense

 

17.4

 

24.6

 

18.3

 

15.21

 

13.9

1

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.

2

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.
Information about ordinary DSM shares

per ordinary share in €

 

2021

 

2020

 

2019

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

Adjusted net profit

 

5.03

 

4.43

 

4.64

 

5.84

 

3.92

Net profit

 

9.68

 

2.91

 

4.27

 

6.10

 

10.07

Operating cash flow

 

8.23

 

8.67

 

7.84

 

7.89

 

5.65

 

 

 

 

 

 

 

 

 

 

 

Dividend:

 

2.50

 

2.40

 

2.40

 

2.30

 

1.85

- Interim dividend

 

0.80

 

0.80

 

0.77

 

0.77

 

0.58

- Final dividend

 

1.70

 

1.60

 

1.63

 

1.53

 

1.27

 

 

 

 

 

 

 

 

 

 

 

Pay-out including dividend on Cumulative Preference Shares

 

50

 

55

 

52

 

40

 

48

Dividend yield (dividend as % of average price of an ordinary DSM share)

 

2.7

 

1.9

 

2.3

 

2.7

 

2.8

 

 

 

 

 

 

 

 

 

 

 

Share prices on Euronext Amsterdam (closing price):

 

 

 

 

 

 

 

 

 

 

- Highest price

 

199.40

 

148.55

 

117.90

 

92.98

 

81.66

- Lowest price

 

136.55

 

87.52

 

69.54

 

68.98

 

57.20

- At 31 December

 

198.00

 

140.80

 

116.10

 

71.44

 

79.67

 

 

 

 

 

 

 

 

 

 

 

Number of ordinary shares outstanding (x 1,000):

 

 

 

 

 

 

 

 

 

 

- At 31 December

 

172,969

 

172,219

 

172,449

 

175,651

 

174,643

- Average

 

172,648

 

171,536

 

175,731

 

175,323

 

174,795

 

 

 

 

 

 

 

 

 

 

 

Daily trading volumes on Euronext Amsterdam:

 

 

 

 

 

 

 

 

 

 

- Average

 

331

 

518

 

635

 

732

 

676

- Lowest

 

31

 

64

 

75

 

130

 

238

- Highest

 

914

 

1,900

 

2,242

 

2,617

 

2,110

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