Materials financial results 2021
Materials delivered a strong performance, with a recovery in Protective Materials and a high demand for Engineering Materials due to supply disruptions and industry-wide raw materials shortages. DSM Engineering Materials delivered an excellent operational performance under these very difficult supply chain conditions. Whereas competitors were frequently confronted with force majeure situations, our unique security of supply enabled us to provide supplies to their customers as well as our own.
Volumes were up 6% versus pre-COVID-19 2019 while markets continued to struggle with semiconductor shortages and supply chain disruptions throughout 2021. Materials experienced good pricing strength, making it possible to pass on increased costs to customers.
Materials realized very strong 60% Adjusted EBITDA growth, driven by strong volume growth. Adjusted EBITDA margins recovered from 17.9% in 2020 to 22.5% in 2021 due to strong operational leverage.
x € million |
|
2021 |
|
2020 |
|---|---|---|---|---|
|
|
|
|
|
Net sales from continuing operations: |
|
|
|
|
DSM Engineering Materials |
|
1,600 |
|
1,217 |
DSM Protective Materials |
|
335 |
|
301 |
Total |
|
1,935 |
|
1,518 |
|
|
|
|
|
Organic sales growth (in %, continuing operations) |
|
28 |
|
(12) |
Adjusted EBITDA from continuing operations |
|
435 |
|
272 |
Adjusted operating profit from continuing operations |
|
331 |
|
168 |
Capital expenditure |
|
65 |
|
63 |
Capital employed at 31 December |
|
1,005 |
|
953 |
ROCE (in %, continuing operations) |
|
34.1 |
|
16.4 |
Adjusted EBITDA margin (in %) |
|
22.5 |
|
17.9 |
R&D expenditure |
|
79 |
|
73 |
Workforce at 31 December (headcount) |
|
2,885 |
|
2,857 |
Net sales bridge 2021
X € million
