DSM Integrated Annual Report 2022

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

 

2022

 

2021

 

2020

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Intangible assets

 

5,147

 

5,309

 

4,440

 

3,515

 

3,090

Property, plant and equipment

 

3,576

 

3,964

 

3,775

 

4,040

 

3,511

Deferred tax assets

 

95

 

203

 

240

 

217

 

248

Share in associates and joint ventures

 

61

 

64

 

93

 

155

 

205

Derivatives

 

82

 

48

 

61

 

27

 

14

Other financial assets

 

314

 

302

 

317

 

265

 

263

Non-current assets

 

9,275

 

9,890

 

8,926

 

8,219

 

7,331

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

2,339

 

2,297

 

1,879

 

2,019

 

1,993

Current receivables

 

1,622

 

1,697

 

1,483

 

1,698

 

1,738

Derivatives

 

42

 

30

 

48

 

19

 

21

Current investments

 

125

 

489

 

43

 

688

 

1,277

Cash and cash equivalents

 

2,755

 

1,561

 

871

 

800

 

1,281

Assets held for sale

 

1,245

 

56

 

1,096

 

-

 

-

Current assets

 

8,128

 

6,130

 

5,420

 

5,224

 

6,310

Total assets

 

17,403

 

16,020

 

14,346

 

13,443

 

13,641

 

 

 

 

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

10,743

 

9,318

 

7,399

 

7,731

 

7,782

Non-controlling interests

 

102

 

79

 

88

 

104

 

33

Equity

 

10,845

 

9,397

 

7,487

 

7,835

 

7,815

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

476

 

490

 

431

 

296

 

254

Employee benefit liabilities

 

241

 

323

 

414

 

413

 

413

Provisions

 

74

 

96

 

123

 

120

 

116

Borrowings

 

2,978

 

2,995

 

3,484

 

2,464

 

2,272

Derivatives

 

4

 

9

 

1

 

7

 

3

Other non-current liabilities

 

205

 

280

 

163

 

145

 

197

Non-current liabilities

 

3,978

 

4,193

 

4,616

 

3,445

 

3,255

 

 

 

 

 

 

 

 

 

 

 

Employee benefits liabilities

 

22

 

21

 

42

 

43

 

46

Provisions

 

50

 

68

 

61

 

48

 

37

Borrowings

 

86

 

103

 

102

 

189

 

380

Derivatives

 

23

 

40

 

13

 

18

 

51

Current liabilities

 

1,969

 

2,188

 

1,771

 

1,865

 

2,057

Liabilities held for sale

 

430

 

10

 

254

 

-

 

-

Current liabilities

 

2,580

 

2,430

 

2,243

 

2,163

 

2,571

Total equity and liabilities

 

17,403

 

16,020

 

14,346

 

13,443

 

13,641

Income statement

x € million

 

2022

 

2021

 

2020

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

10,480

 

9,468

 

9,038

 

9,010

 

8,8521

Net sales from continuing operations

 

8,390

 

7,269

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA2

 

1,725

 

1,842

 

1,650

 

1,684

 

1,5321

EBITDA

 

2,646

 

2,370

 

1,476

 

1,586

 

1,754

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating profit (EBIT)2

 

1,071

 

1,167

 

1,011

 

1,075

 

1,0551

Operating profit (EBIT)

 

1,994

 

1,689

 

736

 

954

 

1,245

Operating profit (EBIT) from continuing operations

 

682

 

711

 

-

 

-

 

-

Financial income and expense

 

(94)

 

(106)

 

(67)

 

(92)

 

(101)

Income tax expense

 

(190)

 

(245)

 

(129)

 

(152)

 

(194)

Share of the profit of associates and joint ventures

 

5

 

342

 

(32)

 

54

 

129

Net profit for the year

 

1,715

 

1,680

 

508

 

764

 

1,079

 

 

 

 

 

 

 

 

 

 

 

Net profit attributable to non-controlling interests

 

15

 

4

 

2

 

6

 

2

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

 

1,700

 

1,676

 

506

 

758

 

1,077

 

 

 

 

 

 

 

 

 

 

 

Dividend on Cumulative Preference Shares

 

(6)

 

(6)

 

(7)

 

(8)

 

(8)

Net profit available to holders of ordinary shares

 

1,694

 

1,670

 

499

 

750

 

1,069

 

 

 

 

 

 

 

 

 

 

 

Key figures and financial ratios

 

 

 

 

 

 

 

 

 

 

Capital employed

 

11,473

 

11,019

 

10,557

 

9,311

 

8,181

 

 

 

 

 

 

 

 

 

 

 

Capital expenditure:

 

 

 

 

 

 

 

 

 

 

- Intangible assets and Property, plant and equipment

 

636

 

614

 

622

 

623

 

653

- Acquisitions

 

77

 

754

 

1,579

 

585

 

50

Disposals

 

1,413

 

1,941

 

46

 

44

 

335

Depreciation, amortization and impairments

 

652

 

681

 

740

 

632

 

509

Net debt

 

(87)

 

(1,019)

 

(2,577)

 

(1,144)

 

(113)

Dividend

 

167

 

438

 

420

 

425

 

412

 

 

 

 

 

 

 

 

 

 

 

Workforce at 31 December, headcount

 

20,682

 

21,358

 

23,127

 

22,174

 

20,977

Employee benefit costs (x € million)

 

1,910

 

1,853

 

1,848

 

1,811

 

1,753

 

 

 

 

 

 

 

 

 

 

 

Financial ratios2

 

 

 

 

 

 

 

 

 

 

ROCE in %

 

9.3

 

11.1

 

10.3

 

12.0

 

13.31

Net sales/average capital employed

 

0.91

 

0.93

 

0.92

 

1.01

 

1.111

Current assets/current liabilities

 

3.15

 

2.52

 

2.42

 

2.42

 

2.45

Equity/total assets

 

0.62

 

0.59

 

0.52

 

0.58

 

0.57

Gearing (net debt/equity plus net debt)

 

0.01

 

0.10

 

0.26

 

0.13

 

0.01

Adjusted EBIT/net sales in %

 

10.2

 

12.4

 

11.2

 

11.9

 

11.91

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

 

17.3

 

20.5

 

6.8

 

10.0

 

24.7

Adjusted EBITDA/financial income and expense

 

20.1

 

17.4

 

24.6

 

18.3

 

15.21

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 €

 

2022

 

2021

 

2020

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

Adjusted net profit

 

4.49

 

5.03

 

4.43

 

4.64

 

5.84

Net profit

 

9.80

 

9.67

 

2.91

 

4.27

 

6.10

Operating cash flow

 

5.58

 

8.23

 

8.67

 

7.84

 

7.89

 

 

 

 

 

 

 

 

 

 

 

Dividend:

 

0.93

 

2.50

 

2.40

 

2.40

 

2.30

- Interim dividend

 

0.93

 

0.80

 

0.80

 

0.77

 

0.77

- Final dividend

 

-

 

1.70

 

1.60

 

1.63

 

1.53

 

 

 

 

 

 

 

 

 

 

 

Pay-out including dividend on Cumulative Preference Shares  as % of Adjusted net profit

 

21

 

50

 

55

 

52

 

40

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

 

1.2

 

2.7

 

1.9

 

2.3

 

2.7

 

 

 

 

 

 

 

 

 

 

 

Share prices on Euronext Amsterdam (closing price):

 

 

 

 

 

 

 

 

 

 

- Highest price

 

198.70

 

199.40

 

148.55

 

117.90

 

92.98

- Lowest price

 

111.80

 

136.55

 

87.52

 

69.54

 

68.98

- At 31 December

 

114.30

 

198.00

 

140.80

 

116.10

 

71.44

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

- At 31 December

 

173,075

 

172,969

 

172,219

 

172,449

 

175,651

- Average

 

172,827

 

172,648

 

171,536

 

175,731

 

175,323

 

 

 

 

 

 

 

 

 

 

 

Daily trading volumes on Euronext Amsterdam:

 

 

 

 

 

 

 

 

 

 

- Average

 

435

 

331

 

518

 

635

 

732

- Lowest

 

177

 

31

 

64

 

75

 

130

- Highest

 

1,799

 

914

 

1,900

 

2,242

 

2,617