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	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

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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

342

(32)

129

Net profit for the year

1,715

1,680

508

764

1,079

Net profit attributable to non-controlling interests

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)

(7)

(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

754

1,579

585

Disposals

1,413

1,941

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

2.45

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

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 €	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

DSM Integrated Annual Report 2022

DSM figures: five-year summary

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