Press Release

October 4, 2023

dsm-firmenich provides additional pro forma financial information for 2022 and 2023

Company news Financial & Regulatory News Press releases

print

Kaiseraugst (Switzerland), Heerlen (Netherlands), October 4, 2023

dsm-firmenich, innovators in nutrition, health, and beauty, provides additional pro forma financial information for 2022 and 2023.

The historical pro forma financials are prepared as a combination of the historical figures reported by DSM N.V. and Firmenich SA.

The historical pro forma financials are unaudited and include estimates and approximations. 

FY 2022 pro forma financials (updated as of October 4, 2023)

Net sales 

(in € millions)

2021 FY

2022 Q1

2022 Q2

2022 H1

2022 Q3

2022 Q4

2022 H2

2022 FY

P&B

 

      932

      953

    1,885

       991

       916

    1,907

   3,792

TTH

 

      735

      797

    1,532

      836

      806

    1,642

    3,174

HNC

 

      592

       613

    1,205

      626

      587

      1,213

    2,418

ANH

 

      882

      953

    1,835

      978

       971

    1,949

   3,784

Corporate

 

          21

          19

        40

          15

          15

        30

        70

dsm-firmenich

  11,444

    3,162

  3,335

   6,497

  3,446

   3,295

    6,741

 13,238

         

Adj. EBITDA

 (in € millions)

2021 FY

2022 Q1

2022 Q2

2022 H1

2022 Q3

2022 Q4

2022 H2

2022 FY

P&B

 

       201

       164

      365

        217

       166

      383

      748

TTH

 

       135

       136

        271

        141

        137

      278

      549

HNC

 

       126

       142

      268

       144

         121

      265

      533

ANH

 

       155

       158

        313

        116

        95

         211

      524

Corporate

 

        (22)

         (18)

      (40)

        (19)

      (20)

        (39)

       (79)

dsm-firmenich

  2,200

      595

      582

     1,177

      599

      499

   1,098

   2,275

         

Adj. EBITDA margin (%)

2021 FY

2022 Q1

2022 Q2

2022 H1

2022 Q3

2022 Q4

2022 H2

2022 FY

P&B

 

21.6%

17.2%

19.4%

21.9%

18.1%

20.1%

19.7%

TTH

 

18.4%

17.1%

17.7%

16.9%

17.0%

16.9%

17.3%

HNC

 

21.3%

23.2%

22.2%

23.0%

20.6%

21.8%

22.0%

ANH

 

17.6%

16.6%

17.1%

11.9%

9.8%

10.8%

13.8%

Corporate

 

 

 

 

 

 

 

 

dsm-firmenich

19.2%

18.8%

17.5%

18.1%

17.4%

15.1%

16.3%

17.2%

Methodology

The 2022 pro forma financials are prepared as a combination of the historical figures reported by DSM N.V. and Firmenich SA.

The 2022 pro forma financials are unaudited and include estimates, including for example approximations due to the different reporting currencies. The reporting currency of dsm-firmenich is EUR.

The following reporting perimeter changes and adjustments are applied:

- Changes to the Business Units’ reporting perimeters: combination of the units T&B and F&B in TTH; Personal Care & Aroma (PCA) transfer to P&B from HNC; other minor adjustments including the Consumer Healthcare business transfer from T&B to HNC.

- Intercompany profit elimination: HNC net sales were reduced by approximately €50m to eliminate ingredient sales to Firmenich.

Further information for the basis of preparation of the pro forma financials and related definitions can be found in the H1 2023 results press release

FY 2022 pro forma EBITDA to Core Adjusted EPS walk
 

2022 H1

2022 H2

2022 FY

Sales

          6,497

           6,741

        13,238

EBITDA

            1,031

             988

           2,019

APMs

              146

               110

             256

Adjusted EBITDA

            1,177

          1,098

          2,275

Adjusted EBITDA %

           18.1%

           16.3%

           17.2%

D&A

           (437)

           (477)

            (914)

EBIT

             594

              517

               1,111

APMs

              146

              104

             250

Adjusted EBIT

             740

              621

           1,361

PPA

                -  

                -  

                -  

Core Adjusted EBIT

             740

              621

           1,361

Fin ex

             (66)

              (93)

            (159)

Core Adjusted PBT

             674

             528

           1,202

Tax

             (132)

             (94)

           (226)

Tax %

               20%

                18%

               19%

Share from associates

                32

                  5

                37

Core Adjusted Net profit

             574

             439

           1,013

Non-controlling interest

                  8

                  9

                 17

Avg outstanding shares

             264

             265

             265

Core Adjusted EPS

             2.14

             1.62

            3.76

H1 2023 pro forma financials (updated as of October 4, 2023)

Net sales (in € millions)

2023 Q1

2023 Q2

2023 H1

P&B

           972

           903

         1,875

TTH

           772

            761

         1,533

HNC

           582

           562

          1,144

ANH

           785

           786

          1,571

Corporate

                11

              18

             29

dsm-firmenich

         3,122

       3,030

        6,152

    

Adj. EBITDA (in € millions)

2023 Q1

2023 Q2

2023 H1

P&B

            210

            169

           379

TTH

            152

            137

           289

HNC

            120

           100

           220

ANH

             68

               17

             85

Corporate

           (29)

            (15)

           (44)

dsm-firmenich

            521

          408

           929

    

Adj. EBITDA margin (%)

2023 Q1

2023 Q2

2023 H1

P&B

21.6%

18.7%

20.2%

TTH

19.7%

18.0%

18.9%

HNC

20.6%

17.8%

19.2%

ANH

8.7%

2.2%

5.4%

Corporate

 

 

 

dsm-firmenich

16.7%

13.5%

15.1%


For more information:

dsm-firmenich investor relations enquiries:
email: investors@dsm-firmenich.com

dsm-firmenich media enquiries:
email: media@dsm-firmenich.com



Forward-looking statements

This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. The English language version of this press release prevails over other language versions.