Press Release
May 6, 2014
DSM reports first quarter EBITDA from continuing operations of €272 million compared to €301 million in Q1 2013.
Heerlen, NL, 06 May 2014 07:15 CEST
Royal DSM, the Life Sciences and Materials Sciences company, today reported first quarter EBITDA from continuing operations of €272 million compared to €301 million in Q1 2013. This performance was delivered against significant adverse foreign exchange rates. As expected, Nutrition experienced in Q1 the continued impact of the market headwinds, which also affected Q4 2013. Materials Sciences was impacted by lower results in caprolactam.
Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing Board, said: “DSM delivered results in line with expectations, despite further currency deterioration during the quarter. We are pleased to report that market conditions in Nutrition began to show some signs of improvement by the end of the quarter. Our performance in Q1 demonstrates DSM’s strength in Nutrition, owing to our highly integrated and global business model, benefiting from the structural megatrends of health and wellness. We also see a more positive momentum in a number of Performance Materials end-markets.
“Through maintaining our focus on the operational performance of the business, benefiting from the Profit Improvement Program, we continue to execute our near term initiatives of protecting profitability and improving cash flow. Therefore, we confirm our outlook given in January 2014, and anticipate to deliver improving financial results in the coming quarters.”
| in € million | Q1 2014 | Q1 2013 | +/- | volume | price/mix | exch. rates | other |
|---|---|---|---|---|---|---|---|
| Net sales | 2,298 | 2,320 | -1% | 3% | -3% | -2% | 1% |
| Nutrition | 1,047 | 990 | 6% | 4% | -2% | -3% | 7% |
| Performance Materials | 670 | 669 | 0% | 4% | -2% | -2% | 0% |
| Polymer Intermediates | 405 | 437 | -7% | 2% | -8% | -1% | |
| Innovation Center | 34 | 37 | -8% | -5% | 0% | -3% | |
| Corporate Activities | 40 | 55 | |||||
| Total continuing operations | 2,196 | 2,188 | 0% | 3% | -3% | -3% | 3% |
| Discontinued operations | 102 | 132 | -23% | -2% | -21% |
| in € million | Q1 2014 | Q1 2013 | +/- |
|---|---|---|---|
| EBITDA | 270 | 308 | -12% |
| Nutrition | 203 | 215 | -6% |
| Performance Materials | 77 | 79 | -3% |
| Polymer Intermediates | 20 | 28 | -29% |
| Innovation Center | -6 | -2 | |
| Corporate Activities | -22 | -19 | |
| Total continuing operations | 272 | 301 | -10% |
| Discontinued operations | -2 | 7 | |
| Core net profit | 114 | 132 | -14% |
| Net profit before exceptional items, continuing operations | 99 | 125 | -21% |
| Net profit after exceptional items, total DSM | 81 | 119 | -32% |
| Core EPS (€/share) | 0.66 | 0.78 | -15% |
| Net EPS before exceptional items, continuing operations (€/share) | 0.57 | 0.71 | -20% |
| Net EPS after exceptional items, total DSM (€/share) | 0.45 | 0.69 | -34% |
| Cash flow from operations | -37 | -49 | |
| Capital expenditures (cash) | 151 | 152 | |
| Net debt | -2,161 | -1,841 * |
* Year-end 2013
You can find the press release in full, including financial statements, below.
Senior Communications Manager
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media.contacts@dsm.com
Vice President Investor Relations
+31 45 578 2864
investor.relations@dsm.com
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