This site uses cookies to store information on your computer. Learn more x

北京市教委官方网站:Latest Results & Outlook

On 8 May DSM issued its full Q1 2018 results, which are in line with the preliminary figures for Q1 2018 previously announced on 12 April 2018.

Highlights

  • Continued strong organic sales growth in underlying business estimated at 11%
  • Adjusted EBITDA growth of underlying business estimated at 8%, despite significant FX headwind
  • ROCE of underlying business estimated at 13.3%, up 200 bps
  • Additional temporary vitamin price benefit estimated at €165m on Adjusted EBITDA
  • Total Adjusted EBITDA up 56% and Net profit up 122% to €331m
  • Cash from operating activities up 58%, amounting to €310m
  • Increased full year outlook confirmed

Key figures and indicators1

  Q1 2018 Q1 2017 % change
in
€ million
Under-
lying business2
Temp. vitamin effect2 Total Group Reported Under-
lying organic growth2
FX & ‘other’2 Under-
lying total growth2
Temp. vitamin effect2 Total Group
Sales 2,215 220 2,435 2,159 11% -8% 3% 10% 13%
Nutrition 1,430 220 1,650 1,398 12% -10% 2% 16% 18%
Materials 738   738 701 11% -6% 5%   5%
Adjusted EBITDA 373 165 538 345     8% 48% 56%
Nutrition 277 165 442 257     8% 64% 72%
Materials 126   126 113     12%   12%
Innovation -1   -1 1          
Corporate -29   -29 -26          
Adjusted EBITDA margin 16.8%   22.1% 16.0%          

北京快3线路 www.4w1e.cn 1 Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
2) Underlying business is defined in this press release as the performance measures sales and adjusted EBITDA, corrected for DSM’s best estimate of the vitamin effect, which is expected to be temporary.

CEO statement

Feike Sijbesma, CEO/Chairman DSM Managing Board, commented: “We are very pleased that the strong underlying performance of our business continues, with growth well above market. In addition, we are currently benefitting from substantially higher prices in some vitamins due to exceptional supply disruptions in the industry, which are expected to be temporary and heavily weighted towards the first half of the year. These two combined resulted in a significantly higher outlook for the full year 2018, which we announced with our preliminary Q1 2018 results on 12 April 2018.”

Outlook 2018

DSM confirms its increased full year outlook 2018, as announced on 12 April 2018, and expects an Adjusted EBITDA growth towards 25% and a related higher ROCE growth. This is based on:

  • a low double-digit Adjusted EBITDA growth in the underlying business at constant currencies,
  • a negative foreign exchange effect on Adjusted EBITDA of about €80 million, and
  • an additional Adjusted EBITDA benefit estimated at €250 – 300 million from an exceptional vitamin pricing environment, that is expected to be temporary and heavily weighted towards the first half of the year

Key figures and indicators1

in € million Q1 2018 Q1 2017 % change Volume Price /mix FX Other
Sales 2,435 2,159 13% 8% 13% -9% 1%
Nutrition 1,650 1,398 18% 9% 19% -11% 1%
Materials 738 701 5% 7% 4% -6% 0%
Innovation Center 36 43          
Corporate Activities 11 17          
in € million YTD 2018 YTD 2017 % change Q1 2018 Q1 2017 % change
Sales 2,435 2,159 13% 2,435 2,159 13%
Adjusted EBITDA 538 345 56% 538 345 56%
Nutrition 442 257 72% 442 257 72%
Materials 126 113 12% 126 113 12%
Innovation Center -1 1   -1 1  
Corporate Activities -29 -26   -29 -26  
Adjusted EBITDA margin 22.1% 16.0%   22.1% 16.0%  
EBITDA 526 334   526 334  
Adjusted EBIT 423 222 91% 423 222 91%
EBIT 411 206   411 206  
Capital Employed 7,741 7,914        
Average Capital Employed   7,753 7,901        
ROCE2 (%) 21.8% 11.3%        
Effective tax rate3 18.0% 18.0%        
Adjusted net profit4 337 163 107% 337 163 107%
Net profit - Total DSM4 331 149 122% 331 149 122%
Adjusted net EPS 1.91 0.92 108% 1.91 0.92 108%
Net EPS - Total DSM 1.88 0.84   1.88 0.84  
Operating Cash Flow 310 196 58% 310 196 58%
Capital Expenditures5 170 130   170 130  
Net debt 579 2,081        
Average number of ordinary shares 174.8 175.1   174.8 175.1  
Workforce (headcount end of period)
20,870 21,0546        

1) Including temporary vitamin effect
2) ROCE from underlying business Q1 2018 is estimated at 13.3%
3) Over Adjusted net taxable result
4) Including result attributed to non-controlling interest
5) Cash, net of customer funding
6) Year-end 2017

In this report:
‘Organic sales growth’ is the total impact of volume and price/mix;
‘Total Working Capital’ refers to the total of ‘Operating Working Capital’ and ‘non-Operating Working Capital’

Review by Cluster

Nutrition

Underlying business

in € million YTD Q1 2018 YTD Q1 2017 % change Q1 2018 Q1 2017 % change
Sales 1,430 1,398 2% 1,430 1,398 2%
Adjusted EBITDA 277 257 8% 277 257 8%
Adjusted EBITDA margin (%) 19.4% 18.4%   19.4% 18.4%  
ROCE (%) 15.3% 13.3%   15.3% 13.3%  

Temporary vitamin effect

in € million (estimated) YTD Q1 2018 Q1 2018
Sales 220 220
Adjusted EBITDA 165 165

Total cluster

in € million YTD Q1 2018 YTD Q1 2017 % change Q1 2018 Q1 2017 % change
Sales 1,650 1,398 18% 1,650 1,398 18%
Adjusted EBITDA 442 257 72% 442 257 72%
Adjusted EBITDA margin (%) 26.8% 18.4%   26.8% 18.4%  
Adjusted EBIT 370 185 100% 370 185 100%
Capital Employed 5,406 5,555        
Average Capital Employed 5,413 5,546        
ROCE (%) 27.4% 13.3%        
Total Working Capital 1,434 1,500        
Average Total Working Capital as % of Sales 22.8% 27.2%        

Sales development (underlying business)

Nutrition continues to outperform its Strategy 2018 aspirations with ongoing strong momentum in its underlying business, delivering clearly above-market growth with an increasingly higher-value portfolio of feed and food solutions.

Q1 2018 organic sales growth in the underlying Nutrition business was an estimated 12%, driven by continued strong volume growth of 8%, well above market. Higher prices in the quarter of 4% partly off-set the 11% negative foreign currency effects and higher input costs.

In Q1 2018 DSM deconsolidated the Yantai Andre Pectin business, per 1 January, following developments early January after the refusal of the other shareholders to transfer their shares to DSM despite an earlier agreement. The effect of this deconsolidation on the sales of Nutrition was more than compensated by sales from businesses acquired in 2017.

Q1 2018 Adjusted EBITDA growth in the underlying business was estimated at 8% compared to Q1 2017, despite significant negative foreign exchange effects. The estimated Adjusted EBITDA margin was 19.4%, a further step-up versus 18.4% in Q1 2017.

Temporary vitamin effect

In addition, due to the exceptional supply disruptions in the industry, the first quarter also benefited from an estimated €220 million additional sales effect and an estimated €165 million additional Adjusted EBITDA contribution from an exceptional vitamin price environment, which is expected to be temporary and heavily weighted towards the first half of the year. This temporary vitamin price effect is mainly related to animal nutrition.

Animal Nutrition & Health (underlying business)

Sales development

Q1 2018 organic sales growth in the underlying business was an estimated 18%. Volumes were up 13% mainly due to very strong premix sales. All regions delivered strong underlying volume growth, particularly North America and Asia Pacific. Furthermore, increased focus from customers on security of supply was noticed, amongst others driven by the ‘Blue Skies policies’ in China (relating to the significantly stricter enforcement of environmental regulations). Finally, in the quarter the volume growth benefitted from the introduction of reformulated forms due to new European regulations, with sales in the order of €15-20 million.

The 5% higher prices in the quarter were driven by price initiatives to mitigate higher input costs and the impact of negative exchange rate developments, led by the weaker US dollar and the Brazilian real. Furthermore, prices were supported by the effects of ‘Blue Skies policies’.

Human Nutrition & Health (underlying business)

Sales development

Q1 2018 organic sales growth in the underlying business was an estimated 8%. Volumes were up 5%, with good growth across all regions and market segments, well above the market. Volume growth was specifically strong in premix sales as well as in the i-Health business.

Prices were up 3% resulting from a combination of a favorable mix due to strong growth in premix and i-Health, as well as benefits from higher prices for premix and advanced formulations, supported by the effects of the ‘Blue Skies policies’ in China. Exchange rates had a 11% negative impact in Q1 2018, led by the weaker US dollar.

Food Specialties

Q1 2018 sales volumes were stable as growth in especially enzymes was off-set by lower volumes in savory due to production interruptions.

Materials

in € million YTD Q1 2018 YTD Q1 2017 % change Q1 2018 Q1 2017 % change
Sales 738 701 5% 738 701 5%
Adjusted EBITDA 126 113 12% 126 113 12%
Adjusted EBITDA margin (%) 17.1% 16.1%   17.1% 16.1%  
Adjusted EBIT 95 81 17% 95 81 17%
Capital Employed 1,824 1,831        
Average Capital Employed 1,805 1,819        
ROCE (%) 21.0% 17.9%        
Total Working Capital 367 332        
Average Total Working Capital as % of Sales 11.9% 12.3%        

Sales development

Materials delivered another very strong quarter, continuing its excellent progress since the start of Strategy 2018. DSM’s materials portfolio maintained its momentum driven by strong demand for more sustainable, innovative lightweight, environmentally friendlier, safer, and high-performing solutions.

Q1 2018 organic sales growth was 11% resulting from 7% higher volumes and 4% higher prices, driven by the implementation of price increases to off-set higher input costs.

All businesses delivered strong above-market volume growth in Q1 2018.

  • DSM Engineering Plastics continued to successfully shift its portfolio toward higher-value, sustainable, specialty materials for the electrics & electronics and automotive industries. Strong growth was supported by the launch of new applications, as well as clean energy initiatives.
  • DSM Resins & Functional Materials showed strong growth in specialty resins and functional materials. Growth was supported by continued healthy demand from global building & construction markets as well as strong demand in China for environmentally-friendly specialty resins solutions.
  • DSM Dyneema delivered good growth in personal protection, commercial marine as well as high-performance textiles.

Q1 2018 Adjusted EBITDA was up 12% compared to Q1 2017, driven by good volume growth and price increases despite weaker currencies and higher input costs. The Adjusted EBITDA margin was 17.1%, versus 16.1% in Q1 2017, positively influenced by strong growth in specialties.

Innovation Center

in € million YTD Q1 2018 YTD Q1 2017 % change Q1 2018 Q1 2017 % change
Sales 36 43 -16% 36 43 -16%
Adjusted EBITDA -1 1   -1 1  
Adjusted EBIT -6 -5   -6 -5  
Capital Employed 553 602        

Q1 2018 sales were impacted by significant negative foreign currency effects as several businesses are predominantly in US dollars. Volumes were up, but prices were overall down largely due to sales mix effects in Biomedical. Q1 Adjusted EBITDA was impacted by the negative currency effects and higher costs due to the timing of R&D activities.

Corporate Activities

in € million YTD Q1 2018 YTD Q1 2017 Q1 2018 Q1 2017
Sales 11 17 11 17
Adjusted EBITDA -29 -26 -29 -26
Adjusted EBIT -36 -39 -36 -39

Q1 2018 Adjusted EBITDA was slightly below Q1 2017, mainly due to higher insurance claims at DSM’s captive insurance company.

Joint Ventures and Associates

Financial overview of DSM’s key joint ventures and associates

in € million, based on 100% Q1 2018 Q1 2017 % change
DSM Sinochem      
Sales 121 110 10%
Adjusted EBITDA% 17% 17%  
ChemicaInvest      
Sales
532 535 -1%
Adjusted EBITDA% 10% 8%  
  • DSM Sinochem Pharmaceuticals (50% DSM) showed improved results compared to Q1 2017 despite significantly weaker currencies, driven by increased recognition of its best in class manufacturing activities.
  • ChemicaInvest (35% DSM) reported improved results compared to Q1 2017 driven by higher caprolactam prices, despite weaker currencies.

Net result contribution of joint ventures / associates

in € million YTD Q1 2018 YTD Q1 2017 Q1 2018 Q1 2017
DSM Sinochem (50%) 4 3 4 3
Patheon1 0 9 0 9
ChemicaInvest2 (35%) 7 0 7 0
Other associates / joint ventures -6 -4 -6 -4
Total before APM adjustments
5 8 5 8
APM adjustments 0 -2 0 -2
Share of the profit of associates / joint ventures 5 6 5 6

1) www.4w1e.cnpleted the divestment of its share in Patheon on 29 August 2017.
2) DSM does not recognize losses below zero equity value as DSM has no obligation to fund beyond its net interest.

Condensed Cash Flow Statement and (Operating) Working Capital

in € million YTD Q1 2018 YTD Q1 2017 Q1 2018 Q1 2017
Cash provided by Operating Activities 310 196 310 196
Operating Working Capital 2,117 2,057    
Operating Working Capital as % of Sales 21.7% 23.8%    
Total Working Capital 1,616 1,574    
Total Working Capital as % of Sales 16.6% 18.2%    

Cash flow from operating activities amounted to €310 million in Q1 2018 showing an improvement of €114 million (+58%) compared to Q1 2017. Included in this figure is a cash outflow from changes in working capital of €233 million (Q1 2017 €109 million) related to higher sales.

Total Working Capital amounted to €1,616 million at the end of Q1 2018 compared to €1,574 million at the end of Q1 2017. Working capital as a percentage of sales amounted to 16.6%, being an improvement of 1.6% compared to Q1 2017 and well ahead of our aspiration of lower than 20%. Working capital at year-end 2017 amounted to €1,499 million, being 17.2% as a percentage of sales.

  • 这样吃饭让你瞬间有食欲:厌食常喝金桔水 2018-12-04
  • 李克强主持召开国务院常务会议 2018-12-04
  • 人民日报召开创刊70周年读者座谈会 2018-11-08
  • 乌鲁木齐举办端午戏曲交响音乐会 两团一院名角新秀齐亮相 2018-10-18
  • 多家上市酒企年报出炉 白酒行业“两极分化”明显 2018-10-18
  • 加强网约车事中事后联合监管 2018-09-02
  • 【両会】第13期全人代専門委員会のメンバー 憲法に宣誓 2018-08-22
  • 省国资委党委中心组召开理论学习扩大会议 2018-08-06
  • 为975万高考生加油,这支满分舞燃爆校园! 2018-08-06
  • 时评 —频道 春城壹网 七彩云南 一网天下 2018-07-14
  • 轩辕坛-当售后服务插上互联网翅膀 2018-07-13
  • 骆惠宁:聚焦深度贫困 下足绣花功夫——黄河新闻网 2018-07-13
  • 中国先进反隐身雷达公开亮相 一系统首次曝光 2018-07-12
  • 没能过准丈母娘这关 问题竟出在发际线 2018-07-12
  • 2018年全军院校招生计划下达:计划招收学员3.05万名 2018-07-11
  • 354| 347| 676| 934| 223| 235| 696| 1| 708| 132|