DSM reports another strong year and increases dividend
(Thomson Reuters ONE) -
* Q4 EBITDA from continuing operations up 6% to ?293 million
* Full year EBITDA from continuing operations increased 12% to ?1,296 million
* Life Sciences delivered further EBITDA growth through Nutrition
* Materials Sciences posted a strong year with record Polymer Intermediates
results
* Good strategic progress with Martek acquisition and joint venture with
Sinochem
* EPS (before exceptional items, continuing operations) up 22% to ?3.53
* Dividend increase by ?0.10 to ?1.45 per ordinary share proposed for 2011
* Cautiously optimistic outlook, on the way to achieve 2013 targets
Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing
Board, said:
"2011 was another strong year for DSM despite the challenges of the global
economy, adverse currency movements and high raw material costs. As a
consequence we propose to increase our dividend for the second consecutive year.
In Nutrition we made good progress once again and Polymer Intermediates
delivered its highest profitability in history.
"Furthermore, we made significant steps in the first year of implementing our
growth strategy. This included the acquisition of Martek, the formation of the
joint venture with Sinochem, the completion of non-core divestments, progress in
sustainability-related innovations and expansion into high growth economies,
which now account for 39% of sales. At the start of 2012 we announced an
exciting joint venture with POET, to make advanced biofuels a reality on a
commercial scale.
"We are conscious that risks to the macro-economic global outlook remain, and
that weakness in Europe and some of our end markets, especially building and
construction, persists. However, we believe that our balanced, relatively
resilient portfolio in health, nutrition and materials, our broad geographic
spread with a significant presence in high growth economies, together with our
strong balance sheet, leave us well placed to achieve our ambitious 2013
targets."
--------------------------------------------------------------------------------
fourth quarter in ? million full year
2011 2010 +/- 2011 2010 +/-
--------------------------------------------------------------------------------
Continuing operations:
2,227 2,082 7% Net sales 9,048 8,176 11%
Operating profit before depreciation and
293 276* 6%** amortization (EBITDA) 1,296 1,161* 12%**
193 163 - Nutrition 735 684
11 26 - Pharma 36 61
43 56 - Performance Materials 293 283
79 67 - Polymer Intermediates 380 223
-17 -13 - Innovation Center -57 -49
-16 -23 - Corporate activities -91 -41
* of which ?9 million (full year ?33 million) IFRS pension
adjustment
** 10% (full year 15%) if IFRS pension adjustment is excluded
166 170* -2% Operating profit (EBIT) 866 752* 15%
--------------------------------------------------------------------------------
Discontinued operations:
- 120 Net sales 145 874
Operating profit before depreciation and
- 14 amortization (EBITDA) 29 117
- 10 Operating profit (EBIT) 29 86
--------------------------------------------------------------------------------
Total DSM:
2,227 2,202 1% Net sales 9,193 9,050 2%
Operating profit before depreciation and
293 290 1% amortization (EBITDA) 1,325 1,278 4%
118 117 1% Net profit before exceptional items 615 547 12%
-33 32 Net result from exceptional items 199 -40
85 149 -43% Net profit 814 507 61%
--------------------------------------------------------------------------------
Net earnings per ordinary share in ?:
*
0.71 0.63 13% 3.53 2.89 22%
*
0.53 0.89 -40% 4.86 3.03 60%
total DSM
--------------------------------------------------------------------------------
In this report:
· 'operating profit' (before depreciation and amortization) is
understood to be operating profit (before depreciation and amortization) before
exceptional items;
· 'net profit' is the net profit attributable to equity holders of
Koninklijke DSM NV;
· 'continuing operations' refers to the DSM operations excluding DSM
Agro, DSM Melamine, DSM Special Products B.V.,
S.A. Citrique Belge N.V and DSM Elastomers;
· 'discontinued operations' comprise net sales and operating profit
(before depreciation and amortization) of DSM Agro and
DSM Melamine up to and including Q2 2010, S.A. Citrique Belge N.V. up to and
including Q3 2010, DSM Special Products B.V. up to and including Q4 2010 and DSM
Elastomers up to and including Q2 2011.
Overview
In the fourth quarter of 2011 economic growth in Western Europe began to stall.
The challenging economic environment impacted most Materials Sciences
businesses, which in addition were affected by some inventory adjustments in the
value chain.
Economic growth in high growth economies continued to be strong, but measures
taken to manage emerging inflation, especially in China, had a negative impact
on the availability of credit for some customers. This also impacted demand in
Materials Sciences.
As expected, Nutrition was not affected by this economic headwind. Continued
growth was supported by improved pricing.
On balance, Q4 EBITDA (?293 million) was 6% higher than in Q4 2010. The main
contributor was Nutrition, which, even excluding Martek, delivered a higher
result, despite the effect of the strong Swiss franc on its cost base.
The Pharma result was clearly below last year.
Performance Materials posted a drop in EBITDA, which reflects the economic
headwind.
The Polymer Intermediates result was clearly above last year despite the
economic conditions, although lower than in the previous quarters.
DSM's cash performance in Q4 2011 was excellent. Cash provided by operating
activities was ?403 million in the quarter, which can largely be attributed to a
reduction in working capital.
--------------------------------------------------------------------------------
Net sales full year
in ? million 2011 2010 differ-ence organic growth exch. rates other
--------------------------------------------------------------------------------
Nutrition 3,370 3,005 12% 4% 0% 8%
Pharma 677 739 -8% 3% -2% -9%
Performance Materials 2,752 2,507 10% 9% -1% 2%
Polymer Intermediates 1,820 1,398 30% 32% -2%
Innovation Center 60 50
Corporate activities 369 477
-------------
Total (continuing 9,048 8,176 11% 11% -1% 1%*
operations)
Discontinued operations 145 874
-------------
Total 9,193 9,050
--------------------------------------------------------------------------------
* Including the effect of the deconsolidation of DSM's interest in Sitech
Manufacturing Services, Utility Support Group B.V. and
EdeA v.o.f, which were reported in Corporate activities in 2010.
Full year organic sales growth was 11%, well above DSM's strategic target of
5-7%. All clusters, especially Polymer Intermediates, contributed to this
growth.
Full year EBITDA was ?1,296 million. EBITDA growth (excluding the IFRS pension
adjustment) was 15%, which is clearly above sales growth.
The Nutrition result (?735 million) including Martek was higher despite the
negative impact of currencies of ?70 - 80 million net of hedging results, mainly
Swiss franc related.
The Pharma result (?36 million) was lower, but stabilizing. As a result of the
formation of the joint venture with Sinochem in anti-infectives, DSM Sinochem
Pharmaceuticals was consolidated at 50% in the last 4 months of the year.
Performance Materials posted a higher result for the year (?293 million),
despite tough economic conditions in Q4 and weakness in the tender driven
vehicle protection business at DSM Dyneema.
Polymer Intermediates had its four best quarters ever in 2011, resulting in a
very substantial increase in EBITDA (to ?380 million), compared to a strong
2010 performance.
Net sales in China (continuing operations) increased by 30% from USD 1,535
million in 2010 to USD 2,002 million in 2011. Total sales in high growth
economies increased to 39% of overall sales in 2011.
Innovation sales - measured as sales from innovative products and applications
introduced in the last five years - reached 18% of total net sales in 2011,
close to the company's 2015 target of approximately 20%.
Business review by cluster
Nutrition
-------------------------------------------------
fourth quarter in ? million full year
2011 2010 2011 2010
-------------------------------------------------
865 758 Net sales 3,370 3,005
193 163 EBITDA 735 684
149 132 EBIT 577 551
22.3% 21.5% EBITDA margin 21.8% 22.8%
-------------------------------------------------
Fourth quarter sales increased strongly (+14% compared to Q4 2010) driven by the
acquisition of Martek (8%) and organic sales growth of 5%, reflecting higher
volumes and prices across most of the businesses. EBITDA grew by 18% mainly due
to Martek, higher volumes and prices and continued cost management, which
compensated for the negative impact of currencies and increased raw material
costs. Martek generated sales of ?79 million with an EBITDA of ?21 million.
Full year sales increased by 12% with organic sales growth of 4% due to higher
volumes across all businesses and stable pricing. Martek (contributing since the
end of February 2011) delivered an excellent performance with sales reaching
?284 million and EBITDA of ?88 million.
Despite a strong currency headwind, which had an impact on EBITDA of ?70 - 80
million net of hedging results (mainly Swiss franc related), EBITDA increased to
?735 million due to the Martek acquisition, higher volumes and further cost
improvements.
Pharma
-----------------------------------------------
fourth quarter in ? million Full year
2011 2010 2011 2010
-----------------------------------------------
165 190 Net sales 677 739
11 26 EBITDA 36 61
-1 11 EBIT -8 3
6.7% 13.7% EBITDA margin 5.3% 8.3%
-----------------------------------------------
Fourth quarter organic sales growth was 12% as sales increased for DSM
Pharmaceutical Products due to higher customer demand. DSM has proportionally
consolidated its anti-infectives joint venture, DSM Sinochem Pharmaceuticals
(DSP) at 50%. This impacted the reported net sales and EBITDA. The lower EBITDA
was also due to an unfavorable product mix at DSM Pharmaceutical Products.
Full year organic sales growth was 3% due to higher volumes at DSM
Pharmaceutical Products and slightly lower volumes at DSP. Overall sales
decreased by 8% mainly as a consequence of the proportional consolidation of
DSP.
The cluster's profitability was reduced by tougher market conditions in 2011 in
the anti-infectives markets and the proportional consolidation of DSP.
Performance Materials
-------------------------------------------------
fourth quarter in ? million full year
2011 2010 2011 2010
-------------------------------------------------
627 640 Net sales 2,752 2,507
43 56 EBITDA 293 283
0 27 EBIT 162 163
6.9% 8.8% EBITDA margin 10.6% 11.3%
-------------------------------------------------
Fourth quarter organic sales development was -6% due to lower volumes (-15%) in
all businesses, which were partly compensated for by higher pricing (9%) at DSM
Engineering Plastics and DSM Resins. Both DSM Engineering Plastics and DSM
Resins faced lower demand due to weaker market conditions and some inventory
adjustments in building & construction, E&E and European automotive. DSM Dyneema
continued its growth in fiber solutions and personal protection but this was
more than offset by lower volumes in the tender driven vehicle protection
business. EBITDA was lower, mainly due to the performance of DSM Dyneema.
In Q4 2011 some impairment charges were recognized. The most important one was
related to the closing of the Swiss production facility of DSM Dyneema.
Full year organic sales growth was 9%. Higher prices at DSM Engineering Plastics
and DSM Resins were partly offset by lower volumes at DSM Dyneema and DSM
Resins. Despite the lower results in Q4, EBITDA was higher than in 2010.
Polymer Intermediates
-------------------------------------------------
fourth quarter in ? million full year
2011 2010 2011 2010
-------------------------------------------------
467 382 Net sales 1,820 1,398
79 67 EBITDA 380 223
67 54 EBIT 339 186
16.9% 17.5% EBITDA margin 20.9% 16.0%
-------------------------------------------------
In the fourth quarter of 2011 Polymer Intermediates achieved organic sales
growth of 20% compared to Q4 2010. The cluster continued to benefit from the
high global utilization rate, with prices 8% above the same quarter last year.
Volumes were 12% higher due to improved manufacturing performance compared to Q4
last year.
Continued pricing strength and strong manufacturing performance resulted in a
higher EBITDA for the fourth quarter compared to the excellent previous year.
Due to weaker demand in acrylonitrile and declining unit margins in caprolactam
at the end of the quarter, Q4 EBITDA was lower than the exceptional previous
quarters of 2011.
Full year organic sales growth was 32%, compared to an already very strong
performance in 2010. The cluster benefited from the favorable market conditions
and demonstrated an excellent manufacturing performance, resulting in an all
time high EBITDA.
Innovation Center
----------------------------------------------
fourth quarter in ? million full year
2011 2010 2011 2010
----------------------------------------------
17 15 Net sales 60 50
-17 -13 EBITDA -57 -49
-21 -20 EBIT -69 -64
----------------------------------------------
Fourth quarter sales developed well. Higher gross margins were offset by
increased costs for innovation projects, which include the Actamax joint venture
with DuPont in DSM Biomedical and new projects in DSM Bio-based Products &
Services.
Similar to the quarter, full year sales were above last year, but EBITDA was
lower due to the increased innovation costs.
Strategic progress was made in 2011 with the start-up of the Actamax joint
venture in surgical biomedical materials. In addition, several development
agreements were signed in the main segments of the Biomedical business. DSM and
Roquette started the construction of the commercial-scale bio-based succinic
acid plant in Italy. The acquisition of C5 Yeast Company B.V. from Royal Cosun
was completed, further extending DSM's leadership position in the field of
cellulosic bio-ethanol.
Corporate activities
--------------------------------------------------------------------
fourth quarter in ? million full year
2011 2010 2011 2010
--------------------------------------------------------------------
86 97 Net sales 369 477
-16 -23 EBITDA* -91 -41
-28 -34 EBIT* -135 -87
* of which IFRS pension adjustment
9 33
--------------------------------------------------------------------
Fourth quarter EBITDA improved compared to Q4 2010, mainly as a result of lower
project related expenses and lower costs in service organizations.
Excluding the changes in the Dutch pension plan, full year EBITDA decreased by
?17 million due to a lower contribution of the captive insurance company and
higher share based payment costs.
Exceptional items
Total exceptional items in the fourth quarter of 2011 amounted to a pre-tax loss
of ?39 million (?33 million after tax), comprising a loss of ?18 million in
relation to the previously announced restructuring initiatives at DSM Resins,
costs for litigation settlements and claims amounting to ?20 million and the
remainder of the non-recurring value adjustments of inventories in relation to
the Martek acquisition.
Full year exceptional items amounted to ?173 million (?199 million after tax),
comprising the book profits on the sale of Danisco shares, the divestment of DSM
Elastomers and the establishment of the DSM Sinochem Pharmaceuticals joint
venture, and losses regarding the non-recurring value adjustments of inventories
in relation to the Martek acquisition, restructuring actions at DSM Resins and
costs for litigation settlements and claims.
Net profit
Net finance costs in the fourth quarter amounted to ?28 million, compared to ?27
million in Q4 2010.
Full year net finance costs decreased by ?11 million compared to the previous
year to a level of ?82 million, mainly as a result of favorable hedging results
and lower interest costs.
The effective tax rate for the full year amounted to 19% (2010: 24%). The lower
tax rate was a result of a different geographical spread of results and the
application of preferential tax regimes in countries where DSM is operating.
Net profit before exceptional items in the fourth quarter of ?118 million was at
the same level as Q4 2010. As a result of exceptional items, total net profit
decreased by ?64 million to ?85 million (Q4 2010: ?149 million).
Net profit before exceptional items for the full year amounted to ?615 million,
which was ?68 million higher than in 2010. Total net profit increased by
?307 million compared to the previous year and reached a level of ?814 million,
partly due to exceptional items and a lower tax rate.
Full year net earnings per ordinary share (continuing operations, excluding
exceptional items) increased by 22% to a level of ?3.53 compared to ?2.89 in
2010.
Dividend
DSM's dividend policy is to provide a stable and preferably rising dividend. DSM
therefore proposes to increase the dividend by ?0.10 to ?1.45 per ordinary
share. This will be proposed to the Annual General Meeting of Shareholders to be
held on 11 May 2012. An interim dividend of ?0.45 per ordinary share having been
paid in August 2011, the final dividend would then amount to ?1.00 per ordinary
share. The dividend will be payable in cash or in the form of ordinary shares at
the option of the shareholder. Dividend in cash will be paid after deduction of
15% Dutch dividend withholding tax. The ex-dividend date is 15 May 2012.
Cash flow, capital expenditure and financing
Cash provided by operating activities amounted to ?403 million in the fourth
quarter of 2011 (Q4 2010: ?413 million), resulting in a full year total of ?882
million (2010: ?1,103 million).
Operating working capital as a percentage of sales amounted to 20.2% at the end
of 2011 (of which 0.5% as a result of the Martek acquisition), which is above
the target of 19%.
Total cash used for capital expenditure in the fourth quarter amounted to
?173 million (Q4 2010: ?165 million). Cash flow related to capital expenditure
in 2011 was ?477 million for the full year, compared to ?416 million in 2010.
At year-end 2011 net debt amounted to ?318 million and gearing was 5%.
Progress of strategy DSM in motion: driving focused growth
DSM in motion: driving focused growth marks the shift from an era of intensive
portfolio transformation to a strategy for the coming years of maximizing
sustainable and profitable growth of 'the new DSM'. The current businesses
compose the new core of DSM in Life Sciences and Materials Sciences. Below is an
update on DSM's achievements and progress in the full year 2011:
The sale of DSM Elastomers to LANXESS in 2011 completed the final stage of the
transformation of DSM that began with the divestment program DSM announced in
September 2007 as part of its Accelerated Vision 2010 program.
Early 2011 DSM successfully completed the acquisition of Martek Biosciences
Corporation, the first major acquisition by DSM after its successful
transformation into a Life Sciences and Materials Sciences company. The
acquisition added a new growth platform for healthy and natural food ingredients
for infant formula and other food and beverage applications for DSM's Nutrition
cluster.
DSM established the 50/50 global joint venture for its business group DSM Anti-
Infectives with Sinochem Group. The joint venture, DSM Sinochem Pharmaceuticals,
includes all activities of the former DSM Anti-Infectives business group across
the world. It aims to increase its sales to more than ?600 million with an
EBITDA margin above 15% by 2015.
DSM successfully completed the acquisition of a majority share of 91.75% in
Shandong ICD High Performance Fibre Co., Ltd. (ICD) in China. ICD is a
manufacturer of UHMWPE (ultra high molecular weight polyethylene) fiber and a
strong player in the high-performance fiber market in China.
In China the DSM joint venture Jinling DSM Resins Co., Ltd. (JDR) announced that
it will invest approximately ?50 million in a new production facility for
composite resins in Nanjing. DSM's share in the joint venture is 75%.
With its joint venture partners Sinopec Nanjing Chemical Industry Company and
Jiangsu Guoxin Group, DSM has started the expansion project to double its
caprolactam capacity in Nanjing (China) to 400 kt, making it the largest
caprolactam plant in the world. The investment will be approximately USD 300
million. The new facility is expected to come on stream in Q3 of 2013 and be
operating at full capacity in 2014.
DSM acquired a 51% stake in AGI Corporation of Taiwan (AGI), a producer of a
broad range of environmentally friendly UV (ultraviolet) curable resins and
other products.
In Russia, DSM and KuibyshevAzot OJSC commenced their strategic cooperation in
which DSM Engineering Plastics entered into two joint ventures with the Russian
company. In addition, KuibyshevAzot was granted a license under DSM Fibre
Intermediates' technology for the production of cyclohexanone.
Furthermore, DSM opened the first feed-premix plant in Russia in a joint venture
with Tatenergo JSC (Republic of Tatarstan).
In India DSM announced a partnership with Kemrock Industries for the production
of specialty composite resins. DSM and Kemrock together will invest USD 25
million in a joint venture.
In India DSM also opened its first Animal Nutrition & Health premix plant,
located in Ambernath, Mumbai.
In Romania DSM completed the acquisition of the premix unit of Fatrom Furajeri
Additivi, the country's leading premix manufacturer. It allows DSM to expand its
global network of premix facilities and offers improved access to the growing
Romanian livestock feed market.
DSM acquired C5 Yeast Company, which allows DSM to combine C5 Yeast Company's
business with its own advanced yeast and enzyme technologies for advanced
biofuels (cellulosic ethanol derived from agricultural residues and non-edible
crops), further increasing its leadership position in this field.
DSM and POET, LLC, one of the world's largest ethanol producers, have announced
a joint venture to commercially demonstrate and license cellulosic bio-ethanol,
the next step in the development of biofuels, based on their proprietary and
complementary technologies. The joint venture, POET-DSM Advanced Biofuels, LLC,
is scheduled to start production in the second half of 2013 at one of the first
commercial-scale cellulosic ethanol plants in the US.
Sustainability
DSM's mission is about creating brighter lives for people today and generations
to come. This mission is supported by DSM's core value, which is that its
activities should contribute to a more sustainable world. As part of its
strategy, DSM in motion: driving focused growth, DSM has formulated the ambition
to go to the next level in sustainability: from an internal value and a tool for
making a responsible contribution to society, to a strategic business driver.
Today DSM is publishing its second integrated annual report, after having
published already for more than a decade separate annual- and triple P-reports.
In sustainability DSM set a number of ambitious aspirations in 2010 and in 2011
the company made good progress toward meeting them, as evidenced by the
following highlights:
DSM once again retained its number one position in the chemical industry sector
in the Dow Jones Sustainability World Index. This is the third consecutive year
that DSM has held this top position in worldwide sustainability and the sixth
time in total since 2004. In 2007 and 2008, the two years when DSM was not
ranked number one, it was also among the leaders in the sector.
In 2011 the percentage of ECO+ solutions in the innovation pipeline was 94%,
well above the target set. ECO+ solutions as a percentage of running business
increased further to 41%. DSM is on its way toward the 50% aspiration.
DSM is on track with its drive to improve energy efficiency by 20% by 2020
compared to 2008. Including 2011 energy efficiency improved 13% compared to
2008.
In 2011 DSM executed its fourth worldwide Employee Engagement Survey. The main
element in the survey is the measurement of DSM's Employee Engagement Index, the
percentage of employees scoring favorable on a combination of four attributes:
commitment, pride, advocacy and satisfaction. The Employee Engagement Index
measured in 2011 again was close to high performance norm with an all time high
response rate of 91%.
DSM's People+ strategy will deliver measurably better solutions to improve the
lives of people. The company has defined a new People+ framework based on broad
stakeholder analyses. The dimensions of health, comfort and well-being, working
conditions and community development have been identified as distinct and
instrumental categories to measure People+ impact at product level.
In 2011 diversity ambitions for the business groups were defined for the period
2011-2015, to ensure that DSM's organizational readiness is in line with its
stretched growth ambitions for 2015. In addition, DSM has addressed the
geographical distribution of management and other key functions.
Outlook
DSM's outlook for the year is influenced by the uncertain and volatile economic
conditions. At this moment DSM is experiencing a weak economic environment,
especially in Europe, which is expected to improve in the second half of the
year.
The high growth economies continue to grow fast, albeit at a slower pace than in
previous years. Despite these uncertainties, DSM is confident that it will
continue to benefit from its balanced, relatively resilient portfolio in health,
nutrition and materials, its broad geographic spread with a significant presence
in high growth economies and its strong balance sheet.
Nevertheless, in addition to the already announced restructuring initiatives at
DSM Resins, DSM is putting in place further cost reduction programs and profit
protection plans.
In Nutrition, the impact of the substantial strengthening of the Swiss franc in
2011 was mitigated by a ?50 million currency hedge gain, which effect will not
occur in 2012. Despite this, DSM anticipates that its Nutrition business will
continue to make further progress in 2012. EBITDA is expected to be above 2011.
Trading conditions in the Pharma cluster are expected to remain challenging,
although DSM anticipates that it will make further strategic progress. EBITDA is
expected to improve slightly compared to last year, despite the impact of the
50% deconsolidation of the anti-infectives business.
Trading conditions in Materials Sciences continue to be volatile and the end
market outlook is uncertain owing to weak consumer sentiment in some of DSM's
key geographies. However, based on current insights EBITDA of the Performance
Materials cluster is expected to be somewhat higher than in 2011.
For Polymer Intermediates another strong year is expected, at a level above the
historical average, but EBITDA will be clearly lower than the exceptional result
in 2011. In 2012 three planned turnarounds in caprolactam, one in Q1 2012 and
two more in Q3 2012, will also impact the results.
Despite macro-economic uncertainties, DSM is cautiously optimistic for the year
2012. DSM expects the second half of the year to be stronger than the first
half, on its way to achieve the 2013 targets.
Additional information
Today DSM will hold a conference call for the media from 07.30 AM to 08.00 AM
CET and a conference call for investors and analysts from 09.00 AM to 10.00 AM
CET. Details on how to access these calls can be found on the DSM website,
www.dsm.com. Also, information regarding DSM's full year 2011 results can be
found in the Presentation to Investors, which can be downloaded from the
Investors section of the DSM website.
Important dates
Report for the first quarter 2012 Tuesday, 8
May 2012
Annual General Meeting of Shareholders Friday, 11 May
2012
Report for the second quarter 2012 Tuesday, 7
August, 2012
Report for the third quarter 2012 Tuesday, 6
November 2012
DSM - Bright Science. Brighter Living.(TM)
Royal DSM is a global science-based company active in health, nutrition and
materials. By connecting its unique competences in Life Sciences and Materials
Sciences DSM is driving economic prosperity, environmental progress and social
advances to create sustainable value for all stakeholders. DSM delivers
innovative solutions that nourish, protect and improve performance in global
markets such as food and dietary supplements, personal care, feed,
pharmaceuticals, medical devices, automotive, paints, electrical and
electronics, life protection, alternative energy and bio-based materials. DSM's
22,000 employees deliver annual net sales of around ?9 billion. The company is
listed on NYSE Euronext. More information can be found atwww.dsm.com.
For more information
Media
DSM, Corporate Communications
tel.: +31 (45) 5782421
e-mail:media.relations(at)dsm.com
Investors
DSM, Investor Relations
tel.: +31 (45) 5782864
e-mail:investor.relations(at)dsm.com
Press Release-pdf:
http://hugin.info/130663/R/1589858/499373.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DSM N.V. via Thomson Reuters ONE
[HUG#1589858]
Unternehmensinformation / Kurzprofil:
Datum: 29.02.2012 - 07:15 Uhr
Sprache: Deutsch
News-ID 119769
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contact information:
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