DSM ends 2009 with solid Q4 and very strong cash generation
(Thomson Reuters ONE) -
* Q4 operating profit from continuing operations ? 141 million in line with Q3
2009
* Life Sciences performance reflects robust Nutrition business
* Materials Sciences recovery remains on track
* Full year operating profit from continuing operations ? 370 million
* Full year cash flow from operating activities very strong at ? 1,276
million
* Solid financial position ? dividend maintained at ? 1.20 in cash
* No quantitative outlook provided for 2010.
Commenting on the results,Feike Sijbesma
Managing Board, said: "In what was undoubtedly one of the most challenging
years in DSM's history, we stayed the course and remained fully committed to our
customers, innovation and sustainability. After a difficult first half year, we
delivered improved results in the second half of the year as our Materials
Sciences businesses started to recover.
"Although our full-year operating profit from continuing operations halved
compared to our record performance of 2008, the decline in DSM's core activities
was limited to 26%. A continued robust performance from the Nutrition business
and the benefits of our early actions to improve our competitive position
contributed to this performance. Our initiatives to reduce costs delivered over
? 150 million in savings during the year, whilst our focus on cash resulted in
an unprecedented operating cash flow of almost ? 1.3 billion in 2009. Our strong
financial position leaves us well placed to capitalize on any opportunity that
might arise.
"As we have entered an uncertain 2010, DSM will continue its strategic
transformation into a Life Sciences and Materials Sciences company. We completed
the disposal of two businesses during the year and remain committed to exiting
the remaining non-core operations. Whilst recognizing the uneven nature of the
current economic recovery, we are cautiously optimistic."
--------------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 +/- 2009 2008 +/-
--------------------------------------------------------------------------------
Continuing operations:
2,005 2,034 -1% Net sales 7,732 9,079 -15%
274 198 38% Operating profit before depreciation and 836 1,209 -31%
amortization (EBITDA)
141 84 68% Operating profit (EBIT) 370 769 -52%
137 155 -12% - Nutrition 521 447 17%
16 30 -47% - Pharma 32 89 -64%
23 -37 - Performance Materials 68 175 -61%
11 -66 - Polymer Intermediates 6 19 -68%
-8 16 - Base Chemicals and Materials -68 174
-38 -14 - Other activities -189 -135
--------------------------------------------------------------------------------
Discontinued operations
11 57 Net sales 134 218
1 43 Operating profit before depreciation and 81 148
amortization (EBITDA)
1 39 Operating profit (EBIT) 73 134
--------------------------------------------------------------------------------
Total DSM:
2,016 2,091 -4% Net sales 7,866 9,297 -15%
142 123 15% Operating profit (EBIT) 443 903 -51%
89 73 22% Net profit before exceptional items 244 608 -60%
-149 -31 Net result from exceptional items 93 -31
-60 42 Net profit 337 577 -42%
--------------------------------------------------------------------------------
Net earnings per ordinary share in ?:
0.53 0.25 112% - before exceptional items, continuing 1.15 3.04 -62%
operations
-0.39 0.24 - including exceptional items, total DSM 2.01 3.45 -42%
--------------------------------------------------------------------------------
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 Royal DSM
N.V.
* 'continuing operations' refers to the DSM operations excluding DSM Energie
Holding B.V. and Stamicarbon B.V.
Overview
In thefourth quarter of 2009 DSM's businesses continued to experience
developments at two different speeds. Growth in most emerging markets
(especially China) is back at the level before the economic downturn, whilst
growth in Europe and North America is still modest and fragile, although market
conditions are clearly better than at the beginning of 2009. All in all this
resulted in a Q4 which was much in line with the previous quarter.
The Nutrition cluster continued to show steady growth, reflecting long-term
developments, which is typical of the food and feed related markets. The Pharma
cluster improved its performance temporarily in Q4, thanks to a strong increase
in the sterile vaccine business related to the flu pandemic.
The Materials Sciences clusters continued to recover, although interrupted by
the seasonal end-of-year effect. The impression is that the level of downstream
re-stocking is limited.
In Base Chemicals and Materials most units are back at modestly profitable
levels. The exception is DSM Agro, which reported a very good Q4 2008, but is
now facing a loss due to very depressed margins compared to Q4 2008.
Thefull year 2009 was strongly affected by the impact of the economic downturn.
However, the operating result of the core part of DSM (continuing activities,
excluding Base Chemicals and Materials) was down only 26% (from ? 595 million to
? 438 million). This not only underlines DSM's resilience as a Life Sciences and
Materials Sciences company, but also shows the company's ability to act fast if
circumstances so require.
This agility is also reflected in the excellent cash performance in 2009. Total
operating cash flow amounted to ? 1,276 million, which was substantially more
than in 2008, when DSM achieved the best operating profit in its history. On top
of that, capital expenditure was reduced by about 25% compared to 2008 and two
non-core activities were sold. As a result, net debt more than halved during the
year to ? 830 million.
DSM made good progress in 2009 towards two important targets of itsVision 2010
strategy. Sales in China in 2009 increased to almost USD 1.2 billion, a new
record for the company, strongly driven by volumes. DSM expects to come close to
the USD 1.5 billion target for 2010. In 2009 innovation sales were about ? 810
million, 35% more than in 2008, which is a good basis to reach the target of ?
1 billion additional sales in 2010 compared to 2005.
At year-end DSM had to recognize a substantial impairment. The goodwill
impairment test for Catalytica (part of DSM Pharmaceutical Products) showed that
the value in use had significantly decreased compared to earlier years due to
the depressed current market conditions and lower future growth rates for the
business. As a result of the reduction in the recoverable amount a non-cash
goodwill impairment charge of ? 154 million was recognized.
Net sales
--------------------------------------------------------------------------------
in ? million full year
2009 2008 differ-ence vol-umes prices exch. rates other
--------------------------------------------------------------------------------
Nutrition 2,824 2,710 4% -2% 3% 3%
Pharma 721 863 -16% -6% -5% -1% -4%
Performance 1,823 2,297 -21% -16% -7% 1% 1%
Materials
Polymer 849 1,201 -29% -2% -30% 3%
Intermediates
Base Chemicals and
Materials 1,134 1,572 -28% -6% -23% 1%
Other activities 381 436
-------------
Total, continuing 7,732 9,079 -15% -7% -9% 1%
operations
Discontinued 134 218
operations
-------------
Total 7,866 9,297 -15% -7% -9% 1%
--------------------------------------------------------------------------------
Full yearsales were strongly affected by the economic downturn, overall showing
a negative organic development of 16%. Sales volumes were lower in all clusters,
although in Nutrition this was mainly due to some de-stocking in the value chain
in the first half of the year. In the Materials Sciences clusters and in Base
Chemicals and Materials, volumes clearly improved in the course of the year, but
the operating level is on average still 10 to 20% below the pre-downturn level.
DSM Fibre Intermediates, with its strong position in China, is the positive
exception with an operating level close to pre-downturn.
Prices too, were lower than in 2008 in most clusters, Nutrition being the
exception. In most business groups, price developments reflected the underlying
trend in raw materials. This was not the case at DSM Agro and (to a lesser
extent) in DSM Anti-Infectives; in these business groups, margins were under
strong pressure.
The impact of currency exchange rates on full year sales was limited.
Operating profit
The operating profit for thefourth quarter was at the level of Q3 2009.
Nutrition continued to perform very well. Pharma showed an improved result, due
to a temporary increase in the sterile vaccine business. The other clusters
continued their recovery, although with the anticipated seasonal slowdown at the
end of the year.
Thefull year operating profit (? 370 million) more than halved compared to
2008, but this was strongly dominated by the activities in the non-core Base
Chemicals and Materials cluster. Especially DSM Agro went from an excellent
result in 2008 to a loss in 2009. DSM Elastomers and DSM Melamine also posted a
loss for the year.
The core activities in Life Sciences and Materials Sciences, however, showed
resilience in this very difficult year. The performance of the Nutrition cluster
was very strong with an operating profit increase of 17%, driven by its
differentiation and innovation strategy, and sustained focus on its value over
volume strategy. Pharma had a difficult year, primarily due to the changing
dynamics in the pharmaceutical industry affecting the contract pipeline.
Performance Materials and Polymer Intermediates were both hit hard in the early
stages of the economic downturn, with DSM Engineering Plastics, DSM Resins and
DSM Fibre Intermediates posting losses in Q1. All three business groups started
to recover mid 2009, not only because of improving trading conditions, but also
because of swift actions taken to reduce costs. DSM Dyneema experienced
theeconomic downturn later in the year, in combination with lower orders
relating to life protection. However, it contributed a clearly positive
operating profit.
The program to reduce costs, which was started in Q4 2008, was very successful,
delivering already more than ? 150 million in cost savings in 2009, which is the
lower limit of the amount that was announced to be achieved in 2010. The upper
limit (? 200 million) is clearly in reach for 2010.
Business review by cluster
Nutrition
-------------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 2009 2008
-------------------------------------------------------------------------------
716 703 Net sales 2,824 2,710
Operating profit before depreciation and
174 189 Amortization 655 585
137 155 Operating profit 521 447
-------------------------------------------------------------------------------
Nutrition continued the strong performance trend in thefourth quarter. Sales
volumes increased compared to 2008. Prices remained robust at a somewhat lower
level compared to the end of 2008 / early 2009. Operating profit remained
strong, although at a lower level than in Q4 2008 when some non-recurring items
were included. The main drivers were sales performance and the ongoing cost
management and efficiency in production in DSM Nutritional Products and DSM Food
Specialties.
Full yearorganic sales growth was 1%, reflecting the resilience of this
business. After a period of de-stocking in H1 2009, volume growth returned later
in the year with continued focus on value. The increase in operating profit at
DSM Nutritional Products compared to 2008 was to a large extent based on
favorable margins for most products, a relatively strong dollar and ongoing cost
management and efficiency improvements. DSM Food Specialties' operating profit
was above the 2008 level with strong performance in enzymes, such as Brewers
Clarex®, and ARA (an infant nutrition ingredient).
Pharma
-----------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 2009 2008
-----------------------------------------------------------------------------
195 216 Net sales 721 863
Operating profit before depreciation and
34 45 amortization 91 150
16 30 Operating profit 32 89
-----------------------------------------------------------------------------
Fourth quartersales were considerably higher than in the previous quarter,
mainly due to temporary additional demand related to the H1N1 flu and improved
market conditions for penicillin derivatives. Organic sales development compared
to Q4 2008 was -6%. As a consequence of this, together with the exchange rate
impact, operating profit was lower than in Q4 2008 but clearly higher than in Q3
2009.
Full yearorganic sales development was -11%. DSM Pharmaceutical Products'
activity level remained subdued as a result of low demand from pharmaceutical
companies, delay in approvals and the loss of some large contracts. DSM
Anti-Infectives faced weak market conditions. As a result, the lower demand at
DSM Pharmaceutical Products and lower prices for penicillin derivatives led to a
much lower operating profit compared to 2008.
Performance Materials
-------------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 2009 2008
-------------------------------------------------------------------------------
476 492 Net sales 1,823 2,297
Operating profit before depreciation and
52 -9 amortization 174 266
23 -37 Operating profit 68 175
-------------------------------------------------------------------------------
Fourth quarter sales remained lower than in the same period of 2008 for the
total cluster. However, DSM Engineering Plastics' sales exceeded those of 2008
as market sentiment improved. DSM Resins' sales were slightly lower because of
lower prices. Sales at DSM Dyneema decreased substantially compared to the same
period of 2008 due to weaker orders related to life protection and lower demand
from industrial applications. The cluster's operating profit for the quarter
improved year-on-year by ? 60 million as a result of better trading conditions,
active margin management, the full effect of cost control actions and the
absence of inventory write-offs.
Full year organic sales development for the cluster was -23%, reflecting
depressed economic conditions during most of 2009 whereas the negative impact
for 2008 was limited to Q4 2008. During the year, market conditions for DSM
Engineering Plastics and DSM Resins improved from a very low starting point. On
the other hand, in 2009 DSM Dyneema felt the effects of unfavorable market
conditions that were not as prevalent during Q4 2008.
The effect of lower cluster sales on operating profit was well controlled
through active margin management and cost control measures. Nevertheless,
operating profit was well short of 2008.
Polymer Intermediates
------------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 2009 2008
------------------------------------------------------------------------------
249 198 Net sales 849 1,201
Operating profit before depreciation and
18 -62 amortization 36 43
11 -66 Operating profit 6 19
------------------------------------------------------------------------------
Fourth quarter organic sales growth was 32% compared to the same quarter of
2008. The improvement was driven by higher volumes whereas average price levels
were lower.
Operating profit of the cluster in Q4 2009 was ? 77 million higher than in
2008, which was strongly affected by inventory write-offs.
Full year organic sales development was -32% reflecting difficult economic
conditions during most of the year 2009 whereas the negative impact for 2008 was
mainly limited to Q4 2008. Sales volume in 2009 recovered quarter on quarter and
the total is in line with 2008 volume. However, prices were volatile at a lower
level, which reflects raw-material developments. The lower margins were partly
offset by cost saving programs but still resulted in a lower operating profit.
Base Chemicals and Materials
-------------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 2009 2008
-------------------------------------------------------------------------------
280 310 Net sales 1,134 1,572
Operating profit before depreciation and
11 34 amortization 2 245
-8 16 Operating profit -68 174
-------------------------------------------------------------------------------
Organic sales development in the fourth quarter was -8% compared to Q4 2008. In
general, sales volumes improved, but prices remained below the level of 2008.
DSM Melamine and DSM Elastomers posted a profit in Q4 while DSM Agro was still
showing losses.
Full year organic sales development in this cluster was -29% as volumes and
prices decreased with the exception of DSM Agro, which showed a firm increase in
sales volumes but a substantial decline in prices. Lower raw-material costs and
cost-reduction programs could only partly compensate for this impact, resulting
in a drop in the operating result. DSM Agro, DSM Melamine and DSM Elastomers had
to report losses for the year 2009.
Other activities
-----------------------------------------------------------------------------
fourth quarter in ? million full year
2009 2008 2009 2008
-----------------------------------------------------------------------------
89 115 Net sales 381 436
Operating profit before depreciation and
-15 1 amortization -122 -80
-38 -14 Operating profit -189 -135
of which:
-19 -1 - Defined Benefit Plans -75 -3
-11 -17 - Innovation Center -54 -59
-8 4 - Other -60 -73
-----------------------------------------------------------------------------
The lowerfourth quarter result in Other activities compared to Q4 2008 was due
to higher (non cash) IFRS pension costs and some non-recurring gains in Q4
2008. Share based payment costs increased following the higher DSM share price.
These additional costs were partly compensated for by higher results at the
captive insurance company due to a minimum of damages.
Full year operating result was below the previous year, which was mainly due to
higher IFRS pension costs.
Exceptional items
Exceptional items in thefourth quarter comprised a pre-tax gain in relation to
the disposal of Stamicarbon (? 42 million), impairments for the goodwill of
Catalytica (? 154 million) and Lipid Technologies Provider (? 12 million) and
other charges that were principally related to actions to strengthen DSM's
competitive position (? 16 million).
Total exceptional items after tax amounted to a loss ? 149 million in the fourth
quarter and to a profit of ? 93 million in the full year 2009.
Net result
Net result in the fourth quarter decreased by ? 102 million compared to Q4 2008
to a loss of ? 60 million, which was due to the recognized impairments which
were included in the exceptional items. Full year net profit amounted to ? 337
million which was ? 240 million lower than in 2008.
Full year Net earnings per share (total DSM, including exceptional items)
amounted to ? 2.01 versus ? 3.45 in 2008.
Net finance cost for the fourth quarter decreased by ? 19 million due to a
higher average liquidity position as well as non-recurring fair value
adjustments in Other financial assets in 2008. Net finance costs for the full
year amounted to ? 111 million which is ? 10 million higher than 2008.
Theeffective tax rate for the full year decreased to 23%, being 1% below the
previous year, due to changes in the geographic distribution of taxable results.
Cash flow, capital expenditure and financing
As a result of DSM's continued strong focus on cash,Cash flow from operating
activities increased to ? 1,276 million for the full year 2009 compared to ?
910 million in 2008. Q4 2009 operating cash flow amounted to ? 326 million.
Total cash used forcapital expenditure was ? 457 million in 2009, which was ?
134 million lower than in the previous year (2008 ? 591 million).
Net debt once again showed a decrease during Q4 of ? 239 million and ended the
year at a level of ? 830 million (? 1,781 million at year-end 2008) mainly as a
result of a further reduction in operating working capital during Q4. OWC
finished the year at ? 1,511 million (? 591 million less than year-end 2008)
being 19.5% of the 2009 net sales.
Dividend
DSM's dividend policy is to provide a stable and preferably rising dividend. For
2009 an unchanged dividend of ? 1.20 per ordinary share will be proposed to the
Annual General Meeting of Shareholders. An interim dividend of ? 0.40 per
ordinary share having been paid in August 2009, the final dividend would then
amount to ? 0.80 per ordinary share, to be paid in cash.
Workforce
Following the restructuring programs the workforce decreased overall by 1,314
compared to the end of Q3 2008, the beginning of the economic downturn, and
stood at 22,738.
Progress update Q4 on DSM StrategyVision 2010
DSM's acceleration of the strategic programVision 2010 - Building on Strengths,
announced in September 2007, focuses on delivering faster growth, higher margins
and improved earnings quality from the company's portfolio. The strategy will
transform DSM into a Life Sciences and Materials Sciences company capable of
sustainable growth fueled by important societal trends.
The key drivers - market-driven growth and innovation, increased presence in
emerging economies and operational excellence - remain at the heart of DSM's
strategy.
In Q4 2009 sales in China amounted to USD 375 million, annualized USD 1.5
billion which is the target for the year 2010, representing an increase of 19%
relative to the comparable period in 2008. In spite of a strong drop of 35% in
the first quarter of the year, DSM's sales in China in full year 2009 increased
3% to USD 1,188 million, a new record for the company. DSM expects to come close
to the USD 1.5 billion target for 2010.
In 2009 innovation sales were about ? 810 million, 35% more than in 2008 and
higher than DSM's previous estimate of ? 770 million. This represents a good
basis to reach the target of ? 1 billion additional sales in 2010 compared to
2005.
The Product Development and Management Association (PDMA), the leading advocate
and comprehensive resource for the profession of product development and
innovation, selected DSM as the winner of the 2009 Outstanding Corporate
Innovator (OCI) Award, thus honoring the company's strategic commitment to open
innovation and its exceptional skill in continuously creating and capturing
value through new product and service development.
DSM has acquired full control of the polyamide 6 polymerization facility of
Nylon Polymer Company, LLC (NPC) in Augusta (Georgia, USA). Previously Shaw
Industries and DSM Chemicals North America were joint venture partners in NPC.
As a result of the transaction, the facility was fully integrated into DSM
Engineering Plastics' activities as of
1 January 2010.
In September 2007 DSM announced that, as a result of the accelerated shift
towards Life Sciences and Materials Sciences, a number of businesses which do
not fit with the accelerated strategy would be carved out and disposed of.
The disposal process for DSM Elastomers, DSM Agro and DSM Melamine is underway.
As reported earlier, DSM has slowed down the process in view of the current
financial and economic environment but still aims to complete the disposals by
the end of 2010.
On 6 October 2009 the sale of the urea-licensing subsidiary Stamicarbon B.V. to
Maire Tecnimont was completed. DSM reported a book profit of ? 42 million before
tax on the sale as an exceptional item in the income statement for Q4 2009.
DSM Venturing made an equity investment in US-based green chemistry company
Segetis, Inc. This company has developed renewable chemistry that enables the
use of non-food agricultural and forestry feedstock for production of
sustainable materials.
DSM Venturing also made an equity investment in Bioprocess Control AB, a market
leader in providing advanced control technologies and services that enable the
efficient design and optimal operation of biogas processes.
During the quarter, DSM announced and introduced many new innovations. More
information can be found in the innovation section atwww.dsm.com
Remuneration
As announced in 2009, the Supervisory Board has redesigned the remuneration
policy for the Managing Board. This redesign - which will be submitted to the
Annual General Meeting (AGM) of Shareholders in 2010 for approval - better
reflects the interest of all stakeholders. This is fully in line with DSM's core
value, focusing on value creation for People, Planet and Profit in parallel and
simultaneously. It also takes into account the company's long-term strategic
goals and creates more external transparency on the overall remuneration
package. The main elements of the revised remuneration policy are summarized
below. The full proposal can be found in the 2009 annual report of DSM and will
be submitted to the AGM.
The proposal creates a 50% - 50% balance between fixed base salary and variable
income. The variable income will consist of both short-term and long-term
performance-related incentives with a proposed 50% - 50% distribution. Both the
short-term and the long-term incentives will be based for 50% on financial
targets and 50% on other value-creating targets mostly related to
sustainability, such as the introduction of 'green' products, energy consumption
reduction, the reduction of emissions of greenhouse gases and the engagement of
the company's workforce.
In this proposal the long-term-incentive will only consist of performance
shares. Options will no longer be granted to the Managing Board.
The policy is to offer the Managing Board a total direct compensation
approaching the median of the labor market. Within the revised remuneration
policy an external benchmark will be applied only every three years to avoid
(yearly) upward pressure on remuneration levels.
In addition, DSM will implement the recent recommendations made in the updated
Dutch corporate governance code.
DSM will evaluate the revised remuneration policy over time and further improve
it if and when necessary.
The Supervisory Board and the Managing Board have agreed not to increase the
base salaries for the Managing Board in 2010, just as they did for 2009. This
reflects DSM's cautious remuneration policy in view of the current economic
circumstances.
Outlook
The general economic outlook remains uncertain.Although most economies are
showing a partial recovery from the downturn, this recovery remains uneven.
There are still risks that could affect the recovery. Financial systems are not
stable yet and higher solvency ratios required for banks have an impact on their
lending willingness. Government incentives are drying up and their large
deficits and debts will necessitate contractive actions sooner or later. The
high unemployment rate will be a burden on consumer confidence. The continued
cash focus in the private sector can be a limiting factor for a fast recovery in
private investments. However, continued growth is expected in emerging
economies, with Asia (especially China) and Latin America having the largest
impact on DSM.
The food and feed markets, which are resilient, are expected to grow with GDP in
2010.The Nutrition cluster is expected to achieve sustained good performance
with an ongoing increase in demand and relatively stable price levels in both
the food and feed markets.
For Pharma, results are expected to be lower due to continued low prices at DSM
Anti-Infectives, ongoing challenges at DSM Pharmaceutical Products and the loss
of temporary demand related to the flu-related sterile vaccine business.
Currently DSM is expecting further recovery in the automotive, electronics and
textile markets although with uncertainty about the development for H2 2010.
Building and construction and marine markets are expected to show limited
recovery in the first half of 2010.Business conditions are currently similar to
H2 2009 and therefore results in Performance Materials and Polymer Intermediates
are expected to be substantially better than in 2009. DSM Dyneema is expected to
return to double digit sales growth after a difficult 2009.
Operating profit in Base Chemicals and Materials is expected to be positive in
2010.
The actions taken by DSM in 2009 leave the business well prepared to capitalize
on gradually improving market conditions in 2010. In view of expected
developments DSM is cautiously optimistic. However, as the economic outlook
still remains uncertain, no quantitative outlook will be provided for 2010.
Webcasts
The conference call for the media and the press meeting can be followed via an
audio webcast, from 8.30 until 9.00 hrs (CET) and from 10.30 until 11.30 hrs
(CET) respectively. For a link see the Media section on the DSM corporate
website. The conference call for analysts and investors can be followed via an
audio webcast (from 9.30 until 10.15 hrs (CET). For a link see the Investors
section on the DSM corporate website.
Important dates
Annual General Meeting of Shareholders Wednesday, 31 March 2010
Ex-dividend quotation Tuesday, 6 April 2010
Record date Thursday, 8 April 2010
Report for the first quarter: Wednesday, 28 April 2010
Payment date final dividend 2009 Friday, 30 April 2010
Report for the second quarter Tuesday, 3 August 2010
Report for the third quarter Tuesday, 2 November 2010
Annual report 2010 Wednesday, 23 February 2011
DSM - the Life Sciences and Materials Sciences Company
Royal DSM N.V. creates solutions that nourish, protect and improve performance.
Its end markets include human and animal nutrition and health, personal care,
pharmaceuticals, automotive, coatings and paint, electrical and electronics,
life protection and housing. DSM manages its business with a focus on the triple
bottom line of economic prosperity, environmental quality and social equity,
which it pursues simultaneously and in parallel. DSM has annual net sales of
about ? 8 billion and employs some 22,700 people worldwide. The company is
headquartered in the Netherlands, with locations on five continents. DSM is
listed on Euronext Amsterdam. More information:www.dsm.com
For more information
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
internet:www.dsm.com
[HUG#1387840]
Press release-pdf: http://hugin.info/130663/R/1387840/346131.pdf
Unternehmensinformation / Kurzprofil:
Datum: 24.02.2010 - 07:16 Uhr
Sprache: Deutsch
News-ID 12862
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