DSM delivers continued strong earnings and cash performance in Q3
(Thomson Reuters ONE) -
· Q3 operating profit from continuing operations up 28%
to ? 185 million (versus ? 144 million in Q3 2009)
· Sales growth from continuing operations 19% compared to
Q3 2009
· Continued strong Nutrition performance drives Life
Sciences results
· Very good results for Materials Sciences
· Cash flow from operating activities in Q3 ? 330 million
· New strategy announced; DSM in motion: driving focused
growth
· Dividend increase of ? 0.10 to ? 1.30 per ordinary
share proposed for 2010
· Based on the continued positive business environment,
2010 is expected to be a strong year for DSM
Commenting on the results, Feike Sijbesma, Chairman of the DSM Managing Board,
said:
"I am pleased to report another strong quarter. Operating profit increased by
almost 30% compared to the same period last year. Nutrition delivered a
continued excellent performance, whilst Materials Sciences also posted very good
results. Our strong market focus, disciplined cost and cash management and a
broadly improving business environment helped drive these results. Based on the
continued positive business environment we expect 2010 to be a strong year for
DSM.
"The announcement of our new corporate strategy - DSM in motion: driving focused
growth - marks the shift from a period of intensive portfolio management to an
era of maximizing sustainable, profitable growth of the 'new' DSM. We are
committed to fully leverage the unique opportunities in Life Sciences and
Materials Sciences. With our focus on high growth economies, innovation and
sustainability and with our strong capital structure and leadership in
biotechnology we are in an excellent position to deliver on our ambitious sales
and profit targets."
--------------------------------------------------------------------------------
in ? million January -
third quarter September
2010 2009 +/- 2010 2009 +/-
--------------------------------------------------------------------------------
Continuing operations:
2,154 1,816 +19% Net sales 6,419 5,196 +24%
288 249 +16% Operating profit before depreciation and 937 567 +65%
amortization (EBITDA)
185 144 +28% Operating profit (EBIT) 622 268 +132%
137 119 - Nutrition 433 384
-6 2 - Pharma -5 16
48 45 - Performance Materials 149 45
40 21 - Polymer Intermediates 137 -5
19 7 - Base Chemicals and Materials 54 -23
-53 -50 - Other activities -146 -149
--------------------------------------------------------------------------------
Discontinued operations:
58 243 Net sales 429 654
4 34 Operating profit before depreciation and 51 75
amortization (EBITDA)
3 21 Operating profit (EBIT) 36 33
--------------------------------------------------------------------------------
Total DSM:
2,212 2,059 +7% Net sales 6,848 5,850 +17%
188 165 +14% Operating profit (EBIT) 658 301 +119%
128 100 Net profit before exceptional items 430 155
-49 274 Net result from exceptional items -72 242
79 374 Net profit 358 397
--------------------------------------------------------------------------------
Net earnings per ordinary share in ?:
0.76 0.53 - before exceptional items, continuing 2.44 0.80
operations
0.46 2.29 - including exceptional items, total DSM 2.14 2.40
--------------------------------------------------------------------------------
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., Stamicarbon B.V., DSM Agro, DSM Melamine, DSM Special
Products B.V. and S.A. Citrique Belge N.V.
· 'discontinued operations' comprise net sales and operating profit of
DSM Energie Holding B.V. up to and including Q3 2009, Stamicarbon B.V. up to
and including Q4 2009, DSM Agro and DSM Melamine up to and including Q2 2010 and
DSM Special Products B.V. and S.A. Citrique Belge N.V. up to and including Q3
2010.
Overview
The general economic conditions continued to be good in Q3. Most western
economies sustained their growth, although at a low pace. In most high growth
economies the growth is very strong.
Most end-markets that are relevant for DSM continued to grow. Those end-markets
(especially Materials Sciences related markets) which experienced a downswing in
demand have largely closed the gap with the 2008 level, with some exceptions
like building and construction, which is still clearly lagging behind. Re-
stocking downstream in the value chain, which was one of the drivers for the
excellent result in Q2 2010, did not have much of an impact in Q3, with order
patterns appearing to normalize.
The euro was clearly weaker against most other currencies compared to Q3 2009.
Compared to Q2 2010, currency exchange rates were on average fairly stable, with
the exception of the relatively strong Swiss franc, which negatively affects DSM
Nutritional Products because of its Swiss activity base.
Nutrition continued its strong financial performance, driven by good business
conditions and a very strong market position. The overall business environment
normalized compared to the very good situation in Q2.
For Pharma, Q3 2010 saw no change in the challenging business dynamics that the
entire pharmaceutical industry is facing. Results were negative, as expected.
Performance Materials is delivering continued strong organic sales growth. The
recovery in operating profit was slowed down by margin pressure at DSM
Engineering Plastics and to a lesser extent at DSM Resins, due to a time lag in
passing on increased raw material prices.
Polymer Intermediates continued to perform very well, in spite of a maintenance
shutdown in China and, as expected, somewhat lower margins compared to the very
high level in Q2.
Base Chemicals and Materials, which is mainly DSM Elastomers now, continued to
perform well.
Cash flow from operating activities in Q3 amounted to ? 330 million. This
includes a ? 66 million contribution from a reduction in working capital.
Operating working capital as a percentage of sales decreased from 21.0% to
19.7% during the quarter. Year-to-date cash flow from operating activities
amounted to ? 690 million. This is amply sufficient to cover capital expenditure
and dividends. The operating cash flow in combination with the proceeds from
divestments has led to a considerable reduction in net debt during the year.
Net sales
--------------------------------------------------------------------------------
in ? million third quarter
2010 2009 differ-ence organic growth exch. rates other
--------------------------------------------------------------------------------
Nutrition 751 702 7% 0% 7%
Pharma 168 152 11% 4% 7%
Performance Materials 666 496 34% 25% 6% 3%
Polymer Intermediates 340 246 38% 29% 9%
Base Chemicals and
Materials
154 124 24% 18% 6%
Other activities 75 96
-------------
Total (continuing 2,154 1,816 19% 13% 7% -1% *
operations)
Discontinued operations 58 243
-------------
Total 2,212 2,059
--------------------------------------------------------------------------------
* Including the effect of the deconsolidation of DSM's interest in Utility
Support Group BV and EdeA v.o.f., which were reported in Other activities
Organic sales growth from continuing operations was a healthy 13% compared to Q3
2009, a period when economic recovery already was underway. The organic growth
consisted of 8% autonomous volume growth and 5% higher prices. All business
groups benefited from the weaker euro, which was on average 10% lower against
the US dollar compared to Q3 2009.
In Nutrition somewhat lower prices were compensated for by higher volumes.
Pharma growth was moderate, mainly driven by DSM Anti-Infectives. Organic growth
was very strong in the Materials Sciences clusters, driven by prices as well as
volumes.
Operating profit
Operating profit was almost 30% higher than in Q3 2009, which is a reflection of
the continuing improvement in business conditions. Nutrition and Polymer
Intermediates continued to deliver very strong results. Pharma posted a small
loss, as expected. Performance Materials posted an improved result compared to
Q3 2009, although the current level is not satisfactory yet.
The result was lower than the very high level of Q2 2010 mainly because there
were more planned maintenance activities in manufacturing operations, the Swiss
franc was very strong, and there was margin pressure in Performance Materials.
Business review by cluster
Nutrition
------------+-+----------------------------------------+----------------
third | |in ? million | January -
quarter | | | September
-----+------+-+----------------------------------------+-+-----+--------
2010| 2009| | | | 2010| 2009
-----+------+-+----------------------------------------+-+-----+--------
| | | | | |
-----+------+-+----------------------------------------+-+-----+--------
751| 702| |Net sales | |2,247| 2,108
-----+------+-+----------------------------------------+-+-----+--------
| | |Operating profit before depreciation and| | |
-----+------+-+----------------------------------------+-+-----+--------
171| 151| | amortization | | 535| 481
-----+------+-+----------------------------------------+-+-----+--------
137| 119| |Operating profit | | 433| 384
-----+------+-+----------------------------------------+-+-----+--------
Compared to Q3 2009 sales growth was 7%, driven by currency exchange rates.
Nutrition experienced some volume growth in most of its businesses but prices
were somewhat lower than last year.
Compared to the previous quarter, volumes in Animal Nutrition & Health
increased, whereas volumes in Human Nutrition & Health, Personal Care and DSM
Food Specialties were somewhat lower due to seasonal effects.
Operating profit in Q3 2010 was 15% higher than last year due to continued good
market conditions resulting in strong performance in DSM Nutritional Products
and DSM Food Specialties. As expected, operating profit was below the very
strong Q2 2010 results due to the planned maintenance activities and less
favorable exchange rates (especially for the Swiss franc). The strategic focus
on value over volume continues to be successful and sustainable.
Pharma
------------+-+----------------------------------------+---------------
third | |in ? million | January -
quarter | | | September
-----+------+-+----------------------------------------+-+----+--------
2010| 2009| | | |2010| 2009
-----+------+-+----------------------------------------+-+----+--------
| | | | | |
-----+------+-+----------------------------------------+-+----+--------
168| 152| |Net sales | | 549| 526
-----+------+-+----------------------------------------+-+----+--------
| | |Operating profit before depreciation and| | |
-----+------+-+----------------------------------------+-+----+--------
8| 14| | amortization | | 38| 57
-----+------+-+----------------------------------------+-+----+--------
-6| 2| |Operating profit | | -5| 16
-----+------+-+----------------------------------------+-+----+--------
Organic sales growth was +4%, driven by higher sales volumes and prices at DSM
Anti-Infectives. Favorable exchange rates contributed to top line growth for DSM
Anti-Infectives as well as DSM Pharmaceutical Products.
Operating profit was below the Q3 2009 result. DSM Pharmaceutical Products'
business environment remained very challenging during the third quarter of
2010. At DSM Anti-Infectives higher PEN prices and improved costs were partially
offset by the loss of margin as a result of the termination of clavulanic acid
production last year.
Performance Materials
------------+-+----------------------------------------+---------------
third | |in ? million | January -
quarter | | | September
-----+------+-+----------------------------------------+-+-----+-------
2010| 2009| | | | 2010| 2009
-----+------+-+----------------------------------------+-+-----+-------
| | | | | |
-----+------+-+----------------------------------------+-+-----+-------
666| 496| |Net sales | |1,867| 1,347
-----+------+-+----------------------------------------+-+-----+-------
| | |Operating profit before depreciation and| | |
-----+------+-+----------------------------------------+-+-----+-------
77| 72| | amortization | | 240| 122
-----+------+-+----------------------------------------+-+-----+-------
48| 45| |Operating profit | | 149| 45
-----+------+-+----------------------------------------+-+-----+-------
The Performance Materials cluster showed strong organic sales growth of +25%
compared to Q3 2009. The drivers of this growth were both volumes and prices.
Operating profit for Q3 2010 improved slightly compared to Q3 2009. Although
strict margin management is in place there is a time lag in passing on higher
raw material costs at DSM Engineering Plastics and to a lesser extent at DSM
Resins. DSM Dyneema's results were somewhat lower than in Q2 2010 due to a lower
impact of a large life protection order.
Polymer Intermediates
------------+-+----------------------------------------+---------------
third | |in ? million | January -
quarter | | | September
-----+------+-+----------------------------------------+-+-----+-------
2010| 2009| | | | 2010| 2009
-----+------+-+----------------------------------------+-+-----+-------
| | | | | |
-----+------+-+----------------------------------------+-+-----+-------
340| 246| |Net sales | |1,016| 600
-----+------+-+----------------------------------------+-+-----+-------
| | |Operating profit before depreciation and| | |
-----+------+-+----------------------------------------+-+-----+-------
48| 29| | amortization | | 161| 18
-----+------+-+----------------------------------------+-+-----+-------
40| 21| |Operating profit | | 137| -5
-----+------+-+----------------------------------------+-+-----+-------
Organic sales growth was +29% compared to Q3 2009 due to higher selling prices
and continued strong demand.
Consequently operating profit showed a strong increase compared to Q3 2009 in
spite of the scheduled maintenance turnaround in China.
Base Chemicals and Materials
------------+-+----------------------------------------+---------------
third | |in ? million | January -
quarter | | | September
-----+------+-+----------------------------------------+-+----+--------
2010| 2009| | | |2010| 2009
-----+------+-+----------------------------------------+-+----+--------
| | | | | |
-----+------+-+----------------------------------------+-+----+--------
154| 124| |Net sales | | 452| 323
-----+------+-+----------------------------------------+-+----+--------
| | |Operating profit before depreciation and| | |
-----+------+-+----------------------------------------+-+----+--------
25| 13| | amortization | | 70| -6
-----+------+-+----------------------------------------+-+----+--------
19| 7| |Operating profit | | 54| -23
-----+------+-+----------------------------------------+-+----+--------
Organic sales growth in Q3 was +18%, due mainly to increased prices and also
partly to volume increases.
Higher margins together with higher volumes resulted in a higher operating
profit for all units in this cluster.
Other activities
------------+-+----------------------------------------+---------------
third | |in ? million | January -
quarter | | | September
-----+------+-+----------------------------------------+-+----+--------
2010| 2009| | | |2010| 2009
-----+------+-+----------------------------------------+-+----+--------
| | | | | |
-----+------+-+----------------------------------------+-+----+--------
75| 96| |Net sales | | 288| 292
-----+------+-+----------------------------------------+-+----+--------
| | |Operating profit before depreciation and| | |
-----+------+-+----------------------------------------+-+----+--------
-41| -30| | amortization | |-107| -105
-----+------+-+----------------------------------------+-+----+--------
-53| -50| |Operating profit | |-146| -149
-----+------+-+----------------------------------------+-+----+--------
| | | of which: | | |
-----+------+-+----------------------------------------+-+----+--------
-17| -17| | - defined benefit plans | | -51| -54
-----+------+-+----------------------------------------+-+----+--------
-13| -15| | - Innovation Center | | -44| -43
-----+------+-+----------------------------------------+-+----+--------
-23| -18| | - other | | -51| -52
-----+------+-+----------------------------------------+-+----+--------
The operating result of Other activities stayed in line with Q3 2009. Higher
costs related to Share Based Payments (because of the increase in the share
price) and higher project related costs were compensated for by better results
of DSM Biomedical, which is part of the Innovation Center.
Exceptional items
In total, exceptional items amounted to a loss of ? 53 million before tax (? 49
million after tax) in Q3 2010.
In view of the sale of S.A. Citrique Belge N.V., this business was reclassified
to assets held for sale at the end of Q3 2010. The business was valued at fair
value less costs to sell upon reclassification, resulting in a loss of ? 38
million.
The transfer of DSM assets to PERCIVIA LLC resulted in a book loss of ? 15
million before tax (? 11 million after tax) for DSM, which was recognized as an
exceptional item.
Net profit
Net finance costs amounted to ? 16 million, which represents an improvement of ?
14 million. This improvement is mainly due to favorable exchange rates, higher
income from other participating interests and lower net debt.
The effective tax rate for the third quarter remained at 25%, the same as last
year.
Net profit before exceptional items increased from ? 100 million in Q3 2009 to ?
128 million in Q3 2010. Total net profit in Q3 2010 was ? 79 million compared to
? 374 million in Q3 2009, which included a ? 274 million net profit from
exceptional items as a result of the disposal of DSM Energy.
Net earnings per share decreased from ? 2.29 per ordinary share in Q3 2009
(which included the above-mentioned book profit) to ? 0.46 in Q3 2010.
Cash flow, capital expenditure and financing
A continued strong focus on cash resulted in a cash flow from operating
activities of ? 330 million in Q3.
Cash flow related to capital expenditure amounted to ? 63 million in Q3 2010 (?
102 million in Q3 2009).
Compared to year-end 2009 net debt decreased by ? 555 million to ? 275 million.
Workforce
Compared to year-end 2009 the workforce decreased by 335 mainly due to the
divestment of DSM Agro and DSM Melamine. At the end of Q3 2010 it stood at
22,403.
Fatal accident in Capua (Italy)
On Saturday 11 September 2010, a fatal accident took place at the DSM site in
Capua (Italy), in which three contractor employees lost their lives. The
accident occurred during maintenance work in the fermentation facilities. DSM
deeply regrets this tragic accident and has expressed its sympathy to the
victims' families, friends and colleagues. DSM has appointed a committee to
conduct an internal investigation into the causes of the accident. The Italian
authorities have also initiated an investigation.
Progress update on DSM strategy Vision 2010
DSM's acceleration of the strategic program Vision 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 is
transforming 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.
Improving earnings quality
DSM has made substantial progress with its portfolio transformation. With the
divestment of DSM Energy and the urea licensing subsidiary Stamicarbon B.V. last
year and the divestment of DSM Agro and DSM Melamine to Orascom Construction
Industries earlier in the year a significant proportion of the planned
divestment program has now been completed.
During the quarter DSM reached an agreement regarding the sale of the business
unit Thermoplastic Elastomers (Sarlink(®)), part of the business group DSM
Elastomers, to Teknor Apex Company. The sale closed on 1 November 2010. DSM
expects to recognize a small book profit in Q4 as a result of this transaction.
DSM also reached an agreement regarding the sale of S.A. Citrique Belge N.V. to
Adcuram. The transaction closed on 1 October 2010.
The selling process for the remaining businesses in Base Chemicals and Materials
is underway.
DSM remains committed to pursuing attractive growth opportunities to further
accelerate its evolution towards a Life Sciences and Materials Sciences company.
DSM will maintain its disciplined acquisition policy.
During the quarter, DSM announced the acquisition of Microbia, Inc. (Lexington,
Massachusetts, United States) from Ironwood Pharmaceuticals, Inc. Microbia is a
successful industrial biotechnology research and development specialist.
Microbia's sales are still limited. The acquisition will allow DSM to
incorporate Microbia's proprietary platform and world class research and
development capabilities and support DSM's ongoing development of the natural
carotenoids market.
DSM and Dutch biopharmaceutical company Crucell N.V. announced an expansion of
the activities in their existing joint venture, the PERCIVIA PER.C6(®)
Development Center (Cambridge, Massachusetts, United States), to transform the
company from a development center into a full biopharmaceutical company for the
development of PER.C6(®)-based biobetter proteins and monoclonal antibodies as
well as global licensing of the PER.C6(®) human cell line for production of
third party monoclonal antibodies and other proteins.
A large proportion of group revenues and earnings are now in high margin, high
quality businesses that have significantly lower cyclicality. Illustrative of
the quality of these businesses is that in Q3 2010 profits from these core
operations were 8% higher than in the same quarter of 2008, which at the time
was the second best quarter in the company's history.
Further progress in the third quarter
DSM once again realized very healthy sales growth in China in Q3 2010. Net sales
increased by 15% compared to Q3 2009 to USD 385 million. In the first nine
months of 2010 net sales in China increased by 44% to USD 1169 million. DSM
expects to achieve the USD 1.5 billion target for 2010. DSM's sales in China in
the first nine months of 2010 represent 13% of DSM's total net sales compared to
10% in the first nine months of 2009.
DSM expects to clearly surpass the ? 1 billion target for additional innovation
sales. Construction began on the fifth DSM premix plant in China, located in
Pixian County, Sichuan. This plant is anticipated to be operational in the third
quarter of 2011. DSM Composite Resins announced that it was going to boost its
innovation capabilities in China with the opening of a new Research &
Development Center at the DSM Campus facility in Shanghai. The new Shanghai
center is set to officially open in November 2010 and follows a previous
expansion of its existing technical services facility in Nanjing.
DSM Engineering Plastics and RESINEX entered into a distribution agreement, to
join forces in the market development and sales of DSM Engineering Plastics
resins in Romania, Bulgaria, Slovenia, Croatia, Serbia and Bosnia. The move is
designed to strengthen DSM Engineering Plastics' position in Eastern Europe.
A key element in DSM's strategy to focus on Life Sciences and Materials Sciences
is the potential that lies in the cross-fertilization between the two. This
provides DSM with a unique position to grow platforms in biomedical materials
and industrial (white) biotechnology.
DSM and DuPont announced an agreement to form a joint venture to develop,
manufacture and commercialize advanced surgical biomedical materials, pending
European Union regulatory approval. The joint venture will be named Actamax
Surgical Materials LLC. Under the joint venture agreement, DSM and DuPont will
each hold a 50 percent interest. DSM Biomedical also extended its partnership
with Spinelab Ltd., a privately held company specialized in developing a dynamic
stabilization system for the spine. Spinelab's Elaspine(TM) Implant System uses
Bionate(®) PCU, which is a proprietary DSM Biomedical polymer. During the
quarter, DSM announced and introduced many other innovations as well. More
information can be found in the innovation section at www.dsm.com.
DSM in motion: driving focused growth
As the timeframe of Vision 2010 will end, DSM announced its new strategy "DSM in
motion: driving focused growth" on 23 September 2010. This strategy marks the
shift from an era of intensive portfolio management to a strategy of maximizing
sustainable, profitable growth of the 'new' DSM. It is the company's ambition to
fully leverage the unique opportunities in Life Sciences and Materials Sciences.
The four growth drivers - High Growth Economies, Innovation, Sustainability and
Acquisitions & Partnerships - will result in growth across all businesses and
regions. To realize its growth ambitions, DSM is transforming its organization
and culture to become truly global and agile.
Outlook
DSM expects further end-market growth especially in high growth economies.
Medium term macro-economic uncertainties remain. Investing in future growth is a
core objective whilst a focus on cash generation and cost savings continues to
be important.
The growth in food and feed markets will continue in line with long-term trends
and prices are expected to remain stable at the current level. The full year
results for Nutrition are expected to be clearly above 2009.
For Pharma, full year results are expected to be slightly positive due to
ongoing challenges at DSM Pharmaceutical Products and relatively low prices at
DSM Anti-Infectives.
A further increase in demand is expected in the Performance Materials end-
markets. Strict margin management is being applied to pass on the higher raw
material costs. The 2010 cluster results are expected to be substantially better
than in 2009, though results in Q4 2010, which is traditionally a seasonally
weaker quarter, are expected to be lower than in Q3 2010, but clearly above Q4
2009.
Polymer Intermediates is expected to deliver an outstanding 2010 result. Healthy
demand and margins are expected to be continued in the last quarter of the year.
Results in Q4 2010 are expected to be higher than Q3 2010.
Operating profit in the non-core Base Chemicals and Materials cluster is
expected to be clearly positive in Q4 2010, despite a maintenance turnaround at
DSM Elastomers.
In relation to the announced strategy, additional project related expenses
(amongst others investing in internationalization and branding) will amount to ?
10 - ? 15 million in Q4 2010 which will be reflected in Other activities.
Trading activities of the individual clusters are expected to continue to be in
line with earlier expectations. Based on the continued positive business
environment, 2010 is expected to be a strong year for DSM and a good basis for
delivering on the new strategy "DSM in motion: driving focused growth"
Additional information
Today DSM will hold a conference call for the media from 08.00 AM - 08.45 AM CET
and a conference call for investors and analysts from 09.00 AM - 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 Q3 2010 results can be found in
the Presentation to Investors, which can be downloaded from the Investors
section.
Important dates
Annual Report 2010 Wednesday, 23 February
2011
Annual General Meeting of Shareholders Thursday, 28 April 2011
Report for the first quarter Wednesday, 27 April
2011
Report for the second quarter Tuesday, 2
August 2011
Report for the third quarter Tuesday, 1 November
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 performance, environmental quality and social
responsibility, 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
www.dsm.com
[HUG#1457855]
Financial Summary-pdf:
http://hugin.info/130663/R/1457855/397430.pdf
Press release-pdf:
http://hugin.info/130663/R/1457855/397428.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
Unternehmensinformation / Kurzprofil:
Datum: 02.11.2010 - 07:16 Uhr
Sprache: Deutsch
News-ID 48285
Anzahl Zeichen: 38880
contact information:
Town:
Heerlen
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 201 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DSM delivers continued strong earnings and cash performance in Q3"
steht unter der journalistisch-redaktionellen Verantwortung von
DSM N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
