DSM Figures: Five year summary
Financial 5-year summary
Balance sheet
x € million
20071
20061
20051
20041
2004
2003
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible assets
1,037
1,008
1,003
453
369
405
Property, plant and equipment
3,440
3,655
3,750
3,811
3,809
4,188
Deferred tax assets
346
496
533
492
-
-
Prepaid pension costs
1,169
918
478
166
-
-
Associates
20
26
43
78
491
371
Other financial assets
126
100
189
82
-
-
Non-current assets
6,138
6,203
5,996
5,082
4,669
4,964
 
 
 
 
 
 
 
Inventories
1,547
1,515
1,535
1,348
1,347
1,474
Receivables
1,687
1,739
1,597
1,556
1,669
1,746
Financial derivatives
83
79
36
244
-
-
Current investments
4
3
5
6
4
4
Cash and cash equivalents
369
552
902
1,261
1,247
1,212
 
3,690
3,888
4,075
4,415
4,267
4,436
Assets held for sale
-
-
43
-
-
-
Current assets
3,690
3,888
4,118
4,415
4,267
4,436
Total assets
9,828
10,091
10,114
9,497
8,936
9,400
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Royal DSM N.V. Shareholders' equity
5,310
5,784
5,501
4,668
4,812
4,918
Minority interests
73
71
67
22
22
43
Equity
5,383
5,855
5,568
4,690
4,834
4,961
 
 
 
 
 
 
 
Deferred tax liabilities
344
383
219
134
-
-
Employee-benefits liabilities
273
304
383
378
-
-
Provisions
170
188
166
284
874
901
Borrowings
1,560
907
1,381
1,497
1,045
1,505
Other non-current liabilities
35
44
53
60
-
-
Non-current liabilities
2,382
1,826
2,202
2,353
1,919
2,406
 
 
 
 
 
 
 
Employee-benefits liabilities
9
21
23
39
-
-
Provisions
91
127
220
219
-
-
Borrowings
192
607
329
527
543
382
Financial derivatives
42
41
65
59
-
-
Other current liabilities
1,729
1,614
1,699
1,610
1,640
1,651
 
2,063
2,410
2,336
2,454
2,183
2,033
Liabilities held for sale
-
-
8
-
-
-
Current liabilities
2,063
2,410
2,344
2,454
2,183
2,033
Total equity and liabilities
9,828
10,091
10,114
9,497
8,936
9,400
 
 
 
 
 
 
 
Capital employed
5,982
6,303
6,221
5,558
5,554
6,162
Capital expenditure:
 
 
 
 
 
 
- Intangible assets and property, plant and equipment
475
457
401
348
334
433
- Acquisitions
93
44
573
0
0
1,561
Disposals
52
165
222
28
28
17
Depreciation and amortization
424
451
567
613
632
516
Net debt2
1,338
921
832
339
337
671
 
 
 
 
 
 
 
Ratios2
 
 
 
 
 
 
- Net sales / average capital employed
1.43
1.34
1.34
1.34
1.32
1.21
- Current assets / current liabilities
1.78
1.61
1.76
1.80
1.95
2.18
- Equity / total assets
0.55
0.58
0.55
0.49
0.54
0.53
- Gearing (net debt / equity plus net debt)
0.20
0.14
0.13
0.07
0.07
0.12
1 After the change to IFRS as primary basis of accounting. The figures for previous periods were prepared in accordance with NL GAAP.
2 To enhance comparability the net debt and ratios for 2004 do not include the impact of the temporary reclassification of cumulative preference shares A.
Income statement
x € million
20071
20061
20051
20041
2004
2003
 
 
 
 
 
 
 
Net sales
8,757
8,380
8,195
7,832
7,752
6,050
 
 
 
 
 
 
 
Operating profit plus depreciation and amortization (EBITDA)
1,247
1,274
1,311
1,067
1,013
723
 
 
 
 
 
 
 
Operating profit (EBIT)
823
834
808
562
489
294
Net finance costs
(75)
(81)
(70)
(56)
(51)
(31)
Income tax expense
(183)
(198)
(180)
(103)
(98)
(49)
Share of the profit of associates
(2)
1
(2)
9
8
5
 
 
 
 
 
 
 
Net profit before exceptional items
563
556
556
412
348
219
Net profit from exceptional items
(129)
(4)
(36)
(142)
(97)
(94)
 
 
 
 
 
 
 
Profit for the year
434
552
520
270
251
125
Profit attributable to minority interests
(5)
(5)
7
23
11
14
 
 
 
 
 
 
 
Net profit attributable to equity holders of Royal DSM N.V.
429
547
527
293
262
139
Net profit attributable to holders of cumulative preference shares
(10)
(10)
(16)
(22)
(22)
(22)
 
 
 
 
 
 
 
Net profit used for calculating earnings per share
419
537
511
271
240
117
 
 
 
 
 
 
 
Workforce at 31 December
(x 1000)
23
22
22
24
24
26
 
 
 
 
 
 
 
Employee-benefits costs
(x € million)
1,389
1,332
1,385
1,411
1,487
1,215
 
 
 
 
 
 
 
Percentage ratios:
 
 
 
 
 
 
- EBIT / net sales
9.4
10.0
9.9
7.2
6.3
4.9
- CFROI
8.3
8.5
9.1
8.1
7.6
5.8
- Net profit / average Royal DSM N.V. shareholders' equity available to holders of ordinary shares
7.9
9.9
10.1
5.8
5.3
2.5
 
 
 
 
 
 
 
EBITDA / net finance costs
16.6
15.7
18.7
19.1
19.9
23.3
 
 
 
 
 
 
 
Dividend (x € million)
214
197
207
190
190
188
1 After the change to IFRS as primary basis of accounting, including discontinued operations. The figures for previous periods were prepared in accordance with NL GAAP.
Information about ordinary DSM shares1
Per ordinary share in €
20072
20062
20052
20042
2004
2003
 
 
 
 
 
 
 
Net profit before exceptional items
3.07
2.85
2.82
2.09
1.76
1.11
Net profit
2.35
2.83
2.68
1.41
1.25
0.62
Cash flow
5.56
5.21
5.65
4.52
3.99
2.88
Royal DSM N.V. Shareholders' equity
30.42
30.03
27.59
25.19
23.86
23.86
 
 
 
 
 
 
 
Dividend:
31.20
1.00
1.00
0.875
0.875
0.875
- Interim dividend
0.33
0.33
0.29
0.290
0.290
0.290
- Final dividend
0.87
0.67
0.71
0.585
0.585
0.585
 
 
 
 
 
 
 
Pay-out including dividend on cumulative preference shares as % of net profit before exceptional items
35%
38%
33%
45%
53%
81%
Dividend yield (based on average price of an ordinary DSM share)
3.3%
2.9%
3.4%
4.3%
4.3%
4.5%
 
 
 
 
 
 
 
Share prices on Euronext Amsterdam:
 
 
 
 
 
 
- Highest price
39.87
39.70
35.22
23.85
23.85
22.50
- Lowest price
31.63
28.58
23.07
17.88
17.88
15.65
- At 31 December
32.33
37.43
34.50
23.81
23.81
19.52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(x 1000)
 
 
 
 
 
 
Number of ordinary shares outstanding:
 
 
 
 
 
 
- At 31 December
166,897
184,850
190,923
191,957
191,957
191,537
- Average
178,541
189,550
190,783
191,617
191,617
189,430
 
 
 
 
 
 
 
Daily trading volumes on Euronext Amsterdam:
 
 
 
 
 
 
- Average
1,590
1,301
1,063
1,014
1,014
1,126
- Lowest
94
267
238
26
26
130
- Highest
11,347
5,268
6,563
6,494
6,494
6,540
1 On 5 September 2005 DSM effected a share split on a two-for-one basis (two shares for one old share) in order to increase the liquidity of the DSM share. The data regarding the number of shares and earnings per share in the overview have been presented as if the splitting of the ordinary DSM shares had taken place prior to all periods presented.
2 After the change to IFRS as primary basis of accounting. The figures for previous periods were prepared in accordance with NL GAAP
3 Subject to approval by the Annual General Meeting of Shareholders.