In calculating financial profitability ratios use is made of the average of the opening and closing values of balance sheet items in the year under review.

The financial indicators per ordinary share are calculated on the basis of the average number of ordinary shares outstanding (average daily number). In calculating Royal DSM N.V. shareholders’ equity per ordinary share, however, the number of shares outstanding at year-end is used.

In calculating the figures per ordinary share and the ‘net profit as a percentage of average Royal DSM N.V. shareholders’ equity available to holders of ordinary shares’, the amounts available to the holders of cumulative preference shares are deducted from the profits and from Royal DSM N.V. shareholders’ equity.

The total of the carrying amount of intangible assets and property, plant and equipment, inventories, trade receivables and other receivables, less trade payables and other current liabilities.

This includes all investments in intangible assets and property, plant and equipment as well as the acquisition of subsidiaries, associates and securities.

Cash flow is net profit plus depreciation and amortization.

Cash Flow Return On Investment is the sustainable cash flow (recurring EBITDA minus related annual tax and minus 1% depreciation on weighted average historic asset base) divided by weighted average asset base plus average working capital.

This includes the disposal of intangible assets and property, plant and equipment as well as the disposal of participating interests and other securities.

EBITDA is the sum total of operating profit plus depreciation and amortization.

Net profit attributable to equity holders of Royal DSM N.V. minus dividend on cumulative preference shares, divided by the average number of ordinary shares outstanding.

The total of inventories and trade receivables, less trade payables.

Total shareholder return is capital gain plus dividend paid.