DSM reports H1 2019 results

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Algemeen advies 01/08/2019 07:16
Highlights1,2,3
•DSM reports a good H1
•Results compared to Underlying business in H1 2018: •Group sales +3%, Adjusted EBITDA up 12% (including 3% from IFRS 16)
•Nutrition: organic sales +4%, Adjusted EBITDA up 13% (including 2% from IFRS 16)
•Materials: organic sales -6%, Adjusted EBITDA flat (including 1% from IFRS 16)

•Adjusted Net Operating Free Cash Flow €257m, up 14% versus H1 2018
•Total Net profit €401m, up versus H1 2018 of €633m when correcting for the temporary vitamin effect of €275m EBITDA following an exceptional supply disruption in the industry
•Interim dividend of €0.77 per ordinary share
•Full year outlook maintained

Key figures and indicators
H1 2019 H1 2018 % change
in € million
Underlying business1 Temp. vitamin effect Total Group Underlying Organic growth1 FX & ‘other’1 Underlying total growth1 Temp. vitamin effect
Total Group

Sales 4,568 4,429 365 4,794 1% 2% 3% -8% -5%
Nutrition 3,029 2,840 365 3,205 4% 3% 7% -12% -5%
Materials 1,427 1,492 1,492 -6% 2% -4% -4%
Adjusted EBITDA 862 771 275 1,046 12% -30% -18%
Nutrition 639 564 275 839 13% -37% -24%
Materials 262 261 261 0% 0%
Innovation 11 0 0
Corporate -50 -54 -54
EBITDA 823 754 275 1029
Adjusted EBITDA margin 18.9% 17.4% 21.8%
.

1 In 2018 DSM benefitted from a temporary vitamin effect (see page 6 of PDF). Underlying (business) is defined as the performance measure sales and Adjusted EBITDA, corrected for DSM’s best estimate of this temporary vitamin effect.
2 Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
3 DSM adopted IFRS 16 as per its effective date of 1 January 2019 and has not restated 2018 (see page 23 of PDF).

CEO statement
Feike Sijbesma, CEO/Chairman DSM Managing Board, commented: “I am pleased to report a good performance for the first half year, achieved against a challenging macro-economic environment. The Nutrition business saw continued good business conditions and delivered a strong performance, demonstrating the quality of its innovative portfolio of value-added solutions. Materials experienced ongoing soft market conditions in some of its end-markets, especially in China. Through a continued strong performance in the Dyneema and Functional Materials businesses, combined with good margin management, our Materials business demonstrated resilience with stable earnings.

DSM continues to be well positioned to deliver on our ambitious Strategy 2021 targets, driven by our commitment to be a purpose led, performance driven science-based company in Nutrition, Health and Sustainable Living. We reiterate our outlook for the full year.”

Q2 Highlights1,2,3
•DSM reports another good quarter
•Results compared to Underlying business in Q2 2018:•Group sales +3%, Adjusted EBITDA up 10% (including 3% impact from IFRS 16)
•Nutrition: organic sales +4%, Adjusted EBITDA up 13% (including 3% impact from IFRS 16)
•Materials: organic sales -7%, Adjusted EBITDA flat (including 1% impact from IFRS 16)

Key figures and indicators.
Q2 2019 Q2 2018 % change
in € million
Underlying business 1) Temp. vitamin effect Total Group Underlying Organic growth1 FX & ‘other’1 Underlying total growth1 Temp. vitamin effect
Total Group

Sales 2,276 2,214 145 2,359 1% 2% 3% -7% -4%
Nutrition 1,512 1,410 145 1,555 4% 3% 7% -10% -3%
Materials 710 754 754 -7% 1% -6% -6%
Adjusted EBITDA 438 398 110 508 10% -24% -14%
Nutrition 323 287 110 397 13% -32% -19%
Materials 135 135 135 0% 0%
Innovation 5 1 1
Corporate -25 -25 -25
EBITDA 407 393 110 503
Adjusted EBITDA margin 19.2% 18.0% 21.5%


1 In 2018 DSM benefitted from a temporary vitamin effect (see page 6 of PDF). Underlying (business) is defined as the performance measure sales and Adjusted EBITDA, corrected for DSM’s best estimate of this temporary vitamin effect.
2 Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
3 DSM adopted IFRS 16 as per its effective date of 1 January 2019 and has not restated 2018 (see page 23 of PDF).

Outlook 2019

DSM maintains its full year outlook as provided at Q1 2019: DSM expects to deliver a full year 2019 high single digit increase in Adjusted EBITDA compared to prior year Underlying Adjusted EBITDA (pre-temporary vitamin effect), together with an improvement in Underlying Adjusted Net Operating Free Cash Flow in line with its Strategy 2021 targets. This outlook excludes the impact of IFRS 16 (see page 23).

Share Buy-Back program

On 1 April 2019, DSM commenced its ordinary share repurchase program of an aggregate market value of €1 billion, with the intention to reduce its issued capital, as first announced on 14 February 2019. This program is in addition to the regular repurchase programs to cover commitments under share-based compensation plans and the stock dividend. As per 30 June DSM has repurchased 2.6 million shares for a total consideration of €265 million; 2 million shares relate to the regular repurchase programs and 0.6 million shares relate to the €1 billion share buy-back program.

Key figures and indicators (comparison with H1 2018 excluding temporary vitamin effect).
in € million
YTD H1 2019 YTD H1 2018 % change Volume Price/mix FX

Other

Sales 4,568 4,429 3% 1% 0% 2% 0%
Nutrition 3,029 2,840 7% 4% 0% 2% 1%
Materials 1,427 1,492 -4% -5% -1% 2% 0%
Innovation Center 90 75
Corporate Activities 22 22

in € million
Q2 2019 Q2 2018 % change Volume Price/mix FX

Other

Sales 2,276 2,214 3% 1% 0% 2% 0%
Nutrition 1,512 1,410 7% 3% 1% 2% 1%
Materials 710 754 -6% -5% -2% 1% 0%
Innovation Center 43 39
Corporate Activities 11 11
.

H1 2019 including IFRS 16 impact
in €million
H1 2019 H1 2018 % change Q2 2019 Q2 2018 % change

Sales 4,568 4,429 3% 2,276 2,214 3%
Adjusted EBITDA 862 771 12% 438 398 10%
Nutrition 639 564 13% 323 287 13%
Materials 262 261 0% 135 135 0%
Innovation Center 11 0 5 1
Corporate Activities -50 -54 -25 -25
Adjusted EBITDA margin 18.9% 17.4% 19.2% 18.0%
ROCE % 13.1% 13.8%
.

H1 2019 excluding IFRS 16 impact
in € million

H1 2019 H1 2018 % change Q2 2019 Q2 2018 % change

Adjusted EBITDA 837 771 9% 425 398 7%
Nutrition 625 564 11% 316 287 10%
Materials 259 261 -1% 133 135 -1%
Innovation Center 10 0 5 1
Corporate Activities -57 -54 -29 -25
Adjusted EBITDA margin 18.3% 17.4% 18.7% 18.0%
ROCE % 13.4% 13.8%

In this report:
' Organic sales growth’ is the total impact of volume and price/mix;
Total Working Capital’ refers to the total of ‘Operating Working Capital’ and ‘non-Operating Working Capital’;
‘Adjusted Net Operating Free Cash Flow’ is the cash flow from operating activities, corrected for the cash flow of the APM adjustments, minus the cash flow of capital expenditures and drawing rights.

Key figures and indicators (comparison with H1 2018 including temporary vitamin effect)

see & read more on
https://www.dsm.com/corporate/media/informationcenter-news/2019/08/32-19-dsm-h1-2019-results.html



Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord


Copyrights © 2000 by XEA.nl all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.


Copyrights © DEBELEGGERSADVISEUR.NL