DSM reports Q1 2019 results

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Overig advies 07/05/2019 08:42
Highlights1,2,3
•DSM reports a good start to the year
•Results compared to Underlying business in Q1 2018: •Group sales up 3%, Adjusted EBITDA up 10% to €412m (up 14% to €424m including IFRS 16 impact of €12m)
•Nutrition: organic sales +3%, Adjusted EBITDA up 11% to €309m (up 14% to €316m including IFRS 16 impact of €7m)
•Materials: organic sales -5%, Adjusted EBITDA flat on €126m (up 1% to €127m including IFRS 16 impact of €1m)

•Adjusted Net Operating Free Cash Flow €60m
•Total Net profit €196m, up versus Q1 2018 of €331m when correcting for the temporary vitamin effect of €165m EBITDA following an exceptional supply disruption in the industry
•Full year outlook increased

Key figures and indicators
Q1 2019 Q1 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 2,292 2,215 220 2,435 1% 2% 3% -9% -6%
Nutrition 1,517 1,430 220 1,650 3% 3% 6% -14% -8%
Materials 717 738 738 -5% 2% -3% -3%
Adjusted EBITDA 424 373 165 538 14% -35% -21%
Nutrition 316 277 165 442 14% -43% -29%
Materials 127 126 126 1% 1%
Innovation 6 -1 -1
Corporate -25 -29 -29
EBITDA 416 361 165 526
Adjusted EBITDA margin 18.5% 16.8% 22.1%
.

1) Underlying (business) in 2018 is defined as the performance measures sales and Adjusted EBITDA, corrected for DSM’s best estimate of the temporary vitamin effect.
2) Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations.
3) IFRS 16 is only effective as per 1 January 2019, the 2018 figures have not been adjusted.

CEO statement

Feike Sijbesma, CEO/Chairman DSM Managing Board, commented: “I am pleased to report a good start to the year, with continued positive momentum, led by our Nutrition business, while Materials continues to demonstrate its resilience. Last year we benefitted from an exceptional growth and profit contribution in Nutrition following a supply disruption in the vitamin industry. When comparing our results excluding this special event, we realized strong, double digit Adjusted EBITDA growth in the first quarter against a very strong comparable period in the Underlying business.

With our business performance progressing in-line with our plans, we remain confident in our positive outlook for 2019. We are well positioned to deliver on our ambitious Strategy 2021 targets, which aim to deliver above market growth and strong financial performance, driven by our commitment to be a purpose led, performance driven science-based company in Nutrition, Health and Sustainable Living.”

Outlook 2019

DSM increases its full year outlook 2019 and now 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 Adjusted Net Operating Free Cash Flow in line with its Strategy 2021 targets. This outlook excludes the impact of IFRS16 (see page 18 of PDF).

Share Buy-Back program started

As per 1 April, DSM commenced its ordinary share repurchase program of an aggregate market value of €1 billion as announced on 14 February 2019, with the intention to reduce its issued capital. This program is in addition to the usual repurchase programs which DSM executes from time to time to cover commitments under share-based compensation plans and the stock dividend.

see & read more on
https://www.dsm.com/content/dam/dsm/cworld/en_US/documents/15-19-dsm-q1-2019-results.pdf

tijd 09.57
De AEX 565,95 +2,20 +0,39% DSM gevraagd op EUR 104,30 +5,50 vol. 464.000



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