Highlights
Q4 Group: net sales up 6% to €1,926m and EBITDA up 3% to €261m
Q4 Nutrition: 7% organic growth with strong volume growth in both Animal and Human Nutrition
Q4 EBITDA: Nutrition up 3%, Performance Materials up 13%
Strong Q4 operating cash flow of €313m supported by working capital reduction
2015: solid performance with Group net sales of €7,722m and EBITDA up 4% to €1,075m
Proposed dividend stable at €1.65 per ordinary share

Key figures and indicators (continuing operations)

in € million
Q4 2015 Q4 2014 % Change Volume Price/mix FX Other
Sales 1,926 1,811 6% 3% -2% 4% 1%

Nutrition 1,264 1,124 12% 7% 0% 3% 2%
Performance Materials 601 618 -3% -1% -7% 5%
EBITDA 261 254 3%

Nutrition 206 200 3%
Performance Materials 90 80 13%
ROCE (%) 1 7.6% 8.2%

1 Based on full year

CEO statement
Feike Sijbesma, CEO/Chairman of the DSM Managing Board, commented: "DSM's fourth quarter performance, slightly ahead of expectations, was encouraging. We are particularly pleased with our progress in Nutrition, where both Animal and Human Nutrition delivered strong organic growth. Performance Materials continued to benefit from improved margins. In addition, our focus on cash flow and working capital efficiency contributed to a strong operating cash flow of €313 million.

This good progress in Q4 completes a year in which we achieved solid results. We delivered strong organic growth in Nutrition despite lower vitamin E prices. Cost savings and good margin management helped drive higher margins in Performance Materials, which also benefited from lower input costs. Currencies, while being a mixed bag, had a favorable effect overall despite the strengthening of the Swiss franc.

We expect to make further progress with our growth initiatives in 2016 both in Nutrition and Performance Materials although the macro-economic context remains challenging. These will be underpinned by our group-wide cost and productivity improvement programs as well as our disciplined focus on capital allocation and working capital. We are on track with these initiatives which will help drive improved profitability and return on capital that we target with our Strategy 2018."

Outlook 2016
DSM aims to deliver increased full-year EBITDA and ROCE in line with the targets set out in its Strategy 2018: Driving Profitable Growth.

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