Presentation to Investors Q1 2014 Result s, 6 May 2014 Page S afe - - PowerPoint PPT Presentation

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Life S ciences and Materials S ciences

Presentation to Investors

Q1 2014 Result s, 6 May 2014

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S afe harbor statement

This present at ion may cont ain forward-looking st at ement s wit h respect t o DSM’ s fut ure (financial) performance and posit ion. S uch st at ement s are based on current expect ations, estimates and proj ections of DS M and informat ion current ly available t o t he company. DS M caut ions readers t hat such st at ements involve cert ain risks and uncert aint ies t hat are difficult t o predict and t herefore it should be underst ood t hat many factors can cause act ual performance and position to differ materially from t hese st at ement s. DS M has no obligat ion t o updat e t he st at ement s cont ained in t his present at ion, unless required by law. A more comprehensive discussion of the risk factors affect ing DS M’ s business can be found in t he company’ s lat est Annual Report , which can be found on t he company's corporate websit e, www.dsm.com

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Overview

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• Q1-2014 Operat ional performance
• Updat e on Nut rit ion
• Business condit ions and out look
• Our st rategy

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Highlights

DS M reports Q1 2014 result s

• In Q1 2014 DS

M delivered €272 million EBITDA from continuing operat ions, in line wit h expect at ions

• Q1 2014 EBITDA from continuing operat ions was €29 million below Q1 2013, of which

about €23 million was due t o adverse exchange rate developments

• The impact of t he headwinds in Nut rit ion appear t o have peaked in Q1
• In Performance Mat erials all business groups delivered good volume growt h
• DS

M maint ains 2014 out look, ant icipat ing EBITDA improvement s over t he coming quarters

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“ DS M delivered result s in line wit h expect at ions, despit e furt her currency det eriorat ion during t he quart er. We are pleased t o report t hat market condit ions in Nut rit ion began t o show some signs of improvement by t he end of t he quart er. Our performance in Q1 demonst rat es DSM’ s st rengt h in Nut rit ion, owing t o our highly int egrat ed and global business model, benefit ing from t he st ruct ural megat rends of healt h and wellness. We also see a more posit ive moment um in a number of Performance Mat erials end- market s.” “ Through maint aining our focus on t he operat ional performance of t he business, benefit ing from t he Profit Improvement Program, we cont inue t o execut e our near t erm init iat ives of prot ect ing profit abilit y and improving cash flow. Therefore, we confirm our

• ut look given in January 2014, and ant icipat e t o deliver improving

f inancial result s in t he coming quart ers.”

Quote from Feike S ij besma

Feike S ijbesma CEO / Chairman of t he Managing Board

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Results Q1-2014 Key figures

(€ million) Q1-2014 Q1-2013

%

Cont inuing operations before except ional it ems: Net S ales EBITDA EPS (€) Core EPS (€)* 2,196 2,188 0% 272 301

• 10%

0.57 0.71

• 20%

0.66 0.78

• 15%

Total DS M before exceptional items: Net S ales EBITDA 2,298 2,320

• 1%

270 308

• 12%

Total DS M after exceptional items: Net profit EPS (€) 81 119

• 32%

0.45 0.69

• 34%

5

• ‘ Core earnings per share’ is the earnings per share from continuing operations before exceptional items and

before acquisition relat ed (intangible) asset amortization

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Net sales growth Q1-2014 versus Q1-2013

(€ million) Q1-2014 Q1-2013 Diff. Volume Price/ Mix FX Ot her Nutrition 1,047 990 6% 4%

• 2%
• 3%

7% Performance Materials 670 669 0% 4%

• 2%
• 2%

0% Polymer Intermediates 405 437

• 7%

2%

• 8%
• 1%

Innovat ion Cent er 34 37

• 8%
• 5%

0%

• 3%

Corporat e Act ivit ies 40 55 Continuing Operations 2,196 2,188 0% 3%

• 3%
• 3%

3%

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EBITDA –development

EBITDA (€ million) Q1-2014 Q1-2013

%

Nutrition 203 215

• 6%

Performance Materials 77 79

• 3%

Polymer Int ermediat es 20 28

• 29%

Innovat ion Center

• 6
• 2

Corporat e Act ivit ies

• 22
• 19

Cont inuing Operations* 272 301

• 10%

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• Continuing operations (excluding discontinued act ivities)

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Nutrition

• S

ales in the first quarter increased by 6% compared to Q1 2013. Organic sales growt h was 2% compared t o Q1 2013, as a result of 4% higher volumes and 2% lower prices. Currencies had a negative impact of 3% , while acquisit ions (mainly Tortuga) had a posit ive impact of 7%

• EBITDA for Q1 was €203 million, down 6%

from Q1 2013. The posit ive impact of the organic growth and t he cont ribut ion from acquisit ions was offset by negative foreign exchange development s, lower prices in some vitamins and a less favorable business mix, resulting in an EBITDA margin slight ly below DSM’s t arget range of 20-23%

• DSM Food S

pecialties delivered a solid performance in Q1 with good organic growth in enzymes and cult ures. The int egrat ion of Cargill and DSM’s cult ures businesses was concluded according t o plan. The combined businesses are generat ing value for DSM’s cust omers, result ing in significant growt h

• pport unities

(€ million) Q1-2014 Q1-2013

%

Net sales 1,047 990 6% Organic growt h 2% EBITDA 203 215

• 6%

EBITDA margin 19.4% 21.7% EBIT 143 163

• 12%

Capital employed 4,672 4,496*

* year-end 2013

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Human Nutrition & Health*

(€ million) Q1-2014 Q1-2013

%

Net sales 423 442

• 4%

Organic growt h

• 1%
• Human Nut rit ion & Healt h net sales were €423 million in Q1. Organic sales declined by 1%

compared to Q1 2013, with volumes flat and prices/ mix down slight ly. As expected, the US dietary supplement s markets (vit amins and fish oil based Omega 3) were down significantly, while dietary supplements in Europe and Asia performed well. Good growth was also realized in i-Health and in premixes. West ern food & beverage markets in general remained soft

• Compared to Q4 2013, prices were down 3%

mainly due to a less favorable product mix, while volumes were up almost 14% , due to seasonal effects and some restocking

* Human Nut rit ion & Healt h act ivit ies of DS M Nut rit ional Product s 9

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Animal Nutrition & Health*

• Animal Nutrit ion and Healt h net sales were €466 million in Q1. Organic sales growt h in Q1 was 7%

wit h volumes up 10% compared to the weak Q1 2013 when t he animal feed markets were st ill being impacted by the high commodity prices resulting from the 2012 drought. Improving market condit ions in animal feed drove volume growth, albeit tempered by ongoing animal diseases in cert ain regions, with strong performance in premix. Volumes for our key vitamins, especially vit amin E, remained flat. Prices were down 3% from Q1 2013 due to lower vitamin prices, especially vit amin E

• Compared to Q4 2013, volumes were down 6%

mainly attributable to seasonalit y. Overall, prices were slight ly lower (-1% ), with vit amin E prices st abilizing in Q1. Higher vit amin spot prices in March had no significant impact on Q1 pricing, as DS M primarily supplies on a cont ract basis

• In Q1 2014, Tort uga delivered sales of €64 million and an EBITDA of €10 million

10

(€ million) Q1-2014 Q1-2013

%

Net sales 466 396 18% Organic growt h 7%

* Animal Nut rit ion & Healt h act ivit ies of DSM Nut rit ional Product s

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Performance Materials

• Organic sales growth in Q1 2014 was 2%

compared to Q1 2013 wit h 4% volume growth and 2% lower

• prices. Adverse currency effect s amounted to 2%

. DS M Engineering Plastics showed good volume growt h, despite t he negat ive impact of t he severe wint er in t he US on P A 6 product ion. Prices were slight ly higher. DS M Resins & Functional Materials saw good volume growth, while prices were down due to price/ mix effect s. In DSM Dyneema, sales were support ed predominant ly by higher volumes

• EBITDA in Performance Materials for the quarter was 10%

above the underlying result of Q1 2013, as t hat quarter benefited from a €9 million book profit related to t he sale of distribution act ivities in DSM Resins & Functional Mat erials. In DS M Engineering Plast ics, EBITDA was up substantially from the previous year as a result of good volume growt h, slightly higher prices and the impact of cost reductions, which were partly offset by negative exchange rates. Underlying EBITDA at DSM Resins & Functional Materials was up, driven by good volume growth and continued cost control. DS M Dyneema delivered a substantially higher EBITDA t han Q1 2013, owing t o higher volumes and an improved cost base

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(€ million) Q1-2014 Q1-2013

%

Net sales 670 669 0% Organic growt h 2% EBITDA 77 79

• 3%

EBITDA margin 11.5% 11.8% EBIT 44 46

• 4%

Capital employed 1,967 1,902*

* year-end 2013

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Polymer Intermediates

• Organic sales development was -6%

compared to the same quarter of 2013, with 2% higher volumes and 8% lower prices. Sales were negat ively impact ed by currency effect s of 1% . Volumes were up due t o increased caprolact am production from t he new 2nd line in China. This increase was largely offset by severe wint er related outages of caprolactam product ion in the US

• EBITDA for t he quart er declined compared t o Q1 2013, driven by lower caprolact am margins due

t o t he ongoing challenging business environment wit h lower prices and high benzene cost s. In addit ion, disrupt ions of caprolact am production result ed in higher cost s

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(€ million) Q1-2014 Q1-2013

%

Net sales 405 437

• 7%

Organic growt h

• 6%

EBITDA 20 28

• 29%

EBITDA margin 4.9% 6.4% EBIT 7 20

• 65%

Capital employed 662 570*

* year-end 2013

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Innovation Center

• S

ales in Q1 2014 were lower t han Q1 2013 due to DSM Biomedical. Underlying growth in DS M Biomedical is well on t rack.

• EBITDA declined as a combinat ion of lower sales, a negat ive currency impact in Biomedical and

increased costs resulting from intensified innovation programs.

• The cellulosic bioet hanol plant t hat DSM is building t oget her wit h POET is nearing complet ion and

is scheduled t o start up by t he end of Q2 2014. DSM’s advanced cellulosic yeast product was named t he ‘ Breakt hrough Technology of t he Y ear’ by Green Power Conferences

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(€ million) Q1-2014 Q1-2013

%

Net sales 34 37

• 8%

EBITDA

• 6
• 2

EBIT

• 14
• 11

Capital employed 468 469*

* year-end 2013

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Corporate Activities

• EBITDA in Q1 2014 was in line wit h DSM’s expect ations as well as with Q1 2013

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(€ million) Q1-2014 Q1-2013 Net sales 40 55 EBITDA

• 22
• 19

EBIT

• 34
• 30

Discontinued Activities

• Discont inued activit ies in Q1 2014 reflect s t he cont ribut ion of DSM Pharmaceutical Product s unt il

t he closing of t he t ransact ion wit h JLL Partners. EBITDA declined due t o seasonal fact ors and closing of t he t ransaction before the end of t he quarter

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Pharma activities and other associates

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• DS

M stopped proport ional consolidation of j oint ventures in line with IFRS , with all 2013 numbers rest ated accordingly. The net result of these ventures is included in S hare of profit of associates / j oint vent ures

• The announced vent ure combining Patheon and DSM Pharmaceutical Product s st art ed at 11 March

2014, resulting in a new privately held company, named DPx. The tot al book loss amount ed to €130

• million. Furt her det ails are provided in t he not es t o t he financial statement s in t his report . The

new company started well, experiencing very healt hy cust omer demand in Q1 2014

• Total Q1 2014 sales of j oint ventures amounted to €105 million (100%

base) of which €98 million coming from DS M S inochem Pharmaceuticals (Q1 2013: €94 million) which realized good organic sales growt h, mainly driven by prices

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Cash flow

Cash Flow (€ million) Q1-2014 Q1-2014 Cash from operating act ivit ies

• 37
• 49

Cash from invest ing act ivit ies*

• 75
• 94

Free cash flow from

• perations
• 112
• 143

Balance sheet (€ million) Q1-2014 YE 2013 Net debt 2,161 1,841 Gearing 26% 23% OWC development Q1-2012 – Q1-2014

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* Excl. changes in fixed-term deposits

0% 10% 20% 30% 1,000 2,000 3,000 Q1'12 Q3'12 Q1'13 Q3'13 Q1'14 OWC (€m) % OWC/Sales (right axis)

• Cash provided by operating activit ies in Q1-2014 was -€37 million (Q1-2013: -€49 million)
• Operat ing working capital increased from €1,843 million at year-end of 2013 to €2,074 million at

t he end of Q1-2014 due t o higher inventories and receivables (expressed as a percentage of annualized sales t his represent s 23.6% , in line with Q1-2013)

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Dividend to increase for the 4th consecutive year

€ 0.50 € 0.75 € 1.00 € 1.25 € 1.50 € 1.75 '04 '05 '06 '07 '08 '09 '10 '11 12 13

Dividend per ordinary share (€)

• Dividend policy “ stable and preferably rising”
• Proposal to AGM (May 2014) to increase the

dividend by 10% from €1.50 to €1.65 per ordinary share – € 0.50 interim dividend (paid in August 2013) – € 1.15 final dividend (payable in June 2014)

• Payable in cash or ordinary shares at the option of

t he shareholder

• Dividend in cash will be paid after deduct ion of

15% Dut ch dividend wit hholding t ax

• The ex-dividend date is 9 May 2014

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Overview

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• Q1-2014 Operat ional performance
• Updat e on Nut rit ion
• Business condit ions and out look
• Our st rategy

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Vitamin E

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• Animal feed volumes have been weak in the period H2

2012 - H1 2013, put ting pressure on the supply chain for nut rit ional ingredient s, such as vit amins (not ably vitamin E where the threat of a new entrant in China added to competitive pressures in H2 2013)

• Currently, trading of vitamin E is firming and prices have

started to recover as: – meat production has normalized – t he pot ent ial new Chinese entrant will most likely not be in the market for some time – Force Maj eure at a maj or Vitamin E producer in March 2014 led t o sharp increases in spot prices (see graph from www.feedinfo.com)

• As DS

M has most of its business in contract s, with lead times of 3-6 months, impact on Q2 results is expected to be limit ed. Cont ract prices are expected t o improve gradually over Q2-Q3

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Infant Nutrition Dietary S upplements

US Dietary S upplements

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• US diet ary supplement s markets weakened towards

end of 2013, with invent ory adj ustment s in the retail supply chain at end of 4th quarter, as reaction to negat ive publicat ions doubt ing certain posit ive effect s of dietary supplement s

• Severe wint er condit ions in t he US put addit ional

st ress on t hese dietary supplement sales

• Diet ary supplement market s outside the US have not

been impacted and continue to show good growth

• Diet ary supplement producers and retailers st art ed

promotion campaigns in Q1 to address consumer sentiment

• Aft er continued drop of sales in January and

February on a year-on-year basis, bot h March and April y-o-y showed a stabilization of ret ail sales, which could indicat e t hat t he market has bott omed-

• ut
• We expect a gradual recovery of this market over

t he coming quart ers

* S

• urce: IRI (April 2014)

2013 S ales in Human Nutrition & Health

Food & Beverages

US retail volumes*

Ingredient

Q1’ 14 vs Q1’ 13 March’ 14 vs March’ 13

Vitamin A

• 6%
• 17%

Vitamin C

• 8%
• 1%

Vitamin D +4% +7% Vitamin E +5% +1% Multivit amins

• 4%

0% Omega-3

• 14%
• 10%

US ROW

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• 2.0%
• 1.0%

0.0% 1.0% 2.0% US $ 200 US $ 300 US $ 400 US $ 500 US $ 600 Growth

US $ Millions

TTM S ales TTM Growth Rate

Fish-oil based Omega-3

• Increased fish-oil cost s in 2013 were passed t hrough,

leading t o sharp increases in ret ail prices. This, combined wit h t he prevalence of mult iple negat ive media events, led to a volume decline of 10% in 2013

• Q1 Omega-3 sales have not improved versus Q4 2013
• Fish-oil cost have not come down subst ant ially
• Promotion actions and industry wide campaigns,

highlight ing t he vast scient ific proof of posit ive healt h benefit s, are being t arget ed t o re-launch t he cat egory in H2 2014

Average Omega-3 Crude Fish-oil Price (FOB US $/ MT)*

*Source: IFFO

US Fish-oil based Omega-3 related sales in Human Nutrition & Health Trailing 12 Month (TTM) FDM Channel Sales of Omega-3 Supplements* *

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** S

• urce: AC Nielsen

$500 $1,500 $2,500 $3,500

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Western Food & Beverages markets

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• West ern Food & Beverages markets showed – in general- sluggish

growth:

– General Mills: “ This year's severe wint er weat her dampened sales performance across t he food indust ry, and result s for our U.S . Ret ail and Convenience S t ores and Foodservice segment s reflect t hat disrupt ion” – Nest lé: “ In Nort h America t he market remained subdued and t he severe weat her condit ions had an impact across t he cat egories. In Europe, S pain and Port ugal showed encouraging early signs of a recovery, while France, Germany and t he UK had a slower st art t o t he year” – Kraf t : “ We expect ed t o see some of t he same headwinds t hat impact ed t he Nort h American food and beverage market in 2013 cont inue as we ent ered 2014, and what we saw in quart er one was indeed consist ent wit h our expect at ions” – The Coca-Cola Company report ed worldwide volume growt h of 2% for t he first quart er. Volume in t heir developed market s was down 1%

• DSM’ s global and regional ‘ A-label’ customers are addressing

t hese condit ions by launching new products, promot ional campaigns and by speeding-up innovations

• A-label growth is expected to pick-up gradually again outgrowing

the general market growt h in F&B markets

• Emerging economies will also drive good growth rates for F&B,

tapping int o the increased need for good and save quality processed food & beverages

2013 S ales in Human Nutrition & Health

Food & Beverages Infant Nutrition Dietary S upplements

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Post integration streamlining in Nutrition

• Recent years were marked by int ense integrat ion of acquisit ions of Mart ek, ONC, Fort itech,

Unit ech and Tort uga

• DSM cont inues t o implement further post -int egrat ion improvement s in support of it s unique

business model, – Adapt ing HQ’ s in Kaiseraugst towards a cost-effective, more responsive global leadership & support center to the regions – S treamlining North American operations – Simplifying biot ech & chemical process development set -up: closing of biot ech unit in Kaiseraugst

• St ruct ural organizat ional changes and post int egrat ion st reamlining in Nut rit ion are expect ed t o

result in: – A posit ive impact of €50m per annum by 2015 which will be part ially reinvest ed int o ext ernal (open) innovation and local, front -line support – Affect ing some 210 FTE – Related one-off costs of €28 million were recognized in Q1 2014

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Overview

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• Q1-2014 Operat ional performance
• Updat e on Nut rit ion
• Business condit ions and out look
• Our st rategy

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10 20 30

Q1 Q2 Q3 Q4

Actual Translation Transaction Absence '12/'13 hedge

forecast forecast forecast actual

Negative currency effects in 2014

25

At const ant January ’ 14 exchange rates, DSM’ s EBITDA in 2014 was est imated t o be negatively impacted by about €70 million, due to: 1. Less favorable hedge result s from t he 2013/ 2014 hedges versus the more favorable 2012/ 2013 hedges 2. Negative transaction impact from 2014 vs 2013 for t he non-hedged transactions exposure: – DSM has hedged for 2014, 50%

• f the net

t ransact ion exposure of Euro/ US $, US$/ CHF, CHF/ JPY, GPB/ CHF 3. Negative t ranslation impact which increased due t o t he €2.8bn acquisit ions in recent years mainly outside Europe Actual FX impact and initial forecast s based on January’ 14 currencies (€m)

Q1 FX impact slightly higher than estimated at constant Jan’ 14 currencies

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Business Conditions

Animal Nut rit ion Human Nut rit ion

• Continued positive momentum in global animal

prot ein market s

• Limit ed impact from Avian flu in China & Mexico
• Aquaculture in S
• ut h East Asia still not fully

recovered from shrimp disease

• Too early to tell impact swine disease in US

& Mexico

• Vitamin E spot prices are significantly up, cont ract

prices expected to improve gradually over Q2-Q3

• Ongoing good growt h in premix for Infant Nut rition

and Food & Beverages

• Western Food & Beverages markets in general

remain soft

• Food S

pecialties markets remain strong

• Diet ary supplement markets in US

for vitamins have st abilized by t he end of Q1

• Fish-oil based Omega-3 diet ary supplements in the

US have not shown improvement yet

• More positive momentum experienced in the

European end-markets

• Composite Resins sees first volume pickup aft er

many years of continued declines in t he European B&C markets, but prices are still low

• Polyamide-6 value chain remains under pressure

due to high benzene prices, which will cont inue to impact Engineering Plast ics result s to minor extend

• High benzene prices cont inue to cause significant

margin pressure, as overcapacit ies prevent adequate caprolactam price increases

• S

cheduled maintenance stop of caprolact am plants in the Net herlands in Q2 (2-3 weeks)

• License incomes will be at lower level vs 2013
• Cont inued strong market positions for acrylonit rile

Performance Mat erials Polymer Int ermediat es

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2014 Outlook unchanged

Page 27

• For 2014 DS

M takes a prudent approach, assuming the unfavorable January 2014 foreign exchange rat es are maintained for the year. Furthermore, DSM assumes a cont inued challenging macro-economic environment, with low growth in Europe, modest growth in the US , and a slowdown in the high growth economies

• Based on the above, DS

M targets for 2014 to improve its business performance to at least offset t he negat ive currency impact of €70 million at January 2014 exchange rat es

• Comparable EBITDA in 2013 from cont inuing operations after new account ing rules for j oint

ventures amounted to €1,261 million

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Overview

28

• Q1-2014 Operat ional performance
• Updat e on Nut rit ion
• Business condit ions and out look
• Our st rategy

Driving growth by embracing global megatrends

Populat ion growt h Wealt h Resources constraints Sust ainabilit y Urbanization Healthcare cost s Energy securit y Food securit y Aging populat ion

Materials Materials Nut rit ion Nut rit ion Health Health

Page 29

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DS M in motion: driving focused growt h

Page 30

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Forms Forms Actives Actives Premix Premix

Nutrition: continued value growth

Page 31

Forms Active Ingredient s Solut ions Access & insight s

GLOBAL PRODUCER LOCAL S OLUTION PROVIDER

Broad, global Portfolio of Actives: – high quality, cost- compet itive – to maintain leading market position Maximum Differentiation through indust ry & segment specific Formulations

• ffering stabilit y, shelf

life, heat resist ance, solubility, bio-availabilit y, physical properties Premixes: from channel- to- market to cust omer- driven solutions. Further downst ream integrat ion t o segment- specific finished product solutions Proprietary access t o local cust omers (B2B) and end-consumers (including B2F)) Translat ing customer insight into unique nutritional solution

• ffers

+

FROM TO

Unique business model: global producer & local solution provider

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Performance Materials: upgrade portfolio

Via different iat ed st rat egy:

• Accelerate:

Accelerate growth in highly innovative markets to fully benefit from megatrends

• St rengt hen:

Combine sustainable innovation sales growth with margin

• ptimization programs
• Rest ructure:

Composite Resins

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Pharma activities

Page 33

Part nership established in Pharmaceut ical Products: DPx Holdings

• Combining DPP and Patheon is anot her successful st ep in DSM’ s

strategy execut ion as well as an excellent value creat ion

• pport unit y
• independent stand alone company, of which DSM owns 49%
• ant icipated 2014 sales of about US

$ 2bn (full year pro-forma)

• unmat ched combined offering compared t o indust ry peers
• DSM and JLL will maximize the value of DPx

Part nership in ant i-infect ives: DSM S inochem Pharmaceut icals

• St rat egy of DSM Sinochem Pharmaceut icals is
• strengt hening t he core, anti-infect ive API businesses
• upgrading t he port folio at t ract iveness
• stepping int o formulat ions and finished dosages

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2015 targets

Profit target s 2015

• EBITDA margin (%

) 14%

• 15%
• ROCE

11%

• 12%

S ales target 2015

• Organic sales growt h

5%

• 7%

annually

• China sales

towards US $ 3bn

• High Growth Economies sales

about 45%

• f t otal sales
• Innovat ion sales

20%

• f t otal sales
• ECO+ sales

towards 50%

• f tot al sales

Cluster target s 2015

• Nut rit ion

EBITDA margin 20%

• 23%

S ales growt h GDP+2%

• Performance Mat erials

EBITDA margin 13%

• 15%

S ales growth at double GDP

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Annex: new Factbook available

Page 35

htt p:/ / www.dsm.com/ cont ent/ dam/ dsm/ cworld/ en_US/ documents/ factbook-2014.pdf

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Annex: DS M’ s IR App @ your service

Download the mobile app at Apple’s App store and Google Play

Page 36

DS M Investor Relations released its Investor Relations App for iPhone, iPad and Android mobile

• devices. The App is available for free at Apple’s App S

tore for the iPhone and iPad and at Google Play for Android mobile devices.

iPad / Tablet iPhone / Mobile Download here >