Why invest in DSM?

          Our investor proposition

          Reasons to invest in DSM

          Our Purpose-led, Performance-driven strategy is our commitment to the world. We know we can create financial opportunity and do good for the planet. We have a responsibility to demonstrate how we can create value for our stakeholders, improve people's lives today and for generations to come whilst making a difference to the environment we live in.

          Strategy 2018 successfully completed

          Outperformed Strategy 2018 key targets

          Purpose-led

          Being a purpose-led company means we place the same emphasis on delivering on our people and planet responsibilities and ambitions as we do on meeting our financial targets.?Sustainability is core to our purpose and key to driving our future growth. By delivering science-based solutions we aim to create brighter lives for people today and for generations to come.

          Delivered ambitious 2018 People & Planet targets

          ~8%

          GHG absolute reduction (vs. 2016)

          1.4%

          Energy efficiency improvement year-on-year

          41%

          Purchased renewable electricity

          76%

          Employee engagement favorable score

          19%

          Female
          executives

          60%

          Under-represented nationalities

          0.33

          Safety Frequency Recordable Index

          62%

          Brighter Living
          Solutions

          Performance-driven

          Delivered ambitious 2018 financial targets

          Strategy 2018 outpaced market growth and delivered double digit EBITDA growth per annum.

          Ambitions
          2015

          >2-3%

          Human Nutrition CAGR

          >2-3%

          Animal Nutrition CAGR

          >2-3%

          Materials CAGR

          EBITDA growth

          High Single Digit

          ROCE GROWTH

          High Double Digit bps

          Achieved
          2016/2018

          5%

          Human Nutrition CAGR

          7%

          Animal Nutrition CAGR

          5%

          Materials CAGR

          13%

          CAGR of underlying business

          190 bps

          Average Base Percentage Points

          Strategy 2021

          Purpose-led

          Sustainability ambitions 2021/2030

          We aim to continue strengthening our sustainability leadership with People and Planet targets we must achieve during the Strategy 2021 period and beyond.

          30%

          GHG absolute reduction (vs. 2016)?by 2030

          >1%/year

          Energy efficiency improvement till 2030

          75%

          Purchased renewable electricity by 2030

          >75%

          Employee engagement favorable score by 2021

          25%

          Female
          executives by 2020

          60%

          Under-represented nationalities by 2020

          <0.25

          Safety Frequency Recordable Index by 2021

          >65%

          Brighter Living
          Solutions by 2021

          Business growth
          enabler

          Develop and introduce new innovative sustainable solutions with focus on our Nutrition & Health, Climate & Energy and Resources & Circularity domains.

          Performance-driven

          High growth defined by global megatrends

          We use our key competences to address the UN Sustainable Development Goals. These provide growth opportunities in Nutrition & Health, Climate & Energy and Resources & Circularity?and expand beyond the ~2.5 billion people we currently reach.

          Ambitious new financial targets

          The current strategy has two key financial targets:

          1. Adjusted EBITDA
            High single-digit annual percentage annual?increase.
          2. Adjusted Net Operating Cash Flow
            ~10% average annual increase

          Underpinned by group targets:

          1. Sales
            Above-market growth (~5%) for Group, Nutrition and Materials
          2. Adjusted EDITDA margin
            Nutrition >20%,?Materials 18-20%
          3. Working capital
            Nutrition > 20%,?Materials 18-20%
          4. Capex
            ~6.5% of sales
          5. ROCE
            ~1% point increase per annum
          6. Adjusted EPS
            Increase ahead of Adjusted EBITDA growth

          A unique global business in nutritional solutions & specialty materials

          Nutrition

          Truly global leader in nutrition over full value chain

          Customer-led innovation driven by strong product portfolio & science

          Key macro trends enabling nutrition growth ambitions

          Business models basis for outperforming market in nutrition

          Outgrowing the complete feed equivalent market through premix, innovation & B2F, leveraging its unique business model

          Outgrowing the relevant market through local solutions, forward integration & i-Health expansion

          Materials

          Materials continues to focus on higher growth, higher margin segments

          Innovation

          Recent market
          introductions

          Eubotics / Gut Health
          (feed / food)

          i-Health
          (B2C nutrients)

          New market
          introductions 2019-20

          Veramaris?
          (Green Ocean)

          Stevia
          (fermentative)

          Market introductions
          2021-25

          Plant-Based Proteins
          (CanolaPRO?)

          Bio-Agri
          (fungicides/pesticides)

          New Biomedical Products
          (tissue repair/ophtalmology)

          Solar
          (coatings/backsheets)

          Enzymes/Yeast
          (1.5 - 2G ethanol)

          Actamax
          (biomed adhesion barrier)

          New Functional Materials
          (5G)

          Apparel
          (Dyneema? textile applications)

          ForTii?
          (High-Performance Polymer)

          Niaga?
          (Recyclable carpets, mattresses & more)

          Additive Manufacturing
          (3D Printing)

          Expected Sales/Adjusted EBITDA in 2021 and 2025 of large projects: ~€350m/€100m rising to ~€1bn/€0.4bn

          Total innovation sales (at higher margins) remain at 20% of sales

          Clear priority for cash deployment with shareholder-friendly dividend policy

          DSM maintains a highly disciplined financial approach to drive optimum value for stakeholders.

          1. Disciplined capex for organic growth

          2. Dividend policy

          3. Mergers &
          Acquisitions

          4. Share buy-backs

          Focus on nutrition



          ?

          Stable, preferably rising

          Expected average pay-out of 40/50% of adjusted (underlying) earnings

          Prudent and disciplined approach

          Focus on nutrition
          ?

          To be considered in the absence of value-creating M&A

          ?

          • Mid-term capital structure: 1.5-2.5x net debt/Adjusted EBITDA
          • Committed to maintaining a strong investment grade credit rating

          Read more

          • Factbooks

            An introduction for investors and analysts to DSM, our Nutrition, Materials and Innovation Center clusters and our businesses.

          • Financial results & presentations

            Instant overview of the financial results, presentations, updates & AGMs and all DSM's financial and regulatory press releases from the last decade.

          • Share center

            DSM's ordinary shares, share performance, share listings, share structure, cumulative preference shares and shareholder base.

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