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DSM: Capital Markets Update

DSM: Capital Markets Update

27.9.2012 9:17

During the 2-day conference DSM organises in Basel, Switzerland, they will update the investment community on progress made with its strategic plans announced in 2010: DSM in motion: driving focused growth. This growth strategy marks the shift to an expanded portfolio of higher value businesses and a more attractive geographic spread, to create value by providing solutions for compelling long-term megatrends.
The following will be discussed today:

- The Nutrition portfolio reached approximately € 4.4bn in annual net sales and approximately 67% of total EBITDA in 1H12 on a pro-forma basis when including the acquisitions of Ocean Nutrition Canada and Tortuga.

- Significant progress in new growth platforms: the cellulosic biofuels joint venture with POET in Bio-based Products & Services and the acquisition of Kensey Nash in Biomedical.

- Confirmation of the outlook for 2012 as provided at DSM’s Q2 results announcement.

- Progress on the 2013 profitability targets, with EBITDA growing to approximately € 1.4bn.

- The Profit Improvement Program which includes structural cost reductions and other initiatives to generate € 150m in EBITDA benefits by 2014.

- Progress towards achieving the 2015 targets and aspirations.

- Progress on the 2015 sustainability targets, with DSM again being recognized as a leader in the chemical industry sector in the Dow Jones Sustainability World Index.

Conclusion:
The company reiterates the outlook for 2012 and its € 150m cost savings target by 2014. Back in 2010, DSM targeted for 2013 EBITDA of € 1.4-1.6bn including acquisitions. The company now guides for approximately € 1.4bn, which is in line with expectations given that they haven’t done any mega acquisitions and the macro-economic environment has remained challenging since then. We and consensus are counting on € 1.4bn EBITDA in 2013. They do not longer mention the 15% ROCE target by 2013. Note that consensus is currently banking on approximately 11% for 2013

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