Kaiseraugst (Switzerland), Heerlen (Netherlands), October 4, 2023
dsm-firmenich, innovators in nutrition, health, and beauty, provides additional pro forma financial information for 2022 and 2023.
The historical pro forma financials are prepared as a combination of the historical figures reported by DSM N.V. and Firmenich SA.
The historical pro forma financials are unaudited and include estimates and approximations.
Net sales (in € millions) | 2021 FY | 2022 Q1 | 2022 Q2 | 2022 H1 | 2022 Q3 | 2022 Q4 | 2022 H2 | 2022 FY |
P&B |
| 932 | 953 | 1,885 | 991 | 916 | 1,907 | 3,792 |
TTH |
| 735 | 797 | 1,532 | 836 | 806 | 1,642 | 3,174 |
HNC |
| 592 | 613 | 1,205 | 626 | 587 | 1,213 | 2,418 |
ANH |
| 882 | 953 | 1,835 | 978 | 971 | 1,949 | 3,784 |
Corporate |
| 21 | 19 | 40 | 15 | 15 | 30 | 70 |
dsm-firmenich | 11,444 | 3,162 | 3,335 | 6,497 | 3,446 | 3,295 | 6,741 | 13,238 |
Adj. EBITDA (in € millions) | 2021 FY | 2022 Q1 | 2022 Q2 | 2022 H1 | 2022 Q3 | 2022 Q4 | 2022 H2 | 2022 FY |
P&B |
| 201 | 164 | 365 | 217 | 166 | 383 | 748 |
TTH |
| 135 | 136 | 271 | 141 | 137 | 278 | 549 |
HNC |
| 126 | 142 | 268 | 144 | 121 | 265 | 533 |
ANH |
| 155 | 158 | 313 | 116 | 95 | 211 | 524 |
Corporate |
| (22) | (18) | (40) | (19) | (20) | (39) | (79) |
dsm-firmenich | 2,200 | 595 | 582 | 1,177 | 599 | 499 | 1,098 | 2,275 |
Adj. EBITDA margin (%) | 2021 FY | 2022 Q1 | 2022 Q2 | 2022 H1 | 2022 Q3 | 2022 Q4 | 2022 H2 | 2022 FY |
P&B |
| 21.6% | 17.2% | 19.4% | 21.9% | 18.1% | 20.1% | 19.7% |
TTH |
| 18.4% | 17.1% | 17.7% | 16.9% | 17.0% | 16.9% | 17.3% |
HNC |
| 21.3% | 23.2% | 22.2% | 23.0% | 20.6% | 21.8% | 22.0% |
ANH |
| 17.6% | 16.6% | 17.1% | 11.9% | 9.8% | 10.8% | 13.8% |
Corporate |
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dsm-firmenich | 19.2% | 18.8% | 17.5% | 18.1% | 17.4% | 15.1% | 16.3% | 17.2% |
Methodology
The 2022 pro forma financials are prepared as a combination of the historical figures reported by DSM N.V. and Firmenich SA.
The 2022 pro forma financials are unaudited and include estimates, including for example approximations due to the different reporting currencies. The reporting currency of dsm-firmenich is EUR.
The following reporting perimeter changes and adjustments are applied:
- Changes to the Business Units’ reporting perimeters: combination of the units T&B and F&B in TTH; Personal Care & Aroma (PCA) transfer to P&B from HNC; other minor adjustments including the Consumer Healthcare business transfer from T&B to HNC.
- Intercompany profit elimination: HNC net sales were reduced by approximately €50m to eliminate ingredient sales to Firmenich.
Further information for the basis of preparation of the pro forma financials and related definitions can be found in the H1 2023 results press release.
2022 H1 | 2022 H2 | 2022 FY | |
Sales | 6,497 | 6,741 | 13,238 |
EBITDA | 1,031 | 988 | 2,019 |
APMs | 146 | 110 | 256 |
Adjusted EBITDA | 1,177 | 1,098 | 2,275 |
Adjusted EBITDA % | 18.1% | 16.3% | 17.2% |
D&A | (437) | (477) | (914) |
EBIT | 594 | 517 | 1,111 |
APMs | 146 | 104 | 250 |
Adjusted EBIT | 740 | 621 | 1,361 |
PPA | - | - | - |
Core Adjusted EBIT | 740 | 621 | 1,361 |
Fin ex | (66) | (93) | (159) |
Core Adjusted PBT | 674 | 528 | 1,202 |
Tax | (132) | (94) | (226) |
Tax % | 20% | 18% | 19% |
Share from associates | 32 | 5 | 37 |
Core Adjusted Net profit | 574 | 439 | 1,013 |
Non-controlling interest | 8 | 9 | 17 |
Avg outstanding shares | 264 | 265 | 265 |
Core Adjusted EPS | 2.14 | 1.62 | 3.76 |
Net sales (in € millions) | 2023 Q1 | 2023 Q2 | 2023 H1 |
P&B | 972 | 903 | 1,875 |
TTH | 772 | 761 | 1,533 |
HNC | 582 | 562 | 1,144 |
ANH | 785 | 786 | 1,571 |
Corporate | 11 | 18 | 29 |
dsm-firmenich | 3,122 | 3,030 | 6,152 |
Adj. EBITDA (in € millions) | 2023 Q1 | 2023 Q2 | 2023 H1 |
P&B | 210 | 169 | 379 |
TTH | 152 | 137 | 289 |
HNC | 120 | 100 | 220 |
ANH | 68 | 17 | 85 |
Corporate | (29) | (15) | (44) |
dsm-firmenich | 521 | 408 | 929 |
Adj. EBITDA margin (%) | 2023 Q1 | 2023 Q2 | 2023 H1 |
P&B | 21.6% | 18.7% | 20.2% |
TTH | 19.7% | 18.0% | 18.9% |
HNC | 20.6% | 17.8% | 19.2% |
ANH | 8.7% | 2.2% | 5.4% |
Corporate |
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dsm-firmenich | 16.7% | 13.5% | 15.1% |
For more information:
dsm-firmenich investor relations enquiries:
email: investors@dsm-firmenich.com
dsm-firmenich media enquiries:
email: media@dsm-firmenich.com
Forward-looking statements
This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. The English language version of this press release prevails over other language versions.
