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DSM Reports Results First Nine Months 2019HEERLEN, Netherlands, Nov. 5, 2019 /PRNewswire/ -- Highlights1,2,3
 Key figures and indicators
CEO statement Feike Sijbesma, CEO/Chairman DSM Managing Board, commented: "I am pleased to report again a good nine-month performance, together with a solid third quarter. In the quarter, Nutrition delivered a good performance with 4% organic growth and Adjusted EBITDA up 12%, despite some softness in Human Nutrition. Materials experienced ongoing challenging conditions in some of its end-markets, especially in China. Dyneema continued to perform strongly. The earnings performance highlights the relative resilience of our specialty Materials portfolio with a slight Adjusted EBITDA decline of 2%. We made good progress, with our large innovation projects, like Veramaris, Clean Cow and Avansya. We are on track to deliver 2019 in line with our targets, and therefore maintain our full year outlook. DSM continues to be well positioned to deliver its ambitious Strategy 2021, with its growth platforms together with increased customer centricity and its large innovation projects, while at the same time remaining focused on cost control and operational excellence." Q3 Highlights1,2,3
Key figures and indicators
1 In 2018 DSM benefitted from a temporary vitamin effect (see page 5). Underlying (business) is defined as the performance measure sales and Adjusted EBITDA, corrected for DSM's best estimate of this temporary vitamin effect. 2 Adjusted EBITDA is an Alternative Performance Measure (APM) that reflects continuing operations. 3 DSM adopted IFRS 16 as per its effective date of 1 January 2019 and has not restated 2018 (see page 19). Outlook 2019 DSM maintains its full year outlook: DSM expects to deliver a full year 2019 high single digit increase in Adjusted EBITDA compared to prior year Underlying Adjusted EBITDA (pre-temporary vitamin effect), together with an improvement in Underlying Adjusted Net Operating Free Cash Flow in line with its Strategy 2021 targets. This outlook excludes the impact of IFRS 16 (see page 19). Share Buy-Back program On 1 April 2019, DSM commenced its ordinary share repurchase program of an aggregate market value of €1 billion, with the intention to reduce its issued capital, as first announced on 14 February 2019. This program is in addition to the regular repurchase programs to cover commitments under share-based compensation plans and the stock dividend. Up to and including 31 October 2019 DSM has repurchased 5.3 million shares for a total consideration of €563 million; 2.6 million shares relate to the regular repurchase programs and 2.7 million shares relate to the €1 billion share buy-back program. Note for the editors: for the full press release including all tables and a link to the Presentation to Investors, click here> Financial calendar 13 February 2020 Publication of full year 2019 results 7 May 2020 Publication of the results of the first three months of 2020 8 May 2020 Annual General Meeting of Shareholders 4 August 2020 Publication of the half year results of 2020 3 November 2020 Publication of the results of the first nine months of 2020 Additional Information Today DSM will hold a conference call for media at 08:00 CET and a conference call for investors and analysts at 09:00 CET. Details on how to access these calls can be found on the DSM website, www.dsm.com. DSM – Bright Science. Brighter Living.™ Royal DSM is a global, purpose-led, science-based company active in Nutrition, Health and Sustainable Living. DSM's purpose is to create brighter lives for all. DSM addresses with its products and solutions some of the world's biggest challenges while simultaneously creating economic, environmental and societal value for all its stakeholders – customers, employees, shareholders, and society at large. DSM delivers innovative solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. DSM and its associated companies deliver annual net sales of about €10 billion with approximately 23,000 employees. The company was founded in 1902 and is listed on Euronext Amsterdam. More information can be found at www.dsm.com. Forward Looking Statements This press release may contain forward-looking statements with respect to DSM's future (financial) performance and position. Such statements are based on current expectations, estimates and projections of DSM and information currently available to the company. DSM 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 has no obligation to update the statements contained in this press release, unless required by law. The English language version of the press release is leading.
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