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DSM delivers very strong Q2 results as transformation progresses

Q2 operating profit from continuing operations EUR 246 million (versus EUR 85 million in Q2 2009 and EUR 194 million in Q1 2010)? Sales growth from continuing operations 28% compared to Q2 2009? Excellent Nutrition performance drives Life Sciences results? Materials Sciences continues profit...

? Q2 operating profit from continuing operations EUR 246 million (versus EUR 85 million in Q2 2009 and EUR 194 million in Q1 2010)

? Sales growth from continuing operations 28% compared to Q2 2009

? Excellent Nutrition performance drives Life Sciences results

? Materials Sciences continues profit improvement

? Cash flow from operating activities in Q2 EUR 223 million

? Interim dividend unchanged at EUR 0.40 per ordinary share

? Based on current positive business environment, 2010 is expected to be a strong year for DSM

Commenting on the results, Feike Sijbesma, Chairman of the DSM Managing Board, said:

"I am delighted to report a very strong second quarter. Operating profit increased by more than 25% compared to the first quarter and for the current business portfolio it was the best quarter in DSM's history. Our outstanding performance in the quarter reflects very good volumes across our businesses combined with a continued disciplined focus on pricing and costs.

"DSM has emerged from the recession as a stronger company and is now reaping the benefits, evidenced by robust results and a very strong balance sheet. DSM is staying the course - fully committed to customers, innovation and sustainability - and continues its transformation towards a Life Sciences and Materials Sciences company. DSM remains vigilant about the broader macro economic developments. Based on the current positive business environment we expect 2010 to be a strong year for DSM."

--------------------------------------------------------------------------- in EUR million first half second quarter 2010 2009 +/- 2010 2009 +/- --------------------------------------------------------------------------- Continuing operations: 2,268 1,772 28% Net sales 4,331 3,442 26% 354 186 90% Operating profit before depreciation and 655 325 102% amortization (EBITDA) 246 85 189% Operating profit (EBIT) 440 127 246% 158 124 - Nutrition 296 265 0 3 - Pharma 1 14 58 17 - Performance Materials 101 0 54 4 - Polymer Intermediates 97 -26 22 -10 - Base Chemicals and Materials 38 -27 -46 -53 - Other activities -93 -99 --------------------------------------------------------------------------- Discontinued operations: 138 182 Net sales 305 349 7 6 Operating profit before depreciation and 41 34 amortization (EBITDA) 6 -6 Operating profit (EBIT) 30 9 --------------------------------------------------------------------------- Total DSM: 2,406 1,954 23% Net sales 4,636 3,791 22% 252 79 219% Operating profit (EBIT) 470 136 246% 158 30 Net profit before exceptional items 302 55 -9 -20 Net result from exceptional items -23 -32 149 10 Net profit 279 23 --------------------------------------------------------------------------- Net earnings per ordinary share in EUR: 0.94 0.22 - before exceptional items, continuing 1.70 0.28 operations 0.90 0.05 - including exceptional items, total DSM 1.68 0.11 ---------------------------------------------------------------------------

In this report:

? 'operating profit' (before depreciation and amortization) is understood to be operating profit (before depreciation and amortization) before exceptional items.

? 'net profit' is the net profit attributable to equity holders of Royal DSM N.V.

? 'continuing operations' refers to the DSM operations excluding DSM Energie Holding B.V., Stamicarbon B.V., DSM Agro, DSM Melamine and DSM Special Products B.V.

? 'discontinued operations' comprise net sales and operating profit of DSM Energie Holding B.V. up to and including Q3 2009, Stamicarbon B.V. up to and including Q4 2009 and DSM Agro, DSM Melamine and DSM Special Products B.V. up to and including Q2 2010.


DSM showed very good Q2 results, clearly improving compared to Q1, which was already considered to be a very strong start to the year. Compared to Q2 2009 operating profit almost tripled. The general drivers behind this strong performance are:

? Further improving business conditions in most geographic areas and markets partly due to re-stocking. Especially the China business is growing very fast. Sales in China in H1 increased to USD 784 million, which is 13% of DSM's total sales (9% in H1 2009).

? In several businesses DSM was able to improve market share by maintaining a strong customer focus during the economic downturn.

? The cost savings program that DSM started in the last quarter of 2008 is now generating benefits of EUR 200 million on an annual basis. These cost savings had a positive impact on the operating profit of all businesses.

? Currency developments were favorable in Q2. Compared to Q1, the euro was, on average, 8% weaker compared to the US dollar. DSM's cost base is still for a large part in euro, whereas sales in US dollars and dollar-related currencies are increasing.

Nutrition was benefiting from extra-ordinarily strong trading conditions in Q2. Most elements were supportive: good market conditions, excellent manufacturing performance, good cost control, favorable currency exchange rates and some downstream re-stocking. All this was combined with a successful continuation of the strategic focus on differentiation and innovation and the value over volume strategy.

As expected, Pharma faced difficult challenges. The drop in results was somewhat compensated by the development of the US dollar.

In Materials Sciences the recovery continues: in some markets demand is back to, or even better than, the pre-downturn level, although some downstream restocking is also visible. Margins in most businesses are strong, but towards the end of the quarter some margin pressure became visible, due to increasing raw material prices.

Net cash from operating activities was EUR 223 million in Q2 and in H1 2010 amounted to EUR 360 million which was more than sufficient to fund capital expenditure and the final dividend. Net debt decreased substantially because of the receipt of the DSM Agro and DSM Melamine divestment proceeds. The OWC/sales ratio at the end of Q2 was strongly influenced by the weakness of the euro at the end of the quarter, which inflated the amount of operating working capital in non-euro currencies.

Net sales --------------------------------------------------------------------------- in EUR million second quarter differ- 2010 2009 ence organic growth exch. rates other --------------------------------------------------------------------------- Nutrition 764 699 9% 4% 5% Pharma 195 177 10% 5% 5% Performance Materials 644 456 41% 35% 4% 2% Polymer Intermediates 362 215 68% 60% 8% Base Chemicals and Materials 193 139 39% 35% 4% Other activities 110 86 ------------- Total (continuing 2,268 1,772 28% 23% 5% operations) Discontinued operations 138 182 ------------- Total 2,406 1,954 ---------------------------------------------------------------------------

Organic sales growth from continuing operations was +23% compared to Q2 2009. Compared to the already very good first quarter of this year, organic sales growth was +6%. This illustrates the recovery from the economic downturn. Growth rates are very substantial in the businesses that were most affected by the downturn. In Performance Materials the main driver for growth was volume, partly caused by some downstream re-stocking. In Polymer Intermediates the main driver for growth in Q2 was price; volumes had already recovered last year. In Nutrition sales growth was good and in Pharma growth was moderate, although from a low base. All clusters benefited from the weaker euro, on average - 6% versus the US dollar compared to Q2 2009 and -8% compared to Q1 2010.

Operating profit

The overall quarterly operating profit of the current business portfolio reached a record level, clearly higher than the pre-downturn level. Nutrition showed solid profit growth. The Pharma result was poor, mainly due to difficult business conditions in the pharmaceutical industry. Performance Materials results increased significantly compared to last year, and improved compared to the previous quarter, but the EBITDA-margin was still below target. Polymer Intermediates' profit is clearly above the pre-downturn level. Operating profit was positively impacted by favorable currency exchange rates and the substantial contribution from the cost cutting program.

Business review by cluster


-------------+-+----------------------------------------+------------- second 5/8 5/8in EUR million 5/8 first quarter 5/8 5/8 5/8 half -----+-------+-+----------------------------------------+-+-----+----- 20105/8 20095/8 5/8 5/8 5/8 20105/8 2009 -----+-------+-+----------------------------------------+-+-----+----- 5/8 5/8 5/8 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+-----+----- 7645/8 6995/8 5/8Net sales 5/8 5/81,4965/81,406 -----+-------+-+----------------------------------------+-+-----+----- 5/8 5/8 5/8Operating profit before depreciation and5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+-----+----- 1935/8 1565/8 5/8 amortization 5/8 5/8 3645/8 330 -----+-------+-+----------------------------------------+-+-----+----- 1585/8 1245/8 5/8Operating profit 5/8 5/8 2965/8 265 -----+-------+-+----------------------------------------+-+-----+-----

Performance in the Nutrition cluster remained strong. Organic sales growth was +4% compared to Q2 2009, mainly driven by growth in volumes in Human Nutrition & Health as a result of refilling the pipeline and market recovery in savory ingredients. Prices were relatively stable and in line with previous quarters.

Operating profit of DSM Nutritional Products and DSM Food Specialties was exceptionally strong and materially higher than Q2 2009 and Q1 2010. The businesses benefited from good market conditions, favorable product mix, excellent manufacturing performance, good cost control, favorable currency exchange rates and some downstream restocking. The continued strategic focus on value over volume is successful and sustainable.


-------------+-+----------------------------------------+------------- second 5/8 5/8in EUR million 5/8 first quarter 5/8 5/8 5/8 half -----+-------+-+----------------------------------------+-+----+------ 20105/8 20095/8 5/8 5/8 5/820105/8 2009 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 1955/8 1775/8 5/8Net sales 5/8 5/8 3815/8 374 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8Operating profit before depreciation and5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 155/8 185/8 5/8 amortization 5/8 5/8 305/8 43 -----+-------+-+----------------------------------------+-+----+------ 05/8 35/8 5/8Operating profit 5/8 5/8 15/8 14 -----+-------+-+----------------------------------------+-+----+------

Organic sales growth was +5%, driven by higher sales volumes within DSM Pharmaceutical Products and DSM Anti-Infectives.

The operating profit was below the Q2 2009 result. DSM Pharmaceutical Products' business environment remained very challenging during the second quarter of 2010. The product mix was unfavorable. Higher PEN-prices at DSM Anti- Infectives and a favorable US dollar were offset by non-recurring costs in relation to the closure of the DSM Anti-Infectives site in Egypt.

Performance Materials

-------------+-+----------------------------------------+------------- second 5/8 5/8in EUR million 5/8 first quarter 5/8 5/8 5/8 half -----+-------+-+----------------------------------------+-+-----+----- 20105/8 20095/8 5/8 5/8 5/8 20105/8 2009 -----+-------+-+----------------------------------------+-+-----+----- 5/8 5/8 5/8 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+-----+----- 6445/8 4565/8 5/8Net sales 5/8 5/81,2015/8 851 -----+-------+-+----------------------------------------+-+-----+----- 5/8 5/8 5/8Operating profit before depreciation and5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+-----+----- 885/8 445/8 5/8 amortization 5/8 5/8 1635/8 50 -----+-------+-+----------------------------------------+-+-----+----- 585/8 175/8 5/8Operating profit 5/8 5/8 1015/8 0 -----+-------+-+----------------------------------------+-+-----+-----

The Performance Materials cluster showed a strong quarter with organic sales growth of +35% compared to Q2 2009. Volumes reflected good demand, although re-stocking was observed at DSM Engineering Plastics and DSM Resins. Compared to Q1 prices were slightly up.

Operating profit for Q2 2010 improved by EUR 41 million compared to Q2 2009, when the cluster was still facing the effects of the economic downturn. Higher volumes and better margins as well as favorable exchange rates were the main contributors to the result improvement. Compared to the first quarter raw material prices increased but this is being addressed by active price management. DSM Dyneema showed a further strong result improvement.

Polymer Intermediates

-------------+-+----------------------------------------+------------- second 5/8 5/8in EUR million 5/8 first quarter 5/8 5/8 5/8 half -----+-------+-+----------------------------------------+-+----+------ 20105/8 20095/8 5/8 5/8 5/820105/8 2009 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 3625/8 2155/8 5/8Net sales 5/8 5/8 6765/8 354 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8Operating profit before depreciation and5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 625/8 115/8 5/8 amortization 5/8 5/8 1135/8 -11 -----+-------+-+----------------------------------------+-+----+------ 545/8 45/8 5/8Operating profit 5/8 5/8 975/8 -26 -----+-------+-+----------------------------------------+-+----+------

Organic sales growth was +60% compared to Q2 2009 due to substantially higher selling prices. Volumes were somewhat lower as a result of two planned maintenance turnarounds in the caprolactam and acrylonitrile businesses.

Consequently operating profit showed a strong increase compared to Q2 2009 and was EUR 11 million higher than Q1 2010 despite the planned turnarounds.

Base Chemicals and Materials

-------------+-+----------------------------------------+------------- second 5/8 5/8in EUR million 5/8 first quarter 5/8 5/8 5/8 half -----+-------+-+----------------------------------------+-+----+------ 20105/8 20095/8 5/8 5/8 5/820105/8 2009 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 1935/8 1395/8 5/8Net sales 5/8 5/8 3645/8 261 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8Operating profit before depreciation and5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 295/8 -25/8 5/8 amortization 5/8 5/8 515/8 -12 -----+-------+-+----------------------------------------+-+----+------ 225/8 -105/8 5/8Operating profit 5/8 5/8 385/8 -27 -----+-------+-+----------------------------------------+-+----+------

Organic sales growth in Q2 was +35%, mainly due to growth in volume, but also partly to price increases. Sales also benefitted from a stronger US dollar.

Higher volumes together with higher margins and a favorable US dollar resulted in a higher operating profit for all units in this cluster.

Other activities

-------------+-+----------------------------------------+------------- second 5/8 5/8in EUR million 5/8 first quarter 5/8 5/8 5/8 half -----+-------+-+----------------------------------------+-+----+------ 20105/8 20095/8 5/8 5/8 5/820105/8 2009 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ 1105/8 865/8 5/8Net sales 5/8 5/8 2135/8 196 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8Operating profit before depreciation and5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ -335/8 -415/8 5/8 amortization 5/8 5/8 -665/8 -75 -----+-------+-+----------------------------------------+-+----+------ -465/8 -535/8 5/8Operating profit 5/8 5/8 -935/8 -99 -----+-------+-+----------------------------------------+-+----+------ 5/8 5/8 5/8 of which: 5/8 5/8 5/8 -----+-------+-+----------------------------------------+-+----+------ -175/8 -195/8 5/8 - defined benefit plans 5/8 5/8 -345/8 -37 -----+-------+-+----------------------------------------+-+----+------ -165/8 -135/8 5/8 - Innovation Center 5/8 5/8 -315/8 -28 -----+-------+-+----------------------------------------+-+----+------ -135/8 -215/8 5/8 - other 5/8 5/8 -285/8 -34 -----+-------+-+----------------------------------------+-+----+------

The operating profit of Other activities improved compared to Q2 2009 due to a higher result of the captive insurance company and lower fixed costs.

Exceptional items

In total, exceptional items amounted to a loss of EUR 12 million before tax (EUR 9 million after tax) in Q2 2010.

The completion of the sale of DSM Agro and DSM Melamine in Q2 resulted in additional expenses of EUR 5 million that were recognized as exceptional item.

Due to the sale of DSM's Xantar@ polycarbonate business to Mitsubishi Chemical Corporation, a book profit of EUR 10 million was realized.

In view of the announced settlement of the US Federal Class Antitrust Litigation and related cases concerning EPDM, a non-recurring charge of EUR 17 million was recognized as exceptional item.

Net profit

Net profit increased from EUR 10 million in Q2 2009 to EUR 149 million in Q2 2010.

Net earnings per share increased to EUR 0.90 per ordinary share in Q2 2010 versus EUR 0.05 in Q2 2009.

Net finance costs amounted to EUR 29 million in Q2 2010, EUR 4 million lower than Q2 2009 as a result of a lower average debt, a higher average liquidity position and some non-recurring fair value adjustments in Q2 2009 in other financial assets.

The effective tax rate for the second quarter remained at 25%, the same as last year.

Cash flow, capital expenditure and financing

Cash flow from operating activities in Q2 amounted to EUR 223 million.

Cash flow related to capital expenditure amounted to EUR 90 million in Q2 2010 (H1 2010 EUR 188 million) compared to EUR 119 million in Q2 2009 (H1 2009 EUR 235 million)

Compared to year-end 2009 net debt decreased by EUR 229 million to EUR 601 million (10% gearing).

Interim dividend

It has been decided to pay an unchanged interim dividend of EUR 0.40 per ordinary share for the year 2010. As usual, this represents one third of the total dividend paid for the previous year. The interim dividend is no indication of the total dividend for 2010. The interim dividend for 2010 will be paid in cash on 27 August 2010.


Compared to year-end 2009 the workforce decreased by 521 mainly due to the divestment of DSM Agro and DSM Melamine. At the end of Q2 2010 it stood at 22,217.

Progress update on DSM strategy Vision 2010

DSM's acceleration of the strategic program Vision 2010 - Building on Strengths, announced in September 2007, focuses on delivering faster growth, higher margins and improved earnings quality from the company's portfolio. The strategy is transforming DSM into a Life Sciences and Materials Sciences company capable of sustainable growth fueled by important societal trends.

The key drivers - market-driven growth and innovation, increased presence in emerging economies and operational excellence - remain at the heart of DSM's strategy.

Improving earnings quality

DSM has made substantial progress with the portfolio transformation. Following the divestment of DSM Energy and the urea licensing subsidiary Stamicarbon B.V. last year, further progress has been made in 2010. In Q2 2010, DSM completed the announced sale of DSM Agro and DSM Melamine to Orascom Construction Industries. With this sale and previous divestments, a significant proportion of the planned divestment program has been completed.

In addition, DSM reached an agreement with Emerald Performance Materials (owned by an affiliate of Sun Capital Partners) regarding the sale of DSM Special Products B.V. The sale is subject to regulatory and other customary approvals and notifications and is expected to close in Q3. DSM expects a small book profit as a result of the transaction.

The selling process for most of the remaining businesses in Base Chemicals and Materials is underway. Other actions to improve the portfolio include the announced closure of the loss-making DSM Anti-Infectives site in Egypt, the costs of which were recognized in Q2 2010.

DSM remains committed to pursuing attractive growth opportunities to further accelerate its evolution towards a Life Sciences and Materials Sciences company. DSM will, however, maintain its disciplined acquisition policy.

A large proportion of group revenues and earnings are now in high margin, high quality businesses that have significantly lower cyclicality. Illustrative of the quality of these businesses is that in Q2 2010 profits from these core operations were more than 10% higher than in the same quarter of 2008 which at the time was the best quarter in the company's history.

Further progress in the second quarter

DSM realized very healthy sales growth in China in Q2 2010. Net sales increased by 34% compared to Q2 2009 to USD 379 million. In the first half year of 2010 net sales in China increased by 64% to USD 784 million. DSM expects to achieve the USD 1.5 billion target for 2010. DSM's sales in China in the first half year of 2010 represent 13% of DSM's total net sales compared to 9% in the first half year of 2009.

The focus on and efforts put into the development of DSM's position in China are clearly paying off. As a result of the continued strong growth in China and other emerging economies such as India, DSM's net sales in the emerging economies as a percentage of total net sales, increased from 30% in the first six months of 2009 to 35% in the first half year of 2010.

In China, DSM Food Specialties signed a joint venture agreement with Zhejiang Zhongken Biotechnology Co. Ltd. for the production and marketing of gellan gum. Gellan gum, made with the aid of fermentation, has significant growth potential in China with many application possibilities.

DSM Nutritional Products inaugurated its fourth premix plant in China, in ChangChun City. This new plant extends DSM's premix manufacturing reach in the country. A framework agreement for the fifth plant in Pixian County, Sichuan, China, was also signed. This plant is anticipated to be operational in the third quarter of 2011.

DSM Engineering Plastics completed the acquisition of Mitsubishi Chemical Corporation's Novamid@polyamide business in exchange for DSM's Xantar@ polycarbonate business. Both businesses have an annual net sales level of approximately EUR 90 million each.

DSM Biologics announced the signing of preliminary agreements to enter into a partnership in Australia with the Central Government and the Queensland State Government to design, build and operate the first major Australia-based mammalian biopharmaceutical manufacturing facility, which will be located in Brisbane. DSM will provide no capital but will provide technical expertise. The facility is expected to be operational in 2013.

A key element in DSM's strategy to focus on Life Sciences and Materials Sciences is the potential that lies in the cross-fertilization between the two. This provides DSM with a unique position to grow platforms in biomedical materials and industrial (white) biotechnology. The development of DSM Biomedical is well on track.

In industrial biotechnology, DSM made further progress in its cooperation with Roquette by signing a joint venture agreement for the production, commercialization and market development of bio-based succinic acid, subject to regulatory approvals and notifications. DSM and Roquette will each have a 50% stake in the joint venture.

DSM also announced a breakthrough in technology to produce second generation biofuels. This breakthrough will help second generation biofuels to become more cost effective and to become a viable alternative to both first generation biofuels and conventional fossil fuels. DSM's approach to market development and its business model for second generation biofuels are also innovative. Rather than opting for the classic industry model of remotely producing and bulk selling enzymes and yeasts, DSM is working with customers and partners to develop more localized, on-site production.

During the quarter, DSM announced and introduced many other innovations as well. More information can be found in the innovation section at ( .


Most of the markets that are relevant to DSM saw a continued recovery in the second quarter. DSM expects further end-market recovery for the remainder of the year, assuming no major change in the economic conditions. The risk of a slowdown of the economic recovery remains, due to macro-economic uncertainties and a potential disruption of global financial markets. Emerging economies are expected to remain strong throughout the year. The focus on cash generation and cost savings continues to be important.

The growth in food and feed markets will continue in line with long-term trends. Quarterly Nutrition results for the remainder of the year are expected to be at the good level achieved last year and the full year results are now expected to be somewhat above 2009.

For Pharma, full year results are expected to be positive but lower than in 2009 due to ongoing challenges at DSM Pharmaceutical Products and relatively low prices at DSM Anti-Infectives.

In Performance Materials, DSM is experiencing good demand recovery in automotive and electronics due to market growth and re-stocking. Demand in building and construction markets will remain at relatively low levels. Overall sales volumes in Performance Materials for H2 2010 are expected to be lower than in H1 2010 due to seasonality and the diminishing impact of re-stocking. The cluster results are expected to be substantially better than in 2009, though results in H2 2010 are expected to be lower than in H1 2010.

Polymer Intermediates is expected to have an outstanding 2010 result. The maintenance turnaround in Q3 2010 will impact production volumes in China. Margins are expected to be healthy but below the peak in Q2 2010.

The operating profit in the non-core Base Chemicals and Materials cluster is expected to be clearly positive in 2010.

Based on the current positive business environment, 2010 is expected to be a strong year for DSM.

Additional information

Today DSM will hold a conference call for the media from 08.00 AM - 08.45 AM CET and a conference call for investors and analysts from 09.00 AM - 10.00 AM CET. Details on how to access these calls can be found on the DSM website, ( . Also, information regarding DSM's Q2 2010 results can be found in the Presentation to Investors, which can be downloaded from the Investors section.

Important dates Ex interim dividend quotation Wednesday, 4 August 2010 Record date Friday, 6 August 2010 Interim dividend payable Friday, 27 August 2010 Report for the third quarter Tuesday, 2 November 2010 Annual Report 2010 Wednesday, 23 February 2011 Annual General Meeting of Shareholders Thursday, 28 April 2011

DSM - the Life Sciences and Materials Sciences Company

Royal DSM N.V. creates solutions that nourish, protect and improve performance. Its end markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrical and electronics, life protection and housing. DSM manages its business with a focus on the triple bottom line of economic performance, environmental quality and social responsibility, which it pursues simultaneously and in parallel. DSM has annual net sales of about EUR8 billion and employs some 22,700 people worldwide. The company is headquartered in the Netherlands, with locations on five continents. DSM is listed on Euronext Amsterdam. More (

For more information DSM, Corporate Communications tel.: +31 (45) 5782421 e-mail: [email protected] (mailto:[email protected]) Investors DSM, Investor Relations tel.: +31 (45) 5782864 e-mail: [email protected] (mailto:[email protected]) internet: (


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