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dsm-firmenich reports full year 2023 results

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KAISERAUGST, Switzerland and HEERLEN, Netherlands, Feb. 15, 2024 /PRNewswire/ —

Management Report

2023 highlights

Successful creation of dsm-firmenich with integration well ahead of planMerger-related cost and sales synergies gaining tractionAnimal Nutrition & Health to be separated from the GroupSolid performance across the company, significantly impacted by unprecedented low vitamin pricesGood operating cash flow driven by a strong performance in the second halfStable dividend of €2.50 proposedSynergies and the vitamin transformation programs will deliver a significant earnings step-up in 2024 and beyondOutlook 2024: Adjusted EBITDA of at least €1.9 billion

Key figures

in € millions

Pro forma
FY 2023¹

Pro forma
FY 2022¹

% Change

Actual
Q4 2023

Pro forma
Q4 2022¹

% Change

Sales

12,310

13,238

(7)

3,112

3,295

(6)

Organic sales growth (%)

(5)

(3)

Adj. EBITDA

1,777

2,275

(22)

439

499

(12)

Adj. EBITDA margin (%)

14.4

17.2

14.1

15.1

Core adj. net profit

555

1,013

(45)

1 Represents the figures on a pro forma basis, including the Firmenich results as if the merger had occurred on January 1, 2022. The pro forma figures represent the results from continuing operations – please also refer to the section Definitions.

 

Key figures on an IFRS basis2

in € millions

FY 2023

FY 2022

% Change

Sales

10,627

8,390

27

Net profit from continuing operations

(636)

475

(234)

Net profit (total group)

2,153

1,715

26

2 Represents the figures on an IFRS basis, including the Firmenich results as of the merger date May 8, 2023.

Dimitri de Vreeze, CEO, commented: “We are proud that the company is already operating seamlessly with integration well ahead of plan, including the development of a common culture, as demonstrated in our recent employee engagement survey. Our employees have done a truly amazing job building momentum, positioning dsm-firmenich as a world leader in nutrition, health and beauty.

In light of the unprecedented conditions with very low vitamin prices and a continued destocking cycle, we took a number of immediate and effective actions. We accelerated our plans for driving through additional self-help measures and advanced the review of all our business segments. This led us to the initiation of a process to separate out the Animal Nutrition & Health business from the Group which we announced today. This should strongly reduce our exposure to vitamins earnings volatility and reduce our capital intensity in line with our long-term strategy. We believe that the full potential of the ANH business could be best realized through a different ownership structure.

Supported by our exciting innovation pipeline, all these actions would help us to prioritize and accelerate the company’s nutrition, health and beauty high-growth and higher-margin businesses, all of which is reflected in our mid-term financial targets.”

Outlook 2024

As the global political and economic environment remains uncertain, and given that it is early in the year, we feel it prudent to base our full year outlook for the entire company only on those elements which are under our control, namely a €200 million step-up in Adjusted EBITDA from a combination of synergy delivery and the vitamin transformation program. Considering that the full negative vitamin effect emerged only in Q2 2023, the effective Adjusted EBITDA run-rate in the period Q2-Q4 2023 on an annualized basis was about €1.7 billion, the company estimates for FY 2024 Adjusted EBITDA of at least €1.9 billion.

Strategy

The merger of DSM and Firmenich created a world-leader in nutrition, health and beauty, through which its highly integrated portfolio of nutritional, natural and renewable ingredients, together with complementary science capabilities and technologies, will deliver superior innovation-led growth.

By creatively applying proven science and drawing on data-driven innovation capabilities as well as exceptional standards of operational excellence, dsm-firmenich seeks to tackle the tension between what society needs, what people individually want, and what the planet demands in the areas of nutrition, health and beauty. By working closely together with customers to create what is essential for life as well as desirable for consumers yet simultaneously more sustainable for the planet, dsm-firmenich is poised to bring progress to life for billions of people around the world.

dsm-firmenich is a purpose-led company where people and planet as well as financial success are at the core of its strategy that is aimed at further enhancing its positive impact in the world, continually raising the bar to help tackle climate change, protect nature, and care for people all along the value chain.

Delivering synergies through integration

dsm-firmenich is on track to achieve its target synergies of approximately €350 million Adjusted EBITDA per year. Around half of this is expected to come from cost efficiencies, with the full run rate achieved by the end of year 3. Initial benefits of about €15 million were delivered in Q4. The remaining synergies are expected from incremental revenues of €500 million, generated by an acceleration of innovation with customers. There has been good early progress and the full run rate is still expected by the end of year 4. These revenue synergies are driven by complementary capabilities and realized in the three business units with the strongest strategic adjacency – Perfumery & Beauty (P&B); Taste, Texture & Health (TTH); and Health, Nutrition & Care (HNC) – with roughly the following balance:

60% in TTH business unit25% in HNC business unit15% in P&B business unit

Overall, we expect to see an Adjusted EBITDA contribution of about €100 million in 2024, coming mainly from cost synergies.

Separation of Animal Nutrition & Health from the Group

The Company initiates a process to carve-out and separate out the Animal Nutrition & Health (ANH) business from the Group. Full focus on nutrition, health, and beauty would enable dsm-firmenich to better drive superior innovation-led growth. Separating out Animal Nutrition & Health from the Group would minimize dsm-firmenich’s exposure to vitamins earnings volatility and reduce capital intensity in line with its long-term strategy. The Company believes that the full potential of the ANH business could be best realized through a different ownership structure for which all potential separation options will be considered. The Company would expect to be in a position to separate the business in the course of 2025.

Progressing the vitamin transformation program

In mid-2023 the company embarked on a major restructuring program in its vitamin activities to reduce costs and restore profitability. This program is expected to result in an estimated Adjusted EBITDA contribution of around €200 million per year with the full run rate to be reached by the end of 2024. These savings will be in addition to the previously announced €350 million Adjusted EBITDA synergies target. Neither of these targets will be disrupted by the separation of Animal Nutrition and Health.

dsm-firmenich has already made strong progress in executing the program through the closure of the Xinghuo vitamin B6 plant in China and shutting down the Jiangshan vitamin C production in China. The sales model now supports a ‘go-to-market’ approach which is simpler and more efficient in the current market environment.

In Q4 2023, the program generated an about €10 million savings contribution to Adjusted EBITDA. For 2024, dsm-firmenich expects to achieve an additional around €100 million Adjusted EBITDA contribution.

Stable dividend

At the Annual General Meeting on May 7, 2024, dsm-firmenich’s Board of Directors will propose a cash dividend of €2.50 per share for the financial year 2023.  

Key figures and indicators

in € millions

Pro forma
FY 2023¹

Pro forma
FY 2022¹

% Change

Actual
Q4 2023

Pro forma
Q4 2022¹

% Change

Net sales

12,310

13,238

(7)

3,112

3,295

(6)

P&B

3,709

3,792

(2)

914

916

(0)

TTH

3,038

3,174

(4)

768

806

(5)

HNC

2,270

2,418

(6)

581

587

(1)

ANH

3,227

3,784

(15)

833

971

(14)

Corporate

66

70

(6)

16

15

7

Adj. EBITDA 

1,777

2,275

(22)

439

499

(12)

P&B

783

748

5

192

166

16

TTH

556

549

1

133

137

(3)

HNC

389

533

(27)

94

121

(22)

ANH

128

524

(76)

32

95

(66)

Corporate

(79)

(79)

–

(12)

(20)

(40)

Adj. EBITDA margin (%)

14.4

17.2

14.1

15.1

P&B

21.1

19.7

21.0

18.1

TTH

18.3

17.3

17.3

17.0

HNC

17.1

22.0

16.2

20.6

ANH

4.0

13.8

3.8

9.8

Adj. EBIT

666

1,361

(51)

.

Core adj. EBIT

850

1,361

(38)

Core adj. net profit

555

1,013

(45)

.

Average number of shares (x millions)

265.1

264.5

Core adj. EPS

2.03

3.77

.

(Avg.) core capital employed

16,423

16,271

Core adj. ROCE (%)  

5.2

8.4

.

Operating working capital

3,872

4,021

Capital expenditures (cash)

734

775

Adj. gross operating free cash flow

999

918

1 Represents the figures on a pro forma basis, including the Firmenich results as if the merger had occurred on January 1, 2022. The pro forma figures represent the results from continuing operations – please also refer to the section Definitions.

 

Key figures and indicators on an IFRS basis2

in € millions

FY 2023

FY 2022

% Change

Net sales

10,627

8,390

27

EBITDA

810

1,304

(38)

EBITDA margin (%)

7.6

15.5

EBIT

(497)

682

(173)

Net profit (total group)

2,153

1,715

Net EPS (total group)

9.14

9.80

.

Effective tax rate (%)

2.8

20.9

Net debt

(2,215)

(87)

Workforce (headcount)               

29,367

20,6823 

2 Represents the figures on an IFRS basis, including the Firmenich results as of the merger date May 8, 2023

3 Refers to total group, including discontinued operations.

 

dsm-firmenich FY 2023 and Q4

in € millions

Pro forma
FY 2023¹

Pro forma
FY 2022¹

% Change

Actual
Q4 2023

Pro forma
Q4 2022¹

% Change

Sales

12,310

13,238

(7)

3,112

3,295

(6)

Organic sales growth (%)

(5)

(3)

Adj. EBITDA

1,777

2,275

(22)

439

499

(12)

Adj. EBITDA margin (%)

14.4

17.2

14.1

15.1

1 Represents the figures on a pro forma basis, including the Firmenich results as if the merger had occurred on January 1, 2022. The pro forma figures represent the results from continuing operations – please also refer to the section Definitions.

FY 2023

Good performance in Perfumery & Beauty (P&B)Solid performance in Taste, Texture & Health (TTH)Weak performance in Animal Nutrition & Health (ANH), and Health, Nutrition & Care (HNC) on exceptionally low vitamin prices and persistent de-stocking

The results for the full year were impacted by a combination of unprecedented market dynamics that led to very low vitamin prices, together with a deep destocking cycle.

Adjusted EBITDA, significantly impacted by the vitamin effect and foreign exchange was 22% lower than in the prior year, resulting in a 280bps margin decline. This includes a negative vitamin effect which is estimated at about €500 million. Without this effect, the Adjusted EBITDA would have been in line with prior year, despite a negative foreign exchange effect of about €90 million.

Q4 2023

Market conditions broadly unchangedFirst contribution from self-help initiatives materializedStrong cash flow generation, driven by disciplined action on inventory management

P&B continued to perform well, against a soft prior year comparable period, with TTH remaining resilient. ANH and HNC continued to see the same unprecedented market conditions. The quarter was notable by strong cashflow generation owing to a greater focus on, in particular, improving working capital through inventory reduction, together with the first benefits of cost synergies being realized.

Adjusted EBITDA was down 12%, owing mainly to the ongoing vitamin effect and destocking. The negative vitamin effect was estimated around €120 million and negative foreign exchange effect was slightly more than €20 million. Without this negative vitamin effect, Adjusted EBITDA would have been 24% higher than reported, despite a 5% negative FX effect. The quarter saw the initial contribution from the integration synergies of about €15 million and, in addition, savings of around €10 million from the vitamin transformation program.

Note for editors:

The full text of the press release is available here.
The presentation to investors is available here.

Financial calendar

February 22, 2024: North American Investor Event in Princeton, USA
May 2, 2024: Q1 2024 trading update
May 7, 2024: Annual General Meeting
June 3, 2024: Capital Markets Day in Paris
July 30, 2024: H1 2024 financial results
October 31, 2024: Q3 2024 trading update

Additional information

Today dsm-firmenich will hold a webcast for investors and analysts at 9:00 am CET. Details on how to access this call can be found on the dsm-firmenich website, www.dsm-firmenich.com.

For more information

Media relations 
Ingvild Van Lysebetten
tel. +41 (0)79 833 72 52
e-mail media@dsm-firmenich.com

Investor relations
Dave Huizing
tel. +31 (0)45 578 2864
e-mail investors@dsm-firmenich.com

About dsm-firmenich

As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world’s growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for the planet. dsm-firmenich is a Swiss-Dutch company, listed on the Euronext Amsterdam, with operations in almost 60 countries and revenues of more than €12 billion. With a diverse, worldwide team of nearly 30,000 employees, we bring progress to life™ every day, everywhere, for billions of people.
www.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.

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IDA and AUDC Partner on HK-AU Stablecoin-Based Cross-Border Trade Initiative

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April 15, 2025

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HONG KONG, April 15, 2025 /PRNewswire/ — IDA, a Hong Kong-based fintech company, and AUDC Pty Ltd have announced a strategic collaboration to launch a Hong Kong–Australia stablecoin-based cross-border trade initiative. This initiative aims to transform trade between Hong Kong and Australia by introducing faster, more transparent, cost-effective cross-border payment systems.

Building on the strong trade relationship established under the Australia-Hong Kong Free Trade Agreement (A-HKFTA), this collaboration leverages Hong Kong’s role as a vital gateway connecting mainland China with the world. The agreement, A-HKFTA, which underscores Hong Kong’s high degree of autonomy under the ‘One Country, Two Systems’ framework, provides a solid foundation for this innovative initiative.

In 2023, Australia and Hong Kong had a total trade value of US$5.3 billion[1]. Total exports from Hong Kong to Australia amounted to US$3.4 billion, with the bulk of re‑exported goods originating from mainland China. Hong Kong’s imports from Australia in 2023 amounted to US$1.9 billion worth of Australian merchandise, including agricultural produce, seafood, and beverages. Looking ahead, Hong Kong aims to drive growth in emerging industries such as biomedical technology, green energy, and financial technology.

Sean Lee, Co-Founder of IDA, emphasized the significance of this partnership: “This collaboration builds on the progress made in bilateral trade relationships. Recent diplomatic efforts between Hong Kong, China, and Australia have reduced trade barriers, creating an ideal environment for innovative solutions like stablecoins to modernize trade systems. The potential for stablecoin technology to enhance efficiency and unlock opportunities across industries is enormous.”

Effie Dimitropoulos, CEO of AUDC Pty Ltd, expressed her enthusiasm for the initiative: “At AUDC Pty Ltd, our mission is to deliver secure and compliant digital payment solutions to support global trade. Our Australian Dollar-backed stablecoin, AUDD, addresses inefficiencies in cross-border trade, offering businesses in Australia, Hong Kong, and beyond a faster and more transparent settlement mechanism. This collaboration is a pivotal step toward modernizing trade settlements and unlocking new growth opportunities for industries on both sides.”

About IDA Finance Hong Kong Limited (IDA)

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.

IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.

To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption, and widespread acceptance of stablecoins as a payment and settlement digital currency.

More information can be found at idafi.xyz / LinkedIn / X

About AUDC Pty Ltd

AUDC Pty Ltd is a pioneering fintech company dedicated to transforming the future of money through blockchain technology. The company powers the Australian Digital Dollar (AUDD), a stablecoin backed 1:1 by the Australian Dollar, designed to provide businesses and consumers with a stable, reliable, and globally accessible digital asset. With a strong focus on innovation and digital finance solutions, AUDC is committed to driving the next generation of financial technology.

For more information about AUDD, please visit:
https://audd.digital
https://www.linkedin.com/company/audd-digital

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BCG X Launches AI Science Institute to Help Companies Accelerate Scientific Research from Innovation to Impact

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April 15, 2025

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New Institute Harnesses the Expertise of BCG X’s Data Scientists and Engineers to Accelerate Scientific Breakthroughs in Partnership with Universities, Industry Experts, and Leading R&D teams

BOSTON, April 15, 2025 /PRNewswire/ — BCG X, the tech, build, and design division of Boston Consulting Group (BCG), today announces the launch of its new AI Science Institute—leveraging BCG X’s expertise and talent, supported by a 3000+ person team, including 200+ PhDs, to accelerate scientific discovery in collaboration with top R&D teams across leading industries and governments.

BCG’s strategic investment in artificial intelligence is propelling the firm’s growth and driving value for businesses at record speed. Leveraging this momentum, the BCG X AI Science Institute will be a groundbreaking hub that brings the power of AI to scientific research, discovery, and innovation—where cutting-edge AI research, academic rigor, and real-world business impact converge.

AI is rapidly reshaping the boundaries of what’s achievable for companies, organizations, and governments, and now it can help slash R&D timelines from years to mere months—or even weeks—to unlock insights once thought impossible in science and engineering. By merging advances in artificial intelligence and computer science with domain expertise across sectors, the institute will deliver next-generation solutions and sustained competitive advantage for industry leaders around the world.

“AI is at an inflection point. The mission of the BCG X AI Science Institute is to deliver groundbreaking scientific and engineering research powered by AI. Our experts will equip companies with leading-edge AI capabilities and research-based solutions to deliver tangible business impact,” says Christoph Schweizer, BCG CEO.

AI-Powered Scientific Innovation

Under the global leadership of Dr. Adi Zolotov and director Dr. Leonid Zhukov, the Institute will drive AI-powered scientific innovation across a wide range of topics including: large-scale, quantum, and next-generation computing, simulation, health care and bioinformatics, machine learning, climate analytics, and beyond.

Anchored in strong collaborations with both academic institutions and industry leaders, the Institute is dedicated to advancing high-impact breakthroughs to help tackle some of the toughest global challenges—including climate change, disease treatment, and energy scarcity.

“BCG X is committed to science because BCG X is committed to impact.  Our ambition is to drive lasting impact with AI for large companies. To build high-performing AI solutions for leading organizations, our team needs to build on the latest research in scientific innovation. The outcomes benefit everyone. Companies gain a competitive advantage, and the scientific community reaps the benefits of innovation at a pace and scale previously unthinkable,” says Sylvain Duranton, global leader of BCG X.

To learn more about the BCG X AI Science Institute visit here.

Media Contact:
Eric Gregoire:
gregoire.eric@bcg.com 

About BCG X
BCG X is the tech build & design unit of BCG.

Turbocharging BCG’s deep industry and functional expertise, BCG X brings together advanced tech knowledge and ambitious entrepreneurship to help organizations enable innovation at scale.

With nearly 3,000 technologists, scientists, programmers, engineers, and human-centered designers located across 80+ cities, BCG X builds and designs platforms and software to address the world’s most important challenges and opportunities. Teaming across our practices, and in close collaboration with our clients, our end-to-end global team unlocks new possibilities.

Together we’re creating the bold and disruptive products, services, and businesses of tomorrow.

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

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Magic Bus India Foundation Launches AI-Powered Skilling Programme to Build India’s Future-Ready Workforce

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MUMBAI, India, April 15, 2025 /PRNewswire/ — Magic Bus India Foundation, one of the leading NGOs in the education and skilling space, has launched an AI-powered skilling curriculum under its Connect With Work (CWW) programme to build India’s future-ready workforce. Designed for graduates from underserved communities, this initiative equips them with foundational knowledge and practical AI skills, enhancing their employability in an evolving job market increasingly driven by automation and artificial intelligence.

The Connect With Work (CWW) Programme is a 7-to-10 day, college-based skilling initiative that provides transferable life and employability skills to youth from underserved communities by integrating personal, professional, and future-readiness skills, thereby equipping them for the modern workforce.

The AI-CWW programme builds on the foundation of the CWW programme by familiarizing youth with AI tools and their applications, which can improve their productivity and efficiency in their jobs without requiring deep technical expertise. The vision of the AI-CWW programme is to skill youth for the AI integrated modern workplace.

Youth participants benefit from job-readiness training, which includes mentorship, orientation to specific sectors, interview preparation, and placement in customer-centric roles. The programme also provides post-placement support, ensuring long-term employment retention and career growth. By equipping youth with the skills and confidence to make informed career and life choices, this initiative strengthens their agency—empowering them to support their families, break the cycle of poverty, and serve as role models within their communities.

Jayant Rastogi, Global CEO, Magic Bus India Foundation, said, “India’s vision of Viksit Bharat relies on a skilled and future-ready workforce that drives innovation and economic growth. As AI reshapes industries, it is vital that our youth, especially those from underserved communities, are equipped with the right skills to stay relevant in the evolving job market. At Magic Bus, we believe that empowering youth with AI skills is key to strengthening India’s workforce and driving inclusive growth for a sustainable future.”

According to the World Economic Forum’s Future of Jobs Report 2025, technology skills will dominate the labour market by 2030, with AI, big data, networks, and cybersecurity leading the way. As industries evolve, the workforce will require a blend of technical expertise and cognitive skills, balancing human capabilities with digital proficiency. As AI tools and technologies get increasingly integrated into the workplace, the ability to work alongside AI will become a crucial skill for all professionals, not just coders and engineers.

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About Magic Bus India Foundation

Magic Bus India Foundation is one of the leading NGOs in education and skilling in India. Over the past 26 years, the organisation has established a strong presence across 22 states and union territories, impacting the lives of young people from underserved communities between the ages of 12 to 25 years. Through its two distinct programmes — the Adolescent Programme and Livelihood Programme, Magic Bus equips young people with essential life and employability skills to help them move out of poverty and lead sustainable lives.

The Adolescent Programme empowers adolescents (12-18 years) with life skills education and Foundational Literacy and Numeracy (FLN). To support this, Magic Bus has established an impressive network of 2,334 schools, 324 Community Learning Centres (CLCs) and has partnered with 10 state governments and NITI Aayog. Notably, 52% of the participants are girls, reflecting the programme’s strong focus on gender inclusion.

The Livelihood Programme prepares youth (18–25 years) for sustainable careers by imparting transferable life and employability skills. Magic Bus has set up 135 Livelihood Centres, built 1,100+ college partnerships, and established Entrepreneurship Incubation Centres to nurture aspiring entrepreneurs from underserved communities. 59% of the programme’s participants are young women, highlighting a strong emphasis on empowering women through skilling.

In addition to its urban skilling initiatives, Magic Bus has also expanded into the Peri-Urban and Rural Livelihood Programme, focusing on empowering women in peri-urban and rural areas. This programme equips women with leadership and business skills, enabling them to establish and sustain enterprises and move towards financial independence.

Through its sustained efforts, Magic Bus has empowered over 35 lakh adolescents and 5 lakh youth, enabling their transition from childhood to livelihood.

For more information, visit: https://www.magicbus.org/

Media Contact:
Vijayalakshmi Bhat,
Senior Manager – Public Relations and Communications,
Magic Bus India Foundation
Email: vijayalakshmi.bhat@magicbusindia.org
Mobile: +91-9987548666

 

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