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Royal DSM N.V. Annual Report 2006

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Royal DSM N.V. Annual Report 2006 Royal DSM N.V. Annual Report 2006 Brighter Wider Better Together DSM Profile DSM is active worldwide in nutritional and pharma ingredients, performance materials and industrial chemicals. The company develops, produces and sells innovative products and services that help improve the quality of life. DSM’s products are used in a wide range of end-markets and applications, such as human and animal nutrition and health, personal care, pharmaceuticals, automotive and transport, coatings and paint, housing and electrics & electronics (E&E). DSM’s strategy, named Vision 2010 – Building on Strengths, focuses on accelerating profitable and innovative growth of the company’s specialties portfolio. The key drivers of this strategy are market-driven growth and innovation plus an increased presence in emerging economies. The group has annual sales of over €8 billion and employs some 22,000 people worldwide. DSM ranks among the global leaders in many of its fields. The company is headquartered in the Netherlands, with locations in Europe, Asia, Africa, Australia and the Americas. More information about DSM can be found at www.dsm.com. Annual Report 2005 www.dsm.com DSM at a glance DSM’s activities have been grouped into business groups representing coherent product / market combinations. The business group directors report directly to the Managing Board. Nutrition Pharma €2,407m €916m DSM Nutritional Products DSM Pharmaceutical Products DSM Nutritional Products is the world’s largest supplier of nutri- DSM Pharmaceutical Products is one of the world’s leading tional ingredients, such as vitamins, carotenoids (anti-oxidants providers of high quality global custom manufacturing services and pigments), other biochemicals and fine chemicals, and to the pharmaceutical, biotech and agrochemical industries. premixes. - Human Nutrition and Health DSM Anti-Infectives Producer of functional food ingredients for the food industries DSM Anti-Infectives holds global leadership positions in and personal care ingredients for cosmetics and skin care penicillin G, penicillin intermediates (6-APA and 7-ADCA), side product manufacturers. chains, semi-synthetic penicillins, semi-synthetic cefalosporins and other active ingredients, such as potassium clavulanate - Animal Nutrition and Health and nystatin. World market leader in vitamins, carotenoids and feed enzymes for the feed industry. Products: animal performance products (e.g. for gut flora, bone health). DSM Food Specialties DSM Food Specialties is a global supplier of advanced ingre- dients for the food industry manufactured with the aid of fer- mentation and enzyme technology, among other technologies, based on in-depth application knowledge of the chosen market segments. DSM Special Products DSM Special Products produces benzoic acid, sodium ben- zoate, benzaldehyde and benzyl alcohol. Its products such as Purox®S, Purox®B and VevoVitall® are widely recognized for their purity and quality. The business group supplies to a wide range of markets, including the markets for carbonated soft drinks, food, animal feed, plasticizers, resins, cosmetics, per- sonal care, flavors and fragrances, as well as a diverse range of industrial applications. Supplies 2006 (x % million) Supplies 2006 (x % million) 4 DSM Nutritional Products: 1. DSM Pharmaceutical Products 605 1. Animal Nutrition and Health 1,091 3 2. DSM Anti-Infectives 362 2 2. Human Nutrition and Health 867 1 Total 967 3. DSM Food Specialties 411 1 4. DSM Special Products 94 2 Total 2,463 EBITDA / Net sales (as a %) EBITDA / Net sales (as a %) 2005 2005 2006 2006 • 0• 5 • 10 • 15 • 20 • 0• 5 • 10 • 15 • 20 Annual Report 2005 www.dsm.com For reporting purposes the activities are grouped into four strategic clusters: Nutrition, Pharma, Performance Materials and Industrial Chemicals. In addition, DSM reports on a number of other activities, which have been grouped under Other activities. Performance Materials Industrial Chemicals €2,753m €1,872m DSM Engineering Plastics DSM Fibre Intermediates DSM Engineering Plastics is a global player in polyamides, DSM Fibre Intermediates produces caprolactam and polyesters, polycarbonate, Ultra-High Molecular Weight acrylonitrile, which are raw materials for synthetic fibers and Polyethylene and extrudable adhesive resins. These materials plastics. Caprolactam is the raw material for nylon 6, a versatile are used mainly in technical components for the electrics & material that is used in sports and leisure clothes, military electronics, automotive, engineering and packaging industries. equipment, tires and carpets. It is increasingly used as a high-performance construction material in, for example, the DSM Dyneema electronics and automotive industries, in packaging materials Dyneema®, DSM’s high-modulus polyethylene fiber which is and in medical applications. the strongest fiber in the world on a weight-for-weight basis, was invented and developed by DSM and is an important DSM Melamine component in ropes, cables and nets in the fishing, shipping DSM Melamine produces melamine, a product used in and offshore industries. Dyneema® is also used in safety impregnating resins and adhesive resins for the wood- gloves for the metalworking industry and in fine yarns for processing industry. Applications include laminate flooring, applications in sporting goods and the medical sector. In flame retardants, bank notes, car paints and durable plastic addition, it is applied in bullet-resistant armor and clothing for tableware. law enforcement personnel and the military. DSM Agro DSM Resins DSM Agro produces ammonia and nitrogen fertilizers for DSM Resins consists of four business units: grasslands and agricultural crops, which it supplies mainly to • DSM Coating Resins specializes in the development, agricultural wholesalers. manufacture and marketing of resins for coating systems and is one of the global leaders in powder coating resins used in DSM Energy industrial applications. DSM Energy participates in the exploration and production of • DSM NeoResins is a leading global supplier of innovative oil and gas on the Dutch Continental Shelf. waterborne resins, suited to the needs of the coatings, adhesives and graphic arts industries. • DSM Desotech is a leading producer of specialty UV-curable coatings and resins and is the market leader in the supply of coatings for optical fibers and inks and matrix resins that are used in fiber optic cables. • DSM Composite Resins manufactures unsaturated polyester resins for marine, leisure, construction and automotive applications. DSM Elastomers DSM Elastomers manufactures synthetic rubbers (EPDM) and thermoplastic elastomers (TPVs) for use in cars, white goods, various industrial products, construction materials and as motor-oil additives. Supplies 2006 (x % million) Supplies 2006 (x % million) 4 1. DSM Engineering Plastics 1. DSM Fibre Intermediates 1,429 3 (incl. DSM Dyneema) 1,005 2. DSM Melamine 215 3 1 2. DSM Resins 1,258 3. DSM Agro 403 1 3. DSM Elastomers 496 4. DSM Energy 88 2 2 Total 2,759 Total 2,135 EBITDA / Net sales (as a %) EBITDA / Net sales (as a %) 2005 2005 2006 2006 • 0• 5 • 10 • 15 • 20 • 0• 5 • 10 • 15 • 20 Annual Report 2005 www.dsm.com DSM key data for 2006 Net sales, CFROI Workforce continuing operations (at year-end) (x million) €8,352 8.5% 22,156 Operating profit, Net profit, Net profit continuing operations continuing operations (x million) (before exceptional items) (before exceptional items) (x million) (x million) €835 €551 €547 Capital expenditure Net earnings Dividend and acquisitions before exceptional items (per ordinary share) (x million) (per ordinary share) €501 €2.85 €1.00 Forward-looking statements This annual report contains forward-looking statements. These statements are based on current expectations, estimates and projections of DSM management and information currently available to the company. The statements involve certain risks and uncertainties that are difficult to predict and therefore DSM does not guarantee that its expectations will be realized. Furthermore, DSM has no obligation to update the statements contained in this annual report. Annual Report 2006 www.dsm.com 1 DSM is everywhere Annual Report 2006 www.dsm.com 2 On 28 September 2006, DSM organized an Innovation Event for the international media in Geleen, the Netherlands. During the event, DSM showed the new products and applications that are currently being developed in the fields of performance materials and nutrition. Even the lunch for the participants had been prepared with innovative DSM ingredients. Annual Report 2006 www.dsm.com 3 Contents 5 Key financial data 74 Corporate governance, risk management and internal control 6 Message from the Chairman 74 Organization 74 Dutch corporate governance code 24 Report by the Managing Board 74 Governance framework 25 Highlights of 2006 75 Risk management system 26 Vision 2010 – Building on Strengths one year on 76 Financial policy 30 Marketing and branding 77 Risks 30 Purchasing 31 Safety, health and the environment 78 Information about the DSM share 31 Human resources 32 Research and development (R&D) 81 Financial statements 2006 34 ICT 34 Corporate governance 82 Consolidated financial statements 35 Macro-economic review 82 Summary of significant accounting policies 36 Financial results 88 Consolidated overviews 93 Notes to the consolidated financial statements 40 Review of business of Royal DSM N.V. 42 Nutrition 48 Pharma 125 Financial statements of Royal DSM N.V. 52 Performance Materials 58 Industrial Chemicals 134 Other information
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