Cash flow DSM-Firmenich

Equities

DSFIR

CH1216478797

Consumer Goods Conglomerates

End-of-day quote Euronext Amsterdam Other stock markets 2025-01-17			5-day change	1st Jan Change
99.64 ^CHF	+1.22%		+4.75%	+1.96%

01-10	BNP Paribas Exane Upgrades DSM-Firmenich to Outperform, Raises PT	MT
01-09	Stifel Upgrades DSM-Firmenich to Buy, Lifts PT	MT

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Published financial data: DSM-FIRMENICH

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	9.01B	8.11B	9.2B	8.39B	10.63B
Total Revenues	9.01B	8.11B	9.2B	8.39B	10.63B
Cost of Goods Sold, Total	5.96B	5.33B	6.04B	5.7B	8.02B
Gross Profit	3.05B	2.78B	3.16B	2.69B	2.61B
Selling General & Admin Expenses, Total	1.8B	1.62B	1.79B	1.77B	2.54B
R&D Expenses	349M	398M	323M	295M	652M
Other Operating Expenses	20M	84M	29M	-29M	-16M
Other Operating Expenses, Total	2.16B	2.1B	2.14B	2.04B	3.17B
Operating Income	889M	672M	1.02B	652M	-560M
Interest Expense, Total	-96M	-90M	-92M	-104M	-138M
Interest And Investment Income	9M	17M	3M	22M	95M
Net Interest Expenses	-87M	-73M	-89M	-82M	-43M
Income (Loss) On Equity Invest.	-9M	-64M	16M	12M	-6M
Currency Exchange Gains (Loss)	-12M	-22M	-7M	-20M	-86M
Other Non Operating Income (Expenses)	4M	14M	-15M	-1M	-26M
EBT, Excl. Unusual Items	785M	527M	928M	561M	-721M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-11M	-55M	-25M	-3M	-59M
Gain (Loss) On Sale Of Investments	63M	32M	326M	-7M	-1M
Gain (Loss) On Sale Of Assets	7M	-	13M	31M	17M
Asset Writedown	-	-	-	-	-
Insurance Settlements	16M	29M	11M	12M	53M
Legal Settlements	8M	23M	2M	-	-
Other Unusual Items	48M	7M	2M	5M	57M
EBT, Incl. Unusual Items	916M	563M	1.26B	599M	-654M
Income Tax Expense	152M	106M	168M	124M	-18M
Earnings From Continuing Operations	764M	457M	1.09B	475M	-636M
Earnings Of Discontinued Operations	-	51M	591M	1.24B	2.79B
Net Income to Company	764M	508M	1.68B	1.72B	2.15B
Minority Interest	-6M	-2M	-4M	-15M	-16M
Net Income - (IS)	758M	506M	1.68B	1.7B	2.14B
Preferred Dividend and Other Adjustments	8M	7M	6M	6M	6M
Net Income to Common Incl Extra Items	750M	499M	1.67B	1.69B	2.13B
Net Income to Common Excl. Extra Items	750M	448M	1.08B	454M	-658M
Per Share Items
Net EPS - Basic	4.27	2.91	9.67	9.8	9.14
Basic EPS - Continuing Operations	4.27	2.61	6.25	2.63	-2.82
Basic Weighted Average Shares Outstanding	176M	172M	173M	173M	233M
Net EPS - Diluted	4.24	2.89	9.63	9.77	9.14
Diluted EPS - Continuing Operations	4.24	2.59	6.22	2.61	-2.82
Diluted Weighted Average Shares Outstanding	177M	172M	173M	173M	233M
Normalized Basic EPS	2.76	1.91	3.34	1.94	-2
Normalized Diluted EPS	2.74	1.9	3.32	1.94	-2
Dividend Per Share	2.4	2.4	2.5	2.53	0.93
Payout Ratio	38.39	57.11	15.87	20.29	7.35
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	1.38B	1.21B	1.62B	1.23B	352M
EBITA	1.04B	865M	1.24B	892M	-83M
EBIT	889M	672M	1.02B	652M	-560M
Effective Tax Rate - (Ratio)	16.59	18.83	13.37	20.7	2.75
Total Current Taxes	91M	145M	122M	107M	188M
Total Deferred Taxes	61M	-39M	46M	17M	-206M
Normalized Net Income	485M	327M	576M	336M	-467M
Interest Capitalized	3M	6M	4M	3M	4M
Interest on Long-Term Debt	7M	6M	5M	6M	8M
Non-Cash Pension Expense	-9M	4M	-7M	1M	7M
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.26B	1.15B	1.27B	1.24B	1.51B
General and Administrative Expenses	525M	469M	517M	534M	1.02B
Research And Development Expense From Footnotes	396M	507M	334M	295M	652M
Stock-Based Comp., Other (Total)	34M	29M	22M	35M	29M
Total Stock-Based Compensation	34M	29M	22M	35M	29M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	800M	871M	1.56B	2.76B	2.46B
Short Term Investments	688M	43M	489M	125M	107M
Total Cash And Short Term Investments	1.49B	914M	2.05B	2.88B	2.56B
Accounts Receivable, Total	1.59B	1.39B	1.6B	1.51B	2.55B
Other Receivables	104M	76M	88M	78M	220M
Notes Receivable	-	16M	-	24M	69M
Total Receivables	1.7B	1.48B	1.69B	1.61B	2.84B
Inventory	2.02B	1.88B	2.3B	2.34B	3.39B
Other Current Assets, Total	21M	1.15B	91M	1.3B	49M
Total Current Assets	5.22B	5.42B	6.13B	8.13B	8.84B
Gross Property Plant And Equipment	8.44B	7.89B	8.69B	7.44B	9.97B
Accumulated Depreciation	-4.4B	-4.12B	-4.73B	-3.87B	-4.42B
Net Property Plant And Equipment	4.04B	3.77B	3.96B	3.58B	5.55B
Long-term Investments	305M	321M	259M	196M	721M
Goodwill	2.28B	2.52B	2.95B	2.98B	11.29B
Other Intangibles, Total	1.23B	1.94B	2.36B	2.16B	7.44B
Loans Receivable Long-Term	3M	4M	1M	2M	11M
Deferred Tax Assets Long-Term	217M	239M	203M	95M	228M
Deferred Charges Long-Term	7M	-	-	-	-
Other Long-Term Assets, Total	132M	146M	154M	259M	179M
Total Assets	13.44B	14.36B	16.01B	17.4B	34.27B
Liabilities
Accounts Payable, Total	1.34B	1.21B	1.56B	1.41B	2.06B
Accrued Expenses, Total	393M	393M	414M	345M	584M
Short-term Borrowings	137M	55M	44M	30M	31M
Current Portion of Long-Term Debt	8M	7M	13M	14M	604M
Current Portion of Leases	49M	47M	48M	44M	84M
Current Income Taxes Payable	42M	53M	77M	64M	177M
Unearned Revenue Current, Total	7M	11M	10M	4M	8M
Other Current Liabilities	189M	491M	264M	668M	968M
Total Current Liabilities	2.16B	2.26B	2.43B	2.58B	4.52B
Long-Term Debt	2.28B	3.31B	2.84B	2.84B	3.78B
Long-Term Leases	187M	168M	147M	135M	331M
Unearned Revenue Non Current	65M	76M	62M	55M	70M
Pension & Other Post Retirement Benefits	450M	450M	358M	266M	520M
Deferred Tax Liability Non Current	296M	433M	485M	476M	1.75B
Other Non Current Liabilities	170M	175M	291M	203M	226M
Total Liabilities	5.61B	6.88B	6.62B	6.56B	11.2B
Common Stock, Total	338M	338M	328M	328M	3M
Additional Paid In Capital	489M	489M	471M	471M	11.73B
Retained Earnings	7.71B	7.79B	8.54B	9.78B	10.74B
Treasury Stock	-905M	-976M	-177M	-196M	-44M
Comprehensive Income and Other	96M	-243M	156M	363M	474M
Total Common Equity	7.73B	7.4B	9.32B	10.74B	22.91B
Minority Interest	104M	88M	79M	102M	162M
Total Equity	7.84B	7.49B	9.4B	10.84B	23.07B
Total Liabilities And Equity	13.44B	14.36B	16.01B	17.4B	34.27B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	172M	172M	173M	173M	265M
ECS Total Common Shares Outstanding	172M	172M	173M	173M	265M
Book Value / Share	44.83	42.96	53.87	62.07	86.35
Tangible Book Value	4.22B	2.94B	4.01B	5.6B	4.17B
Tangible Book Value Per Share	24.45	17.09	23.17	32.33	15.72
Total Debt	2.66B	3.59B	3.09B	3.07B	4.83B
Net Debt	1.17B	2.67B	1.04B	186M	2.27B
Debt Equivalent of Unfunded Proj. Benefit Obligation	435M	434M	248M	104M	309M
Minority Interest, Total (Incl. Fin. Div)	104M	88M	79M	102M	162M
Equity Method Investments, Total	155M	93M	64M	61M	130M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	524M	491M	621M	596M	1.02B
Inventories - Work In Process, Total	1.58B	1.47B	1.76B	1.81B	2.45B
Land - (BS)	2.23B	2.1B	2.11B	1.93B	2.96B
Machinery, Total	5.25B	4.97B	5.71B	4.62B	5.64B
Full Time Employees	22.17K	21.31K	21.36K	19.26K	28.68K
Part Time Employees	-	-	-	1.42K	-
Accumulated Allowance for Doubtful Accounts (Supple)	17M	28M	23M	12M	15M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	758M	508M	1.68B	1.72B	2.15B
Depreciation & Amortization - CF	397M	394M	425M	392M	510M
Amortization of Goodwill and Intangible Assets - (CF)	149M	193M	221M	240M	477M
Depreciation & Amortization, Total	546M	587M	646M	632M	987M
Amortization of Deferred Charges, Total - (CF)	26M	-	-	-	-
(Gain) Loss From Sale Of Asset	-4M	4M	-649M	-1.02B	-2.84B
Asset Writedown & Restructuring Costs	60M	119M	35M	20M	320M
(Income) Loss On Equity Investments - (CF)	-54M	32M	-342M	-5M	7M
Stock-Based Compensation (CF)	34M	29M	22M	34M	23M
Net Cash From Discontinued Operations	-	34M	-	72M	38M
Other Operating Activities, Total	32M	156M	179M	18M	422M
Change In Accounts Receivable	59M	-4M	-194M	-133M	49M
Change In Inventories	114M	-36M	-323M	-442M	89M
Change In Accounts Payable	-121M	48M	334M	116M	126M
Change in Other Net Operating Assets	-65M	17M	39M	-38M	-104M
Cash from Operations	1.38B	1.49B	1.43B	965M	1.26B
Capital Expenditure	-520M	-458M	-433M	-506M	-555M
Sale of Property, Plant, and Equipment	6M	1M	27M	17M	16M
Cash Acquisitions	-556M	-1.53B	-704M	-74M	-3.69B
Divestitures	37M	-2M	1.79B	1.37B	3.53B
Sale (Purchase) of Intangible assets	-121M	-168M	-144M	-145M	-137M
Investment in Marketable and Equity Securities, Total	536M	673M	-365M	360M	40M
Net (Increase) Decrease in Loans Originated / Sold - Investing	8M	-8M	19M	-152M	-2M
Other Investing Activities, Total	85M	13M	17M	10M	70M
Cash from Investing	-525M	-1.48B	208M	876M	-726M
Short Term Debt Issued, Total	57M	-	12M	-	-
Long-Term Debt Issued, Total	7M	1.12B	37M	51M	15M
Total Debt Issued	64M	1.12B	49M	51M	15M
Short Term Debt Repaid, Total	-	-95M	-	-21M	-7M
Long-Term Debt Repaid, Total	-355M	-323M	-567M	-86M	-622M
Total Debt Repaid	-355M	-418M	-567M	-107M	-629M
Issuance of Common Stock	180M	63M	34M	25M	757M
Repurchase of Common Stock	-869M	-309M	-165M	-210M	-256M
Common Dividends Paid	-	-	-	-	-151M
Preferred Dividends Paid	-	-	-	-	-6M
Common & Preferred Stock Dividends Paid	-291M	-289M	-266M	-345M	-
Common & Preferred Stock Dividends Paid	-291M	-289M	-266M	-345M	-157M
Special Dividend Paid	-	-	-	-	-425M
Other Financing Activities, Total	-61M	-87M	-69M	-59M	-125M
Cash from Financing	-1.33B	83M	-984M	-645M	-820M
Foreign Exchange Rate Adjustments	-9M	-24M	39M	-2M	-18M
Net Change in Cash	-481M	71M	690M	1.19B	-299M
Supplemental Items
Cash Interest Paid	57M	54M	65M	52M	61M
Cash Income Tax Paid (Refund)	140M	124M	133M	131M	179M
Levered Free Cash Flow	260M	-235M	1.29B	-644M	185M
Unlevered Free Cash Flow	320M	-179M	1.34B	-578M	271M
Change In Net Working Capital	201M	589M	-614M	1B	-297M
Net Debt Issued / Repaid	-291M	705M	-518M	-56M	-614M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.1	3.02	4.21	2.44	-1.35
Return on Total Capital	5.3	3.89	5.43	3.09	-1.67
Return On Equity %	9.76	5.97	12.9	4.69	-3.75
Return on Common Equity	9.67	5.92	12.91	4.53	-3.91
Margin Analysis
Gross Profit Margin %	33.88	34.25	34.38	32.06	24.57
SG&A Margin	19.92	20.01	19.44	21.12	23.85
EBITDA Margin %	15.37	14.91	17.58	14.71	3.31
EBITA Margin %	11.52	10.67	13.52	10.63	-0.78
EBIT Margin %	9.87	8.29	11.11	7.77	-5.27
Income From Continuing Operations Margin %	8.48	5.64	11.83	5.66	-5.98
Net Income Margin %	8.41	6.24	18.21	20.26	20.11
Net Avail. For Common Margin %	8.32	5.53	11.72	5.41	-6.19
Normalized Net Income Margin	5.38	4.04	6.26	4	-4.39
Levered Free Cash Flow Margin	2.88	-2.9	13.98	-7.67	1.74
Unlevered Free Cash Flow Margin	3.55	-2.21	14.61	-6.9	2.55
Asset Turnover
Asset Turnover	0.67	0.58	0.61	0.5	0.41
Fixed Assets Turnover	2.39	2.07	2.38	2.23	2.33
Receivables Turnover (Average Receivables)	5.69	5.43	6.15	5.39	5.23
Inventory Turnover (Average Inventory)	2.97	2.73	2.89	2.46	2.8
Short Term Liquidity
Current Ratio	2.42	2.4	2.52	3.15	1.96
Quick Ratio	1.47	1.05	1.54	1.73	1.18
Operating Cash Flow to Current Liabilities	0.64	0.66	0.59	0.37	0.28
Days Sales Outstanding (Average Receivables)	64.15	67.34	59.37	67.69	69.74
Days Outstanding Inventory (Average Inventory)	122.91	133.83	126.18