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Fire & negative currency effect Q2 EBITDA at DSM
Aug '14
Royal DSM, the Life Sciences and Materials Sciences company, posted EBITDA from continuing operations of €293 million in the second quarter of 2014, compared to €332 million in corresponding quarter of 2013.

According to Royal DSM, the second quarter EBITDA includes negative currency effect of about €29 million and a €16 million impact from the fire at a plant in Switzerland.

In the quarter under review, Royal DSM posted EBITDA of €88 million in the Performance Materials segment, up, compared to both - comparable quarter of 2013 and first quarter of 2014.

Cash flow from operating activities in the second quarter stood at €126 million. Financial income and expense in the quarter amounted to a negative €36 million, stable from corresponding quarter of 2013.

The effective tax rate in the second quarter of 2014 was 18%, in line with the full year of 2013. Net profit from continuing operations before exceptional items in the second quarter amounted to €110 million compared to €137 million in same quarter of 2013.

Net earnings per ordinary share from continuing operations, but before exceptional items slipped to €0.64 compared to €0.80.

Cash provided by operating activities in the second quarter stood at €126 million down from €251 million in the second quarter of 2013.

Operating working capital increased from €1,843 million at year-end of 2013 to €2,178 million at the end of the second quarter of 2014, due to higher inventories and receivables. Expressed as a percentage of annualized sales, this represents 23.8% compared to 23.2% in second quarter of 2013.

Cash used for capital expenditure amounted to €117 million in second quarter of 2014 compared to €148 million in second quarter of 2013. Net debt increased by €552 million compared to year-end 2013 and stood at €2,393 million.

Royal DSM said that Performance Materials division continued its encouraging underlying trend and delivered higher results, while Polymer Intermediates segment was negatively impacted by lower caprolactam margins.

Fibre2fashion News Desk - India

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