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Consolidated statements

Consolidated income statement for the year ended 31 December 2010
x € million
Notes
Continuing operations
Discontinued
operations
Total
Before
exceptional
items
Exceptional
items
(note 6)
Total
 
 
          
Net sales
 
8,176
-
8,176
874
9,050
Cost of sales
(5,953)
29
(5,924)
(674)
(6,598)
Gross margin
 
2,223
29
2,252
200
2,452
 
 
          
Marketing and sales
 
(793)
-
(793)
(63)
(856)
Research and development
 
(314)
(14)
(328)
(10)
(338)
General and administrative
 
(366)
-
(366)
(14)
(380)
Other operating income
 
43
55
98
37
135
Other operating expense
 
(41)
(58)
(99)
(112)
(211)
 
(1,471)
(17)
(1,488)
(162)
(1,650)
 
 
          
Operating profit
 
752
12
764
38
802
Interest costs
(102)
-
(102)
-
(102)
Other financial income and expense
9
-
9
-
9
Share of the profit of associates
 
5
-
5
-
5
 
 
          
Profit before income tax expense
 
664
12
676
38
714
Income tax expense
(162)
(4)
(166)
(23)
(189)
 
 
          
Profit for the year
 
502
8
510
15
525
Reclassification of the net result from activities disposed of
 
-
(48)
(48)
48
-
Total
 
502
(40)
462
63
525
 
 
          
Of which:
 
          
- Profit attributable to non-controlling interests
 
18
-
18
-
18
- Net profit attributable to equity holders of Royal DSM N.V.
 
484
(40)
444
63
507
 
 
          
Net profit attributable to equity holders of Royal DSM N.V.
 
484
(40)
444
63
507
Dividend on cumulative preference shares
 
(10)
-
(10)
-
(10)
 
 
          
Net profit available to holders of ordinary shares
 
474
(40)
434
63
497
 
 
          
Average number of ordinary shares outstanding (x 1000)
 
        
164,047
Effect of dilution due to share options (x 1000)
 
        
1,003
Adjusted average number of ordinary shares (x 1000)
 
        
165,050
 
 
          
Per ordinary share in euro:
 
          
- Basic earnings after reclassification of the net result from
activities disposed of
 
2.89
(0.24)
2.65
0.38
3.03
- Basic earnings
 
2.89
0.05
2.94
0.09
3.03
- Diluted earnings
 
2.87
(0.24)
2.63
0.38
3.01
- Dividend paid in the period
 
        
1.20
- Dividend for the year
 
        
1.35
Consolidated income statement for the year ended 31 December 2009
x € million
Notes
Continuing operations
Discontinued operations
Total
Before
exceptional
items
Exceptional
items
(note 6)
Total
 
 
          
Net sales
 
6,725
-
6,725
1,141
7,866
Cost of sales
(5,034)
(10)
(5,044)
(1,048)
(6,092)
Gross margin
 
1,691
(10)
1,681
93
1,774
 
 
          
Marketing and sales
 
(672)
-
(672)
(71)
(743)
Research and development
 
(292)
(1)
(293)
(12)
(305)
General and administrative
 
(326)
(25)
(351)
(19)
(370)
Other operating income
 
73
19
92
342
434
Other operating expense
 
(41)
(209)
(250)
(5)
(255)
 
(1,258)
(216)
(1,474)
235
(1,239)
 
 
          
Operating profit
 
433
(226)
207
328
535
Interest costs
(102)
-
(102)
(2)
(104)
Other financial income and expense
(9)
-
(9)
-
(9)
Share of the profit of associates
 
(4)
-
(4)
-
(4)
 
 
          
Profit before income tax expense
 
318
(226)
92
326
418
Income tax expense
(73)
14
(59)
(23)
(82)
 
 
          
Profit for the year
 
245
(212)
33
303
336
Reclassification of the net result from activities disposed of
 
-
305
305
(305)
-
Total
 
245
93
338
(2)
336
 
 
          
Of which:
 
          
- Profit attributable to non-controlling interests
 
1
-
1
(2)
(1)
- Net profit attributable to equity holders of Royal DSM N.V.
 
244
93
337
-
337
 
 
          
Net profit attributable to equity holders of Royal DSM N.V.
 
244
93
337
-
337
Dividend on cumulative preference shares
 
(10)
-
(10)
-
(10)
 
 
          
Net profit available to holders of ordinary shares
 
234
93
327
-
327
 
 
          
Average number of ordinary shares outstanding (x 1000)
 
        
162,364
Effect of dilution due to share options (x 1000)
 
        
454
Adjusted average number of ordinary shares (x 1000)
 
        
162,818
 
 
          
Per ordinary share in euro:
 
          
- Basic earnings after reclassification of the net result from
activities disposed of
 
1.44
0.57
2.01
-
2.01
- Basic earnings
 
1.44
(1.30)
0.14
1.87
2.01
- Diluted earnings
 
1.44
0.57
2.01
-
2.01
- Dividend paid in the period
 
        
1.20
- Dividend for the year
 
        
1.20
Consolidated statement of comprehensive income
x € million
Other
reserves
Retained earnings
Total
Non-controlling interests
Total
Actuarial
gains and
losses
Other
             
2009
            
Exchange differences on translation of foreign operations
3
-
-
3
(1)
2
- Related income tax expense
4
-
-
4
-
4
Change in actuarial gains and losses
-
110
-
110
-
110
- Related income tax expense
-
(29)
-
(29)
-
(29)
Change in asset ceiling
-
(6)
-
(6)
-
(6)
- Related income tax expense
-
2
-
2
-
2
Change in Fair value reserve
75
-
-
75
-
75
- Related income tax expense
(15)
-
-
(15)
-
(15)
Change in Hedging reserve
14
-
-
14
-
14
- Related income tax expense
(5)
-
-
(5)
-
(5)
             
Other comprehensive income
76
77
-
153
(1)
152
Profit for the year
-
-
337
337
(1)
336
             
Total comprehensive income
76
77
337
490
(2)
488
             
2010
            
Exchange differences on translation of foreign operations
294
-
-
294
7
301
- Related income tax expense
39
-
-
39
-
39
Change in actuarial gains and losses
-
(186)
-
(186)
-
(186)
- Related income tax expense
-
47
-
47
-
47
Change in asset ceiling
-
(171)
-
(171)
-
(171)
- Related income tax expense
-
44
-
44
-
44
Change in Fair value reserve
33
-
-
33
-
33
- Related income tax expense
(13)
-
-
(13)
-
(13)
Change in Hedging reserve
45
-
-
45
-
45
- Related income tax expense
(9)
-
-
(9)
-
(9)
             
Other comprehensive income
389
(266)
-
123
7
130
Profit for the year
-
-
507
507
18
525
             
Total comprehensive income
389
(266)
507
630
25
655
Consolidated balance sheet as at 31 December
x € million
Notes
2010
2009
 
 
    
Assets
 
    
Non-current assets
 
    
Intangible assets
1,070
1,053
Property, plant and equipment
2,943
3,477
Deferred tax assets
326
322
Prepaid pension costs
1
282
Associates
25
18
Other financial assets
270
233
 
 
4,635
5,385
Current assets
 
    
Inventories
1,340
1,359
Trade receivables
1,361
1,321
Other receivables
116
89
Financial derivatives
134
88
Current investments
837
7
Cash and cash equivalents
1,453
1,340
 
 
5,241
4,204
Assets to be contributed to joint ventures (100% basis)
 
317
-
Other assets held for sale
 
287
25
 
 
5,845
4,229
Total
 
10,480
9,614
 
 
    
Equity and liabilities
 
    
Equity
   
Royal DSM N.V. Shareholders' equity
 
5,481
4,949
Non-controlling interests
 
96
62
 
 
5,577
5,011
Non-current liabilities
 
    
Deferred tax liabilities
155
115
Employee benefits liabilities
297
298
Provisions
93
103
Borrowings
1,992
2,066
Other non-current liabilities
33
49
 
 
2,570
2,631
Current liabilities
 
    
Employee benefits liabilities
24
26
Provisions
33
102
Borrowings
105
138
Financial derivatives
219
61
Trade payables
1,277
1,169
Other current liabilities
512
469
 
 
2,170
1,965
Liabilities to be contributed to joint ventures (100% basis)
 
104
-
Other liabilities held for sale
 
59
7
 
 
2,333
1,972
Total
 
10,480
9,614
Consolidated statement of changes in equity (note 16)
x € million
Share
capital
Share
premium
Treasury
shares
Other
reserves
Retained earnings
Total
Non-controlling
interests
Total
Equity
Actuarial
gains and
losses
Other
                   
Balance at 1 January 2009
339
489
(773)
(85)
(458)
5,121
4,633
62
4,695
                   
Dividend paid
-
-
-
-
-
(205)
(205)
(2)
(207)
Options / performance shares granted
-
-
-
13
-
-
13
-
13
Options / performance shares
exercised/canceled
-
-
-
(6)
-
6
-
-
-
Cancellation of cumprefs C
(1)
-
113
-
-
(112)
-
-
-
Proceeds from reissued shares
-
-
23
-
-
(5)
18
-
18
Change in DSM's share in subsidiaries
-
-
-
-
-
-
-
4
4
                   
Total comprehensive income
-
-
-
76
77
337
490
(2)
488
                   
Balance at 31 December 2009
338
489
(637)
(2)
(381)
5,142
4,949
62
5,011
                   
Dividend paid
-
-
-
-
-
(206)
(206)
(1)
(207)
Options / performance shares granted
-
-
-
10
-
-
10
-
10
Options / performance shares
exercised/canceled and SARs canceled
-
-
-
(16)
-
19
3
-
3
Proceeds from reissued shares
-
-
95
-
-
-
95
-
95
Change in DSM's share in subsidiaries
-
-
-
-
-
-
-
15
15
Reclassification to held for sale
-
-
-
-
-
-
-
(5)
(5)
                   
Total comprehensive income
-
-
-
389
(266)
507
630
25
655
                   
Balance at 31 December 2010
338
489
(542)
381
(647)
5,462
5,481
96
5,577
Consolidated cash flow statement (note 25)
x € million
2010
2009
         
Operating activities
        
Profit for the year
  
525
  
336
Income tax
  
189
  
82
Profit before income tax expense
  
714
  
418
Share of the profit of associates
  
(5)
  
4
Other financial income and expense
  
(9)
  
9
Interest costs
  
102
  
104
Operating profit
  
802
  
535
Depreciation and amortization
  
424
  
656
Earnings before interest, tax, depreciation and amortization
  
1,226
  
1,191
Adjustments for:
        
- (Gain) or loss from disposals
37
  
(313)
  
- Change in provisions
(63)
  
24
  
- Defined benefit plans
(79)
  
(68)
  
 
(105)
  
(357)
  
Interest received
12
  
10
  
Interest paid
(101)
  
(84)
  
Income tax received
5
  
13
  
Income tax paid
(68)
  
(90)
  
Other
61
  
25
  
Changes, excluding working capital
  
(196)
  
(483)
         
Operating cash flow before changes in working capital
  
1,030
  
708
Changes in operating working capital:
        
- Inventories
(108)
  
409
  
- Trade receivables
(160)
  
157
  
- Trade payables
249
  
0
  
 
(19)
  
566
  
Changes in other working capital
92
  
2
  
Changes in working capital
  
73
  
568
         
Cash provided by operating activities
  
1,103
  
1,276
Consolidated cash flow statement (note 25) continued
x € million
2010
2009
         
Cash provided by operating activities
  
1,103
  
1,276
         
         
Investing activities
        
Capital expenditure for:
        
- Intangible assets
(46)
  
(72)
  
- Property, plant and equipment
(370)
  
(385)
  
Proceeds from disposal of property, plant and equipment
7
  
8
  
Acquisition of subsidiaries and associates
(61)
  
(16)
  
Cash from net investment hedge
-
  
(69)
  
Proceeds from disposal of subsidiaries and businesses
363
  
279
  
Change in fixed-term deposits
(832)
  
-
  
Other financial assets:
        
- Capital payments and acquisitions
(8)
  
(6)
  
- Change in loans granted
(24)
  
(12)
  
- Proceeds from disposals
7
  
-
  
         
Cash used in investing activities
  
(964)
  
(273)
         
Financing activities
        
Loans taken up
5
  
517
  
Repayment of loans
(14)
  
(242)
  
Change in debt to credit institutions, commercial paper and current investments
(41)
  
(355)
  
Dividend paid
(206)
  
(205)
  
Proceeds from reissued shares
95
  
18
  
Change in non-controlling interests
-
  
(2)
  
         
Cash used in financing activities
  
(161)
  
(269)
         
Change in cash and cash equivalents
  
(22)
  
734
         
Cash and cash equivalents at 1 January
  
1,340
  
601
Exchange differences relating to cash held
  
135
  
5
         
Cash and cash equivalents at 31 December
  
1,453
  
1,340
Current investments at 31 December
  
837
  
7
         
Total cash, cash equivalents and current investments
at 31 December
  
2,290
  
1,347

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