Dsm-firmenich Ag · EURONEXT:DSFIR
Dsm-firmenich — Merger or Acquisition (June 2022)
82 slides from Dsm-firmenich's merger presentation, Jun 13, 2022
Slide 1: Merger of DSM & Firmenich
Merger of DSM & Firmenich The Leading Creation and Innovation Partner in Nutrition, Beauty and Well-Being JUNE 13, 2022
Slide 2: Disclaimers
Disclaimers NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION in such securities in the United States. WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. NOT FOR GENERAL RELE
Slide 3: Two Iconic Companies Coming Together
Two Iconic Companies Coming Together DSM Firmenich 150+ years of ground-breaking biotechnology & chemical synthesis 127-year heritage of purpose-led scientific discovery and innovation Led by purpose, developing world-changing innovations to benefit Outstanding track-record of developing cre
Slide 4: Introduction to DSM-Firmenich
01 Introduction to DSM-Firmenich 4
Slide 5: Leadership Across Nutrition, Beauty and Well-Being
Leadership Across Nutrition, Beauty and Well-Being An €11bn+ revenue company supported by a superior foundation in science and technology and a world- class vertically integrated supply chain DSM1 Firmenich2 Innovator in Health, Nutrition & Bioscience Creators in Taste and Perfume €7.3bn 6% 19% €4.2
Slide 6: Creation and Innovation Partner with Market-Leading Capabilities
Creation and Innovation Partner with Market-Leading Capabilities to Better Serve Our Customers Food & Beverage / Health, Nutrition & Animal Nutrition & Perfumery & Beauty Taste & Beyond Care Health
Slide 7: Establishing the Leading Creation and Innovation Partner
Establishing the Leading Creation and Innovation Partner in Nutrition, Beauty and Well-Being Two iconic purpose-led, science-based companies Four high-performing businesses uniquely positioned to anticipate and Health, address evolving consumer needs Nutrition Animal & Care Nutrition 19% & Health €3
Slide 8: Creation of DSM-Firmenich will Accelerate Strategic Delivery
Creation of DSM-Firmenich will Accelerate Strategic Delivery and Open New Innovation Opportunities Strengthened value proposition Outstanding health and nutrition to help customers win Artisan perfumers and flavorists driving true portfolio capabilities and expertise differentiation informed by loca
Slide 9: Introduction to Firmenich
02 Introduction to Firmenich
Slide 10: Firmenich: 127 Years of Business for Good
Firmenich: 127 Years of Business for Good Passion to Innovate with Lead with Differentiating Passion for Performance Guided by Our Values: Our Clients Ingredients Since 1895, Because We Care Leading portfolio of captive Customers and colleagues ingredients Leader and most vertically Creativity combi
Slide 11: Firmenich at a Glance
Firmenich at a Glance 4.5 Billion CHF 5.0% 20% Revenue Growth CAGR2 Adjusted EBITDA Margin1 Revenues1 9.3% of Revenues Invested Co-Leader in Perfumery & 100+ Ingredients 3 in R&D in 2021 Markets 127 ~10,000 7.5 Years Swiss and colleagues1 Sustainalytics Rating Family-Owned Industry-leading ESG posit
Slide 12: Leadership Across Business Units
Leadership Across Business Units TASTE & BEYOND PERFUMERY & INGREDIENTS Co-leadership position across Perfumery and Global player of scale Ingredients segments 33% 67% Leading innovator in Natural / Clean Label Leading portfolio of sustainable, renewable, Transformation, Better Nutrition (Su
Slide 13: Strong Performance Momentum in H1 FY22
Strong Performance Momentum in H1 FY22 REFLECTS JULY 2021 TO DECEMBER 2021 H1 FY22 REVENUE GROWTH IN FOCUS AREAS FINANCIAL PERFORMANCE Organic Sugar Plant-based Renewable E-commerce growth (%) 12% Fragrance Reduction Proteins +25% +141% +45% +50% 2,241 1,997 H1 FY22 REVENUE GROWTH IN KEY GEOGRAPHIES
Slide 14: Performance vs Competition
Performance vs Competition Long-Term Organic Revenue Growth (CAGR)1 FY YTD (July 2021 to March 2022) 6.5% 11.5% 11.0% 5.4% 9.1% 4.7% 3.8% 5.8% 14 (1) Reflects Firmenich management analysis for the period from December 2013 to December 2021.
Slide 15: Long-Term Resilient Financial Performance
Long-Term Resilient Financial Performance GDP+ REVENUE GROWTH AND ATTRACTIVE ADJ. EBITDA MARGIN OF 20%+ FY 2022 Guidance (July 2021 – June 2022) 9%+ Organic Growth CHFm CAGR1 4,272 (CHF 4.6bn+)1 +5% (organic) 3,874 3,878 CHF 900m+ Adj. EBITDA / CHF 910m+ PF for M&A3 2,891 21.5% 22.1% Mid-Term Ambiti
Slide 16: Track-Record of Innovation-Driven Growth, Underpinned by World-Class Science
Track-Record of Innovation-Driven Growth, Underpinned by World-Class Science 2021 R&D Spend as % of Revenues 9.3% 8.4% 6.1% 5.9% 1939 6 4,000+ Top 100 NOBEL PRIZE R&D CENTERS PATENTS INNOVATOR FOR Geneva IN FORCE Patent Castets Asset Index CHEMISTRY Princeton & San Diego Shanghai Gujarat We are driv
Slide 17: Digital Strategy: Create New Growth Drivers
Digital Strategy: Create New Growth Drivers “Fundamentally Digital” Strategy Launched in 2018 Enhance formulation activities and augment our creators Improve speed-to-market to support a lean business model Accelerate innovation and new ways of working Empower employees with fast, smart & au
Slide 18: Naturals Leadership at Core of Differentiation
Naturals Leadership at Core of Differentiation Leading Naturals Palette Innovation Transparency Naturals TogetherTM Firmenich Natural Center of Digital Traceability App (since 2014) Expertise in Grasse Path2FarmTM Presence at source Green GateTM / White EcoScent CompassTM 250k+ farme
Slide 19: ESG at the Core of Firmenich's Mission
ESG at the Core of Firmenich’s Mission and a Source of Competitive Advantage 37th of nearly 15,000 Top 1% of 85,000+ Recognized by 1 of only 2 companies 1 of 2 companies companies worldwide companies worldwide Ethisphere® as one of worldwide to be triple globally rated and industry leader the world’
Slide 20: Conclusion
Conclusion Passion to Innovate with Lead with Differentiating Our Clients: enabled by Ingredients: Vertically world-class science and integrated with naturals & renowned creators renewables Passion for Performance: Guided by Our Values: Consistent delivery driven by ESG leader investment in digital,
Slide 21: Research & Innovation
INTRODUCTION TO FIRMENICH Research & Innovation Sarah Reisinger
Slide 22: Industry-Leading R&D
Industry-Leading R&D CAPABILITIES STRATEGY DIFFERENTIATED CREATION BIOTECH, EXTRACTION & GREEN CHEMISTRY CHEMOSENSORY SCIENCES DEVELOP TOOLS TO DIFFERENTIATE OUR CREATORS’ TOOLKIT & DELIVER PERFORMANCE SUSTAINABILITY MATERIALS SCIENCE MICROBIOLOGY & SKIN BIOLOGY UPHOLD FIRMENICH VALUES & FULFILL CLI
Slide 23: Differentiated Creation
Differentiated Creation Proprietary Models for Creation AI & Receptor Biology for Discovery Taking guesswork out of the equation Developing technologies to accelerate on bloom and trail performance discovery of new molecules Technologies for Plant-based Foods Solutions for Malodor Control Recreating
Slide 24: Receptor-Based Malodor Control
Receptor-Based Malodor Control Technology is key to advancing sanitation and amplifying delight in multiple applications WITHOUT MALODOR CONTROL Score 8 6 Malodor 4 2 0 8 8 Pleasantness 6 6 Freshness malodor receptor malodor perception 4 4 2 2 0 0 Latrine Non-MOC* accord MOC* accord WITH MALODOR CON
Slide 25: New Technologies Augment Appeal of Meat Analogs
New Technologies Augment Appeal of Meat Analogs Recreating meat juiciness and delivering an authentic cooking aroma Dynarome® SR mimics animal fat release to recreate the same juicy taste and succulence in vegan products TR Moment of Truth Dynarome® TR allows tailored flavor release at elevated Heat
Slide 26: Sustainability
Sustainability New Natural and Increased Renewable Sustainable Long-lasting Renewable Ingredients Content in Our Palette Performance Discovering and developing Converting our palette by Delivering enduring sensory proprietary ingredients leveraging new biomass and performance that is better using su
Slide 27: Eco-Friendly Long-Lasting Fragrance for Laundry
Eco-Friendly Long-Lasting Fragrance for Laundry Firmenich is at the forefront of this critical effort towards protecting the planet Evolving segment opens up new technical challenges Technologies to extend perfume intensity in laundry and opportunities • Sustainable delivery systems for laundry • Pe
Slide 28: Biotech Platform Delivers Sustainable Fragrance Ingredients
Biotech Platform Delivers Sustainable Fragrance Ingredients Pioneered biotech as a capability to deliver high- performance and sustainable ingredients for F&F • Platform for discovery featuring strong toolkit in biocatalysis, precision and natural fermentation Achieved commercial success on multiple
Slide 29: Wellness
Wellness Technologies for Sugar Reduction Antibacterial Solutions for Hygiene Developing new natural sweeteners, Identifying secondary benefits of sweetness enhancers and maskers perfume ingredients for use in hygiene Emotions and Sensory Ingredients for Skin Care Providing tools linking perfume wit
Slide 30: Dreamwood Advances Our Skin Care Journey
Dreamwood™ Advances Our Skin Care Journey Skin care benefits demonstrated in clinical study RELATIVE REDNESS REDUCTION VS. TIME OF APPLICATION 5x redness reduction vs. placebo Positive effect on skin repair, reflected by a reduction in the Benefit stabilized over time Positive reduction dehydration
Slide 31: R&D Positioned as Engine of Sustained Differentiation
R&D Positioned as Engine of Sustained Differentiation Investing in capabilities to grow our business today and in the future MEET CUSTOMER & BUSINESS NEEDS ANTICIPATE FUTURE MARKET OPPORTUNITIES to Fuel Short- & Mid-term Growth to Secure Long-lasting Leadership Delivering measurable value for & with
Slide 32: Perfumery & Ingredients
Perfumery & Ingredients Ilaria Resta Firmenich HY 2022 results presentation • 32
Slide 33: Key Highlights
Key Highlights #1 #1 Best-in-Class Co-leader in in Organic Creation Perfumery & Growth vs. Top Palette Ingredients1 Peers2 Vertically Leader in Breakthrough Integrated in Renewables and R&D and Ingredients Naturals Innovation 33 (1) As per internal estimates excluding Active Beauty Ingredients. (2)
Slide 34: Major Market Trends in Perfumery
Major Market Trends in Perfumery CONSUMER TRENDS CLIENT TRENDS Naturality & Cost Sustainability Certifications Transparency Pressures Customization Enhanced Hygiene & Rise of Leveraging Benefits Efficacy E-Marketplaces Digital & AI Beyond Sensory Responsible Insourced & Competition from Serenity & S
Slide 35: End-to-End Approach to Unlocking Differentiation for Our Customers
End-to-End Approach to Unlocking Differentiation for Our Customers DEEP CONSUMER HIGH-PERFORMANCE BEST-IN-CLASS PERFUME INSIGHTS INGREDIENTS & TECHNOLOGIES CREATION Targeted and digitally-powered Portfolio of innovative and sustainable Differentiated perfume design fueled understanding of consumer p
Slide 36: Best-in-class Creation Palette
INGREDIENTS & INNOVATION LEADERSHIP Best-in-class Creation Palette GREEN BIOTECHNOLOGY NATURALS TECHNOLOGY CHEMISTRY INNOVATION Unique & iconic portfolio Industry pioneer Global presence at source Differentiated performance • • • • Strong IP protection Investments over 20+ years Naturals center of e
Slide 37: Creation is Led by Our World-Class Perfumers
Creation is Led by Our World-Class Perfumers FINE FRAGRANCE PERFUMERS CONSUMER FRAGRANCE PERFUMERS Masters, seniors & next generation Masters, seniors & next generation ALBERTO MORILLAS NICOLAS BONNEVILLE MARTIN KOH HARESH TOTALANI YUNAN CHENG MARIE SALAMAGNE MASTER PERFUMER PRINCIPAL PERFUMER PERFU
Slide 38: We are Leading the Industry Transformation
VISION We are Leading the Industry Transformation WE ARE CREATORS OF POSITIVE FRAGRANCES THAT DELIGHT CONSUMERS WITH SUPERIOR PERFORMANCE AND FRAGRANCE SIGNATURE Positive for Positive for Positive for Our Our Our Consumers & Environment & People& Customers Communities Organization
Slide 39: We are Transforming in Key Areas
STRATEGY We are Transforming in 3 Key Areas INNOVATION SUSTAINABILITY DIGITAL Consumer-driven Innovation: Benefit-based Signatures and Active Leadership in Sustainable Fragrances End-to-End Digital & Benefit Solutions and Ingredients Data Transformation 39
Slide 40: Differentiated & Superior Innovation for Key Benefit Spaces
INNOVATION Differentiated & Superior Innovation for Key Benefit Spaces 3 INNOVATION PLATFORMS TO LEAD IN 4 CONSUMER BENEFIT DOMAINS SENSORIAL EXPERIENCES CLEAN & HYGIENE HEALTH & REASSURANCE EMOTION & WELL-BEING 40
Slide 41: Industry-Leading Ambition
SUSTAINABILITY Industry-Leading Ambition POWERED BY OUR SUSTAINABILITY PROGRAMS 99% 100% -25% Ultimately or Renewable Carbon impact of partially fragrances our perfumery biodegradable business ingredients CreateForGood™ Path2Farm™ EcoScent FirGood™ Compass™ Biotech Natural Extraction Upcycling & Gre
Slide 42: Business-Led Digitalization
DIGITAL Business-Led Digitalization: Introducing Commercial Operational Real-time customer behavior x10 Sales efficiency analytics Pioneering Dynamic Pricing Efficient Supply Chain Access to entrepreneurs, Credit card payments digital start-ups 42
Slide 43: Perfumery & Ingredients Financial Profile
Perfumery & Ingredients Financial Profile Revenue Growth on an Organic basis at Constant Currency (%) 0.8%1 4.4%1 11.7%3 Perfumery & Ingredients 2,855 (FY 2021 CHFm 2,458 Revenue as % 67% 2,450 of total Group) 1,495 21.1% 21.7% 19.3% 20.6% FY 2019 FY 2020 FY 2021 H1 FY 20222 Adj. EBITDA margin Reven
Slide 44: Conclusion
Conclusion Leading palette of renewable Best-in-class creation team biodegradable and differentiated ingredients Top-tier innovation First fully-digital platform for capabilities with strong mid-to-small clients pipeline to build the future 44
Slide 45: Taste & Beyond
Taste & Beyond Emmanuel Butstraen Confidential – For Internal Use Only
Slide 46: What Makes Firmenich T&B Unique?
What Makes Firmenich T&B Unique? Long-standing World-class science Leading with Creation, customer and successful, Application and intimacy growing pipeline Consumer Insight Purpose focus for Sustainability at the employees, customers, core of our business stakeholders, and planet 46
Slide 47: Accelerating the Diet Transformation
Accelerating the Diet Transformation We are helping to create healthier, great-tasting, affordable food & beverages with more natural and sustainable ingredients to enhance well-being for people & planet Transform into Better Nutrition Plant-Based Revolution Natural • INNOVATE TO OPTIMIZE NATURAL RE
Slide 48: Fast-Changing Consumer Trends
Fast-Changing Consumer Trends Positive Negative Neutral Consumers + Affordability & Natural & Food- Food Food- Local & Food security Clean Label Minus Safety Plus sustainable Flexitarianism Food & Beverage Industry Food Food Service Innovation Profitability Pressure New Channels & Supply Chain Waste
Slide 49: Focused Strategy Accelerating Diet Transformation
Focused Strategy Accelerating Diet Transformation… Flavor Beyond Foundations Flavor Priorities Deepen Local Presence Sugar Reduction Accelerate Plant-Based Innovation Transform Nutrition Into Naturals (Emerging) Enablers Service & Expand Digitalization Competitiveness Capabilities 49 …to Deliver Sus
Slide 50: Deploying Innovation with Superior Science Capabilities
Deploying Innovation with Superior Science Capabilities WORLD-CLASS SCIENCE FOCUS ENGAGEMENT Unique Research capabilities Focused Innovation programs Fast deployment Receptor discovery 7 Priority Programs including Plant-based, Immediate customer connectivity Materials science Sugar reductio
Slide 51: Leading a Major Digital Transformation
Leading a Major Digital Transformation E-Creation 3.0 • From augmented creation to informed creation DIGITALIZED • AI & Automation of new creation tools BRIEF TO ADOPTION E-Application 1.0 • AI & Automation of new application tools1 • Lab automation: formulating, processing, sampling & pilot samplin
Slide 52: Taste & Beyond Financial Profile
Taste & Beyond Financial Profile Revenue Growth on an Organic basis at 1.5%1 5.2%1 13.4%3 Constant Currency (%) Taste & 33% Beyond CHFm 1,415 1,428 1,417 (FY 21 Revenue as % of Total Group) 746 22.9% 20.5% 22.1% 18.8% FY 2019 FY 2020 FY 2021 H1 FY 20222 Adj. EBITDA margin Revenue 52 Source: Firmenic
Slide 53: Conclusion
Conclusion Clear strategy and growth Best-in-class team leading momentum Taste & Beyond transformation Leadership in Innovation & We are ready for a new Digitalization Journey into Beyond 53
Slide 54: DSM's Journey
03 DSM’s Journey
Slide 55: Transformation into a Leader in Health, Nutrition & Bioscience
Transformation into a Leader in Health, Nutrition & Bioscience More than 150 years of Two decades of Unique business model and Serving highly attractive markets deep scientific heritage successful transformation rich innovation pipeline for people and the planet 1 1902: Royal DSM Health, Pioneer in
Slide 56: Three Business Groups with Clear End-Market Orientation
Three Business Groups with Clear End-Market Orientation Animal Nutrition Health, Nutrition Food & Beverage & Health & Care Healthy diets for all through Radically more sustainable Keeping the world’s growing nutritious, delicious and animal farming population healthy sustainable solutions €3.3bn1 €2
Slide 57: Delivering Strong Financial Returns and a Positive ESG Impact
Delivering Strong Financial Returns and a Positive ESG Impact Global food systems face huge DSM is uniquely positioned and This creates purpose-led Building a company that delivers environmental and societal has the capabilities positive impact for people and long-term, performance-driven challenges
Slide 58: DSM-Firmenich Strategic Vision
04 DSM-Firmenich Strategic Vision
Slide 59: The Leading Creation and Innovation Partner in Nutrition, Beauty and Well-Being
The Leading Creation and Innovation Partner in Nutrition, Beauty and Well-Being Health, Nutrition Animal Four high-performing businesses uniquely & Care Nutrition positioned to address consumer trends 19% & Health 29% Food & Unparalleled (bio)science and technology Beverage / platforms Taste & Perfu
Slide 60: Four High-Performing and Complementary Businesses
Four High-Performing and Complementary Businesses Food & Beverage / Perfumery & Beauty Health, Nutrition & Care Animal Nutrition & Health Taste & Beyond Creators of positive perfumes and Provide delicious, nutritious and sustainable Keeping the world’s growing Transforming animal farming to become b
Slide 61: Consumers are Increasingly Focused on Sustainability, Health & Well-Being
Consumers are Increasingly Focused on Sustainability, Health & Well-Being Consumer associations for products Consumer associations for products …used in perfumery & beauty1 …used as food, beverage, nutrition2 vegetarian free from safe minimal comfort natural 100% ethical & artificial quality natural
Slide 62: Uniquely Positioned to Anticipate and Address Evolving Consumer Needs
Uniquely Positioned to Anticipate and to Address Evolving Consumer Needs Four customer facing businesses Evolving consumer needs with market-leadership positions Fuelled by superior foundation Great product experience Perfumery & Beauty No compromise on: World-class science & technology platform C
Slide 63: Science Leader with Complementary Capabilities
Science Leader with Complementary Capabilities Proven Track Record and Established Broadest Science Foundation Continued Commitment to Innovate Innovation Pipeline Data Science & Naturals Microbiology Differentiated Creation Sustainability Wellness €700m+ AI Extraction & microbiome annual DSM-Firmen
Slide 64: Perfumers and Flavorists
Perfumers and Flavorists Team of artisans: multi- award-winning master perfumers and Building on breakthrough technologies to drive true principal flavorists with an industry-leading ingredient palette differentiation as a partner with customers Supported by strong investment in internal resea
Slide 65: Locally Differentiating Co-Creation and Innovation in All Key Markets
Locally Differentiating Co-Creation and Innovation in All Key Markets Balanced exposure to growth markets North America 23% Europe Villa Botanica fosters 33% inspiration and creativity in South China End-to-end customer direct interaction with co-creation center natural ingredients and newest innova
Slide 66: Pioneering Digitally Powered Business Models
Pioneering Digitally Powered Business Models Exciting suite of digitally enabled new business models enabling leading participation in the formation of new markets around precision and personalization Digital Commerce Human Personalized Nutrition Winner of the Digital Innovation of the year 2021 for
Slide 67: A Global Vertically Integrated Supply Chain
A Global Vertically Integrated Supply Chain Operating at the highest safety and quality standards ensuring supply continuity, resilience and deepening trust with our customers DSM-Firmenich1 40 EMEA Creation centers North America Creation 19 Creation 6 Application 34 Premix 21 78 Application 9 Premi
Slide 68: A Global Company Where Our People will Thrive
A Global Company Where Our People will Thrive 28,000 loyal, passionate, Working in a new company talented & diverse people that will… … with a shared passion for … have a culture that puts innovation and creation to people’s safety, health and well- deliver value for customers being first … and with
Slide 69: Continued Purpose-Led Commitment to People and Planet
Continued Purpose-Led Commitment to People and Planet Sustainability as a core value embedded across both organizations' strategies Global recognition World-leading partnerships Focused on generating positive and measurable impact for people, climate and nature 69
Slide 70: DSM-Firmenich Governance & Financial Highlights
05 DSM-Firmenich Governance & Financial Highlights
Slide 71: Highly Experienced and Well Proven Leadership
Highly Experienced and Well Proven Leadership Board of Directors1 Chairman Vice Chairman Non-Executive Directors Thomas Leysen Current DSM Chair Patrick Firmenich Current Firmenich Chair 9 Independent members2 3 Firmenich representatives Executive Committee Co-CEO including CFO responsibilities Co-C
Slide 72: Merger of Equals (1/2)
Merger of Equals (1/2) Corporate Name DSM-Firmenich Merger of equals between DSM and Firmenich through a new company, DSM-Firmenich, domiciled in Switzerland Transaction Public offer for DSM shares in exchange for DSM-Firmenich shares Structure Contribution of Firmenich shares in exchange fo
Slide 73: Merger of Equals (2/2)
Merger of Equals (2/2) 12 non-executive directors in Board of Directors (under Swiss governance) comprised of: o 3 nominees from the Firmenich shareholders o 7 independent directors from DSM’s Supervisory Board Board o 1 independent director from the existing Firmenich Board o 1 new independent me
Slide 74: Synergies Driving Substantial Value Creation with Low Integration Risk
Synergies Driving Substantial Value Creation with Low Integration Risk Substantial Value Creation Revenue Synergy Breakdown ~€500m Revenue Synergies Food & Beverage / Taste & 60% ~50 – 60% Beyond Cost Synergies ~40 – 50% 25% Health, Nutrition & Care 15% Perfumery & Beauty Total run-rate ~€350m Adj.
Slide 75: Significant Innovation Opportunities Driving Revenue Synergies
Significant Innovation Opportunities Driving Revenue Synergies Food & Beverage / Taste & Beyond: Innovation Accelerators Functional Nutrition: Bring together taste, texture and nutrition portfolios to provide well-being attributes to Food & Beverage consumers (e.g., functional beverage, fortified
Slide 76: Dairy: Combined Unique Portfolio to Enhance Dairy System
Dairy: Combined Unique Portfolio to Enhance Dairy System With Premium Taste Profiles, Texture and Health Attributes Flavored fortified and probiotic milk drink – that “support immunity” Broadest portfolio of dairy ingredients Fermentation-derived base (e.g., cultures, enzymes, biogums) Consumer insi
Slide 77: Dietary Supplements: Developing Next Generation Supplements
Dietary Supplements: Developing Next Generation Supplements Flavored multi-vitamin and eye-health gummies Mix of vitamins with Optimal flavor, taste and known health benefits texture Consumer insights on key health benefits and flavors Premix and Market- Ready Solution (MRS) delivery engine Naturals
Slide 78: Strong Financial Profile Enhanced by Material Synergies Over Time
Strong Financial Profile Enhanced by Material Synergies Over Time Indicative pro-forma1 DSM2 Firmenich3 DSM- Synergies4 FY 2021 CY 2021 Firmenich5 Sales €7.3bn €4.2bn ~€0.5bn €11.9bn Adj. EBITDA €1.4bn €0.8bn €0.35bn €2.6bn Adj. EBIT €0.8bn €0.5bn FCF6 €0.8bn €0.6bn Effective Tax Rate 19% 18-19.5% (
Slide 79: Robust Financial Profile for Superior Shareholder Value Creation
Robust Financial Profile for Superior Shareholder Value Creation Mid-single-digit organic sales growth to gradually accelerate to a 5-7% range, supported by revenue Sales Mid-Term synergies and innovation Ambition1 20%+ Adj. EBITDA margins at the outset, with a medium-term outlook of 22-23%, sup
Slide 80: Creation and Innovation Partner with Market-Leading Capabilities
Creation and Innovation Partner with Market-Leading Capabilities to Better Serve Our Customers Food & Beverage / Health, Nutrition & Animal Nutrition & Perfumery & Beauty Taste & Beyond Care Health
Slide 81: Appendix
06 Appendix
Slide 82: Key Transaction and Capitalization Data
Key Transaction and Capitalization Data Capitalization data DSM 2022E EV and EBITDA calculation (30 May 2022) €bn % pro-forma Implied Equity Value €25.3 Shares Outstanding No. Shares (m) Ownership Net Debt €1.0 DSM fully diluted share count 174 65.5% Enterprise Value €26.3 Firmenich 92 34.5% (-) Bro