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.
