DSM: Factbook 2013

Life Sciences and Materials Sciences
DSM at a glance
Factbook 2013

DSM, the Life Sciences and Materials Sciences company
Our purpose is to create brighter lives for people today and generations to come. We connect our unique competences in Life
Sciences and Materials Sciences to create solutions that nourish, protect and improve performance.
DSM uses its Bright Science to create Brighter Living for people today and for generations to come. Based on a deep understanding
of key global trends that are driving societies, markets and customers, DSM creates solutions to some of the world’s biggest chal-
lenges, thus adding to both its own and its customers’ success.
DSM believes that its continued success will be driven by its ability to create shared value for all stakeholders, now and in the fu-
ture. It creates sustainable shared value by innovating in ways that allow its customers to provide better People, Planet and Profit
solutions solutions to the challenges facing society, the environment and end-users. In this way, DSM’s customers derive value
from being able to offer end-users improved products; society and the planet derive value from the impact of more sustainable,
longer-lasting, safer, healthier and more nutritious alternatives; and, as a result, DSM and its shareholders derive value from
stronger growth and profitability. Finally, DSM’s employees feel engaged and motivated both through the contribution they make
to a better world and the success this creates for the company in which they work.
DSM – Bright Science. Brighter Living.™
Royal DSM is a global science-based company active in health, nutrition and materials. By connecting its unique competences in Life Sciences and Materials Sciences
DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative solutions that
nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, pharmaceuticals, medical devices, automotive,
paints, electrical and electronics, life protection, alternative energy and bio-based materials. DSM’s 23,500 employees deliver annual net sales of around € 9 billion.
The company is listed on NYSE Euronext. More information can be found at www.dsm.com.
© 2013 Royal DSM. All rights reserved.
Life Sciences and Materials Sciences

3
Table of Contents
Page
5 Bright Science. Bright Living.™
7 Our businesses
9 Strategy
14 Overview key financial data
12 Clusters
16 Nutrition
26 Pharma
32 Performance Materials
40 Polymer Intermediates
44 Innovation Center
50 Sourcing/Purchasing
51 Organization
52 Share structure
53 Remuneration
54 History
55 Five Year Financial Summary
56 Disclaimer .

5
DSM has transformed itself into a leading Life Sciences and
Materials Sciences company that is active in health, nutrition
and materials and creates value for its customers by helping
them provide solutions to the world’s great challenges. DSM
uses its bright science to create brighter lives for people today
and generations to come by providing the ingredients to devel-
op innovative, more sustainable, healthier, more nutritious and
better performing products.
DSM has a very strong starting position to realize its ambitious
growth targets as set in its strategy for the period till 2015, all
based on its strong global market position (with about 38 per-
cent of its total sales of € 9.1 billion coming from high growth
economies), its unique technological knowledge as a basis for
innovation, its strong track record in sustainability, its very
solid balance sheet, and the experience and expertise of its
23,500 people.
DSM believes that its continued success will be driven by creat-
ing shared value for all stakeholders, now and in the future. It
creates sustainable shared value by innovating in ways that
allow its customers to provide better People, Planet and Profit
solutions to the challenges facing society, the environment and
end-users. In this way, DSM’s customers derive value from be-
ing able to offer end-users improved products. Society and the
planet derive value from the impact of more sustainable,
longerlasting, safer, healthier and more nutritious alternatives.
DSM and its shareholders derive value from stronger growth and
profitability.
What's more, DSM’s employees feel engaged and motivated
through the contribution they make to a better world and the
success this creates for the company in which they work. In-
short, DSM is a multi-stakeholder-oriented company with a tri-
ple bottom line (People-Planet-Profit) creating value for its
customers, shareholders and employees as well as society at
large.
As a global company, DSM is actively engaged in addressing the
same key trends that face all its stakeholders: meeting chang-
ing demands arising from global shifts in demographics and
technology, mitigating the impact of climate change while
searching for new forms of energy and trying not just to feed
but also to improve the health of a growing population.
In DSM’s Life Sciences markets, these trends manifest them-
selves through the related impacts of increasing personal
wealth, urbanization and expanding life expectancy.
Urbanization drives the consumption of processed foods and
the need for a more efficient food chain, while rising wealth
translates into increased demand for proteins from meat, fish,
eggs and milk – in turn driving demand for DSM’s food and feed
products. Food security (access to nutritious food for all people
at all times) is one of the main themes to which DSM is contrib-
uting.
At the same time, a focus on healthy and active aging is driving
demand for fortified foods and supplements. And finally, an
aging population means increased healthcare spending, which
DSM addresses through its engagement in preventive health and
services to pharmaceutical companies.
Bright Science. Brighter Living.™
Performance and sustainability are key drivers impacting de-
mand in DSM’s Materials Sciences markets, where the company
is accelerating the transformation toward the production and
use of materials that are lighter, healthier, safer, stronger and
more durable and that have lower environmental footprints
throughout their value chains than traditional materials.
Bringing DSM’s Life Sciences and Materials Sciences competenc-
es together offers cross-fertilization opportunities allowing
further advances. This cross-fertilization is managed through
DSM’s Emerging Business Areas. A thorough understanding of
how advanced materials can be used in the human body to
strengthen or replace body parts and accurately deliver medi-
cines is driving DSM’s biomedical materials business. By merg-
ing its broad biotechnology capability with its materials busi-
nesses, DSM is able to find renewable solutions for the post
fossil age by creating bio-based materials and building blocks
and by actively working to create commercially viable cellulo-
sic biofuels that do not compete with the food value chain.
While DSM continues to meet the needs of customers in the
mature markets of North America and Western Europe which
remain central to its core business – the company’s investment
focus is increasingly on the high growth economies such as Asia,
Central and Eastern Europe, and Latin America. In these mar-
kets DSM expects 70 percent of its growth up to 2015. DSM con-
sequently is becoming steadily more international, enabling it
to bring a global perspective to the challenges of all its cus-
tomers. In addition to achieving sustainable, innovative organic
growth, DSM will continue to take advantage of opportunities
to acquire exciting businesses and to partner with others to the
benefit of all its stakeholders. And finally, the company will
continue to improve its shareholder returns, supported by its
solid dividend policy.
In short, after having transformed itself into a Life Sciences
and Materials Sciences company, DSM now focuses on further
growing the company through an integrated strategy, using four
growth drivers: High Growth Economies, Innovation, Sustaina-
bility and Acquisitions & Partnerships.

7
Strengthening backward integration for DSM
Engineering Plastics
The Polymer Intermediates product cluster comprises caprolac-
tam and acrylonitrile produced by DSM Fibre Intermediates
(DFI). These products are raw materials for synthetic fibers and
plastics. Caprolactam is a key feedstock for DSM Engineering
Plastics’ polyamide production. Globally, DFI is the largest mer-
chant caprolactam supplier and the third largest merchant ac-
rylonitrile supplier. In addition, the business group produces
ammonium sulfate, sodium cyanide, cyclohexanone and dia-
minobutane.
Continued value growth
The Nutrition cluster comprises DSM Nutritional Products and
DSM Food Specialties. These serve the food and beverage, feed,
personal care, dietary supplements and pharmaceutical indus-
tries with global capabilities and a deep understanding of cus-
tomer and market needs. With customized formulation activi-
ties at more than 60 locations and a presence in more than a
hundred countries, customer intimacy is key. DSM's nutrition
technologies are broad, utilizing competences in biotechnology
(including fermentation) and state-of-the-art process technolo-
gy. DSM has the world's broadest ingredients portfolio and holds
leading positions in many large ingredient markets for animal
and human nutrition and health, like vitamins, carotenoids,
enzymes, cultures, yeast extracts, polyunsaturated fatty acids,
premixes and formulations.
DSM at a glance
Nutrition Pharma
Life Sciences
Leveraging partnerships for growth
The Pharma cluster includes the business group DSM Pharma-
ceutical Products (DPP), one of the world’s leading custom
manufacturing suppliers to pharmaceutical and biopharmaceu-
tical industries. Many of today’s medicines around the world
contain ingredients produced by DPP. The cluster also contains
DSM’s 50 percent interest in the DSM Sinochem Pharmaceutical
joint venture (DSP). DSP was formed in 2011 from the former
DSM business group DSM Anti-Infectives. DSP is one of the few
producers and marketers of beta-lactam active pharmaceutical
ingredients with a global presence, using cutting-edge manu-
facturing technology with a low environmental footprint.
Performance Materials Polymer Intermediates
Materials Sciences
Growing via sustainable, innovative solutions
The Performance Materials cluster comprises DSM Engineering
Plastics, DSM Dyneema and DSM Resins & Functional Materials.
These business groups specialize in the manufacture of techno-
logically sophisticated, high-quality materials that are tailored
to meet customers’ performance criteria, and that help cus-
tomers substitute traditional solutions with more sustainable
and durable alternatives. DSM's performance materials are used
in a wide variety of end-use markets like automotive, aviation,
electrical and electronics, marine, sports and leisure, paint and
coatings, and construction. Sustainability is a true driver of new
business and innovations in materials. DSM's materials portfolio
is shifting towards a higher value added mix by introducing in-
novative, more sustainable solutions.
As an enabler and accelerator of innovation, the Innova-
tion Center facilitates DSM's strategic transition towards
becoming an intrinsically innovative organization. Innova-
tion at DSM is guided by functional excellence in order to
find the best sustainable and commercially viable solu-
tions to market needs, helping create profitable growth.
In addition to the activities of the DSM Innovation Center
(including DSM Venturing), this part of the company also
includes the three Emerging Business Areas (EBAs). These
EBAs are growth engines that focus on new business areas
outside the scope of the company's business groups.
DSM Biomedical develops novel materials-based solutions
to meet the needs of the medical device and biopharma-
ceutical industries with coatings, drug delivery platforms
and a wide range of biomedical materials for use in im-
plantable medical devices. The EBA Bio-based Products &
Services creates solutions for bioconversion of feed stocks
for the production of bio-based chemicals and materials
and develops the technologies to enable the production of
bioenergy such as cellulosic biofuels. DSM Advanced Sur-
faces provides solutions for the development and applica-
tion of smart coatings and is focused on solutions for the
solar industry.
Innovation Center

9
DSM in motion: driving focused growth
The strategy that DSM embarked on in September 2010, DSM
in motion: driving focused growth, marks the shift from a time
of intensive portfolio transformation to a new era of maximiz-
ing sustainable and profitable growth. After a long history of
successful transformations, DSM is now halfway this next devel-
opment phase, becoming a truly global leader in health, nutri-
tion and materials, delivering on its mission of creating brighter
lives for people today and generations to come.
Embedded in this mission is DSM’s core value that its activities
should contribute to a more sustainable world. This guides how
DSM pursues sustainable value creation for all stakeholders on
three dimensions simultaneously: People, Planet and Profit.
The businesses that form DSM’s core in Life Sciences and Mate-
rials Sciences are built around finding innovative and sustaina-
ble solutions to some of the world’s main challenges, based on
a clear understanding of key global societal trends and their
consequences for the planet, consumers and societies.
Most of the world’s biggest challenges stem from population
growth. The global population has surpassed seven billion peo-
ple and is expected to grow to nine billion by 2050. The popula-
tion is aging and becoming increasingly urban and wealthy. This
leads to increased consumption per capita and a bigger claim
on the world’s resources. All this comes together in three key
global societal trends: a global demographic shift, challenges in
the field of climate and energy usage and a growing focus on
how to secure health and wellness for all.
DSM’s strategic focus on Life Sciences and Materials Sciences is
fueled by the three main societal trends that it explored with
stakeholders as part of its strategy development process: Glob-
al Shifts, Climate and Energy, and Health and Wellness. The
company aims to meet the unmet needs resulting from these
societal trends with innovative and sustainable solutions.
Global Shifts
The accelerating shift of wealth from West to East and from
North to South is the basis of a whole series of global shifts
which are creating a more urban, more connected and more
prosperous world but with huge resource and cultural chal-
lenges as a result.
We live in a world which is changing faster than ever. These
changes influence where demand comes from, how and where
people are living and how we connect with one another. Urban-
ization and economic prosperity are promoting dietary changes
and increased spending on housing, transport, lifestyle and en-
ergy. Increased demand around the world is also driving a high-
er use of natural resources, underlining the need for further
efficiency improvements. Several new technologies, especially
in the communications industry, are having a high impact on
society and behavior.
Climate and Energy
The accepted reality that our fossil age is causing considerable
change to our climate is driving the search for alternative ener-
gy, chemicals and materials sources as well as efforts to reduce
resource consumption in a multitude of ways as the world will
enter an era of resource scarcity.
Strategy
Climate change is a reality and future energy is a central chal-
lenge for society both in terms of how to create it and how to
get more out of it. In this context, customers are seeking sus-
tainable value chains with higher yields, reduced waste, lower
energy use and fewer greenhouse-gas emissions. At the same
time there is a growing focus on renewable energy sources.
Health and Wellness
The impact of a growing, aging, increasingly urban population is
being felt across the world, but in remarkably different ways.
The drive to improve well-being and the increasing life span
among the growing middle classes of the high growth econo-
mies contrasts with the continuing struggle to effectively feed
the populations in less well-off parts of the world, especially
children in their first 1000 days after conception.
There is an increasing need to address core health issues,
whether through nutrition, medicines or lifestyle improve-
ments. In the West, cost pressure on all healthcare systems is
rising because of the aging population. Healthcare demand in
high growth economies is increasing. Nutrition security and
access is increasingly important, and there is also growing de-
mand for safer and healthier foods and for pharmaceuticals.
DSM’s focus is on providing its customers with the innovations
and sustainable products they need to meet the societal and
market demands arising from these trends. By adding to its
customers’ success, DSM adds to its own success too.
In responding to these three megatrends, it is DSM’s ambition
to fully leverage the unique opportunities in Life Sciences and
Materials Sciences, using the four growth drivers defined in its
corporate strategy: High Growth Economies, Innovation, Sus-
tainability and Acquisitions & Partnerships. The company wants
to bring all four drivers to the next level. At the same time DSM
aims to make maximum use of the potential of all four growth
drivers to mutually reinforce each other and generate a greater
number of compelling business opportunities.
Regional organizations, functional excellence groups and shared
services enhance the performance of the business groups. DSM
will capture regional business opportunities and synergies and
implement excellence throughout its organization.

11
Strategic and financial targets
DSM has set itself ambitious targets for the current strategy
period. The company has high aspirations, based on an
assessment of the opportunities, particularly in high growth
economies, innovation, sustainability, acquisitions and part-
nerships, and aims at accelerated growth and increased prof-
itability.
1 This means a total score within 1% of the SAM sector leader
2 See page 224 of the 2012 Annual Report for a definition of ECO+
3 The High Performance Norm (80% favorable) is the composite of the top 25%
employee responses of the selected external benchmark organizations
4 The aspirations for Diversity and People+ were both updated in 2012. Targets have
now been set. See page 44 and page 49 of the Annual Report 2012.
In 2012, DSM delivered on its strategic ambitions in particular
with acquisitions and partnerships, helping the company ex-
pand its presence in high growth economies and boost its
range of innovative products and solutions.
At its Capital Markets Days presentation for investors and finan-
cial analysts in Basel (Switzerland) in September 2012, the
company confirmed the 2013 EBITDA target. Assuming no fur-
ther deterioration of the economic conditions, and based on its
strategy, financial strength, and the additional actions now
taken, DSM will move towards the 2013 strategic targets. The
ROCE target is unlikely to be achieved due to (a) the fact that
despite DSM’s drive to accelerate acquisitions, many of these
acquisitions — and hence also their synergy effects — came
later than expected, and (b) the deterioration of the global
macroeconomic conditions.
High Growth Economies
from reaching out to being truly global
A key element of DSM in motion: driving focused growth is for
DSM to move from being a European company reaching out to
the world to becoming a truly global company. Fast-growing
economies such as China, India, Brazil and Russia are proving to
be the main growth engines for the world economy this decade.
The share of high growth economies in DSM’s total sales has
increased significantly in recent years and reached 38 percent
in 2012. DSM’s strategic target is to increase this share towards
50 percent by 2015. DSM expects more than 70 percent of its
growth in the 2010-2015 strategy period to come from high
growth economies.
China
As in previous years, sales in China in 2012 contributed signifi-
cantly to DSM's total sales in high growth economies. The com-
pany has a clear focus on China, where it aims to increase its
sales to at least USD 3 billion by 2015.
Latin America, India and Russia
DSM is also increasing its presence in other markets, mostly
through acquisitions and partnerships, seeking to double or
even triple sales in Latin America, India and Russia.
Innovation
from ‘building the machine’ to doubling innovation output
By 2015, DSM wants innovative products and solutions to ac-
count for 20 percent of its total sales. Innovation sales, defined
as sales created by new products and applications introduced in
the last five years, accounted for 18 percent of total sales in
2012. The inflow of innovations continued. Significant process
innovations at DSM Fibre Intermediates no longer qualified as
innovation solutions because they were introduced more than
five years ago.
Achieving the 2015 innovation sales target is a cornerstone of
DSM’s innovation strategy. DSM is firmly on track to reach this
target and expects to be able to maintain its innovation sales at
this level after 2015.
Strategy

13
from the credit metrics commensurate with its ratings objec-
tive. However, DSM believes that Single A ratings are the right
place to be for the company to ensure sufficient financial and
strategic flexibility at all times. The company would seek to
manage its balance sheet and underlying financials after such
an acquisition to allow the company to realign ratios with Sin-
gle A ratings within a short period of time.
People at DSM
DSM's human resources strategy contributes to the development
of inspiring and collaborative leaders, creates an engaged and
competitive workforce and fosters an inclusive environment
where people trust and respect one another, and where they
encourage each other to achieve sustainable focused business
growth. The approach is supported by the ONE DSM Culture
Agenda.
DSM aims to further internationalize its business in order to
bring its organization closer to its key markets and customers,
strengthen the business and stimulate inclusion, diversity and
innovation. DSM combines a strong regional infrastructure with
clear board level accountability for regional growth. Its human
resources strategy supports the internationalization goal.
ONE DSM Culture Agenda
During 2012, DSM transitioned its Change Agenda into the ONE
DSM Culture Agenda. The themes of the ONE DSM Culture Agen-
da have been simplified and more aligned with DSM’s business
environment and business strategy, as well as with its global
footprint. With the ONE DSM Culture Agenda, DSM is developing
the culture required to achieve its strategic ambitions, to mir-
ror the world it operates in, and to become a high performance
organization. The four themes of the agenda are: External Ori-
entation, Accountability for Performance, Collaboration with
Speed and Inclusion & Diversity. Accelerating the four themes
across DSM will lead to a more agile organization that is fit to
cope with fast moving developments in the business environ-
ment.
Sustainability
from responsibility to a business driver
DSM believes sustainability will be the key differentiator and
value driver in the coming decades. The company is uniquely
positioned to capture new opportunities across the value
chain.
Sustainability is an integral part of the company's operations,
strategic actions and decisions. DSM’s businesses are coming
up with new science-based products and solutions that con-
tribute to brighter living while also helping grow the bottom
line of the business.
Acquisitions & Partnerships
from ‘portfolio transformation’ to ‘driving focused growth’
DSM applies stringent strategic and financial criteria to any
potential acquisition or partnership. During the screening
process, a first selection is made to determine the strategic
fit. This results in a shortlist to which DSM then applies finan-
cial criteria. A key strategic consideration is that the business
or partner needs to add or improve a leadership position and
needs to add value to DSM in terms of technological and/or
market competences.
The key financial criteria for acquisitions are:
Acquisitions should enable DSM to remain within the
boundaries defined for maintaining its desired Single A
credit rating.
They should contribute to cash earnings per share from
the beginning.
They should contribute to earnings per share from year
two.
They should support DSM’s other financial targets.
In the exceptional case that a very attractive acquisition op-
portunity arises of a size that would put pressure on financial
metrics, DSM may be willing to accept a temporary deviation
Strategy

14
Overview key financial data

16
The Cluster
The Nutrition cluster consists of DSM Nutritional Products and
DSM Food Specialties. These businesses serve the feed, food
and beverage, pharmaceutical, dietary supplements and
personal care industries. The activities are based on in-depth
knowledge of local and global customer and market needs.
Trends
Key societal trends in the world driving the company’s nutri-
tion and health business remain intact despite the difficult
macro-economic environment. With more than half of the
world’s population now living in cities, the need for conven-
ience and processed food continues to grow. This perfectly
matches the company’s ability to deliver tailor-made local
applications and blends.
Business
With customized formulation and premix (blending) activities
and a marketing & sales presence reaching more than sixty
countries, customer intimacy is a key success factor. The
technical expertise in the cluster is based on application
knowhow and innovation, translating market trends into
products and services with new benefits. Formulation for
example is a key expertise that DSM offers its customers.
Specialist teams work closely with customers to jointly devel-
op the right ingredient formulation for their wide range of
end products. Formulations, sometimes referred to as 'forms',
Nutrition
2012 Sales by end-market
47%
38%
5%
10% Animal Nutrition & Health
Human Nutrition & Health
Personal Care
Food Specialities
2012 Sales by destination
36%
37%
22%
5%
Europe
Americas
Asia
RoW
need to be customized in order to ensure the best ingredient
characteristics for each specific end product.
DSM has particularly strong positions in vitamins, nutritional
lipids, enzymes, cultures and carotenoids. New nature-identical
or natural ingredients as well as the expansion of the premix
footprint in emerging economies are important drivers in the
areas of human and animal nutrition and health.
Moreover, this strategy is further enhancing the company’s
differentiation, ensuring that it focuses on profitable approach-
es, including activities that take it further down the value
chain.
Acquisitions
Since the launch of the DSM in motion: driving focused growth
strategy in 2010, the company has announced acquisitions in
Nutrition for a total of € 2.4 billion, taking annual cluster sales
to € 4.6 billion on a pro forma basis. The Nutrition cluster now
accounts for approximately half of total company sales and for
about three-quarters of EBITDA, with EBITDA margins of 20-23
percent.
The Nutrition cluster has delivered a compounded annual
growth rate of 7 percent over the last five years, taking net
sales to € 3.7 billion in 2012.

18
About DSM Nutritional Products
DSM Nutritional Products is the leading supplier of vitamins,
carotenoids, nutritional ingredients, UV filters, premixes
and macroblends for human and animal nutrition & health.
It also has the most complete feed enzymes portfolio
worldwide. Its customers are global, regional and local feed
and premix companies, animal protein producers and food,
beverage, dietary supplement, pharmaceutical, personal
care and flavor/fragrance companies.
Vitamins
Carotenoids
Enzymes
Eubiotics
Nutritional lipids
DCP/ Metal Chelates
Amino acids
UV filters
Skin peptides
Micro encapsulates
Beadlets
Emulsions
Adsorbates
Vitamin concentrates
Full premixes
Complete feed
Specialty feed: young
animals dairy
Supplements
Formulated products
Human health & well
being
Nutrient & feed com-
position
Growth
Disease prevention
Fertility
Raw
Raw
Materials
Feed/Food
Pharma
Cosmetic industry
Retail End
consumer
DSM Nutritional Products
DSM Nutritional Products
Nutritional
Consultancy
& ServicesActive
Ingredients
Forms &
delivery systems
Premix
Macro
Blends
Ingredient
Producer
5%
52%43%
Animal Nutrition & Health
Personal Care
Sales distribution (2012)
Key drivers of profitability
Leadership in global markets: scale, costs, differentiation,
innovation and quality
Strong customer value proposition - Quality for Life™ seal
Long history of nutrition innovation
Focus on value before volume
Key success factors
Global sales, marketing and distribution network including
global / regional key account management
Innovation (products, concepts and processes)
Complete product portfolio and full value chain player
Strong differentiation
Integration of acquisitions
Strategy
Continued differentiation in the market has enabled us to
secure ongoing value and margin growth. DSM Nutritional
Products will continue to be the premium player in the
sector, connecting technological advances with consumer
trends and customer needs. This allows us to leverage
daily the unique breadth of our portfolio, the comprehen-
sive position across the entire ingredients value chain and
an unrivalled global & local presence.
The company will also look to grow by extending partner-
ships and via acquisitions. This will focus on complemen-
tary ingredients, with a bias towards naturals, which can
be marketed through DSM’s existing global infrastructure.
Through operational excellence, DSM Nutritional Products
must maintain a cost position that is at least at par with
the competition. This means continuing to look for pro-
cess innovations and improvements and rigorous site se-
lection.

19
Main competitive advantages
Global reach, proximity to customers
Scale
Full value chain player
Commitment to quality management
Innovation capabilities
Most attractive markets
The high growth economies with big population represent
substantial growth opportunities for the nutrition and personal
care business. We are actively expanding our business in the
high growth economies while extending our competitive
advantages continuously in Europe and North America.
Current DSM Market position
DSM holds leading positions in the ingredient markets for human
and animal nutrition & health and for personal care.
Recent acquisitions (2010—2012)
Microbia
Technology platform to produce high-quality, natural carot-
enoids
HQ Lexington, USA
No financial details given
Closed 22 September 2010
Martek
New growth platform for healthy and natural food ingredi-
ents for infant formula and other food & beverage applica-
tions, especially focused on algae derived poly unsaturated
fatty acids Omega-3 (DHA) and Omega-6 (ARA)
HQ Columbia, USA, 600 fte
Enterprise value €790m
Closed 28 February 2011
Vitatene
Production of natural carotenoids
HQ León, Spain
No financial details given
Closed 4 July 2011
Ocean Nutrition Canada (ONC)
Leading global provider of fish-oil derived poly-unsaturated
fatty acids (EPA/DHA, Omega-3) to the dietary supplement
and food & beverage markets.
HQ Halifax, Canada, 415 fte
Closed 19th of July, 2012
Fortitech
Leader in customized, value added food ingredient blends
for food & beverage, infant nutrition and dietary supple-
ments industries.
HQ Schenectady, USA, 520 fte
Closed 19 December 2012
Tortuga
Leading company in nutritional supplements with a focus on
pasture raised beef and dairy cattle.
HQ Sao Paulo, Brazil, 1200 fte
Enterprise value €465m—€490m
Closing expected in Q1 2013
Position acquisitions in value chain
Production Facilities
Premix facility
Main Sales Offices
Chris Goppelsroeder
President
“With our broad portfolio and
science, our deep industry-specific
expertise and our extensive global
footprint, we are well positioned to
serve our customers with unique
solutions and services. We help dif-
ferentiate their products and create
real value to them and their consum-
ers.”
Locations

20
Main products
Vitamins (13 in total): DSM Nutritional Products is the only
player that can supply the whole range of vitamins in the
most suitable form for all animal species.
A broad range of different carotenoids to increase the at-
tractiveness / appealing of our customer's products towards
consumers.
The most complete Feed enzymes portfolio in the industry
(e.g. Ronozyme P and ProAct) helping our customers to
address costs and environmental issues more efficiently.
Premixes for Animal Nutrition and Health
Specialty ingredients such as: eubiotics, HyD™ , Crina®
,
Vevovital®
and MicroSource®
.
Key innovations
RONOZYME®
ProAct - a protease enzyme that maximizes
protein utilization in feed.
ROVIMIX®
MaxiChick™ – a unique poultry feed solution to
improve egg fertility, embryo survival and chick livability.
RONOZYME®
HiPhos – Helps monogastric animals utilize,
otherwise non hydrolysable plant phosphorus which occurs in
form of Phytate. This reduces the supplementation of miner-
al phosphates, its environmental impact and allows our cus-
tomers to formulate their animal diets more cost efficiently
and nutritionally.
Market Animal Nutrition & Health (2011)
Animal Nutrition & Health addresses the nutritional additives
segment of the feed ingredients market which is estimated at
€ 8.5 billion in 2011. Most relevant markets are carotenoids,
feed enzymes and vitamins. Average market growth is 2-4%.
Main customers
Global players in feed / premix and animal protein produc-
ers (e.g. Nutreco, Cargill, Tyson , CP, BR Foods, AHIC)
Many midsize local and/or regional organized feed/premix
companies and animal protein producers
Main competitors
DSM is the only company to offer the complete value chain of
forms and pre-mixes. In addition DSM provides a broad range of
animal nutrition and health ingredients. All competitors cover
only part(s) of the value chain.
Typical ones are BASF, Adisseo, NEPG, NHU, ZMC for Vitamins
and Carotenoids; DuPont for Enzymes and Trouw Nutrition,
Nutreco and Cargill in the premix segment.
Animal Nutrition & Health
ANH Market distribution (2011)
Vitamins
Feed enzymes
Carotenoids
Amino acids
Other
28%
16%
10%
4%
42%
Poultry
Swine
Aqua
Ruminant
Others
Examples of brands
Key market segments (sales, 2012)

21
Market Human Nutrition & Health (2011)
Within the global food ingredients market, estimated at € 42
billion in 2011, Human Nutrition & Health address the colora-
tion, preservation and nutritional ingredients segments.
Main customers
Large world class food and beverage companies (e.g. Abbott
Nutrition, Coca Cola, Danone, General Mills, Kraft , Mead
Johnson, Nestlé, PepsiCo, Unilever)
World class dietary supplement companies (e.g. Bayer,
Pfizer, Sanofi)
Strong regional, players in these segments
Main competitors
DSM is the only company that operates across the full value
chain offering a broad portfolio of active ingredients, applica-
tion specific forms, premixes and macroblends. Competitors
cover only part(s) of the value chain or specific ingredients.
Ingredients: BASF, Epax, NHU, Omniactive, NCPC, ZMC
Premixes & Macroblends: Glanbia, Lycored, Wright Nutrition
HNH market distribution (2011)
Taste
Nutrional ingredients
Texture
Processing aids
Preservation
Color
39%
22%
39%
Dietary Supplements
Food & Beverages / other
Infant Nutrition
Main products
Vitamins. DSM produces and markets all essential vitamins
which is unique in the industry. Our Quali®
brand Vitamins
are recognized as having the highest quality, reliability and
traceability standards in the industry.
Carotenoids. Including leadership positions in beta carotene
(coloration and pro-vitamin A); lutein and zeaxanthin (eye
health); and lycopene.
Nutritonal Lipids. Offering the most complete and diverse
portfolio of Omega 3 and Omega 6 from our lifes’s®
brand
vegetarian (algal) and MEG-3®
fish oil sources, providing our
customers and their consumers the broadest range of choice.
Nutritional Premixes. The leading custom solutions premix
and macroblends formulator with broadest global footprint.
Provider to food, beverage and dietary supplement customers
in the countries where they operate.
Specialty ingredients and products. Including Culturelle®
all
natural pro-biotic, dietary enzymes, OatWell®
oat beta-
glucan, Resvida®
(resveratrol) and several proprietary clini-
cally proven ingredients like Fruitflow®
for cardiovascular
health.
Key innovations
Improved Performance. DSM continues to deliver our cus-
tomers more functional forms of many of our ingredients
including improved functionality, bioavailability and stability,
many with associated IP.
Science and Regulatory. DSM invests in new nutritional and
health science with a variety of Value Chain partners, both in
terms of R&D and clinical studies. DSM has been instrumental
in obtaining FTO for novel ingredients as well as science
based, relevant health claims.
Nutritional Science and Advocacy. DSM is the industry lead-
er in nutritional science, building awareness with academia,
customers, and consumers.
i-Health brands - our dietary supplement ‘Business-to-
Consumer’ unit which continues to grow and lead in their
specialty categories. This provides us unique insight on con-
sumer trends and behavior.
Examples of brands
Key market segments (sales, 2012)

22
Market Personal Care Ingredients (2012)
The global Personal Care ingredients market has a size of est.
€ 10 billion. Average market growth is 3-6%.
Key market segments
DSM Personal Care is focusing on the active and performance
ingredients such as Vitamins, UV filters and bio-actives in the
Skin care, Sun care and Hair care market segments.
Main customers
Global leading cosmetic companies (e.g. Unilever, Procter &
Gamble, L’Oreal, Beiersdorf, Johnson & Johnson, etc.)
Regional/local medium sized cosmetic companies
Contract manufactures and distributors within the cosmetic
industry
Main competitors
Typical ones are BASF/Cognis, Croda, ISP, Evonik, Symrise
Main products
Active ingredients such as synthetic peptides, natural bio-
actives, UV filters and vitamins
Performance ingredients such as conditioning and styling
polymers
Technical ingredients such as specialty emulsifiers
Key innovations
TILAMAR®
- most innovative polymers for hair care.
REGU®
-FADE – a high performing and fast acting skin bright-
ener.
REGU®
-AGE PF - Visibly reduces dark circles and eye puffi-
ness.
SYN®
-TC - experience a new dimension of skin smoothing in
only 28 days.
Alpaflor®
EDELWEISS - A new level of protection for ulti-
mate skin sensation.
Personal Care
Examples of brands
Personal Care Ingredient market (>€10bn, 2012)
Basic
Active
Technical

23
Manufacturing details
Manufacturing locations (CH, DE, FR, UK, ES, China, US)
56 premix facilities globally distributed
Innovation strategy
Innovate through entire life cycle
Continued improvements via incremental application driven
innovations
Open innovation with key customers and other partners
Technology
Highly complex multi-step synthesis
Biotechnology
Formulation technology, ActileaseTM
Natural product synthesis
Heterogenous catalysis
Micronisation and encapsulation
Application in feed, food, nutritional supplements and
personal care
Key raw materials / intermediates
Diverse set of various raw materials.
Main raw materials are secured through long-term
partnerships.
Investments
Expansion of pre-mix facilities in both ANH and HNH
business.
Improvement & expansion projects in large Manufacturing
locations.
Manufacturing & Technology

24
Markets (2012)
Total Food ingredients market adds up to EUR 34bn.
Global market growth 2008-2012 (AAGR)
Food enzymes 6-8%
Cultures and media 5-7%
Savory ingredients 3-5%
The growth in high growth economies is above average.
Dairy, baking, savory and beverage industry in North America
and Western Europe, with a growing focus on high growth
economies such as China, India, Brazil and Russia.
About DSM Food Specialties
DSM Food Specialties is a leading global manufacturer of food
enzymes, cultures, yeast extracts and other specialty
ingredients for the food and beverage industries. DSM Food
Specialties’ advanced ingredients make a considerable
contribution to the success of the world’s favorite food brands
for the dairy, baking, beverages, and savory segments.
Main customers
Leading, large, world class food manufacturing companies
Many medium-sized food and beverage processors
Main competitors
DSM Food Specialties main competitors, e.g. DuPont,
Chr. Hansen, and Novozymes offer a comparable portfolio or
are focused on one of DSM Food Specialties’ market
segments.
Current DSM market position
DSM Food Specialties is leading in food and beverage
enzymes, yeast extracts and cultures.
DSM Food Specialties holds leading positions (#1 or #2) in
the relevant segments of its portfolio.
DSM Food Specialties
Raw
materials
Food
Ingredients
and
Additives
Food
producer
Retail/End
consumer
17%
16%
11%1%
39%
9%
6%
1%
Savory
Beverages
Bakery
Dairy
Meat/Fish
Preserves
Oils/fats
Others
Food ingredients by application (global)
15%
12%
11%
11%5%
2%
33%
6%
5%
DSM
DuPont
Hansen
Novozymes
BioSpringer
ABF
Kerry BS
Cargill
Others
DSM relevant marketsize (€ 3bn)
DSM Food Specialties
Innovation in enzymes, cultures, savory ingredients and
other bio-ingredients
Scale and production efficiency
Volume growth
Margin growth
Key success factors
Innovation and value differentiation
Key customer intimacy
Global distribution network
Quality and regional application know-how

25
Strategy
DSM Food Specialties’ growth strategy is to exploit
opportunities of current businesses via organic growth based
on radical innovation, geographical expansion in emerging
economies and acquisitions.
Innovation capabilities
Unique patent protected ingredients, both on
(fermentation) process and applications
Quality for Life™ program
Global reach through local distribution and application
network
Main products
The product portfolio consists of many branded unique
products that can be categorized in:
Food & Beverage Enzymes
Cultures
Savory Flavor Ingredients
Food protection systems
Antibiotic Residue Tests
DSM Food Specialties has manufacturing locations across the
world: 6 Sites in Europe, 4 Sites in the US, 4 in Asia-Pacific
(3 China, 1 Australia) .
Technology
DSM Food Specialties has a world-class knowledge-intensive
technology base, founded on two leading technologies:
fermentation
enzyme technology
This technology base is focused on the core functionalities
Taste, Texture and Nutrition. DSM Food Specialties uses both
classical and modern biotechnology techniques including
proteomics to produce its products.
Glucose and molasses.
Investments
Drying capacity for yeast extracts
Innovation strategy
Market driven product, process and system innovation
Continued improvements via incremental application
driven innovations
Open innovation with key customers and other partners
Recent acquisitions
Cargill Cultures & Enzymes
Leading global manufacturer of cultures and enzymes for
the dairy and meat industries
Enterprise value € 85m
Closed 6th of December, 2012
Verenium food enzymes and oilseed processing business
Business, IP portfolio, licenses for certain food enzymes
and access to biodiversity libraries
Total consideration US$37m
Closed 26th of March, 2012
Key Innovations
Delvotest® BLF, a revolutionary ‘fast test’ product that
enables farmers and dairies to test milk for betalactam in
as little as five minutes, with no new laboratory
equipment needed.
Delvo® Yog, a yoghurt culture which helps to reduce the
fat content and to improve the texture
Purifine PLC, an oil degumming enzyme, providing a
significantly higher yiels in soybean degumming, using less
energy and chemicals.
Pack-Age®, a ripening concept including a revolutionary
film which protects moldgrowth on the surface of cheese
"Growth in the food ingredients
industry will be largely driven by
innovation. Consumer demand for
convenient and indulgent products,
health & wellness, sustainability and
food safety concerns create clear
innovation opportunities. DSM has
the leading technologies, in-depth
application expertise and world-class
facilities to develop (new)
solutions in reply to these
demands" Hans-Christian Ambjerg
President
Main Sales Offices

26
The Cluster
The Pharma cluster includes the business group DSM Pharma-
ceutical Products (DPP), one of the world’s leading custom
manufacturing suppliers to the pharmaceutical industry.
Many of today’s medicines around the world contain ingredi-
ents produced by DPP. The cluster also includes DSM's 50
percent interest in the DSM Sinochem Pharmaceuticals joint
venture (DSP).
Trends
The pharmaceutical market is facing a range of trends and
dynamics that question existing business models and that are
leading to some fundamental changes in the industry. Never-
theless, these trends also provide a number of future growth
opportunities for DSM's Pharma activities.
For DPP's customers, innovative pharmaceutical companies,
it is becoming more difficult to discover new active mole-
cules which have sufficient additional patient benefits, which
have an acceptable risk profile and which can obtain approv-
al from the FDA and other regulatory bodies. The cost of
developing such molecules is rising, while at the same time
health service providers – governments or insurance compa-
nies – are under enormous pressure to reduce healthcare
costs. As medicines are becoming an increasingly important
element of total healthcare costs, typically accounting for
around 10 percent of total healthcare spend, the pressure on
reducing the costs of pharmaceuticals is high.
Pharma
9%
1%
12%
78%
Pharmaceuticals
Agriculture
Health & Nutrition
Other
40%
37%
21%
2%
Europe
Americas
Asia
RoW
Pharmaceutical companies are consolidating, reviewing their
business models and product ranges, and competing to develop
increasingly niche, narrow spectrum and specialized drugs.
These can be highly active pharmaceutical ingredients (APIs),
often biopharmaceutical products, and volumes are typically
lower. The intensity of cost pressure and the need to review
business models result in above-GDP growth in the pharmaceu-
tical outsourcing market, especially for drugs nearing the end
of their (patented) life cycle. The imperative for pharmaceuti-
cal companies to optimize their asset base leads to a strong
focus on finding experienced, cost-efficient and highly qualified
partners to take on manufacturing challenges as a supplier.
Business
DSM Pharmaceutical Products focuses on the innovative and
generic pharmaceuticals, biologics and biosimilars, pharma/
agro chemicals, and markets for fine chemicals.
DSM Sinochem Pharmaceuticals is the global market leader in
beta-lactam APIs such as semi-synthetic penicillins (SSPs) and
semi-synthetic cephalosporins (SSCs), which represent the big-
gest class of APIs in anti-infectives, and other active ingredi-
ents such as nystatin. The joint venture manufactures nearly all
its beta-lactam APIs and the related intermediates using propri-
etary biotechnology.

28
About DSM Pharmaceutical Products
DSM Pharmaceutical Products (DPP) is a leading provider of
custom manufacturing, technologies and development services
to the pharmaceutical, biopharmaceutical and fine chemicals
industries. With the increased focus on outsourced resources,
DSM provides sustainable solutions for the future of
manufacturing. This group’s business model also includes
ownership of registered products including active
pharmaceutical ingredients (APIs) as well as finished dosage
drugs with ANDA and DMF filings.
R&D
Services
Inter-
mediates
Active
Pharma-
ceutical
Ingredients
Final
dosage
Pharma
distribution
End
consumer
DSM Pharmaceutical Products
Markets (2012)
DSM is active globally in the primary and secondary
manufacturing of pharmaceuticals and focuses on the
innovative (bio)pharma market as well as pharma fine
chemicals markets and generic drugs. The pharma
outsourcing market has a size of USD 30 bn.
Market growth 2008-2013
The global contract manufacturing market is expected to
increase at a CAGR of 9% (2003-2013) with the respective
segments growing at the following rates:
primary manufacturing, 7%
secondary manufacturing, 7%
biopharmaceutical, 10%
(Source: Kalorama, PharmSource, High Tech Business Decisions)
The average growth of worldwide pharmaceuticals sales for
2011-2012 was 3% and for biopharmaceuticals 7%, down
slightly from 2010. (Source: EvaluatePharma)
Main markets
Biopharmaceutical API (primary, Cell culture-based) manu-
facturing
Biopharmaceutical technology licensing and equipment sales
Biopharmaceutical API (primary, microbial-based) manufac-
turing
Chemical API (primary) manufacturing and marketing
Solid dosage (secondary) manufacturing and marketing
Sterile dosage (secondary) biopharmaceutical manufacturing
and marketing
Food, personal care and bio/industrial manufacturing
products
Crop protection (primary) manufacturing
DSM holds a leading position in the global pharma contract
manufacturing market.
Main customers
DSM serves 9 of the top 10 global pharmaceutical companies,
large biotechs, and mid-size pharmaceutical companies as well
as selected emerging pharmaceutical companies all over the
world.
Main competitors
Pharma Chemicals: Lonza, BASF, Siegfried, Evonik, Divis,
Dr. Reddy's, Dishman
Biologics: Rentschler, Boehringer Ingelheim, Lonza, CMC
Finished Dosage: Patheon, Catalent, Vetter
BioSolutions: Lonza
DSM Pharmaceutical Products
Global outsourcing market
41%
22%
20%
7%
10%
Contract research
Primary mfg
Secondary mfg
Formulation dev.
Other
Focus on new innovative products pipeline and end-of-
lifecycle drugs
Operational excellence
Innovative technologies
Expansion of proprietary product portfolio
Key success factors
Commitment to first-time-right principles and DSM
Quality for Life™ standards
Continued demonstration of sustainable and innovative
solutions for customers
Strong relations with strategic partners
Increased presence in Asia and high growth economies

29
Main Sales Offices
DSM Pharmaceutical Products’ facilities are approved by the US
FDA, EMEA, Japan and many foreign regulatory agencies. DSM
Pharmaceuticals, Inc. is licensed by the US DEA to manufacture
scheduled drugs.
Technologies
A broad range of technologies with world-class competencies
including: biocatalysis, homogeneous catalysis, mammalian cell
lines, fermentation and chiral technologies.
Very diverse set of raw materials, of which procurement is
mainly driven by customers’ regulatory filings.
Sourcing of other volumes from low cost countries such as
China and India.
Investments
Our new Brisbane, Australia 70,000 square-foot mammalian
biopharmaceutical manufacturing facility, to be operational in
2013, in close cooperation with the Australian Governments
(Queensland State Government and the Commonwealth of
Australia).
Innovation strategy
To maintain a leading and proactive position in delivering
customer solutions through innovations in R&D, (bio)chemistry,
biologics and fermentation production technologies to support
increasingly sustainable outsourcing by pharmaceutical
companies, while growing own product portfolio with ANDA and
DMF filings.
Key Innovations
Micro Reactor technology – unique proprietary high
productivity technology for pharma chemicals
XD®
technology – unique proprietary technology to improve
yield dramatically in biologics
Lyo Advantage™ / Liquid Advantage™ – state of the art
distribution control system
Rhobust®
a purification technology through direct capture
of biologics
“As we see the pharmaceutical
business model continue to shift,
outsourcing of manufacturing
becomes more of a strategic focus
for pharma. With changes in the
value chain, DSM offers a range and
breadth of services that can enhance
our customers’ ability to succeed.”
Alexander Wessels
President
Strategy
Further optimization of DPP’s current assets and re-focus
them towards high growth economies in Asia.
Intention to significantly expand range of own products.
Partnership with another company which has strengths com-
plementary to DPP.
Extensive portfolio of services across the supply chain for
small and large molecules and final dosage delivery
Broad range of innovative and cost-effective technologies
particularly in biotechnology including for biopharmaceuti-
cals, including cell culture-based and microbial fermenta-
tion as well as green chemistry
Strong quality and regulatory compliance track record
Main products / premium services
DSM Pharmaceutical Products is a global provider of contract
manufacturing and development services including:
Clinical to commercial scale production of Active Pharma-
ceutical Ingredients (APIs) – chemical and biological
Clinical trial and commercial scale finished dosage forms
and packaging
XD® proprietary mammalian cell culture production yield
optimization technology
Rhobust® biopharmaceutical harvest optimizing technology
Innovative technologies in Green Chemistry (e.g. InnoSyn™
route scouting services)
Micro reactor commercial scale production
Aseptic liquid filling and Lyophilization, including Cytotoxics
More complex crop protection actives
Groningen, Netherlands, cGMP biologics custom mfg.
Brisbane, Australia, cGMP biologics custom mfg. (2013)
Capua, Italy, cGMP microbial fermentation for pharma
Delft, NL, DSM Biotechnology Center
Linz, Austria, cGMP/ISO custom manufacturing
Venlo, Netherlands, cGMP custom manufacturing
Regensburg, Germany, cGMP scale-up facility
Geleen, NL, Research & Development
Greenville, US Sterile and finished dosage products

30
About DSM Sinochem Pharmaceuticals
DSM Sinochem Pharmaceuticals (DSP) is a leading supplier of
raw materials, intermediates and active pharmaceutical ingre-
dients (API) for anti-infectives such as antibiotics (for combat-
ing bacterial infections), anti-fungals (for combating fungal
infections), and for other therapeutic classes like cholesterol
lowering medicines. DSP is one of the few generic API manu-
facturers that continuously invests in R&D and therefore is
able to manufacture nearly all APIs and intermediates using
proprietary biotechnology. DSP is also the only FDA approved
penicillin producer in the Western hemisphere.
Markets
The total global anti-infectives market is estimated to be USD
50bn (2010). DSM is mainly active in the beta-lactams:
(penicillin (SSPs) and the cephalosporins (SSCs).
In addition, DSM sells intermediates such as 6-APA and
7-ADCA .
Average overall market growth is 3-5% for semi-synthetic
cephalosporins (SSCs) to 4-5% for semi-synthetic penicillins
(SSPs) with the highest market growth expected in Asia
(SSPs 6-8%, SSCs 3-5%) .
Active
Pharma
ceutical
Ingredient
Glucose PEN/Inter-
Mediates
(e.g. 6-APA,
7-ADCA)
Finished
dosage
Pharma
distribution
End
consumer
DSM Sinochem Pharmaceuticals
23%
23%
12%
16%
26%
SSPs
SSCs
Macrolides
Quinolones
Others
Glucose and energy prices
Access to regulated markets
Currency exchange rate
Operational excellence
Current DSP market position
DSM Sinochem Pharmaceuticals belongs to the largest players in
the field of beta-lactams with leading positions in the higher
value added segments based on the combination of our global
spread with our unique technology platform.
Although the Western economies currently are the most at-
tractive markets, DSM Sinochem Pharmaceuticals has a strong
focus on the rapidly growing markets in Asia and Latin America.
Main customers
Leading large pharmaceutical companies such as GSK, Sandoz,
Teva, as well as local midsized pharmaceutical companies all
over the world.
Main competitors
Competition is coming predominantly from Chinese and Indian
producers (e.g. United Laboratories, CSPC, Lupin and
Aurobindo). European competitors are e.g. Sandoz, GSK.
Strategy
The company has retained profitability by implementing signifi-
cant cost reductions and introducing new technologies.
DSM Sinochem Pharmaceutical’s strategy has three main pillars:
to retain its leading position in the global market for penicil-
lin and penicillin derivatives, further strengthening of the
position in especially China is a prerequisite.
to broaden the portfolio with generic APIs from other thera-
peutic classes beyond anti-infectives, and
to integrate forward into finished dosage in selected markets
DSM Sinochem Pharmaceuticals
AMEA China
EU&USRoW 0
20
40
60
80
2005 2008 2010 2015
High growth economies
RoW
SSPs, SSCs market (2010) SSPs, SSCs market growth (2010)
5%-7%
Key success factors
Market access through global presence / alliances
New products
Product differentiation / brand value
Low environmental footprint

31
Benefits of DSMPureActivesTM
Higher yield due to higher purity
Less overages required due to higher purity and an
increased retest period
Improved machine efficiency due to better flowablility
With larger batch size, testing and administration at QC
departments is reduced
Relief of registration efforts due to reduced impurity level
Guaranteed activity of active substance over shelf life
Waste from production is reduced by up to 90%
Greenhouse-gas emissions reduced by over 50%
Reduced emissions of residual solvents to air
Emissions to water are reduced by approximately 50%
Reduced toxicity of antibiotic ingredient, owing to absence
of almost all chemicals and solvents
Better taste due to the absence of residual solvents
The joint venture between DSM and Sinochem of China strongly
supports the achievement of these strategic targets. Partner-
ships continue to be a potential driver for further growth.
Regulatory and product quality
Reliability and after sales service
Unique enzymatic technology
Global market access
Main products
DSM Sinochem Pharmaceuticals is a leading supplier of active
pharmaceutical ingredients such as:
Penicillin (PEN)
Intermediates such as 6-amino-penicillanic acid (6-APA),
7-amino-deacetoxycephalosporanic acid (7-ADCA)
Semi-synthetic penicillins (SSPs) such as amoxicillin and
ampicillin
Semi-synthetic cephalosporins (SSCs) such as cephalexin
and cefadroxil
Nystatin, Atorvastatin
Process enzymes
Penicillin Mexico
6-APA China, Mexico, India
7-ADCA Netherlands
SSPs Spain, Mexico, India
SSCs Spain, China
Nystatin Italy
Atorvastatin India
Technology
DSP has integrated its competences in biotech and chemistry
for the development of a new range of high quality semi-
synthetic penicillins and semi-synthetic cephalosporins. The
results of this effort are the DSMPureActives™, each produced
with our innovative enzymatic technology. APIs produced via
these proprietary biotechnology routes offer advantages in
terms of increased patient safety based on the higher purity of
the products, and lower spillage in the processing step from API
to finished dosage form.
Glucose, sodium phenylacetate/phenylacetic acid,
phenyl glycin.
Investments
Capacity expansion and a significant improvement in econo-
mies of scale for the production (captive use) of 6-APA.
Facilities for the marketing and production of newer genera-
tion SSCs via proprietary enzymatic routes.
Key Innovations
Innovation in technology (implementing best technologies
throughout global network)
Expansion of DSP portfolio in generic APIs through product
innovation
Branding DSMPureActives™ (green routes and sustainable
antibiotics)
“At DSP our goal is to provide high
quality and reliable products for
people in need of healthcare. This
can be achieved through our
unique enzymatic technology plat-
form. In our strategy to grow our
API portfolio we have successfully
transferred the technology and its
benefits to new APIs such as our
Atorvastatin, and we will continue
to build on this.” Karl Rotthier
Chief Operating OfficerProduction Facilities
Tolling manufacturing site
R&D facility
Main Sales Offices

32
The cluster
The cluster consists of DSM Engineering Plastics, DSM Dynee-
ma and DSM Resins & Functional Materials. These business
groups manufacture technologically sophisticated high-
quality products and offer specialized value propositions that
meet the needs of customers.
Trends
The most important trends in the materials industry continue
to be related to resource scarcity and climate change. Cus-
tomers in virtually every industry ask for products that re-
duce energy use or emissions in their own operations or, even
more importantly, throughout the value chains. DSM offers
materials that reduce weight versus metals and other tradi-
tional materials and supports customers who want polymer
solutions based on biobased raw materials, as opposed to
fossil feedstocks.
Demand for alternative solutions without substances of haz-
ardous concern is increasing in line with regulatory scrutiny.
Against this background, DSM Engineering Plastics and DSM
Resins & Functional Materials actively seek to provide cus-
tomers with new products and solutions that eliminate or
reduce the content of substances such as halogens, styrene
or cobalt.
Performance Materials
22%
19%
14%
14%
31%
Metal/B&C
Automotive/Transport
E&E
Packaging
Other
44%
20%
35%
1% Europe
Americas
Asia
RoW
Business
DSM Engineering Plastics is a global supplier of high-
performance engineering thermoplastic solutions. DSM Dynee-
ma is the global supplier of Dyneema®, the world’s strongest
fiber™. DSM Resins & Functional Materials is a global supplier of
innovative high-quality resins solutions for paints and coatings,
composite materials and optical fiber coatings.
With major investments in high growth economies, notably Chi-
na and India, the Performance Materials cluster is a significant
contributor to DSM’s growth in Asia. The portfolio has evolved
in recent years towards more specialized, higher value-added
businesses, turning it into a front-runner in creating and intro-
ducing more sustainable innovations.
The businesses in the cluster have achieved strong leadership
positions in their chosen segments of the global markets for
advanced performance materials.

34
About DSM Engineering Plastics
DSM Engineering Plastics is a global player in polyamides and
polyesters. These materials are used in components for the
electrical & electronics, automotive, flexible food packaging
and consumer goods industries.
DSM Engineering Plastics
Markets
Key segments for semi-crystalline engineering plastics:
electrical & electronics, automotive, flexible food
packaging and consumer goods industries.
Key products are polyamide 6, 66, 6/66, 410,
High Performance Engineering Plastics (e.g. PEEK, LCP,
PPS, high performance polyamides), polyesters (PBT,
PET), POM, thermoplastic copolyester (TPC)
Total global market size for engineering plastics: ~ EUR 28bn
in 2012
Segments: consumer electronics, lighting, automotive
powertrain, turbo and safety components and flexible
packaging film for meat, fish and cheese
Regions: Asia, especially China and India, but also Europe.
US is becoming more and more attractive because of
increasing drive for sustainable solutions
Products: high performance engineering plastics (HPEP) and
(co-)polyesters (TPC)
Growth of the engineering plastics market is expected
above GDP, especially in China, India, Russia and Brazil
Distribution by region
China
Rest of Asia
Europe
North America
RoW
Market by segment
Automotive
Electrical & Electronics
Flexible food packaging
Consumer goods
Market by products
PA6
PA66
PBT.PET
HPEP
POM
TPC
DSM Engineering Plastics
Oil/gas/
Biomass
Monomer Part System OEM/
End user
Polymer Compound
Market growth in key segments and high growth economies
Sustainability: materials reducing the carbon footprint
over the value chain
Innovation: be at the forefront of functionality and
performance
Growth in market share in high-end innovative applications
Improved cost position
Key success factors
Global market leadership in chosen markets
Global presence (follow customers)
Engineering plastics portfolio
Ability to commercialize market-driven innovations
Products, application and value chain know-how

35
Main customers
Automotive: Bosch, Valeo, Peugeot, Tata Motors
E&E: Schneider, Siemens, Samsung, Philips, Nokia
(Food) packaging: VF Verpackungen, Wipack
General: Salomon
Main competitors
Polyamide 6: BASF, Lanxess, UBE
High Performance Engineering Plastics : Dupont, Kuraray,
Solvay, Mitsui
Thermoplastic copolyester: Dupont, Toyobo
Current Global DSM Market position
#1 in high temperature polyamides
#2 in polyamide 6
#2 in thermoplastic copolyester
#3 overall in semi-crystalline engineering plastics
Strategy
Further reduce impact of general economic conditions
and input costs by focusing on selected high growth
segments, global presence and backward integration
Extend global leadership in high temperature polyamides,
polyamide 6 and thermoplastic copolyester
Extend leadership positions in selected end markets
Global reach through regional network
Innovation and sustainability drive and excellence in
launching innovations
Upstream integration with DSM Fibre Intermediates
(caprolactam for polyamide 6)
see world map below
“In our dynamic and challenging
environment, we need to have in
depth understanding of the business
we are in. Together with our cus-
tomers, we are dedicated to create
impact beyond today’s frontiers in
engineering plastics with innovative
sustainable solutions. Today and
tomorrow.”
Roelof Westerbeek
President
Key products of DSM Engineering Plastics
Akulon® and Novamid® polyamide 6, polyamide 66,
polyamide 6/66
Stanyl® polyamide 46
Stanyl® ForTii™ polyamide 4T
EcoPaXX™ polyamide 410
Arnite® polyester PET and PBT
Arnitel® thermoplastic copolyester
Technology
Polymerization and compounding
Caprolactam, di-aminobutane, adipic acid, butanediol
Investments
New production unit for Stanyl® ForTii on stream
Substantial revamp of the polymersation facilities at
Kaoshuing (Taiwan)
Innovation strategy
Create maximal profitable growth as solution provider for
performance thermoplastics. Capture opportunities from main
societal trends such as Climate and Energy and Global Shifts.
Key Innovations
Akulon® Fuel Lock for fuel tanks for outdoor power equipment
Akulon® RC with recycle content for automotive parts
Arnite® XT for extreme precision components
Arnite® XL for automotive lighting
Arnitel® Eco, a bio-based TPC for food packaging and more
Arnitel® VT, a PFC-free solution for breathable films
Arnitel® XG, a PVC-free solution for cables
EcoPaXX™, bio-based polyamide 410 for engine covers & more
Stanyl® Diablo, a high temperature polyamide for automotive
engine parts
Stanyl® ForTii, a high temperature polyamide for electronics
and automotive parts
Stanyl® TC, a thermoconductive high temperature polyamide
for LED lighting
Regional Sales Offices

36
Markets
Dyneema®
is used extensively in ropes, cables and nets in the
fishing, shipping and offshore industries. It is also used in safety
gloves for the metalworking industry and in fine yarns for
applications in sporting goods. In addition, it is applied in bullet
-resistant armor and clothing for law-enforcement personnel
and the military. A number of new markets are in various
stages of scouting & development. The business group will
continue to focus on the further development of ultra high-
performance polyethylene materials and technologies and on
extracting value from its IP assets.
Life protection (e.g vests, vehicle protection)
Commercial marine (shipping, offshore, fishing)
Sports (sails & rigging, fishing lines)
High performance textiles (cut resistant gloves, clothing)
UHMwPE fiber and its derivative products are regarded as high
performance, high-value replacements for more traditional
materials such as polyester, polyamide, steel or other high-
performance fibers, such as aramids. Competitive products are
segment specific.
Growth in industrial segments remains close to double-digit,
while demand in the tender-driven defense market remains
weak. In addition, solid progress is being made in entering new
application markets such as radomes, performance apparel and
aviation containers. With technical breakthroughs in fiber per-
formance providing further access to new applications, the
attainable market is continuously growing.
DSM Dyneema
About DSM Dyneema
DSM Dyneema is the inventor, manufacturer and marketer of
Dyneema®
, the world’s strongest fiber™.
This product, based on ultra high molecular weight
polyethylene (UHMwPE) is produced by means of DSM’s
proprietary processes. The Dyneema® brand enjoys very high
recognition in the value chains served
UHMwPENaphta /
ethylene
Converter OEM End userFibre,
UD
(unidirectional fabrics)
Tape
Examples of customers
Life Protection: Ten Cate (vests, vehicle protection)
Commercial Marine: Unitex (lifting slings), Badinotti (fishing
nets), Samson (mooring lines)
Sports: Gottifredi Maffioli (sailing ropes), Pure Fishing
(fishing lines)
High Performance Textiles: Ansell (Gloves)
Main competitors
Honeywell (Spectra®
UHMwPE).
DuPont (Kevlar®
aramid, UHMwPE tape)
Steel & polyester producers
Teijin (Twaron Aramids, UHMwPE Tape)
Market leader in UHMwPE, overall leader in high performance
fibers in many segments.
DSM Dyneema
Market growth and penetration into existing applications
Success of innovations, new launches
Dyneema®
brands
Key success factors
Capability to manage growth, both in hardware and in
people
Product, application and value chain know how
Strong, healthy IP position (patents and trademarks)
Brand value (trust and innovation)

37
Main Sales Offices
“The Dyneema®
brand stands for a
business culture which enables its
people to do what it takes to
consistently deliver the brand
promise to all its stakeholders. “
Strategy
Drive penetration of existing applications, exploiting
advantages in total cost of ownership and sustainable
solutions to substitute traditional offerings
Establish strong relationships with key value chain players
Accelerate entry into targeted new markets (geographies
and end-uses)
Position 2nd
brand (Trevo™ ) as “no-frills” offering in certain
segments
Technical benefits related to physical attributes. Dyneema®
is up to 15 times stronger than quality steel and up to 40%
stronger than aramid fibers; it floats on water and is
extremely durable and resistant to moisture, UV light and
chemicals
Dyneema® brand: managed for value throughout the value
chains under trademark licenses
Innovation capabilities (products, applications,
technologies) and excellence in launching innovations
Clear eco-footprint advantages
Global commercial and operations footprint
Dyneema® yarn and Dyneema® UD are produced in
Greenville, North Carolina (USA) and Heerlen (Netherlands)
The new tape technology is applied in Greenville (USA)
DSM is also a partner in a manufacturing joint venture in
Japan for fiber
Trevo™ is produced at ICD Shandong (China)
Technology
Dyneema®
is manufactured through DSM’s proprietary gel
spinning process. Dyneema®
Tape and UD are also subject to
extensive patent coverage.
Gerard de Reuver
President
Key raw materials / Intermediates
Ultra High Molecular Weight Polyethylene (UHMwPE)
Investments
Optimize existing assets
Innovation strategy
Introduce new applications and new products for Dyneema®
Continue to build and extend Dyneema® brand value
Protect and strengthen IP positions
Extend eco+ and benefits of product portfolio
Key innovations
Dyneema®
Tape Technology for vehicle and personal
protection
Dyneema® Diamond Technology for optimum cut re-
sistance and wearability of protective gloves
Dyneema MaxTech technology for off shore mooring appli-
cations

38
Main markets / applications
Focus for DSM Resins & Functional Materials is to combine the
‘winning solutions’ with a market-oriented, innovation-driven
organization and already existing strong market positions. Main
markets are shown in the graphs.
DSM Resins & Functional Materials
About DSM Resins & Functional Materials
DSM Resins & Functional Materials is a global player in devel-
opment, manufacturing, marketing and sales of high-quality
resins solutions for paints and coatings, composite materials
and optic fiber coatings. The company employs over 2,500
people and has 21 manufacturing plants across the world. This
reflects DSM Resins’ global activities and its dedication to lo-
cal and global customers.
MonomersRaw
Materials
Coatings
Composites OEM End userResins
Market growth 2010 - 2015
Markets for Coating Resins, Functional Materials and Composite
Resins are long term expected to grow above GDP. However,
with ~50% end-market exposure to the Building and
Construction market, growth rates are currently lower.
Selected key segments: right combination of end-markets,
regions and technologies to capture the fastest growth such as
industrial wood, architectural, metal (can & coil), automotive,
optical fiber, 3D printing and light weight containers.
DSM has a leadership position in many segments:
Coating Resins:
DSM is global leader in sustainable resins systems for many
industrial and architectural* applications with pioneering
technology in waterborne and powder coatings
(*excl. waterborne wall paints in the architectural segment)
Functional Materials:
In telecommunications, DSM is the global leader in UV
curable, fiber optic materials.
Composite Resins:
DSM Composite Resins is the European market leader in
unsaturated polyester resins and global leader in sustainable
innovation for composites.
Examples of customers
Coating Resins: Large global coating companies such as
AkzoNobel, PPG, Jotun
Composite Resins: Menzolit, IDI, Beneteau, Brandenburger,
Fiberline
Functional Materials: Corning, Prysmian Group, Sumitomo
Global Coating Resins market 2012 (€20bn)
Architectual
Automotive
Metal (incl. Can & Coil)
Industrial Wood
Powder
Others (incl. graphic art)
Global Composite Resins market 2012 (€5bn)
Building & Construction
Automotive
Marine
Industrial
DSM Resins & Functional Materials
Market growth in key segments and regions
Sustainability: lighter materials and environmentally
friendlier, safer paints
Growth in market share in high-end innovative applications
Key success factors
Global market leadership and presence
Brand value (differentiation, reliability)
Leading low footprint technology platforms geared
towards markets

39
Main competitors
Coating resins: BASF, Dow, Cytec, Evonik, Momentive, Nu-
plex
Composite Resins: Cray Valley, Reichhold, Ashland, Scott
Bader, Polynt, AOC
Functional Materials: Momentive, Phichem, 3D Systems
Strategy
Coating Resins: Shaping a sustainable coatings future.
Composite Resins: Creating value by enhancing perfor-
mance, improving health & safety and minimizing the envi-
ronmental footprint.
Functional Materials: Growing global no 1 position in Fiber
Optic Materials and leadership position in stereolithography
materials.
DSM's resins & functional materials business generates value
with and for customers through continuous innovation so
that they meet regulatory needs (such as REACH) and re-
spond better to end-user demands for more sustainable and
environmentally friendly materials.
Global reach through regional network
Innovation and sustainability drive and excellence in launch-
ing innovations
Strong unique technology position (waterbased resins, high
solid resins, UV and sustainable solvents, styrene-free, co-
balt-free, renewables, GMP)
Extensive patent portfolio
DSM brand highly valued through the resins value chain
Main products
The resin primarily determines the properties of the end-
products, such as coatings and composites.
Coating Resins:
Waterborne resins for coatings and inks
High solid resins
Powder resins
UV-curable resins and coatings
Composite Resins:
Unsaturated polyester / vinyl ester resins
Sizings and binders
Functional Materials
UV curable coatings
Light weight panels
Coating Resins: United States (Illinois, North Carolina, Indi-
ana, Massachusetts, Rhode Island), China, Japan, Taiwan,
Germany, Spain and the Netherlands
Composite Resins: China, France, Italy and the Netherlands
Functional Materials: United Stated (Illinois, North Caroli-
na), Japan and the Netherlands
Investments
New plant in Nanjing for Composite Resins
New plant in Changbin for UV Resins
Glycols, styrene, maleic-, phthalic anhydride, acrylates,
isocyanates, acrylic monomers
Innovation strategy
Investment to create and execute innovation pipeline
Market-driven dedicated organization
Sustainable innovations: providing solutions to global
societal issues
Key Innovations
NeoCryl: the latest generation waterborne acrylic emulsions
in performance for industrial woods applications
NeoRez: universal ink binders as well as resins for flooring
applications with superior indoor air quality, without sub-
stances of hazardous concern
Desolite®
Supercoatings: the newest generation of optical
fiber coatings, with improved microbend sensitivity
RP-10: aluminum replacing panel material made from
Dyneema®
HPPE fiber and Aeronite®
composite resin
UVolve®: instant floor coatings
Uralac® EasyCure: low temperature cure powder coating
resins
Atlac® 580 A10/A20: Cobalt-free Vinyl ester resins based
on BluCure TM Technology, replacing hazardous substances
Synolyte™ 7524-N-1 FC: resin for artificial stone: high con-
tent of bio raw materials, produced in line with GMP
"Driven by the fact that most
traditional materials are made of
non-renewable finite resources,
sustainability and responsible
behavior are quickly gaining
importance within the resins and
functional materials industries. We,
as DSM, want to provide new, more
sustainable solutions, and look for
example at bio-based and bio-
renewable products to move
towards potentially limitless raw
material supplies."
Dimitri de Vreeze
President
Main Sales Offices

40
Polymer Intermediates
The Cluster
The Polymer Intermediates cluster comprises DSM Fibre Inter-
mediates, the global market and technology leader in capro-
lactam and the leading acrylonitrile supplier in Europe. Its
head office is in Shanghai, China.
Trends
Overall, global demand for caprolactam and acrylonitrile is
expected to grow by approximately 3 percent per year in the
coming period. The strongest growth, at up to 6 percent per
year, will be seen in China. Demand from the US and Europe
is expected to be relatively stable. By 2015, China and Tai-
wan are expected to consume over half of the world’s capro-
lactam.
The caprolactam business will be affected by a rapidly chang-
ing industry landscape in China. New caprolactam plants are
being built which bring more product to the local market,
resulting in significant price pressure. A number of new mar-
ket entrants are announcing further plans for new caprolac-
tam plants, raising the likelihood of additional capacity.
However, it remains to be seen to what extent all of these
announced caprolactam initiatives will materialize.
7%
13%
43%
12%
13%
12%
Metal/B&C
Automotive/Transport
Textiles
E&E
Packaging
Other
45%
15%
39%
1% Europe
Americas
Asia
RoW
Business
Caprolactam
Caprolactam is the raw material for polyamide 6, also known as
nylon 6, of which about 4.5 million tons are produced annually
worldwide. The applications of polyamide 6 are very diverse,
covering many end-markets, from carpets and textiles to car
parts, electrical devices and packaging film.
DSM is the major supplier to the merchant caprolactam market.
A major part of all caprolactam produced globally is made using
DSM’s proprietary technology. The company actively licenses
this technology.
Acrylonitrile
DSM Fibre Intermediates is the leading supplier in the European
merchant acrylonitrile market with a market share of 25 per-
cent. Globally, it ranks third.
Acrylonitrile is a raw material for acrylic fibers, plastics, rub-
ber, water treatment chemicals and a wide range of specialty
products. It is a key ingredient for bright, fashionable acrylic
textile and carpet fibers and for materials such as acrylonitrile-
butadiene-styrene (ABS) and styrene-acrylonitrile (SAN) that
are used for automobile components, electronic devices, toys
and sports equipment. The application of acrylonitrile in a wide
range of valuable specialty products like carbon fibers, water
treatment additives and detergents is rapidly growing.

42
Most attractive markets (2012)
Polyamide 6 for E&E, automotive and food packaging
Textiles in Asia (mainly China and Taiwan)
About DSM Fibre Intermediates
DSM Fibre Intermediates is the largest merchant caprolactam
producer in the world. With plants in the Netherlands, the
United States and China, it holds a global market position, a
solid partnership in China, excellent performance,
technological leadership and a growing secured supply to DSM
Engineering Plastics.
With a market share of 25%, DSM Fibre Intermediates is a
major player in the merchant acrylonitrile market in Europe.
In addition, the business group produces ammonium sulfate,
sodium cyanide and diaminobutane.
DSM Fibre Intermediates
Oil
Gas
Phenol
Cyclohexane
Ammonia
Caprolactam
Acrylonitrile
Polyamide 6,
Polyamide 46
Engineering
polymers
OEM
(parts)
Yarns
Films
Automotive
E&E, Films,
Textiles
Carpets
Markets
Caprolactam, with a total global demand of some 4,400kt
(merchant and captive) in 2012, is used predominantly for
polyamide 6, a high performance polymer, used in:
Textiles (lingerie, sportswear, leisurewear, fashion wear,
travel and outdoor gear)
Floor coverings (carpets, rugs)
Industrial yarns (tyre cord, conveyor belts, mechanical rub-
ber goods, ropes, nets, fishing lines)
Engineering plastics: automotive (air-inlets, engine covers),
E&E (switches, connectors), equipment housings
Films (food packaging, industrial packaging)
Acrylonitrile’s main applications are textiles, building &
construction (acrylic fibers), automotive and E&E (ABS),
water purification (acrylamide). Global acrylonitrile demand
is around 5200kt.
Ammonium sulfate is mainly used as fertilizer, sodium cyanide
is used in detergents and in vitamins synthesis, diaminobutane
is an intermediate for Stanyl®
Textiles
Engineering plastics
Industrial yarns
Floor covering
Film
Caprolactam merchant market distribution DSM
Capro Corp.
CPDC
Ube
Honeywell
BASF
Sinopec
Others
Acrylonitrile production distribution Ineos
Asahi
Ascend
DSM
Secco
FPC
Taekwang
Jilin
Others
Main markets Caprolactam (2012)
DSM Fibre Intermediates
Growth (DSM Engineering plastics and China)
High utilization rates
Raw material prices
Low-cost operations
Key success factors
Security of sales (excellent global coverage)
Reliable supply, consistently good product quality
Technology leadership

43
“We will remain at the forefront of
technological developments with a
clear focus on sustainability. We aim
to produce the best quality possible,
with the smallest environmental im-
pact.”
Ed Sheu
President
Global demand growth of acrylonitrile / caprolactam over
3% per year
Regional: Strongest growth caprolactam in China > 6% per
year
US and Europe relatively stable
About 60% of the world's supply of caprolactam is consumed
in Asia.
By 2015, half the world’s polyamide 6 consumption is ex-
pected to be in China / Taiwan.
Main customers
Caprolactam: manufacturers of polyamide-6 products such
as DSM Engineering Plastics and textile yarn producers.
Acrylonitrile: manufacturers of acrylic fibers, adiponitrile,
ABS/SAN, acrylamide, nitrile rubber
Strategy
Caprolactam: DSM Fibre Intermediates has a threefold ap-
proach to capitalize on the opportunities that are arising:
doubling production capacity in China; continuously improv-
ing existing assets by means of life time extension and vari-
able cost reduction projects; and a firm commitment to
sustainability.
Acrylonitrile: maintain our sustainable position as one of
the leading players in Europe.
Global presence
Cost leadership
Only global producer in fast growing China
Reliable partner
Technology leadership
Integration with DSM Engineering Plastics (polyamide 6)
Caprolactam over ~700 kt total
(Geleen, Netherlands; Nanjing, China; Augusta, US)
Acrylonitrile (Geleen, Netherlands) 285 kt
Sodium cyanide 28 kt
Ammoniumsulfate 1200 kt
Technology
DSM has proprietary world-class caprolactam technologies
(HSO, HPO+™, HPO™, Hydranone™, Oxanone™) with multiple
licensees worldwide.
Benzene derivatives (Cyclohexane or phenol), ammonia for
caprolactam
Ammonia and propylene for acrylonitrile
Investments
Second line (200kta), world class caprolactam production
line in China (startup end of 2013)
Life time extension projects
Sustainability projects, efficiency driven investments to
save on energy and raw materials and reduce emissions in-
cluding investment in sustainable lowest cost ammonium-
sulfate facility
Innovation strategy
New caprolactam production technologies from bio-
renewable resources
Sustainability programs to radically reduce carbon footprint
and reinforce our ‘green’ industry leadership
Process innovations to lower cost per ton produced
Main Sales Offices

44
Innovation Center
The Cluster
The cluster contains the activities of the DSM Innovation
Center (including DSM Venturing) and the Emerging Business
Areas (EBAs).
DSM Innovation Center
The DSM Innovation Center was originally set up in 2006 to
help facilitate the company’s strategic transition toward an
intrinsically innovative organization. It serves as an enabler
and accelerator of innovation within DSM. With its Emerging
Business Areas and the business incubator, the DSM Innova-
tion Center has a general business development role, focus-
ing on areas outside the current scope of the business groups.
Emerging Business Areas
DSM’s Emerging Business Areas provide strong long-term
growth platforms based on the company’s core competences
in Life Sciences and Materials Sciences. The company has
three Emerging Business Areas:
DSM Biomedical
DSM Bio-based Products & Services
DSM Advanced Surfaces
DSM aspires to realize € 1 billion in sales by 2020 in its com-
bined Emerging Business Areas.
DSM Biomedical
DSM Biomedical intends to be the medical industry’s leading
development partner, trusted to shape the future of bio-
materials and regenerative medicine devices that improve
and brighten patients’ lives throughout the world.
At the core of DSM’s strategic focus on Life Sciences and Mate-
rials Sciences is its key competence in industrial biotechnology.
The move towards a bio-based economy presents significant
opportunities, particularly in renewable energies such as cellu-
losic ethanol, renewable diesel and biogas as well as renewable
building blocks and materials like bio-based succinic acid.
DSM Advanced Surfaces
DSM Advanced Surfaces provides solutions for smart coatings.
In 2012, the unit recalibrated its strategic approach, which led
to a decision to fully focus on solutions for the solar industry,
with its anti-reflective coating KhepriCoat™.
DSM Business Incubator
The DSM Business Incubator is an independent unit of the DSM
Innovation Center. It explores opportunities and technologies in
new areas where its technologies can meet current and future
market demands. Platforms are created within the scope of
securing food, health and energy requirements of society, in
close collaboration with industry partners and existing and
potential customers.
DSM Venturing
DSM Venturing actively invests in early stage companies that
create innovative products and services in health, nutrition and
materials. DSM Venturing plays an important part in DSM’s open
innovation policy and invests in activities that are of immediate
or future strategic relevance to DSM business groups and/or the
DSM Innovation Center.
“ Innovation is in our genes; it is our
sport. Our mission is to enable and
accelerate innovation efforts DSM
wide and to create new businesses
outside the scope of the current Busi-
ness Groups, while addressing upcom-
ing needs as a consequence of Global
Shifts, in the areas of Climate & Ener-
gy and Health & Wellness, based on
our combined strengths in Life Scienc-
es and Materials Sciences. ” Rob van Leen
Chief Innovation
Officer

46
About DSM Bio-based Products & Services
By means of our ‘Bright Science’ - combining DSM’s competen-
cies from life sciences with our competencies in materials
sciences, this unit will open up huge opportunities in the move
towards a bio-based economy, particularly in bioenergy such
as cellulosic bio-ethanol, advanced biodiesel and biogas, and
renewable chemicals and building blocks such as bio-based
succinic acid and bio-based adipic acid.
Biomass RecoveryBio conver-
sion
Pre-
treatment
Further
Conversion
Markets
Cellulosic Bio-ethanol
Global cellulosic bio-ethanol market expected to grow to
18bn gallons by 2022, ~US$ 50bn
Market value for enzymes & yeasts of ~US$ 3-5 bn by 2022
US EPA forecasts ~7.8bn gallons of cellulosic bio-ethanol
from crop residue by 2022
Advanced biodiesel
Diesel is becoming a larger percentage of the mix of liquid
fuels in both US and EU (currently ca. 50%)
Industrial Biogas
Market expected to grow by ~7% p.a. to ~100 BCM in 2020
(US$ 35bn)
Resulting market for biogas enzymes and process improve-
ment: ~US$ 1bn by 2020
Bio-based Chemicals & Materials
The growth trend of Industrial Biotech is forecasted at 15-
20% per year between 2010-2020
Accessible market for selected renewable chemicals ex-
pected to grow to ~US$ 12bn in 2020
0
5
10
15
20
2011 2015 2020 2022
US
China
Brazil
EU
Market Cellulosic Bio-Ethanol (*)
(Global demand in billion gallons)
*: derived from Hart’s Global Energy Study
0
2
4
6
8
10
12
14
2010 2015e 2020e
Substitute
Bio- based
chemicals
New Bio-
based
chemicals
Growth Selected Renewable
Chemicals (Market value in billion US$)
Key success factors
Time to the market
High certainty of technological success and
high technological spin-off
Successful alliances throughout the value chain
Policy stability / level playing fields re. governmental
policies
Leadership cellulosic bio-ethanol market (with POET-DSM)
No. 1 position in yeasts and top position in enzymes
Unique and essential combination of yeasts and
enzymes for cellulosic bio-ethanol production
Leadership in bio-succinic acid (with Roquette Frères)
Most efficient production process with best-in-class
environmental footprint
Unique proprietary low-pH yeast-based bioconversion
technology in the market
World’s first commercial-scale plant
Unique combination of biotechnology and traditional chemi-
cal synthesis and polymer technologies (materials)
Licensing integrated technology packages
Enzyme, yeast and other micro-organisms for the cellulosic
bio-ethanol market
Bio-based chemicals (e.g. succinic acid, adipic acid)
Main customers
Existing corn-ethanol plants (USA, via JV POET-DSM),
and sugar cane mills in Brazil
New cellulosic ethanol plants
Cellulosic bio-ethanol prospects/refineries
Industrial Biogas
Cellulosic bio-ethanol prospects/refineries
Breweries and food processing residue streams
Bio-succinic acid (via JV Reverdia)
Several new market outlets (e.g. Polyester Polyols (for Polyu-
rethanes), Polybutylene Succinate (PBS), Plasticizers)
Market potential of renewable solutions
Performance in applications (chemicals and materials)
Eco-footprint: Intrinsically lower carbon footprints
Competitiveness (price, availability and eco-footprint)
versus conventional alternatives
(Continued) market access (Ethanol – USA.)
Policy stability (USA, EU)

47
Geleen (NL), Delft (NL), Bergen op Zoom (NL), Columbia
(US), Elgin (US), Sao Paulo (Brazil), Shanghai (China)
POET-DSM Advanced Biofuels: Sioux Falls (US), Emmetsburg
(US)
Reverdia (JV with Roquette Frères): Lestrem (France), Cas-
sano (Italy)
Technology
Unique combination of biotechnology competences: yeasts,
enzymes, bacteria, algae
Utilizing existing Life Sciences technologies to address to-
day’s needs in renewable energy and sustainable materials
Biotechnology knowledge and skills with DSM’s in-depth
knowledge of traditional chemistry and manufacturing ex-
cellence to bring novel integrated solutions
Sugar/starch (for chemicals – not for fuels)
Cellulosic biomass e.g. corn crop residue, sugar cane ba-
gasse/energy cane
Main intermediates: (fermentable) sugars
Investments
Reverdia, the JV between DSM and Roquette, has started up
production of bio-based succinic acid
Initial capex of USD 250 million in POET-DSM advanced bio-
fuels JV, fully on stream in 2014
Key Innovations
New robust enzymes mix able to break down biomass more
efficiently at higher temperatures
Advanced yeast strain capable of simultaneous conversion of
C6 / C5 sugars into bio-ethanol
A route for non-photosynthetic conversion of sugars into oils
for transportation fuels (biodiesel, aviation fuels) based on
DSM’s microbial oil platform
Production routes for Bio-based succinic acid and Bio-based
adipic acid
“With its unique focus on Life Scienc-
es and Materials Sciences, DSM is well
positioned at the forefront of an
emerging bio-industrial era brought
about by the need for renewable en-
ergy sources and sustainable chemis-
try and materials. We see that viable
alternatives can and will be created
by harnessing the power of nature in
creative sustainable ways”
Anton Robek
President
Main competitors
Technology licenses: DuPont, Chemtex/Beta Renewables
Enzymes: Novozymes, DuPont
Yeast: Novozymes/Terranol, Fermentis Lesaffre
Bio-succinic acid
Myriant, BioAmber, BASF/Purac
Main products
Integrated technology licenses
Bio-succinic acid (via JV Reverdia)
Cellulosic bio-ethanol (via JV POET-DSM)
Yeasts to convert C5/C6 sugars
Enzymes to break down biomass
Strategy
Dual track approach in bio-based products & services for
Bio-energy (Cellulosic Bio-ethanol, Advanced renewa-
ble biodiesel and Industrial biogas) and
Bio-based Chemicals & Materials (Bio-based succinic
acid, Bio-based adipic acid)
DSM’s business model is: Demonstrate technology
(bioconversion ‘software’) through strategic investments
and partnerships along the value chain
Sell conversion technology/consumables (yeast, enzymes)
Sell products from demonstration plants (biofuels, biogas,
bio-based chemicals)
Focus on green materials with better performance and low-
er environmental footprint
Strong value chain partnerships (a/o Roquette, POET)
DSM’s unique combination of competences in biotechnolo-
gy, chemistry, process technology and material science:
Yeasts (cellulosic bio-ethanol, renewable diesel, in-
dustrial biogas, bio-based chemicals)
Enzymes (cellulosic bio-ethanol and biogas)
Value chain and end-user understanding because of back-
ground in Materials Sciences
DSM holds leading biotechnology positions built on 150 years
of experience and innovation in enzymes and yeast
Production / research facilities DBPS
DSM Bio-based
Products & Services
locations

DSM: Factbook 2013

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (19)

Destacado

Destacado (7)

Similar a DSM: Factbook 2013

Similar a DSM: Factbook 2013 (20)

Último

Último (20)

DSM: Factbook 2013