3 Investments

Companies in which DSM-Firmenich AG holds an investment are valued at acquisition cost less adjustments for impairment of value.

The investments consist of the direct equity share in DSM B.V. and in Firmenich International SA.

The DSM business was transferred into the Company via the first and second capital increase event in the context of the tender procedure involving the exchange of shares of DSM N.V. After the second capital increase, the Company holds a total of 167,321,557 DSM N.V. ordinary shares, representing approximately 96.1% of DSM’s aggregate issued and outstanding ordinary share capital. The acquisition cost amounts to €19.8 billion (CHF 18.4 billion). The remaining 3.9% of DSM’s ordinary shares (6,696,477) are being acquired via a buy-out procedure in accordance with section 2:359c of the Dutch Civil Code (DCC). The buy-out price will be the closing price of the DSM-Firmenich AG share on 3 May 2023, which is €116.00.

The Firmenich shareholders contributed 8,019,000 shares out of 8,100,000 shares (100% minus any treasury shares held by Firmenich International SA) in the capital of Firmenich International SA to DSM-Firmenich AG in exchange for 91,658,354 DSM-Firmenich ordinary shares via the fourth capital increase and €3.5 billion (CHF 3.5 billion) in cash. At the balance sheet date, the previous Firmenich shareholders own in aggregate 34.5% of DSM-Firmenich AG’s issued capital.

A review for impairment was performed based on current market considerations, assessing whether market expectations on delivering the merger results of the initial deal closed in May 2023 significantly changed until 31 December 2023. This review did not lead to an impairment of the Company’s investments in the period.

The significant indirect investees in which DSM-Firmenich AG has control are the following: