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., Firmenich International SA and DSM Re Switzerland AG.

In 2024, DSM-Firmenich AG acquired DSM Re Switzerland AG (€ 8.1 million / CHF 7.7 million) and Bergere Limited (€ 0.6 million / CHF 0.6 million) from subsidiaries of the Group. Subsequently, Bergere Limited was merged with and into DSM Re Switzerland AG.

End of the year 2023, the Company held a total of 167,321,557 DSM B.V. shares, representing approximately 96.1% of DSM’s aggregate issued and outstanding share capital. The remaining 3.9% of DSM’s shares (6,696,477) were acquired in the reporting year via a buy-out procedure in accordance with section 2:359c of the Dutch Civil Code (DCC). The buy-out price excluding interest amounted to €93.42 per share.

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 2024. This review did not lead to an impairment of the Company’s investments in the period.