Balance sheet

The balance sheet total (total assets) reached €33.7 billion at year-end (2023: €34.3 billion).

Equity decreased by €373 million, which was mainly caused by the dividend payments of -€667 million, offset partly by the net profit of €280 million. Equity as a percentage of total assets remained on 67%.

Capital expenditure on intangible assets and property, plant and equipment amounted to €830 million for continuing operations in 2024 (€764 million on a cash basis). Including new leases, the additions to intangible assets and property, plant and equipment was €1,010 million, which is around €130 million lower than the level of amortization, depreciation and impairments, excluding the impact of the purchase price allocation (PPA) of Firmenich.

Total working capital from continuing operations amounted to €2,734 million compared to €3,198 million at year-end 2023 (excluding the liability relating to the statutory buy-out of non-tendered shares of DSM N.V.). This represents 21.0% as a percentage of annualized fourth-quarter 2024 sales (2023: 25.7%). The decrease is mainly thanks to improved inventory management, together with increased payables (mainly employee- and tax-related). Cash-wise, the operating working capital (OWC) from continuing operations decreased by €41 million compared to last year. The OWC percentage decreased from 30.3% at year-end 2023 to 27.7% of annualized sales at year-end 2024 (mainly thanks to the improved inventory management). Cash and cash equivalents came to €2,667 million; including financial investments, this amounted to €2,717 million (2023: €2,563 million).