DSM animal nutrition growth of 16% in the first half of 2015

TSM's operating income in the first half of 2015 was EUR 3.851 billion, up 12% YoY, and EBITDA was RMB527 million, up 5% YoYTaken together, the nutrition sector's operating income in the first half of the year was EUR 2,446 million, up 15% year-on-yearRevenue in the second quarter was EUR 1,247 million, up 16% YoY, with share growth of 5%, exchange rate growth of 11%, price decline resulting in a 2% decline in growth, and merger and acquisition growth (acquisition of Jiangshan Pharmaceuticals) contributing 2% to salesProfit before interest, tax, depreciation and amortisation (EBITDA) in the nutrition sector in the first half of the year was EUR 403 million, down 5% YoY and EUR 208 million in the second quarter, down 6% YoYThe fall in vitamin E prices in the second quarter affected profits by about 30 million eurosIn the first half of the year, the animal nutrition division's operating income was EUR 1,145 million, up 16% YoY, with market share growth contributing 8% and exchange rate changes contributing 8%Strong growth in the premix business, with price increases in other additives offset the decline in vitamin E prices, and the limited impact of price increases on final profits for DSM's vertically integrated operation modelVitamin E price bottomed out in the first half of the year, for DSM, benefiting from the integrated production model, DSM vitamin E production costs are lower than China's market competitors, vitamin E market appeal to Chinese manufacturers has declined, assuming that vitamin E prices at this price can remain stable, the impact on DSM 2015 profits of about 80 to 90 million eurosIn the first half of the year, operating income from human nutritional supplements was EUR 932 million, up 13% YoYThe U.Sdietary supplement market is slightly more complex, the multidimensional market has stabilised and the Omega 3 supplement market is still declining, although the fish oil omega 3 market is growing better in Europe and AsiaThe impact of macro-environment changes on the market in 2015 remains highly uncertain, with low growth in Europe and a weak recovery in North America, and some emerging economies still declining in the long runExchange rate changes remain the focus, with the Swiss franc and the US dollar strengthening against the euro, and overall the exchange rate changes will have a positive impact on profits in 2015, up about EUR 35 million from 2014 profits, after DSM forecast in the First Quarter that changes in exchange rates would contribute EUR 45 million to net profit growthFeed Baba vitamin certification supplier recommended:bRaBeijing area: Beijing Bodali Nong Technology Development Co., LtdbRaHenan region: Zhengzhou KaianKe Trade Co., LtdbRafeed Baba protein raw material squalification supplier recommended:bRaBeijing Hongtai Hua Feed Co., Ltdbrain the first half of 2015 Tsmm operating income of 3.851 billion eurosTaken together, the nutrition sector's operating income in the first half of the year was EUR 2,446 million, up 15% year-on-yearRevenue in the second quarter was EUR 1,247 million, up 16% YoY, with share growth of 5%, exchange rate growth of 11%, price decline resulting in a 2% decline in growth, and merger and acquisition growth (acquisition of Jiangshan Pharmaceuticals) contributing 2% to salesProfit before interest, tax, depreciation and amortisation (EBITDA) in the nutrition sector in the first half of the year was EUR 403 million, down 5% YoY and EUR 208 million in the second quarter, down 6% YoYThe fall in vitamin E prices in the second quarter affected profits by about 30 million eurosIn the first half of the year, the animal nutrition division's operating income was EUR 1,145 million, up 16% YoY, with market share growth contributing 8% and exchange rate changes contributing 8%Strong growth in the premix business, with price increases in other additives offset the decline in vitamin E prices, and the limited impact of price increases on final profits for DSM's vertically integrated operation modelVitamin E price bottomed out in the first half of the year, for DSM, benefiting from the integrated production model, DSM vitamin E production costs are lower than China's market competitors, vitamin E market appeal to Chinese manufacturers has declined, assuming that vitamin E prices at this price can remain stable, the impact on DSM 2015 profits of about 80 to 90 million eurosIn the first half of the year, operating income from human nutritional supplements was EUR 932 million, up 13% YoYThe U.S dietary supplement market is slightly more complex, the multidimensional market has stabilised and the Omega 3 supplement market is still declining, although the fish oil omega 3 market is growing better in Europe and Asia 　　The impact of macro-environment changes on the market in 2015 remains highly uncertain, with low growth in Europe and a weak recovery in North America, and some emerging economies still declining in the long run 　　Exchange rate changes remain the focus, with the Swiss franc and the US dollar strengthening against the euro, and overall the exchange rate changes will have a positive impact on profits in 2015, up about EUR 35 million from 2014 profits, after DSM forecast in the First Quarter that changes in exchange rates would contribute EUR 45 million to net profit growth Feed Baba vitamin certification supplier recommendation: bRa Beijing area: Beijing Bodali Nong Technology Development Co., Ltd bRa Henan region: Zhengzhou KaianKe Trade Co., Ltd bRa feed Baba protein raw materials certification supplier recommended: bRa Beijing Hongtai Hua Feed Co., Ltd share to feed